09:27 算力租赁板块局部再度活跃，大位科技5连板，人民网、首都在线、网宿科技、品高股份、宁夏 建材跟涨。 09:26 港股黄金股走低，紫金矿业跌6%，山东黄金跌3.12%、招金矿业跌3.21%。消息方面，国际金价 昨日再度失守5000美元，目前处于4965.10美元附近。 09:25 A股开盘丨三大指数集体低开 盘面上，黄金、基本金属、油气板块跌幅靠前，光伏、CPO、深海科技、半导体题材走弱。大消费概念 股走强。 09:21 港股开盘丨恒生指数低开1.45% 恒生指数低开1.45%，恒生科技指数跌1.59%。科网股全线走低，腾讯音乐跌逾6%，紫金矿业、百度集 团、哔哩哔哩跌逾3%。 | Hટા | 恒生指数 | mm | 26640.16c | -392.38 | -1.45% | | --- | --- | --- | --- | --- | --- | | HSTECH | 恒生科技 | hurton | 5323.14c | -85.84 | -1.59% | 新股海致科技集团上市首日涨逾200%。 | | 82.300 +55.240 +204.14% | 73.072(CNY) | | | 海致 ...

Group 1 - The A-share gold concept sector experienced a price adjustment on February 13, with ST Cuihua hitting the daily limit down [2] - Cai Bai Co. and Silver Industry fell over 4.5%, while Zijin Mining, Hunan Silver, Xingye Silver Tin, and Yuguang Gold Lead all dropped over 3% [2]

截至发稿，紫金矿业(02899.HK)跌6%、山东黄金(01787.HK)跌3.12%、招金矿业(01818.HK)跌3.21%。 消息方面，国际金价昨日再度失守5000美元，目前处于4965.10美元附近。 ...

Group 1 - The core point of the article highlights the short-selling ratios and amounts for various companies, indicating significant market activity and investor sentiment towards these stocks [1][2]. Group 2 - The top three companies by short-selling ratio are China Resources Beer (80291), Great Wall Motor (82333), and JD Health (86618), all at 100.00% [1][2]. - The top three companies by short-selling amount are Meituan (03690) with 1.878 billion, Zijin Mining (02899) with 1.770 billion, and Tencent Holdings (00700) with 1.606 billion [1][2]. - The companies with the highest deviation values in short-selling are Kuaishou (81024) at 36.81%, Zhaojin Mining (01818) at 33.02%, and China Shipbuilding Leasing (03877) at 30.32% [1][2].

Market Overview - The Hang Seng Index fell by 0.86%, closing at 27,032.54 points, with a total market turnover of 238.705 billion HKD [1] Southbound Trading Data - Tencent Holdings, Xiaomi Group-W, and Meituan-W saw net purchases of 1.429 billion HKD, 1.020 billion HKD, and 0.985 billion HKD respectively [1][2] - WuXi Biologics, Zijin Mining, and Pop Mart experienced net sales of 0.392 billion HKD, 0.346 billion HKD, and 0.301 billion HKD respectively [1][2] Individual Stock Performance - Tencent Holdings had a trading volume of 12.026 billion HKD, with a net buy of 1.429 billion HKD, closing at 535.50 HKD, down by 2.28% [2] - Xiaomi Group-W recorded a trading volume of 27.46 billion HKD, with a net buy of 1.020 billion HKD, closing at 36.52 HKD, down by 1.56% [2] - Meituan-W had a trading volume of 38.31 billion HKD, with a net buy of 0.985 billion HKD, closing at 84.85 HKD, down by 4.50% [2] - Pop Mart had a trading volume of 21.899 billion HKD, with a net sell of 0.301 billion HKD, closing at 252.20 HKD, down by 1.10% [2] - WuXi Biologics had a trading volume of 6.99 billion HKD, with a net sell of 0.392 billion HKD, closing at 41.34 HKD, down by 0.14% [2] - Zijin Mining had a trading volume of 9.64 billion HKD, with a net sell of 0.346 billion HKD, closing at 45.02 HKD, up by 3.45% [2]

Core Viewpoint - Southbound capital flow into Hong Kong stocks showed a net inflow of approximately 45.67 billion HKD despite a generally weak market performance, indicating continued interest from investors [2][3]. Southbound Capital Flow - Today's southbound trading volume reached about 947.77 billion HKD, an increase of approximately 40 billion HKD from the previous day, accounting for 39.70% of the total turnover of the Hang Seng Index, which has fallen below 40% again [2]. - The net inflow from the Shanghai-Hong Kong Stock Connect was about 46.56 billion HKD, while the Shenzhen-Hong Kong Stock Connect experienced a net outflow of approximately 0.89 billion HKD [2]. Individual Stock Performance - Significant net purchases included Tencent Holdings (14.29 billion HKD), Xiaomi Group (10.20 billion HKD), Meituan (9.85 billion HKD), and Kingsoft Cloud (1.89 billion HKD) [3]. - Major net outflows were observed in WuXi Biologics (3.92 billion HKD), Zijin Mining (3.46 billion HKD), and Pop Mart (3.01 billion HKD) [3]. Investment Highlights - Tencent Holdings saw a decline of 2.28% with a net increase of 25.2 million shares over the past five days, indicating a short-term inflow trend [4]. - Xiaomi Group decreased by 1.56%, with a net increase of 53.81 million shares in the last five days, showing continued short-term inflow [4]. - Meituan dropped 4.50%, but there was a net increase of 20.59 million shares over the past five days, suggesting accelerated short-term inflow [4]. - Kingsoft Cloud increased by 7.82%, with a net increase of 35.20 million shares in the last five days, indicating sustained short-term inflow [4]. - WuXi Biologics fell by 0.14%, but there was a net increase of 25.83 million shares over the past five days, maintaining a primary inflow trend [4]. - Zijin Mining rose by 3.45%, with a net reduction of 8.28 million shares in the last five days, indicating a primary outflow trend [4]. - Pop Mart decreased by 1.10%, with a net increase of 5.58 million shares over the past five days, showing a slowdown in inflow [4]. Recent Trading Activity - In the past month, Tencent Holdings had a net capital inflow of 16.44 billion HKD, while Meituan experienced a net inflow of 6.70 billion HKD despite a 4.50% decline [5]. - Xiaomi Group recorded a net inflow of 7.34 billion HKD, while WuXi Biologics faced a net outflow of 3.92 billion HKD [5].

