转自：证券时报 据证券时报·数据宝统计，A股中贵金属概念股共有18只，年初至今平均上涨97.03%，招金黄金、盛达 资源、西部黄金等9股累计涨幅均超过100%。 在持续上涨后，贵金属概念股估值已处于相对高位，滚动市盈率中位数达到33.12倍，其中招金黄金、 白银有色、晓程科技最新市盈率超过百倍，但仍有9股市盈率处于30倍以下，包括紫金矿业、赤峰黄 金、贵研铂业、山金国际等。 人民财讯12月23日电，今年以来，全球贵金属价格走势不平静，其中黄金和白银价格不断创出历史新 高，今年11月在广州期货交易所上市的钯和铂期货近期更是连续大涨。 ...

中信建投研报认为，美国11月CPI超预期降温，令市场对美联储2026年降息幅度有所上修，黄金、白 银、铂、钯等贵金属价格走强，锡、铜、铝等工业金属亦表现强势。金属价格上涨的背后，一面是充裕 的流动性，另一面是供给的强约束，推动商品价格不断挑战阶段性高点。 黄金需求创季度新高 今年以来，全球贵金属价格走势不平静，其中黄金和白银价格不断创出历史新高，今年11月在广州期货 交易所上市的钯和铂期货近期更是连续大涨。 贵金属价格大幅上涨 本周一（12月22日），全球贵金属主要品种集体上涨，截至17时，伦敦金现上涨近1.7%，盘中创下 4420.47美元/盎司的新高，年初至今上涨超68%；伦敦银现上涨超1.7%，盘中创出69.45美元/盎司的高 位，年初至今上涨近140%；现货铂金、现货钯金当天分别上涨超4%和近2%。 国内贵金属也大幅上涨。钯、铂期货主力合约当天均报收涨停，白银期货主力合约收盘上涨6.06%，年 内涨幅达到116.16%；黄金期货主力合约收盘再次突破100元/克，上涨2.1%，年内涨幅达到62.3%。 受贵金属价格集体上涨影响，A股、港股相关个股亦有明显涨幅。万得贵金属行业指数周一大涨4.2%， 共有3 ...

Group 1 - The "Golden Award" annual excellence company selection revealed notable leaders in various companies, including Yang Guoping from Dazhong Public Utilities, Dai Wenyuan from Fan Shi Intelligent, and Zhou Hongyi from 360, among others [1] - The "Annual Excellence Leader" award recognizes outstanding leaders who demonstrate exceptional leadership skills and contribute to the sustainable development of their companies while being socially responsible [1] - The selection process involved quantitative data analysis and expert review to determine the final results [1] Group 2 - The "Golden Award" aims to create a valuable reference list of listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

Group 1 - The core focus of the event is the announcement of the "Annual Investment Value Award (Large Market Capitalization)" winners, which includes notable companies such as Alibaba, Bosideng, and Ideal Auto [1] - The award evaluates companies based on revenue and net profit growth, considering factors like company size, business model, management capability, and innovation [1] - The selection process involves quantitative data analysis and expert review to determine the final results [1] Group 2 - The "Golden Award" aims to create a valuable reference list of listed companies and unicorns, covering all companies listed on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选中，阿里巴巴(09988.HK/BABA.US)、波司登 (03998.HK)、均胜电子(600699.SH/00699.HK)、理想汽车(02015.HK/LI.US)、上美股份(02145.HK)、TCL 电子(01070.HK)、香港中华煤气(00003.HK)、心动公司(02400.HK)、招金矿业(01818.HK)、中国平安 (601318.SH/02318.HK) 10家企业荣获"年度投资价值奖（大市值）"奖项。（排名不分先后，按公司首部字母顺序排列） | | | 2025年度卓越公司评选榜单 | | | --- | --- | --- | --- | | 公司名称 | 公司代码 | 公司名称 | 公司代码 | | 阿里巴巴 | 09988.HK/BABA.US | TCL电子 | 01070.HK | | 波司登 | 03998.HK | 香港中华煤气 | 00003.HK | | 均胜电子 | 600699 SH/00699.HK | 心动公司 ...

