Core Viewpoint - The company is positioned as a rising star in the gold mining industry, with significant growth potential driven by its strategic acquisitions and operational expansions [1][2]. Group 1: Company Overview - The company began operations in Jiangxi, with the Yifeng mine starting production in 2006, which has since become a cash cow for the company [1]. - The company made counter-cyclical acquisitions during low points in the mining cycle, including the acquisition of the Walege silver mine and the Lomen gold mine in Tibet [1]. - The Walege mine is currently advancing its "mine-to-mine" procedures, while the Lomen gold mine has accelerated production since its commissioning at the end of 2022, coinciding with a surge in gold prices [1]. Group 2: Financial Performance - In 2024, the company is expected to achieve revenue of 1.83 billion yuan from self-produced mines, with gold concentrate and gold ingots accounting for 65% of this revenue [1]. - The company has established a processing capacity of 3 million tons, with a planned processing volume of 2.28 million tons in 2024, representing a year-on-year increase of 97% [2]. - The company anticipates gold production of 2.06 tons in 2024, a year-on-year increase of 27%, with revenue projected at 1.19 billion yuan, an 80% increase from the previous year [2]. Group 3: Resource and Expansion Plans - The company completed a resource update report in 2024, showing a 121% increase in gold resources, with total gold resources of 224 tons and reserves of 37.2 tons [1]. - Future expansion plans include a feasibility study contract with Zijin Engineering for a new 10 million tons/year expansion at the Jinjing mine, aiming to increase annual gold production to 14 tons post-expansion [2]. - The company is also developing the Changdu Walege mine, which has a planned processing scale of 1.2 million tons/year and is included in the key development projects of the Tibet Autonomous Region [3]. Group 4: Investment Outlook - The company holds three mines, with the Jinjing mine expected to contribute significantly to future earnings growth, projecting revenues of 3.49 billion yuan, 4.77 billion yuan, and 5.36 billion yuan from 2025 to 2027 [3]. - The projected net profits for the same period are 1.41 billion yuan, 1.87 billion yuan, and 2.18 billion yuan, with corresponding price-to-earnings ratios of 24.4, 18.3, and 15.7 [3].

Core Viewpoint - Tongguan Gold (00340) has seen a significant increase in stock price, rising over 5% following the announcement of its inclusion in the MSCI Global Small Cap Index, effective after market close on August 26, 2025 [1] Group 1: Company Performance - The company is expected to achieve a profit attributable to shareholders of approximately HKD 330 million to HKD 360 million for the six months ending June 30, 2025, representing an increase of about 259% to 291% compared to HKD 92 million for the same period in 2024 [1] - The increase in profit is primarily attributed to higher gold production and sales volumes, as well as an increase in the average selling price of gold compared to the same period last year [1] Group 2: Strategic Partnerships and Future Outlook - The company has established a "equity + metal flow" binding model with Zijin Mining, which is expected to enhance operational performance in the future [1] - With anticipated annual growth in gold production and favorable gold prices, the company's performance is expected to enter a rapid growth phase in 2024 [1]

