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 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 本 公 告 不 得 在 或 向 美 國 境 內 直 接 或 間 接 派 發。本 公 告 不 構 成 或 組 成 在 美 國 購 買 或 認 購 證 券 的 任 何 要 約 或 游 說 的 一 部 分。本 公 告 所 述 本 公 司 股 份 並 無 且 不 會根據1933年美國證券法（經 修 訂，以 下 簡 稱「證券法」）登 記，且 不 得 於 美 國 提 呈 發 售 或 出 售，除 非 已 根 據 證 券 法 的 登 記 規 定 登 記 或 獲 豁 免 遵 守 該 登 記 規 定。本 公 告 所 述 本 公 司 股 份 正 以 下 列 方 式 提 呈 發 售 及 出 售：(i)僅根據證券法第144A 條 的 登 記 豁 免 規 定， ...

智通财经APP获悉，香港联交所最新资料显示，8月26日，贝莱德增持山东黄金(01787)53.925万股，每 股作价28.92港元，总金额约为1559.51万港元。增持后最新持股数目为5196.464万股，最新持股比例为 6.05%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月26日，贝莱德增持山东黄金(01787)53.925万股，每 股作价28.92港元，总金额约为1559.51万港元。增持后最新持股数目为5196.464万股，最新持股比例为 6.05%。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [6]. Core Insights - The company achieved a revenue of 56.766 billion, representing a year-on-year growth of 24.01%, and a net profit attributable to shareholders of 2.81 billion, which is a significant increase of 102.98% year-on-year [1][2]. - The increase in gold prices has significantly boosted the company's performance, with domestic gold prices rising by 38.6% year-on-year to 722.1 yuan per gram, while the company's gold production cost increased by 17.7% to 344.8 yuan per gram [2]. - The company continues to expand its mining capacity, completing 293,000 meters of exploration and adding 18.8 tons of gold resources in the first half of 2025 [3]. - The report forecasts net profits for the company to reach 6.76 billion, 7.83 billion, and 9.45 billion for the years 2025, 2026, and 2027 respectively, driven by rising gold prices and expanding production [3]. Financial Summary - The company reported a net profit of 2.81 billion for the first half of 2025, with a gross margin of approximately 52.2% [1][2]. - Revenue projections for the upcoming years are as follows: 82.518 billion in 2024, 106.196 billion in 2025, 114.321 billion in 2026, and 121.682 billion in 2027, reflecting a growth rate of 39.21% in 2024 and 28.69% in 2025 [5]. - The earnings per share (EPS) are projected to be 0.57 yuan in 2024, increasing to 1.51 yuan in 2025, and reaching 2.11 yuan by 2027 [5].

Core Viewpoint - International gold prices have reached a new historical high, driven by expectations of interest rate cuts from the Federal Reserve and increasing demand for gold in the market [1][2][3]. Group 1: Market Performance - On September 1, international gold prices surged, with COMEX gold reaching a peak of $3552.4 per ounce, surpassing the previous high of $3557.1 per ounce set in early August [1]. - In the domestic futures market, the main contract for gold on the Shanghai Futures Exchange also rose significantly, breaking through 800 yuan per gram [1]. - Gold-related stocks in A-shares and Hong Kong stocks saw a strong performance, with over ten stocks, including Zhongjin Gold and Hunan Gold, hitting the daily limit, and the precious metals sector rising nearly 9% [1]. - Gold stock ETFs increased by over 9%, with year-to-date gains exceeding 65% [1]. Group 2: Economic Indicators and Predictions - The Federal Reserve's officials have signaled a dovish stance, with a high probability of a 25 basis point rate cut in the near future, which is expected to support gold prices [1][2]. - Current market conditions indicate a growing likelihood of gold prices breaking upward after four months of consolidation, driven by factors such as increased U.S. debt and rising demand for gold in jewelry as the consumption season approaches [2]. - Analysts from Citic Securities and Minsheng Securities suggest that the long-term outlook for gold remains positive due to ongoing global economic pressures and the potential for central banks to continue purchasing gold [3]. Group 3: ETF and Fund Performance - The gold stock ETF closely tracks the CSI Hong Kong-Shenzhen Gold Industry Index, comprising 50 large-cap companies involved in gold mining, refining, and sales, with the top ten stocks accounting for 66.52% of the index [2]. - The gold stock ETF has a recent five-day performance of 5.37% and a price-to-earnings ratio of 21.22 times, indicating a strong interest in gold-related investments despite a slight outflow of funds [5].

Core Viewpoint - The A-share market experienced fluctuations on September 1, with the ChiNext index leading gains, while the Shanghai Composite Index showed narrow movements. Gold concept stocks surged significantly, driven by rising international gold prices, which reached historical highs [2]. Market Performance - The ChiNext index outperformed other indices, indicating strong investor interest in growth sectors [2]. - Gold stocks such as Zhejiang Fu Holding, Zhongjin Gold, Huayu Mining, Hunan Gold, and Western Gold hit the daily limit, while others like Chifeng Jilong Gold, Zhaojin Mining, Shandong Gold, and Sichuan Gold rose over 7% [2]. Gold Price Movement - International gold prices opened high and continued to rise, with COMEX gold futures increasing by over 1%, peaking at $3,557.1 per ounce, marking a new historical high. Spot gold prices also broke through $3,480 per ounce, nearing the historical high set in April [2]. Economic Outlook - According to China International Capital Corporation (CICC), the U.S. is entering a prolonged phase of fiscal dominance and monetary coordination. Recent personnel changes support this assessment [2]. - Looking ahead, under fiscal dominance, the liquidity of the U.S. dollar may trend towards abundance, benefiting global risk assets. The potential for debt monetization, financial repression, and rising inflation may favor gold and other inflation-hedged assets [2].

