Group 1 - Gold prices have surpassed the inflation-adjusted peak set over 45 years ago, driven by increasing market concerns about the U.S. economy, continuing a three-year bull market for gold [1] - As of September 9, spot gold has risen approximately 5% in September, reaching a historical high of $3,674.27, and has set over 30 nominal records this year [1] - Analysts and investors agree that gold has firmly surpassed the inflation-adjusted level of $3,590, reinforcing its status as a hedge against inflation and currency devaluation [1] Group 2 - The CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 1.68% as of September 12, 2025, with significant gains in constituent stocks such as Yuguang Gold Lead (10.02%) and Hunan Silver (9.98%) [4] - The Gold Stock ETF (159322) increased by 2.04%, with a recent price of 1.55 yuan, and has seen a 7.65% rise over the past week, ranking 3rd among comparable funds [4] - The Gold Stock ETF has experienced a net outflow of 451.87 million yuan recently, but has seen net inflows on 3 out of the last 5 trading days, totaling 32.5 million yuan [4] Group 3 - The Gold Stock ETF has achieved a net value increase of 52.47% over the past six months, ranking in the top 1.80% among 3,604 index stock funds [5] - The fund's highest monthly return since inception was 16.59%, with a historical one-year profit probability of 100% [5] - The fund's Sharpe ratio of 1.91 ranks it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [5] Group 4 - The management fee for the Gold Stock ETF is 0.50%, and the custody fee is 0.10% [6] - The index tracks 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 [6] - The top ten weighted stocks in the index account for 66.52% of the total, with companies like Zijin Mining and Shandong Gold among the largest [6]

Group 1: Market Overview - The Federal Reserve is expected to shift towards a loose monetary policy, enhancing the appeal of gold as a safe-haven asset amid increasing macroeconomic uncertainties [1] - Gold prices are anticipated to rise further due to strengthened expectations of interest rate cuts by the Federal Reserve, alongside heightened global trade policy uncertainties and regional political turmoil [1] Group 2: Gold Sector Performance - The gold sector is expected to maintain a bullish trend in the first half of 2025, with both cyclical and trend forces resonating [1] - Longjiang Securities notes that gold prices have reached new highs amid deepening trade conflicts and recession expectations in the U.S., with most companies in the industry entering a phase of volume expansion, leading to enhanced profit elasticity [1] Group 3: ETF Fund Performance - As of September 10, 2025, the gold stock ETF fund has seen a net value increase of 52.09% over the past six months, ranking 55 out of 3589 in the index stock fund category [3] - The gold stock ETF fund has achieved a maximum monthly return of 16.59% since its inception, with a historical one-year profit probability of 100% [5] Group 4: Fund Liquidity and Inflows - The gold stock ETF fund has experienced active trading, with a turnover rate of 17.47% and a total transaction volume of 20.08 million yuan [2] - The fund has seen continuous net inflows over the past three days, with a peak single-day net inflow of 33.81 million yuan, totaling 42.81 million yuan in net inflows [2] Group 5: Fund Metrics - The gold stock ETF fund's latest scale reached 116 million yuan, marking a one-year high, with the latest share count at 76.41 million, also a one-year high [2] - The fund's Sharpe ratio for the past year is 1.91, ranking it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [6]

Core Viewpoint - International gold prices have entered a new round of increases, becoming increasingly "unattainable" as they reach historical highs, driven by multiple factors including expectations of interest rate cuts by the Federal Reserve, weakened dollar confidence, and ongoing geopolitical risks [2][4][5]. Price Trends - Since the beginning of the year, international spot gold prices have risen from $2,625 per ounce to over $3,600 per ounce, with a cumulative increase of over $1,000 per ounce and a year-to-date rise of 40% [2][4]. - On September 9, spot gold prices reached a record high of $3,674.78 per ounce, with domestic gold concept stocks experiencing significant gains [2][4]. - The retail price of physical gold has also seen a notable increase, with prices for gold jewelry surpassing historical peaks, reaching over 1,070 RMB per gram [2]. Factors Driving Gold Prices - The recent surge in gold prices is attributed to three main factors: expectations of interest rate cuts by the Federal Reserve, concerns over the Fed's independence affecting the dollar index, and rising risk aversion due to fiscal and political pressures [5]. - The downward revision of U.S. non-farm employment data has intensified market bets on multiple rate cuts by the Fed within the year [5]. - Global central banks have been increasing their gold reserves, providing long-term support for gold prices. As of August, China's central bank's gold reserves increased to 74.02 million ounces, marking the tenth consecutive month of increases [6]. Long-term Outlook - Many institutions believe that the upward trend in gold prices is likely to continue in the medium to long term, driven by the weakening of the dollar-based credit monetary system and ongoing geopolitical instability [8]. - Analysts predict that gold prices could reach $3,800 per ounce in the near future, with significant support from ongoing central bank purchases and rising demand for safe-haven assets [8][9]. - Major financial institutions have raised their target prices for gold, with forecasts suggesting prices could reach between $4,000 and $5,000 per ounce by 2026 under extreme risk scenarios [9]. Investment Strategy - Given the low correlation of gold with other major asset classes, it is recommended that investors consider gold as a fundamental component of their asset allocation, employing strategies such as dollar-cost averaging or buying on dips [9].

