Core Viewpoint - Zijin Mining has successfully completed the acquisition of the Raygorodok gold mine in Kazakhstan for $1.2 billion, enhancing its gold mining portfolio to nine mines and supporting its long-term production goals [1][2][6]. Group 1: Acquisition Details - The acquisition price for the RG gold mine was $1.2 billion, approximately 8.6 billion yuan [2][4]. - The transaction was finalized on October 10, 2025, after all conditions were met [4]. - The RG gold mine is expected to produce an average of 6 tons of gold annually from 2023 to 2024, contributing to the company's target of 100-110 tons of gold by 2028 [2][5]. Group 2: Financial Performance - Zijin Mining's net profit for the first half of 2025 exceeded 23 billion yuan, marking a year-on-year increase of over 50% [3][9]. - The company's revenue for the same period reached 167.71 billion yuan, a year-on-year growth of 11.5% [8]. - The gold segment accounted for 49.1% of the company's sales revenue, becoming the largest profit source [8]. Group 3: Market Response - Following the acquisition and the rise in gold prices, Zijin Mining's market capitalization surpassed 830 billion yuan, reflecting a significant increase of approximately 450 billion yuan since the beginning of the year [11]. - The company's stock prices have more than doubled, with A-shares closing at 31.30 yuan and H-shares at 34.24 HKD as of October 13, 2025 [11]. Group 4: Gold Market Context - Global gold prices have surged, with spot gold exceeding $4,000 per ounce and reaching new highs 37 times in 2025 [3][8]. - The increase in gold prices has positively impacted Zijin Mining's operational performance, with both production and sales volumes rising significantly [8][9].

Market Overview - The Hang Seng Index closed down 1.52% at 25,889 points, having previously dropped as much as 3.6% during the day [1] - The Hang Seng Tech Index and the Hang Seng China Enterprises Index fell by 1.82% and 1.45% respectively, with the tech index experiencing a near 5% drop at one point [1] Sector Performance - Large technology stocks showed a significant narrowing of losses in the afternoon, with Xiaomi down 5.7% (previously nearly 9%), JD.com down 3.6%, and Baidu down 2.14% [1] - Consumer electronics stocks were among the hardest hit due to potential trade friction, with Apple-related stocks like Hongteng Precision dropping nearly 8% and Lens Technology down over 6% [1] - Other sectors such as new energy vehicles, gambling, education, domestic insurance, home appliances, aviation, and Chinese brokerage stocks also saw declines [1] Gaining Sectors - Semiconductor and gold stocks collectively turned positive in the afternoon, with Huahong Semiconductor rising by 8% and SMIC increasing by over 3% [1] - Gold stocks like Chifeng Jilong Gold and Zijin Mining International saw significant declines of over 9% [1] - Rare earth concept stocks, particularly Jinli Permanent Magnet, showed strong performance with a 13% increase [1] - Software, wind power, military, and shipping stocks exhibited some active performance [1]

Group 1 - Shandong Gold Mining Co., Ltd. experienced a stock price increase of 5.04%, reaching 43.33 CNY per share, with a trading volume of 3.017 billion CNY and a turnover rate of 1.99%, resulting in a total market capitalization of 199.748 billion CNY [1] - The company, established on January 31, 2000, and listed on August 28, 2003, is primarily engaged in gold mining, refining, and the production and sale of gold and silver products, including standard gold bars and various specifications of investment gold bars [1] - The revenue composition of the company includes 50.14% from purchased gold, 29.96% from self-produced gold, 9.75% from trading, 7.65% from small gold bars, and 2.50% from other sources [1] Group 2 - Dongcai Fund has one fund heavily invested in Shandong Gold, specifically the Dongcai Nonferrous Enhanced A fund, which reduced its holdings by 65,000 shares in the second quarter, maintaining 222,300 shares, representing 3.42% of the fund's net value [2] - The Dongcai Nonferrous Enhanced A fund, established on March 16, 2021, has a current scale of 93.1972 million CNY and has achieved a year-to-date return of 71.64%, ranking 133 out of 4220 in its category [2] - The fund manager, Yang Luwei, has a tenure of 4 years and 213 days, with the fund's total assets currently at 1.411 billion CNY, achieving a best return of 99.99% and a worst return of -38.95% during his management period [2]

