Core Insights - Hong Kong Stock Exchange announced that Zijin Mining International Co., Ltd. (02259) and Chery Automobile Co., Ltd. (09973) will be included in the designated securities list for short selling starting from November 21, 2025 [1] Company Summary - Zijin Mining International Co., Ltd. (02259) will be permitted for short selling [1] - Chery Automobile Co., Ltd. (09973) will also be permitted for short selling [1] Industry Summary - The inclusion of these companies in the short selling list indicates a potential shift in market dynamics and trading strategies within the Hong Kong stock market [1]

（文章来源：每日经济新闻） 每经AI快讯，黄金股集体走低，截至发稿，中国黄金国际(02099.HK)跌4.03%，报135.8港元；山东黄金 (01787.HK)跌3.46%，报33.52港元；赤峰黄金(06693.HK)跌2.96%，报29.54港元；紫金黄金国际 (02259.HK)跌2.54%，报138港元。 ...

Core Viewpoint - Gold stocks collectively declined following a significant drop in spot gold prices, which fell nearly $180 from a historical high of $4,211, marking the largest single-day decline in recent times [1] Group 1: Company Performance - China Gold International (02099) fell by 4.03%, closing at HKD 135.8 [1] - Shandong Gold (01787) decreased by 3.46%, closing at HKD 33.52 [1] - Chifeng Jilong Gold Mining (06693) dropped by 2.96%, closing at HKD 29.54 [1] - Zijin Mining International (02259) declined by 2.54%, closing at HKD 138 [1] Group 2: Market Analysis - The market is adjusting its optimistic expectations for a December interest rate cut following hawkish comments from Federal Reserve officials, leading to profit-taking across risk assets, including gold and cryptocurrencies [1] - Dongwu Securities suggests that despite the current macroeconomic framework, there remains a medium-term bullish outlook for precious metals, indicating that the recent price correction may present a buying opportunity [1] - Copper Crown Jin Yuan Futures believes that the recent rebound in gold and silver prices has ended, and a new adjustment phase is expected, with attention on the upcoming non-farm payroll data [1]

Core Viewpoint - Morgan Stanley is facing scrutiny from U.S. House of Representatives' China Competition Committee Chairman John Moolenaar regarding its due diligence in the IPO of Zijin Mining International (2259.HK) [1] Group 1: Regulatory Scrutiny - Moolenaar has requested additional information from Morgan Stanley's CEO Ted Pick, including documents and communications related to the IPO transaction [1] - The committee is concerned whether the transaction aimed to consolidate Zijin Mining's overseas gold assets into an independent entity while allowing Zijin Mining to remain the controlling shareholder [1] Group 2: Sanctions Concerns - There are serious concerns regarding Morgan Stanley's due diligence in assessing a company (Zijin Mining) that has been placed on a U.S. sanctions list [1] - This scrutiny follows previous actions where the committee issued subpoenas to JPMorgan Chase and Bank of America for their involvement in the Hong Kong listing of CATL [1]

Group 1 - The gold stocks collectively opened lower on November 14, with notable declines across various companies [1] - China Silver International (00815.HK) fell by 4.11%, trading at 0.7 HKD [1] - Tongguan Gold (00340.HK) decreased by 2.07%, with a price of 2.84 HKD [1] - Lingbao Gold (03330.HK) dropped by 2.41%, now priced at 17.38 HKD [1] - Zijin Gold International (02259.HK) saw a decline of 2.16%, trading at 140.1 HKD [1]

Group 1 - The core viewpoint of the article indicates that gold stocks collectively opened lower, influenced by hawkish comments from Federal Reserve officials regarding interest rates [1] Group 2 - China Silver International (00815) fell by 4.11%, trading at 0.7 HKD [1] - Tongguan Gold (00340) decreased by 2.07%, trading at 2.84 HKD [1] - Lingbao Gold (03330) dropped by 2.41%, trading at 17.38 HKD [1] - Zijin Mining International (02259) declined by 2.16%, trading at 140.1 HKD [1] Group 3 - Federal Reserve officials, including Kashkari, Harker, and Moussailem, expressed that there is no strong inclination for a rate cut in December, emphasizing the need for tight monetary policy to curb inflation [1] - The probability of a 25 basis point rate cut in December has decreased to 51.6%, according to CME's FedWatch tool [1] - Spot gold experienced a significant drop, falling over 100 USD per ounce during the day [1]

Core Viewpoint - Southbound funds have increased their holdings in Zijin Mining International (02259.HK) by 1.0479 million shares on November 12, 2025, indicating a growing interest from investors in the company [1] Group 1: Shareholding Changes - Over the past five trading days, Southbound funds have increased their holdings for five consecutive days, with a total net increase of 4.6397 million shares [1] - As of November 12, 2025, Southbound funds hold a total of 47.3678 million shares of Zijin Mining International, representing 1.76% of the company's total issued ordinary shares [1] Group 2: Daily Shareholding Data - On November 12, 2025, the total number of shares held was 47.3678 million, with a change of 1.0479 million shares, reflecting a 2.26% increase [2] - On November 11, 2025, the total number of shares held was 46.3199 million, with a change of 0.5621 million shares, reflecting a 1.23% increase [2] - On November 10, 2025, the total number of shares held was 45.7578 million, with a change of 1.0504 million shares, reflecting a 2.35% increase [2] - On November 7, 2025, the total number of shares held was 44.7074 million, with a change of 1.3927 million shares, reflecting a 3.22% increase [2] - On November 6, 2025, the total number of shares held was 43.3147 million, with a change of 0.5866 million shares, reflecting a 1.37% increase [2] Group 3: Company Overview - Zijin Mining International is primarily engaged in the exploration, mining, processing, and sales of gold and non-ferrous metals [2] - The company mainly sells products such as gold bars, refined gold, and gold concentrates [2]

