Group 1: Market Overview - On October 2, Hong Kong stocks experienced a strong opening, with all three major indices rising significantly. The Hang Seng Index increased by 1.45% to 27,245.68 points, the Hang Seng China Enterprises Index rose by 1.63% to 9,711.03 points, and the Hang Seng Tech Index surged by 2.66% to 6,637.65 points [2][3]. Group 2: Technology Sector Performance - The technology sector led the gains, with notable increases in several key stocks. Semiconductor company SMIC saw a rise of 9.30%, while Kuaishou-W increased by 6.56%. Other significant performers included Hua Hong Semiconductor and BYD Electronics, both rising over 5%, and NIO-SW and Baidu Group-SW, which rose over 4% [3][5]. Group 3: Gold Stocks Performance - Gold stocks continued their upward trend, with Tongguan Gold rising by 12.18% and Zijin Mining International increasing by 12.02%. Other gold stocks such as Lingbao Gold and Chifeng Jilong Gold also saw gains exceeding 6% [5][8]. Group 4: Semiconductor and Biopharmaceutical Sectors - The semiconductor and biopharmaceutical sectors showed strong performance, with the Wind Hong Kong Semiconductor Index and Wind Hong Kong Biopharmaceutical Index rising by 7.36% and 2.86%, respectively. Notable stocks included Shanghai Fudan and InnoCare Pharma, both rising over 4%, and Clover Biopharma-B, which surged by 22.03% [5][7]. Group 5: Economic Context - The recent Federal Reserve interest rate cuts have driven gold prices higher, with the U.S. government shutdown increasing demand for safe-haven assets. The shutdown has led to hundreds of thousands of federal employees being furloughed, impacting public services and economic data releases [8][9]. Group 6: Future Outlook - Analysts expect that the ongoing interest rate cuts by the Federal Reserve will continue to support gold prices in the medium term. There is a general market expectation for further rate cuts within the year, which will provide a solid foundation for gold's high performance [9].

Group 1 - The Hang Seng Technology Index has increased by 1% [1] - The Hang Seng Index has also risen by 1% [2] - TSMC's stock price has surged over 3%, reaching a new historical high [3] Group 2 - The KOSPI index in South Korea has expanded its gains to 3% [4] - The Hong Kong stock market's new energy vehicle sector is active, with NIO rising over 4%, CATL up over 3%, BYD, and Li Auto increasing by over 2%, while Geely is up 1% [4] - The Hang Seng Technology Index has further increased to 2%, with Kuaishou rising by 6.6%, NIO by 4.6%, and SMIC by nearly 4% [5] Group 3 - Hong Kong gold stocks continue to rise, with Zijin Mining International up over 9% and Tongguan Gold up 6% [6] - The South Korean composite index has surpassed 3%, continuing to set historical highs [7] - The semiconductor sector in Hong Kong has seen significant gains, with SMIC up over 7%, and other companies like Hongguang Semiconductor and Shanghai Fudan rising over 4% [7] Group 4 - The FTSE China A50 Index futures have increased by 1% [8]

Core Viewpoint - DBS Group Research indicates that Zijin Mining International, a gold mining company, is expected to outperform its peers in terms of profitability and profit growth [1] Group 1: Company Performance - Zijin Mining International has integrated overseas gold assets from its parent company, Zijin Mining Group, which is expected to support strong growth potential [1] - The company is projected to achieve an EBITDA margin of 58.1% by 2025, surpassing the industry average of 48% [1] - The net profit compound annual growth rate (CAGR) for Zijin Mining International is expected to reach 51% by 2027, significantly higher than the peer average of 44% [1] Group 2: Investment Rating - DBS Group has initiated coverage on Zijin Mining International with a "Buy" rating and a target price of HKD 137.00 [1]

