Group 1 - Hong Kong gold stocks continue to decline, with Lingbao Gold (03330.HK) down 4.27% to HKD 15.9 [1] - Jihai Resources (02489.HK) decreased by 3.55%, trading at HKD 1.36 [1] - China Silver Group (00815.HK) fell 3.23% to HKD 0.6 [1] - China Gold International (02099.HK) dropped 2.65%, priced at HKD 125 [1]

Core Viewpoint - Gold stocks continue to decline, with significant drops in major companies, reflecting a broader trend in the gold market as spot gold prices fall below $3980 per ounce, marking a decline of over 9% from the peak on October 20 [1] Company Performance - Lingbao Gold (03330) decreased by 4.27%, trading at HKD 15.9 [1] - Jihai Resources (02489) fell by 3.55%, trading at HKD 1.36 [1] - China Silver Group (00815) dropped by 3.23%, trading at HKD 0.6 [1] - China Gold International (02099) declined by 2.65%, trading at HKD 125 [1] Market Analysis - On November 4, spot gold prices fell by 0.53%, indicating a significant market correction [1] - The decline in gold prices is attributed to high implied volatility and profit-taking after substantial gains, alongside a weakening trend in capital inflow [1] - The market has over-priced geopolitical instability, with recent easing in tensions between the US and China, as well as the Russia-Ukraine conflict [1] Future Outlook - Short-term gold prices are expected to remain relatively high with significant volatility, while geopolitical risks are diminishing [1] - Without unexpected positive stimuli, London gold is anticipated to consolidate and fluctuate until the end of the year, with potential for new highs in the first quarter of the following year [1] - Future increases in gold prices may require two conditions: a reduction in implied volatility to levels seen in August-September and new macroeconomic driving factors [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 靈寶黃金集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | | 本公司普通股股本中之内資股，每股面值人民幣 0.20元 | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 181,397,058 RMB | 0.2 | RMB | | 36,279,411.6 | | 增加 / 減少 (-) | | | | | RMB | | | | 本月底結存 | | | 181,397,058 RMB | | 0.2 RMB | | ...

Core Viewpoint - The Hong Kong gold stocks experienced a collective decline, influenced by a drop in spot gold prices and new tax policies announced by the Chinese government, which aim to regulate excessive speculation in the gold market [1]. Group 1: Market Performance - Chinese gold stocks such as China Gold International, Shandong Gold, and Zijin Mining saw declines exceeding 4%, 3%, and 3% respectively [1]. - Spot gold prices fell below $3970 per ounce, marking a decrease of 0.84% [1]. - The latest prices and percentage changes for various gold stocks are as follows: - China Gold International: $126.100, -4.03% - Shandong Gold: $31.600, -3.36% - China Silver Group: $0.610, -3.17% - Zijin Mining: $127.700, -2.82% [1]. Group 2: Regulatory Changes - The Ministry of Finance and the State Taxation Administration of China announced new tax policies regarding gold, effective from November 1, 2025, until December 31, 2027 [1]. - The new policies are designed to curb excessive speculation in gold trading and to better reflect market demand through tax leverage and investment usage explanations [1]. Group 3: Expert Commentary - Professor Gong Xiuguo from Sichuan University highlighted the risks associated with the influx of investors into the gold market amid global uncertainties and high gold prices [1]. - The new tax policies are expected to mitigate speculative trading and provide a more accurate representation of market demand [1].

Core Viewpoint - Lingbao Gold Group Co., Ltd. has issued a positive profit forecast, expecting a net profit of no less than 380 million yuan in the third quarter of 2025, driven by optimized production organization, cost reduction measures, and rising gold market prices [1][2]. Financial Performance - Since 2024, Lingbao Gold has experienced rapid growth in revenue and profit, attributed to the deep implementation of lean management strategies [1]. - The company aims to set the gold production cost target at approximately 300 yuan per gram in 2025, reflecting significant achievements in cost control [1]. Strategic Development - Lingbao Gold is advancing resource exploration, planning to complete 150,000 meters of drilling and 270,000 meters of exploration pits by 2025 to establish a resource foundation for sustainable development [2]. - The company has formed an overseas special operations team to explore resource projects in Oceania, Africa, Southeast Asia, and Central Asia, seeking new growth opportunities [2]. - Lingbao Gold is actively promoting intelligent transformation and mechanization upgrades to enhance production safety and operational efficiency, aiming to maximize profit elasticity during high gold price periods [2].

