黄金股午后跌幅扩大，截至发稿，赤峰黄金（600988）(06693)跌5.54%，报29.32港元；山东黄金 （600547）(01787)跌3.69%，报36.5港元；中国黄金（600916）国际(02099)跌2.94%，报158.4港元；紫 金黄金国际(02259)跌2.14%，报146.3港元。 值得注意的是，本周四起，彭博商品指数将开始对各类大宗商品的权重进行调整。长江证券则表示，鉴 于贵金属此前已大幅上涨，被动跟踪基金可能会抛售部分合约，以匹配新的权重配置。增配趋势不改。 消息面上，周三贵金属全线跳水，现货白银跌超3%；现货黄金跌超1%；现货钯金跌超5%，现货铂金跌 逾8%。瑞银最新研报中称，金价上涨的"成色"不足，12月的这波行情并非由黄金自身的独立利好驱 动，而是单纯"搭了白银、铂金和钯金爆发的便车"。模型显示，黄金与实际利率的关系已经破裂，在没 有新消息刺激的情况下，残差显著加速，这通常是回调的前兆。 ...

Core Viewpoint - Gold stocks experienced significant declines, with major companies like Chifeng Jilong Gold Mining Co. Ltd. and Shandong Gold Mining Co. Ltd. seeing drops of 5.54% and 3.69% respectively, indicating a broader downturn in the precious metals market [1] Group 1: Market Performance - Precious metals saw a sharp decline on Wednesday, with spot silver dropping over 3%, spot gold falling more than 1%, spot palladium decreasing over 5%, and spot platinum declining by more than 8% [1] - Chifeng Gold was reported at 29.32 HKD, Shandong Gold at 36.5 HKD, China National Gold International at 158.4 HKD, and Zijin Mining International at 146.3 HKD, reflecting the downward trend in gold stocks [1] Group 2: Analyst Insights - UBS's latest report suggests that the recent rise in gold prices lacks substantial support, indicating that the December rally was not driven by independent positive factors for gold but rather benefited from the surges in silver, platinum, and palladium [1] - The relationship between gold and real interest rates has reportedly broken down, with significant acceleration in residuals, which typically signals a potential correction in the market [1] Group 3: Commodity Index Adjustments - Starting Thursday, Bloomberg Commodity Index will adjust the weights of various commodities, which may lead passive tracking funds to sell some contracts to align with the new weight configurations [1] - Despite the adjustments, the trend of increasing allocation towards precious metals is expected to continue [1]

Group 1 - The core viewpoint of the articles indicates that the gold industry is experiencing upward price movements, with domestic gold jewelry prices rising, suggesting a positive outlook for gold investments [1][2] - The China Securities Index for gold industry stocks (931238) shows mixed performance among its constituent stocks, with notable gains from companies like Zhuhai Group and Yimin Group, while Chifeng Gold leads the declines [1] - Tianfeng Securities believes that the logic behind gold's upward trend is deepening, particularly in light of events in Venezuela, positioning gold as a strong asset against disorder [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Index for gold industry stocks account for 63.58% of the index, highlighting the concentration of investment in a few key players [2] - The gold stock ETF fund closely tracks the performance of the China Securities Index for gold industry stocks, which includes 50 large-cap companies involved in gold mining, refining, and sales [1]

Group 1 - The precious metals market is experiencing a strong upward trend, with spot silver rising over 5% to surpass $75, and spot gold increasing over 2% to recover the $4,400 mark [1] - The Shanghai Gold ETF (159830) saw a trading volume exceeding 420 million yuan, with significant capital inflow of over 154 million yuan on the previous trading day [1] - The management fee for the Shanghai Gold ETF is 0.25%, and the custody fee is 0.05%, both lower than the average levels of similar products, and it supports T+0 trading [1] Group 2 - Zhongxin Securities maintains a positive long-term outlook on gold assets, citing factors such as a weak dollar, interest rate cuts, and a broader crisis of trust in the dollar [2] - Guojin Securities emphasizes that the core logic supporting global stagflation and disorder remains unchanged, with gold serving as a hedge against the uncertainties of AI market dynamics [2] - The demand for gold from central banks and gold ETFs, along with global geopolitical risks, provides long-term support for gold and certain physical assets [2]

Core Insights - The Hong Kong Stock Exchange (HKEX) achieved a record IPO fundraising total of HKD 285.69 billion in 2025, marking a 224% increase from 2024 and reclaiming the top position globally for IPO fundraising after four years [2] - A total of 119 companies went public in Hong Kong in 2025, representing a 68% year-on-year increase, with eight companies raising over HKD 10 billion each [2] - The strong performance of the IPO market was significantly driven by 19 A-share companies that raised a combined HKD 139.99 billion, nearly half of the total IPO fundraising for the year [2] Company Highlights - Contemporary Amperex Technology Co., Limited (CATL) emerged as the top fundraiser with HKD 41.01 billion, ranking second globally in IPO fundraising [2] - Other notable companies that made it to the global top ten IPO list include Zijin Mining International, SANY Heavy Industry, and Seres [2] - The successful IPOs in the technology and consumer sectors, including AI pharmaceuticals and robotics, indicate strong market demand for high-quality listings [3] Market Outlook - Institutions maintain an optimistic outlook for the 2026 Hong Kong IPO market, with projections from PwC estimating fundraising could reach between HKD 320 billion to HKD 350 billion, while Deloitte and Credit Suisse expect it to exceed HKD 300 billion [3]

