Core Viewpoint - Zijin Mining Group plans to spin off its subsidiary Zijin Mining International Limited for an independent listing on the Hong Kong Stock Exchange, with the IPO process potentially starting in mid-September 2023 [1][3]. Group 1: Company Overview - Zijin Mining has improved its global ranking, moving from 267th to 251st in the Forbes 2025 Global 2000 list, and has maintained its position as the world's leading gold mining company [3]. - The company reported a total revenue of 167.71 billion yuan (approximately 24.1 billion USD) for the first half of 2025, representing a year-on-year growth of 11.5%, and a net profit of 23.29 billion yuan (approximately 3.4 billion USD), which is a significant increase of 54.41% year-on-year [3]. Group 2: Asset and Production Details - Zijin Mining International will consolidate eight top-tier gold mines globally, including assets in Colombia, Suriname, Australia, Tajikistan, Kyrgyzstan, Guyana, Ghana, and Papua New Guinea, establishing a strong operational capacity and stable cash flow [3][4]. - The total gold resource of Zijin Mining International is projected to be 1,796.5 tons (57.73 million ounces) with reserves of 856 tons (27.53 million ounces), ranking among the top globally [4]. Group 3: IPO Details - The IPO is backed by leading investment banks Morgan Stanley and CITIC Securities, with the fundraising target increased from 2 billion USD to at least 3 billion USD (approximately 23.4 billion HKD), a 50% increase [5][6]. - The proceeds from the IPO will be used for repaying transitional loans for the acquisition of the Raygorodok gold mine in Kazakhstan, upgrading existing mines, exploration activities over the next five years, and general corporate purposes [6]. Group 4: Market Context - The current market environment is favorable for gold asset IPOs, with COMEX gold futures prices reaching new highs, surpassing 3,600 USD per ounce, and a year-to-date increase of over 30% [6]. - The financial performance of Zijin Mining International shows a revenue growth from 1.82 billion USD in 2022 to 2.99 billion USD in 2024, with a compound annual growth rate of 28.2%, and net profit growth from 180 million USD to 480 million USD, with a compound annual growth rate of 61.9% [7].

Market Overview - The Hong Kong stock market saw all three major indices rise, with the Hang Seng Index up 1.43% to 25,417.98 points, the Hang Seng China Enterprises Index up 1.34%, and the Hang Seng Tech Index up 1.95% [1][2]. Technology Sector - Major technology stocks collectively rose, with Kuaishou up over 4%, Tencent Holdings up over 2%, and JD Group, Meituan, Alibaba, NetEase, and Baidu all rising over 1% [2][3]. Wind Power Sector - Wind power stocks led the gains, with Goldwind Technology surging over 18%. Other companies like Longyuan Power, Datang Renewable, and New天绿色能源 also saw increases [5][6]. Semiconductor Sector - Semiconductor and chip stocks strengthened, with Horizon Robotics rising over 9%. Other notable gainers included China National Semiconductor and Huahong Semiconductor [6][7]. Gold Sector - Gold stocks experienced an uptick, with Tongguan Gold rising nearly 6%. Other companies like Shandong Gold and Zijin Mining also saw gains [8][9]. Lithium Battery Sector - The lithium battery sector was active, with Zhongchuang Innovation rising over 18%. Other companies like Tianqi Lithium and Ningde Times also reported increases [10][11]. Pharmaceutical Outsourcing Sector - The pharmaceutical outsourcing sector rebounded, with Zhaoyan New Drug rising nearly 9%. Other companies like Kanglong Huacheng and Tigermed also saw gains [12][13]. Solar Energy Sector - Solar energy stocks surged, with GCL-Poly Energy rising over 26%. Other companies like Sunshine Power and New Special Energy also reported significant increases [14][15]. Agricultural Products Sector - The agricultural products sector declined, with Hualian International dropping nearly 30%. Other companies in the sector also experienced declines [16][17]. Company Performance - Ark Health recently reported a revenue of 1.494 billion, a year-on-year increase of 12.9%, and a net profit turnaround to 12.5 million [21].

