消息面上，8月24日晚间，招金矿业发布2025年中报。财报显示，上半年招金矿业实现收入69.73亿元， 同比劲增50.69%；归母净利润同比大增160.44%至14.4亿元。据中报披露，上半年公司瑞海项目加快基 建步伐，1.2万吨/日选矿系统一次性带水试车成功，初具工业化生产能力，这也意味着海域金矿的投产 预期进一步强化。 此外，近期金价迎多重催化。美联储主席鲍威尔在杰克逊霍尔上的演讲中暗示高借贷成本带来的日益增 长的风险可能会对就业市场产生不利影响，这意味着美联储最早在9月份就可能有理由降息。此外，特 朗普宣布解雇美联储理事库克，引发对联储独立性的担忧。华泰证券研报指出，如果联储降息落地，有 望驱动美实际利率下行，对黄金是利好。中长期来看，该行认为黄金的上涨趋势或持续，且公司在建项 目持续推进，维持"买入"评级。 招金矿业(01818)涨超6%，盘中高见23.06港元创新高。截至发稿，涨6%，报22.98港元，成交额3.42亿 港元。 ...

此外，近期金价迎多重催化。美联储主席鲍威尔在杰克逊霍尔上的演讲中暗示高借贷成本带来的日益增 长的风险可能会对就业市场产生不利影响，这意味着美联储最早在9月份就可能有理由降息。此外，特 朗普宣布解雇美联储理事库克，引发对联储独立性的担忧。华泰证券研报指出，如果联储降息落地，有 望驱动美实际利率下行，对黄金是利好。中长期来看，该行认为黄金的上涨趋势或持续，且公司在建项 目持续推进，维持"买入"评级。 智通财经APP获悉，招金矿业(01818)涨超6%，盘中高见23.06港元创新高。截至发稿，涨6%，报22.98 港元，成交额3.42亿港元。 消息面上，8月24日晚间，招金矿业发布2025年中报。财报显示，上半年招金矿业实现收入69.73亿元， 同比劲增50.69%；归母净利润同比大增160.44%至14.4亿元。据中报披露，上半年公司瑞海项目加快基 建步伐，1.2万吨/日选矿系统一次性带水试车成功，初具工业化生产能力，这也意味着海域金矿的投产 预期进一步强化。 ...

消息面上，美联储主席鲍威尔周五在杰克逊霍尔全球央行年会上表示，美国就业市场面临的下行风险上 升，风险的平衡转变可能使得美联储调整政策立场成为恰当之举。这是鲍威尔迄今为止发出的最强烈的 信号，暗示美联储最早将于9月降息。华鑫证券指，美联储仍处于降息周期，鲍威尔发言为贵金属市场 注入强心剂，看好黄金价格进一步上涨。另值得关注的是，据报道，特朗普在社交媒体高调宣布，解除 美联储理事丽莎·库克（Lisa Cook）职务"立即生效"，此举引发对联储独立性的担忧。 黄金股再度走高，截至发稿，中国黄金（600916）国际(02099)涨6.46%，报94.8港元；灵宝黄金(03330) 涨6.08%，报12.22港元；招金矿业(01818)涨3.78%，报22.5港元；山东黄金（600547）(01787)涨 3.54%，报28.66港元。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][12]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 6.973 billion RMB, a year-on-year growth of 39.15%, and net profit at 1.440 billion RMB, up 160.44% [3][4]. - The increase in performance is attributed to both volume and price growth, with gold production rising to 10.24 tons, a 13.77% increase year-on-year, and an average gold price of approximately 3,077 USD/ounce, up 39.8% [4]. - The company is actively expanding its resource base through exploration and acquisitions, with significant new gold resources added in 2024 and 2025 [5]. Summary by Sections Financial Performance - For Q2 2025, the company achieved revenue of 4.035 billion RMB, a 30.94% year-on-year increase, and net profit of 781 million RMB, reflecting a 135.51% increase [3]. - The gross profit for the first half of 2025 was approximately 3.05 billion RMB, with a gross margin improvement from 42.72% to 43.74% [4]. Production and Costs - The comprehensive cost of domestic gold production was 216.20 RMB per gram, a slight increase of 2.96% compared to the previous year, primarily due to increased depreciation [4]. - The company faced asset impairment losses of approximately 740 million RMB due to the closure of a gold mine and a copper smelting plant, which were fully recognized [4]. Strategic Initiatives - The company has made strategic investments in overseas projects, including the acquisition of Delarop Mining and Sierra Leone West Gold, enhancing its international presence [5]. - The company holds a 70% stake in the Haiyu Gold Mine, which is progressing towards industrial production with an expected annual output of 15-20 tons of gold [5]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are estimated at 3.289 billion RMB, 3.733 billion RMB, and 4.844 billion RMB, respectively, with corresponding PE ratios of 22, 19, and 15 [6][7].

