智通财经APP获悉，由于投资者对美国财政可持续性的担忧升温，长期美债遭遇猛烈抛售，30年期国债 收益率重新升破5%，加剧了对未来融资成本上行的担忧，引发市场连锁反应。周三，美国股市遭遇重 挫，三大指数创下一个月来最差单日表现，市场情绪遭遇来自债市的沉重打击。 周四纽约尾盘，美国10年期基准国债收益率上涨11.16个基点，报4.5985%，全天持续震荡上行、整体交 投于4.4711%-4.6025%区间，北京时间01:00美国财政部披露20年期美债标售结果时开启一波短暂的显著 拉升行情，为2月13日以来首次涨穿4.6%关口。 20年期美债收益率涨13.21个基点，刷新日高至5.1247%——逼近2023年11月1日顶部5.2838%和当年10月 23日顶部5.3838%。 彭博数据显示后者是2020年历史最高；30年期美债收益率涨12.27个基点，报5.0923%，01:31曾达到 5.0955%，也逼近2023年10月23日顶部5.1764%、2007年6月13日顶部5.4376%、以及2000年6月27日顶部 6%整数位心理关口。 方正证券近期研报指出，从中长期角度看，美元信用下降、美联储降息周期开启、全球 ...

5月12日，中美资产双双大涨，避险资产出现回落。 消息面上，《中美日内瓦经贸会谈联合声明》今日发布。 中泰国际策略分析师颜招骏在接受南财快讯记者采访时表示，中美双方关税税率短时间内的大幅下调超 出了市场预期，对港股、美股及全球资产均会产生积极影响。此举可能会降低美国通胀反弹风险，为美 联储六月降息创造空间，进一步利好中国资产。 具体来看，恒生科技指数一度涨超6%，恒生指数、恒生国企指数也一度涨超3.5%。截至收盘，香港恒 生指数涨2.98%，恒生国企指数涨3.01%，恒生科技指数涨5.16%。 港股科技股巨头涨幅持续扩大，阿里巴巴-W(09988.HK)、京东集团(09618.HK)涨超6%，腾讯控股 (00700.HK)涨超4.5%。 港股苹果指数也直线拉升，收涨13.40%。成分股份中高伟电子（01415.HK）涨超18%，瑞声科技 （02018.HK）涨超15%，比亚迪电子（00285.HK）、舜宇光学科技（02382.HK）、丘钛科技 美股期货走高，纳指期货涨超3.4%，道指期货涨近2%，标普500指数期货也涨超2.5%。 美股盘前热门中概股普涨，万国数据（GDS）涨超10%，小鹏汽车（XPEV）涨超 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [3][5]. Core Views - The company is expected to experience significant growth in gold production following the completion of its expansion project, with an anticipated annual output of 12.9 tons, representing a 514.3% increase from 2.1 tons in 2024 [2][3]. - The partnership with Zijin Mining is expected to enhance the development speed and efficiency of the company's gold mining operations, particularly at the Jinling Gold Mine [2][3]. - The report projects substantial increases in revenue and net profit from 2025 to 2027, with net profits estimated at 1.26 billion, 1.59 billion, and 1.95 billion RMB respectively [4][6]. Summary by Sections Investment Highlights - The company has entered into significant contracts for mining technology services and feasibility studies for expansion, with a total contract value of 1.69 million RMB for the Jinling Mine [1]. - Zijin Mining's acquisition of a 17.57% stake in the company through a share issuance of 1.66 billion shares at 8.33 HKD per share, totaling 1.379 billion HKD, will fund the expansion and operational costs [2]. Financial Projections - Revenue is projected to grow from 1.88 billion RMB in 2024 to 4.89 billion RMB in 2027, with a compound annual growth rate (CAGR) of 42.6% [4][6]. - The company's earnings per share (EPS) are expected to rise from 0.53 RMB in 2024 to 1.80 RMB in 2027, reflecting strong profitability growth [4][6]. Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 19X for 2025, 15X for 2026, and 12X for 2027, indicating an attractive valuation as earnings grow [4][6]. - The price-to-book (P/B) ratio is expected to decrease from 7.6 in 2024 to 3.7 in 2027, suggesting improved shareholder value over time [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [3][5]. Core Views - The company is expected to experience significant growth in gold production following the completion of its expansion project, with an anticipated annual output of 12.9 tons, representing a 514.3% increase from 2.1 tons in 2024 [2][3]. - The partnership with Zijin Mining is expected to enhance the development speed and efficiency of the company's gold mining operations, particularly at the Jinling Gold Mine [2][3]. - The report highlights the company's strong financial performance, projecting net profits of 1.26 billion, 1.59 billion, and 1.95 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.17, 1.47, and 1.80 RMB [3][4]. Summary by Sections Company Overview - The company has entered into significant contracts for mining technology services and feasibility studies for expansion, with a total contract value of 1.69 million RMB for the Jinling Mine [1]. - Zijin Mining holds a 17.57% stake in the company, which is expected to facilitate the expansion of the Jinling Gold Mine [2]. Financial Projections - Revenue is projected to grow from 1.88 billion RMB in 2024 to 4.89 billion RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 42.6% [4][6]. - The company's net profit is expected to increase significantly, with a growth rate of 119.5% in 2025 and 26.2% in 2026 [4][6]. Valuation Metrics - The report provides a valuation based on projected earnings, with P/E ratios decreasing from 41 in 2024 to 12 in 2027, indicating improving profitability and valuation attractiveness over time [4][6].