Group 1 - The friendly relationship between Zimbabwe and China has shown significant development across various fields, with China playing a crucial role in Zimbabwe's economic growth through trade and investment [1][3] - The bilateral exchanges and cooperation between the two countries have deepened, with over 100,000 Chinese living and working in Zimbabwe, and more than 4,000 Zimbabwean students studying in China annually [2] - China's investment has contributed to a 6% economic growth in Zimbabwe, leading to an upward revision of the GDP growth target from $160 billion in 2017 to $470 billion by 2025 [3] Group 2 - In the mining sector, cooperation has been effective, with Chinese technology and skills aiding the recovery of small and medium-sized enterprises in gold mining, which now account for 70% of Zimbabwe's total gold production, increasing from 3 tons to over 30 tons [4] - The collaboration in practical skills training is advancing, particularly in mining, processing, and refining, with Chinese experts training thousands of Zimbabwean craftsmen [4] - The establishment of the Qing Shan Ding Sen Steel Plant in Zimbabwe marks a significant transformation in the steel manufacturing industry, with an annual production of 600,000 tons of steel meeting international standards starting from 2024 [4]

Core Viewpoint - The strong performance of Western Gold is attributed to rising international gold prices, significant resource expansion through acquisitions, and increased market interest in gold as a safe-haven asset [1][2]. Group 1: Stock Performance - Western Gold's stock closed at 29.82 yuan, with a daily increase of 10.00% and a trading volume of 1.722 billion yuan [1]. - Since September 1, the stock has seen a remarkable increase of 49.70% over just five trading days, reaching a new high of 29.82 yuan [1]. Group 2: Market Drivers - The primary drivers for the stock's performance include the continuous rise in international gold prices, which have reached historical highs, benefiting gold mining companies like Western Gold [1]. - The company is expected to significantly expand its resource reserves through the acquisition of Xinjiang Meisheng, which includes 78.7 tons of gold resources, leading to a substantial increase in gold reserves [2]. - The rising risk aversion in the market has renewed interest in gold as a traditional safe-haven asset, resulting in increased capital inflow into the gold sector [1]. Group 3: Corporate Developments - Western Gold is advancing a major asset restructuring plan, proposing a cash acquisition of 100% of Xinjiang Meisheng for 1.655 billion yuan, which is expected to enhance the company's resource reserves significantly [2]. - The company plans to produce an estimated 3.3 tons of gold annually post-acquisition, further strengthening its market position [2]. - A deep report from Minsheng Securities has been released, providing a recommendation rating that bolsters market confidence in the company [2].

Core Viewpoint - Long Resources (01712) experienced a significant stock price increase of over 15%, reaching a rise of 18.43% to HKD 6.49, with a trading volume of HKD 44.4593 million [1] Company Performance - Long Resources reported a 2025 first-half performance with customer revenue of AUD 54.46 million, representing a year-on-year increase of 77.52% [1] - The net profit for the period was AUD 12.692 million, showing a substantial year-on-year growth of 543.94% [1] - Basic and diluted earnings per share were 8.03 Australian cents [1] Contributing Factors - The increase in profit was primarily attributed to higher gold grades and recovery rates, leading to the production of 13,475 ounces of gold at the Vammala plant during the period [1] - The average gold price increased during the period, contributing positively to revenue [1] - Processing fees from nearby operator Botnia Exploration AB's gold-bearing ore also provided a significant contribution [1] Industry Outlook - State Street Global Advisors indicated that gold has continued to perform strongly this year, outpacing other dollar-denominated asset classes [1] - If gold prices maintain their recent upward trend post the September Federal Reserve meeting, the probability of a long-term optimistic scenario (USD 3,500-3,900) is expected to rise from 30% to 40% in October [1] - The firm maintains a bottom price for gold in the basic scenario at USD 3,100 and sees a high likelihood of an additional USD 500 increase in gold prices over the next 6-12 months [1]

