Changes in Hong Kong stocks | Chifeng Gold (06693) fell more than 4% in the morning, net profit for the second quarter is expected to fall 19% to 27% month-on-month

The Zhitong Finance App learned that Chifeng Gold (06693) fell by more than 4% in the morning. As of press release, it fell 4.16% to HK$27.66, with a turnover of HK$109 million.

According to the news, Chifeng Gold announced that net profit for the first half of the year is expected to be 1.7 billion to 1.78 billion yuan, an increase of 54% to 61% over the previous year. The change in performance was mainly due to a sharp rise in the price of gold compared to the same period last year. The average gold sales price increased by about 43% year on year, while the company continued to strengthen production organization and operation management. According to calculations, net profit for the second quarter is expected to be between $712 million and $792 million, down 19% to 27% from the previous quarter.

Guoxin Securities said that in 2026, the precious metals industry was affected in the short term by factors such as the US-Iran conflict driving up oil prices, the recovery in inflation expectations, and the shift in the Federal Reserve's policy expectations in excess of expectations. Gold prices fell under phased pressure to the range of 4,000 to 4200 US dollars/ounce, but the medium- to long-term logic remained stable. Central banks around the world continued to increase their gold holdings, reaching 243.7 tons in the first quarter of 2026. The central bank of China has increased its gold holdings for 20 consecutive months.