Market Overview - US inflation slowdown supports interest rate cut expectations, while the Bank of Japan raised rates by 25 basis points, leading to a rise in Hong Kong's three major indices. The Hang Seng Index increased by 0.75% to 25,690.53 points, with a total turnover of HKD 221.186 billion. The Hang Seng China Enterprises Index rose by 0.68%, and the Hang Seng Tech Index increased by 1.12% [1] Blue Chip Performance - Shenzhou International (02313) led the decline among blue chips, falling by 3.18% to HKD 60.95, with a turnover of HKD 490 million. Despite exceeding revenue and profit expectations, its net profit dropped by 32% year-on-year due to declining profit margins and ongoing pressures in direct sales [2] - Other blue chips included WuXi Biologics (02269), which rose by 4.4%, and Li Auto-W (02015), which increased by 3.81% [2] Sector Highlights - Large tech stocks mostly rose, with Tencent, Kuaishou, and Meituan gaining over 1%. The L3-level autonomous driving sector saw significant activity, with stocks like Xiaopeng Motors rising over 7% [3] - The pharmaceutical sector rebounded significantly, with companies like Kelun Pharmaceutical (06821) rising by 10.42% and WuXi Biologics (02269) increasing by 4.4% [4] - Lithium stocks also saw gains, with Ganfeng Lithium (01772) up by 1.87% and Tianqi Lithium (09696) rising by 1.72% [4] New Listings - New stocks showed a clear divergence, with Zhihui Mining (02546) soaring by 90.69% to HKD 8.6, while Xidi Intelligent Driving (03881) fell by 13.69% to HKD 227 [7] Company Developments - CIMC Group (02039) saw a strong performance, rising by 15.47% to HKD 8.88 after announcing a buyback plan for H-shares [8] - Changfei Optical Fiber (06869) surged by 12.01% to HKD 51.75, driven by signs of recovery in the optical fiber market [9] - China Duty Free Group (01880) saw its A and H shares rise by 6.88% to HKD 70.7, with expectations of increased sales due to optimized offshore duty-free shopping policies [10] - China Tobacco Hong Kong (06055) rose by 6.68% to HKD 34.48, supported by new regulations aimed at strengthening electronic cigarette oversight [11]

中国经济网北京12月19日讯西藏智汇矿业股份有限公司(以下简称"智汇矿业"，02546.HK)今日在港交所 上市，截至收盘报8.6港元，涨幅90.69%。 最终发售价及分配结果公告显示，智汇矿业全球发售的发售股份数目为121,952,000股H股，其中香港发 售股份数目为12,196,000股H股，国际发售股份数目为109,756,000股H股。 | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 121,952,000 | | 香港公開發售的發售股份數目 | 12,196,000 | | 國際發售的發售股份數目 | 109,756,000 | | 於上市時已發行的股份數目 | 487.805.659 | 智汇矿业的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为国金证券 (香港)有限公司、迈时资本有限公司，联席账簿管理人及联席牵头经办人为农银国际融资有限公司、农 银国际证券有限公司、建银国际金融有限公司、民银证券有限公司、招银国际融资有限公司、结好证券 有限公司、华安证券（600909）(香港)经纪有限公司、工银国际证券有限公司、老虎证券(香港)环球有 限公 ...

