Group 1 - The market anticipates a potential end to the Russia-Ukraine conflict, leading to a significant drop in international gold prices [1] - On October 22, the Shanghai gold price (au7777) fell by 4.75%, closing at 943.3 yuan per gram, while London spot gold hit a low of 4002 USD per ounce [1] - Gold mining stocks also experienced sharp declines, with companies like Shandong Gold, Zhongjin Gold, and Chifeng Gold seeing closing drops nearing or exceeding 4% [1] Group 2 - The recent surge in gold prices was driven by factors such as U.S. government shutdowns, escalating trade tensions, and significant central bank purchases, leading to a peak on October 14 [1] - Following a joint statement from European leaders on October 21 supporting negotiations for a ceasefire, gold prices plummeted [1] - Analysts believe that despite the short-term drop, the expectation of monetary easing remains a medium-term positive for precious metals [1] Group 3 - According to Everbright Securities strategist Wu Lixian, the recent pullback in gold prices is a normal and healthy phenomenon after a rapid rise to nearly 4400 USD per ounce [2] - Gold mining stocks are highly correlated with gold prices, but this correlation is not absolute, as stock prices are also influenced by overall market performance and specific company news [2] - Red Ant Capital's investment director Li Zeming noted that gold mining stocks often experience excessive speculation, and the recent decline is primarily due to significant adjustments in gold and other precious metal prices [2] Group 4 - Fund manager Wang Xiang from Bosera Fund mentioned that traders are currently focused on the upcoming China-U.S. talks, which could suppress demand for safe-haven assets like gold and silver if tangible progress is made [3]

Core Viewpoint - The A-share gold stocks experienced a significant decline on October 22, following a sharp drop in international gold prices, which fell below $4100 per ounce, marking the largest single-day drop since April 2013 [2] Group 1: Market Performance - A-share gold stocks collectively plummeted, with Hunan Silver and Shengda Resources hitting the daily limit down, while companies like Xiaocheng Technology, Zhaojin Gold, and Western Gold fell over 9% [2] - Other notable declines included Zhongjin Gold and Shanjin International dropping over 8%, and Chifeng Gold and Shandong Gold decreasing over 7% [2] Group 2: International Gold Price Movement - On October 21, the spot gold price dropped significantly, reaching a low of $4080.87 per ounce, representing a 6.3% decrease [2] - This decline in gold prices is the largest single-day drop since April 2013 [2] Group 3: Silver Price Movement - Silver prices also saw a sharp decline, dropping over 8% and falling below $48 per ounce [2] Group 4: Domestic Gold Jewelry Prices - Domestic gold jewelry prices were significantly reduced on October 22, with Chow Tai Fook's gold jewelry priced at 1235 yuan per gram, down 57 yuan from the previous day [2] - Other reductions included Chow Sang Sang's jewelry at 1238 yuan per gram, down 51 yuan, and Laomiao Gold's jewelry at 1211 yuan per gram, down 83 yuan [2]

Group 1 - The core viewpoint indicates that non-ferrous metal stocks are experiencing a decline, with significant drops in companies such as Shandong Gold, Zhongjin Gold, and Chifeng Gold, all falling over 4%, while Zijin Mining and Northern Rare Earth dropped over 2% [1] - Related ETFs in the non-ferrous and mining sectors have also seen a decline of approximately 2% [1] Group 2 - Specific ETF performance shows that the Non-Ferrous Leading ETF is priced at 0.850, down by 2.07%, while the Non-Ferrous Metal ETF Fund is at 1.616, down by 2.00% [2] - A brokerage report suggests that the non-ferrous metal sector will continue to face high market volatility risks in 2025 due to uncertainties from both demand and supply sides [2] - Emerging demand in the downstream structure of copper and aluminum is expected to support a long-term upward shift in the price center of non-ferrous metals [2]

Core Viewpoint - The significant drop in international gold prices has led to a collective decline in Hong Kong gold stocks, with major companies experiencing substantial losses [2][4]. Group 1: Market Performance - As of the report, major gold stocks in Hong Kong faced severe declines, with China Silver Group down 8.33%, Zhaojin Mining down 5.70%, Lingbao Gold down 5.25%, and Shandong Gold down 4.91% [2][3]. - The COMEX gold futures experienced a notable drop of 5.39%, closing at $4,138.50 per ounce, while spot gold fell by 5.29% to $4,125.79 [4]. Group 2: Price Dynamics - The recent plunge in gold prices occurred after a year-to-date increase of over 60%, starting from $2,651 per ounce and surpassing the $4,000 psychological barrier [7]. - The decline is attributed to two main factors: technical adjustment pressures due to overbought conditions and a reduction in demand for gold as a safe-haven asset amid improving international trade tensions [7]. Group 3: Long-term Outlook - Despite short-term volatility, many institutions maintain a positive outlook on gold's long-term value and potential for price increases [8]. - Deutsche Bank's report indicates that the proportion of "foreign exchange + gold" in global official reserves has risen from 24% to 30%, suggesting that gold prices could theoretically reach $5,790 per ounce if it aligns more closely with the dollar [8][9]. - A survey by the World Gold Council reveals that 95% of central banks plan to increase their gold holdings in the next 12 months, with global central bank net purchases of gold in 2024 reaching 1,136 tons, second only to historical peaks [9].