Core Insights - The China Securities Index for the gold industry (931238) has seen a strong increase of 7.14% as of September 1, 2025, with notable gains in constituent stocks such as Xiaocheng Technology (300139) up 14.50%, China Gold International (02099) up 11.15%, and Zhongjin Gold (600489) up 10.02 [3][4] Performance Summary - The gold stock ETF (159322) has risen by 9.74%, marking its third consecutive increase, with a latest price of 1.48 yuan. Over the past week, the ETF has accumulated a rise of 7.69% [3] - The gold stock ETF has shown a net value increase of 44.43% over the past year, with the highest single-month return since inception being 16.59% and the longest consecutive monthly increase being 4 months with a total rise of 31.09% [4] - The ETF has a historical one-year profit probability of 100.00%, with an average monthly return of 8.13% during rising months [4] Risk and Return Metrics - The ETF's Sharpe ratio for the past year stands at 1.51, ranking it in the top 33% among comparable funds, indicating higher returns for the same level of risk [4] - Year-to-date, the ETF has experienced a relative drawdown of 3.00% compared to its benchmark, with the fastest recovery time of 7 days among comparable funds [4] Fee Structure - The management fee for the gold stock ETF is 0.50%, while the custody fee is 0.10% [4] Index Composition - The index comprises 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in mainland China and Hong Kong [4] - The top ten weighted stocks in the index account for 66.52% of the total weight, with major players including Zijin Mining (601899) and Shandong Gold (600547) [5] Top Holdings Performance - The top ten holdings of the gold stock ETF have shown significant price increases, with Zijin Mining at 6.54% and Shandong Gold at 8.33%, contributing to the ETF's overall performance [7]

Group 1 - International gold prices have significantly increased, with spot gold surpassing $3470 per ounce, reaching a new high since April 22, and COMEX gold futures also rising [1][6] - Domestic gold jewelry prices have followed suit, with multiple brands seeing prices return to over 1000 yuan per gram, including Chow Tai Fook at 1015 yuan (+0.59%) and Lao Feng Xiang at 1025 yuan (+0.89%) [1][2] - The gold jewelry index in A-shares and Hong Kong stocks surged by 4.56%, with companies like Western Gold and Yuguang Jin Lead hitting the daily limit [3][4] Group 2 - Analysts predict that the gold price will likely break the $3500 per ounce mark soon, driven by expectations of a potential interest rate cut by the Federal Reserve and declining U.S. economic data [6][9] - Several gold mining companies have reported growth in revenue and profit for the first half of 2025, including Shandong Gold and Zhongjin Gold, benefiting from high gold prices [6] - Long-term investment strategies are focusing on gold as a hedge against inflation, with recent market movements indicating a potential for further price increases [7]

Core Viewpoint - International gold prices have significantly increased, with spot gold surpassing $3,470 per ounce, marking the highest level since April 22 [1]. Group 1: Gold Price Movement - As of September 1, spot gold reached $3,474.1 per ounce, while the COMEX gold futures contract was at $3,542.9 per ounce [1]. - The price of gold jewelry in China has also risen, with major brands reporting prices above 1,000 yuan per gram, reflecting daily increases of 0.59% to 0.91% [5][6]. Group 2: Market Reactions - The Wind Gold Jewelry Index surged by 4.56%, with stocks like Western Gold and Yuguang Gold hitting the daily limit up [6]. - Specific stock performances included Yuguang Gold and Western Gold both increasing by 9.99%, while other companies like Chaohongji and Hunan Gold also saw significant gains [7]. Group 3: Expert Analysis - Experts predict that gold prices could break the $3,500 per ounce mark soon, with potential for further increases to between $3,600 and $3,800 per ounce [11]. - Factors contributing to this bullish outlook include expectations of a Federal Reserve rate cut, declining U.S. economic data, and political pressures on the Fed [11]. Group 4: Broader Economic Context - The recent U.S. inflation data has strengthened market expectations for a rate cut by the Federal Reserve in September, which may further support gold prices [13]. - The overall performance of gold mining companies has improved, with many reporting year-on-year revenue and profit growth in the first half of 2025 [11].

截至发稿，周大福金饰报价1015元/克，单日上涨0.59%；老凤祥金饰报价1025元/克，单日上涨0.89%；周六福金饰报价1000元/克，单日上涨 0.91%；老庙黄金金饰报价1015元/克，单日上涨0.2%。 见习记者丨李益文 编辑丨叶映橙 刘雪莹 9月1日，国际金价上涨显著，盘中，现货黄金突破3470美元/盎司，创4月22日以来新高，COMEX黄金主力合约同步上涨。截至11:46，现货黄 金报3474.1美元/盎司，COMEX黄金主力合约报3542.9美元/盎司。 | W | 伦敦金现 | | | | | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | 3474.105 | 昨结 3446.805 | | 开盘 3450.200 | | | +27.300 +0.79% | 总量(kg) 0.00 | 现手 | | 0 | | 最高价 3486.160 | 持 仓 | 0 4 | | O | | 最低价 3436.548 | 增 仓 | 0 K | | O | | 分时 日 | HK 周Ｋ | 月Ｋ | 电子 | | | 壹加 | | ...