結合技術數據，紫金礦業的技術面呈現「強勢但有隱憂」的特點，逐個拆解如下： 2月3日，紫金礦業(02899)走勢強勁，收盤價41.36元，單日漲幅4.55%，成交額達48.47億元，量能配合較為充足，成為當日資源板塊領漲個股之一。與其同 屬資源、礦業類別的三隻個股同步跟漲，但力度有所差異：江西銅業(00358)表現最為接近，單日漲幅4.47%，與紫金走勢高度相關；中國宏橋(01378)、中國 鋁業(02600)則分別上漲1.26%、1.55%，屬於跟隨性上漲，動能相對偏弱。 上日（3日）我哋嘅【中銀做客】欄目中，中銀國際的董事朱紅Niki都有點評黃金價格話題：最近黃金價格的升勢確實有所突破，短短一個月，國際黃金價 格上漲了接近30%，這個幅度讓市場也有些驚訝。任何產品的價格都不可能只漲不跌，所以大家看到這樣急促的漲幅，後市的風險其實越來越大。短線來 看，因為漲幅太急，想做短線操作風險會非常高，超短線炒作未必是好時機，畢竟黃金已處歷史高位，波動劇烈，稍有風吹草動就可能高位回落，比如這兩 天白銀價格就跌了差不多40%，大家要小心短線的大幅波動。 股價目前高於MA30（38.97元）、MA60（35.70元），長期趨 ...

Group 1: Hang Seng Index (HSI) - The Hang Seng Index experienced a significant pullback after reaching a recent high of 28,000 points, closing around 27,300 points on January 30, with a decrease in trading volume compared to previous days but still at a relatively high level [2] - Investors are divided on the market outlook, with some viewing the pullback as a buying opportunity, while others are cautious about short-term volatility and are considering bear certificates [2] - Technical indicators show a bearish short-term signal with 9 sell signals and 6 buy signals, suggesting market sentiment is under pressure [2] Group 2: Contemporary Amperex Technology Co., Limited (CATL) - On January 30, CATL's stock price rose against the market trend, closing at 491 HKD, approaching the 500 HKD mark, with increased trading volume but still below the high levels seen in November [9] - Investors are focused on whether CATL can break through the 500 HKD level, with some looking at call options with a strike price of 629.38 HKD [9] - Technical indicators are neutral, with no clear direction for price movement, and resistance levels are set at 511 HKD and 520 HKD if the 500 HKD mark is surpassed [9] Group 3: Kuaishou Technology (Kuaishou) - Kuaishou's stock price adjusted to close at 80.15 HKD, maintaining the 80 HKD support level, with discussions on the potential to challenge the 90 HKD mark [15] - Technical indicators show a slight advantage for sell signals, indicating upward pressure, with resistance at 84.5 HKD and further at 86.8 HKD [15] - Investors interested in Kuaishou's bull certificates are advised to select products with a redemption price around 70 HKD or lower to mitigate risks [16] Group 4: Zijin Mining Group Co., Ltd. - Zijin Mining's stock price saw significant volatility, closing at 41.9 HKD, with a trading volume reaching a two-month high, indicating a technical pullback [22] - Investors remain optimistic about Zijin Mining, considering the recent drop as a short-term correction, with 38 HKD being a potential entry point [22] - Technical indicators show a slight predominance of sell signals, with key support at 38.5 HKD and further support at 36.3 HKD [22] Group 5: BYD Company Limited - BYD's stock price recorded a notable decline, closing at 97.75 HKD, having fallen below the middle line of the Bollinger Bands [28] - Technical indicators suggest a short-term support level at 94.6 HKD, with further support at 91.3 HKD, and resistance at 101.5 HKD [28] - Investors looking to position in BYD's bear certificates are recommended to choose products with a redemption price above 105 HKD to avoid risks associated with price rebounds [28] Group 6: AIA Group Limited - AIA's stock price fluctuated moderately, closing at 90.35 HKD, above the upper line of the Bollinger Bands, with increased trading volume [35] - Investors are optimistic about AIA's potential to challenge the 100 HKD mark, with technical indicators showing a slight predominance of sell signals [35] - Resistance levels are set at 92.6 HKD and 96.8 HKD, which need to be surpassed for a potential move towards the 100 HKD level [35]

