Report Industry Investment Rating - Not provided Core Viewpoints - Gold and silver prices rebounded after a high - level adjustment. Trump's challenge to the Supreme Court's decision on global tariff policies attracted safe - haven funds into the spot gold market, and silver prices also rose with gold [1]. - Gold prices soared in early 2026 due to geopolitical tensions but then sharply corrected. The market's interpretation of Fed Chair nominee Kevin Warsh as a hawkish candidate intensified the decline, with spot gold dropping 27.2% from near $5,600 per ounce to $4,402 per ounce [1]. - As the market's concerns about Warsh's hawkish stance cooled, gold prices stabilized. There are three important support levels at $4,842, $4,655, and $4,404 per ounce. If the price falls below $4,404 per ounce, the rebound will end [2]. - The recent rise of about 1.1% in international gold prices last week attracted investors' attention. It is recommended that investors enter the market in batches and pay attention to the support levels. The technical indicators also show a strengthening trend [2]. - Geopolitical tensions, such as the situation between the US and Iran, support gold prices. Gold and silver prices will be affected by multiple factors in the future. Investors bullish on gold prices are advised to focus on the Franklin Gold and Precious Metals Fund [3]. Summary by Related Content Gold and Silver Price Movements - Gold and silver prices adjusted at high levels and then rebounded. Geopolitical tensions in early 2026 led to a sharp rise in gold prices, followed by a rapid correction. The hawkish stance of the Fed Chair nominee further intensified the decline [1]. - After the market's concerns about the nominee's hawkish stance cooled, gold prices stabilized. There are three support levels, and if the price falls below $4,404 per ounce, the rebound will end [2]. - International gold prices rose about 1.1% last week, attracting investors' attention. Technical indicators show a strengthening trend [2] Factors Affecting Gold Prices - Trump's challenge to the Supreme Court's decision on global tariff policies attracted safe - haven funds into the gold market [1]. - Geopolitical tensions, especially the US - Iran situation, support gold prices. Future gold and silver prices will be affected by US interest - rate cut policies, international trade variables, and geopolitical factors [3] Investment Recommendation - Investors bullish on gold prices are recommended to focus on the Franklin Gold and Precious Metals Fund [3]. - The fund uses an active, research - led investment strategy, investing in global companies engaged in gold and other precious metals. It mainly invests in leading gold miners, not physical gold, and may benefit from the "leverage effect" [3]. - As of the end of January 2026, the top three industries in the fund's portfolio are long - life gold mines (55.51%), gold exploration and development (18.69%), and diversified finance and mining (8.07%). Global industry distribution can effectively disperse risks [3]

Core Viewpoint - The gold sector has become a focal point in the market due to rising international gold prices, with Zijin Mining (02899.HK) experiencing significant stock price volatility, reflecting a substantial divergence between bullish and bearish sentiments [1] Technical Analysis - The medium to long-term trend for Zijin Mining remains intact, with the stock price consistently above key moving averages (10-day at 41.95, 30-day at 38.93, and 60-day at 35.68), indicating a bullish technical foundation [2] - Short-term market momentum shows clear divergence, with profit-taking pressure leading to increased trading volume and a neutral Relative Strength Index (RSI) at 53, suggesting a potential high-level consolidation phase [2] - Key support levels are identified at 37.6 and 34.5, with 37.6 being a critical psychological level and aligning with the 30-day moving average [2] - Resistance levels are set at 43.6 and 46, with 43.6 being the primary resistance due to previous retracement levels [3] Market Perspective - The optimistic market outlook is rooted in a strong belief in a long-term bull market for gold, supported by global central bank purchasing behaviors and the dynamics of the U.S. dollar [6] - A significant announcement from Zijin Mining regarding a proposed acquisition of a large gold mining asset in Africa for approximately 28 billion RMB is expected to enhance its gold resource reserves and future production, reinforcing its industry leadership [6] - Short-term uncertainties are present, as fluctuations in gold prices at historical highs can directly impact stock performance, with recent rapid price adjustments observed in Zijin Mining [7] Derivative Tools - In a high-volatility environment, warrants and bull/bear certificates offer investors strategic alternatives to direct stock investments, providing capital efficiency and flexibility [7] - A specific example includes the Morgan Stanley Asia Pacific Zijin bear certificate (56963), which saw a 231% increase despite a 14.26% drop in the underlying stock price, demonstrating the effectiveness of derivatives in capitalizing on short-term market movements [7] Product Analysis and Recommendations - For bullish investors anticipating a rebound at the 37.6 support level, options such as Morgan Stanley Asia Pacific call warrants (22148) and HSBC bull certificates (58916) are recommended due to their favorable leverage ratios [9] - For bearish investors expecting further declines towards the 34.5 support level, UBS bear certificates (57434) are suggested, offering a wider safety margin and lower holding costs [9]

