Group 1 - UBS reports that industrial metal prices are supported by positive macroeconomic factors, including US interest rate cuts, a weaker dollar, confidence in AI trade, and China's anti-involution policies along with potential additional stimulus measures from China [1] - The overall outlook for industrial metals is improving, with the risk of a significant short-term demand slowdown diminishing, while the medium-term fundamentals for copper and aluminum remain attractive [1] - UBS has raised its copper price forecasts for this year and next by 3%, from $4.24 and $4.68 per pound to $4.37 and $4.80 respectively, due to limited supply growth and recovering traditional demand [1] Group 2 - UBS has increased its earnings estimates for Zijin Mining (601899), Luoyang Molybdenum (603993), and Jiangxi Copper (600362) by 4%, 5%, and 5% respectively for this year, and by 9%, 6%, and 5% for next year [2] - The firm has also raised its earnings forecasts for China Hongqiao, Aluminum Corporation of China (601600), and Tianshan Aluminum (002532) by 5% to 8% for next year [2]

Group 1: Gold Price Surge - The international gold price has seen a significant increase, surpassing $3,500, $3,600, and $3,700 within half a month, with a year-to-date increase of over 41% [1] - Domestic gold jewelry prices have also risen, with major brands reporting increases in price per gram, such as Chow Sang Sang at 1,090 RMB, up 65 RMB from the beginning of the month [1] - The surge in gold prices has led to a rise in related gold assets, including bank wealth management products and gold ETFs, with the latter's scale exceeding 160 billion RMB [2][6] Group 2: Factors Driving Gold Prices - The expectation of a Federal Reserve interest rate cut has reduced the opportunity cost of holding gold, enhancing its attractiveness [2] - Central banks in emerging markets have been increasing their gold reserves, with a reported 166 tons added globally in Q2, including a continuous increase by the People's Bank of China [2] - Geopolitical tensions, such as conflicts in the Middle East and the ongoing Russia-Ukraine war, have heightened investor risk aversion, further driving up gold prices [3] Group 3: Performance of Gold-Related Assets - The A-share gold sector saw an 8.28% increase in the first half of September, with individual stocks like Western Gold rising over 50% [4] - Gold-themed wealth management products have been popular, with 47 products currently in the market and several achieving early profit-taking due to price triggers [5] - Gold ETFs have also experienced significant inflows, with many seeing net asset value increases of over 20% in the past month [6] Group 4: Investment Considerations - Investors are advised to be cautious in the current high gold price environment, as market volatility may increase [7][8] - The relationship between gold prices and the US dollar is highlighted, with gold typically priced in dollars, leading to potential uncertainties for domestic investors purchasing in RMB [8] - Recommendations suggest a household gold allocation of approximately 5% to 10% due to its liquidity and hedging properties [8]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of September 22, with Northeast Electric (00042) leading at 831.03% and CATL (03750) at -13.26% [1][2]. AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): H-share at 0.290 HKD, A-share at 2.25 CNY, premium rate of 831.03%, deviation value of 43.11% [1]. - Andeli Juice (02218): H-share at 16.540 HKD, A-share at 45.25 CNY, premium rate of 227.69%, deviation value of -1.28% [1]. - Hongye Futures (03678): H-share at 4.200 HKD, A-share at 11.38 CNY, premium rate of 224.52%, deviation value of -11.54% [1]. - The bottom three stocks with the lowest AH premium rates are: - CATL (03750): H-share at 511.000 HKD, A-share at 370.05 CNY, premium rate of -13.26%, deviation value of 1.89% [1]. - Heng Rui Medicine (01276): H-share at 90.000 HKD, A-share at 71.05 CNY, premium rate of -5.44%, deviation value of -4.32% [1]. - Zijin Mining (02899): H-share at 29.540 HKD, A-share at 25.37 CNY, premium rate of 2.88%, deviation value of -3.50% [1]. Deviation Value Rankings - The top three stocks with the highest deviation values are: - Northeast Electric (00042): premium rate of 831.03%, deviation value of 43.11% [2]. - Changfei Optical Fiber (06869): premium rate of 130.35%, deviation value of 26.09% [2]. - China Foreign Transportation (00598): premium rate of 67.13%, deviation value of 18.35% [2]. - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): premium rate of 61.72%, deviation value of -25.04% [3]. - Qin Port Co. (03369): premium rate of 53.16%, deviation value of -21.72% [3]. - Longyuan Power (00916): premium rate of 163.85%, deviation value of -19.33% [3].