Core Viewpoint - Zijin Mining is experiencing strong stock performance supported by rising gold prices and positive earnings expectations, but faces short-term technical adjustments due to overbought signals [1][4][5]. Group 1: Market Performance - Zijin Mining's stock price has been on a strong upward trend, reaching 40.92 yuan with a 2.35% increase on January 21, 2026, following a rise in international gold prices to approximately 4700 yuan per ounce [1]. - The stock has surpassed a market capitalization of 1 trillion yuan since late 2025 and continues to operate at high levels [1]. Group 2: Technical Analysis - Key resistance levels for Zijin Mining's stock are identified at 41.9 yuan and 44.5 yuan, while support levels are at 38.1 yuan and 35.5 yuan [5]. - The 14-day Relative Strength Index (RSI) is at 65, indicating a high level, and other short-term indicators show overbought conditions, suggesting a potential for increased volatility as the stock approaches higher resistance levels [5]. Group 3: Investment Strategy - Investors optimistic about Zijin Mining's long-term prospects are encouraged to consider call options with higher strike prices, such as those set at 48.6 yuan, which offer significant leverage [4][9]. - For those concerned about short-term volatility, products with a larger buffer, such as bull certificates with a recovery price set at 35 yuan, are recommended to provide a safety margin against normal technical corrections [9].

Market Overview - The Hang Seng Index experienced a significant decline, closing at 26,563 points, while maintaining the critical support level of 26,500 points [1] - Despite the large drop, the overall volatility was limited, and a decrease in trading volume was noted, which is considered a positive signal in a downtrend [1] - Investor sentiment is cautious, with some fearing a potential drop to the 25,800 points range, while others are opting to stay on the sidelines, increasing short-term selling pressure [1] Technical Analysis - The short-term support level for the Hang Seng Index is approximately 26,032 points; if this level is breached, a further decline to around 25,500 points is likely [2] - The index has been operating above the middle line of the Bollinger Bands for an extended period, and maintaining this position is crucial for a stable market trend [2] Stock Analysis: Zhaojin Mining (01818) - Zhaojin Mining has shown relative strength against the backdrop of the Hang Seng Index's decline, with its stock price maintaining an upward trend since mid-December [9] - The stock reached a high of 38.14 HKD on January 19, closing at 37.82 HKD, with a key resistance level at approximately 39.3 HKD [9] - A successful breakout above 39.3 HKD could lead to a target range of 40 to 42.6 HKD [9] Stock Analysis: Zijin Mining (02899) - In contrast to Zhaojin Mining, Zijin Mining has shown weakness, with its stock price declining to 39.32 HKD on January 19 [14] - The stock has entered a correction phase despite rising gold prices, raising concerns among investors about potential risks [14] - The short-term support level is around 36.9 HKD, and if breached, the stock may drop to approximately 34.1 HKD [14] Stock Analysis: BYD (01211) - BYD's stock price successfully broke the 100 HKD mark, closing at 100.07 HKD, which positively influenced market sentiment [21] - The stock is currently at the upper Bollinger Band, indicating potential for consolidation or further upward movement, but also carries the risk of technical adjustments [21] - Key resistance levels are identified at 103.1 HKD and 108.8 HKD for further upward movement [21] Stock Analysis: Baidu (09888) - Baidu's stock price rose to 147.4 HKD, with increased trading volume, despite the overall market weakness [25] - The stock is facing a primary resistance level at 151.9 HKD, and a breakthrough could lead to a target of 164.9 HKD [25] - Current technical signals indicate a predominance of sell signals, suggesting caution for potential investors [25] Stock Analysis: HSBC Holdings (00005) - HSBC Holdings showed strong performance last week, reaching a high of 130 HKD, but adjusted to 127 HKD on January 19 [29] - The stock's short-term outlook appears weak, with a primary support level at 123.1 HKD, which aligns with the middle line of the Bollinger Bands [29] - If the stock falls below this support, it may decline to around 118.9 HKD [29]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 1 2025年天然鈾產量 （於開曼群島註冊成立之有限公司） （股份代號：01164） 2025 年第四季度運營報告 本公告乃由中廣核礦業有限公司*（「本公司」，加上其附屬公司統稱「本集團」）自願作出，以向股東及 潛在投資者報告本集團2025年第四季度天然鈾生產及貿易情況。 一、天然鈾生產情況 2025年，本集團持股49%之哈薩克斯坦合營企業謝米茲拜伊鈾有限責任合夥企業（「謝公司」）共生 產天然鈾862.2tU，而另一持股49%之哈薩克斯坦聯營公司礦業公司奧爾塔雷克有限責任合夥企 業（「奧公司」）共生產天然鈾1,836.8tU，年度計劃完成率分別為100.1%和102.0%。2025年第四季 度，本集團旗下投資的礦山共生產天然鈾702.5tU，本季度計劃完成率94.6%。其中，謝公司生 產天然鈾249.2tU，奧公司生產天然鈾453.3tU。 2025年第四季度天然鈾產量 | | 計劃產量 | 實際產量 ...