Core Viewpoint - Lingbao Gold has issued a positive profit forecast, expecting a net profit of no less than 380 million yuan in the third quarter of 2025, driven by production optimization, cost reduction measures, and rising gold prices [1] Financial Performance - In the first half of 2025, Lingbao Gold reported total revenue of 7.793 billion yuan and a net profit of 670 million yuan, representing a year-on-year increase of 338.91% [1] - The net profit for the first three quarters of 2025 is projected to exceed 1.05 billion yuan, surpassing the total net profit of 699 million yuan for the entire year of 2024 [1] - Since 2024, Lingbao Gold has experienced rapid growth in revenue and profit, with a focus on quality improvement and cost control as core operational philosophies [1] Cost Control and Efficiency - The company aims to set the gold production cost at approximately 300 yuan per gram in 2025, reflecting effective cost control measures [1] Strategic Development - Lingbao Gold is advancing resource exploration, planning to complete 150,000 meters of drilling and 270,000 meters of exploration pits in 2025 to establish a resource foundation for sustainable development [2] - The company has formed an overseas operational team to explore resource projects in Oceania, Africa, Southeast Asia, and Central Asia, seeking new growth opportunities [2] - Lingbao Gold is actively promoting intelligent transformation and mechanization upgrades to enhance production safety and operational efficiency [2]

Core Viewpoint - Lingbao Gold (03330.HK) experienced a significant increase in stock price, rising over 7% in the afternoon trading session, with a current increase of 5.45% to HKD 16.63, and a trading volume of HKD 172 million [1] Company Performance - The stock price of Lingbao Gold reached HKD 16.63, reflecting a 5.45% increase at the time of reporting [1] - The trading volume for Lingbao Gold was reported at HKD 172 million [1]

Core Viewpoint - Lingbao Gold (03330) is expected to achieve a net profit of no less than RMB 380 million by the third quarter of 2025, driven by production optimization, cost reduction measures, and rising gold prices [1][1][1] Group 1: Company Performance - Lingbao Gold's stock price increased by over 7% in the afternoon, currently trading at HKD 16.63 with a trading volume of HKD 172 million [1][1][1] - The company is experiencing a rapid release of profits, with significant production growth expected in the first half of 2025, indicating strong internal potential [1][1][1] Group 2: Market Conditions - The favorable trend of rising international gold prices is anticipated to continuously boost the company's performance [1][1][1] - Analysts from Minsheng Securities and Guoyuan International highlight the potential for simultaneous increases in both volume and price due to the favorable market conditions [1][1][1]

Core Viewpoint - Lingbao Gold (03330) is expected to achieve a net profit of no less than RMB 380 million by the third quarter of 2025, driven by production optimization, cost reduction measures, and rising gold prices [1] Group 1: Company Performance - Lingbao Gold's stock price increased by over 7% in the afternoon, currently up 5.45% at HKD 16.63, with a trading volume of HKD 172 million [1] - The company is experiencing a rapid release of profits, with significant production growth expected in the first half of 2025, indicating strong internal potential [1] - The overall efficiency of the company has improved significantly due to strict implementation of cost reduction and efficiency enhancement measures [1] Group 2: Market Conditions - The favorable factors contributing to the company's performance include the continuous rise in gold market prices [1] - Analysts from Minsheng Securities and Guoyuan International suggest that the company will benefit from the long-term upward trend in international gold prices, which is expected to continuously boost its performance [1] - Lingbao Gold's current stock price is considered to have relative valuation advantages among Hong Kong gold mining stocks [1]

Core Viewpoint - The rise in gold prices has led to a collective increase in Hong Kong's gold stocks, with significant gains observed across various companies in the sector [1] Group 1: Market Performance - Gold stocks in Hong Kong experienced notable increases, with China Silver Group rising by 7%, Zijin Gold International by over 6%, and Zijin Mining by nearly 4% [1] - Other companies such as China National Gold International and Zhaojin Mining saw increases of 3.3%, while Chifeng Jilong Gold, Shandong Gold, and Lingbao Gold all rose by over 1% [1] Group 2: Gold Price Movement - Gold prices in Asia rose, with spot gold increasing by 0.5% to $3,949.47 per ounce, following a dip after Federal Reserve Chairman Jerome Powell's speech [1] - Powell's remarks suggested that a rate cut in December is not guaranteed, which may limit the extent of gold price increases [1] Group 3: Future Outlook - According to Metals Focus, the overall trend for precious metals is expected to be strong in 2025, with gold prices having risen 66% year-to-date and reaching a peak of over $4,380 per ounce [1] - Concerns regarding the sustainability of U.S. debt, a weakening dollar, increased gold purchases by central banks, and rising expectations for Fed rate cuts are driving the bullish outlook for gold prices, which are anticipated to continue rising and set new records in 2026 [1]