除黄金外，紫金矿业的"铜+锂"双轮驱动战略也取得突破。矿产铜产量达109万吨，当量碳酸锂产量从2024年的261吨飙升至2.5 万吨。公司通过收购藏格矿业等举措快速切入新能源赛道，2026年锂产量计划更是高达12万吨，展现出在能源转型中的战略卡 位能力。 紫金矿业通过逆周期并购构建了全球化资源版图，在15个国家拥有62座矿山。公司独创的"矿石五流五环归一"管理模式将资源 回收率提升至行业领先水平，金锭毛利率达54.39%，成本优势显著。近期280亿收购联合黄金的举措，进一步强化了其在全球 黄金行业的领导地位。 多家券商认为黄金牛市基础依然稳固，华福证券预计2026年金价将继续攀升。不过投资者需注意，紫金矿业作为典型的周期 股，其业绩与金属价格高度相关。虽然当前PE仅16倍低于国际同行，但锂价波动、海外运营等风险仍需警惕。这家"中国矿业 之光"能否持续"大象起舞"，将考验其跨周期运营能力。（IT手机金融） 紫金矿业2025年日赚1.4亿创历史新高！黄金牛市+铜锂双轮驱动解析。 紫金矿业2025年业绩创下历史新高，预计全年归母净利润510-520亿元，同比大增59%-62%，相当于日赚近1.4亿元。这一"炸 裂" ...

Core Viewpoint - The recent surge in gold and silver prices is attributed to a confluence of monetary cycles, central bank actions, safe-haven demand, and supply-demand dynamics, indicating a robust long-term bullish trend in precious metals [2][3]. Group 1: Market Performance - As of February 20, gold prices reached $5050 per ounce, marking a 2.4% increase during the holiday period, while silver prices rose to $84.35 per ounce, with an 8.19% increase, significantly outperforming gold [1]. - Domestic gold prices also saw a rise, with T+D gold closing at 1108.5 yuan per gram and retail prices surpassing 1550 yuan per gram, reflecting increased physical and investment demand [1]. Group 2: Underlying Factors - The expectation of interest rate cuts by the Federal Reserve has anchored price levels, with market predictions suggesting a reduction of 50 to 75 basis points by 2026, enhancing the appeal of non-yielding assets like gold [2]. - Central bank gold purchases are providing a rigid support, with 95% of global central banks planning to increase their gold reserves, maintaining an average monthly purchase of 60 to 70 tons [2]. - Geopolitical tensions and rising credit risks are driving safe-haven demand, as the U.S. debt exceeds $38 trillion, weakening dollar credit and prompting investments in gold to hedge against uncertainties [2]. - Supply constraints are tightening, with global gold mine production growth below 2% and rising extraction costs, while investment, industrial, and reserve demand continue to expand, leading to a widening supply-demand gap [2]. Group 3: Future Outlook - The bullish trend for gold and silver is expected to persist, although short-term volatility may increase, with institutions like Goldman Sachs projecting gold prices to reach $5400 per ounce, and JPMorgan and UBS raising targets to $6200 to $6500 per ounce [3]. - The A-share market is likely to experience a clear transmission effect from the strong performance of gold and silver, benefiting gold mining companies such as Zijin Mining, Shandong Gold, and Hunan Gold, which are expected to see significant earnings elasticity [3]. - The precious metals sector is anticipated to serve as a defensive asset in the face of increased market volatility, providing a hedge against fluctuations in growth and cyclical stocks [3].

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between A-shares and H-shares [1][2] Group 2 - The top three companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 23.16%, Dongjiang Environmental Protection (00895) at 18.78%, and Zhongzhou Securities (01375) at 16.54% [1] - Conversely, the companies with the lowest deviation values include Morning Paper (01812) at -52.60%, Junda Co., Ltd. (02865) at -34.18%, and Changfei Optical Fiber Cable (06869) at -34.18% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

