Group 1 - The Hang Seng Index experienced a pullback to the 20-day moving average due to month-end effects and renewed U.S. tariffs [1] - The U.S. government shutdown is a major concern, with funding set to expire on September 30, potentially affecting millions of federal jobs [1] - China's industrial profits in August showed a significant recovery, increasing by 20.4% after a previous decline of 1.5%, indicating the effectiveness of anti-involution policies [1] Group 2 - Tesla is focusing on scaling up the production of its Optimus robot, with reports of a meeting between Elon Musk and UAE media officials [2] - Meta has announced the development of humanoid robot systems, indicating a strategic focus on robotics alongside augmented reality [2] Group 3 - The new energy storage market is facing a shortage of battery cells, with orders extending into next year [3] - Tongguan Gold (00340) is highlighted as a developing gold mining company with significant resources and a long-term agreement with Zijin Mining [3] Group 4 - Meta has concluded the release of new AI glasses, with supply chain orders for 12-13 million units this year and an upward revision to 30 million units for next year [4] - The expected shipment volume for Meta's AI glasses in 2025 is projected to be around 5-6 million units, with a significant increase anticipated in Q4 [4][5] Group 5 - The supply chain for Meta's AI glasses is expected to face challenges, with potential delays in component availability impacting shipment timelines [5] - Meta's confidence in the AI glasses product line suggests a strong order forecast to meet anticipated demand [5][6] Group 6 - The successful sales of Meta's AI glasses in 2025 and 2026 would validate the viability of the AI glasses category [6] - Recommendations for investment include focusing on Sunny Optical (02382) and upstream silicon carbide substrate supplier Tianyue Advanced (02631) [6]

Group 1: Gold Price Trends - International gold prices have recently surged, with spot gold nearing $3,800 per ounce and COMEX gold futures also surpassing this threshold, marking a growth of 43.24% and 37.42% respectively as of September 26 [1][3] - Analysts from UBS predict that gold prices could reach $3,900 per ounce by mid-next year, while JPMorgan forecasts an average price of $3,800 per ounce by Q4 2025 and over $4,000 per ounce by Q1 2026 [3] Group 2: Mining Companies Performance - Shandong Gold reported a revenue of 56.766 billion yuan for the first half of the year, a year-on-year increase of 24.01%, with net profit soaring by 102.98% to 2.808 billion yuan [3] - Zijin Mining achieved revenues of 167.7 billion yuan and a net profit of 23.3 billion yuan, reflecting year-on-year growth of 11.5% and 54.4% respectively [3] - Chifeng Jilong Gold, a new member of the "A + H" stock market, reported a net profit of 1.107 billion yuan, up 55.79%, with revenues of 5.272 billion yuan [3] Group 3: Industry Strategies - Mining companies are focusing on "internal growth" through resource expansion and capacity enhancement, with Shandong Gold completing 293,000 meters of exploration and adding 18.8 tons of gold metal [4] - Companies are also pursuing capital operations, with Zijin Mining planning to list its subsidiary on the Hong Kong Stock Exchange and Shandong Gold International submitting its prospectus for a Hong Kong listing [4]

格隆汇9月29日丨根据联交所最新权益披露资料显示，2025年9月24日，山东黄金(01787.HK)遭Schroders PLC在场内以每股均价38.0119港元减持429.45万股， 涉资约1.63亿港元。 减持后，Schroders PLC最新持股数目为6754.69万股，持股比例由7.22%下降至6.79%。 | 股份代號: | 01787 | | --- | --- | | 上市法國名稱: | 山東黃金礦業股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 29/08/2025 - 29/09/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | | ( 請参関上述 * 註 | | | | | | | | 份百分比 年) | | | CS20250926E00010 | Schroders PLC | 1201(L) | 4.294.50 ...

减持后，Schroders PLC最新持股数目为6754.69万股，持股比例由7.22%下降至6.79%。 | 股份代號: | 01787 | | --- | --- | | 上市法國名稱: | 山東黃金礦業股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 29/08/2025 - 29/09/2025 | 格隆汇9月29日丨根据联交所最新权益披露资料显示，2025年9月24日，山东黄金(01787.HK)遭Schroders PLC在场内以每股均价38.0119港元减持429.45万股， 涉资约1.63亿港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | | | 股份數目 | | 請參閱上述 * 註 | | | | | | 份自分比 年) | | | CS20250926E00010 Schroders PLC | 1201(L) | 4,294,500(L) | HKD 38.0119 67,546,90 ...

Transaction Overview - Hunan Gold Co., Ltd. plans to transfer 70% equity and debt of its subsidiary Huangshi Panlongxin Mining Co., Ltd. through public bidding, with a minimum starting price of 14.239 million yuan based on asset evaluation results [2] - The management is authorized to handle all matters related to the transfer, including price adjustments not exceeding 10% [2] Transaction Progress - On August 18, 2025, the company signed a property transaction contract with the buyer, Yangxin County Xinshi Mining Co., Ltd., for a transfer price of 14,239,001 yuan [3] - The buyer has made the full payment, and the business registration has been completed, with the new business license issued by the Yangxin County Market Supervision Administration [3] Impact on the Company - Following the completion of the transaction, the company and its subsidiaries will no longer hold equity or debt in Huangshi Panlongxin, and it will be excluded from the company's consolidated financial statements [4]

智通财经APP获悉，香港联交所最新资料显示，9月24日，Schroders PLC减持山东黄金(01787)429.45万 股，每股均价38.0119港元，总金额约为1.63亿港元。减持后最新持股数目为6754.69万股，最新持股比 例为6.79%。 ...

