消息面上，据新华社报道，美国总统特朗普22日周四在总统专机"空军一号"上对媒体表示，美国正调集 重兵前往伊朗，许多舰艇正在向伊朗行进。此外，特朗普24日威胁将对加拿大商品征收100%的关税， 美国与加拿大的紧张关系也面临加剧。受避险情绪影响，现货黄金首次突破5000美元/盎司。上期所沪 银主力合约触及涨停，报28226元/千克，现涨幅为17.0%。 国联民生（601456）证券认为，全球地缘紧张局势升温，贵金属避险情绪提升，价格继续上行。长期来 看央行购金+美元信用弱化主线持续，继续看好金价上行。白银兼具工业和金融属性，光伏用银需求持 续，看好工业需求提振带来白银补涨行情。 黄金股延续近期涨势，截至发稿，赤峰黄金（600988）(06693)涨7.19%，报42.66港元；中国白银集团 (00815)涨7.35%，报0.73港元；灵宝黄金(03330)涨6.09%，报25.78港元；紫金矿业（601899）(02899)涨 5.74%，报42.74港元；山东黄金（600547）(01787)涨5.2%，报48.54港元。 山东黄金 赤峰黄金 紫金矿业 山东黄金 赤峰黄金 紫金矿业 分时图 日K线 周K线 月K ...

不过，联合黄金的财务状况并不理想。数据显示，2023年、2024年，联合黄金净利润分别亏损1.92亿美 元、1.20亿美元。2025年前三季度，净利润转正为0.17亿美元。 对此，紫金矿业在公告中表示，本次收购可以强化公司在非洲的资源联动体系，补强公司黄金板块的非 洲布局。同时，紫金黄金国际的资产规模、盈利水平也将进一步提升。 据悉，作为紫金矿业旗下专注海外黄金业务的平台，紫金黄金国际已进入全球前五大黄金上市公司。此 次交易完成后，紫金黄金国际资产布局将拓展至12个国家的12座大型金矿。 受消息提振，27日港股开盘，紫金黄金国际股价快速冲高，一度涨近19%；紫金矿业A、H股亦同步跟 涨。 除上述收购外，紫金系还在2025年完成加纳阿基姆金矿、哈萨克斯坦瑞果多金矿交割，实现规模扩容。 数据显示，2025年其境外9座矿山合计产金超55吨，占紫金矿业当年矿产金总量的比例超61%。 1月26日晚间，紫金矿业发布收购公告，宣布控股公司紫金黄金国际已与联合黄金签署协议，拟以44加 元/股的现金价格收购联合黄金全部已发行的普通股，收购对价共计约55亿加元，约合人民币280亿元。 资料显示，联合黄金是一家总部位于加拿大的黄金 ...

黄金价格一飞冲天的当下，中国矿企继续在全球"买买买"。26日晚间，紫金矿业发布公告，旗下紫金黄 金国际拟以44加元/股的现金价格收购加拿大联合黄金全部已发行的普通股，收购对价约合人民币280亿 元。今天早盘，紫金矿业A股、H股均大涨超6%。紫金矿业表示，联合黄金旗下项目均为在产或即将投 产的大型露天开采金矿，并购当年即可贡献产量与利润，整体投资回报期短，经济效益显著。近两年， 紫金矿业已多次出手买矿，标的包括美国纽蒙特公司旗下加纳阿基姆金矿项目、哈萨克斯坦Raygorodok 金矿项目。除紫金矿业外，洛阳钼业、江西铜业等也在海外积极购矿。矿产资源是工业的"粮食"，对国 家经济安全至关重要。中国矿企积极"出海"，一方面有助于企业扩大资源储备，另一方面也在提升我国 在国际矿产市场的话语权。 ...

Core Viewpoint - The market is experiencing a structural shift, with funds moving towards sectors with strong fundamentals, such as gold and semiconductors, while weaker sectors like batteries and liquor are being abandoned [3][6]. Group 1: Gold Sector - The gold sector is thriving due to three main factors: the Federal Reserve's interest rate cuts releasing liquidity, global central banks accumulating gold, and ongoing geopolitical risks driving demand for safe-haven assets [3]. - China's central bank has increased its gold reserves for 14 consecutive months, contributing to a record high in global official gold reserves since 2000 [3]. - Zijin Mining is set to acquire overseas gold assets for 28 billion, indicating strong fundamentals and positive market sentiment [3]. Group 2: Semiconductor Sector - The semiconductor industry is on the verge of surpassing $1 trillion in revenue, driven by the demand for AI computing power and storage chips [3]. - Dongxin Technology's stock surged by 20% due to its involvement in the storage chip market and its strategic positioning in the GPU sector [3]. - The semiconductor sector is characterized by a "super bull market" for storage chips, with prices continuously rising [3]. Group 3: Weak Sectors - The battery sector is facing challenges due to overcapacity and insufficient demand, leading to a decline in stock performance [3]. - The liquor sector has seen a 14% drop over the past year and a 50% decline over the last five years, indicating a long-term downward trend [3]. Group 4: Investment Strategies - In a low-volume market, funds tend to concentrate on core assets with strong fundamentals, while weaker stocks are more likely to be sold off [4]. - Investors are advised to hold strong positions in sectors like gold and semiconductors, set stop-loss orders, and avoid chasing high prices [5]. - For those with no positions, it is recommended to wait for pullbacks before entering the market, particularly in strong sectors [5].