Core Points - Shandong Gold (600547) closed at 39.33 yuan on September 30, 2025, up 0.85% from the previous trading day, with a total market capitalization of 181.31 billion yuan [1] - The stock opened at 39.51 yuan, reached a high of 39.75 yuan, and a low of 38.75 yuan, with a trading volume of 2.246 billion yuan and a turnover rate of 1.58% [1] Securities Changes - As of the end of September 2025, Shandong Gold's H-shares had a total of 858,986,178 shares, with an increase of 136,500,000 shares during the month, bringing the total to 995,486,178 shares [1] - The A-shares remained unchanged at 3,614,443,347 shares for both the end of last month and this month [1] - The total registered capital at the end of the month was 4,609,929,525 yuan, with the new H-shares issued on September 9, 2025, due to a placement subscription approved by the board and compliant with listing rules [1]

Core Viewpoint - The listing of Zijin Gold International marks a significant event in the context of rising global gold prices and heightened market risk aversion, with the company successfully raising approximately HKD 24.98 billion, making it the second-largest IPO in Hong Kong this year [1] Group 1: IPO and Market Response - Zijin Gold International issued a total of 348,990,700 shares, attracting a strong market response with oversubscription exceeding 134 times during the offering period [1] - The company’s shares opened at HKD 111.5, a 55.75% increase from the issue price of HKD 71.59, and closed at HKD 120.60, reflecting a 68.46% gain on the first trading day [1] Group 2: Business Fundamentals and Valuation - The core motivation for Zijin Gold International's independent listing is to address the "valuation mismatch" faced by its gold business, which is significantly undervalued under the parent company's mining valuation system [2] - The company holds interests in eight gold mines across key resource-rich regions globally, with seven being operated mines, positioning it as a leading global gold mining company [2] - As of June 30, 2025, the company’s proven and probable mineral reserves are approximately 756.5 tons (24.3 million ounces) of gold, with total mineral resources estimated at 1.176 billion tons [3] Group 3: Operational Efficiency and Cost Control - Zijin Gold International benefits from high operational efficiency and strong acquisition capabilities, inheriting advanced technology and over 30 years of project experience from Zijin Mining [4] - The company has successfully turned around previously underperforming mines, such as the Guyana Aurora Gold Mine and Suriname Rosebel Gold Mine, achieving profitability within a year post-acquisition [4] - The all-in sustaining cost (AISC) for 2024 is projected at USD 1,458 per ounce, ranking sixth lowest among the top fifteen gold mining companies globally [4] Group 4: Financial Performance and Growth - From 2022 to 2024, the company’s gold production compound annual growth rate (CAGR) is expected to reach 21.4%, significantly surpassing the industry average [6] - Revenue is projected to grow from USD 1.818 billion to USD 2.99 billion during the same period, with a CAGR of 28.2%, and net profit is expected to rise from USD 184 million to USD 481 million, achieving a CAGR of 61.9% [6] - The company’s gross margin improved from 34.1% in 2022 to 46.5% in the first half of 2025, while net margin increased from 16.0% to 31.3% [6] Group 5: Future Growth Strategy - The company plans to pursue a dual strategy of organic growth and external acquisitions to expand its resource reserves and gold production [7] - Approximately 33.4% of the net proceeds from the IPO, amounting to HKD 81.82 billion, will be allocated for the acquisition of the Raygorodok Gold Mine in Kazakhstan [7] - Market sentiment remains optimistic regarding the company's future stock performance, with projected PE ratios for 2025-2027 being lower than the industry average, indicating potential for valuation premium [7] Group 6: Market Outlook - The long-term bullish trend for gold is expected to continue due to ongoing central bank purchases and geopolitical risks, positioning Zijin Gold International as a key player in the gold sector [8] - The company's listing provides investors with a valuable opportunity to participate in the gold bull market while also enhancing the overall valuation potential of the precious metals sector [8]