兴业证券表示，展望2026年，美国宽松货币政策有望托举市场需求，俄乌冲突和解或带动非美需求修 复。美元逆全球化下多元货币崛起，支撑黄金中长期货币信用对冲逻辑强化。黄金对冲风险与美元信用 弱化，价格中枢有望抬升，美联储降息预期下实际利率下行。地缘政治不确定性持续，各国央行将继续 增持黄金。黄金股估值处于历史低位，随着金价上涨和盈利改善，估值有望修复，提供"戴维斯双击"机 会。 截至2025年12月22日14:04，中证沪深港黄金产业股票指数(931238)强势上涨3.56%，成分股白银有色上 涨10.04%，中国黄金国际上涨7.65%，晓程科技上涨7.18%，老铺黄金，湖南白银等个股跟涨。黄金股 ETF(517520)上涨3.42%，最新价报2.06元。拉长时间看，截至2025年12月19日，黄金股ETF(517520)初 至今涨超87%。 消息面上，据智通财经，美国11月CPI低于预期，FED货币政策宽松预期升温。美国11 月未季调CPI 年 率录得2.7%，低于市场预期的3.1%。美国11月消费者价格涨幅低于预期，这让投资者看到了通胀压力 可能正在缓解的希望，从而为美联储货币宽松政策提供了更多想象空间。 此 ...

Core Viewpoint - Macquarie's report indicates that Zhaojin Mining (01818) is continuously expanding its gold mining portfolio and achieving organic growth through exploration [1] Financial Projections - Macquarie has raised Zhaojin Mining's net profit forecasts for 2025, 2026, and 2027 by 10%, 74%, and 50% respectively, reaching RMB 3.617 billion, RMB 4.991 billion, and RMB 4.293 billion [1] - The adjustments reflect expectations of higher gold prices and increased costs [1] Target Price and Rating - The target price for Zhaojin Mining is set at HKD 42, maintaining an "outperform" rating [1] Key Projects - The company's key project, the Haiyu Gold Mine, is currently under construction and is expected to commence production by the end of 2027 or early 2028 [1] Industry Outlook - Macquarie holds a positive view on gold prices, suggesting that Zhaojin Mining, as a low-cost pure gold company, will be a major beneficiary of rising gold prices [1]

Group 1 - The core viewpoint of the article is that Macquarie has raised its profit forecasts for Zhaojin Mining (01818) for 2025 to 2027 by 10%, 74%, and 50% respectively, reflecting expectations of higher gold prices and increased costs [1] - Zhaojin Mining is expanding its gold mine portfolio through exploration to achieve organic growth [1] - The target price for Zhaojin Mining is set at HKD 42, maintaining an "outperform" rating [1] Group 2 - The company's key project, the Haiyu Gold Mine, is currently under construction and is expected to commence production by the end of 2027 or early 2028 [1] - Macquarie holds a positive outlook on gold prices, indicating that Zhaojin Mining, as a low-cost pure gold company, will benefit significantly from rising gold prices [1]

来源：新浪港股 麦格理发表研究报告指，招金矿业持续扩大其黄金矿场组合，透过勘探实现有机增长。近期行业活动披 露，公司的关键项目海域金矿正处于建设阶段，预计将于2027年底至2028年初投产。另外，基于市场对 地缘政治冲突、贸易摩擦以及美国国债可持续性的忧虑，该行对金价持正面看法。而招金矿业作为低成 本的纯黄金企业，是金价上升的主要受惠者。麦格理将招金矿业2025至2027年净利润预测分别上调 10%、74%及50%，至36.17亿、49.91亿及42.93亿元，以反映预期金价较高及成本更高；目标价42港 元，维持"跑赢大市"评级。 招金矿业（01818）盘中涨超5%，截至发稿，股价上涨4.34%，现报31.76港元，成交额2.26亿港元。 ...

Core Viewpoint - Macquarie's research report indicates that Zhaojin Mining is continuously expanding its gold mine portfolio and achieving organic growth through exploration [1] Group 1: Company Developments - Zhaojin Mining's key project, the Haiyu Gold Mine, is currently under construction and is expected to commence production between the end of 2027 and early 2028 [1] - The company is characterized as a low-cost pure gold enterprise, positioning it as a major beneficiary of rising gold prices [1] Group 2: Market Outlook - Macquarie holds a positive view on gold prices due to concerns over geopolitical conflicts, Sino-U.S. trade tensions, and the sustainability of U.S. government debt [1] Group 3: Financial Projections - Net profit forecasts for Zhaojin Mining have been raised by 10%, 74%, and 50% for the years 2025, 2026, and 2027, respectively, reaching 3.617 billion, 4.991 billion, and 4.293 billion yuan [1] - The target price for Zhaojin Mining is set at 42 HKD, maintaining an "outperform" rating [1]