待完成后且假设所有配售股份均获成功配售，预计配售事项所得款项总额及所得款项净额将分别约为 39.01亿港元及38.92亿港元。按此基准，每股配售股份的净配售价将约为28.52港元。配售事项所得款项 净额将用于偿还公司债务。 格隆汇9月2日丨山东黄金(01787.HK)发布公告，为深入推动公司在资本市场的国际化布局，更进一步提 高公司的资本实力、优化资本结构，促进企业更加健康、可持续、高品质发展，助力打造具有全球竞争 力的世界一流黄金矿业企业。2025年9月2日(联交所交易时段前)，公司与配售代理(即中金公司与中信证 券)订立配售协议，据此，配售代理已有条件及个别而非共同亦非连带同意作为公司配售代理尽最大努 力促使不少于六名承配人(连同彼等各自的最终实益拥有人(如适用)将为独立第三方)认购最多1.365亿股 配售股份，配售价为每股配售股份28.58港元。 配售事项项下的配售股份相当于(i)本公告日期现有已发行H股数目的约15.89%及现有已发行股份数目的 约3.05%，及(ii)经配发及发行配售股份扩大后已发行H股数目的约13.71%及已发行股份数目的约 2.96%。每股配售股份的配售价28.58港元9月1日( ...

格隆汇9月2日丨根据联交所最新权益披露资料显示，2025年8月26日，山东黄金(01787.HK)获BlackRock, Inc.在场内以每股均价28.92港元增持好仓53.93万 股，涉资约1559.51万港元。 增持后，BlackRock, Inc.最新持好仓数目为5196.464万股，持好仓比例由5.99%上升至6.05%。 | 帳格序號 | 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 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | (請參閱上述*註 | 有投票權股(日 / 月 / 年) 權 | | | | | | | 份自分比 | | | | | | | 0/0 | | CS20250829E00514 | HKD 28.9200 BlackRock, Inc. | 1101(L) | 539,250(L | 51.964.640(L) | 6.05(L)26/08/2025 | | | | | | 6.635.500(S) | 0. ...

记者丨叶麦穗 编辑丨黄剑 市场担忧美联储独立性受到挑战，投资者避险情绪升温，国际金价上周上涨2.86%。整个8 月， 国际金价累计涨幅超过5%，创下今年4月以来的最佳单月表现 。9月1日（截至北京时间 17:00），黄金再度驶入上涨通道，最高触及3489.86美元/盎司，距离历史新高仅有一步之 遥。与此同时，COMEX黄金期货价格盘中最高冲至3557.1美元/盎司，站上历史最高点。 多家机构积极上调了黄金价格展望，多数机构认为明年站上4000美元/盎司不是梦 。在金价迭 创新高之际，黄金上游采矿公司的业绩也是全线飘红，其中多家公司的净利润实现翻倍。 多家机构上调黄金价格展望 据新华社报道，8月25日，美国总统特朗普解雇美联储理事库克，引发市场对美联储独立性受 政治干预的担忧。最新CME"美联储观察"数据显示，9月维持利率不变的概率为12.6%，降息 25个基点的概率为87.4%，到10月维持利率不变的概率为5.6%，累计降息25个基点的概率为 45.8%，累计降息50个基点的概率为48.6%。 市场的主流观点认为，近期聚焦于美联储货币政策转向的逻辑，叠加美联储独立性受质 疑，重新推升市场避险买盘，关注金价能否 ...