Core Viewpoint - Zijin Mining (02899) has shown strong performance with a 4.48% increase on January 6, reaching a recent high of 38.26 HKD, with a trading volume of 38.28 billion HKD, indicating active market engagement [1][2] Group 1: Stock Performance - The stock price of Zijin Mining reached 38.56 HKD as of January 7, showing a slight increase of 0.89% [1] - Resistance levels are identified at 40.4 HKD and 42.3 HKD, while support levels are at 35.4 HKD and 33.9 HKD [1] - The stock is above key moving averages (MA10: 35.6 HKD, MA30: 33.51 HKD, MA60: 32.97 HKD), indicating a strong bullish trend [1] Group 2: Technical Indicators - The RSI is at 70, indicating an overbought condition, while the Williams indicator and stochastic oscillator are also signaling sell [1] - Despite some sell signals, indicators like ADX, MACD, Bollinger Bands, and Ichimoku Cloud are showing buy signals, reflecting mixed market sentiment [1] Group 3: Product Recommendations - Two high-value products are recommended: - Citigroup Call Warrant (22889) with a leverage of 5.4 times and a strike price of 44.01 HKD, noted for its low premium and volatility [7] - Societe Generale Bull Certificate (63568) with a leverage of 5.8 times and a redemption price of 32.8 HKD, recognized for its responsiveness to stock volatility and liquidity [7] Group 4: Market Trends - Commodity stocks showed overall strength on January 6, contributing to the rise of Zijin Mining and creating a notable sectoral linkage [2] - Recent products related to Zijin Mining have demonstrated significant elasticity, with some bull certificates showing returns of 30% and 24% over two days, outperforming the stock's 3.57% increase [4]

香港交易及結算所有限公司與香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立的有限公司） （股份代號：1208） （債券股份代號：5959） 自願性公告 KHOEMACAU 擴建項目獲批 五礦資源有限公司（本公司）董事會（董事會）欣然宣佈，已批准博茨瓦納 Khoemacau 銅礦 的重大擴建項目的可行性研究，並正式啟動建設。該項目旨在將年產能提升至 130,000 噸銅 精礦含銅，並使伴生銀的年產量超過 4 百萬盎司。 本項目將包括： 展望未來，Khoemacau 礦區已通過持續勘探活動，識別出進一步擴產的潛力，年產能有望 提升至 200,000 噸銅。本公司計劃於二零二六年啟動下一階段擴建的預可行性研究。 趙晶 香港，二零二五年十二月二十九日 於本公告日期，董事會由七名董事組成，包括一名執行董事趙晶先生；兩名非執行董事張樹強先生及曹 亮先生（董事長）；及四名獨立非執行董事 Peter William Cassidy 博 ...

