Group 1 - The core point of the article is that Zijin Mining International (02259.HK) has seen a significant increase in its stock price, rising over 6% [1] - As of the time of reporting, the stock price increased by 6.62%, reaching 135.3 HKD [1] - The trading volume for the stock was reported at 243 million HKD [1]

Core Viewpoint - Zijin Mining International (02259) saw a significant increase of over 6%, specifically a rise of 6.62%, reaching a price of 135.3 HKD with a trading volume of 243 million HKD [1] Group 1: MSCI Index Changes - On November 6, 2023, MSCI announced the results of its November index review, which included the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks [1] - The changes from this review will take effect after the market closes on November 24, 2025 [1] - In addition to A-share stocks, the MSCI China Index also added 9 Hong Kong stocks, including Zijin Mining International [1]

Group 1 - The core point of the article is that Zijin Mining International (02259) saw a stock price increase of over 6%, specifically 6.62%, reaching HKD 135.3, with a trading volume of HKD 243 million [1] - MSCI announced the results of its November index review, which included the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks [1] - The adjustments will take effect after the market closes on November 24, 2025 [1] Group 2 - In addition to A-share stocks, the MSCI China index also added 9 Hong Kong stocks, including Zijin Mining International [1]

Core Insights - The pharmaceutical industry is experiencing a structural change driven by the growth cycles of major products, with significant opportunities emerging in innovative drugs, medical devices, and consumer healthcare [3][6][31] - The demand for pharmaceuticals is expected to improve in 2026, supported by policies encouraging innovation and a recovery in domestic consumption [3][7] - The supply side of the pharmaceutical industry is characterized by high entry barriers due to patent protections and government regulations, which helps maintain a stable competitive environment [4][5] Group 1: Industry Trends - The aging population, urbanization, and changing disease patterns are making the pharmaceutical industry a perpetual growth sector [3] - The global pharmaceutical market has seen rapid expansion from 2009 to 2019, followed by a surge in demand due to COVID-19, and is now entering a phase of recovery and growth [3][6] - The Chinese pharmaceutical industry is expected to gradually produce world-class companies, with increasing recognition of Chinese innovative drug assets by multinational corporations (MNCs) [4][5] Group 2: Investment Opportunities - Opportunities in innovative drugs are highlighted, particularly in oncology, metabolic diseases, and autoimmune diseases, with a focus on next-generation therapies and precision medicine [6][31] - The demand for innovative drugs is expected to remain strong, with policies improving medical insurance payments and the upcoming launch of commercial insurance drug catalogs [7][31] - The medical device sector is anticipated to recover, with a focus on domestic demand and international expansion, particularly in areas with low domestic production rates [7][8] Group 3: Company Performance - Major pharmaceutical companies like Eli Lilly, AbbVie, and AstraZeneca are experiencing significant growth driven by key products, with Eli Lilly's Tirzepatide generating $24.8 billion in sales [12][15] - The report identifies specific companies such as Hengrui Medicine, Hansoh Pharmaceutical, and BeiGene as outperformers in the market, with strong pipelines and global competitiveness [7][8] - The report emphasizes the importance of mergers and acquisitions (M&A) and business development (BD) strategies for MNCs, with China becoming a significant source of projects for top global pharmaceutical companies [22][24]

Core Insights - The pharmaceutical industry is positioned as a perennial growth sector due to aging populations, urbanization, and changing disease profiles, with a strong recovery expected in 2025 after a downturn from 2022 to 2024, driven by both innovative drugs and medical devices [2][3] - Demand and supply dynamics will remain central to the pharmaceutical industry's research, with innovation cycles and policy adjustments influencing demand growth [2][3] - The supply side is characterized by limited supply and high entry barriers, with increasing participation of Chinese companies in international competition, leading to the emergence of world-class enterprises in the pharmaceutical sector [3][4] Industry Overview - The pharmaceutical industry is expected to see significant growth in 2025, driven by a resurgence in demand for innovative drugs and a recovery in domestic medical device needs, alongside strong external demand [2] - The demand for pharmaceuticals typically fluctuates with innovation and policy cycles, with a notable increase in overseas business development (BD) opportunities anticipated in 2025 [2][5] - The Chinese pharmaceutical sector is increasingly recognized globally, with local companies making strides in various niche markets [3][4] Investment Opportunities - Opportunities in innovative drugs are highlighted, particularly in oncology, metabolic diseases, and autoimmune diseases, with a focus on next-generation therapies and precision medicine [5][29] - The report emphasizes the importance of understanding the supply-demand structure and industry upgrades when conducting detailed research on specific segments within the pharmaceutical industry [4][5] - The report identifies key players and segments for investment, including CXO services, medical devices, and consumer healthcare, with specific companies recommended for increased holdings [6][5] Market Dynamics - The report outlines the competitive landscape among top global pharmaceutical companies, noting significant changes in rankings due to the performance of key products [11][19] - Chinese companies are becoming a major source of projects for multinational corporations (MNCs), with increasing transaction volumes and values in recent years [19][21] - The report discusses the strategic focus of MNCs on acquiring innovative assets and technologies to strengthen their market positions, particularly in oncology and metabolic disease sectors [12][18] Future Trends - The report anticipates breakthroughs in various therapeutic areas, including oncology, metabolic diseases, and autoimmune diseases, with a focus on innovative treatment modalities such as TCE and in vivo CAR-T [29][30] - The small nucleic acid field is expected to accelerate, with significant advancements anticipated in 2026 across multiple indications [29][30] - The report highlights the importance of collaboration and co-development models as a means for Chinese companies to enhance their global competitiveness [25][28]