Core Viewpoint - The significant increase in the market capitalization of Zhaojin Mining, surpassing 100 billion, reflects strong investor confidence in its future profitability and growth prospects, driven by rising gold prices and the company's own growth potential [1] Group 1: Gold Price Uptrend - On September 9, the spot gold price exceeded $3,650 per ounce, reaching a historical high of $3,657.16, driven by global economic uncertainties and increased investor demand for safe-haven assets [2] - Central banks worldwide have been purchasing gold to reduce reliance on US dollar assets, with data from the World Gold Council indicating that global central banks have net bought gold for 14 consecutive quarters since Q3 2020 [2] - The market anticipates further increases in gold prices, with Morgan Stanley setting a target of $3,800 per ounce for Q4 2025 and Goldman Sachs predicting a rise to $4,000 per ounce by mid-2026 [6] Group 2: Company Growth Drivers - Zhaojin Mining's strong growth is supported by its substantial gold resources, with a total gold resource of 1,446.16 tons (approximately 46.5 million ounces) and a recoverable reserve of 517.54 tons (approximately 16.6 million ounces) as of the end of 2024 [7] - The company has initiated a "Gold Resource Doubling Plan" with a dedicated exploration fund of 100 million RMB to enhance its resource base through exploration and acquisitions [7] - In H1 2025, Zhaojin Mining produced 288,000 ounces of gold, a year-on-year increase of 21.83%, with total gold production reaching 459,400 ounces (14.29 tons) [7] Group 3: Future Outlook - The upcoming Haiyu Gold Mine project is expected to commence production in 2025, with an annual output of approximately 15-20 tons, significantly boosting the company's gold production and market share [8] - Zhaojin Mining maintains a competitive edge in cost control, with a gross profit margin for gold rising from 44% in 2015 to 59% in 2024, despite rising costs [8] - The Haiyu Gold Mine has a high grade of 4.20 grams per ton, with projected production costs remaining low, further enhancing the company's profitability [8] Group 4: Conclusion - Zhaojin Mining's achievement of a 100 billion market capitalization marks a new starting point, with its resource, production, and cost advantages positioning it to strengthen its leading position in the gold industry amid a global trend of "de-dollarization" [9]

纵观全球资本市场，黄金大概算得上是2025年以来"最靓的仔"之一。近日，国际金价连续刷新历史新高，年内涨幅已然 逼近四成。结合最新走势来看，金价不日便或将挑战3700美元/盎司的整数关口。而在金价如日中天的同一时间，一众黄 金股的"市值排位赛"也在上演着大变局，龙头座次悄然生变。 智通财经注意到，黄金巨头招金矿业（01818）于9月9日盘中股价一度涨至29.46港元，对应市值升破1040亿港元，再度 刷新历史记录。拉长时间来看，年内招金矿业的最大涨幅超过170%，股价表现位居黄金板块前列。高光表现背后，另一 个值得注意的背景信息是，值招金矿业强势挺进千亿市值俱乐部的同时，招金也一举跻身中国黄金（600916）行业市值 前三之列，仅次于公司第二大股东紫金矿业（601899），以及山东黄金（600547）。 黄金长牛格局确立，招金矿业大有可为 从2006年上市时市值不足80亿港元的地方型矿企，到如今业务覆盖全球、业绩加速成长的全球性黄金龙头企业，招金矿 业的市值突破可以说是恰逢其时的价值重估。而投资者踊跃做多背后，其实也表明了各路资金对于招金矿业的后市充满 了乐观期待。 9月以来，宏观方面由于月初公布的美国8月非 ...