Core Insights - The value logic of mining companies is changing due to tightening global resource supply and a reassessment of "certainty assets" in capital markets [1] - Companies with resource endowment, regional barriers, and clear long-term expansion capabilities are becoming the focus of investors [1] Company Overview - Tibet Zhihui Mining Co., Ltd. ("Zhihui Mining") officially listed on the Hong Kong Stock Exchange on December 19, 2023, after a successful IPO that saw a subscription rate of 5248.15 times [2] - The company has a market capitalization of approximately HKD 20 billion to 22 billion and issued 12.2 million shares at a price range of HKD 4.1 to 45.1 [2] Resource Endowment - Zhihui Mining's core competitiveness stems from its unique and irreplaceable resource base, particularly the Mengya Mine located in a significant polymetallic mineralization belt in Tibet [3] - The mine has an estimated mineral resource of 16,813.0 thousand tons with average grades of 4.70% zinc, 3.29% lead, 0.24% copper, and 38.0 grams per ton of silver, providing a solid foundation for long-term stable operations [3][4] Production Capacity Expansion - The company is transitioning from a "resource-driven" to a "capacity-driven" model, with the underground mine expected to enter commercial operation in Q2 2025, allowing for a licensed annual mining capacity of 400.0 thousand tons [5] - The existing open-pit mine has an estimated service life of about 8 years, while the underground mine has a remaining service life of 31 years, ensuring a stable supply of raw materials for decades [5] Strategic Growth and Governance - Zhihui Mining plans to pursue strategic acquisitions of quality mineral assets in Tibet, focusing on those with clear mineral resource quantities and containing non-ferrous and precious metals [6][7] - The company's mixed-ownership structure, which includes state-owned and private investors, provides institutional support for strategic expansion while maintaining operational flexibility [7] Market Position and Future Outlook - The combination of resource endowment and localized operational capabilities allows Zhihui Mining to convert mineral resources into stable cash flows, establishing a solid valuation foundation in the capital market [4][8] - With the gradual release of underground mining capacity, exploration potential, and strategic acquisitions, the company's growth logic is being reinforced, enhancing its long-term investment value [8]

Core Viewpoint - The Hong Kong stock market has seen significant gains, with several companies experiencing substantial increases in their stock prices, indicating a bullish trend in the market [1][2]. Group 1: Stock Performance - Zhihui Mining (02546.HK) has surged by 110.86%, reaching a latest price of 9.51 [2]. - Kangqiao Yuelife (02205.HK) has increased by 44.93%, with a latest price of 1.00 [2]. - Hejia Holdings (00704.HK) has risen by 35.29%, now priced at 0.11 [2]. - Likou Health Life (02370.HK) has gained 22.35%, with a latest price of 0.52 [2]. - Delai Construction (01546.HK) has seen a rise of 22.03%, priced at 0.07 [2]. - MATRIX HOLDINGS (01005.HK) has increased by 21.25%, with a latest price of 0.48 [2]. - Jun Gao Holdings (08035.HK) has risen by 21.15%, now priced at 0.06 [2]. - Global Digital Creative (08271.HK) has gained 18.18%, with a latest price of 0.06 [2]. - Youjia Innovation (02431.HK) has increased by 17.66%, priced at 13.19 [2]. - Weiyang Wine Holdings (08509.HK) has seen a rise of 16.36%, with a latest price of 0.64 [2].

新股智汇矿业在港交所上市，首日大涨139.47%，报10.80港元，当前总市值52.68亿港元。 (本文来自第一财经) ...

Group 1 - The Hang Seng Index rose by 0.65%, gaining 165 points to close at 25,663 points, while the Hang Seng Tech Index increased by 1.14%. The morning trading volume reached 97.5 billion HKD [1] - New listings in the Hong Kong stock market included Zhihui Mining (02546), which surged over 110% upon debut, and Xidi Zhijia (03881), which fell over 8% after its listing [1] - The U.S. Senate passed a revised version of the Biodefense Act as part of the National Defense Authorization Act for fiscal year 2026, leading to a significant rebound in pharmaceutical stocks, with WuXi Biologics (02269) rising over 6% and 3SBio (01530) increasing by 3.7% [1] Group 2 - HAP Pharmaceuticals-B (02142) saw a nearly 7% increase after signing a business development deal worth over 1 billion USD with Bristol-Myers Squibb [2] - China Duty Free Group (601888) (01880) rebounded nearly 7% after winning bids for two major duty-free projects at Shanghai airports, with market attention on the results of the Capital Airport tender [2] - Youjia Innovation (02431) surged over 12% as L3 large-scale deployment approaches, with the company having made forward-looking arrangements for L2+ and L4 [2] - Nine Dragons Paper (02689) rose over 3% as the industry leader announced a series of shutdown plans to support price and inventory levels before the Spring Festival [2] Group 3 - South Manganese (01091) increased by over 9% due to multiple factors driving the continuous rise in electrolytic manganese prices [3] Group 4 - Yangtze Optical Fibre (601869) (06869) rose over 10%, with a cumulative increase of over 30% in the past three days, driven by sustained demand for optical fibers and cables from AI [4] Group 5 - Ganwan (09890) increased by over 5% after issuing zero-coupon convertible bonds at a premium, raising 450 million HKD to enhance its "AI + gaming" strategy [5] Group 6 - Liqin Resources (02245) rose over 9% as Indonesia plans to significantly reduce its nickel ore production targets by 2026 [6] Group 7 - Shenzhou International (02313) fell over 3% as its major client Nike reported a 32% year-on-year decline in net profit for the second fiscal quarter [7]

