Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - The company reported a strong performance in Q3 2025, achieving a net profit attributable to shareholders of 146 billion yuan, with a year-on-year increase of 57% [3][8]. - The company has successfully listed its subsidiary, Zijin Gold International, on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD, marking it as the largest IPO in the global gold mining industry to date [6]. - The company has completed several significant acquisitions in 2025, enhancing its resource reserves in gold, copper, lithium, and molybdenum, which are expected to contribute positively to future profits [6][8]. Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 254.2 billion yuan, a year-on-year increase of 10.3%, and a net profit of 378.6 billion yuan, up 55.5% year-on-year [3][4]. - The company’s gross profit margin improved, with a mining enterprise gross margin of 60.62%, an increase of 2.91 percentage points year-on-year [4]. - The company’s unit sales costs for gold and copper increased slightly in Q3 2025, attributed to factors such as declining ore grades and increased transportation distances [5]. Production and Cost Analysis - The company’s gold production for Q1-Q3 2025 was 65 tons, a 20% increase year-on-year, while copper production reached 830,000 tons, a 5% increase [4]. - The unit sales cost for gold concentrate was 194.96 yuan/g, and for copper concentrate was 22,128 yuan/ton, reflecting a slight increase from the previous quarter [5]. Earnings Forecast - The company is projected to achieve net profits of 535 billion yuan, 684 billion yuan, and 749 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 67%, 28%, and 9% [8][10].

隔夜美股高开高走，三大指数均涨超1%，中概指数大涨2.39%。昨日大幅反弹的港股三大指数继续高 开，恒指涨1.17%重上26000点上方，国指涨1.35%，恒生科技指数涨1.84%，盘面上，大型科技股继续 昨日上涨行情，其中，阿里巴巴涨3.46%，腾讯、小米涨超2%，京东、百度涨1.8%，没有涨约1%；美 股苹果股价创历史新高，iPhone乐观情绪升温，苹果概念股集体上涨，蓝思科技涨5.3%，舜宇光学、瑞 声科技、鸿腾精密皆上涨；现货黄金再创历史新高，一度突破4380美元/盎司，昨日回调的黄金股再度 走强，珠峰黄金涨超5%，赤峰黄金涨超4%；锂电池股、汽车股、濠赌股、半导体芯片股、体育用品股 等纷纷上涨。另一方面，昨日走强的煤炭股多数走低，兖煤澳大利亚跌超2%，核电股、零售股部分下 跌。(格隆汇) ...

| 公司名称 | 流通市值 | 黄金储量 | 黄金产量 | FF 8 | | --- | --- | --- | --- | --- | | | (亿元) | (2024, 吨) | (2024, 吨) | (2025) | | 西部黄金 | 266.2 | | 9.6 | | | 湖南黄金 | 335.5 | 138 | ব | | | 赤峰黄金 | 480.5 | 396 | 15 | | | 山金国际 | 577.5 | 277 | 8 | 1 | | 中金黄金 | 1145.0 | 813 | 20 | 21 | | 山东黄金 | 1371.0 | 2215 | 46 | 51 | | 紫金矿业 | 6125.0 | 3973 | 73 | 8! | *风险提示：股市有风险，入市需谨慎 *免责声明：文章内容仅供参考，不构成投资建议 ...

阿塞拜疆"Report"网9月30日报道，阿塞拜疆经济改革与通信分析中心报告显 示，2025年1-8月，阿黄金出口额达2.1亿美元，同比增长1.2倍。仅8月阿黄金 出口额达3190万美元，同比增长49.5%。1-8月，阿非油气产品出口额达24亿美 元，同比增长10.3%。 （原标题：1-8月阿塞拜疆黄金出口额同比增长1.2倍） ...

