Group 1 - The core viewpoint of the article is that the spin-off of Zijin Mining's subsidiary, Zijin Gold International, is expected to unlock value and enhance business growth potential, with a maintained "Buy" rating and a target price of HKD 29.6 [1] - The spin-off is projected to raise between HKD 25 billion to HKD 28 billion, with the funds allocated for the acquisition of the Raygorodok gold mine in Kazakhstan and future expansion and exploration projects [1] - The IPO of Zijin Gold International has attracted 29 cornerstone investors, who subscribed for nearly 50% of the offering size, indicating strong market interest [1] Group 2 - Zijin Mining's production is expected to increase significantly, with a projected output of 1.3 million ounces in 2025 due to the full consolidation of the Akyem mine, and a further 20% growth anticipated in 2026 after the integration of Raygorodok [1] - Based on gold price forecasts of USD 3,210 per ounce in 2025 and USD 3,400 per ounce in 2026, the net profit from overseas gold mining operations is expected to reach USD 1.2 billion in 2025, with a potential 40% increase in 2026 [1]

富瑞发布研报称，紫金分拆有助释放价值，维持紫金矿业（601899）(02899) "买入"评级，加上近期金 价持续破顶，将为业绩带来进一步上行空间，目标价29.6港元。 富瑞预期，紫金黄金国际2025年下半年产量将因Akyem矿全面合并而提升，全年产量预计达130万盎 司，2026年并入Raygorodok后产量可同比增长约20%。按该行今明两年金价预测达到每盎司3,210美元 及3,400美元计算，2025年海外金矿业务净利润预计达12亿美元，2026年可再增长40%。 富瑞指出，紫金矿业分拆紫金黄金国际(02259)于香港上市，集资规模介乎250亿至280亿元，所得资金 将用于收购哈萨克Raygorodok金矿及未来扩张与勘探项目。紫金黄金国际IPO引入29名基石投资者，认 购比例占发行规模近50%。富瑞对是次分拆持正面看法，认为能以有限摊薄效应带来业务增长潜力。 ...

该行预期，紫金黄金国际2025年下半年产量将因Akyem矿全面合并而提升，全年产量预计达130万盎 司，2026年并入Raygorodok后产量可按年增长约20%。按该行今明两年金价预测达到每盎司3210美元及 3400美元计算，2025年海外金矿业务净利润预计达12亿美元，2026年可再增长40%。 杰富瑞发表研究报告指，紫金矿业分拆紫金黄金国际于香港上市，集资规模介乎250亿至280亿港元，所 得资金将用于收购哈萨克Raygorodok金矿及未来扩张与勘探项目。紫金黄金国际IPO引入29名基石投资 者，认购比例占发行规模近50%。该行指出，分拆有助释放价值，维持紫金"买入"评级，加上近期金价 持续破顶，将为业绩带来进一步上行空间，目标价29.6港元。 ...

Group 1 - International gold prices reached a historic high of $3,795 per ounce on September 23, with a slight increase to $3,777.9 per ounce at the time of reporting [2] - Domestic gold jewelry prices also rose, with Chow Sang Sang's gold jewelry priced at 1,100 yuan per gram, an increase of 10 yuan per gram from the previous day [2] - Stocks of companies such as Western Gold, Silver, Shandong Gold, and Zijin Mining saw an increase in share prices on the same day [4] Group 2 - Deutsche Bank attributed the record high gold prices to investor panic and concerns over significant downside risks in the stock market, viewing gold as a safe haven during times of turmoil [4] - Long-term prospects for gold prices remain positive, with analysts suggesting that the recent Federal Reserve rate cut may lead to a favorable environment for gold, despite short-term profit-taking pressures [5] - Goldman Sachs projected that gold prices could soar to $4,000 per ounce by 2026 under baseline scenarios, with potential peaks of $4,500 and $5,000 per ounce under tail risk scenarios [5]