消息面上，美联储主席鲍威尔周五在杰克逊霍尔全球央行年会上表示，美国就业市场面临的下行风险上 升，风险的平衡转变可能使得美联储调整政策立场成为恰当之举。这是鲍威尔迄今为止发出的最强烈的 信号，暗示美联储最早将于9月降息。华鑫证券指，美联储仍处于降息周期，鲍威尔发言为贵金属市场 注入强心剂，看好黄金价格进一步上涨。另值得关注的是，据报道，特朗普在社交媒体高调宣布，解除 美联储理事丽莎·库克（Lisa Cook）职务"立即生效"，此举引发对联储独立性的担忧。 智通财经APP获悉，黄金股再度走高，截至发稿，中国黄金国际(02099)涨6.46%，报94.8港元；灵宝黄 金(03330)涨6.08%，报12.22港元；招金矿业(01818)涨3.78%，报22.5港元；山东黄金(01787)涨3.54%， 报28.66港元。 ...

港股黄金股逆势上涨，其中，灵宝黄金涨4.5%，潼关黄金涨3.6%，山东黄金、招金矿业、中国黄金国 际涨超3%，赤峰黄金、紫金矿业涨超1%。 消息上，亚洲早盘现货黄金由跌转涨至0.6%，一度重回3380美元/盎司。随着美联储主席鲍威尔在8月22 日杰克逊霍尔举行的年度经济研讨会上释放明确的"鸽派"信号，扭转前期关于降息预期的摇摆，9月降 息概率大幅增加。 有机构认为，随着美联储9月降息预期大幅提升，名义利率的下降与通胀预期的反弹或将带动实际利率 快速下降，从而利好黄金定价，金价上涨的逻辑更为清晰。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 03330 | 灵宝黄金 | 12.040 | 4.51% | | 00340 | 漳关黄金 | 2.000 | 3.63% | | 01787 | 山东黄金 | 28.600 | 3.32% | | 01818 | 招金矿业 | 22.420 | 3.41% | | 02099 | 中国黄金国际 | 92.000 | 3.31% | | 06693 | 赤峰黄金 | 25.160 | 1.29% | ...

Group 1 - The Hong Kong stock market indices collectively strengthened on August 25, with the Hang Seng Index rising over 2% during the day, reaching a nearly four-year high of 25918.86 points [1] - By the end of the trading day, the Hang Seng Index closed up 1.94% at 25829.91 points, the Hang Seng Tech Index increased by 3.14% to 5825.09 points, and the National Enterprises Index rose by 1.85% to 9248 points [1] - Technology stocks were a significant driver of the index's rise, with notable gains from companies such as NetEase (+6.04%), Alibaba (+5.51%), Kuaishou (+5.14%), JD Group (+4.28%), Meituan (+3.29%), SenseTime (+2.72%), Tencent (+2.42%), and Xiaomi (+1.81%) [1] Group 2 - Gold stocks also saw significant increases, with Everest Gold rising by 11.31%, Zijin Mining by 6.38%, Lingbao Gold by 5.21%, China Gold International by 4.95%, Tongguan Gold by 4.32%, Shandong Gold by 3.75%, Chifeng Jilong Gold by 2.99%, and Zhaojin Mining by 1.31% [1] - Futu Securities' chief analyst noted that the positive performance of the Hong Kong stock market is beneficial for the real economy, improving financing channels for innovative industries [1] - Companies in sectors such as artificial intelligence, autonomous driving, and innovative pharmaceuticals may utilize IPOs or other financing methods to raise funds, leading to more active development of new projects and positively impacting the job market [1][2]

