10月14日，山东黄金（证券代码：600547）披露2025年前三季度业绩预增公告，预计2025年前三季度实 现归属于母公司所有者的净利润为38.0亿元至41.0亿元，与上年同期相比增加17.3亿元到20.3亿元，同比 增加83.9%到98.5%。实现归属于母公司所有者的扣除非经常性损益后的净利润为37.8亿元至40.8亿元， 与上年同期相比增加16.9亿元到19.9亿元，同比增加80.5%到94.8%。 今年以来，国际金价持续攀升。特别是进入第三季度后的8月底以来，黄金价格迅速上涨。山东黄金业 绩预告发布当日，国际金价盘中一度突破4170美元/盎司，创下历史新高。 另一方面，山东黄金还在推进矿山采掘外委施工逐步转为自营，进一步增加生产设备的购置、更新及产 业工人的配备，从而推动公司更加长远、健康、可持续发展。 值得注意的是，10月11日，山东黄金的控股股东山东黄金集团有限公司与山东重工集团有限公司签署了 战略合作协议。根据战略合作协议，双方将在矿山装备研发与应用、绿色物流运输、全球资源共享等领 域开展更深层次合作，发挥协同优势，共同推动产业高端化、智能化、绿色化转型。 山东黄金表示，由于统筹优化生产布局，强 ...

2025.10.15 本文字 数：1196，阅读时长大约2分钟 作者 | 第一财经 李隽 金价连创新高，山东黄金三季度的业绩，却出现了环比大幅下滑。 山东黄金（600547.SH，01787.HK）10月14日晚披露，预计前三季度实现净利润38亿元至41亿元，同比 增幅达83.9%至98.5%。 关于黄金继续创新高，博时基金基金经理王祥认为，以黄金为代表的贵金属乐观行情受到多重因素的影 响，首先是时隔七年之后，美国政府再次出现关门，停摆在时间上与市场关注的"经济数据时点"高度重 合，产生了比以往更加直接和明显的市场信心冲击。此外，中美贸易摩擦再度升温，中国增加了对稀土 出口的管制，特朗普则威胁要对中国进口商品加征100%关税，导致市场避险情绪增加。 10月15日盘中，山东黄金一度大跌超过6%，且在金价连创新高的背景下，连续两天出现下跌。当日， 该公司A股下跌2.77%，报收41.7元。 广州一位私募人士向第一财经分析，三季度金价大幅走强，金矿股总体涨幅也比较大，而山东黄金当季 利润情况比预期要差一些，反映出来的是盈利不如预期，投资者借势抛售。出现这种情况，有可能是三 季度支出增加，影响了利润表现。 山东黄金公 ...

山东黄金公告称，2025年前三季度，黄金价格上行因素影响，公司利润同比涨幅较大。为实现资源 综合利用，该公司抓住黄金价格上涨的有利时机，加大各类基础工程投入，调整矿山边际品位，充分 2025.10. 15 本文字数：1196，阅读时长大约2分钟 作者 | 第一财经 李隽 金价连创新高，山东黄金三季度的业绩，却出现了环比大幅下滑。 山东黄金（600547.SH，01787.HK）10月14日晚披露，预计前三季度实现净利润38亿元至41亿 元，同比增幅达83.9%至98.5%。 今年一、二季度，山东黄金净利润分别为10.26亿元，17.82亿元。由此估算，该公司三季度净利润 在11亿元左右，虽然同比增速超过60%，但环比二季度缩水了大约四成。 10月15日盘中，山东黄金一度大跌超过6%，且在金价连创新高的背景下，连续两天出现下跌。当 日，该公司A股下跌2.77%，报收41.7元。 广州一位私募人士向第一财经分析，三季度金价大幅走强，金矿股总体涨幅也比较大，而山东黄金当 季利润情况比预期要差一些，反映出来的是盈利不如预期，投资者借势抛售。出现这种情况，有可能 是三季度支出增加，影响了利润表现。 推荐阅读 利用低品位 ...

