Market Performance - The Hong Kong stock market saw a significant early rise but narrowed gains in the afternoon, with the Hang Seng Index closing at 26,848.47 points, up 239.99 points, or 0.90% [1] - The total trading volume for the day was 315.2 billion HKD, showing a slight increase compared to the previous day [1] Sector Highlights - Gold stocks continued their upward trend, with China Gold International (HK02099) rising over 7%, Lingbao Gold (HK03330) up nearly 3%, and Zijin Mining (HK01818) and Shandong Gold (HK01787) both increasing over 2% [3] - The Hang Seng Tech Index closed at 5,869.79 points, up 6.59 points, or 0.11% [4] Company News - Citigroup has aggressively raised its short-term outlook for precious metals, predicting gold prices could reach 5,000 USD/oz and silver 100 USD/oz within three months due to escalating geopolitical risks, physical shortages, and uncertainties in Federal Reserve policies [6] - Innovative drug concept stocks performed well, with WuXi AppTec (HK02359) rising over 8% [7] - WuXi AppTec announced an expected annual revenue of 45.456 billion CNY, a year-on-year increase of 15.84%, with adjusted net profit expected to rise by approximately 41.33% to 14.957 billion CNY [9] - Rongchang Biopharmaceutical (HK09995) signed an exclusive licensing agreement with AbbVie for its new dual-target PD-1/VEGF antibody drug RC148, receiving an upfront payment of 650 million USD and potential total payments of up to 5.6 billion USD [11] Market Outlook - Guosen Securities noted that the Hong Kong stock market has not yet fully strengthened, with traditional industries still dominating, and concerns over intensified competition among internet companies affecting market sentiment [13] - The pricing power of Hong Kong stocks is influenced by overseas risk appetite, and the appreciation of the RMB is being offset by profit-taking sentiment [13] - The AH premium index indicates that quality H-shares are preferred over A-shares, with domestic investors favoring leading companies through southbound channels [13]

Group 1 - The majority of gold stocks have risen, with China Gold International (02099) up 6.1% to HKD 177.3, Lingbao Gold (03330) up 4.4% to HKD 21.36, Zijin Mining International (02259) up 3.59% to HKD 158.5, and Chifeng Jilong Gold Mining (06693) up 2.52% to HKD 30.96 [1] - There is a significant increase in risk aversion, with gold prices surpassing USD 4600 for the first time, setting a new historical high [1] - Citigroup predicts that gold prices will reach USD 5000 per ounce and silver prices will reach USD 100 within three months [1] Group 2 - The market is closely monitoring the situation in Iran, where protests have led to unrest and casualties among security personnel and civilians [1] - The U.S. State Department has advised American citizens to leave Iran immediately due to the escalating tensions [1] - Concerns about the independence of the Federal Reserve have been raised following the investigation of Jerome Powell [1]

Group 1 - The core viewpoint of the article highlights the upward movement of gold stocks in the Hong Kong market, indicating a positive trend in this sector [2] Group 2 - China Gold International (02099.HK) saw an increase of 6.1%, reaching a price of 177.3 HKD [2] - Lingbao Gold (03330.HK) rose by 4.4%, with its stock priced at 21.36 HKD [2] - Zijin Mining International (02259.HK) experienced a 3.59% increase, trading at 158.5 HKD [2] - Chifeng Jilong Gold Mining (06693.HK) gained 2.52%, with shares priced at 30.96 HKD [2]

黄金股多数走高，截至发稿，中国黄金（600916）国际(02099)涨6.1%，报177.3港元；灵宝黄金(03330) 涨4.4%，报21.36港元；紫金黄金国际(02259)涨3.59%，报158.5港元；赤峰黄金（600988）(06693)涨 2.52%，报30.96港元。 消息面上，避险情绪显著升温， 周一黄金首次升破4600美元大关，再创历史新高。鲍威尔突遭调查， 引发市场对美联储独立性的担忧。此外，市场继续关注伊朗局势进展。据央视新闻消息，当地时间12 日，美国国务院已要求美国公民立即离开伊朗。近期，伊朗多地出现抗议活动，其间发生骚乱，造成安 全人员和民众伤亡。花旗预测三个月内金价将达到每盎司5000美元，银价达到100美元。 ...