Group 1 - The core viewpoint of the report indicates that Zijin Mining achieved a net profit attributable to shareholders of 23.29 billion yuan in H1 2025, representing a year-on-year increase of 54.41%, with Q2 alone contributing 13.125 billion yuan, a quarter-on-quarter increase of 29.1% [1] - The company's copper and gold business has seen both volume and price increases, serving as a key driver for performance growth [1] - The report anticipates that Zijin Mining will continue to ramp up production in H2 2025, particularly in gold output, which is expected to sustain performance growth [1] Group 2 - Concerns regarding the U.S. economic downturn have been raised due to declining employment data, leading to a 25 basis point reduction in the federal funds rate target range announced by the Federal Reserve in September 2025 [1] - The initiation of a rate-cutting cycle is expected to benefit metals such as gold and copper, potentially leading to price increases [1] - The report has adjusted the pricing and sales volume forecasts for gold and copper, as well as increased the expense ratio, resulting in a target price of 31.79 yuan based on a 17X PE valuation for comparable companies, maintaining a "buy" rating [1]

Core Viewpoint - The article discusses the performance of the Nonferrous ETF Fund (159880) and its major holdings, highlighting the fund's recent gains and overall returns since its inception [1]. Fund Performance - The Nonferrous ETF Fund (159880) opened with a gain of 0.79%, priced at 1.522 yuan [1]. - Since its establishment on March 8, 2021, the fund has achieved a return of 50.99% [1]. - Over the past month, the fund's return has been 12.17% [1]. Major Holdings - Key stocks in the Nonferrous ETF Fund include: - Zijin Mining: up 1.92% - Luoyang Molybdenum: up 3.76% - Northern Rare Earth: down 0.53% - China Aluminum: up 0.52% - Shandong Gold: up 3.84% - Huayou Cobalt: up 4.69% - Zhongjin Gold: up 3.50% - Ganfeng Lithium: up 0.34% - Chifeng Jilong Gold: up 2.90% - Yun Aluminum: unchanged [1]. Management Information - The fund is managed by Penghua Fund Management Co., Ltd., with Yan Dong as the fund manager [1].

Group 1 - The core viewpoint of the article highlights the upward trend of gold stocks in the Hong Kong market, with notable gains from companies such as Zhaojin Mining and Lingbao Gold [1] - Zhaojin Mining led the sector with a 4.4% increase, while Lingbao Gold and China Silver Group both rose by 4% [1] - The current price of spot gold increased by 0.1%, reaching $3687.84 per ounce, amid a cautious market awaiting further clues on the Federal Reserve's interest rate path [1] Group 2 - Huatai Securities reported that the Federal Reserve's September FOMC meeting resulted in a 25 basis point rate cut, with expectations of an additional 50 basis points cut by year-end [1] - The long-term value of gold remains intact due to ongoing rate cuts by the Fed in the context of economic adjustments and persistent inflation concerns [1] - Global central banks and institutional investors are increasingly allocating more to gold, driven by de-dollarization trends, geopolitical risks, and the need for diversified investment portfolios [1]

Group 1 - The Federal Reserve lowered interest rates by 25 basis points in September, with potential for two more rate cuts within the year, reinforcing expectations for liquidity easing [1] - Continuous gold purchases by central banks and weakening dollar credit are identified as core drivers for the upward shift in gold prices, presenting opportunities for investment in precious metals [1] - Increased geopolitical risks have led to a significant rise in SPDR gold holdings, indicating accelerated allocation of gold assets by overseas investors, supporting a long-term bullish trend in gold prices [1] Group 2 - As of September 19, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 1.65%, with notable increases in constituent stocks such as Deyun Co. (10.01%) and Shandong Gold (6.13%) [3] - The Gold Stock ETF (159322) increased by 1.24%, with a recent price of 1.47 yuan, and has seen a cumulative rise of 17.27% over the past month [3] - The trading activity for the Gold Stock ETF was robust, with a turnover of 10.65% and a total transaction value of 12.35 million yuan on the day [3] Group 3 - The Gold Stock ETF has achieved a net value increase of 34.88% over the past six months, ranking 394 out of 3645 index stock funds, placing it in the top 10.81% [4] - Since its inception, the Gold Stock ETF has recorded a maximum monthly return of 16.59% and a longest consecutive monthly gain of 31.09%, with an average return of 8.13% during up months [4] - The fund has a Sharpe ratio of 2.09 over the past year, ranking it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [4] Group 4 - As of August 29, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index accounted for 66.52% of the index, with major companies including Zijin Mining and Shandong Gold [5]