Company Recommendations - China Telecom (0728) is recommended for purchase with a target price of 6.50 HKD, indicating a potential upside of 15.0% from the current price of 5.65 HKD [2][11] Market Overview - The Hang Seng Index (HSI) closed at 25,976 points, with a year-to-date increase of 29.50% [4] - The market is currently observing a short-term support level around 25,000 points, influenced by the Federal Reserve's expected interest rate cuts and the economic outlook in China [2] Financial Performance - For the first three quarters of 2025, China Telecom reported a slight revenue increase of 0.6% year-on-year, with service revenue growing by 0.9% [7] - EBITDA increased by 4.2%, and net profit attributable to shareholders rose by 5.0% year-on-year [7] - In Q3 2025, revenue slightly declined by 0.9% year-on-year, while service revenue grew by 0.5% [7] Cloud Services - China Telecom's Tianyi Cloud is in a transitional phase, with revenue growth slowing down; however, AI-driven smart computing services saw a significant increase of 62.3% year-on-year [8][9] - The company did not disclose Tianyi Cloud's revenue for Q3 2025, but it reported 57.3 billion RMB in revenue for the first half of 2025, reflecting a 3.8% year-on-year growth [8] Government Policies and Economic Outlook - The government is expected to encourage the application of AI-related cloud computing technologies during the 14th Five-Year Plan period, which may benefit China Telecom's cloud business [9] - The anticipated rise in Chinese government bond yields is expected to be limited, making China Telecom a relatively attractive high-dividend stock choice [10] Financial Projections - Revenue projections for China Telecom are as follows: 5,342.9 billion RMB for FY25 and 5,466.6 billion RMB for FY26 [11] - The forecasted net profit attributable to shareholders is 349.6 billion RMB for FY25 and 370.2 billion RMB for FY26 [11]

Core Insights - The report highlights the potential for Zijin Mining (2899) with a target price of HKD 38.00, indicating a potential upside of 14.9% from the current price of HKD 33.08 [10][15] - The macroeconomic environment suggests a supportive stance for the Hong Kong stock market, with the Hang Seng Index expected to find short-term support around 25,000 points [2][4] Company Analysis - Zijin Mining has faced supply disruptions due to the shutdown of several large mines, leading to downward revisions in global copper production forecasts for 2025 and 2026 [10] - The company is expected to benefit from increased demand for copper driven by AI investments, green energy transitions, and defense spending, with projections indicating a supply-demand imbalance over the next decade [11] - Zijin Mining's operational performance has exceeded market expectations, with a 10% year-on-year increase in revenue to RMB 254.2 billion and a 55% increase in net profit to RMB 37.86 billion in the first three quarters of the year [12] - The company has a diversified global mining portfolio, operating in 17 countries, which helps mitigate risks associated with supply chain disruptions [13] - If metal prices continue to rise, earnings forecasts for 2026 could be adjusted upwards, with projected earnings per share increasing by approximately 28% to RMB 2.475 [14] Industry Insights - The macroeconomic focus includes stabilizing the real estate market and promoting domestic demand, with the central economic work conference emphasizing the need for targeted fiscal policies [4][18] - The retail sector is expected to undergo innovation and transformation during the 14th Five-Year Plan period, with increased policy support anticipated [4][18] - The automotive industry in China is projected to see significant growth, with exports expected to reach 7 million vehicles in 2025, driven by strong demand for AI-related electronic products [4][18]

重要提示 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 XIZANG ZHIHUI MINING CO., LTD.* 西藏智匯礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售的發售股份數目 : 121,952,000股H股 香港發售股份數目 : 12,196,000股H股（可予重新分配） 國際發售股份數目 : 109,756,000股H股（可予重新分配） 最高發售價 : 每股H股4.51港元，另加1%經紀佣金、 0.0027%證監會交易徵費、0.00015% 會財局交易徵費及0.00565%聯交所 交易費（須於申請時以港元繳足， 多繳股款可予退還） 面值 : 每股H股人民幣1.00元 股份代號 : 2546 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 ...