智通财经APP获悉，黄金股涨幅居前，截至发稿，中国黄金国际(02099)涨4.41%，报168港元；中国白 银集团(00815)涨4.29%，报0.73港元；灵宝黄金(03330)涨3.08%，报20.1港元；山东黄金(01787)涨 2.56%，报40.92港元；招金矿业(01818)涨2.59%，报36.5港元。 1月12日，现货黄金盘中一度突破4600美元/盎司，创出历史新高；现货白银涨近5%，站上84美元/盎 司，同样创出历史新高。中信证券认为，展望2026年，黄金上涨的确定性仍然较大，主要来自于美国货 币和财政的双宽松预期和美国经济滞胀压力难以短时间消退。中性假设下，模型预期2026年底国际金价 有望超过5100美元/盎司。 消息面上，2026年开局地缘动荡频发。美军此前强行控制并带离委内瑞拉总统马杜罗夫妇；伊朗国内局 势升温，特朗普公开威胁"随时提供帮助"甚至"严厉打击"；特朗普再次公开谈论购买/控制格陵兰岛； 此外，俄乌冲突仍然持续。市场避险需求升温。 ...

Core Viewpoint - The Hong Kong gold stocks experienced a collective rise, driven by a significant increase in spot gold prices and positive forecasts from major financial institutions regarding metal prices [1] Group 1: Market Performance - Shandong Gold surged over 6%, Zhaojin Mining rose nearly 5% to reach a historical high, Zijin Mining increased by 3.6%, and Chifeng Jilong Gold gained 2.8% [2] - Other companies such as Zijin Gold International, China National Gold, and Tongguan Gold also saw increases in their stock prices [1] Group 2: Price Forecasts - Spot gold prices have returned above $4,470 per ounce, supported by factors such as supply-demand imbalance and anticipated interest rate cuts by the Federal Reserve [1] - Barclays has significantly raised its price forecasts for various metal commodities, indicating ongoing support for rising metal prices [1] - Morgan Stanley predicts that gold prices will reach $4,800 per ounce by Q4 2026, driven by declining interest rates, changes in Federal Reserve leadership, and continued buying by central banks and funds [1]

摩根士丹利在最新报告中预测，黄金价格将在2026年第四季度升至每盎司4800美元，突破去年创下的历 史纪录。该投行认为，利率下行、美联储领导层更迭，以及各国央行和基金持续买入，将共同推动金价 进一步上涨。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01787 | 山东黄金 | 39.860 | 6.01% | | 01818 | 招金矿业 | 35.780 | 4.68% | | 02899 | 紫美观,亚 | 38.540 | 3.60% | | 06693 | 赤峰黄金 | 29.720 | 2.84% | | 03330 | 灵宝黄金 | 19.300 | 2.01% | | 02259 | 紫金黄金国际 | 149.400 | 1.98% | | 02099 | 中国黄金国际 | 158.800 | 1.15% | | 00340 | 漳关黄金 | 3.170 | 0.63% | 港股黄金股集体上涨，其中，山东黄金涨超6%，招金矿业涨近5%刷新历史新高价，紫金矿业涨3.6%， 赤峰黄金涨2.8%，紫金黄金国际、中国黄金国际、潼关黄金跟涨 ...