Group 1: Macro Insights - The credit data for July shows a rare negative turn, with new credit scale turning negative for the first time in 20 years, while social financing continues to grow under government bond support [4] - M1 growth has increased for two consecutive months, indicating faster fund activation in both resident and corporate sectors, particularly driven by a rise in resident demand [4] - The overall monetary policy is expected to remain loose, with potential for further rate cuts and reductions in reserve requirements due to economic downward pressure [4] Group 2: Company Insights - 卓胜微 (Zhuosheng Micro) - The company is advancing its chip project, with significant production capacity achieved in both 6-inch and 12-inch wafer production lines, indicating a strong position in the RF front-end market [8][9] - Revenue projections for 2025, 2026, and 2027 are estimated at 4.91 billion, 5.61 billion, and 6.67 billion CNY respectively, with corresponding net profits of 380 million, 860 million, and 1.29 billion CNY [9] Group 3: Company Insights - 万国黄金 (Wanguo Gold) - The company holds three significant mining assets, including the world-class Jinling Gold Mine, which is expected to contribute significantly to future revenue growth [10][12] - Revenue forecasts for 2025, 2026, and 2027 are projected at 3.49 billion, 4.77 billion, and 5.36 billion CNY, with net profits of 1.41 billion, 1.87 billion, and 2.18 billion CNY respectively [12] Group 4: Company Insights - 海能技术 (Haineng Technology) - The company reported a strong revenue growth of 34.9% year-on-year for H1 2025, reaching 140 million CNY, with a net profit increase of 139% [13] Group 5: Company Insights - 中科三环 (Zhongke Sanhuan) - The company achieved a net profit of 44 million CNY in H1 2025, marking a turnaround from losses, with a significant reduction in expense ratios contributing to improved profitability [14][15] - Future profit projections for 2025, 2026, and 2027 are estimated at 170 million, 250 million, and 350 million CNY respectively [15] Group 6: Company Insights - 奥比中光 (Obi Zhongguang) - The company is focusing on the robotics sector, with a projected revenue growth of 65.9%, 57.6%, and 28.6% for 2025, 2026, and 2027 respectively [16] Group 7: Company Insights - 鹏鼎控股 (Pengding Holdings) - The company reported a revenue of 16.38 billion CNY for H1 2025, a year-on-year increase of 24.8%, with a net profit growth of 57.2% [17][18] - Future revenue projections for 2025, 2026, and 2027 are expected to be 41.2 billion, 48.3 billion, and 55.6 billion CNY respectively [18] Group 8: Company Insights - 甘源食品 (Ganyuan Food) - The company experienced a revenue decline of 9.3% year-on-year for H1 2025, with net profits down by 55.2%, indicating challenges in channel adjustments [20] Group 9: Company Insights - 361度 (361 Degrees) - The company achieved a revenue growth of 11% year-on-year for H1 2025, with a net profit increase of 8.6% [21][22] - Future profit projections for 2025, 2026, and 2027 are estimated at 1.261 billion, 1.420 billion, and 1.588 billion CNY respectively [22]

Core Viewpoint - Tongguan Gold (00340) has been included in the MSCI Global Small Cap Index, with adjustments effective after market close on August 26, 2025 [1] Group 1 - The inclusion in the MSCI Global Small Cap Index reflects the capital market's recognition of the company's value and operational strategy [1] - The company believes that this inclusion will enhance its international visibility and attract more international investors [1] - The move is expected to improve the company's market liquidity and realize its investment value [1]