Market Overview - The Hang Seng Index faces short-term resistance at 27,188 points, with expectations of two interest rate cuts in 2026 following the Federal Reserve's December decision to lower rates by 0.25% [2] - The market anticipates increased monetary policy easing in mainland China, particularly in the first quarter of 2026, focusing on expanding domestic demand and achieving technological self-reliance [2] - Recent adjustments in financing margin ratios by the Shanghai and Shenzhen stock exchanges may lead to short-term market corrections, affecting the inflow of foreign capital into Hong Kong stocks [2] Sector Outlook - The aviation sector is expected to benefit from a peak travel season during the extended Spring Festival holiday, supported by the appreciation of the RMB and soft oil prices [3] - High-dividend stocks are likely to attract capital as market risk appetite decreases, leading to a shift towards defensive sectors [3] Corporate News - Zijin Mining International plans to acquire Allied Gold Corporation for approximately 55 million CAD (about 280 billion RMB), enhancing its gold mining portfolio [9] - Anta Sports has acquired a 29.06% stake in PUMA SE for over 1.5 billion euros, becoming the largest shareholder and aiming to strengthen its position in the global sportswear market [9] - Sunny Optical Technology has submitted a listing application for its vehicle-related optical business spin-off, indicating growth in the automotive optics sector [9] - Conant Optical raised over 1.4 billion RMB through a share placement, with funds allocated for expanding XR production capabilities and enhancing R&D [9] Economic Indicators - China's industrial profits for December and Hong Kong's trade balance data are key focus areas for market participants [3] - The People's Bank of China emphasizes proactive macroeconomic policies to address rising uncertainties in the external environment and to maintain financial stability [7] - Guangdong province targets a GDP growth of 4.5% to 5% for 2026, reflecting a commitment to economic expansion [7] Investment Trends - The number of companies registered in Hong Kong from overseas and mainland China has increased by 11%, indicating Hong Kong's continued attractiveness as a business hub [8] - The Hong Kong Monetary Authority has doubled the quota for RMB funding to 200 billion RMB, enhancing liquidity for banks and supporting the growth of RMB business [8] - The investment promotion agency assisted 560 companies in expanding their operations in Hong Kong, reflecting strong foreign investment interest [8]

Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) showed a slight upward movement on January 23, closing with an increase of approximately 100 points, indicating a neutral short-term trend with mixed market sentiment [1] - Current technical signals for HSI are neutral, with the index fluctuating around 26,700 points and a resistance level at approximately 27,100 points, while support levels are at 26,200 points and 25,800 points [1] - Investors are divided, with bullish investors holding call warrants with recovery prices of 25,788 and 26,428, while bearish investors are planning to buy put warrants with a recovery price of 26,900 [1] Group 2: Meituan-W (03690.HK) - Meituan-W's stock price has been weak, with a slight increase on January 23, closing at 97.5 HKD, while trading volume increased compared to the previous day [7] - Current technical signals show a predominance of buy signals, totaling 10, with resistance levels at 101.8 HKD and 105 HKD [7] - Investors are advised to avoid out-of-the-money products and consider near-the-money call warrants with exercise prices around 99-100 HKD, expiring in April 2025 [7] Group 3: Trip.com Group (09961.HK) - Trip.com Group's stock price has gradually recovered from a low of 446 HKD, closing at 485.4 HKD on January 23, although trading volume has decreased during this upward movement [13] - The current technical signals indicate a majority of buy signals, with 9 buy signals and 5 sell signals [13] - Investors are recommended to choose bull warrants with recovery prices between 382 and 457 HKD to mitigate risks [13] Group 4: Ganfeng Lithium (01772.HK) - Ganfeng Lithium's stock price reached 70 HKD on January 23, breaking through the upper band of the Bollinger Bands, with increased trading volume [19] - The technical signals currently show a predominance of sell signals, with 10 sell signals and 4 buy signals, suggesting caution for bullish investors [19] - Investors interested in put warrants are advised to wait for more suitable products to be issued due to limited options currently available [19] Group 5: Zhaojin Mining (01818.HK) - Zhaojin Mining's stock price slightly increased to 38.6 HKD on January 23, influenced by rising gold prices, but the market sentiment remains cautious [25] - Current support is around 35.5 HKD, with a resistance level at 41.4 HKD, which needs to be broken for further upward movement [25] - Investors should wait for confirmation of a breakout above the resistance level before making further investment decisions [25] Group 6: Xiaomi Group-W (01810.HK) - Xiaomi Group-W's stock price has been on a downward trend, with a slight increase to 36.2 HKD on January 23, accompanied by increased trading volume [30] - Current technical signals show a slight majority of buy signals, but the stock lacks momentum to surpass 50 HKD in the short term [30] - Investors are advised to avoid out-of-the-money products and consider near-the-money call warrants with leverage around 3 times, which are more suitable for current market conditions [30]

Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) closed at approximately 26,231 points on January 9, showing little change from the previous day, with a slight decrease in trading volume [1][2] - Optimistic investors predict the index could rise to around 26,400 points next week, while pessimistic investors foresee a drop to approximately 25,800 points [1][2] - Current support is around 25,769 points, and if the index rises, resistance levels could extend beyond 26,400 points to approximately 26,500 points or even 26,593 points [2] Group 2: HSBC Holdings (00005.HK) - HSBC's stock price has recently declined to around 124.8 HKD after reaching a high of approximately 129 HKD [10] - Technical signals indicate a neutral stance, suggesting it may not be an ideal time to invest or chase the stock [10] - The support level is around 119.6 HKD, and if it falls below this, it could drop further to approximately 114.8 HKD [10] Group 3: JD.com (09618.HK) - JD.com's stock price increased by about 2% on January 9, closing near the upper Bollinger Band [16] - The current resistance level is at 118.6 HKD, and if surpassed, the stock could rise to approximately 122.7 HKD [16] - Technical signals are predominantly bullish, indicating a favorable short-term outlook for investors [16] Group 4: Zhaojin Mining (01818.HK) - Zhaojin Mining's stock price reached a high of 35.9 HKD, closing at 35.58 HKD on January 9 [20] - The resistance level is around 37.1 HKD, and if broken, the stock could rise to approximately 39.9 HKD [20] - Technical signals are mainly bearish, suggesting caution for potential investors [20] Group 5: Kuaishou Technology (01024.HK) - Kuaishou's stock price rose by 3.89% on January 9, closing at approximately 74.7 HKD [26] - The resistance level is around 78 HKD, and a successful breakthrough could lead to a target of approximately 83.6 HKD [26] - Current technical signals are predominantly bearish, indicating a need for caution [26] Group 6: Luoyang Molybdenum (03993.HK) - Luoyang Molybdenum's stock price closed at 21.66 HKD on January 9, with a high near 22 HKD [31] - The resistance level is around 22.5 HKD, and a breakthrough could lead to a target of 23 HKD [31] - Technical signals are mainly bearish, suggesting a cautious approach for investors [31]

Market Performance - The Hang Seng Index (HSI) rose by 219 points or 0.9%, closing at 25,854 points[1] - The National Index increased by 99 points or 1.1%, closing at 8,991 points[1] - The Hang Seng Tech Index gained 95 points or 1.7%, closing at 5,578 points[1] - Total market turnover was HKD 199.769 billion[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted down by 17 points to 7.0348[1] - The People's Bank of China conducted a 312.5 billion RMB reverse repo operation at a rate of 1.4%[1] - A net injection of 253.2 billion RMB was recorded after 59.3 billion RMB reverse repos matured[1] U.S. Market Trends - The S&P 500 index fell by 9 points to 6,896 points, marking its third consecutive day of decline[2] - The Nasdaq dropped by 55 points or 0.2% to 23,419 points[2] - The Dow Jones Industrial Average decreased by 94 points or 0.2%, closing at 48,367 points[2] Real Estate and Automotive Policies - New VAT policy for personal housing sales effective January 1: 3% for properties held less than two years, exempt for those held for two years or more[2] - New vehicle trade-in subsidy details for 2026 announced, offering up to 15,000 RMB for electric vehicles and 13,000 RMB for fuel-efficient vehicles[3] Corporate Earnings - Zijin Mining Group expects a net profit of USD 1.5-1.6 billion for 2025, a growth of 212%-233% year-on-year due to increased gold production and sales[3] - Zijin Mining also forecasts a net profit of 510-520 billion RMB for 2025, a growth of 59%-62% year-on-year[4] - Ping An Life increased its stake in China Merchants Bank to over 19% of H shares[4]

