Gold is currently soaring, while Bitcoin decreases | Source: Image created with Gemini Key Takeaways Gold has continued to surge in price as we head towards the beginning of 2026. Bitcoin, meanwhile, has continued to suffer a significant fall. Market opinion is split on whether Gold or Bitcoin will be the winner entering the new year. The global precious metals market is extending its record-setting rally as Bitcoin (BTC) and other cryptocurrencies continue to lose momentum. As we approach the en ...

Group 1 - The recent surge in gold prices has led to increased interest and investment, with many brands raising the prices of investment gold bars and some banks running out of stock [1] - Over the past 40 years, gold has increased from 22.4 yuan per gram in 1985 to approximately 920 yuan per gram now, representing a growth of about 41 times [1] - In contrast, the price of Moutai, a premium liquor, has skyrocketed from 8.5 yuan per bottle in 1985 to around 40,000 yuan in the current market, translating to an increase of over 3,000 times [1] Group 2 - Moutai's unique consumption and spiritual attributes, along with its scarcity and consumable nature, have transformed it from a regular liquor into a form of "hard currency" [2] - The distinction between Moutai and gold is highlighted by the fact that Moutai is considered a traditional luxury item, with its limited availability making it highly sought after [2]

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Gold (GC=F) futures opened at $3,986.90 per ounce on Friday, nearly the same as Thursday’s close of $3,991. The price of gold rose above $4,000 in early trading. Gold’s small boost Friday morning follows a down week for stock prices. The three major indexes, S&P 500 (GSPC), Dow Jones Industrial Average (DJI), and the Nasdaq Composite (IXIC), have produced losses this week. The tech-heavy Nasdaq has performed the worst of the three and is down 3.7% since Monday’s open. Learn more: Stock market today: Do ...

Market Overview - The Hong Kong stock market opened positively on November 1, with the Hang Seng Index rising by 0.97% to 26,158.36 points, the Hang Seng China Enterprises Index increasing by 0.98% to 9,258.73 points, and the Hang Seng Tech Index gaining 0.24% to 5,922.48 points [1][2]. Sector Performance - Large technology stocks showed mixed results, with Xiaomi up 3.5%, Baidu and Meituan in the green, while Alibaba fell over 1% [4]. - Oil stocks performed strongly, with China National Offshore Oil Corporation and China Petroleum & Chemical Corporation both rising over 3% [6]. - Coal stocks surged as the seasonal consumption peak began, with notable gains in companies like Feishang Non-Ferrous Coal, which skyrocketed by 91% [9][10]. - New energy vehicle stocks also saw significant increases, with XPeng Motors and NIO both rising over 4% [11][12]. - Airline stocks rebounded, with China Southern Airlines and China Eastern Airlines both gaining over 4% [7][8]. - Banking stocks rose, with Huishang Bank increasing by over 4% and several major banks like China Construction Bank and Industrial and Commercial Bank of China also showing gains [14]. - Insurance stocks had a positive outlook, with AIA Group rising nearly 6% [15][16]. - Retail stocks, particularly in the jewelry sector, faced declines, with Chow Tai Fook dropping 8.67% [18][19]. - Semiconductor stocks continued to struggle, with major players like Semiconductor Manufacturing International Corporation and Huahong Semiconductor both declining [20][21]. Investment Trends - The market is experiencing a shift towards defensive assets, with increased interest in precious metals due to rising risk aversion [25]. - There is a growing focus on dividend-paying assets as market conditions change, alongside potential interest in technology and consumer sectors highlighted in recent policy discussions [25].

Group 1: Amazon - Amazon's stock price surged by 12.2% at opening, with market capitalization increasing by $274.2 billion (approximately ¥1.95 trillion) [2] - In Q3, Amazon reported net sales of $180.2 billion, a 13% year-over-year increase, surpassing market expectations of $177.8 billion; net profit reached $21.2 billion, up nearly 40% [4] - AWS cloud business revenue grew by 20% year-over-year to $33 billion, exceeding analyst expectations and marking the strongest growth since 2022, alleviating concerns about AWS lagging in the AI competition [4] Group 2: Apple - Apple reached a historical high in stock price before a short-term decline; Q4 revenue was $102.47 billion, exceeding $100 billion and marking a year-over-year increase of 8% [5] - Net profit for Q4 was $27.47 billion, a significant year-over-year increase of 86%, with diluted earnings per share rising by 91% to $1.85 [5] - Despite overall strong performance, revenue from Greater China declined by 3.6%, becoming the only region with negative growth [5] Group 3: Cryptocurrency - Most cryptocurrencies saw an increase, with Bitcoin returning to the $110,000 mark, up 2.81%, Ethereum at $3,874, up 2.39%, and Dogecoin rising over 3% [7] Group 4: Gold Market - The World Gold Council noted that geopolitical tensions, persistent inflation, and uncertainty in global trade policies have driven demand for gold as a safe-haven asset [6] - The outlook for the gold market remains optimistic, supported by a weakening dollar, expectations of rate cuts, and the risk of stagflation, indicating further potential for gold price increases [6]

