Group 1 - Gold stocks collectively rose, with notable increases: Zhufeng Gold up 5.8% to HKD 2.19, China Silver Group up 4.48% to HKD 0.7, Lingbao Gold up 4.47% to HKD 16.36, Chifeng Gold up 3.9% to HKD 30.88, and China Gold International up 3.4% to HKD 146.1 [1] - Recent comments from Federal Reserve officials and delayed economic data have supported expectations for interest rate cuts, with the likelihood of a 25 basis point cut in December rising from approximately 40% to 80% [1] - Kevin Hassett, the Director of the White House National Economic Council, is reported to be the leading candidate for the next Federal Reserve Chair, which could lead to a more dovish monetary policy if appointed [1] Group 2 - Goldman Sachs' co-head of global commodities research, Daan Struyven, predicts gold prices could reach USD 4,900 per ounce by the end of next year, representing an 18% increase from current levels [2] - Deutsche Bank forecasts gold prices may rise to USD 4,950 by 2026, indicating a 19.4% increase [2] - Demand for gold from central banks and ETF investors is expected to remain strong [2]

Market Overview - The expectation for a Federal Reserve interest rate cut in December has significantly increased, leading to a rise in Hong Kong stocks, with the Hang Seng Index briefly surpassing 26,000 points. The index closed up 0.69% at 25,894.55 points, with a total turnover of HKD 231.49 billion [1] - The Hang Seng Tech Index rose by 1.2%, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - Xiaomi Group-W (01810) saw a notable increase of 4.35%, closing at HKD 40.34, contributing 47.94 points to the Hang Seng Index. Founder Lei Jun invested over HKD 100 million to purchase 2.6 million shares, raising his stake to 23.26% [2] - Other blue-chip stocks like Baidu Group-SW (09888) and Alibaba Health (00241) also performed well, with increases of 4.56% and 4.36% respectively [2] Sector Highlights - Major technology stocks experienced gains, with Baidu and Xiaomi both rising over 4%. AI applications and computing power sectors were particularly active, with Bilibili rising over 5% [3] - Lithium stocks saw a surge, with Tianqi Lithium (002466) increasing by 4.81% and Ganfeng Lithium (01772) rising by 3.46%. The chairman of Tianqi Lithium indicated that global lithium demand is expected to reach 2 million tons by 2026, achieving a balance between supply and demand [4] - Gold stocks generally rose, with Chifeng Jilong Gold Mining (06693) up 4.86% and Zijin Mining (02899) up 1.78%. The probability of a 25 basis point rate cut by the Federal Reserve in December is currently at 81% [5] Flight Cancellations Impact - There has been a significant increase in flight cancellations from China to Japan, with a 56% rise compared to the previous month. This has led to a decrease in ticket bookings by approximately 29% [6] Notable Stock Movements - Longpan Technology (02465) surged by 22.89% after announcing a sales agreement worth over HKD 45 billion for lithium iron phosphate materials [7] - Hesai Technology (02525) rose by 13.43% following the launch of a new high-performance smart control chip [7] - Changfei Optical Fiber (06869) increased by 12.74%, driven by advancements in AI computing power [9] - Shandong Xinhua Pharmaceutical (00719) saw a rise of 7.24% due to increased demand for flu medications during the flu season [10]

Core Viewpoint - Gold stocks continue to rebound, showing positive performance in the market [1] Company Performance - Chifeng Jilong Gold Mining (06693.HK) increased by 5.29%, reaching HKD 29.48 [1] - Zhaojin Mining Industry (01818.HK) rose by 3.89%, trading at HKD 29.88 [1] - Zijin Mining Group (02899.HK) saw a gain of 3.03%, priced at HKD 31.3 [1] - Shandong Gold Mining (01787.HK) experienced a rise of 1.6%, with a price of HKD 34.28 [1]