Group 1 - Citi has released a report addressing inquiries regarding Zijin Mining's (02899.HK) three-year production guidance, board independence, shareholder returns, and the role of the former chairman [1] - Based on a DCF valuation model, Citi has raised the target price for Zijin's H-shares from HKD 39 to HKD 51.8, and for its A-shares from RMB 35.5 to RMB 46.6, maintaining a "Buy" rating for both [1] - Zijin Mining is ranked first in the gold industry with a market capitalization of HKD 253.448 billion [2] Group 2 - There has been low attention from investment banks towards Zijin Mining, with no ratings given in the past 90 days [2]

Core Viewpoint - Citigroup has raised the target prices for Zijin Mining's H-shares and A-shares, reflecting confidence in the company's future performance despite recent concerns regarding management changes and production guidance [1][2] Group 1: Target Price Adjustments - The target price for Zijin Mining's H-shares has been increased from HKD 39 to HKD 51.8 [1] - The target price for Zijin Mining's A-shares has been raised from RMB 35.5 to RMB 46.6 [1] - Both H-shares and A-shares maintain a "Buy" rating, with Zijin being a preferred stock in the industry [1] Group 2: Management and Governance Concerns - Concerns regarding the departure of former chairman Chen Jinghe and increased control by local state-owned assets are deemed unfounded [1] - The local state-owned assets have historically adopted a passive investment strategy, only appointing one non-executive member to the board [1] - The capable management team is expected to continue leading the company, maintaining existing governance practices [1] Group 3: Production and Earnings Forecast - The new board's term will end in 2028, and concerns about the three-year production plan not meeting the 2030 targets are considered excessive [2] - The company is expected to provide clearer performance guidance and implement a rolling three-year plan [2] - Earnings forecasts for 2025 to 2027 have been adjusted upwards, with expected growth of 1%, 29%, and 12% respectively, reaching RMB 51.6 billion, RMB 81.7 billion, and RMB 76.6 billion [2]

Core Viewpoint - Citigroup has updated its valuation model for Zijin Mining, raising the target price for its H-shares from HKD 39 to HKD 51.8 and for its A-shares from RMB 35.5 to RMB 46.6, maintaining a "Buy" rating for both share classes and reaffirming its position as a preferred stock in the industry [1][2] Group 1: Company Management and Governance - Concerns regarding the independence of the board and the increased control of the local state-owned assets supervision and administration commission (SASAC) after the departure of former chairman Chen Jinghe are deemed unfounded by Citigroup, as the management team is expected to remain in place [1] - The local SASAC has historically adopted a passive investment strategy, only appointing one non-executive member to the board of Zijin, allowing the capable management team to continue running the company [1] Group 2: Production and Financial Forecasts - Citigroup believes that investor concerns about the three-year production plan not meeting the 2030 targets are excessive, predicting that the company will provide clearer performance guidance and that a rolling three-year plan will be more effective than a five-year plan [2] - The new board's term will end in 2028, and no significant restructuring is expected during this period [2] - Based on higher forecasts for gold and lithium prices, as well as increased gold sales, the profit forecasts for Zijin from 2025 to 2027 have been raised by 1%, 29%, and 12% respectively, reaching RMB 51.6 billion, RMB 81.7 billion, and RMB 76.6 billion [2]

Group 1 - The core viewpoint of the report is that Citigroup has raised the target price for Zijin Mining's H-shares from HKD 39 to HKD 51.8 and for A-shares from CNY 35.5 to CNY 46.6, maintaining a "Buy" rating and its position as an industry favorite [1] - The upward revision of profit forecasts for the group from 2025 to 2027 is attributed to higher predictions for gold and lithium prices, as well as increased gold sales, with expected profits of CNY 51.6 billion, CNY 81.7 billion, and CNY 76.6 billion, reflecting growth rates of 1%, 29%, and 12% respectively [1] - Concerns regarding the increased control of the group by the local state-owned assets supervision and administration commission after the departure of former chairman Chen Jinghe are deemed unfounded, as the group operates differently from other provincial or central enterprises [1] Group 2 - The new board's term is set to end in 2028, and investor worries about the three-year production plan failing to meet the 2030 targets are considered excessive, with the belief that the company will provide clearer performance guidance [1] - The three-year plan is viewed as more effective than a five-year plan, and it is expected that the company will offer a rolling three-year plan without anticipating significant changes in the board by 2028 [1]