Core Viewpoint - The company, Shangshan Gold (01939), has announced a positive earnings forecast, expecting to achieve a net profit of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss in the previous year [1] Financial Performance - Revenue is projected to increase by 140% to approximately HKD 76.5 million [1] - Revenue from art auctions and related businesses is expected to be around HKD 38.88 million, while art sales revenue is estimated at HKD 37.5 million, and revenue from gold and related businesses is about HKD 2 million [1] Capital Raising and Strategic Focus - The company has recently completed a placement of 11.88 million shares, raising a net amount of approximately HKD 90 million [1] - The raised funds will be primarily directed towards global channel expansion and brand system development, with a core focus on scaling and upgrading technology for gold smart terminals [1] Competitive Advantage - The company's core competitiveness is rooted in the technological accumulation and industrial layout of its parent company, Jinya Fu Group [1] - As of June 2025, Jinya Fu's smart gold stores have been established in nearly 100 key cities across China, including major cities like Beijing, Shanghai, and Guangzhou, and have partnered with over 50 banks, serving more than 300,000 users [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss in the previous period [1] Financial Performance - The group's revenue for the reporting period is projected to increase to approximately HKD 76.5 million, representing a year-on-year growth of about 139.8% [1] - Revenue from art auctions and related businesses is expected to be around HKD 38.8 million, compared to approximately HKD 29.3 million for the six months ending September 30, 2024 [1] - Revenue from art sales is anticipated to be approximately HKD 37.5 million, significantly up from about HKD 2.2 million for the same period last year [1] - Revenue from gold and gold-related businesses is projected to be around HKD 200,000, whereas there was no revenue recorded for the same period last year [1]

基于公司目前可获取之资料，董事会认为集团于报告期业绩转亏为盈，主要由于集团于报告期收益增加 至约76.5百万港元，较截至2024年9月30日止六个月的收益增加约44.6百万港元或约139.8%。艺术品拍 卖及相关业务的收益约为38.8百万港元(截至2024年9月30日止六个月：约29.3百万港元)、艺术品销售的 收益约为37.5百万港元(截至2024年9月30日止六个月：约2.2百万港元)，而黄金及黄金相关业务的收益 约为0.2百万港元(截至2024年9月30日止六个月：无)。 格隆汇11月18日丨上善黄金(01939.HK)公告，基于对集团截至2025年9月30日止六个月(「报告期」)之未 经审核综合管理账目的初步审阅，集团预期将录得公司拥有人应占综合溢利净额约40万港元，而2024年 同期则录得公司拥有人应占综合亏损净额约110万港元。 ...

保留建筑的标志性元素 开幕展览聚焦李奥纳德・A・兰黛珍藏（The Leonard A. Lauder Collection）、辛迪与杰伊・普立兹克（Cindy and Jay Pritzker）伉俪收藏精 选、超现实主义重要私人收藏及巴斯基亚（Jean-Michel Basquiat）划时代巨作 苏富比位于纽约标志性布鲁尔大楼的全球新总部 图片来源：苏富比，Stefan Ruiz 拍摄 由HERZOG & DE MEURON改造设计 「布鲁尔大楼的启用标志着苏富比历史上令人振奋的新篇章，更象征着我们重返麦迪逊大道。无论观众是为经典的建筑美感而倾心，为其传奇 的博物馆历史所折服，抑或钟情于无可匹敌的黄金地段，我们都热切期盼大家的莅临。本季秋季拍卖堪称近年最精彩的盛事之一，一系列非凡 的开幕展览与拍卖活动，正以旗鼓相当的热忱迎接这里程碑式的时刻。」 苏富比首席执行官CHARLES F. STEWART 本星期六——11月8日，苏富比将于麦迪逊大道945号揭幕其全新全球总部，为这座由马塞尔・布鲁尔（Marcel Breuer）设计的著名博物馆建筑 开启文化活动与展览的新篇章。本季亮点包含三大重量级典藏：李奥纳德・A ...

Core Viewpoint - The article emphasizes the significance of the Poly Group in rescuing cultural heritage and redefining the value of art through high-profile auctions and the introduction of the "Poly Art Calendar 2026" as a means to enhance aesthetic appreciation and cultural understanding [1][3][11]. Group 1: Cultural Heritage and Auction Highlights - In 2000, Poly Group made headlines by successfully retrieving the animal heads from the Old Summer Palace, showcasing its financial strength and cultural responsibility [3][5]. - Poly Museum has a history of rescuing national treasures, including significant artifacts like Western Zhou bronze vessels and Northern Wei sculptures [7][11]. - Poly Auctions serve as a barometer for the Asian art market, with record-breaking sales such as Zhang Daqian's painting sold for 80 million and a Qing Dynasty vase for 200 million [13][14]. Group 2: The Poly Art Calendar 2026 - The "Poly Art Calendar 2026" features 365 pieces of art related to the theme of "horse," selected from Poly's extensive auction catalog, providing a daily aesthetic experience [29][32]. - Each piece in the calendar includes detailed information such as name, author, era, auction details, estimated value, and final sale price, effectively creating a "miniature auction" experience [34][35]. - The calendar is designed to enhance aesthetic appreciation and cultural nourishment, making it a valuable investment for art lovers [60][61]. Group 3: Aesthetic and Educational Value - The calendar is described as a "micro auction archive," allowing users to engage with high-value art pieces and gain insights into their historical and cultural significance [63][68]. - Daily engagement with the calendar is likened to attending a top-tier art market course, enhancing one's ability to appreciate and discuss art [86][90]. - The content spans various art forms, including ancient Chinese paintings, modern art, antiques, and jewelry, providing a comprehensive overview of global art [92][99].