Core Viewpoint - Zhongjin Gold's stock price surged due to its strong half-year performance and market expectations for asset injections, reflecting robust growth in the gold industry amid rising gold prices [4][10]. Company Overview - Zhongjin Gold, established in June 2000, is the first publicly listed company in China's gold industry, with its main business covering geological exploration, mining, and processing of gold and non-ferrous metals [4][5]. - The company has undergone three distinct development phases: rapid growth (2008-2012), stable development (2013-2019), and a new journey (2020-present), with significant increases in gold production and resource reserves [5]. Financial Performance - In 2024, Zhongjin Gold achieved revenue of 65.56 billion yuan, a year-on-year increase of 7.01%, and a net profit of 3.386 billion yuan, up 13.71% [5]. - For the first half of 2025, the company reported revenue of 35.067 billion yuan, a 22.90% increase year-on-year, and a net profit of 2.695 billion yuan, reflecting a 54.64% growth [7][10]. - Key financial indicators showed improvement, with a total profit of 4.081 billion yuan in the first half of 2025, a 57.32% increase, and a net asset return rate of 9.36%, up 2.84 percentage points [7]. Market Dynamics - The surge in gold prices, with international prices rising by 24.31% year-to-date, has significantly enhanced the company's profit margins [10]. - The company is planning to acquire stakes in four gold mining enterprises, which is expected to boost its resource reserves and production capacity [10]. Technological Advancements - Zhongjin Gold has invested in technological innovation, with 1.68 billion yuan allocated for research and development in the first half of 2025, resulting in numerous patent applications and authorizations [11]. - The company's advancements in new materials and rare metals are expected to contribute to its valuation reconstruction [11].

港股9月开门红 三大指数齐涨 中新社香港9月1日电 (记者 戴小橦)9月1日，港股迎来9月首个交易日，港股三大指数齐涨。截至收盘， 恒生指数涨2.15%，报25617.42点；恒生科技指数涨2.2%，国企指数涨1.95%；大市成交额达3802.31亿 港元。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 根据新安排，现金抵押品的利息支付及相关收费将根据国际市场标准按日计算，计算方式为隔夜参考利 率减去手续费。今年10月至明年12月的手续费将设定为0.8%，其后每年下调10个基点，直至2028年底 降至0.5%。另外，非现金抵押品的融通费用，亦将由每年0.5%下调至0.25%。 港交所首席营运总监刘碧茵表示，新安排将提升抵押品的使用效率，便利市场参与者执行各种交易策略 及管理投资风险。加上近期推出的提高股票期权及指数衍生产品持仓限额的措施，这些举措不仅大大增 加市场已结算仓位的限额，同时提升持仓的资本效率。(完) 来源：中国新闻网 编辑：万可义 9月1日，香港恒生指数收市报25617.42点，上涨539.80点，涨幅为2.15%，全天成交金额为3802.31亿港 元。 中新社记者 侯宇 ...

Core Insights - Alibaba's stock surged by 18.50% on September 1, with a trading volume of 549.17 million HKD, contributing to a significant rise in the Hang Seng Technology Index and other major indices in Hong Kong [4][6]. Market Performance - The Hang Seng Index rose by 2.15% to 25,617.42 points, while the Hang Seng Technology Index increased by 2.20% to 5,798.96 points. The total market turnover reached 380.2 billion HKD, with net inflows from southbound funds amounting to 11.942 billion HKD [2][3]. - Notable performances included the Hang Seng Biotech Index, which saw a 5.14% increase, and the Hang Seng China Enterprises Index, which rose by 1.95% [3]. Alibaba's Financial Results - Alibaba reported total revenue of 247.65 billion CNY, a year-on-year increase of 2%, and a net profit of 42.382 billion CNY, reflecting a 76% growth [6]. - The company's instant retail business generated revenue of 14.784 billion CNY, up 12% year-on-year, with daily order peaks reaching 120 million and monthly active users growing by 200% to 300 million [6]. - Alibaba's AI business also showed strong performance, with the Cloud Intelligence Group's revenue at 33.398 billion CNY, a 26% increase [6]. Analyst Outlook - Morgan Stanley upgraded Alibaba's target price from 150 USD to 165 USD, citing its position as "China's best AI enabler" and anticipating further acceleration in cloud revenue growth from 26% to over 30% in the upcoming quarter [6]. - AI-related revenue is reported to account for over 20% of Alibaba Cloud's total revenue [6]. ETF Activity - The Southern Hang Seng Technology ETF recorded a trading volume exceeding 15.747 billion HKD, with a peak daily trading volume of 24 billion HKD [7]. - Other notable ETFs included the Yingfu Fund and various Southern ETFs, reflecting increased trading activity following Alibaba's earnings report [6][7]. Gold Stocks Performance - Gold stocks experienced a strong rally, with Zijin Mining rising by 7.74% and Shandong Gold increasing by 6.95%, driven by market concerns over the independence of the Federal Reserve and rising expectations for interest rate cuts [11].