黄金成为投资者心中的"香饽饽"，全球黄金生产的格局如何？据数据显示，2024年，中国以380吨的产量位居全 球黄金生产国之首，尽管自2010年以来仅增长了8%，却仍保持领先地位。俄罗斯自2010年以来产量增长了63%， 达到330吨，巩固了其作为第二大黄金生产国的地位。在这场黄金热潮中，我国成为全球最大黄金增持国和最大 黄金生产国。 过去十多年间，受各国央行储备需求、投资需求及珠宝消费等因素推动，全球对黄金的需求持续强劲。2010年至 2024年期间，中国、俄罗斯、澳大利亚、加拿大和美国为全球五大黄金生产国。不过，除中国以外，各国黄金产 量和排名变化较大。 2024年，中国的黄金产量达380吨，较2010年的351吨增长了8%。尽管增幅不大，但中国主导地位凸显了在本国 采矿和精炼基础设施方面的长期投资。此外，中国的国有矿业体系也有助于使其免受全球市场波动的影响。 在国际黄金生产的"版图"中，俄罗斯与加拿大异军突起，自2010年以来，俄罗斯的黄金产量增长了63%，于2024 年达到330吨。这一增长得益于矿业项目投资的增加，以及建设国家储备的战略重心调整。 扬子晚报网9月26日讯（记者 范晓林 薄云峰）9月26 ...

Group 1 - The company, Zhaojin Mining (01818.HK), will hold a board meeting on October 10, 2025, to review and approve the unaudited consolidated third-quarter report for the nine months ending September 30, 2025 [1]

Core Viewpoint - The A-share market experienced slight fluctuations as the holiday approached, with the non-ferrous metal sector showing initial gains before narrowing. The Non-Ferrous 50 ETF (159652) saw significant inflows, indicating strong investor interest in this sector [1][3]. Group 1: Market Performance - The Non-Ferrous 50 ETF (159652) initially rose over 2%, with net subscriptions reaching 15 million units, translating to over 20 million yuan in net inflows by 10:15 AM [1]. - The index components of the Non-Ferrous 50 ETF showed mixed performance, with the copper sector leading gains, particularly Jiangxi Copper, which rose over 4% [3]. Group 2: Industry Insights - The Non-Ferrous 50 ETF (159652) covers a broad range of metals, with copper accounting for 30% of its composition, making it a leading index in terms of copper and gold content [4]. - The China Nonferrous Metals Industry Association is addressing the "involution" competition in copper smelting, proposing measures to control capacity expansion [7]. - Global refined copper consumption is projected at 28.65 million tons in 2024, with China alone consuming 17 million tons, highlighting the country's dominant position in the market [8]. Group 3: Economic Factors - The industrial metal prices are influenced by both financial and commodity attributes, with the Federal Reserve's recent interest rate cuts expected to strengthen copper prices [10]. - The Federal Reserve's recent 25 basis point rate cut marks the beginning of a new easing cycle, which is anticipated to support gold prices in the long term [11]. - The current environment presents significant investment opportunities in non-ferrous metals, driven by supply-side policies, demand recovery, and global economic trends [11].

Core Viewpoint - Shandong Gold International Mining Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, highlighting its strong profitability and cost-effectiveness in gold production, with significant growth in gold resources and production capacity [2][3]. Company Overview - Shandong Gold International is a leading gold producer in China, engaged in the exploration, mining, and trading of gold, silver, lead, and zinc [2]. - The company ranks sixth among Chinese gold producers in terms of gold output and fourth in gold reserves [2]. Financial Performance - The company's revenues for 2022, 2023, and 2024 are reported as 8.373 billion RMB, 8.095 billion RMB, and 13.58 billion RMB, respectively, with profits of 1.247 billion RMB, 1.566 billion RMB, and 2.438 billion RMB [3][4]. - In the first half of 2025, Shandong Gold International achieved revenues of 9.241 billion RMB, a year-on-year increase of 42.16%, and profits of 1.773 billion RMB, up 47.64% [3]. Cost Efficiency - The all-in sustaining cost of gold production for the year ending December 31, 2024, is projected to be 683.5 USD per ounce, placing it in the top 10% globally, compared to the global average of 1,438.1 USD per ounce [2]. Resource Growth - As of June 30, 2025, the company's gold resource volume is expected to reach 284.6 tons (9,150.6 thousand ounces), nearly doubling from 146.7 tons (4,715.3 thousand ounces) as of December 31, 2023 [2]. Shareholding Structure - Shandong Gold Mining holds 802 million A-shares, accounting for approximately 28.89% of the company's issued share capital, making it the controlling shareholder [5].