智通财经APP获悉，港股恒生指数涨0.69%，涨154点，报22658点，恒生科技指数跌0.10%。港股早盘成 交1245亿港元。 五一民航客流双位数增长，油价下行预期有望支撑航司业绩。航空股早盘走高，中国国航(00753)涨 7.31%；南方航空(01055)涨8.44%；东方航空(00670)涨8.58%；首都机场(00694)涨3.32%。 传蚂蚁集团旗下蚂蚁国际计划在港上市，耀才证券金融今早再度走高，一度涨近20%。阿里概念股走 高，中国动向(03818)涨6.41%，云锋金融(00376)涨超11.72%。 国富氢能(02582)涨6.57%，公司参与编制《工业副产氢碳排放核算方法》，国际合作收获重大成果。 山东墨龙(00568)大涨50%，深交所将山东墨龙调入港股通标的证券名单。 美高梅中国(02282)涨7.96%领涨博彩股，五一黄金周访澳旅客胜预期，4月澳门博彩收入同比升1.7%。 万国黄金国际(03939)涨5.39%，公司与紫金订选矿技术服务及扩建可行性研究合同。 美国总统特朗普表示，他将在未来两周内宣布对医药产品的关税措施。CRO概念股早盘普跌，维亚生 物(01873)跌5.88%，药明 ...

5. 万国黄金集团(03939.HK)：附属金岭矿业与紫金工程订立金岭矿新建1000万吨/年的扩建可行性研究 合同。 6. 弘阳地产(01996.HK)：延长提早重组支持协议费用期限及基础重组支持协议费用期限。 7. 石药集团(01093.HK)：JMT202(重组全人源抗β KLOTHO单克隆抗体)获美国临床试验批准。 金十数据整理：每日港股市场要闻速递（5月6日 周二） 1. 江苏恒瑞医药股份有限公司通过港交所上市聆讯，联席保荐人为摩根士丹利、花旗和华泰国际。 2. 狮腾控股(002565.HK)：与字节跳动旗下BytePlus达成战略合作，共同扩展亚太地区企业人工智能应用 市场。 3. 渣打集团(02888.HK)：一季度固定汇率下经营收入增加7%至54亿美元；母公司股东应占溢利15.9亿美 元，同比增长13%。 4. 中国电力(02380.HK)：附属五凌电力(拥有63%权益的附属公司)一季度取得营业收入及其他收入16.1 亿元，期内净利润9.07亿元。 ...

智通财经APP讯，万国黄金集团(03939)发布公告，2024年10月31日，集团拥有所罗门群岛金岭矿的间接 非全资附属公司金岭矿业有限公司("金岭矿业")与厦门紫金矿冶技术有限公司("紫金矿冶")订立于所罗 门群岛的金岭矿选矿技术服务合同。 于2025年5月1日，金岭矿业与紫金(厦门)工程设计有限公司("紫金工程")订立金岭矿新建1000万吨/年的 扩建可行性研究合同("扩产可行性研究合同")。扩建可行性研究包括设计主要生产设施如採选工程、尾 矿池、低品位矿石破碎、堆浸垫、吸收等，以及相关的供水、供电、厂区道路、实验室及生活辅助设施 等，以达到产能1300万吨/年，产品为金锭(金品位80%)及浮选金精矿(金品位25克/吨)。 预计合同期将于2026年12月31日，紫金工程向金岭矿业提交施工方案后结束。合同总金额为289万美 元，并由金岭矿业根据扩建可行性研究合同的付款时间表向紫金工程支付。 根据技术服务合同，紫金矿冶应向金岭矿业提供下面服务：评估浮选柱或尼尔森对微细粒金的回收效 果;协助推进相关设备技改及生产调试，充分发挥设备性能;帮助培养实验室试验人员、现场技术人员， 同时建立生产主机岗位操作标准化体系; ...

