Market Updates - UBTECH (09880) rose over 4% after signing a global strategic cooperation agreement with Cloud Intelligence Technology on September 21, with initial orders expected to be fulfilled [1] - Changfei Fiber Optics (06869) fell over 2% as shareholders reduced their holdings by a total of 10% in H-shares, with no significant impact on financial data from the hollow-core fiber [1] - Gold stocks mostly increased, with Lingbao Gold (03330) up over 4%, Zhaojin Mining (01818) up over 3%, China Silver Group (00815) up over 4%, and Shandong Gold (01787) up over 3%. The Federal Reserve's interest rate cut is expected to support a fluctuating upward trend in gold prices [1] - Yihuatong (02402) surged over 18% after partnering with Toyota to establish a fuel cell company and announcing the termination of the acquisition of Xuyang Hydrogen Energy [1] - WuXi AppTec (02268) increased over 6% after finalizing a subscription agreement that will raise WuXi Biologics' stake to over 50% [1] - Hong Kong Broadband (01310) dropped over 3% after announcing a share placement by its controlling shareholder, China Mobile Hong Kong, to restore public shareholding [1] - Huiju Technology (01729) rose over 10% following a strategic cooperation agreement with OpenAI to develop a revolutionary AI device for consumers [1] Shipping Sector - Shipping stocks experienced significant declines, with China Merchants Energy (01138) down over 6%, Seaspan (01308) down over 5%, Orient Overseas International (00316) down over 4%, and China Merchants Industry Holdings (01919) down over 4%. The Shanghai Shipping Exchange reported weak demand for Chinese export container transport, leading to continued adjustments in ocean freight rates [2] US Market Highlights - Pony.ai (PONY.US) increased by 18.55% as the CFO announced expectations to achieve key profit targets by early 2026 [3] - FedEx (FDX.US) rose 2.32% with projected revenue growth of up to 6% this year, exceeding analyst forecasts [3] - JD.com (JD.US) saw a 0.86% increase, with the iPhone 17 series achieving record sales within the first minute of pre-sale [3] - XPeng Motors (XPEV.US) rose 1.74%, reporting a 137% year-on-year increase in overseas deliveries from January to August [3] - ZTO Express (ZTO.US) fell 0.96%, with analysts noting a significant rebound in express delivery prices in August [3] - WeRide (WRD.US) surged 10.23% after its autonomous bus Robobus received Belgium's first federal-level L4 autonomous driving test license [3] - Tesla (TSLA.US) rose 2.21% as Baird upgraded its rating to "outperform," with expectations for significant stock price increases [4] - Apple (AAPL.US) increased by 3.20% following the successful launch of the iPhone 17 series on September 19 [4] - Quantum Song (QSG.US) rose 13.22%, with the chairman announcing a focus on the trendy toy sector [4]

每经AI快讯，9月22日，港股黄金股多数上涨，截至发稿，灵宝黄金(03330.HK)涨4.74%，报17.24港 元；招金矿业(01818.HK)涨4.5%，报29.28港元；中国白银集团(00815.HK)涨4%，报0.52港元；山东黄 金(01787.HK)涨2.97%，报36.74港元。 ...

人民财讯9月22日电，港股黄金概念股走强，截至发稿，灵宝黄金涨近6%，招金矿业涨超5%，山东黄 金、万国黄金集团跟涨。 ...

消息面上，近日，8月美国非农数据公布。华福证券认为，美联储如期降息25个基点，符合预期，声明 中首次承认"上半年经济增长放缓、就业增长放缓、失业率小幅上升、通胀持续高企"，对平衡通胀及就 业风险的措辞表现更加鸽派。贵金属在降息和避险情绪驱动下表现强势。长江证券表示，降息周期初期 金价延续震荡上行格局不变。需要注意学习效应下，市场在降息后或将注重再通胀风险，将触发银金比 显著修复。 中信建投指出，美国8月季调后非农就业人口、2025年全年非农就业下调均低于预期，8月失业率创2021 年10月以来新高，首次申请失业金人数超预期、9月密歇根大学消费者信心指数低于预期，显示美国就 业现状疲软，经济有衰退可能。同时，美国8月PPI大幅低于预期，CPI和核心CPI符合预期，通胀情况 使得美联储9月降息，市场预期2025年底前美联储还将降息2次。在这种情况下，黄金的金融属性使其在 降息周期前期和中期更具吸引力。 智通财经APP获悉，黄金股多数上涨，截至发稿，灵宝黄金(03330)涨4.74%，报17.24港元；招金矿业 (01818)涨4.5%，报29.28港元；中国白银集团(00815)涨4%，报0.52港元；山东黄金( ...