Group 1 - The Hang Seng Index rose by 1.07%, gaining 287 points, while the Hang Seng Tech Index increased by 0.20%. The early trading volume in Hong Kong stocks reached HKD 134.8 billion [1] - Zijin Mining (02899) surged over 4% as it plans to acquire African gold mines for HKD 28 billion, while Zijin Gold International (02259) rose by 10.63% [1] - Anta Sports (02020) increased by 1.38% after announcing a plan to acquire a 29.06% stake in Puma for EUR 1.5 billion [1] - Zhaoyi Innovation (03986) saw a rise of over 5%, with all storage products experiencing price increases, and the company expects a 46% year-on-year growth in net profit for the year [1] - GDS Holdings (09698) rose over 6% due to high demand for AI computing power driving data center growth [1] - Bilibili (09626) increased by nearly 5%, with AI applications becoming the core driver of advertising revenue growth for the platform [1] - Conant Optical (02276) surged over 4% to reach a new high, planning a discounted share placement to raise nearly HKD 1.4 billion for XR-related production lines and R&D [1] - ASMPT (00522) rose over 5% as the company plans to divest its SMT business, which Citigroup believes will help unlock company value [1] - Harbin Electric (01133) jumped 7% after a profit warning, expecting net profit attributable to shareholders to reach approximately HKD 2.65 billion by 2025 [1] - Aidi Kang Holdings (09860) surged over 27% following a report from Jefferies highlighting the company's strategic positioning in AI medical diagnostics and its significant acquisition of Crown Bioscience [1] Group 2 - Wangshan Wangshui-B (02630) briefly rose over 11% to a new high, with research indicating that VV116 has potential therapeutic effects against Nipah virus [2] Group 3 - Yijun Group Holdings (02442) experienced a high-level retreat of over 39%, with its stock price having previously surged 4.4 times within two months of resuming trading [3] - Junda Co., Ltd. (02865) fell over 11%, as the company stated that its recent ventures are still in the technical exploration phase [3]

港股上午盘三大指数集体上涨，在银行、保险等权重助推下，恒生指数一度冲高至1.6%，午间收涨 1.07%重回27000点，国企指数涨0.86%，恒生科技指数涨0.2%。权重科技股走势分化明显，黄金股继续 上涨，收购联合黄金100%股权！紫金矿业、紫金黄金国际均大涨创历史新高，保险股、银行股集体活 跃。另外，钢铁股、核电股、水务股、煤炭股多数低迷。 ...

格隆汇1月27日｜A股紫金矿业成交额突破200亿元，现涨5.42%。 ...

Market Overview - The A-share market saw a collective decline in the three major indices, with the Shanghai Composite Index down by 0.09%, the Shenzhen Component Index down by 0.85%, and the ChiNext Index down by 0.91% [9] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 32,810 billion [9] - In the Asia-Pacific market, the Hong Kong Hang Seng Index rose by 0.06%, while the Nikkei 225 Index fell by 1.79% [9] - In the European market, the DAX Index increased by 0.13%, while the CAC40 Index decreased by 0.15% [9] - In the US market, the Dow Jones Industrial Average rose by 0.64%, the S&P 500 Index increased by 0.5%, and the Nasdaq Composite Index rose by 0.43% [9] International News - The US plans to increase tariffs on South Korean goods from 15% to 25% due to the lack of approval from the South Korean National Assembly on a previously agreed trade deal [8] - The European Parliament has not yet decided whether to resume the approval process for the EU-US trade agreement [8] - Nvidia has expanded its partnership with CoreWeave, investing an additional $2 billion to support the construction of AI factories [8] - The EU has launched an investigation into Elon Musk's AI chatbot Grok regarding the dissemination of illegal content [10] Domestic News - The Chinese government is set to introduce policies to boost service consumption, including measures to expand inbound consumption and promote the replacement of old consumer goods [11] - The People's Bank of China emphasized the gradual expansion of macro-prudential policy coverage to maintain financial market stability [11] Important Announcements - Zijin Mining plans to acquire 100% of the shares of United Gold for 28 billion [13] - Haike New Source has signed a long-term cooperation agreement with BYD for the supply of at least 100,000 tons of electrolyte solvent annually [13] - Jiuding New Materials is accelerating the construction of a large-scale wind turbine blade production line [13] Research Recommendations - Eve Air Mobility completed a $150 million five-year debt financing, bringing total funds to $1.2 billion for eVTOL technology development and FAA certification [15]

紫金矿业成交额达200亿元，现涨5.42%。 ...

Research Tactical Idea We believe the share price will rise in absolute terms over the next 45 days. This is because of an announced acquisition. Zijin Gold (of which Zijin Mining owns 85%) has announced plans to acquire Allied Gold for C$5.5bn (a 5.39% premium over Allied Gold's last closing price) (see note). AG's plans to produce 11.7-12.4 tons in 2025 and 25 tons by 2029. If the deal is approved, this would bring Zijin Gold's total gold production by 2030 to 95-100 tons pa, with a 2025-30 gold productio ...