Group 1 - The State Administration for Market Regulation has interviewed six leading companies in the photovoltaic industry regarding monopoly risks and has issued clear rectification requirements [1] - The interviewed companies include Tongwei Group, GCL-Poly Energy, Daqo New Energy, Xinte Energy, Asia Silicon, and Dongfang Hope [1] - The companies are prohibited from agreeing on production capacity, sales prices, and other market-related communications [1] Group 2 - The China Petroleum and Chemical Corporation (Sinopec) and China Aviation Oil have been approved for a merger by the State-owned Assets Supervision and Administration Commission [3] - China Aviation Oil is the largest aviation fuel procurement and logistics company in Asia, while Sinopec is the world's largest refining company [3] Group 3 - HSBC Holdings has agreed to pay approximately €300 million to settle a tax case in France related to the "Cum-Cum" dividend tax avoidance scandal [4] - The settlement includes a fine of about €268 million and approximately €30 million in taxes [4] Group 4 - Indonesia plans to approve a coal production quota of around 600 million tons for 2026, which is lower than last year's quota of 790 million tons [5] - The reduction aims to support the prices of Indonesian mineral products, with adjustments also planned for nickel quotas [5] Group 5 - Nestlé has initiated a recall of specific batches of infant formula in Europe, prompting regulatory bodies in China to ensure the recall of affected products sold in China [7] - The Chinese authorities are emphasizing the importance of consumer safety and quality control in the infant formula market [7] Group 6 - GIC and other institutions have reportedly subscribed to shares in MiniMax's Hong Kong IPO, which raised HKD 4.8 billion [8] - The IPO attracted over 70 times the subscription from institutional investors, indicating strong market interest [8] Group 7 - Nanjing Panda has clarified that it currently has no mature products related to its high-speed brain-machine interaction technology project and has not generated sales revenue from it [9] - The company is involved in a sub-project focused on key technology development for brain-machine interface systems [9] Group 8 - Kinglong Permanent Magnet expects a net profit of between RMB 660 million and RMB 760 million for 2025, representing a year-on-year growth of 127% to 161% [10] - The company has achieved record high sales volumes, reinforcing its leading position in the global rare earth permanent magnet industry [10] Group 9 - Mengniu has stated that it is not related to the raw material suppliers involved in the recent Nestlé recall of infant formula [11] - The company emphasizes its adherence to strict quality control standards in its production processes [11] Group 10 - Lingbao Gold has announced an expected revenue of approximately RMB 12.935 billion to RMB 13.172 billion for the year ending December 31, 2025, reflecting a year-on-year increase of about 9% to 11% [12] - The company anticipates a net profit of approximately RMB 1.503 billion to RMB 1.573 billion, representing a year-on-year increase of 115% to 125% [12] Group 11 - Three new stocks in the Hong Kong market have seen significant gains in the dark market, with Jin Xun Resources rising 35%, Ruibo Bio rising over 25%, and MiniMax rising over 15% [13] - These companies have successfully raised substantial capital through their IPOs, indicating strong investor interest [13] Group 12 - China Shipbuilding Defense has indicated that the demand for shipbuilding is expected to accelerate, potentially raising its valuation [14] - The company plans to undertake contracts worth RMB 17.45 billion in 2025, supported by a strong order backlog [14]

Major Events - GCL-Poly Energy (00451) plans to issue 186.5 million subscription shares to partner with Pharos to accelerate the integration of Web3 and the renewable energy industry [1] - Hansoh Pharmaceutical (03692) receives drug registration certificate from the National Medical Products Administration for the fifth indication of Amelot (Ametinib Mesylate Tablets) [1] - Green Leaf Pharmaceutical (02186) has its application for the new indication of the innovative drug Ruoxinlin for the treatment of generalized anxiety disorder accepted in China [1] - Xianjian Technology (01302) receives formal registration approval from the National Medical Products Administration for the G-iliacTM Pro iliac artery covered stent system [1] - Meirui Health International (02327) plans to acquire 100% equity of Jiangsu Yide for 125 million yuan [1] - Century International (00959) joint venture signs a memorandum of understanding with WPT to jointly develop, operate, and commercialize mobile applications [1] Operating Performance - Fast Retailing (06288) reports first-quarter earnings with a net profit attributable to shareholders of 147.445 billion yen, an increase of 11.7% year-on-year [1] - Agile Group (01813) reports December pre-sale amount of 420 million yuan, a decrease of 56.7% year-on-year [1] - Baolong Real Estate (01238) projects total contract sales of approximately 7.272 billion yuan for 2025, a decrease of 43.13% year-on-year [1] - China General Nuclear Power (01816) expects total on-grid electricity of approximately 2,326.48 billion kilowatt-hours for 2025, an increase of 2.36% year-on-year [1] - Lingbao Gold (03330) issues a profit warning, expecting net profit for the 2025 fiscal year to be approximately 1.503 to 1.573 billion yuan, an increase of about 115% to 125% year-on-year [1]

Core Viewpoint - Lingbao Gold (03330) expects to achieve revenue between approximately RMB 12.935 billion and RMB 13.172 billion for the year ending December 31, 2025, representing a year-on-year increase of approximately 9% to 11% [1] - The company anticipates a net profit ranging from approximately RMB 1.503 billion to RMB 1.573 billion for 2025, reflecting a significant year-on-year increase of approximately 115% to 125% [1] Revenue and Profit Forecast - Revenue is projected to increase due to continuous optimization of production organization and enhanced production scheduling, maintaining a stable production rhythm [1] - The expected growth in net profit is attributed to the ongoing implementation of cost reduction and efficiency enhancement measures, leading to improved operational efficiency [1] Market Conditions - The overall improvement in the company's performance is also supported by favorable factors such as the rise in gold market prices [1]