Core Insights - The Chinese art market is experiencing a comprehensive recovery in the first half of 2025, driven by macroeconomic stabilization and policy benefits after two years of structural adjustments [1] - The market is showing positive signs of "reducing quantity and increasing quality," indicating the beginning of a new growth cycle [1] Auction House Performance - China Guardian's spring auction in 2025 concluded with a total transaction amount of 1.6 billion yuan, a 23% increase from the autumn auction in 2024, with an average transaction rate of 80% [2] - Beijing Poly Auction achieved a transaction amount of 505 million yuan in its 20th anniversary spring auction, reflecting a 15.43% increase compared to the autumn auction in 2024 [2] - Christie's in Asia reported a total transaction amount of 2.2 billion HKD, exceeding the low estimate by 108%, while Sotheby's achieved over 750 million HKD in its spring auction series [2] Structural Changes in the Market - The art market in the first half of 2025 shows significant structural changes compared to 2024, with a recovery in overall market performance and a rotation of segments [3] - The Chinese calligraphy and painting sector has emerged as the strongest performer, demonstrating resilience and growth potential [3] - The traditional categories, particularly ancient and modern calligraphy and painting, have proven to be the "ballast" of the Chinese art market [3] Performance of Calligraphy and Painting - China Guardian's calligraphy and painting segment saw a 30% increase in transaction amount compared to the previous season, with modern and contemporary calligraphy and painting achieving a notable 21.7% growth [4] - The transaction rate for ancient calligraphy and painting reached 88%, setting a historical record [4] - Beijing Poly's calligraphy and painting segment achieved a total transaction amount of 169 million yuan, a significant 74.5% increase from the autumn auction in 2024 [4] Drivers of Market Strength - The strong performance in the calligraphy and painting market is driven by value discovery and academic research [5] - Auction houses are focusing on academic organization and historical context, enhancing collectors' recognition of the value and cultural significance of artworks [5] - Strategies such as increasing the supply of mid-to-low-priced items have led to high transaction rates, while maintaining a focus on high-end items [5][6] Emergence of New Collectors - In the first half of 2025, mainland collectors have significantly strengthened their influence in the Hong Kong auction market, contributing 33.3% to the total transaction amount in the Asia-Pacific region [7] - This trend reflects the growing wealth of high-net-worth individuals in mainland China and the deepening role of Hong Kong as a cultural trade platform [7] - The rise of younger collectors, particularly millennials and Gen Z, is reshaping the market dynamics, with 50% of new buyers at Christie's being from these demographics [8]

Core Insights - The auction held by Christie's Hong Kong on September 26 achieved a total sales amount of approximately 565 million HKD, with a remarkable 92% sell-through rate and total hammer prices exceeding the low estimates by 116% [1][4] Auction Highlights - The most competitive piece was Pablo Picasso's "Portrait of a Woman," which had a pre-auction estimate exceeding 100 million HKD. It started bidding at 70 million HKD and eventually sold for 167 million HKD, setting a new auction record for Picasso in Asia [2][4] - Another significant work was Zao Wou-Ki's "17.3.63," which represents the peak of his "wild cursive" period. It started at 55 million HKD and sold for 70 million HKD, totaling 85.2 million HKD with commissions [3][4] Other Notable Sales - Claude Monet's "Spring in Giverny" sold for 37.1 million HKD, while Yayoi Kusama's largest pumpkin composition in five years fetched 34.66 million HKD. Additionally, another Picasso piece sold for 32.22 million HKD [4] - The auction's success was attributed to effective pricing strategies and the presentation of fresh artworks, highlighting the strong demand for top-tier art pieces in the current market [4]