在港股市场，珠峰黄金（01815.HK）大涨11.31%，紫金矿业（02899.HK）涨6.38%，灵宝黄金（03330.HK）涨5.21%，中国黄金国际（02099.HK）涨 4.95%，潼关黄金（00340.HK）涨4.32%，山东黄金（01787.HK）涨3.75%，赤峰黄金（06693.HK）、招金矿业（01818.HK）等多只概念股均涨。 | 代码 | 序号 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 01815 | 1 | 珠峰黄金 | 0) | 1.870 | +0.190 | 11.31 | | 02899 | 2 | 常毛矿业 | | 24.340 | +1.460 | 6.38 | | 03330 | 3 | 灵宝黄金 | | 11.520 | +0.570 | 5.21 | | 02099 | ব | 中国黄金国际 | | 89.050 - | - +4.200 | 4.95 | | 00812 | ട | 中国白银集团 | | 0.440 | +0.020 | 4.76 | | 003 ...

Core Viewpoint - Zhaojin Mining's growth path is being continuously validated, with strong financial results for the first half of 2025, showcasing robust fundamentals and growth momentum [1] Financial Performance - In the first half of 2025, Zhaojin Mining achieved revenue of 6.973 billion yuan, a year-on-year increase of 50.69%, and net profit attributable to shareholders surged by 160.44% to 1.44 billion yuan [1] - The company's gold production reached 10,235.63 kilograms, representing a growth of approximately 13.77% compared to the same period last year [2] Segment Revenue - The gold mining segment generated revenue of 6.164 billion yuan, an increase of 44.4% year-on-year, while the copper mining segment earned 224 million yuan, up 31.6% [3] - Other business segments saw revenue growth of 209.5%, totaling 585 million yuan [3] Profitability - Zhaojin Mining's gross profit for the first half of the year was 3.05 billion yuan, a 54.31% increase year-on-year, with a gross margin of 43.74%, up 1.02 percentage points from the previous year [4] Market Environment - The gold market is experiencing a strong upward trend, with the London spot gold price reaching 3,302.96 USD per ounce by the end of June, a 25.8% increase from the beginning of the year [2] - The average gold price for the first half of the year was 3,077 USD per ounce, up 39.48% year-on-year [2] Growth Drivers - Zhaojin Mining is focusing on enhancing production efficiency and resource allocation, with ongoing projects like the Haiyu Gold Mine expected to significantly contribute to future production [8] - The company has also expanded its global resource network through acquisitions in Africa, which will further bolster its performance [8] Market Outlook - The current gold price trend is expected to continue, driven by geopolitical factors and central bank policies, with predictions of gold prices potentially reaching 4,500 USD per ounce in the coming years [5] - Zhaojin Mining's strong performance and optimistic outlook have led to a significant increase in its market capitalization, with a year-to-date gain exceeding 100% [9]

Core Viewpoint - The growth path of Zhaojin Mining (01818) is being continuously validated, with the release of its 2025 interim report showcasing strong fundamentals and growth momentum [1] Financial Performance - In the first half of the year, Zhaojin Mining achieved revenue of 6.973 billion yuan, a year-on-year increase of 50.69%, and net profit attributable to shareholders surged by 160.44% to 1.44 billion yuan [1] - The company completed gold production of 10,235.63 kilograms, representing a year-on-year growth of approximately 13.77% [2] - The gold mining segment generated revenue of 6.164 billion yuan, up 44.4% year-on-year, while copper mining revenue reached 224 million yuan, an increase of 31.6% [3] Market Environment - The gold market has seen significant inflows due to factors such as U.S. tariff policies, geopolitical conflicts, and central bank gold purchases, with gold prices reaching historical highs [2] - As of June 30, the London spot gold closing price was $3,302.96 per ounce, up 25.8% from the beginning of the year [2] Growth Drivers - Zhaojin Mining is focusing on "optimal production, increased production, and enhanced efficiency" to strengthen production operations and accelerate capacity release [2] - The company is advancing multiple projects, including the Haiyu Gold Mine, which is expected to produce over 15 tons of gold annually upon full production [8] - The company has also expanded its global resource network through acquisitions in Africa, which will contribute positively to its performance [8] Future Outlook - The long-term upward trend in gold prices is expected to continue, driven by factors such as the ongoing geopolitical tensions and the shift in global asset allocation away from the U.S. dollar [5] - Zhaojin Mining's strong performance and optimistic outlook have attracted investor interest, with its market value increasing by over 100% since the beginning of the year [9]