这个国庆假期，国际金价继续上攻，COMEX黄金期货冲破3900美元大关，续创历史新高。 根据此前发布的招股书，IPO后，紫金矿业持有紫金黄金国际86.7%股权，主营该公司所有境外黄金矿山资产的开采、精炼及销售等业 务。 -1- 始于福建龙岩挖金矿 说起来，紫金黄金国际源自于紫金矿业，而紫金系背后是被誉为中国矿业"教父级"的人物——陈景河。 1957年，陈景河出生在福建省龙岩市——这里人才辈出，最著名的当属：字节跳动张一鸣、美团王兴。 少时家境贫寒，陈景河恢复高考后考入福州大学地质专业，毕业后被分配至福建省闽西地质大队，参与紫金山地质勘探工作。 在当时，紫金矿山基本上是一座被抛弃的"废山"。 陈景河日后在《我与紫金，此生不了情》中写道："紫金山千百万年地质痕迹使我痴迷，骑着五龙驾雾，伴着麒麟入眠……终于发现 了我日思夜想的黄金。" 后来，他辞掉福建省地质局最年轻高级工程师的"铁饭碗"，主动申请去紫金山金矿所在的上杭县矿产公司（紫金矿业前身），出任总 经理，开始主导紫金山金矿的开发。 彼时，这家公司只是靠买卖零星矿产品度日，濒临倒闭。陈景河推动紫金山金矿采用低成本、大规模的开采技术，突破传统工艺，使 低品位金矿实 ...

2025年10月1日，COMEX黄金首次突破3900美元/盎司，再创纪录新高。上游金矿企业赚得盆满钵满， 例如紫金矿业上半年实现营收1677亿元、净利润233亿元，同比分别增长11.5%和54.4%。湖南黄金营业 收入284.36亿元，净利润6.56亿元，同比分别增加87.89%和49.66%。西部黄金营业收入同比增长69.01% 至50.30亿元，净利润同比增长131.94%至1.54亿元。 与此同时，一批金矿公司排队赴港上市。今年3月10日，中国最大的民营黄金生产商赤峰黄金成功登陆 香港资本市场。9月30日，紫金黄金国际（紫金矿业国际金矿业务）成功上市，截至发稿时市值达到 3568.63亿港元。 | 携序 | | 企業 | 碳產金產量 | 全球市場份额 | 礦產金產量 複合年增長率 (2022年至 2024年) | | --- | --- | --- | --- | --- | --- | | | | | (千签可) | | (%) | | ーのさせいね | | 公司E . | 2.345.0 | 2.0% | 13.8% | | | | 公司K. . | 1,226.0 | 1.0% | 9.8% | ...

Market Performance - The Hong Kong stock market showed strong performance during the week, with the Hang Seng Index rising by 3.88% to close at 27,140.92 points, the Tech Index increasing by 6.90% to 6,622.85 points, and the National Enterprises Index up by 3.82% to 9,658.34 points [2] - The Hang Seng Tech Index reached its highest level since November 2021, with notable gains from stocks like Kuaishou-W (up 13.50%), Alibaba-W (up 7.62%), and Bilibili-W (up 7.10%) [2] Sector Insights - The semiconductor sector is expected to continue its upward trend, driven by the AI industry and a potential interest rate cut by the Federal Reserve. The second half of the year typically sees a surge in technology releases from Chinese companies, particularly in semiconductors and AI applications [2] - Gold stocks are gaining traction due to heightened demand for safe-haven assets amid geopolitical uncertainties and expectations of interest rate cuts. Notable performers include Zijin Mining International (up 89.97%) and China Silver Group (up 41.41%) [3] - Nuclear power stocks are also on the rise, with China Nuclear International and China Nuclear Technology seeing increases of 53.04% and 34.69%, respectively, following the approval of new nuclear power units [4] Investment Opportunities - The pharmaceutical sector is benefiting from improved financing conditions, with stocks like Yiming Anke and Clover Biopharma rising by 36.72% and 39.44%, respectively, as the market for innovative drugs shows signs of recovery [5] - The electric power sector is led by Harbin Electric, which saw a rise of 7.42%, supported by positive analyst ratings and expectations of strong revenue growth [7][8] - The automotive sector is experiencing a downturn, with major players like BYD and Xpeng Motors seeing declines of 3.95% and 2.84%, respectively, despite positive long-term sales forecasts for Chinese brands [9][10] Notable Company Developments - Empire Technology Group surged by 59.05% after announcing a share placement to raise funds for AI development [13] - Shanghai Electric rose by 14.19% following the signing of a significant photovoltaic project in Romania [14]

