Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The geopolitical tensions and the decline of the US dollar index have led to a strong performance in gold prices, with COMEX gold rising 3.65% to $3,452.60 per ounce this week [23][25] - The market is increasingly pricing in the possibility of interest rate cuts by the Federal Reserve, with expectations of two cuts this year, the first likely in September [3][43] - The uncertainty in the Middle East, particularly regarding Iran and Israel, is contributing to a shift towards safe-haven assets like gold and silver [5][17] Summary by Sections Precious Metals - COMEX silver increased by 0.66% to $36.37 per ounce, while SHFE gold rose 1.42% to ¥794.36 per gram [23][25] - SPDR gold ETF holdings increased by 201,954.41 troy ounces, while SLV silver ETF holdings decreased by 1,090,806.40 ounces [25] - The gold-silver ratio rose by 2.97% to 94.93 this week [25] Base Metals - In the LME market, copper fell 0.24% to $9,647.50 per ton, while aluminum rose 2.10% to $2,503.00 per ton [49] - SHFE copper decreased by 1.17% to ¥78,010.00 per ton, and aluminum increased by 1.84% to ¥20,440.00 per ton [49] - The supply of copper is expected to tighten due to maintenance plans at domestic smelters and the ongoing geopolitical situation [7][8] Copper - The supply side is affected by a downward adjustment in the annual production forecast for the Kamoa-Kakula project and ongoing maintenance at the Cobre copper mine [7][44] - Domestic copper rod enterprises' weekly operating rate rose to 73.21%, but actual purchases are subdued due to high prices [7] - SHFE copper inventory decreased by 5.08% to 101,900 tons, while LME inventory fell by 13.54% to 114,500 tons [74] Aluminum - The aluminum industry operates at over 95% capacity, with minor maintenance plans causing limited supply disruptions [9][78] - Demand for aluminum products has softened, with a decrease in operating rates for various aluminum products [9][78] - SHFE aluminum inventory decreased by 6.91% to 110,000 tons, while LME inventory fell by 2.92% to 353,200 tons [11][78] Zinc - Zinc prices are under pressure due to weak demand, with domestic zinc ore processing fees rising [79] - SHFE zinc inventory decreased by 3.29% to 45,466 tons, while LME inventory fell by 4.36% to 131,000 tons [79]

Core Viewpoint - The Hong Kong gold stocks continue to rise, with notable increases in share prices for several companies following geopolitical tensions in the Middle East [1] Company Performance - Chifeng Jilong Gold Mining (06693.HK) increased by 6.75% - Shandong Gold Mining (01787.HK) rose by 4.19% - Lingbao Gold Company (03330.HK) saw a rise of 3.87% - Zhaojin Mining Industry (01818.HK) increased by 3.84% [1] Market Reaction - The recent attack by Israel on Iran has led to a bullish sentiment in the gold market, with COMEX gold prices strengthening to around $3440 [1]

Group 1 - The Hong Kong precious metals stocks showed initial recovery, with Tongguan Gold (00340.HK) rising over 4% [1] - Chifeng Jilong Gold Mining (06693.HK) and Lingbao Gold (03330.HK) both increased by 2% [1] - Zhaojin Mining (01818.HK), Shandong Gold (01787.HK), and Zijin Mining (02899.HK) all saw a rise of 1.5% [1]

Group 1 - Gold prices have recently seen an increase, with spot gold breaking through $3360.00 per ounce, currently reported at $3359.78 per ounce, up 0.14% for the day. COMEX gold futures are reported at $3380.30 per ounce, up 1.09% for the day [1] - The European Central Bank's annual report indicates that the dollar's share in global foreign exchange reserves is 46% for 2024, showing a slight decline from the previous year. In contrast, gold's share in foreign exchange reserves has risen to 20%, surpassing the euro to become the second-largest reserve asset globally [1] - China's foreign exchange reserves reached $32853 billion by the end of May, increasing by $36 billion, or 0.11%, from the end of April. Gold reserves increased by 60,000 ounces, marking the central bank's continuous seven-month accumulation [2] Group 2 - The report from AT Global Markets highlights that uncertainty in the market is driven by U.S. President Donald Trump's announcement of unilateral tariff rates, which has put pressure on the dollar [1] - The chief economist at Zheshang Securities anticipates further upward potential for gold prices, emphasizing the positive impact of central bank gold purchases on gold prices in the medium to long term [2] - Several Hong Kong-listed companies related to gold and precious metals include Zijin Mining (02899), Shandong Gold (01787), and China Gold International (02099), among others [3]