消息面上，中国罕王宣布，分别向紫金矿业（601899）两附属紫金环球基金及金山，发行2500万股及 5000万股认购股份，占扩大后股本约3.69%，发行价每股3.13港元，较9月22日收市价3.67港元折让约 14.7%，所得款项总额约2.3475亿港元，净额约2.3145亿港元，拟与该公司自有资金一同用于支持罕王 黄金开发澳洲金矿项目。 公告指出，公司正在分拆其附属公司Hanking Gold Limited(罕王黄金)于香港联交所主板上市。在此过程 中，为满足罕王黄金未来开发澳大利亚金矿项目的资金需求，公司计划增加罕王黄金的资本。认购事项 募集的资金将连同公司自有资金以增资形式注入罕王黄金，以支持澳大利亚金矿项目的开发。 中国罕王(03788)涨超17%，盘中高见4.48港元创新高。截至发稿，涨17.44%，报4.31港元，成交额 1162.22万港元。 ...

公告指出，公司正在分拆其附属公司Hanking Gold Limited（罕王黄金）于香港联交所主板上市。在此 过程中，为满足罕王黄金未来开发澳大利亚金矿项目的资金需求，公司计划增加罕王黄金的资本。认购 事项募集的资金将连同公司自有资金以增资形式注入罕王黄金，以支持澳大利亚金矿项目的开发。 消息面上，中国罕王宣布，分别向紫金矿业两附属紫金环球基金及金山，发行2500万股及5000万股认购 股份，占扩大后股本约3.69%，发行价每股3.13港元，较9月22日收市价3.67港元折让约14.7%，所得款 项总额约2.3475亿港元，净额约2.3145亿港元，拟与该公司自有资金一同用于支持罕王黄金开发澳洲金 矿项目。 智通财经APP获悉，中国罕王(03788)涨超17%，盘中高见4.48港元创新高。截至发稿，涨17.44%，报 4.31港元，成交额1162.22万港元。 ...

公司拟将认购事项所得款项净额与公司自有资金一同用于支持罕王黄金开发澳大利亚金矿项目。本次发 行认购股份是为了开发位于澳大利亚的Cygnet及MtBundy金矿项目。公司正在分拆其附属公司Hanking Gold Limited(「罕王黄金」)于香港联交所主板上市。在此过程中，为满足罕王黄金未来开发澳大利亚 金矿项目的资金需求，公司计划增加罕王黄金的资本。认购事项募集的资金将连同公司自有资金以增资 形式注入罕王黄金，以支持澳大利亚金矿项目的开发。因此，董事认为认购协议的条款乃属公平合理及 按正常商业条款订立，并符合公司及股东的整体利益。 认购股份数目约占公司于本公告日期现有已发行股本之3.83%，以及约占公司经配发及发行认购股份后 扩大的已发行股本之3.69%，认购事项所得款项总额将约为2.34亿港元。认购事项所得款项净额将约为 2.31亿港元。扣除相关费用及开支后的每股净价约为每股3.09港元。 紫金环球基金(认购方一)为一家通过金山资产管理(为紫金矿业集团的全资附属公司)进行管理的基金。 金山(认购方二)为紫金矿业集团的全资附属公司。紫金矿业集团为一家在中国注册成立的公司，其股份 在香港联交所主板(股份代号 ...

格隆汇9月22日丨中国罕王(03788.HK)宣布，公司于2025年9月22日与认购方订立认购协议，据此，公司 有条件同意发行及配发，而(i)紫金环球基金(认购方一)有条件同意按每股认购股份3.13港元的认购价认 购2500万股认购股份；及(ii)金山(认购方二)有条件同意按每股认购股份3.13港元的认购价认购5000万股 认购股份。每股3.13港元的较认购协议日期在香港联交所报价的每股收市价3.67港元折让约14.7%; 紫金环球基金(认购方一)为一家通过金山资产管理(为紫金矿业集团的全资附属公司)进行管理的基金。 金山(认购方二)为紫金矿业集团的全资附属公司。紫金矿业集团为一家在中国注册成立的公司，其股份 在香港联交所主板(股份代号：02899)和上海证券交易所(股份代号：601899)上市。认购方一及认购方二 均不会在紧接完成后成为公司的主要股东。 公司拟将认购事项所得款项净额与公司自有资金一同用于支持罕王黄金开发澳大利亚金矿项目。本次发 行认购股份是为了开发位于澳大利亚的Cygnet及MtBundy金矿项目。公司正在分拆其附属公司Hanking Gold Limited(「罕王黄金」)于香港联交所主板 ...