Group 1: NAB's Support Measures - National Australia Bank (NAB) has launched several initiatives to enhance support services for customers facing financial difficulties, including the establishment of a "NAB Care" team for customized assistance [1] - NAB has added 70 dedicated staff to handle financial hardship cases, improving response speed and processing capacity [1] - The bank has expanded its hardship assistance program to offer more flexible and diverse support options for different customer situations [1] - A "Sensitive Customer Case Forum" has been set up for management to review complex cases and develop targeted solutions [1] Group 2: ASIC's Regulatory Focus - ASIC has emphasized the importance of hardship support for customers facing financial difficulties, urging financial institutions to prioritize customer interests [2] - ASIC will closely monitor the corrective action plans submitted by major lenders and follow up on independent evaluation results to ensure timely and effective support for customers in need [2] Group 3: Zijin Mining International's IPO Performance - Zijin Mining International's IPO on the Hong Kong Stock Exchange saw a strong debut, with shares rising over 60% on the first day, reflecting high market enthusiasm for gold stocks amid rising gold prices [4][5] - The company raised approximately HKD 249.84 billion through the global offering, with a final share price of HKD 120.6, representing a 68.46% increase from the issue price [5] - The IPO was significantly oversubscribed, with retail portions receiving over 240 times subscription, indicating strong investor confidence in the company's long-term prospects [5] Group 4: Zijin Mining's Business Fundamentals - Zijin Mining International operates eight overseas mines in resource-rich regions, including Australia, with a total resource volume of 1,799.79 tons and a reserve of 696.83 tons [8] - The company plans to allocate approximately 33.4% of the raised funds for acquiring the Raygorodok gold mine in Kazakhstan and about 50.1% for upgrading existing mines [8] Group 5: Dividend Performance in Australia - Morningstar's analysis revealed that the top-performing dividend stocks in Australia over the past decade are primarily from mining, healthcare, technology, retail, and investment management sectors, with no banks in the top ten [30][34] - The analysis also highlighted that seven out of the top ten stocks based on total shareholder return over the past decade are mining or mining service companies [34]

Core Viewpoint - Zijin Gold International successfully listed on the Hong Kong Stock Exchange on September 30, with an issue price of HKD 71.59 per share, closing up 68.46%, and achieving a market capitalization of over HKD 310 billion. The company raised nearly HKD 25 billion, making it the second-largest IPO in Hong Kong this year, following CATL [1]. Group 1: Company Overview - Zijin Gold International was established in 2007 and is headquartered in Hong Kong, focusing on gold exploration, mining, processing, and sales, with main products including gold bars, refined gold, and gold concentrates [6]. - The company has a gold reserve of 27.5 million ounces (approximately 856 tons) and an annual production capacity of 1.3 million ounces (about 40.4 tons) for 2024, ranking 11th globally [6][7]. - Zijin Gold International's revenue for 2024 is projected to be USD 2.99 billion, with gold revenue accounting for 94.9% [6]. Group 2: Financial Performance - The company has a compound annual growth rate (CAGR) of 21.4% in gold production from 2022 to 2024, and a CAGR of 61.9% in net profit attributable to shareholders during the same period [7]. - Zijin Gold International's average acquisition cost from 2019 to 2024 is approximately USD 61.3 per ounce, significantly lower than the industry average of USD 92.9 per ounce [7]. - The all-in sustaining cost (AISC) for 2024 is projected to be USD 1,458 per ounce, ranking 6th lowest among the top 15 gold mining companies globally [7]. Group 3: Market Context - The listing of Zijin Gold International is part of a broader "gold IPO boom" in Hong Kong, with other companies like Chifeng Jilong Gold Mining and Zhouliufu Jewelry also successfully listing [8]. - Gold prices have surged this year, reaching historical highs, with a cumulative increase of 45%, outperforming all other major asset classes [7][8]. - Goldman Sachs projects that gold prices could rise to USD 4,000 per ounce by 2026 under baseline scenarios, and potentially reach USD 4,500 per ounce under tail risk scenarios [8]. Group 4: Strategic Initiatives - The funds raised from the IPO will be used to acquire the Raygorodok gold mine in Kazakhstan and to upgrade existing mining projects to enhance production capacity [6][7]. - Zijin Gold International has established a diversified portfolio of gold mining assets across key mineral belts globally, including high-grade mines in Colombia and Australia [10].

