Group 1 - Hong Kong gold stocks are experiencing a decline, with Tongguan Gold falling over 8% for six consecutive days, and other companies like Zijin Mining, Lingbao Gold, Shandong Gold, and China Silver Group dropping over 4% [1] - The night session saw spot gold prices drop, briefly falling below $3,270 per ounce, with a nearly 2% decline during trading [3] - Chinese investors are shifting funds from gold ETFs to domestic stocks, with a record net outflow of approximately 3.2 billion yuan from four major domestic gold ETFs in July [3] Group 2 - The outflow of funds is primarily driven by individual investors, as gold has been trading within a narrow range, leading to decreased enthusiasm for gold investments [3] - Morgan Stanley indicates that the key to gold price increases lies in ETF inflows, which depend on the Federal Reserve meeting interest rate cut expectations and pushing down U.S. real yields [3] - In an optimistic scenario, gold prices are projected to reach a target of $3,675 per ounce by the end of the year, with expectations of hitting $4,000 per ounce by early next year [3]

彭博汇编的数据反映中国投资者正将资金从黄金ETF转向国内股票。随着A股走强和金价升势停滞，截 至周二，7月份四大境内黄金ETF(华安易富、博时黄金、易方达黄金和国泰君安)合计净流出约32亿元人 民币，势创历史单月最高纪录。 华安基金指数与量化投资部首席黄金研究员周泓灏指出，近期的资金流出主要由个人投资者主导，由于 黄金一直处于窄幅震荡区间内交易，投资者对黄金的热情有所下降；同时国内股市上涨，资金也认为现 在是从黄金中获利了结、转向股票以追逐更强劲动能的时机。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 00340 | 滝美黄金 | 1.780 | -9.18% | | 02899 | 常受矿业 | 21.150 | -5.16% | | 03330 | 灵宝黄金 | 10.140 | -4.70% | | 01818 | 招金矿业 | 19.420 | -4.57% | | 00815 | 中国自银集团 | 0.430 | -4.44% | | 06693 | 赤峰黄金 | 22.700 | -4.02% | | 02489 | 集海资 ...

消息面上，隔夜现货黄金大跌超1.5%，失守3280美元/盎司。当地时间7月30日，美国联邦储备委员会结 束为期两天的货币政策会议，宣布将联邦基金利率目标区间维持在4.25%至4.50%之间不变。鲍威尔在 最新一轮货币政策会议后的新闻发布会上表示，美联储尚未就9月利率做出任何决定。鲍威尔表示，他 们"将在下次议息会议前夕参考有关经济的信息"。 现在就断言美联储是否会像金融市场预期的那样在9 月下调联邦基金利率还为时过早。 智通财经APP获悉，黄金股早盘全线下挫，截至发稿，潼关黄金(00340)跌9.18%，报1.78港元；紫金矿 业(02899)跌5.16%，报21.15港元；灵宝黄金(03330)跌4.89%，报10.12港元；赤峰黄金(06693)跌4.23%， 报22.65港元；山东黄金(01787)跌3.75%，报24.4港元。 ...