Core Viewpoint - The recent surge in gold prices has led to significant market interest in gold stocks, particularly in Zijin Gold International, which has seen its stock price double since its listing on September 30, 2023, with a market capitalization exceeding HKD 360 billion [1][2]. Company Overview - Zijin Gold International was spun off from its parent company, Zijin Mining, which has a market capitalization of over HKD 780 billion. The new company consolidates all of Zijin Mining's gold mining assets outside of China, positioning itself as a leading global gold mining company [3]. - The IPO of Zijin Gold International set multiple records, including being the largest IPO in the global gold mining industry to date and the largest overseas IPO by a Chinese mining company [3][4]. Stock Performance - On its first trading day, Zijin Gold International's stock closed 68.46% higher than its issue price, ranking as the 10th largest first-day gain for new stocks on the Hong Kong market this year [4]. - The stock continued to rise, with a 14% increase on the second trading day, reaching a price of over HKD 144 per share, which is double its issue price of HKD 71.59 [5]. Market Context - The gold market is experiencing a bull run, with gold prices having risen 27% in 2024 and continuing to climb in 2025, with COMEX gold surpassing USD 3,900 per ounce [6]. - Factors driving gold prices include economic uncertainty, central bank purchases, and inflation expectations, which are expected to sustain demand for gold [7]. Parent Company Developments - Zijin Mining's stock has also performed well, with a year-to-date increase of approximately 99.07% [8]. - Zijin Mining announced plans to acquire the Raygorodok gold mine in Kazakhstan for USD 1.2 billion, marking its eighth significant gold resource acquisition since 2020 [8][9].

Market Performance - The MSCI Asia-Pacific Index reached a historical high on October 3, with the Nikkei 225 Index rising by 1.4% and approaching its historical peak [1] - The MSCI Taiwan Index increased by 1.28%, setting a new record, while the Thai SET Index rose by over 1% [1] Stock Movements - Hong Kong's public utility stock surged over 30%, reaching a peak of 4.92 HKD, marking a historical high, with a nearly doubled price since September, up over 95% [4] - Morgan Stanley reported a net inflow of foreign capital into the Chinese stock market of 4.6 billion USD in September, the highest monthly figure since November 2024 [5] - Year-to-date, passive foreign funds have accumulated a net inflow of 18 billion USD, surpassing last year's total of 7 billion USD [5] Sector Analysis - The most increased holdings by active managers were in capital goods and semiconductors, while the largest reductions were in insurance, durable consumer goods, and apparel [5] - Alibaba, CATL, and JD.com saw the largest increases in holdings [5] Gold Market - Spot gold prices fell below 3,840 USD, with Hong Kong gold stocks also experiencing declines, such as Datang Gold dropping over 5% [6][9] Cryptocurrency Trends - The cryptocurrency market saw a significant rise, with Binance Coin (BNB) surpassing 1,100 USD, marking a 7.5% increase within 24 hours [10] - Ethereum rose to over 4,500 USD, with a 2.7% increase in the same timeframe [10] - Approximately 150,000 traders faced liquidation in the last 24 hours, with total liquidation amounts nearing 400 million USD [11][12]