后市展望： 招商证券指出，近期以恒生科技为代表的港股科技方向整体跌幅较大，而弱势的行情往往是各类悲观叙事滋生的温床。该券商认为，当前位置的恒生科技 指数有极大的配置价值。首先，近期行情波动只是剧烈的流动性冲击；其次，天底下没有新鲜事，当前市场的大幅波动，本质上和2025年11月没有太大差 异。向后看去，利好的因素在不断聚集，建议逢低买入、持股过节。 （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） 编辑|段炼 宋思艰 校对|魏官红 2月16日除夕，港股开市半天，三大指数集体上涨。截至收盘，恒生指数涨0.523%，报26705.939点，恒生科技指数涨0.132%，国企指数涨0.416%。 科网股涨跌不一，腾讯、百度、网易上涨，阿里、美团、京东微跌。AI应用概念，MINIMAX-WP涨24%，智谱涨4%；黄金股大涨，老铺黄金涨超6%，紫 金矿业、灵宝黄金涨逾4%；半导体板块走强，澜起科技涨逾14%，兆易创新涨逾9%。 | 1 | 小米集团－W | 36.660 -0.489% 14.5亿 | | | --- | --- | --- | --- | | | 01810 | ...

Market Overview - On February 16, the last trading day before the Spring Festival, Hong Kong stocks experienced a V-shaped rebound, with the Hang Seng Index rising by 0.52% after a drop of over 0.6% during the session [1][11] - The Hang Seng Technology Index increased by 0.13%, recovering from a decline of more than 1.9%, while the National Enterprises Index rose by 0.42% after a drop of over 0.8% [1][11] - Resource stocks led the gains, with Luoyang Molybdenum rising over 6%, and Zijin Mining and Ganfeng Lithium both increasing by over 4% [1][11] AI Application Sector - The AI application sector saw significant gains, with Haizhi Technology Group rising nearly 30%, MINIMAX-WP increasing by over 24%, and Maiyue Technology up by over 10% [3][13] - Other notable performers included Fubo Group, which rose by over 8%, and Zhipu, which increased by 4.74% [3][13] Precious Metals Sector - The precious metals sector, particularly gold stocks, showed strong performance, with Luoyang Molybdenum and Laopu Gold both rising over 6%, and Lingbao Gold increasing nearly 5% [6][16] - The international gold price rebounded above $5,000 per ounce after a significant drop the previous week [17][18] Oil and Gas Sector - The oil and gas sector also performed well, with CNOOC rising nearly 4%, and Sinopec Oilfield Services and CNOOC Services both increasing by over 2% [19][20] - The recent fluctuations in international oil prices are influenced by geopolitical tensions, particularly between the US and Iran, which have led to a premium on oil prices [20][21] Summary of Key Stocks - Notable stocks in the AI sector include: - Haizhi Technology Group: 29.59% increase [4][14] - MINIMAX-WP: 24.56% increase [4][14] - Maiyue Technology: 10.11% increase [4][14] - In the precious metals sector: - Luoyang Molybdenum: 6.35% increase [7][17] - Laopu Gold: 6.64% increase [7][17] - In the oil sector: - CNOOC: 4.21% increase [20]

Market Overview - The Hong Kong stock market experienced a half-day trading session on February 16, with all three major indices opening lower but recovering. The Hang Seng Index closed up 0.52% at 26,705.94 points, with a total turnover of 849.97 billion HKD. The Hang Seng Tech Index rose 0.13%, while the Hang Seng China Enterprises Index increased by 0.42% [1] - For the year of the Snake, the Hang Seng Index has gained over 32%, the Hang Seng Tech Index has risen over 13%, and the China Enterprises Index has increased by over 23% [1] Blue Chip Performance - Zijin Mining (02899) led the blue-chip stocks, rising 4.67% to 43.52 HKD, contributing 18.71 points to the Hang Seng Index. Citigroup raised its target prices for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales [2] - Other notable blue-chip performers included China Hongqiao (01378) up 3.92%, CNOOC (00883) up 3.71%, while HSBC Holdings (00005) fell 1.11% [2] Sector Highlights - The technology sector showed mixed results, with Alibaba down 0.45%, Baidu up over 1%, and Tencent up 0.19%. The storage chip sector saw significant price increases, with companies like Lianqi Technology and Zhaoyi Innovation reaching new highs [3] - The storage chip price surge is expected to improve profitability across the NAND industry, with Kioxia projecting a 50% increase in average selling prices starting Q1 2026. Morgan Stanley estimates Kioxia's adjusted gross margin will reach 66% in Q1 [3] - The large model AI sector also saw significant gains, with MINIMAX (00100) up 24.56% and Zhipu AI (02513) up 4.74%. MINIMAX launched a new flagship programming model, while Zhipu announced a price increase for its AI programming subscription [4] Commodity and Energy Stocks - The non-ferrous metals sector experienced broad gains, with Luoyang Molybdenum (03993) up 6.35%, China Nonferrous Mining (01258) up 5.55%, and Zijin Mining (02899) also contributing to the sector's performance [4] - The oil and shipping sectors remained active, with rising sentiments among shipowners due to geopolitical tensions, leading to higher freight rates [10] Recent Developments - The Hang Seng Index Company announced its quarterly review results, with companies like CATL, Luoyang Molybdenum, and Laopuhuang being added to the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [7] - Haizhi Technology Group (02706) saw a significant rise of 29.59% on its second day of trading, attributed to its focus on AI solutions and rapid revenue growth [8] - Fubo Group (03738) also experienced an 8.22% increase, driven by the popularity of its new copyright management platform [9]

