国庆中秋长假期间，各类矿业资产，有色金属，贵金属资源板块普遍大涨。 而随着国内"反内卷"政策在有色行业的持续落地，相关金属供给侧产能结构有望实现进一步优化。 民生证券指出，美联储降息落地，商品供给干扰频发，伴随美国财政货币双宽松，叠加国内"金九银 十"旺季需求，工业金属价格有望继续上行。 有色金属板块相关港股： 北京时间10月7日凌晨消息，美国宣布与矿产勘探公司Trilogy Metals合作，美国获得Trilogy Metals 10% 的股份。美股Trilogy Metals盘后一度飙涨超230%。 10月6日，特朗普政府正在讨论入股关键金属公司Critical Metals，这或将使美国直接持有格陵兰最大规 模稀土矿项目的权益。 受此消息刺激，美股6日开盘后，Critical Metals股价大幅飙涨，一度暴涨近109%。其他美股稀土概念股 亦全线大涨，USA Rare Earth一度大涨超12%，American Resources一度大涨超13%，MP Materials一度涨 4.8%。 值得注意的是，美国政府近期已成功入股锂矿巨头Lithium Americas以及坐拥芒廷帕斯稀土矿的美国稀 土 ...

近期，国际金价屡创新高，境内金价亦同步走强，贵金属市场整体呈现上行格局。 10月7日，纽约期金历史首次触及4000美元/盎司，创历史新高。在金价驱动下，境内黄金ETF规模迅速 扩张，多个产品突破百亿元大关。产业链相关上市公司股价亦大幅上涨，获得了机构投资者的高度关 注。多家黄金类上市公司被知名机构调研，代表性黄金股ETF的单月规模也增加逾50亿元。 机构分析指出，美联储降息预期与美元信用裂痕持续扩张，共同推动黄金进入新一轮上行周期。历史经 验显示，衰退或滞涨时期黄金表现往往优于其他资产。当前，市场普遍认为，黄金正处于"第三浪"主升 行情初期，长期储备价值和配置优势有望进一步凸显。 金价持续上涨，带动投资者回流 券商中国记者注意到，随着黄金价格不断上涨，黄金ETF的规模在近一个月内再次获得显著增长。 ETF方面，以永赢中证沪深港黄金产业股票ETF为例，该ETF今年以来涨幅达到86.73%，其重仓股包括 紫金矿业、山东黄金、中金黄金、赤峰黄金、招金矿业等，分别收涨99.07%、74.62%、87.21%、 90.70%和194.20%。受益于此，该ETF规模已增至116.69亿元，近一个月增长了54.17亿元。 ...

Group 1 - On September 26, the top three stocks with net inflows from southbound funds were Alibaba-W (09988) with 34.60 billion, Yingfu Fund (02800) with 14.02 billion, and Tencent Holdings (00700) with 11.06 billion [1][2] - The top three stocks with net outflows were China Mobile (00941) with -6.35 billion, China Telecom (00728) with -3.59 billion, and China Construction Bank (00939) with -3.38 billion [1][2] - In terms of net inflow ratio, GX Hengsheng Technology (02837) led with 462.02%, followed by Green Power Environmental (01330) with 156.44%, and Anjii Food (02648) with 127.61% [1][2] Group 2 - The top ten stocks with the highest net inflows included Xiaomi Group-W (01810) with 11.00 billion and Huahong Semiconductor (01347) with 8.23 billion [2] - The top ten stocks with the highest net outflows included China Petroleum & Chemical Corporation (00386) with -2.16 billion and Changfei Optical Fiber Cable (06869) with -1.53 billion [2] - The net outflow ratios for the top ten stocks included Tianjin Chuangye Environmental Protection (01065) at -123.57% and China Telecom (00728) at -113.73% [3][4]

记者丨江佩佩 张嘉钰 编辑丨刘巷 10月6日午后，港股持续调整，截至收盘，三大指数飘绿。恒生指数跌0.67%失守27000点，恒生科技指 数跌1.1%，恒生中国企业指数跌0.88%。 半导体巨头延续涨势 港股科技龙头股中，小米集团、阿里巴巴和京东集团分别下跌2.09%、2.49%和2.14%，网易和快手跌幅 也在1%以上。百度集团和腾讯控股收红，分别上涨0.72%和0.59%。 此外，中华燃气（08246.HK）早盘一度大涨超300%，截至收盘，该股仍涨113.51%，报0.158港元/股。 该公司此前公告称，公司10月3日（交易时段后）与认购人订立认购协议，认购人有条件同意认购而公 司有条件同意配发及发行合共3.34亿股认购股份，认购价为每股0.075港元。据悉，这一认购价较10月3 日收盘价每股0.074港元溢价约1.35%。 中华燃气(8246) W 闭市 10-06 16:08:37 0 158 额 447.01万 股本 42.64亿 市盈-11.9 力得 20 换 0.58% 市值6.74亿 市净 4.97 +0.084 +113.51% 盯盘 因中秋节假期,港股于10月7日休市 关网4 日K 周K ...

