Core Viewpoint - The international gold price has surged significantly, breaking through key thresholds and showing a year-to-date increase of over 41% [1][2]. Gold Price Surge - In September, international gold prices rose rapidly, surpassing $3,500, $3,600, and $3,700 within half a month [1]. - Domestic gold jewelry prices also increased, with notable brands reporting price hikes, such as Chow Sang Sang at 1,090 RMB per gram, up 65 RMB from the beginning of the month [1]. Macro Economic Factors - The expectation of the Federal Reserve initiating a rate cut has contributed to the gold price increase, with the federal funds rate target range lowered by 25 basis points to 4.00% - 4.25% [2]. - The decrease in interest rates reduces the opportunity cost of holding gold, enhancing its attractiveness [2]. Central Bank Purchases - Central banks, particularly in emerging markets, have been significant buyers of gold, with a reported increase of 166 tons in Q2 2023 [2]. - China's central bank has increased its gold reserves for ten consecutive months, currently holding approximately 7,402 million ounces (over 2,000 tons) [2]. Geopolitical Risks - Ongoing geopolitical tensions, such as conflicts in the Middle East and the Russia-Ukraine situation, have heightened investor risk aversion, further driving up gold prices [3]. Related Gold Assets Performance - The A-share gold sector saw an 8.28% increase in the first half of September, with individual stocks like Western Gold rising over 50% [4]. - Gold-themed financial products have gained popularity, with 47 such products currently in the market, and several new products launched since July [4]. Financial Products and Early Profit-Taking - Some gold-linked financial products have experienced early profit-taking due to reaching predetermined conditions, such as the 招银理财 product achieving a target yield of 3.50% [5]. - The trend of early profit-taking has become a popular topic on social media [5]. Gold ETF Growth - The total market size of gold ETFs has surpassed 160 billion RMB, with many ETFs experiencing significant net asset growth [6]. - Companies like Shandong Gold have announced share placements to raise funds, reflecting a trend of financing in the gold mining sector due to favorable market conditions [6]. Investment Considerations - Investors are advised to be cautious in the current high gold price environment, as geopolitical uncertainties and the potential for market volatility may impact future performance [7][8]. - It is suggested that households consider a gold allocation of approximately 5% to 10% of their investment portfolio [8].

Group 1: Gold Price Surge - The international gold price has seen a significant increase, surpassing $3,500, $3,600, and $3,700 within half a month, with a year-to-date increase of over 41% [1] - Domestic gold jewelry prices have also risen, with major brands reporting increases in price per gram, such as Chow Sang Sang at 1,090 RMB, up 65 RMB from the beginning of the month [1] - The surge in gold prices has led to a rise in related gold assets, including bank wealth management products and gold ETFs, with the latter's scale exceeding 160 billion RMB [2][6] Group 2: Factors Driving Gold Prices - The expectation of a Federal Reserve interest rate cut has reduced the opportunity cost of holding gold, enhancing its attractiveness [2] - Central banks in emerging markets have been increasing their gold reserves, with a reported 166 tons added globally in Q2, including a continuous increase by the People's Bank of China [2] - Geopolitical tensions, such as conflicts in the Middle East and the ongoing Russia-Ukraine war, have heightened investor risk aversion, further driving up gold prices [3] Group 3: Performance of Gold-Related Assets - The A-share gold sector saw an 8.28% increase in the first half of September, with individual stocks like Western Gold rising over 50% [4] - Gold-themed wealth management products have been popular, with 47 products currently in the market and several achieving early profit-taking due to price triggers [5] - Gold ETFs have also experienced significant inflows, with many seeing net asset value increases of over 20% in the past month [6] Group 4: Investment Considerations - Investors are advised to be cautious in the current high gold price environment, as market volatility may increase [7][8] - The relationship between gold prices and the US dollar is highlighted, with gold typically priced in dollars, leading to potential uncertainties for domestic investors purchasing in RMB [8] - Recommendations suggest a household gold allocation of approximately 5% to 10% due to its liquidity and hedging properties [8]