茲提述中國罕王控股有限公司（「本公司」）日期為二零二五年九月三十日關於認購事項 的公告（「該公告」）。除另有界定外，本公告所用詞彙與該公告所界定者具有相同涵義。 完成認購事項 董事會欣然宣佈，認購協議所載的先決條件已獲達成，認購事項已於二零二五年十月 十三日完成。總計436,550,000股認購股份（約佔罕王黃金經發行及配發認購股份擴大 後的已發行股本之17.3%）已根據每份認購協議的條款及條件，按認購價每股認購股份 2.62港元配發及發行給認購方（包括本公司）。 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，概不就因本公告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。 CHINA HANKING HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：03788） 罕王黃金有限公司 - 於二零二五年九月三十日公告之首次公開發售前集資已完成 中國罕王控股有限公司 主席兼執行董事 楊繼野 中國上海，二零二五年十月十三日 罕王黃金通過認購事項收到所得款項總額約為11.4億港元。如先前該公告 ...

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份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。 龍資源有限公司 （股份代號：1712） 自願公告 JOKISIVU鑽探發現高品位結果 本公告乃龍資源有限公司*（「龍資源」或「本公司」）自 願 作 出，以 知 會 本 公 司 股 東 及潛在投資者最近的活動。 本公司欣然宣佈，已獲得近期在芬蘭南部Jokisivu金礦（「Jokisivu」）進行的金剛石取 芯鑽孔活動的結果。其包括在Arpola飛鼠區170米 至225米 水 平（「Arpola-3」）的19個 地下金剛石取芯鑽孔活動中最初18個鑽孔活動以及7個用於評估Jokisivu主體結構 向 東 南 延 展 程 度 的 地 面 金 剛 石 取 芯 鑽 孔 活 動（「Jokisivu勘 探」）的 結 果。 該等活動已發現數個優質樣段，為本公司提供關於Jokisivu礦床東南部分金礦化的 性質與特徵的資料。該等活動所得高品位亮點包括： – 1 – Arpola-3 | • | 於HU/JS-1432鑽孔的 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）以及香港中央結 算有限公司（「香港結算」）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，概不對因本公告的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。 除本公告另有界定者外，本公告所用的詞彙與紫金黃金國際有限公司（「本公司」）於 2025年9月19日（星期五）刊發的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成任何人士收購、購買或認購本公司任何證券的要約或誘 使作出要約的邀請。本公告並非招股章程。潛在投資者於決定是否投資發售股份 前，應閱覽招股章程內有關本公司、下文所述香港公開發售及國際發售的詳細資 料。 本公告概不構成要約出售或招攬要約購買發售股份，而在任何作出有關要約、招攬 或出售即屬違法的司法權區內，概不得出售任何發售股份。本公告不會直接或間接 於或向美國發佈、刊發、派發以於美國或任何其他司法權區出售或招攬購買或認購 證券。發售股份不曾亦不會按照1933年美國證券法（經不時修訂、補充或修改）（「美 國證券法」）或美國任何州的證券法進行登記，且不得於美國境內提呈發售 ...

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，概不就因本公告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。 （於開曼群島註冊成立的有限公司） （股份代號：03788） 內幕消息 可 行 性 研 究 更 新：可 採 資 源 量 增 加 至 310 萬 盎 司 黃 金 ，計 劃 黃 金 產 量 預 計 超 每 年 20 萬盎司 CHINA HANKING HOLDINGS LIMITED 本公告乃由中國罕王控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則第13.09(2)條及香港法例第571章《證券及期貨條例》第XIVA部項下內幕消息條文 而發佈。 本公司董事會（「董事會」）欣然宣佈，近期對其Mt Bundy金礦項目的最終可行性研究 （「最終可研」）以及其Cygnet金礦項目的預可行性研究（「預可研」）進行了更新，將其 507萬盎司黃金資源量中的總可採資源量增加至310萬盎司黃金，這兩個金礦項目的計 劃年黃金產量預計超20萬盎司。 基於多方面技術性研究的支撐，可採資源量包括礦石儲量以及礦產資源量 ...