Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling over 200 points, closing below 25,000 points, and the Hang Seng Technology Index dropping by 1.56% [1] - Major technology stocks saw a broad decline, with Alibaba down 2.4% and JD.com down 1.44% [2] Sector Performance - The semiconductor sector faced significant losses, with SMIC dropping over 8%, marking the worst performance in the sector [4] - Gaming stocks also fell sharply, with Wynn Macau down over 7% and MGM China down over 6% [6] - The paper industry saw declines, with Chenming Paper down over 8% [7] - Innovative drug stocks continued to decline, with Hutchison China MediTech down over 15% and Zai Lab down over 10% [8] Positive Performances - Gold stocks led gains in the metals sector, with Zhaojin Mining and Lingbao Gold both rising over 3% [3][10] - Heavy machinery stocks showed resilience, with Zhonglian Heavy Industry rising nearly 6% [3] - Cement stocks performed well, with Shanshui Cement up over 6% [9] - Wind power stocks also saw increases, with Goldwind Technology rising over 10% [11] Capital Flows - Southbound funds recorded a net inflow of 6.271 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 3.28 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 2.992 billion HKD [12] Future Outlook - Huatai Securities suggests that the recent pullback in the Hong Kong market is due to adjustments in expectations, but the medium-term liquidity remains accommodative. They recommend focusing on sectors with improving conditions and low valuations, particularly in technology [13]

Group 1 - Chifeng Jilong Gold Mining Co., Ltd. (赤峰黄金) experienced a nearly 5% increase in stock price, reaching 27.8 HKD with a trading volume of 9.48 million HKD [1] - The company announced the discovery of a gold-rich porphyry copper deposit in the Vientiane mining area of Laos, with an initial mineral resource estimate of 131.5 million tons and a gold equivalent grade of 0.81 grams per ton, amounting to approximately 106.9 tons of gold equivalent [1] - The controlled resource amount is estimated at 93.7 million tons with a grade of 0.86 grams per ton, equivalent to about 2.58 million ounces of gold [1] Group 2 - For the first half of the year, the company expects a net profit attributable to shareholders of between 1.08 billion to 1.13 billion CNY, representing a year-on-year increase of 52.01% to 59.04% [1] - The growth in performance is primarily attributed to a year-on-year increase of approximately 41.76% in gold sales prices, along with effective cost control measures [1]

Group 1 - The core viewpoint of the article highlights the significant discovery of a gold-copper deposit by Chifeng Jilong Gold Mining Co., Ltd. in Laos, which has positively impacted its stock price [1] - Chifeng Jilong Gold announced an initial mineral resource estimate of 131.5 million tons with a gold equivalent grade of 0.81 grams per ton, translating to approximately 106.9 tons of gold equivalent metal [1] - The controlled resource amount is estimated at 93.7 million tons with a grade of 0.86 grams per ton, equivalent to about 2.58 million ounces of gold [1] Group 2 - The company expects a net profit attributable to shareholders of between 1.08 billion to 1.13 billion yuan for the first half of the year, representing a year-on-year increase of 52.01% to 59.04% [1] - The growth in performance is primarily attributed to a year-on-year increase of approximately 41.76% in gold sales prices, along with effective cost control measures [1]

金价高企，人民银行买金的步伐仍停不下来。8月7日，人民银行最新数据显示连续9个月增持黄金。近 期，金价窄幅震荡向上，截至8月7日，国际现货黄金价格为3377.68美元/盎司。值得关注的是，近日素 有"黄金空头"之称的花旗转向看涨黄金，引发市场高度关注。业内专家表示，金价关注3400美元关口突 破，虽短期走势向上为主，但仍需慎防回调风险。 美联储降息预期升温将推动黄金投资需求 市场对黄金走势的预期再度升温，瑞银、高盛等多家机构近期纷纷上调金价预期。瑞银表示，在基准情景 下，在全球资产配置中，继续看好黄金。在基准情景下，黄金目标价为3500美元/盎司，倘若地缘政治或 经济形势恶化，不排除金价走高至3800美元/盎司。 花旗银行也罕见"空翻多"大幅上调对金价的预测。据花旗最新发布的报告，其转向看涨黄金的核心依据是 近期美国经济增长动能减弱与通胀前景恶化。同时，该行还补充称，黄金需求强劲主要得益于强劲的投资 需求。 业内专家分析认为，上周五公布的美国就业数据弱于预期，提振了对美联储9月降息的预期。LSEG的数据 显示，美国货币市场目前预计9月份降息的可能性为91%。叠加特朗普对印度、瑞士等国的关税升级，促 使投资者的 ...