Core Viewpoint - MSCI announced changes to the MSCI China Index, adding 26 stocks and removing 20, effective after market close on November 24 [1] Group 1: Changes in Index Constituents - Nine new stocks listed in Hong Kong include China Gold International (02099.HK), Zijin Mining International (02259.HK), UBTECH Robotics (09880.HK), Ganfeng Lithium (01772.HK), Dongfeng Motor Group (00489.HK), Crystal International (02228.HK), China Nonferrous Mining (01258.HK), Rongchang Biopharma (09995.HK), and GF Securities (01776.HK) [1] - Four stocks removed from the index include China Everbright Bank (06818.HK), Beijing Enterprises Water Group (00371.HK), AVIC Trust (00696.HK), and China Resources Pharmaceutical (03320.HK) [1] Group 2: Impact on Stock Weights - The adjustment will affect the free float factors of 19 companies and the number of shares for 142 companies, leading to changes in index weightings [1] - New entrants like China Gold International, Zijin Mining International, UBTECH Robotics, and Ganfeng Lithium will see their weights increase, while Tencent (00700.HK), Alibaba-W (09988.HK), Kuaishou-W (01024.HK), and China Everbright Bank will experience the largest declines in weight [2] Group 3: Predicted Fund Flows - Expected inflows for stocks with increased weights include: - China Gold International (02099.HK): +0.129%, inflow of $187 million - Zijin Mining International (02259.HK): +0.12%, inflow of $173 million - UBTECH Robotics (09880.HK): +0.116%, inflow of $167 million - Ganfeng Lithium (01772.HK): +0.093%, inflow of $134 million - Dongfeng Motor Group (00489.HK): +0.092%, inflow of $133.6 million [2] - Expected outflows for stocks with decreased weights include: - Tencent (00700.HK): -0.231%, outflow of $334 million - Alibaba-W (09988.HK): -0.137%, outflow of $198 million - Kuaishou-W (01024.HK): -0.061%, outflow of $88.1 million - China Everbright Bank (06818.HK): -0.047%, outflow of $68.1 million [2][3]

Core Viewpoint - The mining industry, particularly gold, is experiencing significant growth, with Zijin Mining achieving substantial revenue and profit increases due to rising international gold prices and strategic acquisitions [2][3]. Financial Performance - In the first three quarters of 2025, Zijin Mining reported operating revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 45.701 billion yuan, up 53.99% year-on-year [2]. - The company's non-recurring net profit reached 34.127 billion yuan, reflecting a growth of 43.71% compared to the previous year [2]. Gold Production and Market Dynamics - Zijin Mining's gold production for January to September 2025 was 65 tons, marking a 20% increase year-on-year, with the third quarter alone contributing 24 tons, a 7% increase from the previous quarter [3]. - The rise in gold production is attributed to new acquisitions and increased processing at existing mines, including the Ghana Akim Gold Mine and the Xinjiang Sava Yalton Gold Mine [3]. Listing and Strategic Focus - Zijin Gold International, a subsidiary of Zijin Mining, successfully listed on the Hong Kong Stock Exchange in September 2025, focusing on global gold asset operations [2][3]. Copper Production Challenges - Copper production growth has slowed due to a flooding incident at the Kamoa-Kakula mine, with Zijin Mining's copper output for the first three quarters of 2025 at 830,000 tons, a 5% increase year-on-year, but a 6% decrease quarter-on-quarter [6][7]. - The flooding incident has led to a downward revision of the mine's production expectations for 2025 [7]. Cost Pressures - The unit sales costs for major products, including gold and copper, have increased, with gold ingot costs rising by 15.2% and copper concentrate costs by 14.37% year-on-year [9][10]. - The increase in costs is attributed to declining ore grades, increased transportation distances, and higher transitional costs from newly acquired mines [9]. Market Outlook - The global demand for copper is expected to rise significantly due to the growth of electric vehicles and clean energy sectors, with a projected total demand exceeding 35 million tons within the next 20 years [6]. - Zijin Mining's lithium carbonate production is also progressing, with 11,000 tons produced in the first three quarters of 2025 [8].

Group 1 - The core viewpoint of the news highlights a significant rise in gold stocks in the Hong Kong market, with major companies like China Gold International and Zijin Mining experiencing notable gains amid a bullish trend in gold prices [1] - In the Asian early trading session, spot gold prices increased by 0.57%, surpassing $4000 per ounce, indicating strong market demand [1] - The third quarter saw a surge in gold demand in the U.S., with a 58% increase and ETFs attracting $16 billion, suggesting a robust investment environment for gold [1] Group 2 - Specific stock performance includes China Gold International rising by 3.73%, Zijin Gold International by 2.25%, and other companies like Shandong Gold and Chifeng Gold also showing positive growth [2] - AJ Bell's investment director, Russ Mould, noted that gold is currently in its third bull market since 1971, with previous bull markets experiencing significant corrections, yet current factors like government debt and geopolitical tensions may drive prices higher [1]