Group 1 - The recent performance of the three major U.S. stock indices has been strong, with record highs, raising questions about the sustainability of this rally and its underlying drivers [1] - The expectation of interest rate cuts by the Federal Reserve is a significant factor contributing to the stock market's rise, but it is not a guaranteed solution for long-term growth [3] - Company earnings are crucial for sustained stock market growth, as evidenced by FedEx's strong earnings boosting its stock, while Lennar's disappointing results led to a 4.2% drop in its stock price [3] Group 2 - The rise in gold prices, which has significantly benefited Newmont Mining's stock, is driven by expectations of interest rate cuts, inflation fears, and concerns over government debt devaluation [5] - However, if the Federal Reserve's rate cuts are not as substantial as anticipated or if inflation decreases, the upward momentum in gold prices may weaken [5] - The Federal Reserve primarily relies on interest rates as its main tool for economic management, facing challenges in balancing employment growth and inflation control [7] Group 3 - Concerns exist regarding the impact of declining stock markets in Europe and Asia on U.S. markets, particularly as the Nikkei index fell due to the Bank of Japan's stock sales [7] - The U.S. stock market's strength is primarily supported by domestic factors, such as interest rate expectations and strong corporate earnings, rather than external market movements [7] - The slowing growth in the U.S. job market and potential global economic slowdown could negatively affect U.S. companies' overseas operations, posing risks to the stock market [9]

Major Events - Zijin Mining International (02259) is conducting an IPO from September 19 to September 24, with expected listing on September 29 [1] - Xipuni (02583) is also conducting an IPO from September 19 to September 24, with expected listing on September 29 [1] - China National Nuclear Corporation (01735) plans to establish a strategic partnership with Ant Blockchain in the fields of new energy digital assets and AI ecology [1] - Huajian Medical (01931) has officially completed the world's first RWA building - ETHK building, marking a new era of physical and scalable technology for ETHK's financial ecosystem [1] - Hong Kong Broadband (01310) received a placement of 47.925 million existing shares from its controlling shareholder, China Mobile Hong Kong [1] - Jieli Trading Treasure (08017) launched DeepTrade AI Agent, an intelligent trading system [1] - Fuhong Hanlin (02696) received approval from the European Commission for HLX14 (dazhu single antibody) for specific osteoporosis treatment indications [1] - Changying Group (Holdings) (00689) underwent a major shareholder change, with VCYBER acquiring 13.92% of the company's shares [1] - Zhaojin Mining Industry (01818) plans to invest $30 million to subscribe for cornerstone shares of Zijin International [1] - Boya Interactive (00434) established a strategic partnership with New Fire Technology to jointly explore Web3 ecological development opportunities [1] - Yangtze Optical Fibre and Cable (06869) experienced abnormal trading fluctuations in A-shares, with no significant impact on financial data from the hollow fiber-related business [1] - Baiguoyuan Group (02411) plans to issue a total of 279.5 million placement shares, aiming to raise approximately HKD 325 million [1] - Youbao Online (02429) plans to issue up to 157.5 million placement shares at a discount of approximately 16.95% [1] Operating Performance - SF Holding (06936) reported a total revenue of CNY 24.787 billion from its express logistics, supply chain, and international businesses in August, representing a year-on-year growth of 7.86% [2]

Group 1 - The core point of the news is that Zhaojin Mining (01818.HK) has signed a cornerstone investment agreement to invest USD 30 million in Zijin International's IPO, which strengthens the strategic partnership between Zhaojin Mining and its major shareholder, Zijin Mining [1] - Zhaojin Mining's investment will be funded through internal financial resources and is part of Zijin International's international offering [1] - Zijin International, a wholly-owned subsidiary of Zijin Mining, reported an audited total equity of approximately USD 4.236 billion as of June 30, 2025, with projected pre-tax profits of USD 427 million, USD 415 million, and USD 937 million for the years 2022 to 2024 [1] Group 2 - Zhaojin Mining's mid-year report for 2025 shows a revenue of CNY 6.973 billion, a year-on-year increase of 50.69%, and a net profit attributable to shareholders of CNY 1.44 billion, up 160.44% year-on-year [2] - The company achieved a total gold production of approximately 14,288.09 kilograms in the first half of the year, representing a growth of about 8.42% compared to the same period last year [2] - Zhaojin Mining's stock price has increased approximately 156% year-to-date, closing at HKD 28.02 per share as of September 19 [2]

Core Viewpoint - The company held its fourth extraordinary general meeting of shareholders in 2025, where several key resolutions were passed, including the approval for its subsidiary to issue H-shares and list on the Hong Kong Stock Exchange [4][7]. Group 1: Meeting Details - The extraordinary general meeting was convened by the company's board of directors and chaired by Chairman Han Yaodong, complying with the Company Law and the company's articles of association [2]. - A total of 9 directors were in office, with 6 attending the meeting; some directors were absent due to work commitments [3]. - The meeting took place on September 19, 2025, at the company's conference room in Jinan, Shandong Province [4]. Group 2: Resolutions Passed - The following resolutions were approved during the meeting: - The proposal for the subsidiary Shanjin International to issue H-shares and list on the Hong Kong Stock Exchange [4]. - The proposal regarding the types and par value of the shares to be issued [5]. - The proposal concerning the timing and method of the issuance [5]. - The proposal on the scale and pricing method of the issuance [5]. - The proposal on the issuance targets and principles [5]. - The proposal for the subsidiary to convert to a company limited by shares for overseas fundraising and listing [6]. - The proposal for the use of funds raised from the public issuance of H-shares [6]. - The proposal for providing guarantees among the wholly-owned subsidiaries of Shanjin International [6]. - All resolutions were passed without any objections from shareholders [7]. Group 3: Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm, who confirmed that the meeting's procedures and resolutions complied with relevant laws and regulations [8].