Core Viewpoint - Alibaba's stock surged by 18.50% following its earnings report, contributing to a significant increase in the Hang Seng Technology Index and related ETFs [5][10]. Market Performance - On September 1, major Hong Kong indices experienced substantial gains: Hang Seng Index rose by 2.15% to 25,617.42 points, Hang Seng Technology Index increased by 2.20% to 5,798.96 points, and Hang Seng China Enterprises Index climbed by 1.95% to 9,121.87 points [2][3]. - The total market turnover reached HKD 380.2 billion, with net inflows from southbound funds amounting to HKD 11.942 billion [2]. Alibaba's Financial Results - Alibaba reported total revenue of CNY 247.65 billion, a year-on-year increase of 2%, and a net profit of CNY 42.382 billion, up 76% [7]. - The company's instant retail business generated revenue of CNY 14.784 billion, reflecting a 12% year-on-year growth, with daily peak orders reaching 120 million and monthly active users at 300 million, a 200% increase since April [7]. - Alibaba's AI business showed strong performance, with cloud intelligence revenue of CNY 33.398 billion, up 26% year-on-year [7]. Analyst Insights - Morgan Stanley upgraded Alibaba's target price from USD 150 to USD 165, citing its position as "China's best AI enabler" and the expected acceleration of its cloud business growth driven by AI [7]. - The firm anticipates that Alibaba Cloud's growth will accelerate from 26% in the first fiscal quarter to over 30% in the second quarter, with AI-related revenue constituting over 20% of total cloud revenue [7]. ETF Activity - Following Alibaba's earnings report, the Southbound Hang Seng Technology ETF saw a trading volume exceeding HKD 157.47 billion, with a peak half-day turnover surpassing HKD 100 billion [9][11]. - Other notable ETFs included the Tracker Fund of Hong Kong and various Southbound ETFs, reflecting strong market interest in technology stocks [10]. Sector Performance - The healthcare sector saw significant rebounds, with notable gains in stocks such as MicroPort Medical (+21.97%) and WuXi Biologics (+8.37%) [3]. - Gold stocks also performed well, with Zijin Mining rising by 7.74%, driven by market concerns over the independence of the Federal Reserve and increasing expectations for interest rate cuts [16].

Group 1 - The core viewpoint of the article highlights that gold sector stocks listed in London are rising due to increasing gold prices driven by expectations of U.S. interest rate cuts and uncertainties surrounding tariffs [1] - Gold prices are approaching historical highs, influenced by the upcoming U.S. economic reports including the Federal Reserve's Beige Book, non-farm payroll report, job vacancies, labor turnover survey, and ADP report [1] - Specific stock performances include Hochschild Mining's share price increasing by 5%, Alien Metals rising by 3.85%, and Fresnillo up by 1.6% [1]

