Group 1 - The precious metals sector is experiencing a continuous decline, with notable drops in stock prices [1] - Xiaocheng Technology has seen a decline of over 6%, indicating a significant downturn in its market performance [1] - Other companies in the sector, including Western Gold, Zhongjin Gold, and Chifeng Gold, are also following the downward trend [1]

格隆汇12月16日丨根据联交所最新权益披露资料显示，2025年12月12日，赤峰黄金(06693.HK)遭紫金矿业集团股份有限公司在场内以每股均价30.0341港元 减持400万股，涉资约1.20亿港元。 减持后，紫金矿业集团股份有限公司最新持股数目为1867.34万股，持股比例由9.59%下降至7.90%。 | 股份代號: | 06693 | | --- | --- | | 上市法國名稱: | 赤峰吉隆黃金礦業股份有限公司 - H股 | | 日期(日 / 月 / 年): | 16/11/2024 - 16/12/2025 | | 表格序號 | 大股東/董事/最高行政人員名 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 相關法國 | | | --- | --- | --- | --- | --- | --- | | | 原因 股份數目 | | | ( 請参関上述 * 註 有投票權股期 (日 / 月 / 份 份 份 份 份 份 | | | | | | | 份百分比 年) 館 | | | CS20251215E00003 | 紫金礦業集團股份有限公司 1 ...

Core Viewpoint - The rare earth market is experiencing slight price adjustments, with a generally subdued trading atmosphere and limited demand from downstream sectors [1] Price Adjustments - Praseodymium and neodymium oxide average price is 578,400 CNY/ton, down 600 CNY/ton - Praseodymium and neodymium metal average price is 702,400 CNY/ton, down 2,100 CNY/ton - Dysprosium oxide average price is 1,377,500 CNY/ton, up 4,100 CNY/ton - Terbium oxide average price is 6,291,400 CNY/ton, down 17,400 CNY/ton [1] Market Activity - Limited transactions for products like neodymium oxide, praseodymium oxide, lanthanum cerium oxide, europium oxide, and yttrium oxide - The market is characterized by weak stability in praseodymium and neodymium products, with only a few essential transactions [1] Stock Performance - A-share market performance for rare earth permanent magnet concept stocks includes: - Tongcheng New Materials (603650) latest price 49.35 CNY, up 5.68%, transaction amount 2.175 billion CNY - Chifeng Gold (600988) latest price 32.69 CNY, up 4.78%, transaction amount 2.029 billion CNY - Zhangguang Co. (301092) latest price 35.93 CNY, up 4.54%, transaction amount 190 million CNY - Goldwind Technology (002202) latest price 17.53 CNY, up 3.06%, transaction amount 448.6 million CNY - Xiamen Tungsten (600549) latest price 38.91 CNY, up 2.29%, transaction amount 1.808 billion CNY [1]

智通财经APP获悉，香港联交所最新资料显示，12月12日，紫金矿业减持赤峰黄金(06693)400万股，每 股均价30.0341港元，总金额约1.20亿港元。减持后最新持股数目为1867.34万股，最新持股比例为 7.90%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月12日，紫金矿业减持赤峰黄金(06693)400万股，每 股均价30.0341港元，总金额约1.20亿港元。减持后最新持股数目为1867.34万股，最新持股比例为 7.90%。 ...

Market Overview - The Hong Kong stock market experienced a collective decline on December 15, with the Hang Seng Index falling by 1.34% to close at 25,628.88 points, the Hang Seng China Enterprises Index down 1.78% to 8,917.70 points, and the Hang Seng Tech Index dropping 2.48% to 5,498.42 points [2] Technology Sector - Major technology stocks saw significant declines, with Baidu Group-SW down over 5%, Kuaishou-W down over 4%, SenseTime-W and Alibaba-W down over 3%, and Xiaomi Group-W and Tencent Holdings down over 2% [3] - Semiconductor stocks mostly fell, with InnoCare Pharma down over 9%, Hua Hong Semiconductor down over 6%, and SMIC down over 4% [3] Biotechnology Sector - Biotechnology stocks weakened, with BeiGene down over 8%, CanSino Biologics down over 6%, and WuXi Biologics down over 3% [3] Consumer Sector - Consumer stocks collectively rose, with Li Ning leading the blue-chip stocks with a gain of over 5%, closing at HKD 18.64 per share and a total market capitalization of HKD 48.2 billion [6] - The rise in consumer stocks is attributed to the opening of Li Ning's first "Dragon Store" and the launch of the new "Honor Gold Standard" product series, marking a significant milestone for the brand [6] Insurance Sector - Insurance stocks performed well against the market trend, with New China Life Insurance rising over 4%, China Pacific Insurance and Ping An Insurance both up over 2%, and China Life Insurance nearly 1% higher [7] - Ping An Insurance's A-shares and H-shares both reached four-year highs [7] - Recent regulatory changes by the National Financial Regulatory Administration have lowered risk factors for insurance companies, allowing for more long-term investment funds [9] - Market demand remains high, and the combination of stable interest rates and improved equity markets is expected to support investment returns [9]