证券时报记者 赵黎昀 6月26日午间，洛阳钼业官方微信公众号宣布完成对Lumina Gold上市公司的收购交易，从而获得厄瓜多 尔凯歌豪斯金矿（Cangrejos Project）100%股权，公司资源版图新增黄金资源。该交易已于2025年6月24 日正式完成。 消息显示，26日上午，厄瓜多尔总统诺沃亚在北京会见洛阳钼业董事长兼首席投资官刘建锋。刘建锋介 绍了该项目基本情况以及洛阳钼业未来的开发计划。诺沃亚期待加速该矿的开发建设，鼓励洛阳钼业继 续扩大并深入在厄瓜多尔的投资和开发，承诺为公司在厄投资发展提供更多便利。 4月21日，洛阳钼业就宣布以5.81亿加元全现金方式收购Lumina黄金全部普通股，其核心标的即为厄瓜 多尔凯歌豪斯金矿项目。 "黄金在公司未来的资产拓展关注目标之列。在当前的项目储备方面，公司拥有黄金、铜、钼等项 目。"对于公司此番并购金矿资产的考量与未来规划，洛阳钼业上述负责人也回复证券时报记者，在目 前的地缘形势和经济发展格局下，公司看好黄金未来的长期走势。与铜一样，黄金兼具金融和工业属 性，也是目前市场中具备"确定性"的一类金属。 洛阳钼业此前公开表示，从目前情况看，厄瓜多尔金矿的目标现 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is positioned as a rising star in the gold mining industry, with significant growth potential driven by its three mining projects, particularly the Jinjin Gold Mine, which is expected to contribute substantial revenue increases in the coming years [1][4] - The company has demonstrated strong revenue and profit growth since the commencement of production at the Jinjin Gold Mine, with projections indicating continued upward trends in both metrics [22][28] Summary by Sections Company Overview - The company, originally established in 2003, has evolved significantly, acquiring key mining assets and expanding its operational capacity, particularly with the Jinjin Gold Mine, which began production in late 2022 [14][15] - The company has successfully transitioned from a focus on trade to a more stable revenue model based on its mining operations, with significant contributions from gold production [22][28] Mining Projects - The Jinjin Gold Mine is a world-class gold mining asset, with a resource update indicating a 121% increase in gold resources, totaling 224 tons as of the end of 2024 [2][40] - The company also operates the Xinzhang Mine, which has stable copper and zinc resources, and the Changdu Walege Mine, a large silver polymetallic mine in Tibet, which is set for future development [3][4] Financial Projections - Revenue projections for the company are robust, with expected revenues of 3.49 billion RMB in 2025, growing to 5.36 billion RMB by 2027, alongside net profits forecasted to reach 2.18 billion RMB in 2027 [4][5] - The company’s earnings per share (EPS) is projected to increase significantly, from 0.31 RMB in 2023 to 2.01 RMB by 2027, reflecting strong growth potential [5][4] Market Position and Strategy - The company has established strategic partnerships, notably with Zijin Mining, which has become a significant shareholder and is expected to provide operational support and enhance growth prospects [2][4] - The company is committed to sustainable development, aligning its operations with community interests and the Belt and Road Initiative [1][4]

Group 1: Industry Performance - The gold industry has shown strong performance in recent half-year reports, driven by high gold prices, with companies like Western Gold, Hunan Gold, Shandong Gold, and Zhongjin Gold reporting significant profit increases [1][2] - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing a year-on-year growth of 84.3% to 120.5% [2] - Western Gold anticipates a net profit of 130 million to 160 million yuan for the same period, with a year-on-year increase of 96.35% to 141.66% [2] Group 2: Company Turnaround - Zhaojin Gold (formerly Zhongrun Resources) is projected to achieve a net profit of 34 million to 50 million yuan in the first half of 2025, recovering from a loss of 54.93 million yuan in the same period last year [3] - The improvement in Zhaojin Gold's performance is attributed to enhanced production efficiency and a significant increase in gross margin due to technological upgrades [3] Group 3: Focus on Production and Costs - Institutional investors are particularly interested in future gold production, capacity expansion plans, and cost changes within the industry [4] - Chifeng Gold aims to enhance gold production and has successfully reduced costs in overseas projects, maintaining a relatively low unit cost in the global industry [4] - Hunan Gold has indicated that its comprehensive costs have risen due to deeper underground mining, lower ore grades, and increased labor costs [4] Group 4: Gold Price Trends - International gold prices have been fluctuating at high levels, with COMEX gold futures reaching a record high of 3,534.1 USD per ounce on August 8 [5] - Market expectations for a potential interest rate cut by the Federal Reserve in September have contributed to the upward trend in gold prices [5] Group 5: Global Gold Demand - According to the World Gold Council, global gold demand reached 1,249 tons in Q2 2025, a 3% year-on-year increase, driven primarily by strong investment demand [6] - Despite a 14% decline in global gold jewelry demand by volume, the value of gold jewelry consumption has still risen [6] - Central banks continued to purchase gold, adding 166 tons in Q2, although the pace of purchases has slowed [6]

