Group 1: Market Overview - The Hang Seng Index fell by 0.45%, down 117 points, closing at 25,812 points, while the Hang Seng Tech Index dropped by 0.98% [1] - The trading volume in the Hong Kong stock market reached HKD 112.6 billion in the morning session [1] Group 2: Hydrogen Energy Sector - Hydrogen energy stocks experienced a significant rise, driven by the continuous rollout of green hydrogen ammonia industry policies, indicating a maturing industry [1] - Reshaping Energy (02570) surged by 24.29%, while Guofu Hydrogen Energy (02582) increased by over 4.64% [1] Group 3: Oil Sector - Oil stocks continued their recent upward trend, with institutions noting the resilience of the three major oil companies during the oil price downturn [1] - Sinopec (00386) rose by 3.6%, PetroChina (00857) increased by 2.49%, and CNOOC (00883) gained 2.11% [1] Group 4: Telecommunications and Technology - Changfei Optical Fiber and Cable (06869) saw an increase of over 4% after China Telecom completed the world's first ultra-long-distance hollow core fiber transmission experiment [1] - Boleton (01333) surged by over 10% as the company is set to globally launch its autonomous driving specialized mining truck this Friday [1] Group 5: Gold and Consumer Products - Shangshan Gold (01939) rose nearly 2% following a profit warning, which is expected to boost its global layout of intelligent gold terminals [1] - H&H International Holdings (01112) increased by over 2%, with a strong growth momentum in its infant-related products, particularly in infant formula sales exceeding industry averages [1] Group 6: Medical and Defense Sectors - Yimai Sunshine (02522) rose by over 4% as the company plans to further invest in Yinghe Medical, validating its commercial path for medical data assetization [1] - China Shipbuilding Defense (00317) increased by over 4%, with institutions noting that second-hand ship prices have surpassed new ship prices, indicating an upcoming positive trend in the shipbuilding sector [1] Group 7: Declining Stocks - Jacobson Pharmaceutical (02633) fell by over 8% due to a 5.36% year-on-year decrease in mid-term earnings, despite a 20% increase in dividends [2] - Yuejiang (02432) dropped by over 4%, accumulating a decline of over 40% in the past two months, having completed two rounds of equity financing in four months [2]

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 [1] Financial Performance - Revenue for the reporting period is projected to increase by 140% to approximately HKD 76.5 million [1] - Revenue from art auction 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 industry 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, 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]

上善黄金近日宣布，已完成香港上善科技有限公司上善科技的设立，上善科技为公司全资拥有的附属公 司，致力于黄金智能终端的全球化布局，致力拓展黄金相关业务。此外，金雅福集团已与上善科技签署 商标许可协议。根据本协议约定，上善科技将以每年1港元代价从金雅福集团获得中华人民共和国大陆 以外的所有国家及地区(含香港特别行政区、澳门特别行政区、台湾及其他海外地区)的知识产权许可。 在金价持续创新高的推动下，上善黄金(1939.HK)延续近期强势，今日盘中再度飙升超18%，涨至9.67港 元，6连升，股价创近2个月新高。消息面上，现货黄金今日盘中升破3850美元/盎司，续创历史新高； 现货黄金年内累涨超46%。 ...

智通财经APP获悉，上善黄金(01939)尾盘涨超9%，截至发稿，涨6.62%，报7.25港元，成交额2716.2万 港元。 消息面上，上善黄金近日宣布，已完成香港上善科技有限公司上善科技的设立，上善科技为公司全资拥 有的附属公司，致力于黄金智能终端的全球化布局，致力拓展黄金相关业务。此外，金雅福集团已与上 善科技签署商标许可协议。根据本协议约定，上善科技将以每年1港元代价从金雅福集团获得中华人民 共和国大陆以外的所有国家及地区(含香港特别行政区、澳门特别行政区、台湾及其他海外地区)的知识 产权许可。 公开资料显示，今年5月，金雅福董事长黄仕坤实控的ESSA FINANCIAL及其一致行动人，收购香港主 板上市公司东京中央拍卖。6月20日要约收购完成后，ESSA持股比例达66.83%，黄仕坤董事长成为东 京中央拍卖的实际控制人。据悉，今年4月，金雅福宣布首发智慧金店合作模式，推出单店合作和城市 合伙人计划，并发布一系列合作政策。据介绍，金雅福通过人工智能、物联网、大数据等技术赋能，打 造出自助下单、自动检测、快速回款的全新黄金回收模式。 ...