Financial Performance - The group extracted 1,080,394 tons of ore from the Xinzhuang Mine, selling 3,990 tons of copper concentrate, 76,322 tons of iron concentrate, and 178 kg of gold, generating revenue of RMB 1,875.6 million and a profit attributable to owners of RMB 575.4 million for the fiscal year ending December 31, 2024[10]. - Total revenue increased by approximately 42.6% from RMB 1,315.2 million in 2023 to RMB 1,875.6 million in 2024, primarily driven by increased sales from the Jinling Mine[70]. - Overall gross profit rose by about 61.0% from RMB 619.2 million in 2023 to RMB 997.0 million in 2024, with the gross profit margin increasing from 47.1% to 53.2%[70]. - The company's net profit after tax increased by approximately 76.8% from RMB 390.9 million in 2023 to RMB 691.2 million in 2024, primarily due to increased sales and profit contributions from gold bullion and concentrate[83]. - The net profit margin improved from approximately 29.7% in 2023 to 36.9% in 2024, driven by higher revenue and profit from high-margin gold products[83]. Commodity Prices - In 2024, copper prices fluctuated significantly, reaching a peak of USD 5.11 per pound on May 21, before ending the year around USD 4.00 per pound[14][15]. - Zinc price increased by 13%, rising from $2,621 per ton to $2,979 per ton by the end of the year[24]. - Lead price initially rose by nearly 8% to over $2,025 per ton but fell to $1,963 by March 31, 2024, and peaked at $2,343 on May 28, 2024[25]. - Gold price surged from $2,000 per ounce to nearly $2,800, driven by a 75 basis point rate cut by the Federal Reserve and geopolitical instability[27]. - Gold reached a record high of $2,450.05 on May 20, 2024, supported by strong central bank demand, particularly from China[28]. - Silver price increased nearly 35% year-to-date, outperforming gold's 32% rise, driven by industrial demand and investor purchases[33]. Mining Operations and Developments - The group achieved significant geological resource and reserve increases at both the Xinzhuang Mine and the Gold Ridge Mine in the Solomon Islands, indicating a positive outlook for future operations[11]. - The company expanded the Xinzhang Mine's capacity to 900,000 tons per year and received safety production certification in 2023[36]. - The Jinling Mine achieved approximately 90% of its design capacity during trial production, with ongoing upgrades to the processing plant[38]. - The total mineral resources at the Jinling Mine increased significantly from 72 million tons (including 3.3 million ounces of gold) as of December 31, 2023, to 196 million tons (including 7.3 million ounces of gold) as of July 31, 2024, representing increases of 172.2% and 121.2% respectively[39]. - The company has not conducted any mineral exploration in 2024, focusing instead on maintaining permits and transitioning exploration permits to mining permits[117]. Strategic Partnerships and Acquisitions - The strategic partnership with Zijin Mining Group has enhanced the group's market value, which has exceeded HKD 10 billion since its listing in 2012[11]. - The company completed the acquisition of an additional 20.22% stake in Xiangfu Jinling Co., increasing its ownership to 98%[35]. - The company acquired a 20.22% stake in AXF Gold Ridge Pty Limited for approximately HKD 732.6 million, settling the transaction by issuing 90,227,200 new shares at HKD 8.12 per share, a premium of about 8% over the closing price on the agreement date[43]. - Following the acquisition, the company's stake in AXF Gold Ridge increased to 98%, raising its effective interest in Jinling Mining to approximately 88.2%[46]. Financial Management and Governance - The company has a strong leadership team with over 26 years of experience in the mining industry, led by Executive Director Mr. Gao Mingqing[132]. - The company is committed to high levels of corporate governance, adhering to all applicable code provisions of the Corporate Governance Code for the year 2024[140]. - The company has appointed independent non-executive directors with extensive experience in finance and capital markets, enhancing its governance structure[136]. - The board confirmed its responsibility for preparing true and fair financial statements for the year ending December 31, 2024[169]. - The company has established a systematic risk identification method to manage and mitigate risks associated with its operations[171]. Shareholder Engagement and Dividends - The board proposed a final dividend of RMB 0.145 per share and a special dividend of RMB 0.075 per share for the year ending December 31, 2024, totaling approximately RMB 238.4 million[107]. - The company encourages shareholder participation in annual general meetings to facilitate direct communication with the board regarding strategies and objectives[179]. - The company has established multiple communication channels with shareholders and investors, including the publication of interim and annual reports[179]. Operational Efficiency and Future Plans - The company plans to allocate 50% of the net proceeds from a recent share subscription, totaling approximately HKD 1,379.3 million, to exploration and development projects at the Jinling Mine in the Solomon Islands[47]. - The company aims to increase mining production and outsource underground mining operations to reduce costs, with a target mining capacity of 900,000 tons per year[128]. - The company intends to pursue horizontal expansion through the acquisition of new mines to enhance mineral resources and ore reserves[129]. - The company plans to utilize the unallocated balance of HKD 513.2 million from the subscription proceeds for the expansion of the Jinling mine in 2025[51].

