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]

Group 1 - The core viewpoint of the articles highlights a strong performance in gold-related stocks, with China Gold International rising over 5%, and Zijin Mining and Zhaojin Mining both increasing by over 4% [1] - Gold-related ETFs also saw significant gains, with an average increase of over 3% across various funds [1] - Analysts suggest that the ongoing purchases of gold by global central banks are a key variable disrupting traditional supply and demand balance, while a shift in the Federal Reserve's monetary policy towards easing is expected to further benefit gold [2] Group 2 - The specific performance of gold stock ETFs includes: - ETF code 159322 at a price of 1.663, up by 0.051 or 3.16% - ETF code 159321 at a price of 1.569, up by 0.047 or 3.09% - ETF code 159315 at a price of 1.676, up by 0.049 or 3.01% - ETF code 517400 at a price of 1.617, up by 0.048 or 3.06% - ETF code 159562 at a price of 2.236, up by 0.065 or 2.99% - ETF code 517520 at a price of 2.049, up by 0.060 or 3.02% [2] - Long-term factors influencing gold prices include changes in the purchasing power of the dollar, central bank reserve behaviors, and geopolitical risks [2]

招金矿业(01818)盘中涨超5%，截至发稿，涨4.2%，报31.72港元，成交额1.97亿港元。 消息面上，12月22日早，现货黄金强势拉涨，盘中突破10月20日创下的历史纪录，再创新高。截至发 稿，报4383.22美元/盎司，涨超1%。高盛在最新报告中重申看涨黄金，预测金价将在2026年12月冲击每 盎司4900美元历史新高。该预测主要基于双重驱动：一是结构性需求，即新兴市场央行为对冲地缘政治 风险而持续大幅购金；二是周期性利好，即美联储降息周期将推动ETF资金回流，加剧实物黄金市场的 供需紧张。 值得一提的是，招金矿业旗下瑞海矿业于近日在海底深部3000米以浅区域成功实现隐伏矿体精准定位， 这意味着瑞海矿业取得了又一新的突破性找矿成果。第一上海此前研报指出，由于海域金矿规模效应和 高品位特性，预计其达产后的克金综合成本将处于行业极低水平，具备强大的市场竞争力，是公司未来 实现跨越式发展的核心引擎。 ...

Group 1 - Gold stocks are experiencing significant gains, with Lingbao Gold rising by 6.71% to HKD 18.92, China Gold International up by 6.2% to HKD 161, China Silver Group increasing by 5.8% to HKD 0.73, and Zhaojin Mining up by 4.93% to HKD 31.94 [1] - On December 22, spot gold prices surged over 1%, surpassing USD 4,382 per ounce, setting a new historical high [1] - Goldman Sachs believes that emerging market central banks will continue to buy gold to diversify reserve risks amid geopolitical tensions and the "AI and national power competition," which, along with cyclical support from the Federal Reserve's interest rate cuts, drives gold prices upward [1] Group 2 - CITIC Construction released a report indicating that the VIX for silver is at a historical high, warning of potential correction risks after overbought conditions [1] - GF Futures noted in their latest precious metals weekly report that the recent significant rise in silver has caused the gold-silver ratio to drop to a new four-year low [1]

智通财经APP获悉，招金矿业(01818)盘中涨超5%，截至发稿，涨4.2%，报31.72港元，成交额1.97亿港 元。 消息面上，12月22日早，现货黄金强势拉涨，盘中突破10月20日创下的历史纪录，再创新高。截至发 稿，报4383.22美元/盎司，涨超1%。高盛在最新报告中重申看涨黄金，预测金价将在2026年12月冲击每 盎司4900美元历史新高。该预测主要基于双重驱动：一是结构性需求，即新兴市场央行为对冲地缘政治 风险而持续大幅购金；二是周期性利好，即美联储降息周期将推动ETF资金回流，加剧实物黄金市场的 供需紧张。 值得一提的是，招金矿业旗下瑞海矿业于近日在海底深部3000米以浅区域成功实现隐伏矿体精准定位， 这意味着瑞海矿业取得了又一新的突破性找矿成果。第一上海此前研报指出，由于海域金矿规模效应和 高品位特性，预计其达产后的克金综合成本将处于行业极低水平，具备强大的市场竞争力，是公司未来 实现跨越式发展的核心引擎。 ...

每经AI快讯，港股黄金股涨幅居前。截至发稿，灵宝黄金(03330.HK)涨6.71%，报18.92港元；中国黄金 国际(02099.HK)涨6.2%，报161港元；中国白银集团（00815)涨5.8%，报0.73港元；招金矿业(01818.HK) 涨4.93%，报31.94港元。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the news is that the spot gold price has surged, breaking its previous record and achieving a year-to-date increase of over 65% due to multiple factors including central bank purchases, geopolitical risks, and market re-evaluations of the Federal Reserve's interest rate cycle [1] Group 2 - The spot gold price reached a new high of $4,381.484, surpassing the previous record set on October 20 [1] - The China Securities Index for gold industry stocks (931238) rose by 3.40%, with significant increases in individual stocks such as Silver and Nonferrous (up 9.85%) and China National Gold (up 7.12%) [1] - The gold stock ETF fund (159322) increased by 3.35%, with a latest price of 1.67 yuan [1] Group 3 - The gold stock ETF fund experienced a turnover of 6.5% and a transaction volume of 6.8171 million yuan [2] - The fund's scale grew by 520.98 million yuan over the past two weeks [2] - The index reflects the performance of 50 large-cap companies involved in gold mining, refining, and sales, with the top ten stocks accounting for 68.26% of the index [2] Group 4 - The top ten weighted stocks in the gold industry index include Zijin Mining, Shandong Gold, and Zhongjin Gold, with Zijin Mining holding the highest weight at 13.06% [3]