Core Viewpoint - Sichuan Gold (001337) announced that its shareholder, Beijing Jinyang Mining Investment Co., Ltd., plans to reduce its holdings by up to 7.56 million shares, representing 1.80% of the company's total share capital, due to personal funding needs [1] Summary by Relevant Sections - **Shareholder Reduction Plan** - Beijing Jinyang intends to reduce its stake through centralized bidding and block trading within three months after a 15-trading-day period following the announcement [1] - The reduction will be based on the market price at the time of the sale [1] - **Impact on Company Structure** - Beijing Jinyang is not a controlling shareholder or actual controller of the company, and the reduction will not affect the company's governance structure or ongoing operations [1]

Group 1 - The company, Zhaojin Mining (01818), announced the issuance of its fifth phase of technology innovation bonds for the year 2025, referred to as "25 Zhaojin SCP005 (Tech Innovation Bonds)" [1] - The total actual issuance amount of the bonds is 1 billion yuan, with an issuance interest rate of 1.68% [1]

Group 1 - The company, Zhaojin Mining (01818), announced the issuance of its fifth phase of technology innovation bonds for the year 2025, named "25 Zhaojin SCP005 (Tech Innovation Bonds)" [1] - The total amount issued for the bonds is 1 billion yuan, with an interest rate of 1.68% [1]

Core Viewpoint - UBS has released a report indicating that assuming gold prices are approximately 10% higher than market consensus, the bank's profit forecast for Zhaojin Mining (01818) exceeds market expectations [1] Group 1: Profit Forecasts - Based on the strong growth trend in Zhaojin's production, UBS has raised its profit forecast, expecting a compound annual growth rate (CAGR) of 54% from 2025 to 2027 [1] - The target price for Zijin has been increased from HKD 25.3 to HKD 37, reflecting a forecasted price-to-earnings (P/E) ratio of 23 times for 2026, with a reiterated "buy" rating [1] Group 2: Gold Price Predictions - UBS has significantly raised its gold price forecasts, anticipating prices of USD 4,000 per ounce by the end of this year and USD 4,200 per ounce by the end of next year [1] - The increase in gold prices is attributed to a rise in investor positions and a continuously expanding investor base, alongside a weakening dollar and declining real interest rates due to the Federal Reserve's interest rate cut cycle [1]

Core Viewpoint - UBS has raised its profit forecast for Zhaojin Mining (01818) based on a projected 10% increase in gold prices compared to market consensus, anticipating a compound annual growth rate of 54% in profits from 2025 to 2027 [1] Group 1: Company Analysis - UBS has significantly increased its gold price forecast, expecting prices to reach $4,000 per ounce by the end of this year and $4,200 by the end of next year [1] - The strong growth trend in Zhaojin's production has led to an upward revision of profit forecasts [1] - The target price for Zijin has been raised from HKD 25.3 to HKD 37, reflecting a price-to-earnings ratio of 23 times for the 2026 forecast, with a "Buy" rating reaffirmed [1] Group 2: Industry Insights - The increase in gold prices is attributed to rising investor positions and a growing investor base, alongside a weakening dollar and declining real interest rates due to the Federal Reserve's interest rate cut cycle [1]

Group 1 - Precious metal prices surged, with gold reaching a historic high of $3,812 per ounce, marking a nearly 45% increase year-to-date [1][4] - The rise in precious metals is supported by ongoing market supply tightness and increasing inflows into ETFs focused on these metals [4] - Gold stocks in the Hong Kong market saw significant gains, with increases of over 7% for some companies [4][5] Group 2 - Concerns about a potential U.S. government shutdown are causing traders to closely monitor the situation, as it may delay the release of key employment data [6] - A weak employment report could provide more justification for the Federal Reserve to adopt a more accommodative monetary policy in its upcoming meeting [9] - The outlook for the Federal Reserve's interest rate decisions remains uncertain, with differing views among officials and some economic data performing better than expected [9] Group 3 - Other precious metals are also experiencing unprecedented supply tightness, with significant increases in leasing rates for silver, platinum, and palladium [10] - Market concerns have been heightened by the potential inclusion of platinum group metals in the "232 clause" mineral investigation by the Trump administration, which could lead to increased import tariffs [13]

瑞银发表报告指，显著上调对金价预测，预计今年底及明年底分别见4000美元/盎司及4200美元/盎司， 受投资者仓位增加及投资者基础持续扩大，以及美联储降息周期下美元疲弱与实际利率下跌有利金价。 基于招金产量增长趋势强劲，该行上调对招金盈利预测，预计2025年至2027年期间盈利年复合增长率达 54%，目标价由25.3港元上调至37港元，为2026年预测市盈率23倍，重申"买入"评级。 ...

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 ...