Core Insights - The art market is experiencing a shift towards scarcity and novelty, with a focus on artworks that are both historically significant and rare in quantity, leading to a pricing effect that benefits collectors [1] - The Chinese ink painting and calligraphy market is showing strong growth and resilience, indicating its status as a cornerstone of the Chinese art market, with a notable recovery in 2024-2025 [2] - The auction market is witnessing a significant increase in the number of auction events and online channels, reflecting a strategic shift towards quality and differentiation in response to market demands [3][4] Market Trends - The total transaction volume in the Chinese ink painting market reached over 6.3 billion RMB in 2024, a 30% decrease year-on-year, yet it remains the primary market for Chinese ink paintings [3] - The spring auction of 2025 recorded a total transaction amount of 3.322 billion RMB, a slight decrease of 3.06% compared to the previous year [3] - Auction houses are adopting a "premium" strategy, focusing on high-quality artworks and differentiated pricing to attract and retain clientele [4] Collector Behavior - The spring auction of 2025 signals a shift from high-priced items to those with academic value, emphasizing cultural recognition and the establishment of diverse collection systems among seasoned collectors [5] - Younger collectors are increasingly prioritizing cultural identity and social impact over capital-centric decision-making, leading to a structural transformation in auction categories [6] - The demographic of collectors under 40 years old constitutes 32% of the client base at Sotheby's Hong Kong, with a growing interest in contemporary and subcultural art forms [6]

Core Insights - Christie's has announced a restructuring that includes the closure of its dedicated NFT sales department, integrating digital art into the broader "20th and 21st Century Art" category [1] - The decision reflects the dramatic fluctuations in the NFT art market over the past four years, indicating a new phase of integration between digital and traditional art [1][5] Market Overview - In 2021, global NFT sales reached $24.9 billion, a staggering increase of over 260 times from $94.9 million in 2020, with art-related NFT sales peaking at $2.9 billion [2] - Christie's played a pivotal role in legitimizing digital art by entering the NFT market, which was previously viewed as lacking authenticity and scarcity [2][3] Sales Performance - In 2021, Christie's sold over 100 NFT artworks, generating nearly $150 million in sales, while its competitor Sotheby's achieved $100 million in NFT sales [3] - The NFT market experienced a sharp decline, with total sales dropping to just under $1.5 billion in 2022, a 49% decrease from the previous year [5] Strategic Shift - The closure of the digital art department is a response to the overall decline in the global art market, which saw a 12% decrease in total sales to $57.5 billion in 2024 [6] - The decision is also influenced by the shrinking of various NFT platforms, with global NFT art transactions falling to $197 million in 2024 [6] Business Efficiency - The restructuring is viewed as a choice for business efficiency, as the revenue from the digital art department was significantly lower than that from core segments like contemporary art and jewelry [7] - The high commission rates of traditional auction houses, ranging from 25% to 30%, are less competitive compared to lower or zero commission rates on NFT trading platforms [7] Future of Digital Art - Christie's will continue to sell NFTs and digital artworks, integrating them into the broader contemporary art framework, rather than abandoning the digital art space [8][9] - The shift signifies a transition from viewing NFTs as a standalone phenomenon to recognizing them as a regular component of the traditional art market [8][10] Conclusion - The integration of digital art into the contemporary art category suggests a maturation of the NFT market, moving from speculative hype to a more sustainable model [9][10] - This evolution emphasizes the importance of artistic value over mere technological novelty, encouraging collectors to develop a discerning approach to both digital and traditional art [10]

Group 1: Nestlé Leadership Change - Nestlé Group announced the appointment of Philipp Navratil as CEO, replacing Laurent Freixe, who was dismissed due to an investigation into an undisclosed romantic relationship with a subordinate, violating the company's code of conduct [1] - Navratil has been with Nestlé since 2001 and has held various leadership roles, including overseeing the coffee and beverage business in Mexico [1] - The leadership change may impact short-term business strategies, but long-term focus on coffee and health food sectors is expected to strengthen Nestlé's market position [1] Group 2: Alibaba Business Travel AI Solution - Alibaba Business Travel launched a one-stop AI travel solution, which includes modules for employee travel and enterprise management, currently in internal testing [2] - The solution leverages Alibaba's ecosystem and data to provide intelligent recommendations, bookings, and expense control strategies [2] - The AI aims to address the challenges of cost, compliance, and experience in travel management, potentially transforming the efficiency of corporate travel [2] Group 3: China-Russia Visa Policy - China announced a one-year visa exemption policy for ordinary passport holders from Russia, effective from September 15, 2025, to September 14, 2026 [3] - This policy aims to facilitate personnel exchanges between China and Russia, enhancing cooperation in business, tourism, and cultural exchanges [3] - The visa exemption is expected to invigorate the comprehensive strategic partnership between China and Russia [3] Group 4: Christie's Asia-Pacific Leadership Appointment - Christie's appointed Rahul Kadakia as the new President for the Asia-Pacific region, effective January 2026 [4] - Kadakia, a veteran in the jewelry sector, has been with Christie's since 1996 and has held various international roles [4] - The leadership change is significant for Christie's as it aims to expand its market presence in the Asia-Pacific region, which has seen a decline in its contribution to overall sales [4]