证券代码：600547 证券简称：山东黄金 公告编号：2025-064 山东黄金矿业股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 控股股东及其一致行动人保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □其他 5%以上大股东及其一致行动人 | | | □合并口径第一大股东及其一致行动人 | | | □其他______________ | 2.信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | |  | 控股股东/实控人 | 913700001630961156 | | | □ | 控股股东/实控人的一致 |  | | 山东黄金集团有限公司 | 行动人 | | □ 不适用 | | | □ | 其他直接持股股东 | | 重 ...

格隆汇9月17日丨山东黄金(600547.SH)公布，公司于2025年9月17日收到黄金集团出具的《关于增持公 司A股股票进展暨权益变动超过1%的通知》，2025年7月31日至2025年9月16日，黄金集团通过集中竞 价交易方式以股票增持专项贷款和自有资金增持公司股份3,403,090股，约占公司总股本的0.07%，增持 金额为111,408,888.08元。其中，本次权益变动触及1%刻度的具体情况为，2025年9月16日黄金集团通 过集中竞价交易方式以股票增持专项贷款和自有资金增持公司股份830,000股，约占公司总股本的 0.02%。 截至本公告披露日，黄金集团直接持有公司股份1,622,930,427股，约占公司总股本的35.21%，黄金集团 及其一致行动人山东黄金资源开发有限公司、山东黄金有色矿业集团有限公司、山东黄金集团青岛黄金 有限公司及山东黄金（北京）产业投资有限公司合计持有公司股份2,028,968,538股，合计持有公司股份 的比例从43.99%增加到44.01%。 ...

Core Viewpoint - Shandong Gold's half-year performance meeting highlighted significant growth in overseas business revenue, with a year-on-year increase of 126.22%, indicating a new growth driver for the company [2]. Group 1: Cost and Production - The increase in self-produced gold costs is attributed to deeper mining operations, targeted extraction of lower-grade ores during high gold prices, and increased investments in safety and environmental regulations [2]. - The average cost of gold mining for the first half of 2025 was approximately 345 RMB per gram [3]. - The company plans to adjust production arrangements in response to fluctuations in gold prices, which may lead to variations in self-produced gold costs [2]. Group 2: Overseas Business Strategy - The company is focusing on high-quality development and strategic leadership, aiming to balance domestic and international market layouts while leveraging resource integration advantages [2]. - Shandong Gold is actively pursuing mergers and acquisitions of overseas quality resources, particularly in politically stable regions along the "Belt and Road" initiative [2]. - The company emphasizes a combination of internal growth and external development, with ongoing exploration and resource acquisition to support sustainable mining operations [3]. Group 3: Financial Performance - The profit growth in the first half of 2025 significantly outpaced revenue growth, primarily due to the higher gross margin from self-produced gold compared to lower-margin external purchases and small gold bars [3]. - The company reported a self-produced gold output of 24.71 tons and sales of 23.60 tons in the first half of 2025, with a slight increase in inventory compared to the beginning of the year [2]. Group 4: Shareholder Confidence - The controlling shareholder plans to increase their stake in Shandong Gold, with a proposed investment of no less than 500 million RMB and up to 1 billion RMB over the next 12 months, reflecting confidence in the company's long-term value [2].