智通财经APP获悉，截止10月6日收盘，东北电气(00042)、安德利果汁(02218)、浙江世宝(01057)分列 AH溢价率前三位，溢价率分别为815.25%、237.07%、231.95%；宁德时代(03750)、恒瑞医药(01276)、 紫金矿业(02899)分列AH溢价率末三位，溢价率分别为-19.28%、-7.05%、3.16%。其中红星美凯龙 (01528)、浙江世宝(01057)、长飞光纤光缆(06869)的偏离值位居前三，分别为25.18%、21.61%、 19.13%；另外，大众公用(01635)、上海电气(02727)、中芯国际(00981)的偏离值位居后三，分别 为-55.59%、-41.10%、-27.91%。 前十大AH股溢价率排行 前十大AH股偏离值排行 | 股票名称 | H股(港元) | | A股 | 溢价率 | | 偏离值↓ | | --- | --- | --- | --- | --- | --- | --- | | 红星美凯龙(01528) | 1.300 | 2.8 | | 157.69% | 25.18% | | | 浙江世宝(01057) | 5.070 | 14. ...

Group 1 - The US stock market showed mixed performance, with the Dow Jones rising by 0.5%, while the Nasdaq initially increased before falling by 0.3%, and the S&P 500 remained stable [3] - The Golden Dragon Index, which reflects the performance of Chinese concept stocks, declined by 1.2% [3] Group 2 - The Hong Kong stock market performed well last week, with the Hang Seng Index gaining 1,012 points or 3.88%, closing at 27,140 points, while the Tech Index rose by 6.9% to close at 6,622 points [4] - Semiconductor company SMIC (00981.HK) was the best-performing constituent stock, rising nearly 25% over the week, with six other stocks also increasing by over 10%, including Kuaishou (01024.HK) up over 17% and Xinyi Solar (00968.HK) up 14.7% [4] - The worst-performing constituent stock was Pop Mart (09992.HK), which fell by over 4%, with its stock price down more than 25% from its peak [4] - Real estate-related stocks experienced adjustments, with China Resources Mixc (01209.HK) down 3.5%, Longfor (00960.HK) and R&F Properties (01109.HK) down nearly 2.4% and 1.8% respectively, while China Overseas (00688.HK) slightly outperformed peers with a 0.5% increase [4] - Zijin Mining's spin-off, Zijin Gold International (02259.HK), had a strong debut, being quickly included in the Hang Seng Composite Index, with its stock price closing at 120.6 HKD, nearly 90% higher than its IPO price [4] Group 3 - The Hang Seng Index remained above the 10-day moving average (26,600 points), indicating a stable trend, and as long as it stays above this level, the upward trend is expected to continue [5]

Market Overview - The Hong Kong stock market opened lower on October 6, with the Hang Seng Index down 0.61% to 26,976.52 points, the Hang Seng China Enterprises Index down 0.85% to 9,576.22 points, and the Hang Seng Tech Index down 1.20% to 6,543.62 points [1] Sector Performance - The gold and precious metals, mining, industrial engineering, and insurance sectors showed strength, while the real estate, oil and gas, and public utilities sectors remained active. The information technology, food and beverage, and telecommunications sectors led the declines [2] Gold and Precious Metals - The gold and precious metals sector in Hong Kong performed strongly, with notable individual stock movements: China Silver Group rose over 18%, Hong Kong Silver Holdings over 15%, Shandong Gold over 5%, Zijin Mining International over 5%, and Tongguan Gold over 2% [3][4] - International gold prices reached a new historical high, surpassing $3,900 per ounce, driven by increased global risk aversion, expectations of interest rate cuts by the Federal Reserve, and continued demand from central banks [4] Zijin Mining International - Zijin Mining International, which focuses on overseas gold asset integration, has seen its stock price nearly double since its listing on September 30, with a cumulative increase of 99.19%. The company holds 856 tons of gold reserves, ranking ninth globally, and has a production capacity of 40.4 tons, ranking eleventh [4] Semiconductor Sector - Hua Hong Semiconductor saw its stock price rise over 6% on October 6, reaching a new historical high. The stock price increased by 99.54% over 21 trading days since September 5. Goldman Sachs raised its target price for Hua Hong Semiconductor to HKD 117 per share, citing opportunities in China's expanding AI ecosystem [7] - Reports indicate that the semiconductor sector is expected to benefit from the growing demand for AI-related technologies, with significant opportunities in PC, automotive, and other smart hardware markets [7] Dingdang Health - Dingdang Health's stock surged by 34% during the trading session, closing up 26.8% at HKD 1.23 per share. The company is expanding its innovative drug offerings, recently launching a new anti-tumor drug and collaborating with major pharmaceutical companies [8][10]