上善黄金(01939)尾盘涨超9%，截至发稿，涨6.62%，报7.25港元，成交额2716.2万港元。 消息面上，上善黄金近日宣布，已完成香港上善科技有限公司上善科技的设立，上善科技为公司全资拥 有的附属公司，致力于黄金智能终端的全球化布局，致力拓展黄金相关业务。此外，金雅福集团已与上 善科技签署商标许可协议。根据本协议约定，上善科技将以每年1港元代价从金雅福集团获得中华人民 共和国大陆以外的所有国家及地区(含香港特别行政区、澳门特别行政区、台湾及其他海外地区)的知识 产权许可。 公开资料显示，今年5月，金雅福董事长黄仕坤实控的ESSA FINANCIAL及其一致行动人，收购香港主 板上市公司东京中央拍卖。6月20日要约收购完成后，ESSA持股比例达66.83%，黄仕坤董事长成为东 京中央拍卖的实际控制人。据悉，今年4月，金雅福宣布首发智慧金店合作模式，推出单店合作和城市 合伙人计划，并发布一系列合作政策。据介绍，金雅福通过人工智能、物联网、大数据等技术赋能，打 造出自助下单、自动检测、快速回款的全新黄金回收模式。 ...

Core Viewpoint - Tokyo Central Auction (01939) has seen a significant increase in stock price, rising nearly 9% and currently trading at 9.23 HKD with a transaction volume of 22.9962 million HKD, following the announcement of a name change and the establishment of a new subsidiary focused on gold-related business [1] Group 1: Company Developments - The company announced that its Chinese stock name will change from "Tokyo Central Auction" to "Shangshan Gold" effective from 9 AM on August 26 [1] - Tokyo Central Auction has established a wholly-owned subsidiary, Shangshan Technology, which aims to globalize its gold smart terminal business and expand its gold-related operations [1] Group 2: Ownership and Control - In May, ESSA FINANCIAL, controlled by Jin Yafu's chairman Huang Shikun, acquired Tokyo Central Auction, completing the takeover on June 20, resulting in ESSA holding a 66.83% stake and Huang Shikun becoming the actual controller of the company [1] Group 3: Business Strategy - Jin Yafu announced a new smart gold store cooperation model in April, introducing single-store cooperation and city partner plans, along with a series of cooperation policies [1] - The company is leveraging technologies such as artificial intelligence, IoT, and big data to create a new gold recycling model that features self-ordering, automatic detection, and rapid payment [1]

Group 1 - Tokyo Central Auction (01939) shares increased nearly 9%, currently up 6.09% at HKD 9.23, with a trading volume of HKD 22.9962 million [1] - The company announced a change in its Chinese stock name from "Tokyo Central Auction" to "Shangshan Gold," effective from 9 AM on August 26 [1] - Tokyo Central Auction has established a wholly-owned subsidiary, Shangshan Technology, focused on the global expansion of gold smart terminals and related businesses [1] Group 2 - In May, ESSA FINANCIAL, controlled by Jin Yafu's chairman Huang Shikun, acquired a controlling stake in Tokyo Central Auction, reaching 66.83% after the completion of the offer on June 20 [1] - Jin Yafu announced a new smart gold store cooperation model in April, introducing single-store cooperation and city partner plans, along with a series of cooperation policies [1] - Jin Yafu leverages technologies such as artificial intelligence, IoT, and big data to create a new gold recycling model featuring self-ordering, automatic detection, and quick payment [1]

Core Viewpoint - The establishment of Hong Kong Shangshan Technology Co., Ltd. as a wholly-owned subsidiary by Tokyo Central Auction aims to expand its global footprint in the gold-related business, leveraging the rising demand and value of gold assets in the market [1] Group 1: Company Strategy - The company has completed the establishment of a wholly-owned subsidiary, Shangshan Technology, to focus on the globalization of gold smart terminals and expand its gold-related business [1] - The board believes that gold, as a unique asset with both commodity and financial attributes, has seen a continuous rise in global prices, leading to a significant increase in demand and market potential [1] - The initiative to set up a subsidiary is intended to diversify the company's business operations, reduce reliance on a single business, and enhance risk resilience [1] Group 2: Market Opportunities - The company aims to capitalize on the opportunities presented by the growing gold market to cultivate new profit growth points and improve overall operational performance [1] - By enhancing its technological capabilities, the company seeks to strengthen its competitive position in the market [1] - The strategic location of Hong Kong is expected to facilitate global market expansion and attract international investors [1] Group 3: Long-term Goals - The business initiatives are aligned with the company's goals of achieving diversification and sustainable development, ultimately benefiting the company and its shareholders [1]

Core Viewpoint - Tokyo Central Auction has established a wholly-owned subsidiary, Shangshan Technology, to focus on the global expansion of gold-related businesses, capitalizing on the rising demand and value of gold assets in the market [1] Group 1: Company Strategy - The establishment of Shangshan Technology aims to diversify the company's business portfolio and reduce reliance on a single business line, enhancing its risk resilience [1] - The company seeks to leverage the growth opportunities in the gold market to cultivate new profit growth points and improve overall operational performance [1] - By enhancing technological capabilities, the company aims to strengthen its competitive position in the market [1] Group 2: Market Potential - The board recognizes the significant market potential for gold, which has both commodity and financial attributes, especially given the recent continuous rise in global gold prices [1] - The strategic move is expected to attract international investors and expand the company's global market presence, utilizing Hong Kong's advantageous location and internationalization [1] Group 3: Long-term Goals - The initiatives are aligned with the company's goals for business diversification and sustainable development, ultimately benefiting the company and its shareholders [1]