Core Viewpoint - The market anticipates an imminent interest rate cut by the Federal Reserve, leading to a decline in the US dollar index and a surge in gold prices, which reached historical highs. However, gold mining stocks are experiencing a downturn, indicating a potential adjustment phase following the anticipated rate cut [1][2]. Group 1: Gold Prices and Mining Stocks - Gold prices have recently surged, with London gold briefly surpassing $3,700 per ounce, but gold mining stocks like Zijin Mining and Shandong Gold have seen declines, suggesting that the stocks may have already priced in much of the expected gold price increase [1][2]. - The performance of gold mining stocks is closely linked to gold prices, but their price movements do not always align perfectly. Recent declines in mining stocks may reflect profit-taking by investors after significant gains [2][4]. - Analysts suggest that while gold prices may face short-term pressure following the Fed's rate cut, the long-term outlook remains positive due to factors such as global economic conditions and inflationary pressures [2][4]. Group 2: Company Financing Activities - Several gold mining companies have taken advantage of the favorable market conditions to raise capital through financing activities in Hong Kong, including Shandong Gold's nearly HKD 3.9 billion placement and Zijin Mining's plans for a spin-off listing [3]. - Other companies like Chifeng Jilong Gold and Zhaojin Mining have also successfully completed significant financing rounds, indicating a proactive approach to capitalizing on the current market environment [3]. Group 3: Investment Strategies - Investment advisors recommend that conservative investors consider gold ETFs as a more stable investment compared to individual mining stocks, which are subject to company-specific risks [4]. - Gold ETFs provide a direct correlation to gold prices, while mining stock ETFs offer a diversified investment across multiple companies, albeit with inherent industry risks [4]. - The anticipated interest rate cuts by the Federal Reserve are expected to support gold prices in the medium to long term, making gold a potentially attractive investment option [5][6].

业内人士认为，此前金矿股涨幅领先黄金，已经反应大部份金价上涨预期，预计18日凌晨美国降息兑现 后，黄金和金矿股短期会有继续调整压力；长期来看，因为美联储连续降息等原因，黄金依然有中长期 上涨空间，对稳健的投资者来说，相比金矿股来看，配置黄金ETF是更理想的选择。 截至早盘收盘，龙头股紫金矿业（601899.SH，02899.HK）下跌1.22%，报收25.01元，已经连跌四日； 山东黄金（600547.SH，01787.HK）下跌1.22%，报收37.3元，相比9月9日高点一度累计回调近10%；赤 峰黄金（600988.SH，06693.HK）上午跌3.72%，报收28.28元。 来源：第一财经 【#国际金价连续多日创新高#，#金矿股逆市下跌#｜市场观察】市场憧憬的美联储降息即将到来，美元 指数继续下跌，北京时间9月16日晚间，伦敦金一度突破3700美元/盎司，国际金价连续多日创出历史新 高，但在9月17日上午，金矿股却逆市下跌。 ...

Core Viewpoint - The market anticipates an imminent interest rate cut by the Federal Reserve, leading to a decline in the US dollar index and a surge in gold prices, which reached historical highs. However, gold mining stocks are experiencing a downturn, indicating a potential adjustment phase following the anticipated rate cut [1][2]. Group 1: Gold Price and Mining Stocks - Gold prices have recently surged, with London gold briefly surpassing $3,700 per ounce, yet leading gold mining stocks like Zijin Mining and Shandong Gold have seen declines, suggesting that the market has already priced in much of the expected rise in gold prices [1][2]. - The performance of gold mining stocks is closely linked to gold prices, but their price movements do not always align. Recent declines in mining stocks may reflect profit-taking by investors after significant gains [2][4]. - Analysts suggest that while gold prices may face short-term pressure following the Fed's rate cut, the long-term outlook remains positive due to factors such as global economic conditions and inflationary pressures [2][4]. Group 2: Company Financing Activities - Several gold mining companies have taken advantage of the favorable market conditions to raise capital through financing activities in Hong Kong, including Shandong Gold's nearly HKD 3.9 billion placement and Zijin Mining's plans for a spin-off listing [3]. - Other companies like Chifeng Jilong Gold and Zhaojin Mining have also successfully completed significant financing rounds, indicating a proactive approach to capitalizing on the current market environment [3]. Group 3: Investment Strategies - Investment advisors recommend that conservative investors consider gold ETFs as a more stable investment compared to individual gold mining stocks, which are subject to company-specific risks [4]. - Gold ETFs provide a direct correlation to gold prices, while mining stock ETFs offer diversification but still carry inherent industry risks [4]. - The anticipated rate cut by the Fed is expected to support gold prices in the medium to long term, making gold a potentially attractive investment option [4][5].

