消息面上，灵宝黄金近期发盈喜，预计截至2025年6月30日止6个月取得收入约74.92亿元(人民币，下同) 至79.2亿元，同比增加介于约75%至85%；净利润介于约6.56亿元至6.87亿元，同比增加介于约330%至 350%。 中信期货指出，后续来看，经贸不确定性短期下降，关税逐渐成为慢变量，关注美国基本面及降息预期 变化，本周美国非农数据及7月降息会议上美联储的表达较为重要。月度级别来看，后续重点关注8月全 球央行年会，若配合美联储换届扰动，或带来波动弹性放大。 智通财经APP获悉，灵宝黄金(03330)涨超4%，截至发稿，涨4.89%，报10.72港元，成交额1.06亿港元。 ...

Group 1 - The company, Lingbao Gold Group Co., Ltd., has released a positive profit forecast, expecting revenue for the first half of 2025 to be between 7.49 billion and 7.92 billion RMB, representing a year-on-year growth of 75% to 85%. Net profit is projected to be between 656 million and 687 million RMB, reflecting a year-on-year increase of 330% to 350% [2] - The increase in revenue and net profit is attributed to the acceleration of production pace, significant increase in gold output compared to the same period last year, continuous improvement in mining technology, and strict cost control measures, which have enhanced operational efficiency and reduced costs. Additionally, favorable factors such as rising gold market prices have significantly improved overall performance [2] - Since 2025, the company has been actively promoting exploration, expansion of production capacity, and technological transformation projects, including the construction of multiple large tailings storage facilities and underground infrastructure, as well as the upgrade and expansion of mineral processing plants and green smelting [2] Group 2 - As of June 30, 2025, the company has made breakthroughs in three-dimensional digital mining construction, with its subsidiary Huatai Company achieving three-dimensional collaborative design in geology, measurement, and mining. This technology is expected to effectively reduce engineering risks and enhance resource utilization, positioning it as a leading practice in the intelligent construction of domestic metal mines [3] - The company has completed the overall design of its digital transformation plan and is currently implementing 11 digital projects, with 3 already launched. In the field of AI applications, the company has initiated the Lingjin AI Laboratory project, upgrading standard machine rooms to support localized deployment of AI models and conducting AI-assisted office pilot projects in finance and human resources [2]

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]

Market Performance - The Hang Seng Index rose by 129 points or 0.5%, closing at 25,667 points, marking a five-day consecutive increase[1] - The Shanghai Composite Index increased by 23 points or 0.7%, closing at 3,605 points, reaching a nine-month high[2] - The S&P 500 index gained 4 points, closing at 6,363 points, while the Dow Jones Industrial Average fell by 316 points or 0.7%[2] Economic Indicators - The People's Bank of China conducted a 331 billion yuan reverse repurchase operation at a steady rate of 1.4%, resulting in a net withdrawal of 119.5 billion yuan for the day[2] - The RMB/USD midpoint rose by 29 pips to 7.1385, the highest since November of the previous year[2] Automotive Industry - In June 2025, sales of Chinese brand passenger cars reached 1.707 million units, a month-on-month increase of 5.3% and a year-on-year increase of 19.3%, capturing 67.3% of total passenger car sales[3] Corporate Earnings - Kintor Pharmaceutical (00148.HK) expects a net profit increase of over 70% for the six months ending June 2025, exceeding approximately 2.56 billion yuan[4] - Lingbao Gold (03330.HK) anticipates revenue between 7.492 billion to 7.92 billion yuan, representing a year-on-year increase of approximately 75% to 85%[4]

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]

Group 1 - The company, Lingbao Gold Group Co., Ltd., expects to achieve a revenue of RMB 7.49 billion to RMB 7.92 billion in the first half of 2025, representing a year-on-year growth of 75% to 85%, and a profit of RMB 656 million to RMB 687 million, reflecting a year-on-year increase of 330% to 350% [1] - The increase in revenue and net profit is attributed to accelerated production pace, significant increase in gold output, continuous improvement in mining technology, and strict cost control measures, alongside favorable factors from rising gold market prices [1] - The company is actively advancing exploration, expansion, and technological transformation projects, with multiple large tailings storage facilities and underground infrastructure projects under construction, expected to be completed by the end of 2025, laying the foundation for an average annual growth of over 10% in gold metal output over the next five years [1] Group 2 - Lingbao Gold has completed the overall design of its digital transformation plan, with three out of eleven ongoing digital projects already launched, and has initiated the Lingjin AI Laboratory project to support localized deployment of AI models [2] - The company has made breakthroughs in three-dimensional digital mining construction, applying digital technology comprehensively in geological exploration, resource assessment, and mining planning, which is expected to reduce engineering risks and enhance resource utilization [2] - The company aims to control its gold production cost below USD 1,100 per ounce, with a long-term goal of reducing it to below USD 1,000 per ounce through refined cost management [2] Group 3 - The national government has issued a plan for high-quality development of the gold industry from 2025 to 2027, focusing on increasing domestic resource reserves, strengthening key technologies, and promoting efficient resource utilization [3] - Recent policy support from the Ministry of Natural Resources aims to optimize mining rights approval and support reasonable capacity expansion for mining companies, providing strong backing for the sustainable development of the gold industry [3]

Group 1 - Hong Kong gold stocks collectively declined, with Tongguan Gold (00340.HK) and Shandong Gold (017817.HK) falling over 3% [1] - China Silver Group (00815.HK), Lingbao Gold (03330.HK), and Zhaojin Mining (01818.HK) experienced declines exceeding 2% [1]

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]

Group 1: Market Performance - The Hong Kong stock market indices collectively rebounded, with the Hang Seng Index rising by 1.33%, the Hang Seng China Enterprises Index increasing by 1.51%, and the Hang Seng Tech Index gaining 1.65% [1] - The SaaS sector saw significant gains, with companies like Huilyang Technology rising by 15.56%, Yika by 10.11%, and Kingdee International by 7.27% [1] - The stablecoin concept also surged, highlighted by Yaocai Securities rising by 16.93% and Huajian Medical increasing by 20.41% following the U.S. House of Representatives passing a bill to establish a legal framework for stablecoins [1] Group 2: Sector Performance - Gold and non-ferrous metal stocks experienced a broad increase, with Lingbao Gold rising by 6.24% and China Molybdenum by 3.96% as spot gold prices rose above $3340 per ounce [2] - Major financial sectors, including Chinese brokerage and insurance stocks, also saw gains, with Xingsheng International up by 7.41% and China Life by 5.13% [2] Group 3: Automotive and Related Sectors - The automotive sector, including lithium battery and Tesla-related stocks, showed strong performance, with Tianqi Lithium rising by 5.82% and NIO increasing by 4.62% [3] - Other consumer sectors such as film, tobacco, and food stocks also performed well, with companies like Simoer International rising by 4.99% [3] Group 4: Declining Sectors - Sectors such as cosmetics, aviation, and luxury goods saw declines, with China Eastern Airlines dropping by 2.72% [3] - Notably, Chuangmeng Tiandi experienced a significant drop of 30.12%, despite expectations of turning a profit in the first half of the year [3]

港股有色金属股震荡上升，金力永磁(06680.HK)、天齐锂业(009696.HK)涨超6%，灵宝黄金(03330.HK) 涨超5%，赣锋锂业(01772.HK)、洛阳钼业(03993.HK)均涨超4%，紫金矿业(02899.HK)涨超3.5%。 ...