Performance Overview - The gold industry has shown strong performance in the first half of 2025, driven by high gold prices, with companies like Shandong Gold expecting a net profit of 2.55 billion to 3.05 billion yuan, representing a year-on-year increase of 84.3% to 120.5% [1] - Western Gold anticipates a net profit of 130 million to 160 million yuan, reflecting a year-on-year growth of 96.35% to 141.66% [2] - Some companies, such as Zhaojin Gold, have successfully turned losses into profits, projecting a net profit of 34 million to 50 million yuan compared to a loss of 54.93 million yuan in the same period last year [2] Production and Cost Focus - Institutions are increasingly interested in future gold production, capacity expansion plans, and cost changes among gold companies [1][2] - Chifeng Gold aims to enhance gold production and has reported significant cost reductions in overseas projects, maintaining relatively low unit costs in the industry [3] - Hunan Gold has indicated that its comprehensive costs have risen due to deeper underground mining, lower ore grades, and increased labor costs [3] International Gold Price Trends - Recent fluctuations in international gold prices have been noted, with COMEX gold futures reaching a record high of 3,534.1 USD per ounce on August 8 [3] - The market's expectations for a potential interest rate cut by the Federal Reserve have contributed to the upward trend in gold prices [4] Global Gold Demand and Supply - In Q2 2025, global gold demand reached 1,249 tons, a 3% year-on-year increase, driven primarily by strong investment demand [4] - Despite a 14% decline in gold jewelry demand by volume, the value of global jewelry consumption increased [4] - Global central banks continued to purchase gold, adding 166 tons in Q2, although the pace of purchases has slowed [4]

Group 1 - A weaker-than-expected U.S. employment report has increased traders' bets on a 25 basis point rate cut by the Federal Reserve in September, with a probability of 89.4% according to the FedWatch tool [1] - The announcement by President Trump that there will be no tariffs on imported gold bars led to a significant drop in international gold prices, with a decline of over 2%, marking the largest drop in nearly three months [1] - The market is closely monitoring upcoming U.S. inflation reports and the uncertain global trade situation, which are critical for future gold price movements [1] Group 2 - Gold futures on the New York Mercantile Exchange fell nearly 2.5%, closing below $3,400 per ounce, the largest drop since May [2] - The U.S. Customs and Border Protection clarified the correct customs code for gold bars, which could lead to tariffs being applied, causing a spike in gold prices to a record $3,534.10 per ounce before the White House intervened [2] - Several gold suppliers, including those from Switzerland, have reportedly stopped shipments to the U.S. due to tariff uncertainties [2] Group 3 - The market is awaiting the latest U.S. price data, with the Consumer Price Index (CPI) for July and the Producer Price Index (PPI) for August set to be released soon [4] - The potential appointment of Stephen Miran to fill a vacancy on the Federal Reserve Board may lead to a more dovish monetary policy stance [4] - Analysts suggest that if inflation data exceeds expectations, it could provide the Fed with a reason to pause the anticipated rate cut, negatively impacting gold prices [4]

Group 1 - The core point of the article highlights significant fluctuations in gold prices, with spot gold dropping below $3350 per ounce and COMEX gold futures falling nearly 2.5% [2][6][7] - Following a volatile week, gold prices rebounded above $3350 per ounce by August 12 [4] - The announcement by President Trump that no tariffs would be imposed on imported gold bars contributed to the market's reaction, leading to a decline in gold prices [6][8] Group 2 - The New York Mercantile Exchange saw a sharp decline in near-month gold futures, dropping nearly 2.5% and closing below $3400 per ounce, marking the largest drop since May [7] - The confusion regarding customs codes for gold bars led to a temporary spike in gold prices, which was later corrected after the White House announced plans to clarify the tariff situation [7][8] - Analysts noted that the current COMEX inventory levels are unusually high, indicating no liquidity issues despite the recent price fluctuations [8] Group 3 - Market attention is shifting towards upcoming U.S. inflation data, with expectations that the Consumer Price Index (CPI) and Producer Price Index (PPI) reports could influence Federal Reserve interest rate decisions [9] - A weaker-than-expected U.S. employment report has increased speculation about a potential rate cut by the Federal Reserve in September, with a 89.4% probability of a 25 basis point cut [9] - The ongoing trade tensions and tariff announcements are also impacting gold prices, as they have been significant factors driving price movements this year [9]