Core Viewpoint - Gold stocks continue to rebound, supported by expectations of potential interest rate cuts by the Federal Reserve, which may provide significant support for gold and silver prices in the short term [1] Group 1: Company Performance - Chifeng Jilong Gold Mining (赤峰黄金) increased by 5.29%, reaching HKD 29.48 [1] - Zhaojin Mining Industry (招金矿业) rose by 3.89%, reaching HKD 29.88 [1] - Zijin Mining (紫金矿业) saw a 3.03% increase, reaching HKD 31.3 [1] - Shandong Gold Mining (山东黄金) grew by 1.6%, reaching HKD 34.28 [1] Group 2: Market Sentiment - San Francisco Fed President Mary Daly expressed support for a potential interest rate cut by the Federal Reserve in the upcoming meeting [1] - Market expectations for a 25 basis point rate cut in December have been rekindled due to dovish signals from several key Fed officials [1] - The precious metals market is anticipated to maintain a volatile pattern as a result of these developments [1] Group 3: Economic Data - U.S. non-farm payroll data for September showed mixed results, with an increase of 119,000 jobs, surpassing the expected 51,000 [1] - However, revisions for the previous two months indicated a downward adjustment of 33,000 jobs [1] - The unemployment rate and the number of permanent job losses have increased, indicating ongoing pressure in the U.S. labor market [1]

Group 1 - Gold stocks continue to rebound, with notable increases in share prices: Chifeng Jilong Gold Mining (06693) up 5.29% to HKD 29.48, Zhaojin Mining (01818) up 3.89% to HKD 29.88, Zijin Mining (02899) up 3.03% to HKD 31.3, and Shandong Gold Mining (01787) up 1.6% to HKD 34.28 [1][1][1] Group 2 - San Francisco Fed President Mary Daly supports a potential interest rate cut by the Federal Reserve in the upcoming meeting, which has led to renewed market expectations for a 25 basis point cut in December, providing important support for gold and silver prices [1][1][1] - Citic Securities reports mixed signals from the U.S. non-farm payroll data for September, with an increase of 119,000 jobs, exceeding expectations of 51,000, but with downward revisions of 33,000 jobs for August and July combined, indicating uncertainty regarding a rate cut in December [1][1][1] - The unemployment rate and permanent unemployment figures have risen, suggesting ongoing pressure in the U.S. job market, with potential for further rate cuts by the Federal Reserve next year [1][1][1]

Group 1 - Southbound funds reduced their holdings in Chifeng Jilong Gold Mining Co., Ltd. by 479,200 shares on November 19, 2025, marking a decrease of 0.42% [1][2] - Over the past five trading days, there were three days of reductions in holdings, with a total net reduction of 103,400 shares [1] - In the last 20 trading days, southbound funds increased their holdings on 11 days, resulting in a cumulative net increase of 1,535,000 shares [1] Group 2 - As of now, southbound funds hold 113 million shares of Chifeng Jilong Gold, which accounts for 47.89% of the company's total issued ordinary shares [1] - Chifeng Jilong Gold primarily engages in the mining, selection, and sales of gold, and also involves in the mining and smelting of zinc, lead, copper, and molybdenum [2] - The company's main products include precious metals like gold and electrolytic copper, which are utilized across various sectors including central banks, investment, jewelry, industrial applications, infrastructure, construction, and equipment manufacturing [2]

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].

Group 1 - Gold stocks rebounded in early trading, with gains exceeding 3% for some companies [1] - Notable stock performances include China Gold International (+3.14%), Zijin Mining International (+2.19%), and Zhaojin Mining (+2.17%) [2] - COMEX gold prices recently fell below $4000 per ounce, influenced by reduced safe-haven demand and inconsistent expectations regarding U.S. economic data and inflation trends [2] Group 2 - Everbright Securities reports that the U.S. is entering a rate-cutting cycle, which, combined with increased global uncertainty, is driving a resurgence in gold ETF investment demand [3] - The trend of central banks increasing gold holdings continues amid a backdrop of de-dollarization, with a positive outlook for gold prices [3] - Recommendations include Zijin Mining, with a focus on Chifeng Gold and Zijin Gold International [3]

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]

Core Viewpoint - The decline in gold prices has led to a significant drop in Hong Kong-listed gold stocks, with various companies experiencing losses of over 5% [1] Group 1: Market Impact - Gold prices continue to fall, with spot gold dropping 0.64% to below $4020 per ounce, influenced by diminishing expectations of a rate cut in the U.S. next month [1] - Major gold stocks in Hong Kong, such as Lingbao Gold and Tongguan Gold, have seen declines of over 5% and 4.6% respectively, reflecting the broader market trend [2] Group 2: Industry Trends - A new tax policy on gold has resulted in increased prices at Shenzhen's Shui Bei market, leading to a noticeable decrease in sales volume for gold jewelry stores [1] - Retailers in Shenzhen, such as Wu Zude, report a significant drop in daily sales from three to four hundred grams to less than 200 grams, indicating a slowdown in purchasing activity [1]