Core Viewpoint - The article highlights the significant rise in the stock price of Zijin Gold International since its listing, driven by a bullish gold market, and its upcoming inclusion in the Hang Seng Index, which is expected to further enhance its market appeal [1][5]. Company Overview - Zijin Gold International, spun off from Zijin Mining Group, consolidates all of its gold mining assets outside of China, positioning itself as a leading global gold mining company [4]. - The company has achieved record-breaking milestones with its IPO, being the largest in the global gold mining sector and the largest overseas IPO for a Chinese mining company [4]. Stock Performance - Since its listing on September 30, Zijin Gold International's stock price has more than doubled, reaching a market capitalization exceeding HKD 360 billion [1]. - The stock saw a first-day closing price increase of 68.46%, ranking it as the 10th highest first-day gain among Hong Kong IPOs this year [6][7]. - On the second trading day, the stock price surged by 14%, briefly exceeding HKD 144 per share, marking a significant increase from the IPO price of HKD 71.59 [7]. Market Context - The current gold bull market is characterized by a 27% increase in gold prices in 2024, with COMEX gold surpassing USD 3,900 per ounce [8]. - Factors driving gold prices include economic uncertainty, central bank purchases, and inflation expectations, positioning gold as a hedge against various risks [10][12]. Future Prospects - Zijin Mining Group, the parent company, has also seen its stock price nearly double this year, reflecting the overall positive sentiment in the gold sector [2][11]. - The company is actively pursuing growth through acquisitions, including a recent USD 1.2 billion deal for the Raygorodok gold mine in Kazakhstan, which is part of its strategy to enhance its international presence [13].

Core Viewpoint - The recent surge in gold prices has led to significant market interest in gold stocks, particularly in Zijin Gold International, which has seen its stock price double since its listing on September 30, 2023, with a market capitalization exceeding HKD 360 billion [2][4]. Company Overview - Zijin Gold International was formed from the spin-off of Zijin Mining Group, which has a market capitalization of over HKD 780 billion. The company focuses on gold exploration, mining, processing, and sales, inheriting management advantages from its parent company [4][14]. - The IPO of Zijin Gold International set multiple records, including being the largest IPO in the global gold mining industry to date and the largest overseas IPO by a Chinese mining company [4][5]. Stock Performance - Zijin Gold International's stock was included in the Hang Seng Composite Index and related indices, effective October 16, 2023, just two trading days after its listing [5][6]. - The stock saw a first-day closing price increase of 68.46% from its issue price of HKD 71.59, ranking it as the 10th largest first-day gain among Hong Kong IPOs this year [6][8]. - On the second trading day, the stock price rose by 14%, reaching over HKD 144 per share, effectively doubling its initial price [8]. Market Context - The gold market is experiencing a bull run, with gold prices having risen 27% in 2024 and continuing to rise in 2025, with COMEX gold surpassing USD 3,900 per ounce [9][11]. - Factors driving gold prices include economic uncertainty, central bank purchases, and inflation expectations, positioning gold as a hedge against economic and policy uncertainties [11][13]. Parent Company Performance - Zijin Mining Group, the parent company of Zijin Gold International, has also seen its stock price increase by approximately 99.07% this year [14]. - Zijin Mining announced plans to acquire the Raygorodok gold mine in Kazakhstan for USD 1.2 billion, marking another significant step in its international expansion strategy [14][15].

Core Viewpoint - The article highlights the significant market interest in Zijin Gold International (02259.HK) following its IPO, which has seen its stock price double within a few days, reflecting the bullish trend in the gold market [1][2]. Company Overview - Zijin Gold International was spun off from Zijin Mining Group, which has a market capitalization exceeding 780 billion yuan, consolidating all gold mining assets outside of China [2]. - The company specializes in gold exploration, mining, processing, and sales, inheriting management advantages from its parent company [2]. IPO Highlights - Zijin Gold International's IPO is noted as the largest in the global gold mining industry to date, as well as the largest overseas IPO by a Chinese mining company [2]. - The IPO was completed in just five months, setting records for both the first A-share gold company to list in H-shares and the first gold spin-off project by a large mining enterprise globally [2]. Index Inclusion - The company will be included in the Hang Seng Composite Index and related indices effective October 16, 2025, following its rapid inclusion announcement just two days after its listing [3][4]. Market Performance - The stock saw a remarkable subscription demand, with international placements achieving a 20.4 times subscription rate and Hong Kong public offerings reaching 240.7 times [4][5]. - On its second trading day, the stock price surged by 14%, exceeding 144 HKD per share, marking a significant increase from the IPO price of 71.59 HKD [7]. Gold Market Context - The article discusses the ongoing bull market for gold, with prices expected to continue rising due to various factors, including economic uncertainty and central bank purchases [12]. - Gold has become a key asset amid global economic and policy uncertainties, with a notable increase in demand driven by geopolitical factors and inflation expectations [12]. Parent Company Performance - Zijin Mining Group, the parent company, has also experienced substantial growth, with its stock price increasing by approximately 99.07% this year [13]. - The company is actively pursuing acquisitions, including a recent deal to acquire the Raygorodok gold mine in Kazakhstan for 1.2 billion USD, further expanding its international footprint [13][14].

Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, successfully listed on the Hong Kong Stock Exchange, marking a significant step in its global strategy and capital operations [1][2] Group 1: IPO Highlights - The IPO was highly successful, with international placements achieving a subscription rate of 20.4 times and Hong Kong public offerings reaching 240.7 times [2] - A total of 349 million shares were issued at a price of HKD 71.59 per share, raising approximately HKD 25 billion, with a market capitalization of HKD 187.9 billion at listing [2] - The IPO set multiple records, including the largest IPO in the global gold mining industry to date and the largest overseas IPO for a Chinese mining company [2] Group 2: Company Strategy and Operations - Zijin Gold International focuses on high-potential gold mines and undervalued resources, with operations in key mineral belts across Central Asia, South America, Africa, and Oceania [4] - The company employs a unique mining management model and advanced resource development technologies to enhance operational efficiency and cost control [4] - The company aims to create a sustainable value creation system through a comprehensive process from acquisition to value enhancement [4] Group 3: Financial Performance and Growth - In 2024, the company is projected to produce 1.3 million ounces of gold, ranking 11th globally, with revenues of USD 2.99 billion [5] - The company has a return on equity (ROE) of 21.4%, significantly higher than the industry average of 17.4% [5] - The compound annual growth rate (CAGR) for gold production from 2022 to 2024 is expected to be 21.4%, the highest among the top fifteen gold mining companies [5] Group 4: Resource Reserves - As of the end of 2024, the company's gold reserves are expected to reach 27.5 million ounces (approximately 856 tons), ranking 9th globally [6] - The company has achieved over 14 million ounces (450 tons) in gold resource additions, with a CAGR of over 20% in reserves [6] Group 5: Market Position and Future Outlook - The listing in Hong Kong is seen as a strategic move to capitalize on global gold market opportunities and enhance the company's valuation [7] - The global demand for gold is projected to grow at a CAGR of 3.2% from 2024 to 2030, providing a favorable market environment for Zijin Gold International [8] - The company aims to fill the gap in the market for a globally influential gold listing from China, which is the largest gold consumer and producer [8]

Group 1 - The strong performance of Hong Kong stocks and Chinese concept stocks has attracted widespread attention from investors, with the Hang Seng Index surpassing 27,000 points and the Hang Seng Tech Index reaching a new high since November 2021 [1] - The market rebound is attributed to multiple factors, including expectations of potential interest rate cuts by the Federal Reserve, as evidenced by a decrease of 32,000 jobs in the U.S. private sector in September, which was significantly below market expectations [1] - In the Hong Kong market, technology stocks, semiconductors, and gold stocks led the gains, with SMIC rising by 12.70%, driven by optimism surrounding AI and high-tech infrastructure development [1] Group 2 - Analysts maintain an optimistic outlook for the Hong Kong stock market, anticipating continued upward movement due to policy easing and external liquidity expectations, particularly in the context of ongoing AI industry trends and the increasing likelihood of Federal Reserve rate cuts [2] - The U.S. stock market is also benefiting from the AI boom, with technology stocks, especially those related to AI, performing exceptionally well despite the federal government budget impasse [2] - Chinese concept stocks in the U.S. market are seeing notable performance, particularly in the technology and AI sectors, with companies like Alibaba, NIO, and Baidu experiencing stock price increases [2] Group 3 - The long-term allocation value of Hong Kong stocks is considered high due to their low valuation levels and unique asset allocation in internet, new consumption, and innovative pharmaceuticals [3] - Overall, the market sentiment remains optimistic for Hong Kong and Chinese concept stocks, with investors closely monitoring international capital flows and developments in the technology sector to identify potential investment opportunities [3]