Group 1 - Amazon's stock surged by 12.2%, increasing its market value by $274.2 billion (approximately 1.95 trillion RMB) [3] - Amazon's Q3 net sales reached $180.2 billion, a 13% year-over-year increase, surpassing market expectations of $177.8 billion. Net profit was $21.2 billion, up nearly 40% [5] - AWS cloud business revenue grew by 20% year-over-year to $33 billion, marking the strongest growth since 2022 and alleviating concerns about AWS lagging in the AI competition [5] Group 2 - Nvidia's stock rose over 1.6%, with its market value returning to $500 billion. Nvidia announced a collaboration with the South Korean government and major companies to deploy over 260,000 GPUs for national AI infrastructure [5] - Apple's Q4 revenue reached $102.47 billion, a historical high for the period, with a year-over-year growth of 8%. Net profit was $27.47 billion, up 86% [6] - Apple's total revenue for the fiscal year reached $416.16 billion, with net profit exceeding $112 billion, continuing its growth trend. However, revenue from Greater China declined by 3.6%, marking it as the only region with negative growth [6] Group 3 - The Nasdaq Golden Dragon Index saw a shift from decline to increase, with notable stock performances: Lexin surged by 26%, and several other stocks rose over 10% [6][7] - International oil prices experienced a short-term increase, with both Brent and WTI crude oil rising nearly 1% [8] - Gold prices fell below $4,020 per ounce, with Morgan Stanley predicting gold prices could reach $4,500 per ounce by mid-2026 due to geopolitical tensions and inflation pressures [11]

Core Viewpoint - The article highlights significant movements in the stock market, particularly focusing on the performance of major companies like Amazon, NVIDIA, and Apple, as well as trends in oil prices and gold. Group 1: Company Performance - Amazon's stock surged by 12.2%, with its market value increasing by $274.2 billion (approximately 1.95 trillion RMB). The company's Q3 net sales rose by 13% year-on-year to $180.2 billion, exceeding market expectations of $177.8 billion. Net profit reached $21.2 billion, a nearly 40% increase. AWS cloud business revenue grew by 20% year-on-year to $33 billion, marking the strongest growth since 2022, alleviating concerns about AWS's competitiveness in AI [2][3]. - NVIDIA's stock rose over 1.6%, with its market capitalization returning to $500 billion. NVIDIA announced a collaboration with the South Korean government and major companies like Samsung and Hyundai to deploy over 260,000 GPUs for national AI infrastructure, enhancing Korea's manufacturing and digital economy [3]. - Apple's Q4 revenue reached $102.47 billion, a historical high, with a year-on-year growth of 8%. Net profit was $27.47 billion, up 86%, and diluted earnings per share increased by 91% to $1.85. However, revenue from the Greater China region declined by 3.6%, marking it as the only region with negative growth [3]. Group 2: Market Trends - The Nasdaq Golden Dragon Index for Chinese stocks saw a reversal from decline to increase, with notable gains in companies like Lexin, Qifu Technology, and Xinyi Technology, which rose over 10%. However, Alibaba and Xiaomi both experienced declines of over 2% [3]. - International oil prices saw a short-term increase, with Brent and WTI crude oil both rising nearly 1% [6][8]. - Gold prices experienced a short-term decline, falling below the $4,020 mark. Morgan Stanley predicts gold prices could reach $4,500 per ounce by mid-2026, up from a previous forecast for the second half of 2026 [8][9].

Group 1 - The World Gold Council's report indicates that global gold demand reached a record high of 1,313 tons in Q3 2025, with a total value of $146 billion [1] - Investment demand for gold surged to 537 tons in Q3, a 47% year-on-year increase, accounting for 55% of total gold demand [1] - The increase in investment demand is attributed to geopolitical uncertainties, a weakening dollar, and rising gold prices, which triggered a "fear of missing out" (FOMO) among investors [1] Group 2 - Global gold ETF holdings increased by 222 tons in Q3, with inflows totaling $26 billion, leading to a cumulative increase of 619 tons (approximately $64 billion) in the first three quarters of the year [1] - Demand for gold bars and coins rose by 17% year-on-year, totaling 316 tons, with significant contributions from India (92 tons) and China (74 tons) [1] - In contrast, global jewelry demand fell by 19% in Q3 due to high gold prices [2] Group 3 - Central banks accelerated gold purchases, with net purchases totaling 220 tons in Q3, a 28% increase from Q2 and a 10% year-on-year rise [2] - The total net gold purchases by central banks for the first three quarters reached 634 tons, significantly above the average levels prior to 2022 [2] - The outlook for the gold market remains optimistic due to ongoing geopolitical tensions, persistent inflation, and uncertainties in global trade policies, which drive investors towards safe-haven assets [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [5][7]. Core Views - The company's Q3 revenue reached 27.017 billion RMB, representing a year-over-year increase of 27.25% but a quarter-over-quarter decline of 12.37%. The net profit attributable to the parent company was 1.148 billion RMB, up 68.24% year-over-year but down 35.58% quarter-over-quarter [1]. - The decline in Q3 performance is attributed mainly to cost fluctuations and non-fair value changes, with a net loss of 625 million RMB from fair value changes [2]. - The company is recognized as a leading player in the gold sector, with significant resource advantages and growth potential, holding a gold metal reserve of 2,635.84 tons as of the end of 2024 [3]. - Despite a short-term decline in gold prices, the long-term outlook for gold remains positive, suggesting that the recent price drop may present an opportunity for accumulation once stability is achieved [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 83.783 billion RMB, a year-over-year increase of 25.04%, and a net profit of 3.956 billion RMB, up 91.51% year-over-year [1]. - The company's self-produced gold output for Q1-Q3 was 37.8 tons, with a year-over-year increase of 6.64% [2]. Growth Potential - The company is actively developing world-class gold production bases in the Jiaodong region, with projects expected to significantly increase annual gold production [3]. Price and Valuation - The report projects a downward adjustment in net profit for 2025-2027, with estimates of 6.338 billion RMB, 9.360 billion RMB, and 12.360 billion RMB respectively, reflecting a compound annual growth rate of 61.19% [5]. - The target price for the company's A/H shares is set at 38.52 RMB and 35.02 HKD, based on a price-to-book ratio of 3.53 for 2026 [5].