另一方面，汽车股多数表现低迷，Q2毛利率大幅下降，比亚迪(002594)股份跌超5%，广汽集团 (601238)、吉利汽车、小鹏汽车皆有跌幅，中资券商股、纸业股、高铁基建股、乳制品股、体育用品股 齐跌，其中，中国交通建设跌6%，中信建投(601066)跌超3%。(格隆汇) | 名称 | 最新价 | 涨跌幅 | | --- | --- | --- | | 恒生指数 | 25617.42 | +2.15% | | 800000 | | | | 国企指数 | 9121.87 | +1.95% | | 800100 | | | | 恒生科技指数 | 5798.96 | +2.20% | | 800700 | | | 格隆汇9月1日｜港股三大指数全天高位震荡，迎来9月开门红行情！黄金股与科技股联袂上攻，带领市 场做多情绪高涨。截止收盘，恒生指数涨2.15%上扬近550点，国企指数、恒生科技指数分别上涨1.95% 及2.2%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 09988 | ◎ NTEBBE | 137.100 | 18.50% | | 0193 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The gold market is in a stage of volatile upward movement, and the price center is expected to rise in the later stage. The reasons are as follows: in terms of the risk - aversion logic, the impact of tariffs is still fluctuating in the short term, and there is no significant progress in the Russia - Ukraine negotiations, so the long - term risk - aversion logic still exists; in terms of the investment logic, the central bank adjusted the monetary policy framework at the August annual meeting, greatly increasing the expectation of a September interest rate cut, with an expected interest rate cut of 50 - 75bp within the year, and the expected decline in interest rates will drive up the gold price [2]. Summary According to the Table of Contents 1. Market Review - In August, the gold price remained in a high - level volatile range, with the COMEX gold price fluctuating around $3380 - 3480 per ounce. The reasons for the price movement include high - level uncertainty in US tariff disputes in August and the lack of obvious progress in Russia - Ukraine negotiations, which maintained long - term risk - aversion sentiment; the adjustment of the monetary policy framework by the Federal Reserve at the Jackson Hole annual meeting in August increased the expectation of an interest rate cut, which may continue to drive up the gold price [7][8]. 2. Financial Attributes - The core of the financial attributes is the US Treasury real interest rate (represented by the ITIPS yield), and historical data shows an obvious negative correlation between the gold price and the real interest rate. It is mainly affected by US economic growth, inflation levels, and monetary policy, with monetary policy being the most direct influencing factor in the short to medium term [15]. - The US economic situation: In the second quarter of 2025, the US GDP's quarter - on - quarter annualized rate was 3%, showing an obvious recovery from the first quarter, but the year - on - year growth rate has been lower than the potential GDP growth rate for two consecutive quarters, indicating that the current US economic growth rate is still low. In July, the ISM manufacturing PMI fell slightly to 48%, still below the boom - bust line, and new orders were also below the boom - bust line, indicating a decline in the US manufacturing's prosperity after the suspension of interest rate cuts. In July 2025, the initial value of new non - farm payrolls was 73,000, significantly lower than the market expectation of 104,000, and the unemployment rate rose to 4.2%, the highest since November 2021. In July, the US CPI rose 2.7% year - on - year, remaining flat with the previous value and slightly lower than the market expectation; it rose 0.2% month - on - month, a decline from the previous value of 0.3% [19][22][26]. - The Federal Reserve's monetary policy: The market's expectation of a September interest rate cut has risen to about 85%, mainly because the Federal Reserve adjusted the monetary policy framework at the August central bank annual meeting. There is a high probability of 2 - 3 interest rate cuts within the year. The Federal Reserve paused interest rate cuts in July, maintaining the federal funds rate target range at 4.25% - 4.50%. The previous June dot - plot showed that Federal Reserve officials thought there would be 2 interest rate cuts within the year, but there were differences [33][35][38]. 3. Monetary Attributes - In terms of monetary attributes, the impact of US dollar credit and other risk events is mainly considered. In August, the US dollar index fluctuated around the 97 - 98 level. With Powell's dovish statement at the August central bank annual meeting and Trump's intervention in the Federal Reserve Council, the US dollar index declined slightly in late August [40][44]. - The GPR risk indicator shows that the geopolitical risk level in the US declined in August compared with the previous two months, mainly due to the smooth progress of US tariff negotiations. The Russia - Ukraine negotiations are ongoing, and the geopolitical risk in the Middle East remains relatively tense [48]. 4. Commodity Attributes - In the long run, the supply of gold is sufficient as it is relatively stable. From 2023 - 2024, the global gold supply will continue to increase steadily. However, the domestic gold production may continue to decline year by year due to factors such as the decline in gold grades in mining areas and the pressure of environmental protection expenditures. In terms of demand, jewelry demand will drive the overall demand to pick up [51]. Hedging Strategies for Different Participants - For mining enterprises, smelting enterprises, and terminal consumers with inventory who are worried about the decline in the gold price, short - term negative factors suggest shorting gold futures for hedging, with the contract being au251. For smelting enterprises and terminal consumers who are purchasing raw materials and worried about the rise in the gold price, direct long - buying of gold futures is recommended, also with the contract au251 [2][4]. Key Data to Watch - The September Federal Reserve interest rate meeting and the August US economic data [2].