Core Viewpoint - Ghana is set to implement a blockchain-based gold tracking system by the end of 2026 to combat illegal mining and ensure supply chain transparency [1] Group 1: Blockchain Implementation - The new system will document the legality and sustainability of each gram of gold [1] - Compliance audits will be conducted to prevent licensed mines from being used as fronts for illegal activities [1] Group 2: Legislative Background - The initiative is a requirement of the Ghana Gold Board Act aimed at curbing smuggling and fighting money laundering [1] Group 3: Economic Impact - Artisanal and small-scale mining has become a pillar of Ghana's economy, contributing approximately 53% of the country's gold exports in 2025 [1] - The introduction of the new system aims to guide this economic driver towards a more sustainable, compliant, and environmentally friendly future [1] - Ghana aspires to become a leader in global transparent mineral governance through this initiative [1]

【导读】中国黄金集团香港有限公司原党委书记、总经理童军虎被开除党籍 最新反腐通报来了！ 11月25日，金华市纪委监委官网通报：中国黄金（600916）集团香港有限公司原党委书记、总经理童军虎被开除党籍。 依据《中国共产党纪律处分条例》《中华人民共和国监察法》等有关规定，经中国黄金集团有限公司党委研究，决定给予童军虎开除党籍处分；按规定取 消其享受的待遇；收缴其违纪违法所得；金华市监委将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送。 日前，中国黄金集团有限公司纪委、浙江省金华市监委对中国黄金集团香港有限公司原党委书记、总经理童军虎涉嫌严重违纪违法问题进行了纪律审查和 监察调查。 经查，童军虎存在以下问题： ●身为党员领导干部，丧失理想信念，背弃初心使命，无视中央八项规定精神，违规收受可能影响公正执行公务的礼品，违规接受管理服务对象宴请； ●违反组织原则，利用职权在职工录用工作中为亲属谋取利益； ●廉洁底线失守，违规经商办企业，违规兼职取酬； 公开信息显示，童军虎出生于1963年，研究生学历，教授级高级工程师，澳大利亚采矿和冶金学会授权会员。2009年7月至2018年10月，童军虎曾在中金 黄金（60 ...

【导读】中国黄金集团香港有限公司原党委书记、总经理童军虎被开除党籍 中国基金报记者 晨曦 最新反腐通报来了！ 11 月 25 日，金华市纪委监委官网通报：中国黄金集团香港有限公司原党委书记、总经理童 军虎被开除党籍。 日前，中国黄金集团有限公司纪委、浙江省金华市监委对中国黄金集团香港有限公司原党委 书记、总经理童军虎涉嫌严重违纪违法问题进行了纪律审查和监察调查。 经查，童军虎存在以下问题： ● 廉洁底线失守，违规经商办企业，违规兼职取酬； ● 以权谋私，在中国黄金集团公司开展海外并购项目过程中，利用职务便利，为他人谋取利 益，非法收受巨额财物。 通报指出，童军虎严重违反党的组织纪律、廉洁纪律，构成严重职务违法并涉嫌受贿犯罪， 且在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。 依据《中国共产党纪律处分条例》《中华人民共和国监察法》等有关规定，经中国黄金集团 有限公司党委研究，决定给予童军虎开除党籍处分；按规定取消其享受的待遇；收缴其违纪 违法所得；金华市监委将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送。 公开信息显示，童军虎出生于 1963 年，研究生学历，教授级高级工程师，澳大 ...

2025 年 11 月 25 日投资者关系活动记录表 | | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 活动参与人 | 中信证券、中信自营、招银理财、中庚基金、丹羿投资、北京金阳矿业、华源 | | | 员 | 证券 | | | 时间 | 2025 年 11 月 25 日 | 15:00-16:50 | | 地点 | 上市公司会议室 | | | | 董事长：翁占斌 | | | 上市公司接 | 董事、总经理：汤磊 | | | 待人员姓名 | 财务总监：杨丽敏 | | | | 副总经理、董事会秘书：孙铁明 | | | | 党支部副书记：王怀斌 | | | | 交流主要内容如下： | | | 投资者关系 活动主要内 | 1.瓦图科拉金矿的排水情况？之前长期水淹是否影响作业面？ | | | 容 介 绍 | 回复：瓦图科拉金矿随着泵房等相关设备陆续得到更新与改造，排水能力得到 | | | | 了一 ...