Group 1 - Tether is negotiating investments in gold mining, aiming to channel its substantial cryptocurrency profits into the gold market [1][2] - Tether's CEO, Paolo Ardoino, compares gold to "natural Bitcoin," emphasizing the similarities between gold and Bitcoin as stores of value [1] - Tether has accumulated $8.7 billion worth of gold bars in Zurich as collateral for its stablecoin, USDT, which has a market cap of $168 billion [2] Group 2 - Tether Investments acquired a minority stake in Elemental Altus for $105 million and is exploring further royalty transactions [2] - Tether is also in discussions with Terranova Resources regarding gold mining investments, although no deal has been reached [2] - Other companies, like Blue Gold, are attempting to bridge the gap between digital currencies and gold by launching gold-backed digital tokens [3]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - The US labor market is cooling, increasing the probability of a Fed rate cut in September. The domestic stock market is in a short - term shock adjustment phase, and the stock - bond seesaw effect continues to fail [2]. - For precious metals, short - term chasing of gold and silver is not recommended, but the medium - to - long - term outlook is positive. The market is focused on the US non - farm payrolls report [3][4][5]. - Copper prices are expected to enter a high - level shock in the short term due to the hawkish stance of some officials and the potential for a tight balance in supply and demand [6][7]. - Aluminum prices are oscillating as the market awaits the non - farm payrolls report to confirm the Fed's rate - cut decision, and the supply and demand situation is also in a state of change [8][9]. - Alumina prices are expected to continue to oscillate weakly due to a bearish supply - demand outlook [10][11]. - Zinc prices are testing integer support as inventory accumulation continues to suppress prices, but there is also some support from downstream point - pricing [12]. - Lead prices are in a narrow - range oscillation as the supply - demand weakness remains unbroken [13]. - Tin prices are in a technical adjustment, but there is strong support on the supply side and potential for consumption improvement [14][15]. - Lithium carbonate prices are oscillating, and the market is watching the support strength of the 60 - day moving average [16]. - Nickel prices are oscillating as the market awaits non - farm data, and there are potential disturbances in Indonesia [17][18]. - Crude oil prices are oscillating due to a combination of bullish and bearish factors [19][20]. - Steel prices are in an oscillating trend as supply and demand data both decline, and the market is concerned about the resumption of supply after the blast furnace restarts [21]. - Iron ore prices are expected to oscillate and rebound in the short term as the supply - demand situation improves marginally, but there is strong resistance in the medium term [22]. - Soybean and rapeseed meal prices are mainly oscillating. The drought area of US soybeans is expanding, and the market is waiting for further reports [23][24]. - Palm oil prices are expected to oscillate and adjust as the August production in Malaysia increased slightly and the market is waiting for the MPOB report [25]. 3. Summary by Related Catalogs Macro - Overseas: The US 8 - month ISM services PMI reached a six - month high, but employment contracted for three consecutive months. The ADP employment increase was only 54,000 in August, and the probability of a rate cut in September rose to 99%. The US 8 - month non - farm payrolls report is to be released [2]. - Domestic: The A - share market continued to decline, and the stock market is expected to enter a short - term shock adjustment phase. The stock - bond seesaw effect failed, and the bond market was still cautious [2]. Precious Metals - COMEX gold futures fell 0.91% to $3602.40 per ounce, and COMEX silver futures fell 1.77% to $41.32 per ounce on Thursday. The decline was due to some investors taking profits. The weak US employment data strengthened the Fed's rate - cut expectation [3]. Copper - On Thursday, the Shanghai copper main contract fell slightly from a high, and the London copper faced resistance at the $10,000 mark. The spot market trading was cold. An eagle - eyed official opposed a rate cut this month. The overseas mine supply shortage persists, and domestic refined copper production may decline in September, with supply - demand potentially turning to a tight balance [6][7]. Aluminum - On Thursday, the Shanghai aluminum main contract closed at 20,605 yuan per ton, down 0.77%. The LME aluminum closed at $2590 per ton, down 0.92%. The electrolytic aluminum inventory increased slightly, and the market is waiting for the non - farm payrolls report to confirm the Fed's rate - cut decision [8]. Alumina - On Thursday, the alumina futures main contract closed at 2980 yuan per ton, down 1.46%. The supply is abundant, and the demand is stable, with the market having a weak expectation for future supply - demand balance [11]. Zinc - On Thursday, the Shanghai zinc main contract ZN2510 had a bottom - fishing rebound during the day and a low - level oscillation at night. The inventory continued to increase, suppressing zinc prices, but there was also support from downstream point - pricing [12]. Lead - On Thursday, the Shanghai lead main contract PB2510 oscillated in a narrow range during the day and opened high and closed low at night. The supply - demand weakness remained, and lead prices oscillated in a narrow range [13]. Tin - On Thursday, the Shanghai tin main contract SN2510 dived during the day and the center of gravity moved down slightly at night. There is strong support on the supply side, and tin prices are in a technical adjustment with limited downside space [14][15]. Lithium Carbonate - On Thursday, lithium carbonate oscillated slightly stronger, but the spot price weakened. The supply of lithium ore is still abundant, and the market is watching the support strength of the 60 - day moving average [16]. Nickel - On Thursday, nickel prices oscillated weakly. The labor market data in the US declined significantly, and the Fed's third - in - command reiterated the rate - cut expectation in September. The supply expectation is rising, and the market is waiting for non - farm data [17][18]. Crude Oil - On Thursday, crude oil prices oscillated. The EIA crude oil inventory increased significantly, and the market is waiting for the OPEC+ meeting. Geopolitical events may still cause disturbances [19][20]. Steel (Screw and Coil) - On Thursday, steel futures oscillated. Affected by the parade, supply and demand data both declined, and inventory increased. The market is concerned about the supply recovery pressure after the blast furnace restarts [21]. Iron Ore - On Thursday, iron ore futures oscillated and rebounded. The spot trading volume increased, and the supply - demand situation improved marginally in the short term, but there is strong resistance in the medium term due to weak terminal demand [22]. Bean and Rapeseed Meal - On Thursday, the soybean meal 01 contract fell 0.29%, and the rapeseed meal 01 contract rose 0.2%. The drought area of US soybeans expanded, and the StoneX institution lowered the US soybean yield forecast. The market is waiting for further reports [23][24]. Palm Oil - On Thursday, the palm oil 01 contract fell 0.21%. The MPOA data showed that the palm oil production in Malaysia increased slightly in August. The market is waiting for the MPOB report, and palm oil prices are expected to oscillate and adjust [25].