Group 1: Industry Overview - The performance of Hong Kong-listed companies in the non-ferrous metals sector is expected to improve significantly in the first three quarters of 2025, with some companies in the cement and building materials sector also showing signs of recovery [1] - The real estate sector shows a clear divergence in performance among companies, with some experiencing significant growth while others struggle [1] Group 2: Non-Ferrous Metals Companies - Jinli Permanent Magnet expects a net profit of 505 million to 550 million yuan for the first three quarters, representing a year-on-year increase of 157% to 179% [2] - The company attributes its growth to a focus on stable and compliant operations, market expansion, and efficiency improvements, alongside effective management of raw material inventory [2] - Shandong Gold anticipates a net profit of 3.8 billion to 4.1 billion yuan, an increase of 83.9% to 98.5% year-on-year, driven by optimized production and rising gold prices [3] Group 3: Cement and Building Materials Sector - China National Building Material expects to turn a loss into a profit with an estimated profit of 2.95 billion yuan for the first three quarters, compared to a loss of 684 million yuan in the same period last year [4] - The profit increase is attributed to lower sales costs of cement and concrete, higher prices of fiberglass, and increased sales of wind turbine blades and coatings [4] - Recent policies are expected to support the building materials industry, including a draft proposal for carbon emissions trading quotas for the steel, cement, and aluminum industries [5] Group 4: Real Estate Sector - Real estate companies show significant performance divergence, with market concentration increasing and stronger companies gaining more [7] - China Resources Land reported a recurring income of approximately 4.1 billion yuan for September 2025, a year-on-year increase of 7.5% [7] - Green Town China achieved a contract sales area of approximately 3.08 million square meters and a contract sales amount of approximately 107.9 billion yuan from January to September 2025 [7] Group 5: Market Trends and Outlook - The real estate market is showing signs of recovery, particularly in high-energy cities, while third and fourth-tier cities are still stabilizing [8] - There is a growing confidence among real estate companies regarding future market conditions, supported by ongoing policy measures and local government actions [8] - The central government emphasizes the importance of quality housing, which may lead to a wave of development in high-quality residential projects [8]

今年一、二季度，山东黄金净利润分别为10.26亿元，17.82亿元。由此估算，该公司三季度净利润在11 亿元左右，虽然同比增速超过60%，但环比二季度缩水了大约四成。 10月15日盘中，山东黄金一度大跌超过6%，且在金价连创新高的背景下，连续两天出现下跌。当日， 该公司A股下跌2.77%，报收41.7元。 广州一位私募人士向第一财经分析，三季度金价大幅走强，金矿股总体涨幅也比较大，而山东黄金当季 利润情况比预期要差一些，反映出来的是盈利不如预期，投资者借势抛售。出现这种情况，有可能是三 季度支出增加，影响了利润表现。 【#山东黄金三季度净利环比大跌4成#，#山东黄金盘中跌超7%# 】 金价连创新高，山东黄金三季度的业绩，却出现了环比大幅下滑。 山东黄金（600547.SH，01787.HK）10月14日晚披露，预计前三季度实现净利润38亿元至41亿元，同比 增幅达83.9%至98.5%。 ...

Core Viewpoint - Despite the continuous rise in gold prices, Shandong Gold's third-quarter performance showed a significant quarter-on-quarter decline in profits, raising concerns among investors about the company's profitability and operational efficiency [1][2]. Company Performance - Shandong Gold expects a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters, representing a year-on-year increase of 83.9% to 98.5% [1]. - The estimated net profit for the third quarter is around 1.1 billion yuan, which, while showing over 60% year-on-year growth, reflects a nearly 40% decline compared to the second quarter [1]. - The company's stock price fell over 6% during trading on October 15, with a closing price of 41.7 yuan, indicating investor concerns about the disappointing profit performance [1]. Industry Context - Shandong Gold is not alone in experiencing a quarter-on-quarter decline; other gold mining companies, such as Zhaojin Mining, also reported similar trends in their quarterly earnings [2]. - Zhaojin Mining reported a net profit of 2.117 billion yuan for the first three quarters, a year-on-year increase of 140.43%, but a quarter-on-quarter decrease of 13.18% in the third quarter [2]. - The performance of gold ETFs is highlighted as a more stable investment option compared to gold mining stocks, appealing to conservative investors due to lower risk and more consistent returns [2]. Market Influences - The optimistic outlook for gold prices is influenced by multiple factors, including the potential U.S. government shutdown and escalating U.S.-China trade tensions, which have heightened market risk aversion [3].