公告显示，灵宝黄金收入及净利润增加主要得益于集团加快生产节奏，使得集团黄金产量较去年同期显 著增加，同时，得益于采矿技术的不断改进和成本控制措施的严格落实，集团进一步提升了运营效率并 降低了成本。叠加黄金市场价格上涨的有利因素，集团整体效益得到显著提升。 2025年以来，灵宝黄金全力推进探矿增储、扩产扩能及技术改造项目。新建多个大型尾矿库工程、矿山 井下基建工程，实施选矿厂改扩建、冶炼绿色化升级改造等重点项目。 在数字化转型方面，灵宝黄金已完成数字化转型规划整体方案设计，正在实施的11个数字化项目中已有 3个项目上线。在AI应用领域，灵宝黄金启动灵金AI实验室项目，配套升级改造标准化机房，为AI大模 型本地化部署提供算力支撑，并在财务、人力等领域开展AI辅助办公试点。 本报讯 （记者矫月）近日，灵宝黄金集团股份有限公司（以下简称"灵宝黄金"）发布正面盈利预告， 预计公司2025年上半年实现营业收入74.9亿元至79.2亿元人民币，同比增长75%至85%，实现净利润6.56 亿元至6.87亿元人民币，同比增长330%至350%。数据显示，灵宝黄金2024全年归母净利润为6.99亿 元。 据了解，截至2025年6 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping over 1%, ending a five-day winning streak, closing at 25,388.35 points, down 1.09% or 278.83 points, with a total turnover of 281.77 billion HKD [1] - Despite the decline, the Hang Seng Index saw a weekly increase of 2.27%, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 1.83% and 2.51% respectively [1] Blue Chip Performance - WuXi Biologics (02269) led the blue-chip stocks, rising 5.53% to 31.5 HKD, contributing 9.65 points to the Hang Seng Index, following a profit warning indicating a projected 16% revenue growth in the first half of 2025 [2] - Other notable blue-chip performances included SMIC (00981) up 4.98%, Nongfu Spring (09633) up 3.56%, while New Oriental (09901) and Shenzhou International (02313) saw declines of 3.36% and 2.94% respectively [2] Sector Highlights - Large tech stocks generally declined, with Alibaba down nearly 2% and Tencent over 1% [3] - Semiconductor stocks saw a rally, with Hua Hong Semiconductor rising 9% and SMIC up nearly 5% [3] - The pharmaceutical sector experienced gains, driven by a shift towards value assessment in drug procurement, with notable increases in stocks like Kanglong Chemical (03759) up 7.71% and Zhaoyan New Drug (06127) up 7.02% [4] - Airline stocks were active, with China Eastern Airlines (00670) up 3.69% and Air China (00753) up 3.68%, supported by strong summer travel demand [6][7] Regulatory Developments - The National Healthcare Security Administration announced changes to the 11th batch of centralized procurement, moving away from a simple lowest price reference, which is expected to curb vicious price competition and promote a shift towards value-based competition in the pharmaceutical industry [5] - The introduction of new policies aimed at supporting innovative drugs and medical devices was discussed in a recent meeting, indicating a focus on enhancing the clinical application of high-level technological innovations [5] Notable Stock Movements - Valiant Biopharma (09887) saw a significant increase of 91.71% on its debut, closing at 67.1 HKD, following a successful IPO [9] - Jihong Holdings (02603) rose 15.31% after announcing a projected net profit increase of 97.25% to 108.21% for the first half of 2025 [10] - COSCO Shipping Ports (01199) reached a new high, up 9.31%, amid reports of potential acquisitions of port assets [11] - Kintor Pharmaceutical (00148) announced a profit warning, leading to an 8.29% increase in stock price, with expected profits rising over 70% [12] - Lingbao Gold (03330) also saw gains, up 5.89%, with projected revenue growth of 75% to 85% for the first half of 2025 [13]

據報歐盟和美國即將達成關稅協議，美國總統特朗普亦稱，將對世界其他大部 分國家徵收 15%至 50%的簡單關稅。港股連升四個交易日後，24 日開市略為回 吐，恒指低開 9 點，惟其後重拾升勢，一度漲 197 點高見 25,735 點，再創逾三 年高位，全日收報 25,667 點，升 129 點或 0.5%，呈五連升；國指升 16 點或 0.2%， 收報 9,257 點；恒生科技指數則跌 2 點，收報 5,743 點。港股全日成交 2,948.11 億元。 人民銀行 24 日公開市場開展 3,310 億元人民幣七天期逆回購操作，操作利率持 平於 1.4%。有 4,505 億元逆回購到期，單日淨回籠 1,195 億元。人民幣兌美元中 間價報 7.1385，上調 29 點，升至去年 11 月以來高，並首次強於 7.14。A 股三 大指數表現持續向好，午後升幅擴大，滬指重上 3,600 點水平，高見 3,608，全 日升 23 點或 0.7%，近高收報 3,605 點創逾九個月高，成交額 8,522 億元；深成 指升 134 點或 1.2%，以全日高位收報 11,193 點創逾八個月高，成交額 9,925 億 元；創業 ...

