Core Insights - Lingbao Gold (03330) announced the completion of exploration work in the Tongbai Laowan gold mining area, with the first resource report compliant with JORC standards, indicating significant mineral resources [1][2] Group 1: Mineral Resource Estimates - As of September 30, 2025, the estimated gold metal content in the Tongbai Laowan gold mining area is 175.3 thousand ounces (54.51 tons), representing an increase of 73.7 thousand ounces (22.94 tons) or 73% compared to the previous estimate of 101.5 thousand ounces (31.57 tons) as of December 31, 2024 [2] - The total estimated mineral resources include: - "Proven" ore of 640 thousand tons with a grade of 4.18 grams per ton, yielding 86 thousand ounces (2.67 tons) of gold - "Controlled" ore of 4,400 thousand tons with a grade of 4.85 grams per ton, yielding 687 thousand ounces (21.36 tons) of gold - "Inferred" ore of 7,690 thousand tons with a grade of 3.96 grams per ton, yielding 980 thousand ounces (30.48 tons) of gold - Total ore of 12,730 thousand tons with a grade of 4.28 grams per ton, yielding 1,753 thousand ounces (54.51 tons) of gold [1][2] Group 2: Future Exploration Plans - The mining rights below -350 meters remain open for further exploration, with the deepest drill hole encountering mineralization at -1,284 meters, indicating ongoing potential for additional resources [2] - The company is advancing plans for the next phase of drilling [2][3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部 份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Lingbao Gold Group Company Ltd. 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） （股份代號：3330） 內幕消息 桐柏老灣金礦區完成全區勘探工作， 金金屬量（礦產資源量）增長約73%至54.51噸 本公告乃由本公司根據上市規則第13.09(2)(a)條，以及證券及期貨條例（香港法例 第571章）第XIVA部項下之內幕消息條文（定義見上市規則）作出。 本公司董事會欣然宣佈，本公司全資附屬公司桐柏興源礦業有限公司（「桐柏興源」） 於桐柏老灣金礦區採礦權範圍內、-350米標高以上完成全區勘探工作，並首次發佈 符合《澳大拉西亞勘查結果、礦產資源量與礦石儲量報告規範》2012年版本（「JORC 規範」）的礦產資源量，礦產資源量報告（「2025年SRK報告」）由北京斯羅柯資源技術 有限公司（「SRK」）編製。 概要 . 在桐柏老灣金礦區長約7公里，寬約1.2公里的 ...

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

Group 1 - Non-ferrous stocks experienced a widespread decline, with Luoyang Molybdenum falling by 3.83% to HKD 15.32, Jiangxi Copper down 3.22% to HKD 29.42, Lingbao Gold decreasing by 2.8% to HKD 15.29, and China Aluminum dropping by 2.51% to HKD 10.86 [1] - The decline in non-ferrous stocks is attributed to the weakened expectations for a Federal Reserve rate cut in December, as the US dollar index surpassed the 100-point mark [1] - The US Labor Department reported a non-farm payroll increase of 119,000 in September, exceeding expectations by more than double, although the combined non-farm employment figures for July and August were revised down by 33,000 [1] Group 2 - The unemployment rate in the US unexpectedly rose to 4.4% in September, marking the highest level since October 2021 [1] - Initial jobless claims in the US decreased by 8,000 to 220,000, while continuing claims reached a four-year high [1] - Following the data release, swap contracts indicated a diminishing likelihood of a Federal Reserve rate cut in December [1]

Group 1 - The overall performance of non-ferrous metal stocks is declining, with notable drops in companies such as Luoyang Molybdenum (-3.83%), Jiangxi Copper (-3.22%), Lingbao Gold (-2.8%), and China Aluminum (-2.51%) [1] - The decline in stock prices is influenced by the weakening expectation of a Federal Reserve interest rate cut in December, as indicated by the rise of the US dollar index above the 100 mark [1] - The US labor statistics report shows that non-farm employment increased by 119,000 in September, exceeding expectations by more than double, although the employment figures for July and August were revised down by 33,000 [1] Group 2 - The unemployment rate in the US unexpectedly rose to 4.4%, the highest level since October 2021, indicating potential economic concerns [1] - Initial jobless claims decreased by 8,000 to 220,000, while continuing claims reached a four-year high, suggesting mixed signals in the labor market [1] - Following the release of this data, swap contracts indicate a diminishing likelihood of a Federal Reserve rate cut in December [1]

Group 1 - Gold stocks experienced a decline today, with Ji Hai Resources down 5.48% at HKD 1.38, Lingbao Gold down 3.34% at HKD 15.61, China Silver Group down 3.03% at HKD 0.64, and Zijin Gold International down 2.2% at HKD 137.6 [2] - The Federal Reserve's October monetary policy meeting minutes revealed significant internal disagreements regarding future interest rate cuts, dampening market expectations for a December rate cut [2] - The U.S. Bureau of Labor Statistics announced the cancellation of the October non-farm payroll report, with the November employment report now scheduled for December 16, which will include estimates for October's employment data [2] Group 2 - Market attention is focused on the upcoming September non-farm payroll report to be released by the U.S. Bureau of Labor Statistics [2] - Despite increased uncertainty regarding a potential December rate cut by the Federal Reserve, precious metals are expected to face short-term pressure, while long-term upward trends remain intact due to improving dollar liquidity and concerns over the Fed's independence [2]