Core Viewpoint - The successful completion and production commencement of the Caogoutou mining project by Zhaojin Mining (01818) marks a significant turning point for the company, transitioning from the construction phase to production phase, and is a key milestone in the company's "14th Five-Year Plan" for substantial growth [1] Group 1: Project Details - The Caogoutou mining area is rich in resources with an average grade of nearly 4g/t, serving as the main mining area for Jin Ting Ling Mining's stable development over the next decade [1] - The project was completed 40 days ahead of schedule, with an annual production capacity of 1 ton of gold once fully operational [1] Group 2: Strategic Importance - The "14th Five-Year Plan" is focused on doubling production, with resource accumulation being the core support for this strategy [1] - The company is intensifying exploration and resource accumulation efforts both domestically and internationally, revealing multiple significant resource accumulation benefits [1] - The completion of the Caogoutou mining area is expected to accelerate the rollout of key projects, with over ten projects anticipated to be completed and operational within the next 2-3 years, laying a solid foundation for the company to achieve over 50 tons of self-produced gold by the end of the "14th Five-Year Plan" [1]

Core Viewpoint - Harmony Gold has approved an investment of $1.55 to $1.75 billion for the development of its copper mining project in Australia, diversifying its operations amid rising gold mining costs in South Africa [1] Group 1: Investment and Project Details - The investment will be implemented in phases over three years, funded by internal cash flow and capital-efficient debt instruments [1] - The Eva copper project, acquired in 2022, is expected to produce approximately 65,000 tons of copper concentrate annually in the first five years, averaging 60,000 tons of copper and 19,000 ounces of gold per year over a 15-year lifespan [1] Group 2: Market Outlook and Production Expectations - Production is anticipated to commence in the second half of 2028, coinciding with a projected supply gap in copper, which is expected to support rising copper prices [1] - The CEO stated that combined production from the recently acquired MAC Copper project and the Eva copper project is expected to reach around 100,000 tons of copper annually [1] Group 3: Strategic Rationale - The project is positioned to benefit from strong copper fundamentals and the current robust gold price, presenting significant upside potential [1] - The long-term outlook for copper and gold is positive, with the Eva copper project expected to generate strong cash flow and substantial profits while reducing overall risk [1]

东方证券最新研报指出，阿里通过千问APP加大AI应用布局力度，看好AI应用布局完善后阿里的全栈AI 优势强化，且千问APP可与集团其他生活服务双向赋能，实现流量共享与收入提速，看好千问APP在阿 里业务内的多方向增长潜力。东方证券维持上次估值及目标价206.11港元，维持"买入"评级。 招商证券（香港）则认为，千问APP的发布，彰显阿里C端AI原生应用的野心。阿里作为全栈AI提供商 的领导地位再获确认，持续创新驱动盈利加速与估值回升。重申中国互联网板块首选标的，维持阿里巴 巴美股目标价204美元。 今天，港股市场的最大看点来自阿里巴巴（HK09988），在前期累计跌幅近20%之后，阿里今日最大涨 幅一度接近6%，最终收涨4.67%。 今日（11月24日），港股市场终于迎来强势反弹。 截至收盘，恒生指数报收于25716.50点，上涨496.48点，涨幅1.97%。 打开百度APP畅享高清图片 恒生科技指数报收于5545.56点，上涨150.07点，涨幅2.78%。 消息面，有报道称阿里旗下的AI助手千问App公测一周，下载量已突破1000万次，超越ChatGPT、 Sora、DeepSeek等，成为史上增长最快 ...