Group 1 - The core viewpoint of the article highlights the strong performance of gold stocks in the Hong Kong market, with specific companies showing significant gains [1] - Lingbao Gold (03330.HK) saw an increase of 6%, Shandong Gold (01787.HK) rose by 4%, and Zijin Mining (02899.HK) experienced a 3% increase [1] - The announcement from Hang Seng Index Company on February 13 indicates that Lingbao Gold will be included in the Hang Seng Composite Index as of December 31, 2025 [1]

港股有色金属板块走强，灵宝黄金涨逾7%，洛阳钼业涨逾5%，山东黄金、紫金矿业等涨逾3%。 来源：滚动播报 ...

Core Insights - The article highlights the top short-selling stocks in the market, with BYD Company Limited (81211) leading with a short-selling ratio of 100.00% [1][2]. Group 1: Short-Selling Ratios - BYD Company Limited (81211) has a short-selling ratio of 100.00% [2][3]. - JD.com (89618) follows with a short-selling ratio of 97.67% [2][3]. - Kuaishou Technology (81024) has a short-selling ratio of 80.79% [2][3]. Group 2: Short-Selling Amounts - Meituan (03690) has the highest short-selling amount at 2.11 billion [2]. - Alibaba Group (09988) follows with a short-selling amount of 1.673 billion [2]. - Xiaomi Corporation (01810) has a short-selling amount of 1.482 billion [2]. Group 3: Deviation Values - BYD Company Limited (81211) has the highest deviation value at 44.67% [3]. - Jinfang Pharmaceutical (02595) has a deviation value of 35.39% [3]. - Kuaishou Technology (81024) has a deviation value of 34.76% [3].

Core Viewpoint - The gold market in 2025 is experiencing a paradox where international gold prices soar to a historical high of $4,584 per ounce, yet domestic gold jewelry sales are plummeting, leading to a wave of store closures among major brands like Chow Tai Fook and Chow Sang Sang [1][3][5]. Group 1: Market Dynamics - In December 2025, Chow Tai Fook raised its gold product prices for the third time, causing consumer reluctance to purchase due to high costs, with some items costing a month's salary for an average worker [3]. - The gold jewelry consumption volume in China decreased by 32.5% year-on-year in the first three quarters of 2025, while gold bar and coin consumption increased by 24.55% [5]. - The domestic gold price was $31.6 lower than the international price per ounce by the end of Q3 2025, indicating a rare discount and reflecting a decline in domestic demand [10]. Group 2: Consumer Behavior - A significant shift in consumer perception has occurred, with 70% viewing gold as an investment rather than for decoration or gifts, leading to more cautious purchasing decisions [16]. - Complaints about high processing fees, purity issues, and fraudulent certificates have surged, with purity concerns being the most prevalent [14]. - The trend of consumers opting for gold ETFs instead of physical gold jewelry has emerged, with inflows into gold ETFs reaching a record high of 112 billion yuan in 2025 [10][18]. Group 3: Industry Challenges - The industry is facing a trust crisis, with reports of counterfeit gold and high processing fees damaging consumer confidence [5][11]. - Major brands are closing stores, with Chow Tai Fook shutting down 397 locations, reflecting the impact of high gold prices on consumer spending [6]. - Regulatory gaps in the gold industry have led to rampant issues, as different regulatory bodies oversee production, sales, and trading, creating a lack of accountability [8][18]. Group 4: Emerging Trends - Traditional retail is declining, while ancient gold craftsmanship is gaining traction, with brands like Baolan and Linchao receiving significant investments [8]. - The demand for customized gold products is rising, particularly among younger consumers who prioritize design over weight [8]. - The market is witnessing a polarization in brand performance, with some companies like Chao Hong Ji experiencing a profit increase of 125.75%, while others like China Gold face a 62.96% profit decline [16].