黄金股早盘走低，截至发稿，赤峰黄金(06693)跌4.92%，报25.52港元；山东黄金(01787)跌4.5%，报 28.46港元；中国黄金国际(02099)跌3.15%，报73.9港元；紫金矿业(02899)跌0.69%，报22.9港元。 消息面上，8月7日，中国人民银行数据显示，7月末黄金储备达7396万盎司，环比增加6万盎司，已连续 9个月增持。世界黄金协会发布的数据显示，2025年6月，全球官方黄金储备净增22吨，已连续第三个月 环比小幅上升。2025年上半年全球央行净购金量达123吨，较2024年同期小幅下降。 招商证券8月初发布研报称，金价短期上涨动力减弱。 虽然黄金具备配置价值，但在短期维度，上涨动 能不足，需警惕局部过热风险。该机构建议投资者，关注结构性机会，而非全面押注黄金上涨。东证期 货指出，市场对未来美联储降息的预期增加，但也基本反映在了金价中。 ...

Group 1 - The core viewpoint of the article indicates that gold stocks in Hong Kong have collectively declined, with notable drops in companies such as Chifeng Jilong Gold Mining and Shandong Gold Mining, reflecting a broader trend in the market [1][2]. - Chifeng Jilong Gold Mining's stock price fell by 5.22% to 25.440, while Shandong Gold Mining decreased by 4.16% to 28.560. Other companies like Zhaoguan Gold and China Silver Group also experienced declines exceeding 3% [2]. - The spot gold price in Asia initially dropped, falling below $3,370 per ounce, with a daily decrease of 0.8%, currently reported at $3,369.38 per ounce [2]. Group 2 - Analysts suggest that gold stocks are highly correlated with spot gold prices, and potential increases in Federal Reserve interest rate expectations, a stronger US dollar, or easing inflation could pressure gold prices, negatively impacting gold stocks [3]. - The investment logic for gold stocks is shifting from focusing on short-term production growth to emphasizing companies with larger reserves, highlighting the value of gold companies with more substantial reserves [2].

Core Viewpoint - Gold stocks in Hong Kong experienced a decline in early trading, attributed to a slowdown in global central bank gold purchases, leading to reduced short-term upward momentum for gold prices [1] Group 1: Market Performance - As of the report, Chifeng Jilong Gold Mining (06693) fell by 4.92% to HKD 25.52, Shandong Gold Mining (01787) decreased by 4.5% to HKD 28.46, China Gold International (02099) dropped by 3.15% to HKD 73.9, and Zijin Mining (02899) declined by 0.69% to HKD 22.9 [1] Group 2: Central Bank Data - As of the end of July, the People's Bank of China reported gold reserves of 73.96 million ounces, an increase of 60,000 ounces month-on-month, marking nine consecutive months of accumulation [1] - The World Gold Council indicated that by June 2025, global official gold reserves net increased by 22 tons, reflecting a slight month-on-month rise for the third consecutive month [1] - In the first half of 2025, global central bank net gold purchases totaled 123 tons, showing a slight decrease compared to the same period in 2024 [1] Group 3: Analyst Insights - According to a report from China Merchants Securities, the short-term upward momentum for gold prices is weakening, suggesting that while gold has allocation value, caution is advised regarding potential overheating risks [1] - The report recommends that investors focus on structural opportunities rather than broadly betting on gold price increases [1] - Dongzheng Futures noted that market expectations for future Federal Reserve interest rate cuts have increased, but this has already been largely reflected in gold prices [1]

Core Viewpoint - Northeast Securities analyst Zeng Zhiqin upgraded China Gold International Resources Corp. from "Accumulate" to "Buy" with a target price of HKD 100, indicating a potential upside of 31% from the previous price [1] Company Summary - The rating change reflects a positive outlook on China Gold International Resources Corp. and suggests confidence in the company's future performance [1] - The target price set at HKD 100 represents a significant increase compared to the last assessed price, highlighting the analyst's bullish sentiment [1]

港股黄金股普遍上涨，其中，赤峰黄金、潼关黄金涨4.6%，招金矿业、山东黄金涨超3%，灵宝黄金涨 2%，紫金矿业、中国黄金国际涨超1%。 消息上，现货黄金价格亚洲盘整，美国总统特朗普周四表示，将提名白宫经济顾问委员会主席米兰临时 出任美联储理事会成员，以填补空缺。澳新银行分析师在报告中称："米兰是特朗普关税政策的设计 者，市场认为这一任命意味着货币政策将更趋鸽派。"更多美联储降息的预期可能提升黄金的吸引力。 现货黄金当前基本持平，纽约期金亚盘初一度触及3534.10美元/盎司的历史新高，当前交投在3500美元/ 盎司附近。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 06693 | 赤峰黄金 | 27.740 | 4.68% | | 00340 | 潼关黄金 | 2.040 | 4.62% | | 02489 | 集海资源 | 1.460 | 3.55% | | 01818 | 招金矿业 | 22.680 | 3.37% | | 01787 | 山东黄金 | 29.860 | 3.18% | | 03330 | 灵宝黄金 | 11.480 ...