黄金股ETF（159562）紧密跟踪SSH黄金股指数，指数权重行业以黄金和铜为主导，穿透紫金矿业、中 国黄金国际等综合矿业公司，金铜矿股累计占比约9成。黄金零售股权重约10%，前十大权重股较为集 中，均为金矿（综合矿业）公司。其中，山东黄金AH股合计权重达14.8%。 相关分析指出，黄金产业链上游及下游均受益金价上涨，金价上涨带来矿产资源价值重估、 探矿权升 值，资源品的杠杆效应显著提升金矿公司股价上行弹性；不同公司金矿资源量决定不同黄金股的超额收 益；金价上涨带来金饰商品存货价值重估，存货量即为金价弹性系数；叠加消费品渠道收入扩张和品牌 集中度提升逻辑，黄金股超额收益来源更加丰富。（张韵） 中证网讯 10月15日，受金价上涨及三大指数盘中走强催化，黄金有色相关ETF纷纷上涨，截至14:40， 黄金ETF华夏（518850）上涨1.98%，黄金股ETF（159562）涨1.3%，其持仓股老铺黄金涨超10%，万 国黄金集团涨超7%，周大福、紫金矿业、赤峰黄金、萃华珠宝等股纷纷异动，有色金属ETF基金 （516650）涨0.35%。 消息面上，山东黄金于10月14日发布业绩预告，预计前三季度实现归母净利润38亿元 ...

Group 1 - The core viewpoint of the articles highlights the positive impact of rising gold prices on gold-related ETFs and mining stocks, with significant increases observed in various ETFs and individual stocks [1][2] - As of 14:40 on October 15, the China Gold ETF (518850) rose by 1.98%, and the Gold Stock ETF (159562) increased by 1.3%, with notable gains in stocks such as Laopu Gold and WanGuo Gold Group [1] - Shandong Gold (600547) announced a profit forecast for the first three quarters, expecting a net profit of 3.8 billion to 4.1 billion yuan, representing a year-on-year growth of 83.9% to 98.5%, driven by rising gold prices and improved operational efficiency [1] Group 2 - The entire gold industry chain, both upstream and downstream, benefits from rising gold prices, leading to a revaluation of mineral resources and an increase in exploration rights [2] - The leverage effect of resource prices significantly enhances the price elasticity of gold mining companies, with different companies' gold resource volumes determining their excess returns [2] - The rise in gold prices also leads to a revaluation of gold jewelry inventory, with inventory levels acting as a coefficient for price elasticity, further enriched by expanding consumer channel revenues and increased brand concentration [2]

Core Insights - Shandong Gold's trading volume reached 3.954 billion RMB, marking the highest level since July 29, 2020 [1] - The latest stock price decreased by 3.71%, with a turnover rate of 2.69% [1] - The previous trading day's total trading volume was 3.942 billion RMB [1] Company Overview - Shandong Gold Mining Co., Ltd. was established on January 31, 2000, with a registered capital of 46,099.29525 million RMB [1]

Market Performance - The Hang Seng Index (HSI) fell by 448 points or 1.7%, closing at 25,441 points[1] - The Hang Seng Tech Index dropped by 222 points or 3.6%, ending at 5,923 points[1] - The total market turnover for the day was HKD 398.91 billion[1] Economic Indicators - The People's Bank of China conducted a 91 billion RMB reverse repurchase operation at a steady rate of 1.4%[1] - The RMB/USD central parity rate was adjusted down by 14 points to 7.1021[1] A-Share Market - The Shanghai Composite Index closed at 3,865 points, down 24 points or 0.6%, with a turnover of 1.21 trillion RMB[1] - The Shenzhen Component Index fell by 336 points or 2.5%, closing at 12,895 points, with a turnover of 1.37 trillion RMB[1] - The ChiNext Index decreased by 122 points or 4%, ending at 2,955 points, with a turnover of 603.4 billion RMB[1] Corporate Developments - Shandong Gold (01787.HK) expects a net profit of 3.8 to 4.1 billion RMB for the first three quarters, an increase of 1.73 to 2.03 billion RMB, representing a growth of 83.9% to 98.5%[3] - Mixue Ice City (02097.HK) announced the acquisition of a 53% stake in Fresh Beer Fu Lu Jia for a total price of 297 million RMB, expanding its business into alcoholic beverages[3] - Pony AI Inc. plans to issue up to 102 million shares for overseas listing on the Hong Kong Stock Exchange[3]