Group 1 - The core viewpoint of the news is the contrasting performance of two newly listed stocks, Xidi Intelligent Driving and Zhihui Mining, on the Hong Kong stock market, with Xidi experiencing a significant decline while Zhihui saw substantial gains [2] - Xidi Intelligent Driving's public offering was subscribed 22.55 times, with 540,800 shares allocated for public sale, representing about 10% of total shares offered [2] - The international offering for Xidi was subscribed only 2.1 times, with 4,867,200 shares allocated, accounting for 90% of the total shares offered [2] Group 2 - Xidi Intelligent Driving specializes in intelligent driving products and solutions for commercial vehicles, focusing on autonomous trucks for mining and logistics in closed environments, as well as V2X technology and intelligent perception solutions [3] - The company ranked sixth among intelligent driving commercial vehicle companies in China (including Hong Kong, Macau, and Taiwan) in 2024, with a market share of approximately 5.2% [3] - Xidi's revenue grew significantly from 31.06 million RMB in 2022 to 410 million RMB in 2024, reflecting a compound annual growth rate of 263% [3] - Despite rapid revenue growth, the company is still in a phase of continuous losses, with a net loss of 455 million RMB in the first half of 2025, an increase of approximately 271% year-on-year due to impairment losses and rising administrative and R&D expenses [3]

Core Viewpoint - The Hong Kong stock market has shown significant gains, with several companies experiencing notable increases in their stock prices on December 19, 2023 [1][2]. Group 1: Stock Performance - Zhihui Mining (02546.HK) saw the highest increase, rising by 135.48% to a price of 10.62 [1][2]. - Huan Da Fu Holdings (01348.HK) increased by 21.21%, reaching a price of 0.24 [1][2]. - Likou Health Life (02370.HK) experienced a rise of 14.12%, with its stock priced at 0.48 [1][2]. - Ocean Group (01991.HK) rose by 14.08%, with a current price of 0.81 [1][2]. - CHI HO DEV (08423.HK) increased by 13.04%, priced at 0.0526 [1][2]. - Huameilele (08429.HK) saw an increase of 11.29%, with a stock price of 0.0697 [1][2]. - Chunli Medical (01858.HK) rose by 7.31%, reaching a price of 16.45 [1][2]. - Saint Tang Holdings (08305.HK) increased by 7.04%, with a stock price of 0.38 [1][2]. - Star Tai Chain Group (00399.HK) saw a rise of 6.38%, priced at 0.1 [1][2]. - Southern Double Short Coinbase (07311.HK) increased by 6.09%, with a current price of 13.06 [1][2].

智通财经获悉，智汇矿业(02546)首挂上市，公告显示，每股定价4.51港元，共发行1.21952亿股股份， 每手1000股，所得款项净额约4.951亿港元。截至发稿，涨139.47%，报10.8港元，成交额1.5亿港元。 于2024年，公司于西藏分别占锌精矿总产量的11.1%、铅精矿总产量的4.2%及铜精矿总产量的0.1%。西 藏的铅精矿及铜精矿生产由龙头公司主导。于2024年，位于西藏的两大公司分别占铅精矿生产总市场份 额的36.1%及31.6%；均设于西藏当地的两大公司亦于西藏分别占铜精矿生产总市场份额的44.2%及 42.3%。 本文源自：智通财经网 公开资料显示，智汇矿业是一家矿业公司，专注集团在中国西藏的锌、铅及铜探矿、采矿、精矿生产及 销售业务。根据上海有色网的资料，以2024年西藏锌精矿、铅精矿及铜精矿的平均年产量计，集团分别 排名第五位、第四位及第五位。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月19日，智汇矿业港股上市首日高开近140%，报10.8港元/股。 ...