FF301 第 1 頁 共 10 頁 v 1.1.1 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10月31日 | 狀態: | 重新提交 | | --- | --- | --- | --- | | 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: | 2025年11月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 II. 已發行股份及/或庫存股份變動 備註： 因整體協調人（為其本身及代表國際包銷商）於2025年10月8日悉數行使超額配股權，公司發行及配發超額配發股份，詳情載於本公司日期為2025年10月8日的公告。 第 2 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 | 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 | | | --- | --- | - ...

Core Viewpoint - The recent announcement of new tax policies regarding gold by the Ministry of Finance and the State Taxation Administration has led to a significant decline in the stock prices of gold jewelry companies in Hong Kong, indicating market concerns over the impact of these policies on the industry [1][2]. Group 1: Market Reaction - Gold jewelry stocks collectively fell, with notable declines: Luk Fook Holdings down 7.96%, Chow Tai Fook down 7.49%, and Lao Poo Gold down 7.30% [3]. - The overall market sentiment reflects apprehension regarding the new tax regulations and their implications for gold consumption and investment [1]. Group 2: Tax Policy Implications - The new tax policy aims to differentiate between investment and non-investment uses of gold, reducing double taxation and lowering transaction costs [1]. - Analysts suggest that the policy primarily targets investment gold transactions, while the direct impact on consumer purchases of gold jewelry is expected to be minimal [2]. - However, if demand for investment gold shifts towards exchanges, the supply of non-exchange gold may decrease, potentially increasing production costs for gold jewelry and affecting retail prices [2]. Group 3: Company Performance - The market capitalization of affected companies is as follows: Luk Fook Holdings at 13.445 billion, Chow Tai Fook at 138.898 billion, Lao Poo Gold at 111.919 billion, and Chow Sang Sang at 8.773 billion [3]. - The price changes reflect a broader concern about the sustainability of profit margins in the gold jewelry sector under the new tax regime [1][2].

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10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: | 2025年11月1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 | | | 2,623,990,700 | | 0 | | 2,623,990,700 | | 增加 / 減少 (-) | | | 5 ...

Core Viewpoint - The rise in gold prices has led to a collective increase in Hong Kong's gold stocks, with significant gains observed across various companies in the sector [1] Group 1: Market Performance - Gold stocks in Hong Kong experienced notable increases, with China Silver Group rising by 7%, Zijin Gold International by over 6%, and Zijin Mining by nearly 4% [1] - Other companies such as China National Gold International and Zhaojin Mining saw increases of 3.3%, while Chifeng Jilong Gold, Shandong Gold, and Lingbao Gold all rose by over 1% [1] Group 2: Gold Price Movement - Gold prices in Asia rose, with spot gold increasing by 0.5% to $3,949.47 per ounce, following a dip after Federal Reserve Chairman Jerome Powell's speech [1] - Powell's remarks suggested that a rate cut in December is not guaranteed, which may limit the extent of gold price increases [1] Group 3: Future Outlook - According to Metals Focus, the overall trend for precious metals is expected to be strong in 2025, with gold prices having risen 66% year-to-date and reaching a peak of over $4,380 per ounce [1] - Concerns regarding the sustainability of U.S. debt, a weakening dollar, increased gold purchases by central banks, and rising expectations for Fed rate cuts are driving the bullish outlook for gold prices, which are anticipated to continue rising and set new records in 2026 [1]

Core Viewpoint - The continuous decline in spot gold prices has negatively impacted Hong Kong-listed gold stocks, with significant drops observed across various companies [1]. Group 1: Market Performance - Spot gold prices fell by 3.05% overnight, dropping below $3990 per ounce, and further declined to below $3980 per ounce during the Asian trading session [1]. - The decline in gold prices is attributed to easing trade tensions, which reduced demand for safe-haven assets [1]. Group 2: Company Stock Performance - China Silver Group saw a decline of nearly 5%, while Tongguan Gold dropped nearly 3% [1]. - Other notable declines include: - Zhaojin Mining down 2.52% - Zijin Mining down 2.55% - Chifeng Jilong Gold down 2.25% - China Gold International down 2.00% - Zijin Gold International down 2.04% - Lingbao Gold down 1.61% - Shandong Gold down 1.73% [1]. Group 3: Future Price Expectations - Analysts from Capital Economics have downgraded their gold price forecast, predicting a drop to $3500 per ounce by the end of next year, indicating a potential decline of over 12% from current levels [1].