Market Overview - The Hong Kong stock market opened lower on October 6, with the Hang Seng Index down 0.5% and the Hang Seng Tech Index down 1.12% [1] - The technology sector experienced a general decline, with Alibaba down 1.8%, Baidu down 1.4%, and Xiaomi down 0.9% [2] Company Performance - Notable declines in specific companies include: - Xpeng Motors down 4.06% to HKD 88.600 - Li Auto down 2.96% to HKD 96.650 - Haier Smart Home down 2.95% to HKD 25.000 - JD Health down 2.43% to HKD 64.200 - NetEase down 2.28% to HKD 231.200 - Kingdee International down 2.24% to HKD 17.010 - Sunny Optical down 1.93% to HKD 88.750 - Alibaba down 1.78% to HKD 181.800 [3] Semiconductor Sector - The semiconductor sector saw initial gains followed by declines, with Hua Hong Semiconductor rising over 2% before turning negative, and SMIC dropping over 3% [3] - Goldman Sachs raised the target prices for SMIC and Hua Hong Semiconductor to HKD 117, citing opportunities from China's expanding AI ecosystem [4] New Energy Vehicles - The new energy vehicle sector remained sluggish, with Li Auto down over 3% and Xpeng Motors down over 4% [6] Precious Metals - The precious metals sector saw collective gains, with China Silver Group rising over 11%, and other companies like Datang Gold and Shandong Gold also experiencing increases. Zijin Mining opened high and rose over 3% [8] - Concerns over the U.S. fiscal outlook and dollar value have led to a popular "devaluation trade," boosting gold and Bitcoin prices to historical highs [8]

Group 1: Gold Market Overview - Spot gold prices have shown strong performance, reaching $3920 per ounce on October 6, with a daily increase of 0.35%, marking a new historical high [1] - Goldman Sachs indicates that due to strong interest from private investors, gold prices have further upside potential, possibly exceeding their expectations [1][3] - The influx of funds into gold ETFs has been unexpectedly strong, surpassing previous model predictions, indicating a renewed investor interest in gold assets [1][3] Group 2: Economic Factors Influencing Gold Prices - The anticipated interest rate cuts by the Federal Reserve reflect the economic pressures facing the U.S., which is expected to support gold price increases [2] - Historical data shows that during 10 past rate-cutting cycles since 1980, gold prices rose in 7 instances, highlighting gold's stability as a safe-haven asset [2] - The complex global geopolitical landscape has increased the investment value of gold, with rising demand for gold as a safe haven during turbulent times [2] Group 3: Central Bank and Gold Reserves - Central banks are diversifying their foreign reserves, with gold's status rising; since the Russia-Ukraine conflict, gold's share in central bank reserves has increased, surpassing the euro [2] - As of August 2025, the People's Bank of China has increased its gold reserves for 10 consecutive months, with gold reserves accounting for 7.64% of total foreign reserves, a historical high [2] Group 4: Company Performance in the Gold Sector - Zijin Mining reported a revenue of 167.71 billion yuan for the first half of 2025, a year-on-year increase of 11.50%, with net profit exceeding 23.29 billion yuan, up over 50% [4] - Shandong Gold achieved a revenue of 56.77 billion yuan, a 24.01% increase year-on-year, with net profit soaring by 102.98% to 2.81 billion yuan [5] - Lingbao Gold's revenue reached 7.79 billion yuan, an 82.02% increase, with net profit up 335.28% to 664 million yuan [6]

Group 1 - The core viewpoint is that despite the hype around AI and significant gains in chip stocks, gold mining stocks may present a more attractive investment opportunity this year [2] - The MSCI global gold stock index has surged approximately 135% this year, aligning with the rise in gold prices, while the semiconductor index has only increased by 40% [2] - The disparity in performance highlights a key market trend where central banks' continued accumulation of gold has attracted investor interest, even amidst the "fear of missing out" (FOMO) on AI-related assets [2] Group 2 - Gold has risen over 47% this year, reaching historical highs and is on track for its best annual performance since 1979, supported by central bank purchases, Federal Reserve rate cuts, and increased gold ETF holdings [2] - Among the top stocks in the MSCI gold mining index, Newmont Corporation (NEM) and Agnico Eagle Mines Limited (AEM) have both seen stock price increases exceeding 100% since 2025, while Zijin Mining (02899) has outperformed Alibaba (09988) with a rise of over 130% [3] - The expected price-to-earnings ratio for the MSCI gold mining index is 13, lower than its five-year average, contrasting with the semiconductor index's high expected P/E ratio of 29 [3]