Group 1 - The core viewpoint of the article highlights the upward trend of gold stocks in the Hong Kong market, with notable gains from companies such as Zhaojin Mining and Lingbao Gold [1] - Zhaojin Mining led the sector with a 4.4% increase, while Lingbao Gold and China Silver Group both rose by 4% [1] - The current price of spot gold increased by 0.1%, reaching $3687.84 per ounce, amid a cautious market awaiting further clues on the Federal Reserve's interest rate path [1] Group 2 - Huatai Securities reported that the Federal Reserve's September FOMC meeting resulted in a 25 basis point rate cut, with expectations of an additional 50 basis points cut by year-end [1] - The long-term value of gold remains intact due to ongoing rate cuts by the Fed in the context of economic adjustments and persistent inflation concerns [1] - Global central banks and institutional investors are increasingly allocating more to gold, driven by de-dollarization trends, geopolitical risks, and the need for diversified investment portfolios [1]

Group 1 - Lingbao Gold (03330.HK) increased by 5.77% [1] - Zhaojin Mining (01818.HK) rose by 5.64% [1] - Shandong Gold (01787.HK) saw a rise of 3.59% [1] - WanGuo Gold Group (03939.HK) experienced a 3.43% increase [1]

Group 1 - The core viewpoint is that the recent interest rate cut by the Federal Reserve is seen as a preventive measure, with potential implications for gold prices in the near term, suggesting a possible "phase top" after the cut [1] - Despite short-term fluctuations, the long-term investment value of gold remains intact due to ongoing economic adjustments and persistent inflation concerns, alongside expectations of a more accommodative Fed post-2026 [1] - The global shift towards de-dollarization, geopolitical risks, and the need for diversified investment portfolios are driving central banks and institutional investors to increase their gold allocations [1] Group 2 - Gold stocks have shown renewed activity, with notable increases in share prices for companies such as Shandong Gold, Lingbao Gold, Chifeng Jilong Gold, and Zijin Mining, reflecting a positive market response [2] - As of the latest update, Shandong Gold's stock rose by 5.12% to HKD 35.34, Lingbao Gold increased by 3.47% to HKD 16.38, Chifeng Jilong Gold climbed by 3.18% to HKD 29.24, and Zijin Mining gained 3.11% to HKD 29.18 [2]

Core Viewpoint - The recent activity in gold stocks is attributed to the rebound in spot gold prices following the Federal Reserve's interest rate cut in September, indicating a potential shift in market dynamics for gold investments [1] Group 1: Gold Stock Performance - Shandong Gold (01787) increased by 5.12%, reaching HKD 35.34 [1] - Lingbao Gold (03330) rose by 3.47%, trading at HKD 16.38 [1] - Chifeng Jilong Gold (06693) saw a 3.18% increase, priced at HKD 29.24 [1] - Zijin Mining (02899) gained 3.11%, with a price of HKD 29.18 [1] Group 2: Market Analysis - Spot gold prices have rebounded above USD 3,650 following the Fed's interest rate cut [1] - Huatai Securities views the rate cut as a preventive measure, suggesting that gold prices may form a "phase top" after a certain period post-cut [1] - The long-term value of gold remains intact due to persistent inflation and economic adjustments, alongside expectations of a more accommodative Fed post-2026 [1] Group 3: Global Economic Context - The ongoing trend of de-dollarization, geopolitical risks, and the need for diversified investment portfolios are driving central banks and institutional investors to increase their gold allocations [1]

Group 1 - Recent rebound in gold stocks, with notable increases: China Silver Group up over 4%, Shandong Gold up 3.7%, China Gold International and Lingbao Gold up 3%, and others following suit [1] - International gold prices have risen significantly due to ongoing expectations of interest rate cuts by the Federal Reserve, with London spot gold prices surpassing $3700 per ounce, reaching a historical high of $3703.13 [1] - Analysts believe that the Federal Reserve's interest rate cuts will continue to support gold prices, maintaining a trend of "easier to rise, harder to fall" [1] Group 2 - Key supporting factors for long-term gold price increases include geopolitical tensions, high U.S. debt, ongoing central bank gold purchases, and the Federal Reserve's interest rate cut cycle [1] - The stock performance of various gold companies reflects the positive sentiment in the market, with specific price changes noted for companies like China Silver Group and Shandong Gold [1]

2025 中期報告 INTERIM 2025 REPORT 靈寶黃金集團股份有限公 司 Lingbao Gold Group C o mpan y Ltd. INTERIM REPORT 2025 中期報告 目錄 2 公司資料 4 管理層討論及分析 17 其他資料 24 審閱報告 25 簡明綜合損益表 26 簡明綜合損益及其他全面收益表 27 簡明綜合財務狀況表 29 簡明綜合權益變動表 30 簡明綜合現金流量表 32 簡明中期財務報告附註 二零二五年中期報告 靈寶黃金集團股份有限公司 2 公司資料 董事 執行董事 陳建正先生 （董事長） 邢江澤先生 （副董事長） 何成群先生 （總裁） 吳黎明先生 趙理女士 非執行董事 張飛虎先生 王冠然先生 獨立非執行董事 楊志達先生 薄少川先生 郭新生先生 陳聰發先生 監事 楊石磊先生 劉皓天先生 郭許讓先生 趙兵兵先生 戰略委員會 陳建正先生 （主席） 邢江澤先生 何成群先生 吳黎明先生 趙理女士 薄少川先生 審核委員會 楊志達先生 （主席） 張飛虎先生 陳聰發先生 薄少川先生 郭新生先生 提名委員會 國際核數師 香港立信德豪會計師事務所有限公司 於《會計及財務匯報局條 ...