Core Viewpoint - Shandong Gold (01787) is experiencing significant volatility due to fluctuations in international gold prices, with current technical indicators suggesting a strong medium-term trend but potential short-term pullback risks [1]. Technical Analysis - The stock price of Shandong Gold is currently at 38.36 HKD, having broken above the 10-day moving average, significantly higher than the 30-day moving average of 30.99 HKD and the 60-day moving average of 28.93 HKD, indicating a bullish medium-term trend [1]. - The Relative Strength Index (RSI) has reached 77, and other indicators such as the Williams and Stochastic indicators show overbought conditions, suggesting a possible price correction [1]. - Despite the overbought signals, the Bull-Bear Power indicator and MACD still maintain buy signals, indicating a fierce battle between bulls and bears [1]. Support and Resistance Levels - Key resistance levels are identified at 40.6 HKD and 43.1 HKD, while support levels are at 33.4 HKD and 30.6 HKD, with an initial support level at 34.4 HKD [1]. - If the stock price falls below 34.4 HKD, it may test the 30.6 HKD level [1]. - The stock has shown a 14% volatility over five days, indicating active market participation but also increased risk [1]. Market Performance - Recent performance in the warrant market shows that a call warrant recommended on September 17 achieved an 11% return within two days, driven by a 3.18% increase in the underlying stock [3]. - Investors continue to show interest in gold's hedging properties amid market volatility [3]. Warrant Products - Investors are advised to consider specific warrant products: - Call warrant (20782) with a leverage of 1.8 times and an exercise price of 45.678 HKD, which has favorable leverage and implied volatility [5]. - Bank of China call warrant (20315) offers 3.6 times leverage with an exercise price of 45.8 HKD, suitable for conservative investors due to its low implied volatility [5]. - Given the high volatility of gold stocks, strict position control and clear stop-loss points are recommended for investors [5].

Core Insights - The report highlights that spot gold prices have reached new highs, indicating a strong demand for gold as a safe-haven asset amid economic uncertainties [1] Group 1: Market Trends - Spot gold prices have increased significantly, reflecting a rise of approximately 1.5% in the last week alone [1] - The ongoing geopolitical tensions and inflation concerns are driving investors towards gold, further pushing prices upward [1] Group 2: Economic Indicators - The report notes that the U.S. dollar's weakness has contributed to the rise in gold prices, as a weaker dollar makes gold cheaper for foreign investors [1] - Additionally, the report mentions that central banks around the world are increasing their gold reserves, which is a bullish indicator for the gold market [1]

Group 1: Market Overview - The Hang Seng Index closed at 26,344 points, with short-term technical signals indicating a "buy" but not a "strong buy" [1] - Resistance levels are identified at 26,840 points and 27,500 points, while support levels are at 25,700 points and 25,000 points [1] - Investors are advised to consider the premium levels of products, as high premiums can affect purchase prices [1] Group 2: Company Analysis - Sunny Optical Technology (02382.HK) - Sunny Optical's stock rose to a high of 87.7 HKD, closing at 87 HKD, breaking through the upper Bollinger Band [3] - Current technical signals suggest a "sell" with slight bearish sentiment, and the first resistance level is at 91.2 HKD [3] - Investors are encouraged to compare options with a 2%-3% out-of-the-money range for better leverage [3] Group 3: Company Analysis - Shandong Gold (01787.HK) - Shandong Gold's stock closed at 38.26 HKD, showing significant gains over the past two days [6] - Current technical signals indicate a "sell," with resistance levels at 40.6 HKD and 43.1 HKD, and support levels at 33.4 HKD and 30.6 HKD [6] Group 4: Company Analysis - SMIC (00981.HK) - SMIC's stock reached a high of 74.05 HKD, with current technical signals summarizing as "sell" [9] - Support levels are noted at 64.7 HKD and 58.6 HKD, with a recommendation for safer options around 58-59 HKD [9] Group 5: Company Analysis - WuXi Biologics (02269.HK) - WuXi Biologics' stock peaked at 40.2 HKD, closing at 40.08 HKD, with short-term technical signals indicating a "sell" [12] - Resistance levels are at 42.1 HKD and 43.8 HKD, while support levels are at 36.8 HKD and 33.6 HKD [12] Group 6: Company Analysis - Lenovo Group (00992.HK) - Lenovo's stock closed at 12.2 HKD, with technical signals summarizing as "sell" and short-term outlook being pessimistic [15] - Resistance levels are at 12.6 HKD and 13.4 HKD, with support levels at 11.5 HKD and 11 HKD [15]

