Market Overview - On the last trading day of September, A-shares saw gains with the Shanghai Composite Index rising by 0.52% and the Shenzhen Component Index increasing by 0.35%, while the ChiNext Index remained flat. The total market turnover reached 2.2 trillion yuan, with over 2,600 stocks rising [1] - In September, the A-share market exhibited a pattern of initial gains followed by a decline, ultimately showing a fluctuating upward trend. All three major indices closed higher for the month, with the ChiNext Index gaining over 12%, marking a three-year high, and the Sci-Tech 50 Index rising over 11%, reaching a nearly four-year high [2] Hong Kong Market Performance - The Hang Seng Index and the Hang Seng Tech Index both closed higher, reflecting a positive sentiment in the market [3] IPO Highlights - Zijin Mining International had a strong debut, with its stock price surging by 70% to close at 121.7 HKD per share, giving it a market capitalization of 319.3 billion HKD. This IPO raised a total of 24.984 billion HKD, making it the second-largest IPO in Hong Kong for 2025, following CATL. The public offering was oversubscribed by over 190 times, with frozen funds exceeding 480 billion HKD [4] - The listing process for Zijin Mining International was notably efficient, taking only three months from application to listing [4] Company Insights - Zijin Mining International, as a subsidiary of Zijin Mining Group, focuses on integrating overseas gold assets, covering eight mines in Central Asia, South America, and Africa. By the end of 2024, it is expected to have gold reserves of 856 tons and an annual production of 40.4 tons, ranking ninth and eleventh globally, respectively [4] - The company plans to use the funds raised for acquiring the Raygorodok gold mine in Kazakhstan, upgrading and constructing existing mines, conducting exploration activities, and general corporate purposes [4][5] Gold Market Outlook - The recent performance of Zijin Mining International reflects a broader trend of a "gold rush" in 2025, with spot gold prices reaching a new high of 3,870 USD per ounce on September 30. This has led to a surge in gold-related IPOs in Hong Kong, with companies like Chifeng Jilong Gold Mining and Chow Tai Fook successfully listing [6] - Goldman Sachs has projected that gold prices could rise to 4,000 USD per ounce by 2026 under a baseline scenario, and potentially reach 4,500 USD per ounce in a tail-risk scenario. Citigroup has also raised its three-month price targets for gold and silver to 4,000 USD and 55 USD per ounce, respectively, indicating significant upside potential [6]
A股港股9月收红，有色金属爆发，港股紫金黄金国际狂飙70%