Market Performance - The Hong Kong stock market saw significant gains on November 24, with the Hang Seng Index rising by 1.97% to 25,716.5 points, the Hang Seng Tech Index increasing by 2.78% to 5,545.56 points, and the National Enterprises Index up by 1.79% to 9,079.42 points [1] - Major technology stocks performed well, with Alibaba up 4.67%, Tencent Holdings up 2.38%, JD Group up 1.9%, Xiaomi up 1.52%, NetEase up 5.87%, Meituan up 2.72%, Kuaishou up 7.11%, and Bilibili up 5.67% [1] - Defense stocks showed strong performance, with China Shipbuilding Industry Corporation rising over 13% [1] - Gold stocks saw a late surge, with Tongguan Gold increasing over 5% [1] - Innovative drug concepts gained traction, with WuXi AppTec rising over 5% [1] - Lithium battery stocks led the decline, with Ganfeng Lithium down over 5%, and semiconductor stocks also fell, with Hua Hong Semiconductor down nearly 5% and SMIC down over 1% [1] Company News - Huya Technology reported Q3 revenue of $532 million, a year-on-year increase of 27.6%, with adjusted EBITDA reaching $47.05 million, up 37.3% [2] - Changjiang Garment announced a mid-term performance report for the six months ending September 30, 2025, with revenue of HKD 85.59 million, a 13.67% increase, but a loss of HKD 53.31 million, widening by 67.8% year-on-year [2] - Maple Leaf Education expects a net profit of no less than RMB 300 million for the fiscal year ending August 31, 2025 [3] - Nanxuan Holdings reported revenue of approximately HKD 2.8305 billion for the six months ending September 30, 2025, a 1.6% increase, with a net profit of HKD 336 million, up 12.7% [3] Corporate Actions - Tencent Holdings repurchased 1.042 million shares for HKD 636 million at prices between HKD 606.5 and HKD 614.5 [8] - Xiaomi Group repurchased 8 million shares for HKD 303 million at prices between HKD 37.64 and HKD 38.04 [8] - China Feihe repurchased 12.3 million shares for HKD 51.4 million at prices between HKD 4.14 and HKD 4.2 [8] - Various companies, including China Petroleum & Chemical Corporation and CNOOC, also engaged in share repurchases, indicating a trend of companies returning capital to shareholders [9][10] Institutional Insights - Guotai Junan noted that the Hong Kong stock market has entered a correction phase due to previous gains and tightening dollar liquidity, but the bull market is expected to continue with inflows of new capital and quality assets [11] - Huatai Securities suggested that the Hong Kong market is entering a phase for positioning, with left-side investors gradually building positions despite increased volatility [12] - CITIC Securities highlighted that the volatility in global risk assets is primarily due to liquidity issues, with concerns about the sustainability of AI infrastructure in North America exacerbating market corrections [12] - Dongwu Securities indicated that while short-term fluctuations are expected, the current positioning in the Hong Kong market is attractive for long-term investments [12]

第一上海此前研报指出，目前全球宏观形式不断变化，央行不断买入推动金价进入了上升通道，公司金 岭矿产量提升潜力巨大，随着产能的不断爬坡，量价齐升将推动利润爆发式增长，今年公司整体利润有 望达到12亿元规模，金岭矿达产后公司整体利润有望达到45亿元水平，公司将成为港股市场上不可多得 的优质黄金矿企。 智通财经APP获悉，万国黄金集团(03939)涨超5%，截至发稿，涨4.62%，报31.7港元，成交额1.07亿港 元。 消息面上，近日，万国黄金集团公告披露了最新的金岭金矿资源储量与开发进展信息。战略股东紫金矿 业已完成金岭金矿扩建项目可行性研究，1000万吨/年扩建方案正式敲定，项目推进确定性全面提升； 经紫金专业勘探核实，矿山黄金资源量从2024年底公告的734万盎司(折合228吨)跃升至367吨，增幅高 达61%。 ...

随着MSCI多个指数成份股调整，相关的指数基金也将随之调仓，新纳入的企业将得到更多的资金配 置；而被剔除的企业将会被相关指数基金被动卖出。资金流向上，根据指数调整的历史经验来看，被动 型资金为了尽可能地减少对于指数的追踪误差，通常会选在最后一天调仓，因此往往也会看到权重变动 较大的个股成交"异常"放大，特别是在尾盘。 全球知名指数公司MSCI此前宣布了2025年11月份指数审核结果，此次调整将于2025年11月24日收盘后 正式生效。在MSCI的系列指数中，涉及A股的包括MSCI中国指数、MSCI中国A股在岸指数以及MSCI 中国全股票指数。其中最值得关注的是MSCI中国指数。MSCI中国指数被嵌套进MSCI新兴市场指数， 因此股票进入MSCI中国指数，便意味着进入了MSCI全球标准指数系列，从而获得被动资金跟踪。 MSCI中国指数本次新增26只标的，包括多只资源股，以及半导体、高端制造等科技类公司。新增个股 包括9只港股：紫金黄金国际(02259)、广发证券(01776)、赣锋锂业(01772)、中国有色矿业(01258)、中 国黄金国际(02099)、荣昌生物(09995)、东风集团(00489)、优必选 ...