Market Overview - The Hong Kong stock market opened lower on July 25, with the Hang Seng Index down by 0.53%, the Hang Seng Tech Index down by 0.51%, and the National Enterprises Index down by 0.45% [1] - Technology stocks, including Alibaba, experienced a decline [1] Future Market Outlook - According to Zhongtai International Research, the current liquidity in the Hong Kong stock market remains ample, supported by continuous net inflows from the Stock Connect and high foreign investment enthusiasm, which may help the market maintain a high-level consolidation [2] - Ping An International noted that the recent improvement in liquidity is due to the Hong Kong Monetary Authority's liquidity injection, continuous net inflows from southbound funds and foreign capital, a booming IPO market, and accelerated share buybacks by Hong Kong companies [2] - Guotai Junan Securities expressed a bullish outlook for the Hong Kong stock market in the second half of the year, citing the support from the renminbi and southbound funds [2] - Industrial and Commercial Bank of China (ICBC) highlighted that the Hong Kong stock market is expected to experience a "structural bull market" due to national empowerment and the enhancement of its international financial center status [3] Company News - Lingbao Gold (03330) announced a profit increase, expecting a mid-term net profit of approximately 656-687 million yuan, representing a year-on-year increase of about 330%-350% [6] - Kwan Tai Group (00148) also reported a profit increase, expecting a mid-term net profit exceeding approximately 2.56 billion Hong Kong dollars, a year-on-year increase of over 70% [7] - China Petroleum & Chemical Corporation (00386) reported an oil and gas equivalent production of approximately 263 million barrels in the first half of the year, a year-on-year increase of 2% [8]

7月24日，灵宝黄金集团股份有限公司(HK:3330)(以下简称"灵宝黄金")发布正面盈利预告。预计公司 2025年上半年实现营业收入74.9亿元至79.2 亿元人民币，同比增长 75%至85%，实现利润6.56亿元至 6.87亿元人民币，同比增长330%至350%。数据显示，灵宝黄金2024 全年归母净利润为6.99 亿元。 公告显示，灵宝黄金收入及净利润增加主要得益于集团加快生产节奏，使得集团黄金产量较去年同期显 著增加，同时，得益于采矿技术的不断改进和成本控制措施的严格落实，集团进一步提升了运营效率并 降低了成本。叠加黄金市场价格上涨的有利因素，集团整体效益得到显著提升。 2025年以来，灵宝黄金全力推进探矿增储、扩产扩能及技术改造项目。新建多个大型尾矿库工程、矿山 井下基建工程，实施选矿厂改扩建、冶炼绿色化升级改造等重点项目。大部分项目预计将于2025年底竣 工投产，为现有矿山未来五年矿产金属量计划年均增长10%以上奠定基础。 在数字化转型方面，灵宝黄金已完成数字化转型规划整体方案设计，正在实施的11个数字化项目中已有 3项上线。在 AI应用领域，灵宝黄金启动灵金AI实验室项目，配套升级改造标准化机房 ...

港股黄金股集体下跌，潼关黄金(00340.HK)、山东黄金(017817.HK)跌超3%，中国白银集团 (00815.HK)、灵宝黄金(03330.HK)、招金矿业(01818.HK)跌超2%。 ...

Group 1: Gold Market Trends - Gold prices have recently surpassed $3400 per ounce, marking a significant increase of nearly 1.5% due to weakening of the US dollar and bond yields amid trade negotiation uncertainties [1] - The demand for gold is being supported by geopolitical tensions and trade uncertainties, with the EU considering broader countermeasures against the US due to bleak prospects for a trade agreement [1][2] - Central banks are expected to continue increasing their gold reserves, with over 90% of surveyed central banks indicating plans to buy more gold in the next 12 months, the highest percentage since the survey began in 2019 [3] Group 2: Central Bank and Economic Factors - The trend of central banks purchasing gold remains strong, with China's gold reserves reported at 73.9 million ounces as of June, marking an increase for the eighth consecutive month [3] - The geopolitical risks and inflation concerns are driving investors towards gold as a defensive asset, with expectations of continued price increases in the coming weeks [2][4] - The Federal Reserve's potential for interest rate cuts and ongoing global uncertainties are expected to support a long-term upward trend in gold prices [4] Group 3: Company Insights - Zijin Mining (02899) is projected to have a compound annual growth rate (CAGR) of 12% in gold production from 2020 to 2024, with strong performance in resource acquisition and production capabilities [5] - Zhaojin Mining (01818) benefits from excellent gold resources and ongoing projects that are expected to drive future growth, supported by rising gold prices due to geopolitical risks [6] - Shandong Gold (01787) has a rich resource base and ongoing expansion projects, with projected net profits increasing significantly from 30.30 billion to 59.38 billion yuan from 2024 to 2026 [6] - Lingbao Gold (03330) has substantial gold reserves and is implementing a "going out" strategy to focus on overseas quality resources, enhancing its growth potential [6]