Core Viewpoint - Zijin Mining is spinning off its subsidiary, Zijin Gold International, to capitalize on the rising international gold prices and enhance its control over global gold resources while addressing liquidity pressures faced by the parent company [1][2]. Group 1: IPO Details - The IPO of Zijin Gold International is expected to raise between HKD 249.8 billion and HKD 287.3 billion (approximately USD 32 billion), making it the second-largest IPO in Hong Kong since 2025 [1][2]. - The listing process is notably efficient, taking only 81 days from the submission of the prospectus to the start of the global offering, marking it as the fastest IPO in the Hong Kong market since 2022 [2][3]. Group 2: Market Context - The rise in gold prices, driven by factors such as high interest rates from the Federal Reserve and geopolitical tensions, has led to a significant increase in gold's value, reaching a historical high of USD 3,760 per ounce as of September 22, 2025 [2]. - The initial fundraising target of USD 1 billion was raised to the current range due to the ongoing bullish trend in the gold market [2]. Group 3: Company Operations - Zijin Gold International will consolidate eight mines across South America, Oceania, Central Asia, and Africa, positioning itself among the top global gold producers with an expected output of 1.3 million ounces (approximately 40.4 tons) by the end of 2024 [3][5]. - The company holds significant assets, including the Buriticá mine in Colombia, which is the largest operating gold mine in the country, but faces safety risks due to illegal mining activities in the area [5]. Group 4: Investor Interest - The IPO has attracted substantial interest from cornerstone investors, with 26 investors committing a total of HKD 124.7 billion, accounting for nearly 50% of the base offering size, indicating strong market confidence [6][8]. - Notable international investors include GIC, BlackRock, and Schroders, alongside prominent Chinese private equity firms and long-term funds, reflecting a diverse investment base [6][8]. Group 5: Financial Performance - Zijin Gold International's revenue is projected to grow from CNY 12.7 billion in 2022 to CNY 21.5 billion in 2024, with a compound annual growth rate (CAGR) of 30.3%, while net profit is expected to increase from CNY 1.28 billion to CNY 3.46 billion, achieving a CAGR of 64.5% [10][11]. - The company reported a gross margin of 46.5% and a net profit margin of 26.1% in the first half of 2025, outperforming its peers in the industry [10][11]. Group 6: Risks and Challenges - The company faces a high concentration of revenue from its top clients, with the top five clients accounting for 98.4% of revenue in the first half of 2025, raising concerns about customer diversification [12]. - The parent company, Zijin Mining, is under liquidity pressure, with short-term borrowings exceeding cash reserves, necessitating the spin-off to improve financial flexibility and reduce the parent company's debt burden [12].

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights that the recent Congo export policy for cobalt is expected to drive prices upward, with a significant reduction in export quotas leading to increased demand for replenishment from downstream enterprises [6] - The report suggests a bullish outlook for precious metals following the recent FOMC meeting, despite some market adjustments, indicating a potential slow bull market for gold [4] - Copper prices are anticipated to break through key resistance levels, supported by seasonal demand increases in China [5] - The aluminum market is expected to see price increases due to rising downstream consumption as the National Day holiday approaches [5] - Lithium demand is projected to grow significantly, driven by a major contract signed by CATL for lithium iron phosphate materials, indicating a strong outlook for lithium prices [7] - Uranium prices are expected to rise due to potential export restrictions from Russia, which could significantly impact global supply [8] Summary by Sections Industry Overview - The closing index for the industry is at 6522.39, with a weekly high of 6795.38 and a low of 3912.76 [1] Price Movements - Basic metals saw declines: copper down 1.19%, aluminum down 1.33%, zinc down 2.88%, lead down 0.17%, and tin down 1.53%. Precious metals had mixed results with gold down 0.22% and silver up 1.13% [21] Inventory Levels - Global visible inventories increased for copper by 7945 tons, aluminum by 8010 tons, and zinc by 2724 tons, while lead saw a decrease of 4085 tons [29]