Core Viewpoint - The stock price of Zhaojin Mining (01818) showed strong performance, reaching HKD 25.82 with a daily increase of 4.42%, indicating growing market interest in gold-related assets [1] Technical Analysis - Current support levels for Zhaojin Mining are at HKD 22.3 (Support 1) and HKD 21.1 (Support 2), while the upper resistance level has been broken at HKD 25.4 (Resistance 1), with a potential challenge of HKD 26.4 (Resistance 2) [3] - The stock price has surpassed the 10-day, 30-day, and 60-day moving averages (HKD 22.16, HKD 21.47, and HKD 20.99 respectively), indicating a bullish trend [3] - The Relative Strength Index (RSI) is currently at 69, nearing the overbought zone, suggesting potential short-term technical adjustment pressure [3] - Other oscillators, such as the Williams and Stochastic indicators, also indicate an overbought condition, prompting caution regarding possible pullback risks [3] Product Review - Recent performance of Zhaojin Mining's related warrants has been notable, with the JPMorgan call warrant (27406) and UBS call warrant (27337) recording increases of 20% and 22% respectively within two days, while the underlying stock rose by 6.26% [3] - Investors are advised to consider call warrants with moderate out-of-the-money levels and higher leverage ratios, such as Citibank call warrant (19603) with a strike price of HKD 32.38 and leverage of 3.4x, and JPMorgan call warrant (16322) with a strike price of HKD 30.93 and leverage of 4.77x [6]

Core Viewpoint - The gold stock sector, particularly Zijin Mining (02899.HK), has become a focal point for capital as commodity prices stabilize globally, with the stock showing strong upward momentum since late June [1]. Technical Analysis - Zijin Mining has entered a strong upward channel with clear short to medium-term buy signals, making it one of the most attractive stocks in the gold resource sector for technical deployment [1]. - As of July 4, 2025, Zijin Mining's stock price was 21 HKD, down 1.18%, with a five-day volatility of 10.2%, indicating active capital inflow and strong buying interest [1]. - The stock price has stabilized above all major moving averages, with MA10 at 19.82 HKD, MA30 at 19 HKD, and MA60 at 18 HKD, forming a typical bullish arrangement that supports the short to medium-term upward trend [1]. - Technical summary signals indicate a "strong buy" with a signal strength of 16, suggesting a consensus among major indicators leaning towards bullish [6]. Market Performance - On June 30, Zijin Mining's stock price rose by 5.99%, and related call warrant products performed exceptionally well, with JPMorgan's call warrant 13311 and UBS's call warrant 15682 achieving a 29% increase within two trading days, demonstrating nearly five times leverage [1]. - The high consistency in performance among similar call warrant products reflects a trend where similar terms lead to converging movements in a bullish market environment, providing investors with diversified product options [1]. Momentum Indicators - The RSI currently stands at 74, indicating an overbought condition, but no significant signs of a pullback have emerged, suggesting that the strong trend continues [3]. - The MACD shows a continuous upward trend without negative divergence, indicating substantial buying support [3]. - Multiple support levels are identified at 20 HKD and 18.7 HKD, while the short-term resistance level is at 22.1 HKD; a breakthrough at this level could lead to challenges at higher resistance levels of 22.8 HKD or beyond [3]. Trading Strategy - If the stock price retraces to around 20 HKD without breaking below, it could be seen as an ideal entry opportunity [6]. - The first target price for a short to medium-term strategy is set at 22.1 HKD, with a potential upward movement towards 22.8 HKD if the resistance is breached [6]. - For those optimistic about Zijin Mining's performance, considering call warrants such as those issued by Bank of China (16128 and 16925) could be beneficial, with exercise prices of 21.88 HKD and 25.33 HKD, and leverage ratios of 3.4 and 4.9 respectively [6].

Market Overview - The Hong Kong stock market is expected to fluctuate within the range of 23,000 to 24,000 points due to a series of financial policies introduced in mainland China to stabilize the market and expectations, including reserve requirement ratio cuts and interest rate reductions [1] - The U.S. and China have agreed to lower tariffs, with the U.S. reducing tariffs on Chinese imports from 145% to 30%, and China reducing tariffs on U.S. imports from 125% to 10% for a 90-day period [1] Sector Outlook - Gold mining stocks are favored in the short term due to geopolitical tensions and central banks continuing to increase their gold holdings [2] Corporate News - Alibaba (9988) has integrated its food delivery platform Ele.me and travel platform Fliggy into its e-commerce business group, aiming for a strategic upgrade towards a comprehensive consumer platform [3][12] - Meituan (3690) is expanding its instant retail business, enhancing its supply chain digitalization capabilities and aiming to cover all first and second-tier cities [3][12] - BYD (1211) is reported to be providing rebates to dealers, with the scale expected to exceed 1 billion RMB [3] - China Hongqiao (1378) anticipates a 35% increase in net profit for the first half of the year due to product price increases [3] Economic Indicators - The U.S. Federal Reserve maintained interest rates, with expectations of two rate cuts totaling 0.5% in 2025, while the inflation outlook remains uncertain [4] - China's land sales revenue fell to 194.1 billion RMB in May, the lowest in a decade, indicating ongoing weakness in the real estate market [10] - The Ministry of Industry and Information Technology of China aims to increase gold resource volume by 5%-10% and silver production by over 5% by 2027 [10] IPO and Investment Climate - Hong Kong's IPO fundraising is expected to reach nearly 80 billion HKD this year, placing it among the top globally [11] - The Hong Kong Monetary Authority is preparing for potential interest rate increases as the Hong Kong dollar approaches its weak end of the trading band [10]