Core Insights - SMIC (00981.HK) reported Q2 sales revenue of $2.209 billion, a decrease of 1.7% quarter-on-quarter, with a gross margin of 20.4%, down 2.1 percentage points [1] - For the first half of 2025, SMIC's sales revenue reached $4.46 billion, an increase of 22.0% year-on-year, with a gross margin of 21.4%, up 7.6 percentage points compared to the same period last year [1] - SMIC's guidance for Q3 indicates a revenue increase of 5% to 7% quarter-on-quarter, with a gross margin forecast of 18% to 20% [1] Financial Performance - China Mobile (00941.HK) reported a 5.0% increase in net profit to 84.2 billion yuan for the first half of the year, with an interim dividend of HKD 2.75 per share [2] - MGM China (02282.HK) reported a 11.3% decrease in profit attributable to owners, amounting to 2.3833 billion HKD [2] - Huahong Semiconductor (01347.HK) reported a profit of $8 million for Q2, an increase of 19.2% year-on-year and 112.1% quarter-on-quarter [2] - Sihuan Pharmaceutical (00013.HK) reported a net profit of $455 million for the first half of 2025 [2] - Innovent Biologics (01801.HK) reported total product revenue exceeding 5.2 billion yuan for the first half of the year, a growth of over 35% year-on-year [2] Operational Data - Longyuan Power (00916.HK) completed a power generation of 6.33 million MWh in July, representing a year-on-year growth of 2.44% [3] - China Mobile (00941.HK) added 1.499 million new customers in Q2 [4]

Core Viewpoint - Chifeng Jilong Gold Mining Co., Ltd. has announced the discovery of a gold-rich porphyry copper-gold deposit in the Vientiane mining area of Laos, along with its first JORC-compliant mineral resource estimate [1] Group 1: Mineral Resource Estimate - The initial mineral resource estimate is 131.5 million tons with a gold equivalent grade of 0.81 grams per ton, equating to approximately 3.44 million ounces of gold equivalent [1] - The controlled resource amount is estimated at 93.7 million tons with a grade of 0.86 grams per ton, corresponding to about 2.58 million ounces of gold equivalent [1] - The time taken from exploration to JORC-compliant resource estimation was only 14 months [1] Group 2: Potential for Resource Increase - There is significant potential to increase the current mineral resource estimate due to unclosed mineralization at depth [1] Group 3: Metallurgical Testing Results - Preliminary metallurgical test results indicate an overall gold recovery rate of 88% and a copper recovery rate of 88.5% [1]

Core Insights - Chifeng Jilong Gold Mining Co., Ltd. announced a new discovery of a gold-copper deposit in the Saipan mining area by Wanxiang Mining, with an estimated initial mineral resource of 131.5 million tons at 0.81 grams per ton gold equivalent, equating to approximately 3.44 million ounces of gold equivalent [1][3] - The controlled resource level is estimated at 93.7 million tons with a grade of 0.86 grams per ton gold equivalent, amounting to about 2.58 million ounces of gold equivalent [1][3] - Preliminary metallurgical test results indicate an overall gold recovery rate of 88% and a copper recovery rate of 88.5% [1] Mineral Resource Estimates - The total mineral resource estimate is 131.5 million tons, with a gold equivalent grade of 0.81 grams per ton, translating to approximately 106.9 tons of gold equivalent (about 3.44 million ounces) [3] - The controlled resource level is 93.7 million tons at 0.86 grams per ton gold equivalent, which corresponds to approximately 80.4 tons of gold equivalent (about 2.58 million ounces) [3] - The inferred resource level is 37.8 million tons at 0.70 grams per ton gold equivalent, equating to approximately 26.5 tons of gold equivalent (about 0.86 million ounces) [3]