南非拥有全球最深的金矿，该国股市正迎来二十年来表现最佳的一年——西巴尼亚静水矿业公司（Sibanye Stillwater Ltd.）、英美黄金阿 散蒂公司（AngloGold Ashanti Plc）、金田公司（Gold Fields Ltd.）等矿企股价已涨至三倍。非洲最大黄金生产国加纳，其信用评级也获得 穆迪评级（Moody's Ratings）上调。新兴市场国家跻身全球最大黄金买家行列，为国家财政收入注入强心剂。 2025年第二季度黄金持有量变化的国家排名 淘金潮支撑新兴市场乐观情绪 黄金价格持续飙升为新兴市场带来意外红利，提升了投资者对黄金开采国与购买国的信心。 对新兴市场基金经理而言，黄金上涨为他们维持看涨立场再添理由。黄金价格飙升为生产国与购买国均带来财富效应，丰厚的黄金持有量 让投资者更有信心买入相关资产。高盛集团策略师在本月初的报告中指出，南非强劲的矿业实力是其看好该国债券与股市后续上涨的核心 原因之一。 "黄金涨势对乌兹别克斯坦、加纳、南非等少数新兴市场国家有利。"威廉·布莱尔投资管理公司（William Blair Investment Management）投 资组合经理丹尼尔·伍德（ ...

Group 1: Market Overview - The US-China trade relations show signs of easing, and China's GDP growth for the first three quarters is reported at 5.2% year-on-year [1] - Hong Kong's three major indices rebounded collectively, with the Hang Seng Index rising by 2.42% to close at 25,858.83 points, and a total trading volume of HKD 239.16 billion [1] - The Hang Seng Technology Index increased by 3%, indicating a strong performance in the tech sector [1] Group 2: Blue-Chip Stocks Performance - Alibaba (09988) saw a significant increase of 4.86%, closing at HKD 161.9, contributing 113.55 points to the Hang Seng Index [2] - Other notable blue-chip stocks include NetEase (09999) up 5.18%, China Petroleum (00857) up 5.05%, while Orient Overseas International (00316) and Chow Tai Fook (01929) experienced slight declines [2] Group 3: Sector Highlights - Major technology stocks rebounded, with Alibaba rising nearly 5%, and Baidu and Tencent both increasing over 3% [3] - The aviation sector continued its upward trend, with China Eastern Airlines (00670) surging over 9% [3] - Semiconductor stocks also saw gains, driven by the acceleration of domestic self-sufficiency and AI advancements [4] Group 4: Robotics and Gaming Sector - Robotics stocks performed well, with UBTECH (09880) rising by 9.77% after winning a significant contract worth HKD 126 million [5][6] - Gaming stocks collectively increased, with Wynn Macau (01128) up 4.44% and Sands China (01928) up 4.37% [5][7] Group 5: Gold Stocks and Market Sentiment - Gold stocks faced declines, with notable drops including Chifeng Jilong Gold Mining (06693) down 6.18% [7] - Recent volatility in gold prices, including a drop from a historical high of USD 4,379 to a low of USD 4,185, has affected market sentiment [7] Group 6: Notable Stock Movements - Haixi Pharmaceutical (02637) debuted with a 20.6% increase, closing at HKD 104.2 [8] - COSCO Shipping Energy (01138) reached a new high, closing up 7.91% at HKD 10.09, supported by strategic developments in the shipping sector [9] - Leap Motor (09863) saw a rise of 6.19% after significant insider buying [10] - YF Financial (00376) and Yao Cai Securities (01428) declined, attributed to regulatory actions affecting stablecoin projects [11]