Group 1 - The core viewpoint indicates that gold-related stocks have weakened, with companies such as Chifeng Jilong Gold Mining, Zhaojin Mining, Shandong Gold, and Hunan Gold all experiencing declines of over 3% [1] - Gold-related ETFs have also seen a decline of approximately 2% due to market influences [1] Group 2 - Specific performance data of gold stock ETFs shows that the 517400 Gold Stock ETF is priced at 1.448, down by 0.033 or 2.23%, while the 517520 Gold Stock ETF is at 1.836, down by 0.038 or 2.03% [2] - Analysts suggest that expectations of a Federal Reserve interest rate cut have opened up "valuation space" for gold prices, while geopolitical and economic policy uncertainties have increased gold's "safe-haven value" [2] - Active capital inflows are providing the "fuel" for price increases, with these three factors interwoven to form a solid foundation for the current gold bull market [2]

Group 1 - The Hong Kong gold stocks collectively declined, with Chifeng Jilong Gold Mining falling over 5% [1] - China Silver Group dropped by 4.9%, while Lingbao Gold decreased by 4.55% [1] - Other companies such as Zhaojin Mining and Tongguan Gold fell over 3%, with Zijin Mining, Shandong Gold, and Zhujiang Gold declining nearly 3% [1]

Group 1 - The core viewpoint of the article indicates that gold stocks in the Hong Kong market have collectively declined, with notable drops in companies such as Chifeng Jilong Gold Mining Co., Ltd. and China Silver Group, amidst a decrease in spot gold prices [1] - Chifeng Jilong Gold Mining Co., Ltd. saw a decline of over 5%, while China Silver Group fell by 4.9%, and Lingbao Gold Company decreased by 4.55% [1] - The article highlights that spot gold prices fell to $3680 per ounce, marking a 0.3% decrease during the Asian trading session, as the market awaits the Federal Open Market Committee (FOMC) decision [1] Group 2 - According to a report from Shenwan Hongyuan Securities, gold prices have been on the rise since August, reaching historical highs, primarily driven by European and American investors, with Asian investors not participating significantly [1] - The potential for further increases in gold prices may depend on the Federal Reserve's interest rate decisions and the subsequent performance of the Chinese stock market [1] - The article notes that several gold companies, including Zijing Mining and Shandong Gold, have reached historical highs in their stock prices during this upward trend in gold prices [1]

Core Viewpoint - Shandong Gold Mining Co., Ltd. emphasizes its commitment to ensuring national mineral resource security while expanding its operations globally, with a projected gold production of 46.17 tons in 2024 and 24.71 tons in the first half of 2025, maintaining its leading position in China's gold industry [1][21]. Group 1: Business Expansion and Production - Shandong Gold has expanded its operations to various provinces in China and countries like Argentina, Ghana, and Namibia [1]. - The company aims to optimize existing resources and enhance new production capabilities, with domestic mines consistently ranking first in gold output [1]. Group 2: Digital Transformation - The company is undergoing a digital transformation, establishing a unified technology platform called "Shan Jin Cloud" to enhance operational efficiency and reduce costs [8][9]. - A full lifecycle management system for equipment has been implemented, reducing equipment failure rates by 17% and saving millions in maintenance costs annually [10]. Group 3: Technological Innovation - Shandong Gold has prioritized technological innovation, leading to the establishment of 38 national and industry standards and the acquisition of 978 patents since the beginning of the 14th Five-Year Plan [11]. - The company has invested over 8.63 billion yuan in research and development in 2024 alone, focusing on key technological challenges in the gold industry [13]. Group 4: Environmental Sustainability - Shandong Gold has adopted a green mining philosophy, implementing measures such as replacing coal boilers with natural gas and promoting renewable energy sources [16][18]. - The company has established comprehensive waste management systems, ensuring that all production and domestic wastewater is recycled [18]. Group 5: Future Outlook - The company aims to continue enhancing its green mining initiatives and technological innovations to contribute to national mineral resource security and sustainable economic development [21].