"中国金王"陈景河伸出"金手指"，施展点金术。 2025年9月19日，紫金黄金国际开始全球发售，预计募资249.84亿港元，将成为继宁德时代之后的年内港股第二大 IPO。 紫金黄金国际本次IPO所募资金，将用于收购海外一座金矿以及现有矿山升级等。 左手募资、右手买矿，这是陈景河应对当前产业现状的稳妥之策。 68岁的陈景河，"掘金"43年，从福建紫金山起步，稳步开拓，将一家濒临倒闭的县级矿产公司，打造成全球的大 型综合矿产集团，拿下了多个世界第一。 在《福布斯》2025全球上市企业2000强榜单中，紫金矿业（601899.SH，02899.HK）位居全球上榜黄金企业第1 位，全球金属矿企第4位。公司净资产收益率居《财富》世界500强榜全球金属矿企第1位。 紫金矿业相继在H股、A股上市，紫金黄金国际是从紫金矿业拆分出来的黄金业务平台。 陈景河推动的第三次IPO背后，全球经营环境复杂多变，紫金矿业面临经营业绩增速放缓，财务承压。 长江商报消息 ●长江商报记者 沈右荣 借助资本修复，陈景河及紫金矿业将继续稳健前行。 拆出一家千亿黄金巨头 陈景河将第三次站在交易所敲响上市钟声。 2025年5月26日晚，紫金矿业发布公告 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.79 CNY based on a PE ratio of 17X for comparable companies in 2025 [5][2]. Core Insights - The company's copper and gold business is expected to continue experiencing growth in both volume and price, which is anticipated to drive performance upward. The company achieved a net profit of 23.29 billion CNY in the first half of 2025, representing a year-on-year increase of 54.41% [9]. - The company is actively pursuing resource exploration and acquisition strategies to enhance its resource base, with significant increases in copper, gold, and lithium resources reported [9]. - The planned spin-off of the overseas gold segment is expected to facilitate further expansion in the gold business and potentially lead to a revaluation of the company's overall value [9]. Financial Forecasts - The company forecasts revenue growth from 293.4 billion CNY in 2023 to 461.9 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 7.6% [3]. - Net profit is projected to increase from 21.12 billion CNY in 2023 to 74.19 billion CNY in 2027, reflecting a CAGR of about 18.8% [3]. - Earnings per share (EPS) are expected to rise from 0.79 CNY in 2023 to 2.79 CNY in 2027, indicating strong growth potential [3]. Key Financial Metrics - The gross margin is expected to improve from 15.8% in 2023 to 27.8% in 2027, while the net margin is projected to increase from 7.2% to 16.1% over the same period [3]. - The return on equity (ROE) is anticipated to reach 31.6% in 2025, reflecting the company's effective use of equity capital [3]. - The price-to-earnings (PE) ratio is expected to decrease from 30.7 in 2023 to 8.7 in 2027, indicating a potentially attractive valuation as earnings grow [3].

截至2025年9月19日收盘，紫金矿业（601899）报收于25.02元，较上周的25.65元下跌2.46%。本周，紫金矿业9月16日盘中最高价报26.15元。9月 18日盘中最低价报24.11元。紫金矿业当前最新总市值6649.71亿元，在工业金属板块市值排名1/60，在两市A股市值排名19/5153。 2025年9月19日，紫金黄金国际在香港联交所网站刊登招股说明书，启动全球发售。基础发行股数为348,990,700股，其中香港公开发售占10%，国 际发售占90%。超额配售权可额外发行最多52,348,600股，若全额行使，最大发行股数为401,339,300股。发行价格确定为71.59港元/股。香港公开 发售于2025年9月19日开始，预计9月24日结束。新股预计于2025年9月29日在香港联交所挂牌上市。 公司公告汇总 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 紫金矿业拟分拆所属子公司紫金黄金国际有限公司至香港联合交易所有限公司主板上市的相关事宜已获公司2025年第一次临时股东会、2025年第 二次A股类别股东会及H股类 ...