另一方面，桥水警告若缺乏散户参与，金价在4000美元以上水平恐需求不足，此前连续走强的黄金股集 体回调，珠峰黄金大跌10%，赤峰黄金跌超6%，风电股、军工股、建材水泥股部分个股走低。(格隆汇) 港股三大指数全天呈现高位震荡行情，恒生指数更是收复上周五大跌行情，最终收涨2.42%报25858 点，恒生科技指数涨3%，盘中一度冲高至3.9%，国企指数涨2.45%。 盘面上，大型科技股全线上涨，其中，网易涨超5%，阿里巴巴涨4.86%，百度涨近4%，腾讯涨3.2%， 京东涨2%，小米、美团涨超2.2%；券商持续看好低预期下航空投资机会，航空股板块领涨，中国东方 航空大涨近10%表现最佳，并且4日连涨超25%；连续下跌濠赌股终见反弹，半导体芯片股全天活跃， 石油股、手游股、机器人概念股、煤炭股、苹果概念股、教育股、燃气股、保险股、餐饮股、家电股、 银行股、内房股纷纷上涨。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company achieved record high performance in Q3 2025, with significant growth in both revenue and net profit driven by rising gold prices and production [1][2]. - The gold segment has become the largest profit contributor, with a gross profit margin of 45.7% in Q3 2025, surpassing the copper segment [2][25]. - The company is focused on continuous exploration and resource expansion, alongside strategic acquisitions to enhance production capabilities [3]. Summary by Sections 1. Event - The company released its Q3 2025 report, showing a revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.864 billion yuan, up 55.45% year-on-year [1][8]. 2. Revenue and Profit Growth - In Q3 2025, the company reported a revenue of 86.489 billion yuan, an 8.1% increase year-on-year, and a net profit of 14.572 billion yuan, reflecting a 57.1% year-on-year growth [1][2]. 3. Profitability Breakdown - The gross profit margin for the company increased to 24.93% in the first three quarters of 2025, driven by rising prices of key metals [23]. - The gold segment's gross profit margin increased significantly, contributing to the overall profit growth [25]. 4. Cost and Expenses - The company experienced a 5.35 billion yuan increase in operating expenses in Q3 2025, with total expenses reaching 38.51 billion yuan [35]. 5. Non-Recurring Profits - Non-recurring profits increased by 6.91 billion yuan in Q3 2025, primarily due to fair value changes and asset disposals [45][51]. 6. Cash Flow - The company reported a net cash inflow from operating activities of 23.278 billion yuan in Q3 2025, indicating strong cash flow generation [58]. 7. Project Progress - The company successfully spun off its subsidiary, Zijin Gold International, which listed on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD [15].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 （股份代號：274） （於開曼群島註冊成立之有限公司） 補充公告 復牌之季度更新 及 繼續暫停買賣 本公告乃由復興亞洲絲路集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」）根據香港聯 合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09條及香港法例第571章證券及期 貨條例（「證券及期貨條例」）第XIVA部而作出。 茲提述本公司日期為2025年7月2日、2025年8月7日、2025年8月28日及2025年9月24日的公告（「延 遲公告」），內容有關（其中包括）延遲刊發2024/25年年度業績、本公司日期為2025年10月5日的公 告（「指引公告」）以及本公司日期為2025年10月8日的公告（「季度更新公告」）。除另有所指外，本 公告所用詞彙與延遲公告、指引公告及季度更新公告所界定者具有相同涵義。 – 1 – 本公司謹此提供有關本公司審核進度的更多資料如下： 經就本公司的上述策略 ...

Core Insights - The continuous surge in gold prices is unexpectedly benefiting emerging markets and boosting investor confidence in gold-producing and purchasing countries [1] - South Africa is poised for its best annual performance in two decades, with mining companies like Sibanye Stillwater, AngloGold Ashanti, and Gold Fields seeing their stock prices triple [1] - Emerging market fund managers are optimistic due to a 60% bull market in gold this year, which is enhancing wealth effects for both producing and purchasing countries [1] Group 1 - South Africa's stock market has seen a rise of over 30% this year, with the rand nearing a one-year high and 10-year government bond yields recently dropping below 9% for the first time in seven years [4] - The inflation slowdown has allowed the South African central bank to cut interest rates, further boosting market sentiment [4] - The current situation marks a dramatic turnaround for South Africa, which has struggled with political turmoil and power shortages affecting economic growth [4] Group 2 - Ghana is also benefiting from rising gold prices, with the cedi appreciating approximately 38% this year, the highest increase globally [7] - Investors are closely monitoring countries like Poland, Turkey, and Kazakhstan, which are increasing their gold reserves [7] - Despite the positive trend, it is cautioned that the impact of price changes should not be misinterpreted as a source of credit strength [7] Group 3 - Goldman Sachs has significantly raised its forecast for spot gold prices for December 2026 from $4,300 to $4,900 per ounce [8] - Bank of America strategists predict that gold prices could reach $6,000 by next spring [8] - A low allocation of gold assets in global investment portfolios indicates that the market for structural bullish positioning in gold is not crowded [8]