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

Group 1 - Gold stocks experienced a decline, with notable drops including Jihai Resources down 5.48% to HKD 1.38, Lingbao Gold down 3.34% to HKD 15.61, China Silver Group down 3.03% to HKD 0.64, and Zijin Mining International down 2.2% to HKD 137.6 [1] - The Federal Reserve's October monetary policy meeting minutes revealed significant internal disagreements regarding future interest rate cuts, cooling market expectations for a December rate cut [1] - The U.S. Bureau of Labor Statistics announced the cancellation of the October non-farm payroll report, with the November employment report now scheduled for December 16, which will include estimates for October's employment data [1] Group 2 - Market attention is focused on the upcoming September non-farm payroll report, with expectations that even if the Fed's rate cut becomes more variable in December, precious metals may face short-term pressure [1] - The end of the U.S. government shutdown is expected to improve dollar liquidity, while long-term interest rates in major global economies remain high, leading to concerns about the Fed's independence and maintaining the long-term upward logic for precious metals [1]

Market Overview - The Hong Kong stock market indices experienced declines, with the Hang Seng Tech Index falling by 0.69%, reaching a new low since early September. The Hang Seng Index and the Hang Seng China Enterprises Index decreased by 0.38% and 0.26%, respectively [1][2]. Technology Sector - Major technology stocks mostly declined, with Xiaomi dropping nearly 5%, Kuaishou down over 1%, and slight declines in JD.com, Meituan, Baidu, and Tencent. Alibaba saw an increase of over 1% [2][4][5]. New Energy Vehicle Sector - Stocks in the new energy vehicle sector fell, including Li Auto, NIO, Chery, Beijing Automotive, BYD, and Leap Motor [6]. Semiconductor Sector - Semiconductor stocks experienced declines, with companies like Shanghai Fudan, Jingmen Semiconductor, and Zhongxing Communications reporting losses [7][8]. Gold Sector - Gold stocks led the market gains, with China Gold International rising over 8%. Other gold-related stocks also saw increases, driven by expectations of significant gold purchases by global central banks [9][10]. Military Industry - Military stocks performed well, with China Shipbuilding Industry rising over 9%. Analysts expect the military industry to enter an upward cycle, supported by recent quarterly reports indicating a narrowing decline in performance [11][12]. Oil Sector - Oil stocks saw an uptick, with China Petroleum & Chemical Corporation increasing nearly 3%. This rise is attributed to recent increases in crude oil futures prices [13]. Lithium Battery Sector - Lithium battery stocks gained, with Tianqi Lithium rising nearly 3%. The market for lithium carbonate has shown significant recovery, with prices expected to rise further due to increasing demand [15][16]. Market Sentiment - The market sentiment remains cautious, with expectations of continued adjustments in the Hong Kong stock market due to weak macro liquidity and corporate earnings forecasts. Investors are advised to wait for clearer signals from U.S. monetary policy and mainland economic data before seeking rebound opportunities [21].

Market Performance - On November 18, gold stocks in Hong Kong and A-shares experienced significant declines, with Lingbao Gold (03330.HK) dropping 8.88%, Tongguan Gold (00340.HK) down 5.38%, and Zhaojin Mining (01818.HK) falling 5.08% [2][3] - In A-shares, Zhongjin Gold (600489.SH) fell 3.51%, Zhaojin Gold (000506.SZ) decreased by 3.34%, and Hunan Gold (002155.SZ) dropped 3.1% [2][3] Gold Price Trends - Spot gold prices faced heavy selling pressure, briefly falling below $4000 per ounce for the first time since November 10, marking the fourth consecutive day of decline [4][5] - As of the latest update, spot gold was reported at $4041.62 per ounce [4] Influencing Factors - The decline in gold prices and stocks is primarily attributed to a strengthening US dollar and a cooling expectation for a Federal Reserve rate cut in December [5][6] - Recent comments from regional Federal Reserve presidents opposing further rate cuts have contributed to market sentiment, emphasizing ongoing inflation concerns [6][7] Market Outlook - Short-term adjustments in the gold market are expected to continue, with institutions predicting a return to a price correction phase following previous optimistic expectations [9][10] - Despite recent declines, gold prices remain elevated, with a year-to-date increase of over 53%, supported by factors such as loose monetary policy and geopolitical tensions [11] Industry Recognition - The "Hong Kong 100 Strong" list is set to launch, highlighting the importance of the gold sector in the Hong Kong market, with companies like Zijin Mining (02899.HK) and Lingbao Gold being notable participants [12][13]