国泰海通证券认为，短期波动不改港股四季度牛市行情，其中恒生科技空间最大。首先，港股互联网巨 头受益AI叙事发酵，港股资产结构优势有望凸显。其次，伴随美联储重启降息，港股外资力量回流存 在超预期可能。最后，南向资金有望继续流入，有望推动港股行情继续向上。结构上，AI驱动下，港 股科技仍是行情主线。此外，港股红利受益于政策强化分红+低利率，港股新消费、创新药资产较A股 同样稀缺，下半年或也值得关注。 前海开源基金首席经济学家杨德龙表示，目前板块之间也出现了轮动，前期涨幅较大的科技股，出现了 较大幅度调整，而低估值高股息板块，比如银行、电力等则出现逆势上涨，反映出投资者风险偏好下降 之后，从成长股切换到低估值的红利股的特征。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 恒生指数低开0.5%，恒生科技指数跌0.82%。黄金股大跌，紫金黄金国际、山东黄金跌超6%。泡泡玛特 涨近8%，公司第三季度整体收益同比增长245%-250%。 关于港股后市 银河证券指出，中美贸易谈判结果仍存很大变数，短期内市场风险偏好或持续偏低。当前港股估值整体 处于历史中高水平，预计未来港股市场或宽幅震荡。配置方面，建议关注以下板块：(1)海 ...

| 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | | 股份數目 | | | (請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 份自分比 | | | | | | | | 06 | | CS20251021E00020 | Schroders PLC 1201(L) | | 4.797.750(L) | HKD 38.0791 | 46.589.150(L) | 4.68(L) 17/10/2025 | 减持后，Schroders PLC最新持股数目为4658.915万股，持股比例由5.16%下降至4.68%。 | 股份代號: | 01787 | | --- | --- | | 上市法國名稱: | 山東黃金礦業股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 22/09/2025 - 22/10/2025 | 格隆汇10月22日丨根据联交所 ...

10月17日，Schroders PLC减持山东黄金(01787)479.775万股，每股作价38.0791港元，总金额约为1.83亿 港元。 香港联交所最新资料显示，10月17日，Schroders PLC减持山东黄金(01787)479.775万股，每股作价 38.0791港元，总金额约为1.83亿港元。减持后最新持股数目约为4658.92万股，最新持股比例为4.68%。 追加内容 本文作者可以追加内容哦 ! ...

Core Points - The precious metals sector saw a slight increase of 0.06% on October 21, with Chifeng Jilong Gold Mining leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Precious Metals Sector Summary - Chifeng Jilong Gold Mining (Code: 600988) closed at 29.47, with a rise of 2.04% and a trading volume of 581,200 shares, amounting to a transaction value of 1.718 billion [1] - Other notable stocks include: - Xiaocheng Technology (Code: 300139) at 26.50, up 1.03% [1] - Sichuan Gold (Code: 001337) at 28.15, up 0.93% [1] - Shandong Gold (Code: 600547) at 38.16, up 0.58% [1] - Hunan Gold (Code: 002155) at 21.48, up 0.05% [1] - Western Gold (Code: 601069) at 30.01, up 0.03% [1] - Other stocks experienced minor declines [1] Fund Flow Analysis - The precious metals sector experienced a net outflow of 1.126 billion from institutional investors, while retail investors saw a net inflow of 1.182 billion [3][4] - Specific stock fund flows include: - Chifeng Jilong Gold Mining saw a net outflow of 155 million from institutional investors [4] - Sichuan Gold had a net outflow of 517.6 million from institutional investors but a net inflow of 763.6 million from retail investors [4] - Hunan Gold experienced a net outflow of 506.5 million from institutional investors but a net inflow of 5.688 million from retail investors [4] Related ETF Information - The gold stock ETF (Product Code: 159562) tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index and has seen a slight increase of 0.22% over the past five days [6] - The ETF has a price-to-earnings ratio of 27.00 and a recent net inflow of 5.812 million from main funds [6]

Core Viewpoint - The Hong Kong stock market saw a surge in gold stocks, with notable increases in companies such as Zhaojin Mining, Zijin Mining, Lingbao Gold, and Shandong Gold [1] Group 1: Company Performance - Zhaojin Mining experienced a nearly 5% increase in its stock price [1] - Zijin Mining, Lingbao Gold, and Shandong Gold also followed suit with upward movements in their stock prices [1]

Group 1 - COMEX silver futures dropped over 5% and spot silver fell more than 6%, marking the largest decline in six months [1] - Following the drop in gold and silver prices, the A-share gold sector experienced a significant decline on October 20, with an overall drop of 7.09% [1] - Specific stocks such as Hunan Silver (002716) hit the daily limit down, while Western Gold (601069) fell by 9.8%, and other companies like Xiaocheng Technology (300139) and Zhaojin Gold saw declines of 8.86% and 7.03% respectively [1] Group 2 - After reaching historical highs of $4000, $4100, $4200, and $4300 per ounce, international gold prices experienced a sharp decline, dropping below $4200 per ounce on October 17 [2] - As of October 20, international gold prices rebounded slightly, with COMEX gold reported at $4269.8 per ounce [2]