Group 1: West African Gold Reserves - The total gold reserves in West African countries are increasing significantly, with Ghana's reserves projected to grow from 8.7 tons in Q2 2022 to over 31 tons by Q1 2025, marking a 255% increase [1] - Ghana has signed an agreement with nine mining companies to directly purchase 20% of their gold production at a 1% discount to the London Bullion Market Association (LBMA) price [1] - Nigeria has initiated a national gold purchasing program, enhancing the central bank's ability to acquire domestic gold through legislation [1] - Burkina Faso's government has nationalized gold mines and aims to reserve at least 5% of the country's annual gold production [1] - Zimbabwe has reintroduced gold-backed currency to stabilize its financial system [1] Group 2: Gold Price Forecasts - WisdomTree's latest report predicts gold prices could reach $3,850 per ounce by Q2 2026, with a conservative target of $5,355 if the Trump administration pursues a clear dollar devaluation policy [2] - China's central bank reported a gold reserve of 23,004.1 tons as of the end of July, marking a month-on-month increase of 1.86 tons, continuing a nine-month trend of increasing gold reserves [2] - France's official reserve assets rose to €303.04 billion by July 2025, with gold reserves increasing by €6.87 billion to €22.625 billion [2] - Citigroup raised its gold price forecast for the next three months from $3,300 to $3,500 per ounce, citing factors such as weak U.S. labor data and geopolitical risks from the Russia-Ukraine conflict [2] Group 3: Demand and Price Trends - Since mid-2022, total gold demand has increased by over 33%, contributing to a near doubling of gold prices in Q2 2023 [3] - Strong investment demand, ongoing central bank purchases, and resilient jewelry demand are key factors driving the rise in gold prices [3] - Citigroup's optimistic outlook contrasts sharply with its previous forecast, which had predicted a potential drop in gold prices below $3,000 by year-end [3] - As of August 7, 2023, spot gold was priced at $3,383.06 per ounce, reflecting a 0.41% increase [3]

Core Viewpoint - Chifeng Jilong Gold Mining Co., Ltd. announced the completion of the first phase of resource exploration for the SND gold-copper project by its subsidiary, Wanxiang Mining, by the end of June 2025, with a resource estimation report issued by SRK Consulting on August 7, 2025 [1] Group 1 - The SND project has a total controlled resource of approximately 93.7 million tons with an average grade of 0.57 grams per ton of gold and 0.27% copper, using a cut-off grade of 0.40 grams per ton of gold equivalent (AuEq) [1] - The inferred resource level is estimated at 37.8 million tons with an average grade of 0.46 grams per ton of gold and 0.22% copper [1] - The total ore volume for the SND project is 131.5 million tons, with a gold equivalent grade of 0.81 grams per ton, resulting in an estimated total metal content of approximately 106.9 tons [1]

证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 7 日 [Table_Title] Anglo Gold 2025Q2 黄金总产量/销量分别环比增加 11.7%/8.7%至 25.01 吨/24.91 吨，归母净利润环比 增长 51.0%至 6.69 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 产量：2025Q2 公司黄金总产量为 80.4 万盎司（25.01 吨），环 比增加 11.7%，同比增加 21.3%。这一强劲的同比增长主要得 益于 Sukari 矿业公司的又一全季度贡献，以及几个主要矿山的 稳健运营表现。 销量：2025Q2 公司黄金总销量为 80.1 万盎司（24.91 吨），环 比增加 8.7%，同比增加 21.0%。 售价：2025Q2 公司黄金平均实现价格为 3287 美元/盎司 （760.9 元/克），环比上涨 14.4%，同比上涨 41.1%。 单位总现金成本：2025Q2 公司单位总现金成本为 1226 美元/盎 司（283.8 元/克），环比上涨 0.2%，同比上涨 7.8% ...