Financial Performance - Revenue increased by 42.6% to approximately RMB 1,875.6 million[3] - Gross profit rose by 61.0% to approximately RMB 997.0 million, with a gross margin increase of 6.1 percentage points to 53.2%[3] - Profit attributable to owners of the company increased by 71.6% to approximately RMB 575.4 million[3] - Basic earnings per share were RMB 0.657 (2023: RMB 0.405)[3] - The company reported a pre-tax profit of RMB 805.8 million, reflecting a 91.1% increase[3] - Total pre-tax profit for 2024 was RMB 805,753,000, significantly higher than RMB 421,649,000 in 2023[28] - Net profit after tax increased by approximately 76.8% from RMB 390.9 million for the year ending December 31, 2023, to RMB 691.2 million for the year ending December 31, 2024[151] Dividends - The board proposed a final dividend of RMB 0.145 per share and a special dividend of RMB 0.075 per share[3] - The company declared an interim dividend of RMB 10.95 cents per share for 2024, compared to zero in 2023, and a final dividend of RMB 18.50 cents per share, up from RMB 10.00 cents in 2023[44] - The total confirmed dividends for the reporting period amounted to approximately RMB 243,846,000, compared to RMB 82,800,000 in 2023, showing a substantial increase[44] Assets and Liabilities - Non-current assets totaled RMB 1,777.2 million, with property, plant, and equipment valued at RMB 918.7 million[6] - Current assets increased significantly to RMB 2,358.0 million, including cash and cash equivalents of RMB 513.7 million[6] - Total assets increased to RMB 4,135,203,000 in 2024 from RMB 2,361,603,000 in 2023, marking a 75.1% growth[29] - The total liabilities rose to RMB 681,882,000 in 2024, compared to RMB 601,137,000 in 2023, indicating a 13.4% increase[29] - The company’s debt-to-asset ratio improved to approximately 7.7% as of December 31, 2024, down from 11.0% in 2023, attributed to increased cash and financial assets[160] Revenue Sources - All revenue for the group is derived from operations in China and the Solomon Islands, with major non-current assets located in these regions[20] - Gold bar sales generated RMB 667,707,000 in 2024, up 73.3% from RMB 385,799,000 in 2023[21] - The Solomon project contributed RMB 1,187,928,000 to total revenue in 2024, while the Yifeng project generated RMB 687,633,000[25] - The company’s self-mined products accounted for RMB 1,827,430,000 of total revenue in 2024, compared to RMB 1,230,872,000 in 2023, a growth of 48.5%[21] - Revenue from external customers in the Solomon Islands surged to RMB 1,187,928,000 in 2024, compared to RMB 658,316,000 in 2023, marking an increase of 80.5%[34] Costs and Expenses - The total cost of inventory recognized as an expense for 2024 was RMB 878,568,000, an increase from RMB 695,980,000 in 2023, representing a rise of approximately 26.2%[43] - The total employee costs for 2024 amounted to RMB 96,861,000, up from RMB 88,927,000 in 2023, reflecting an increase of approximately 8.5%[43] - Administrative expenses increased by approximately 29.4% from RMB 103.4 million to RMB 133.8 million, attributed to rising legal and professional fees[147] Mining and Production - The company completed the acquisition of an additional 20.22% stake in Xiangfu Jinling Limited, increasing its ownership to 98% and effective interest in the Jinling mine to 88.2%[93] - The company successfully expanded the Xinzhang mine's processing capacity from 600,000 tons per year to 900,000 tons per year, receiving safety production certification in 2023[95] - The total ore processed at the Xinzhong Mine in 2024 was 1,087,333 tons, with sales of copper concentrate at 3,990 tons and iron concentrate at 76,322 tons[178] - The Jinling Mine processed 2,281,468 tons of ore in 2024, producing approximately 46,191 dry tons of gold concentrate[190] Market Trends - Copper prices fluctuated significantly, reaching a peak of $5.11 per pound in May 2024, before ending the year around $4.00 per pound[74] - China's iron ore imports rose to approximately 1.24 billion tons in 2024, a 4.9% increase from 1.18 billion tons in 2023[75] - Despite short-term challenges such as a strong US dollar and rising bond yields, the gold market is projected to demonstrate strong resilience and long-term potential in 2025[197] Future Plans and Investments - The company plans to allocate 50% of the net proceeds from a recent share subscription, totaling approximately HKD 1,379.3 million, to the exploration and development of the Gold Ridge project in the Solomon Islands[110] - Future acquisitions of new mines are planned to enhance mineral resources and increase ore reserves, with careful evaluation of potential targets[196] - The company plans to increase its authorized share capital from HKD 100 million to HKD 1 billion to provide greater flexibility for future investments and fundraising[115]

Investment Rating - The report maintains a "Recommend" rating for the company [24] Core Views - The company's revenue is projected to grow from 1,315 million RMB in 2023 to 3,101 million RMB in 2026, with a growth rate of 93% in 2023, 66.1% in 2024, 23.4% in 2025, and 15% in 2026 [1] - Net profit attributable to the parent company is expected to increase from 335 million RMB in 2023 to 913 million RMB in 2026, with growth rates of 85.8% in 2023, 75.8% in 2024, 28.7% in 2025, and 20.3% in 2026 [1] - EPS is forecasted to rise from 0.31 RMB in 2023 to 0.84 RMB in 2026, with P/E ratios of 32X, 18X, 14X, and 12X for the respective years [1] Company Overview - The company operates the Jinling Gold Mine, which has seen significant resource and reserve updates, with gold resources increasing from 103 tons to 227 tons, a 121.2% increase, and gold reserves growing from 37 tons to 40 tons, an 8.3% increase [54] - The Jinling Gold Mine is located in the Solomon Islands, a country with low industrial development and significant mineral potential, particularly in gold, nickel, copper, and phosphate [49][55] - The mine has a history of multiple ownership changes and operational challenges but has been revitalized under the current management, with production resuming in 2022 and significant improvements in operational efficiency [18][21] Operational Performance - In 2023, the Jinling Gold Mine produced 1,143 kg of gold ingots and 29,361 tons of gold concentrate, with a unit cost of 219.6 RMB/gram and a gross margin of 50.7% [84] - The mine's production capacity is expected to increase, with potential annual gold production reaching over 10 tons in the future, driven by resource expansion and operational improvements [104] - The company has implemented cost-saving measures, reducing operational costs significantly compared to previous owners, with further cost reductions expected as production scales up [89] Financial Projections - The company is expected to achieve net profits of 590 million RMB, 759 million RMB, and 913 million RMB in 2024, 2025, and 2026, respectively, with EPS of 0.54 RMB, 0.70 RMB, and 0.84 RMB [108] - The P/E ratios for 2024-2026 are projected at 18X, 14X, and 12X, indicating a favorable valuation relative to earnings growth [108] Industry and Market Context - The Solomon Islands, where the Jinling Gold Mine is located, is part of the Pacific Ring of Fire, a region known for its rich mineral deposits, particularly gold and copper [12][15] - The country's underdeveloped infrastructure and low industrial base present both challenges and opportunities for mining operations, with significant potential for resource exploration and development [11][49] Strategic Developments - The company has completed significant acquisitions to increase its stake in the Jinling Gold Mine, with current ownership at 88.2% [69] - Strategic partnerships, such as the investment by Zijin Mining, have strengthened the company's financial position and provided additional resources for further development [71]