Core Viewpoint - The 2025 IPO market shows significant recovery compared to the low point in 2024, with a total of 297 IPOs across A-shares, Hong Kong, and the US markets, marking a notable increase in activity [2][51]. Group 1: IPO Market Overview - The Hong Kong market emerged as the largest IPO market globally in 2025, with 117 companies listed, a nearly 70% increase from 69 in 2024 [2][52]. - A-shares also saw a recovery, with 113 companies listed, up 13% from 100 in 2024, raising a total of 131.77 billion yuan, a 95.6% increase from 673.53 billion yuan in 2024 [52]. - The US market for Chinese companies remained subdued, with only 67 companies listed, raising approximately 8.03 billion yuan, significantly lower than the 18.56 billion yuan in 2024 [53]. Group 2: Investment Institutions - The "TOP100" list for 2025 includes 17 institutions that made the list for the first time in six years, while 18 institutions have maintained their presence for six consecutive years [51]. - The average number of IPO projects per institution in the TOP100 was 4.85, up from 3.19 in 2024, indicating a recovery in market activity [51]. - The threshold for inclusion in the TOP100 was set at 2 IPO projects, compared to 1 in 2024 [51]. Group 3: Fundraising and Project Distribution - The total fundraising amount in the Hong Kong market reached 261.53 billion yuan, a 218.6% increase from 82.1 billion yuan in 2024 [52]. - The average fundraising size for IPOs in Hong Kong was 2.255 billion yuan, significantly higher than 1.19 billion yuan in 2024 [56]. - The top fundraising projects included Ningde Times, which raised 37.701 billion yuan, followed by Zijin Mining and Sany Heavy Industry [57]. Group 4: City and Industry Distribution - In 2025, 89 cities in mainland China and Hong Kong hosted IPO projects, with Shanghai leading at 27 projects, followed by Beijing with 21 and Shenzhen with 16 [58]. - The most active industries for IPOs were biomedicine (26 projects), hardware equipment (25 projects), and software services (22 projects), reflecting the focus on AI technology [61]. - The total fundraising in the electrical equipment sector reached 53.03 billion yuan, driven by leading companies like Ningde Times [61].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 紫金黃金國際有限公司 | | | 呈交日期: | 2026年1月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02259 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,676,339,300 | | 0 | | 2,676,339,300 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - Morgan Stanley reports that Zijin Mining International's preliminary net profit for 2025 is projected to be between $1.5 billion and $1.6 billion, representing a year-on-year increase of 212% to 233%, exceeding market expectations of $1.35 billion [1] Group 1 - The implied profit for Q4 2025 is estimated to be between $595 million and $695 million, which is higher than Q3's $385 million, with the quarterly growth attributed to the integration of the RG project in October and rising gold prices in Q4 2025 [1] - The company's gold production for 2025 is expected to reach 46.5 tons, an increase from 38.9 tons in 2024 (excluding the Porgera project), aligning with management's target of approximately 47 tons [1] - The production target for 2026 is set at 57 tons of gold, with market expectations at 56.7 tons [1]

报告指，公司2025年黄金产量达46.5公吨，较2024年(不含Porgera项目)的38.9公吨增长，符合管理层约 47公吨的预期。2026年产量目标设定为57公吨黄金，市场预期为56.7公吨。 智通财经APP获悉，摩根士丹利发布研报称，紫金黄金国际(02259)公布2025年初步净利为15亿至16亿美 元，同比增212%至233%，高于市场预期13.5亿美元。2025年第四季隐含利润为5.95亿至6.95亿美元，高 于2025年第三季的3.85亿美元。按季增长主因10月整合RG项目及2025年第四季金价走高。 ...

Core Viewpoint - Morgan Stanley's report indicates that Zijin Mining International (02259) is expected to achieve a preliminary net profit of $1.5 to $1.6 billion for 2025, representing a year-on-year increase of 212% to 233%, surpassing market expectations of $1.35 billion [1] Financial Performance - The implied profit for Q4 2025 is projected to be between $595 million and $695 million, which is higher than the $385 million expected for Q3 2025 [1] - The quarterly growth is primarily attributed to the integration of the RG project in October and rising gold prices in Q4 2025 [1] Production Outlook - The company's gold production for 2025 is expected to reach 46.5 tons, an increase from 38.9 tons in 2024 (excluding the Porgera project), aligning with management's target of approximately 47 tons [1] - The production target for 2026 is set at 57 tons of gold, with market expectations at 56.7 tons [1]