Market Overview - On the last trading day of September, A-shares saw an increase, with the Shanghai Composite Index rising by 0.52% and the Shenzhen Component Index 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] Sector Performance - The non-ferrous metals and storage chip sectors led the gains, while the liquor and large financial sectors experienced declines [2] IPO Highlights - Zijin Mining International had a strong debut, surging by 68.46% to close at 120.6 HKD per share, with an intraday high of nearly 72%. The company achieved a market capitalization of 316.5 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 [3] - The public offering of Zijin Mining International was oversubscribed by over 190 times, with frozen funds exceeding 480 billion HKD. The listing process was notably efficient, taking only three months from application to listing [3] Company Operations - Zijin Mining International plans to use the raised funds for acquiring the Raygorodok gold mine in Kazakhstan, upgrading and constructing existing mines, conducting exploration activities, and for general corporate purposes [4] - According to Minsheng Securities, Zijin Mining International has a fast production growth rate and strong certainty. The acquisition of the Raygorodok gold mine is expected to further enhance its profitability [5] Gold Market Outlook - The 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 [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 in a tail-risk scenario. Citibank has also raised its three-month targets for gold and silver prices to 4,000 USD and 55 USD per ounce, respectively [6]
A股、港股9月收红，有色金属板块爆发，港股紫金黄金国际狂飙70%