中国罕王(03788)涨超5%，截至发稿，涨5.5%，报4.41港元，成交额1488.33万港元。 首次公开发售前集资的完成(包括认购事项)将令本公司(包括罕王黄金)能够展示其有能力满足罕王黄金 未来开发澳大利亚Cygnet及Mt Bundy金矿项目(统称为"澳大利亚金矿项目")的资金需求。本公司以与所 有其他独立第三方认购方相同的认购价认购认购股份，以将对其于罕王黄金股权的摊薄影响降至最低， 并与所有其他独立战略投资者保持公平。 消息面上，中国罕王发布公告，于2025年9月30日，罕王黄金(本公司的非全资附属公司，作为发行人) 与六名认购方(包括本公司)订立六份认购协议，按认购价每股认购股份2.62港元认购合共4.3655亿股认 购股份。由于建议分拆将以介绍方式进行，罕王黄金不会就建议分拆募集资金。因此，诚如本公司日期 为2025年9月22日的公告所述，紫金矿业（601899）集团战略投资所筹集的资金，连同本公司自有资本 注资(包括认购事项)将构成罕王黄金首次公开发售前集资的一部分。 于本公告日期，罕王黄金为一间投资控股公司，本公司拥有其94.0%的权益。完成后，罕王黄金将由本 公司持有91.2%的权益，并 ...

受特朗普关税消息影响，上周五港A美集体下挫。港股三大指数再度大幅低开，恒指跌2.5%，国指跌 2.39%，恒生科技指数跌2.43%。盘面上，大型科技股集体低开，其中，小米跌4.5%，阿里巴巴跌近 4%，腾讯、美团、快手、京东均跌超3%，百度跌2.3%，惟网易涨超3%；生物医药股、苹果概念股、 内险股、光伏股、锂电池股、中资券商股、内房股、钢铁股、水务股、汽车股等纷纷下跌，其中，高伟 电子跌超10%，君实生物跌超9%，蓝思科技跌超7%，中国财险跌6%，优必选、信义光能、宁德时代跌 超5%。另一方面，早盘现货黄金一度冲上4060美元/盎司再创历史新高，黄金股逆势走强，紫金黄金国 际涨超4%，山东黄金、赤峰黄金涨超3%，第三季经调整溢利4.44亿按年增4%，思摩尔逆势高开4.3%。 (格隆汇) ...

潼关黄金坚定推进勘探增储战略，受益于灵活治理机制和高效决策能力， 每年勘探投入不低于 3,000 万元，2025 年达 5,000 万元，具备内生增 长潜力。 公司通过收购荣昌投资，金矿资源量增至 1,246 万吨，平均品位 6.5 克/ 吨，资源量增长 47%。潼关矿区收购的四家精矿企业拥有 35.2 吨黄金 资源，为选矿厂提供增量矿石来源。 预计未来几年黄金销量复合增速约 17%。潼关碳转采将提升选矿厂产能 利用率，苏北扩产通过技改提升处理规模至 2000 吨/天，无需新建选矿 厂。 2024 年精矿现金成本 283 元/克，2025 年上半年持平，生产成本小幅 提升至 324 元/克，全维持成本 1,548 美元/盎司，处于全球较低水平， 主要受益于尾矿影响减弱和规模效应。 按人民币 900 元/克金价计算，公司对应 2026 年利润约 11.5 亿港元， 市盈率约 13 倍，低于国内及港股可比标的，估值具有吸引力。 前期压制股价的增发事项落地后，市场对摊薄预期已充分交易，且公司 市值有望满足进入港股通要求，流动性折价有望修复。 未来金价走势看好，核心逻辑是降息交易和美元贬值共振。公司资源增 储潜力巨大 ...

Group 1: Industry Insights - COMEX gold futures rose by 1.58%, closing at $4035.5 per ounce, indicating a bullish trend in the gold market [1] - Long-term trends suggest that a weak dollar is likely to persist due to the Federal Reserve's monetary easing under fiscal pressure, making gold an attractive asset for investment [1] - Historical analysis shows that gold stocks tend to exhibit the most elasticity after confirming an upward trend in gold prices, with the current cycle just beginning [1] Group 2: Company Developments - Sichuan Gold is currently engaged in gold mining operations at the Suoluo River gold mine, maintaining a stable production capacity of 600,000 tons per year, with gold concentrate production ranging from 1.5 to 1.8 tons over the past three years [2] - Sichuan Gold announced on October 9 that it has successfully acquired exploration rights for the Kugezi-Juebei gold mine in Xinjiang [2] - Xiaocheng Technology operates three gold mines in Ghana, with a complete industry chain from exploration to sales; the FGM processing plant is expected to be operational by the end of 2025, significantly increasing processing capacity and gold output [2]