Market Overview - The Hong Kong stock market showed a positive trend with the Hang Seng Index rising 1.63% to close at 24,181.43 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index also saw significant gains of 1.74% and 2.78% respectively, marking a technical bull market as they rose over 20% from April lows [1] - The trading volume for the day reached 245.83 billion HKD, indicating strong market activity [1] Blue Chip Performance - Kuaishou-W (01024) led the blue-chip stocks with a 5.58% increase, closing at 62.4 HKD, contributing 16.34 points to the Hang Seng Index [2] - Other notable performers included WuXi Biologics (02269) up 5.48%, SMIC (00981) up 5.1%, while Budweiser APAC (01876) and Zijin Mining (02899) experienced declines of 2.06% and 1.64% respectively [2] Sector Highlights - Major technology stocks collectively rose, with Kuaishou increasing over 5% and Meituan and JD.com both rising over 4% [3] - The innovative drug sector showed strong performance, with stocks like Eucure Biopharma-B (01477) up 19.45% and King’s Ray Biotech (01548) up 16.14% [3][4] - The Chinese securities sector saw a broad increase, with firms like Everbright Securities (06178) rising 5.27% and GF Securities (01776) up 4.66% [4] Regulatory Developments - The China Securities Regulatory Commission approved the transfer of control for eight companies to Central Huijin, which may lead to a new wave of mergers and acquisitions in the securities industry [5] Consumer and Technology Trends - The upcoming Apple Worldwide Developers Conference (WWDC 2025) is expected to drive interest in consumer electronics and related stocks, with companies like AAC Technologies (01415) and Sunny Optical (02382) showing gains [6] - New consumption stocks also performed well, with companies like Bruker (00325) rising 22.34% [6][7] Commodity Movements - Gold stocks faced declines, with Shandong Gold (01787) down 3.99%, influenced by stable U.S. employment data which suggests the Federal Reserve may maintain its current interest rate stance [7] Notable Stock Movements - China Rare Earth (00769) surged 60% following news of eased export controls on rare earths, reflecting strong market interest [8] - Huicai Holdings (01180) experienced a dramatic drop of 47.54% before being suspended, indicating volatility in the entertainment equipment sector [9]

Group 1 - The stock price of Lingbao Gold (03330.HK) closed at HKD 12.400 on June 6, marking a 2.65% increase from the previous trading day, with an intraday high of HKD 12.560, reaching a nearly one-year high [1] - On the same day, the net capital inflow was HKD 2.2133 million, with a total of HKD 67.86934 million flowing in and HKD 65.65606 million flowing out [1] Group 2 - Lingbao Gold Group Co., Ltd. was established in September 2002 and listed on the Hong Kong Stock Exchange in January 2006, with Shenzhen Jieshi Weiye Holdings Co., Ltd. as the controlling shareholder [2] - The company specializes in the exploration, mining, smelting, refining, and online trading of gold and its associated elements, producing gold bars, silver bars, electrolytic copper, and sulfuric acid [2] - Lingbao Gold operates five major mining production bases and one smelting processing enterprise, with a production capacity of 7,000 tons of ore per day, 1,000 tons of gold concentrate per day, and an annual output of 30 tons of gold, 30 tons of silver, 15,000 tons of electrolytic copper, and 100,000 tons of industrial sulfuric acid [2] - The company aims to achieve over HKD 10 billion in annual sales revenue and over HKD 400 million in taxes and profits, focusing on efficiency, effectiveness, and profitability through innovation and talent [2]

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

Group 1 - Financial markets experienced a rebound in May due to easing global trade tensions, with major stock indices in the US and Europe showing significant increases [1] - Gold prices have been volatile, dropping over 5% from April's historical highs, while several Wall Street investment banks remain bullish on future gold prices [1] - Goldman Sachs predicts that international gold prices could reach $3,700 per ounce by the end of this year, while JPMorgan anticipates prices may exceed $4,000 per ounce by Q2 2026 [1][2] Group 2 - Bank of America forecasts gold prices to reach $4,000 per ounce by the end of this year or early 2026, driven by geopolitical uncertainties and concerns over the US government's fiscal situation [2] - Goldman Sachs emphasizes that gold is a safer hedge compared to Bitcoin, especially in the context of market downturns, due to its lower volatility and historical performance [2] - The following Hong Kong-listed companies are related to gold and precious metals: Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), and others [3]

Group 1 - Hong Kong gold stocks have risen significantly, with China Silver Group (00815.HK) increasing by 8.6% [1] - Tongguan Gold (00340.HK) has seen a nearly 6% rise [1] - Lingbao Gold (03330.HK) has increased by 2.5% [1] - Chifeng Jilong Gold Mining (06693.HK) has risen by 1.8% [1]

Group 1 - The core viewpoint of the article highlights the continued decline in gold stocks, with notable drops in specific companies such as Chifeng Jilong Gold Mining Co., Ltd. [1] - Chifeng Gold's stock price decreased by 4.76%, while Lingbao Gold Co., Ltd. fell by 4.09%, Tongguan Gold Co., Ltd. by 3.49%, and China Gold International Resources Corp. Ltd. by 2.86% [1] - The decline in gold stocks is linked to a recent ruling by a U.S. federal court that blocked President Trump's tariff policy announced on April 2, which was deemed an overreach of authority [1]