Core Viewpoint - Zijin Mining International has successfully completed its IPO in Hong Kong, raising approximately HKD 25 billion, making it the second-largest IPO in Hong Kong this year after CATL, with a market capitalization exceeding HKD 310 billion [1][12]. Group 1: Financial Performance - The company reported a projected gold production of 1.3 million ounces (approximately 40.4 tons) for 2024, ranking 11th globally [12]. - The revenue for 2024 is expected to reach USD 2.99 billion, with gold revenue accounting for 94.9% of total revenue [12]. - The compound annual growth rate (CAGR) for gold production from 2022 to 2024 is projected at 21.4%, positioning the company as a "growth pioneer" among the top fifteen gold mining companies globally [12][15]. Group 2: Resource and Cost Management - As of the end of 2024, the company's gold reserves are estimated at 27.5 million ounces (856 tons), ranking 9th in the global gold industry [15]. - The average acquisition cost from 2019 to 2024 is approximately USD 61.3 per ounce, significantly lower than the industry average of USD 92.9 per ounce [15]. - The average all-in sustaining cost (AISC) for 2024 is projected to be USD 1,458 per ounce, ranking 6th lowest among the top fifteen gold mining companies [15]. Group 3: Market Context and Future Outlook - The gold market has seen significant price increases, with gold prices reaching historical highs, and projections suggest prices could rise to USD 4,000 to USD 4,500 per ounce by 2026 [16]. - The company is strategically positioned to benefit from the ongoing "gold IPO boom" in Hong Kong, with several other gold-related companies also successfully listing [15][16]. - The acquisition of the Raygorodok gold mine in Kazakhstan is expected to further enhance the company's profitability and production capacity [16]. Group 4: Key Investors and Support - Zijin Mining International has attracted a strong cornerstone investor lineup, including GIC, Hillhouse, BlackRock, and others, with total subscriptions amounting to approximately HKD 12.4 billion [3].

中新社北京9月30日电 (记者 庞无忌)紫金矿业旗下紫金黄金国际有限公司9月30日在香港联交所主板上 市。这是全球黄金开采行业规模最大的IPO(首次公开募股)，也是中国矿业企业规模最大的境外IPO。 作为紫金矿业境外黄金资产的专属平台，紫金黄金国际聚焦高潜力黄金矿山及价值被低估的低品位、难 选冶黄金矿山，在中亚、南美、非洲、大洋洲等全球核心成矿带布局了8座金矿。招股公告披露，紫金 黄金国际此次募资主要用于现有矿山的升级及建设、探矿增储以及支付收购哈萨克斯坦Raygorodok金矿 相关款项。 紫金黄金国际上市当日开盘股价高开，截至中午收盘较发行价上涨逾60%，市值突破3000亿港元。(完) 【编辑:胡寒笑】 紫金矿业董事长陈景河表示，紫金矿业把海外黄金板块分拆在香港上市，具有重大战略意义。香港作为 国际金融中心，拥有成熟的资本市场机制与全球化投资者基础。黄金兼具金融和商品属性，紫金黄金国 际具备持续高成长性，登陆港股后将加速打造具有全球竞争力的世界一流黄金企业。 据介绍，在未行使超额配股权的情况下，紫金黄金国际此次IPO共发行股份3.49亿股，每股发行价71.59 港元，募资约250亿港元，由此计算，紫金黄金 ...

Market Performance - The Hong Kong stock market closed September with a bullish trend, with the three major indices showing a fluctuating upward pattern and reaching new highs [1] - The Hang Seng Technology Index surged by 13.95% during the month, hitting a peak of 6475.92 points on the last trading day [1] - The Hang Seng Index increased by 7.09%, briefly surpassing the 27,000-point mark, while the National Enterprises Index rose by 6.79%, crossing the 9,500-point threshold [1] Sector Performance - Semiconductor stocks led the gains, with notable increases such as Hua Hong Semiconductor up by 48.7% and SMIC up by 31.5%, both reaching historical highs [1] - Gold, copper, wind power, lithium battery, and photovoltaic sectors also saw significant gains, with Lingbao Gold up by 31.69%, Zhaojin Mining up by 29.71%, and Zijin Mining up by 28.66%, among others, all achieving historical price highs [1] - Wind power leader Goldwind Technology experienced a remarkable increase of 58.55% [1] Major Technology Stocks - Major technology stocks performed strongly, with Alibaba rising by 52.98%, Baidu by 48.99%, JD.com by 17.57%, and NetEase by 11.49%, all reaching new highs [1] - Other notable increases included Kuaishou up by 12.97%, Tencent by 11.15%, Xiaomi by 2.18%, and Meituan by 1.75% [1]