Core Viewpoint - Zijin Mining has successfully completed the acquisition of 100% equity in the Raygorodok gold mine in Kazakhstan, which is expected to significantly support the company's gold production targets for 2028 [1][2]. Group 1: Acquisition Details - The acquisition was finalized on October 10, 2025, after all conditions precedent were met or waived [1]. - The purchase price for the acquisition was set at $1.2 billion (approximately 8.6 billion RMB), based on the target company's "cash-free, debt-free" principle as of September 30, 2025 [2][5]. Group 2: Production and Financial Performance - The Raygorodok gold mine is projected to produce an average of 6 tons of gold annually from 2023 to 2024, contributing to Zijin Mining's goal of 100-110 tons of gold production by 2028 [1]. - Zijin Gold International, a subsidiary of Zijin Mining, is expected to achieve a gold production of 1.3 million ounces (approximately 40.4 tons) in 2024, ranking 11th globally [3]. - The company reported a revenue of $2.99 billion, with gold revenue accounting for 94.9% of total income [3]. - From 2022 to 2024, the compound annual growth rate (CAGR) of gold production is projected to be 21.4%, making it the fastest-growing among the top fifteen gold mining companies globally [3]. Group 3: Market Context - The global gold market has seen significant price increases, with gold prices reaching historical highs, including a spot price exceeding $4,000 per ounce on October 8 [3]. - Goldman Sachs has raised its gold price forecast for December 2026 to $4,900 per ounce, anticipating continued net purchases of gold by central banks in emerging markets [3]. Group 4: Company Background - Zijin Gold International was established in 2007, focusing on gold exploration, mining, processing, and sales [3]. - The company has expanded its operational gold mines to nine following the acquisition of the Raygorodok mine [1]. - On September 30, 2025, Zijin Gold International was listed on the Hong Kong Stock Exchange, raising nearly 25 billion RMB and achieving a market capitalization exceeding 310 billion HKD [7].

公司认为，RG金矿位于哈萨克斯坦黄金成矿带，资源量较大，为大型在产露天矿山，服务期限长，基 础设施完善，项目选矿工艺成熟，综合成本较低，盈利能力较强，并购当年即可为紫金矿业贡献产量和 利润，预期投资回报期短，经济效益良好。RG金矿2023—2024年年均产金约6吨，目前生产运营正常且 仍有进一步提升空间，有望显著支撑紫金矿业2028年矿产金100—110吨的规划目标。 格隆汇10月12日丨紫金矿业(02899.HK)公告，紫金矿业控股子公司紫金黄金国际通过全资子公司收购哈 萨克斯坦Raygorodok金矿(以下简称"RG金矿")100%权益。鉴于协议中约定的交割先决条件已全部实现 或豁免，本次收购已于2025年10月10日完成交割，紫金黄金国际现已持有RG金矿100%权益。 根据紫金黄金国际招股说明书显示，截至2025年6月30日，RG金矿项目保有资源量：控制+推断级别矿 石量2.08亿吨，金平均品位1.0克／吨，金金属量197.4吨；RG金矿保有储量：矿石量9,700万吨，金平均 品位0.9克／吨，金金属量87吨。RG金矿交割完成后，公司将加速推进项目可研和露采境界优化，在目 前金价背景下，有望进一步提高露 ...

Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, has successfully acquired 100% equity of the Raygorodok gold mine in Kazakhstan, enhancing its asset scale and global industry position [1][2] Group 1: Acquisition Details - The acquisition of the RG gold mine was completed on October 10, 2025, after all conditions precedent were met or waived [1] - As of June 30, 2025, the RG gold mine has a resource reserve of 208 million tons with an average gold grade of 1.0 grams per ton, totaling 197.4 tons of gold [1] - The mine's reserves are 97 million tons with an average gold grade of 0.9 grams per ton, amounting to 87 tons of gold [1] Group 2: Economic Impact - The RG gold mine is expected to contribute approximately 6 tons of gold annually from 2023 to 2024, supporting Zijin Mining's goal of producing 100-110 tons of gold by 2028 [2] - The mine's operational efficiency and established infrastructure are anticipated to yield strong profitability and a short investment payback period [2] - The successful acquisition increases Zijin Gold International's operational gold mines to nine, solidifying its asset scale and profitability [2] Group 3: Strategic Advantages - The RG gold mine is located in a significant gold-producing region in Kazakhstan, providing a long service life and low comprehensive costs [2] - The mine will synergize with other mines in Tajikistan and Kyrgyzstan, enhancing logistics, technical management, and talent allocation [2] - This acquisition is expected to strengthen Zijin Gold International's competitive edge and risk resilience in the Central Asian region [2]