| 表格序號 | | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | 持有權益的股份 | | --- | --- | --- | --- | --- | --- | | | | 原因 份數目 | | | (請參閱上述 | | CS20250918E00511 | 招金矿业股份有限公司 | 1201(L) | 14,500,000(L) | HKD 30.0800 | 17,1 | | CS20250918E00510 | 斯派柯国际有限公司 | 1201(L) | 14,500,000(L) | HKD 30.0800 | 17.1 | 本次交易涉及关联方：斯派柯国际有限公司。 | 股份代號: | 06693 | | --- | --- | | 上市法團名稱: | 赤峰吉隆黃金礦業股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 19/09/2024 - 19/09/2025 | 香港联交所最新资料显示，9月18日，招金矿业股份有限公司减持赤峰黄金（600988）(06693)1450万股，每股作价30.08港元，总金额约4.36亿港元。减持后 ...

智通财经APP获悉，香港联交所最新资料显示，9月18日，招金矿业股份有限公司减持赤峰黄金(06693)1450万股，每股作价30.08港元，总金额约4.36亿港 元。减持后最新持股数目为1711.74万股，最新持股比例为7.24%。 | 表格序號 | | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | 持有權益的股份 | | --- | --- | --- | --- | --- | --- | | | | 原因 份數目 | | | (請參閱上述 | | CS20250918E00511 | 招金矿业股份有限公司 | 1201(L) | 14,500,000(L) | HKD 30.0800 | 17,1 | | CS20250918E00510 | 斯派柯国际有限公司 | 1201(L) | 14,500,000(L) | HKD 30.0800 | 17.1 | 本次交易涉及关联方：斯派柯国际有限公司。 | 股份代號: | 06693 | | --- | --- | | 上市法團名稱: | 赤峰吉隆黃金礦業股份有限公司 - H股 | | 日期 (日 / 月 ...

Core Viewpoint - The recent semi-annual adjustment of the FTSE Global Equity Index Series has included several Hong Kong stocks, indicating a shift in market dynamics and highlighting the performance of certain sectors, particularly gold and biopharmaceuticals [1][2][3]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopuhuang Gold (06181) have been included in the FTSE China Large Cap Index for the first time, while 11 Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The FTSE Global Equity Index Series categorizes stocks into four market capitalization tiers based on free float market capitalization, which excludes strategic holdings and locked shares [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, with Chifeng Jilong Gold rising over 120% and Laopuhuang Gold increasing by over 200%, reflecting strong sector performance [3]. - The biopharmaceutical sector has also seen substantial growth, with companies like Rongchang Bio (09995) and Sanofi (01530) experiencing stock price increases of nearly 670% and a market capitalization exceeding 77 billion HKD, respectively [3][5]. Group 3: Company Highlights - Chifeng Jilong Gold focuses on gold mining and resource recovery, reporting a net profit of 1.107 billion RMB in the first half of 2025, a year-on-year increase of 55.79% [4]. - Laopuhuang Gold, which went public on June 28, 2024, has seen its stock price surge by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, with a target price of 20 HKD set by Daiwa [4]. - Sanofi has gained attention due to a significant business development deal with Pfizer, leading to a market capitalization of 77 billion HKD [5]. - Fourth Paradigm (06682) has received positive outlooks from multiple brokerages, with target prices raised due to its strong position in the AI sector [6].

Core Viewpoint - Zijin Mining announced the issuance of a prospectus for its subsidiary, Zijin Gold International, on September 19, 2025, indicating a significant step in its global offering [1] Group 1: Offering Details - Zijin Gold International plans to issue a total of 349 million shares, which represents approximately 13.30% of the total shares post-offering [1] - The offering includes a public sale of 34.89 million shares in Hong Kong, accounting for about 10% of the total offering, while the international offering will consist of 314 million shares, making up 90% of the total [1] - The determined price for the shares is set at HKD 71.59 per share [1] Group 2: Timeline - The Hong Kong public offering is scheduled to begin on September 19, 2025, and is expected to conclude on September 24, 2025 [1] - The new shares are anticipated to be listed and commence trading on the Hong Kong Stock Exchange on September 29, 2025 [1]