Core Viewpoint - The significant increase in the market capitalization of Zhaojin Mining, surpassing 100 billion, reflects strong growth in the gold industry and investor confidence in the company's future profitability and development prospects [1] Group 1: Gold Price Uptrend - The spot gold price broke through $3,650 per ounce, reaching a historical high of $3,657.16, driven by global economic uncertainties and increased investor demand for safe-haven assets [3] - Central banks worldwide have been net buyers of gold for 14 consecutive quarters since Q3 2020, as they seek to reduce reliance on dollar assets and optimize their foreign exchange reserves [3] - The market anticipates a high likelihood of interest rate cuts by the Federal Reserve due to weak U.S. employment data, further boosting gold's appeal [4] Group 2: Company Growth and Production - Zhaojin Mining's gold resources are estimated at 1,446.16 tons (approximately 46.5 million ounces), with a recoverable reserve of 517.54 tons (approximately 16.6 million ounces) [7] - The company has initiated a "Gold Resource Doubling Plan" with a dedicated exploration fund of 100 million RMB, indicating a commitment to resource expansion through exploration and acquisitions [7] - In H1 2025, Zhaojin Mining's self-produced gold reached 288,000 ounces, a year-on-year increase of 21.83%, with total gold production rising to 459,400 ounces (14.29 tons) [8] Group 3: Cost Management and Profitability - Zhaojin Mining's cost control remains competitive, with gold production costs lower than industry peers, attributed to ongoing investments in production optimization and technological innovation [8] - The gross profit margin for gold production has increased from 44% in 2015 to 59% in 2024, showcasing improved profitability [8] - The Haiyu gold mine project, with a high grade of 4.20 g/t, is expected to significantly reduce overall production costs, enhancing the company's profitability [9] Group 4: Industry Outlook - The trend of "de-dollarization" globally will continue to highlight gold's monetary and safe-haven attributes, positioning Zhaojin Mining to strengthen its leading position in the industry [10] - Zhaojin Mining's success serves as a model for the industry, emphasizing the importance of integrating external opportunities with internal operational capabilities for sustainable growth [10]

（原标题：招金矿业(01818)："22招金02"将于9月15日付息） 智通财经APP讯，招金矿业(01818)发布公告，招金矿业股份有限公司2022年面向专业机构投资者公开发行公司债券(第二期)(以下简称"本期债 券")，将于2025年9月15日(如遇非交易日，则顺延至其后的第1个交易日)开始支付自2024年9月15日至2025年9月14日期间的利息。债券简称：22招 金02，发行总额：10.00亿元，本计息期的票面利率为2.78%，本期债券采用单利按年计息，不计复利，逾期不另计利息。 ...

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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1818） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列招金礦業股份有限公司於2025年9月8日在上海證券交易所網站 (www.sse.com.cn)刊 登 的《招 金 礦 業 股 份 有 限 公 司2022年面向專業機構投資者公 開 發 行 公 司 債 券（第 二 期）2025年 付 息 公 告》，僅 供 參 考。 非 執 行 董 事： 龍 翼 先 生、李 廣 輝 先 生 及 欒 文 敬 先 生 獨 立 非 執 行 董 事： 陳 晉 蓉 女 士、蔡 思 聰 先 生、魏 俊 浩 先 生 及 申 士 富 先 生 * 僅供識別 债券代码：13 ...

Group 1 - The A-share precious metals sector continues to show strong performance, with Western Gold rising by 6.44% [1] - Zhaojin Gold increased by 3.39%, while other companies like Chifeng Jilong Gold and Hunan Gold also experienced gains [1]

Group 1: Gold Reserves and Market Trends - As of the end of August, China's gold reserves reached 74.02 million ounces, marking a 60,000-ounce increase from the end of July, continuing a trend of increasing gold holdings for ten consecutive months [1] - The share of gold in China's official international reserves is significantly lower than the global average, indicating a strategic shift towards increasing gold reserves to optimize reserve structure and support the internationalization of the RMB [1] - International gold prices reached a new high of $3,586 per ounce on September 6, with a significant increase of over 30% year-to-date, driven by central bank purchases and expectations of an interest rate cut by the Federal Reserve [2] Group 2: Company Performance - Zijin Mining (02899) reported a revenue of 167.71 billion yuan for the first half of 2025, a year-on-year increase of 11.50%, with a net profit of 23.29 billion yuan, up over 50%, marking the first time the company achieved mid-year net profit exceeding 20 billion yuan [4] - Shandong Gold (01787) achieved a revenue of 56.77 billion yuan in the first half of 2025, a year-on-year growth of 24.01%, with a net profit of 2.81 billion yuan, a significant increase of 102.98% [5] - Lingbao Gold (03330) reported a revenue of 7.79 billion yuan, an increase of 82.02% year-on-year, with a net profit of 664 million yuan, up 335.28% [5] - Zhaojin Mining (01818) saw its revenue reach approximately 6.97 billion yuan, a growth of about 50.69%, with a net profit of approximately 1.78 billion yuan, up 144.58% year-on-year [4]