Group 1 - COMEX gold futures rose by $20.30, an increase of 0.59%, closing at $3453.7 per ounce [1] - The People's Bank of China increased its gold reserves in July for the ninth consecutive month, adding 60,000 ounces to reach 73.96 million ounces, totaling approximately 36 tons since November [1] - The Shanghai Futures Exchange's gold inventory has reached a historical high, with over 36 tons of gold bars registered for futures delivery, reflecting a significant increase in demand for gold [1] Group 2 - Traders and banks are capitalizing on the price difference by buying lower-priced gold in the spot market and delivering it to exchange warehouses, indicating strong demand for gold in China [2] - Citigroup has revised its bearish outlook on gold, predicting prices will rise to record highs due to deteriorating U.S. economic conditions and inflationary tariffs, with a forecast range of $3300 to $3600 per ounce in the next three months [2] - A report from China International Capital Corporation (CICC) highlights the weak U.S. non-farm payroll data and an 80.3% probability of a rate cut by August 3, suggesting a new round of rate cut trading may begin [2] Group 3 - Key Hong Kong-listed gold and precious metals companies include Zijin Mining (601899)(02899), Shandong Gold (600547)(01787), Zhaojin Mining (01818), Chifeng Jilong Gold (600988)(06693), Lingbao Gold (03330), China Gold International (600916)(02099), and others [3]

Group 1 - COMEX gold futures increased by $20.30, or 0.59%, reaching $3453.7 per ounce, driven by China's central bank's continuous gold reserve expansion for nine months [1] - As of the end of July, China's central bank increased its gold reserves by 60,000 ounces to 73.96 million ounces, totaling approximately 36 tons since November last year [1] - The Shanghai Futures Exchange's gold inventory has reached a historical high, with over 36 tons of gold bars registered for futures delivery, reflecting a surge in arbitrage activities and strong demand for futures [1] Group 2 - Traders and banks are capitalizing on the price difference by buying lower-priced gold in the spot market and sending it to exchange warehouses, indicating strong demand in China's gold trading market [2] - Citigroup has revised its bearish outlook on gold, predicting prices will rise to record highs due to deteriorating U.S. economic conditions and inflationary tariffs, with a forecast range of $3,300 to $3,600 per ounce in the next three months [2] Group 3 - The U.S. non-farm payrolls data for July fell short of expectations, signaling a weakening economy, with an 80.3% probability of a rate cut by August 3, potentially leading to a new round of rate cut trading [3] - The recently released "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)" outlines key directions for domestic gold resource development, including exploration and mining [3] Group 4 - Key Hong Kong-listed gold and precious metal companies include Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), Chifeng Jilong Gold (06693), Lingbao Gold (03330), China Gold International (02099), and others [4]

消息面上，8月7日，国际金价显著拉升，截至发稿，现货黄金报3386美元/盎司，日内涨0.5%。天风证 券研报指出，本轮黄金上行的主要驱动力是美国经济从有韧性转向衰退。更关键的是对5、6月数据的下 修，体现出美国恶化的经济底色。展望后市，更多利好等待催化，美联储独立性受挑战，特朗普继续反 复向鲍威尔职务施压。花旗近日则调整对黄金的看跌预测，分析师现预计由于美国经济恶化及关税可能 推高通胀，金价短线有望升至纪录高位。 黄金股再度活跃，截至发稿，中国黄金国际(02099)涨6.55%，报75.65港元；赤峰黄金(06693)涨5.76%， 报25.46港元；潼关黄金(00340)涨3.68%，报1.97港元；灵宝黄金(03330)涨2.52%，报10.97港元。 ...

智通财经APP获悉， 黄金股再度活跃，截至发稿，中国黄金国际(02099)涨6.55%，报75.65港元；赤峰 黄金(06693)涨5.76%，报25.46港元；潼关黄金(00340)涨3.68%，报1.97港元；灵宝黄金(03330)涨 2.52%，报10.97港元。 消息面上，8月7日，国际金价显著拉升，截至发稿，现货黄金报3386美元/盎司，日内涨0.5%。天风证 券研报指出，本轮黄金上行的主要驱动力是美国经济从有韧性转向衰退。更关键的是对5、6月数据的下 修，体现出美国恶化的经济底色。展望后市，更多利好等待催化，美联储独立性受挑战，特朗普继续反 复向鲍威尔职务施压。花旗近日则调整对黄金的看跌预测，分析师现预计由于美国经济恶化及关税可能 推高通胀，金价短线有望升至纪录高位。 ...

Core Viewpoint - The recent fluctuations in the U.S. labor market and the Federal Reserve's interest rate expectations have led to a renewed interest in gold as a safe-haven asset, with significant implications for gold prices and related ETFs [1][2][4]. Group 1: Market Performance - On August 5, COMEX gold futures rose by 0.25% to $3435 per ounce, with gold-related ETFs also experiencing gains [1]. - As of August 5, the year-to-date increase in gold prices reached 39.33%, with notable rises in stocks such as Tongling Nonferrous Metals and Shandong Gold [1]. - The gold stock ETF (159562) increased by 1.66%, while the non-ferrous metal ETF (516650) rose by 1.24% [1][2]. Group 2: Economic Indicators - The U.S. Labor Department reported that 73,000 jobs were added in July, with an unemployment rate of 4.2%, which is a 0.1 percentage point increase from the previous month [1][4]. - The July non-farm payroll data was significantly below market expectations, leading to volatility in U.S. financial markets [1][4]. Group 3: Institutional Sentiment - Citigroup, known for its bearish stance on gold, has revised its three-month gold price forecast from $3300 to $3500 per ounce, reflecting a shift in institutional sentiment towards gold [2]. - The gold stock ETF tracks a diverse range of companies in the gold mining and sales sectors, with the top ten constituents accounting for 66.02% of the index weight [2]. Group 4: Future Outlook - Analysts suggest that the weak employment data provides the Federal Reserve with a rationale for potential interest rate cuts, which could further support gold prices [3][4]. - The anticipated dovish shift in Federal Reserve officials' statements and the potential for a rate cut could lead to a new upward trend in gold prices amid concerns over inflation [4].