Market Performance - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping nearly 350 points to close at 25,628 points, reflecting a decrease of 1.34% [1] - The Hang Seng Tech Index saw the largest drop, closing down 2.48%, while the Hang Seng China Enterprises Index fell by 1.78% [1] Sector Performance - Major technology stocks, which are considered market indicators, collectively fell, with notable declines including Huahong Semiconductor down over 6%, SMIC down over 4%, Baidu down over 5%, Alibaba down over 3%, and Tencent down over 2% [1] - In contrast, gold prices approached historical highs, leading to a strong performance in gold stocks, with Zijin Mining rising over 7% and Chifeng Jilong Gold Mining up over 5% [1] - Insurance stocks also saw a collective rise, supported by ongoing favorable consumption policies, with sectors such as dining and dairy products performing well [1]

证券之星消息，12月15日贵金属板块较上一交易日上涨2.09%，赤峰黄金领涨。当日上证指数报收于3867.92，下跌0.55%。深证成指报收于 13112.09，下跌1.1%。贵金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6009888 | 赤峰黄金 | 32.69 | 4.78% | 63.06万 | | 20.29亿 | | 001337 | 四川黄金 | 29.21 | 3.66% | 21.94万 | | 6.32亿 | | 000506 | 招金黄金 | 13.68 | 3.17% | 45.71万 | | 6.28亿 | | 601069 | 西部黄金 | 28.25 | 2.80% | 27.34万 | | 7.70亿 | | 600489 | 中全黄金 | 23.16 | 2.48% | 76.99万 | | 17.70亿 | | 600547 | 山东黄金 | 36.67 | 1.86% | 34.24万 | | 12.48亿 | ...

人民财讯12月15日电，香港恒生指数收跌1.34%，恒生科技指数跌2.48%。华虹半导体跌超6%，中芯国 际跌超4%；百度集团跌超5%，阿里巴巴跌超3%，腾讯控股跌超2%。紫金黄金国际涨超7%，赤峰黄金 涨超5%。 转自：证券时报 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industries [9]. Core Viewpoints - The report emphasizes the sustained upward trend of copper, gold, and aluminum driven by industrial logic, despite uncertainties regarding future interest rate cuts by the Federal Reserve [9][14]. - It suggests that the primary driver for non-ferrous metal pricing will shift from interest rate expectations to industrial demand growth, presenting ongoing investment opportunities [9][14]. - The report highlights the potential for gold prices to rise due to increased liquidity from the Federal Reserve's asset purchase program, which may weaken the dollar's credit [9][14]. - It notes that tight supply conditions are expected to support copper prices in the medium term, with significant inventory shortages in non-American regions [9][15]. - The aluminum sector is poised to benefit from the accelerated industrialization of aluminum as a substitute for copper in air conditioning systems, driven by rising copper prices [9][15]. Summary by Sections Non-Ferrous Metals - The report anticipates a super cycle for industrial metals, particularly copper, gold, and aluminum, supported by strong industrial demand [9][14]. - It recommends focusing on investment opportunities in the gold sector, particularly companies with improving production metrics [9][14]. - For copper, it highlights companies with significant resource reserves and ongoing production expansion as attractive investment targets [9][15]. Steel Industry - The steel sector is experiencing weak supply-demand fundamentals during the off-season, leading to pressure on steel profitability [16][20]. - Weekly rebar consumption has decreased significantly, with a 6.40% decline compared to the previous week and a 14.55% drop year-on-year [20]. - Steel prices have shown a slight overall decline, with the average price index for common steel dropping by 1.14% [32][33]. New Energy Metals - Lithium carbonate production in October 2025 saw a substantial year-on-year increase of 67.28%, indicating strong supply growth [37]. - The demand for new energy vehicles remains robust, with significant year-on-year growth in production and sales [41]. - Prices for lithium and cobalt have risen, reflecting increased demand and supply constraints in the market [46][48].