Core Points - The relationship between Zimbabwe and China is experiencing positive development across various fields, with significant contributions to Zimbabwe's economic growth from Chinese investments [1] - The historical context of Zimbabwe-China relations highlights a long-standing friendship that has evolved into a comprehensive strategic partnership [1] Economic and Trade Cooperation - Chinese investments have facilitated a 6% economic growth in Zimbabwe, leading to an increase in the GDP growth target from $160 billion in 2017 to $470 billion by 2025 [3] - The cooperation has spurred investments in critical infrastructure sectors such as water supply, energy, ports, railways, and roads, enhancing Zimbabwe's connectivity to domestic, regional, and global markets [3] - Chinese brands dominate the public bus and transport truck market in Zimbabwe, reflecting the recognition of Chinese companies in infrastructure development [3] Mining Sector Collaboration - The mining sector has seen fruitful collaboration, particularly in gold mining, where small and medium enterprises now account for 70% of Zimbabwe's total gold production, increasing from 3 tons to over 30 tons [4] - The revival of the gold mining industry has positively impacted the value of Zimbabwe's new currency, ZiG [4] - Practical skills training in mining and metallurgy is being advanced through cooperation, with numerous Chinese experts training thousands of Zimbabwean craftsmen [4] - The establishment of the Qing Shan Ding Sen Steel Plant in partnership with China is set to transform Zimbabwe's steel manufacturing industry, with an annual production of 600,000 tons of internationally compliant steel starting in 2024 [4]

扎指出，3年前的8月23日，库姆托尔金矿回归国有，成为吉复兴时期的重大事件。库姆托尔金矿正 式启动黄金地采工作，对保护环境和冰川具有重大意义。扎强调，在维持露天开采的同时将优先发展地 下开采，库姆托尔金矿未来40-50年将继续为国家、人民创造福祉。 据吉尔吉斯斯坦经济学人网8月27日报道，8月27日，吉总统扎帕罗夫在伊塞克湖州考察期间，宣布 启动库姆托尔黄金公司的金矿地下开采项目。 （原标题：库姆托尔金矿启动地下开采项目） ...

Group 1 - Zijin Mining, China's largest gold mining company, is planning to list its overseas gold business, Zijin Gold International, in Hong Kong with a potential fundraising target exceeding $3 billion [1] - If successful, Zijin Gold International's IPO could become the second-largest global IPO of the year, following CATL's $5.3 billion listing in May [1] - The IPO is expected to attract strong investor interest due to gold prices hovering near historical highs, with discussions ongoing regarding the final fundraising amount and timing [1][2] Group 2 - The current strong performance of the gold market, driven by central bank purchases and expectations of interest rate cuts, has led to gold prices surpassing $3,500 [2] - Major financial institutions, including Goldman Sachs, predict continued increases in gold prices, with potential peaks near $5,000 if the Federal Reserve's credibility is compromised [2] - Other gold companies have also seen positive market performance, with shares of Laopu Gold reaching new highs and Chifeng Gold's stock increasing over 60% year-to-date [2] Group 3 - Zijin Mining produced 73 tons of gold last year, with 60% of that coming from overseas projects, and aims to increase production to 100-110 tons by 2028 [5] - As of December 31, 2024, Zijin Mining ranks ninth globally in gold reserves and eleventh in gold production [5] - Zijin Gold International holds interests in eight gold mines across resource-rich regions, including Tajikistan, Australia, Guyana, and Africa [5]