每经记者 闫峰峰 每经编辑 吴永久 近日，在关税政策扰动下，黄金价格大幅波动，成为市场的焦点。黄金价格不仅持续创出历史纪录，上海期货交易所的黄金期货单日成交额也破万亿元，创 出了历史新高，而这也使得A股黄金股表现异常活跃。而在市场预期关税战缓和以及美国4月非农就业数据好于预期的刺激下，近期金价出现持续回落。 在当地时间5月3日举行的伯克希尔哈撒韦股东大会上，巴菲特表示，美国的财政政策可能会侵蚀美元的价值，多次提到美元贬值的风险。他表示不会投资于 会大幅贬值的货币，并指出美国当前的财政赤字模式不可持续。 在巴菲特对美元罕见"警告"后，5月5日美元指数下行，CMX黄金期货价格重拾升势，盘中涨幅超1%。而在历史上，黄金价格与美元指数多数时间呈现负相 关关系。可见，如果美元持续贬值，那么将利好金价。在黄金牛市的背景下，不少投资者也开始关注黄金股，甚至想长期价值投资黄金股，就相当于投资了 黄金。那么黄金股的股价和黄金价格之间存在什么关系？当前的黄金股机会到底如何？后期又面临哪些风险？对此，每经资本眼记者结合黄金历史走势及相 关投资案例梳理了五大真相。 所以，从投资黄金股的角度来讲，如果看好黄金价格未来的持续上涨，不仅应 ...

Investment Rating - The investment rating for Shandong Gold is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2025 showed significant growth, with total revenue reaching 25.935 billion yuan, a year-on-year increase of 36.81% and a quarter-on-quarter increase of 67.19%. The net profit attributable to shareholders was 1.026 billion yuan, up 46.62% year-on-year and 15.86% quarter-on-quarter [7] - The increase in gold prices has positively impacted the company's performance, with the average spot price of gold in Q1 2025 being 670 yuan per gram, a 36.72% increase year-on-year [7] - The company has successfully increased its gold resource reserves, with new gold resources amounting to 58.8 tons in 2024, and has made strategic acquisitions to strengthen its resource base [7] - The report anticipates continued strong performance for the company in the context of a bullish gold market, with revised net profit forecasts for 2025-2027 being 6.327 billion yuan, 7.190 billion yuan, and 7.848 billion yuan respectively [7] Financial Summary - Total revenue projections for Shandong Gold are as follows: 59.275 billion yuan in 2023, 82.518 billion yuan in 2024, 107.364 billion yuan in 2025, 116.452 billion yuan in 2026, and 122.052 billion yuan in 2027, with corresponding year-on-year growth rates of 17.83%, 39.21%, 30.11%, 8.46%, and 4.81% [1][8] - The net profit attributable to shareholders is projected to be 2.328 billion yuan in 2023, 2.952 billion yuan in 2024, 6.327 billion yuan in 2025, 7.190 billion yuan in 2026, and 7.848 billion yuan in 2027, with year-on-year growth rates of 86.57%, 26.80%, 114.38%, 13.63%, and 9.15% [1][8] - The earnings per share (EPS) are expected to be 0.52 yuan in 2023, 0.66 yuan in 2024, 1.41 yuan in 2025, 1.61 yuan in 2026, and 1.75 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratios for the years 2025-2027 are projected to be 21.53, 18.95, and 17.36 respectively [1][8]

Investment Rating - The investment rating for Shandong Gold is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2025 showed significant growth, with total revenue reaching 25.935 billion yuan, a year-on-year increase of 36.81% and a quarter-on-quarter increase of 67.19%. The net profit attributable to shareholders was 1.026 billion yuan, up 46.62% year-on-year and 15.86% quarter-on-quarter [7] - The increase in gold prices has positively impacted the company's performance, with the average spot price of gold in Q1 2025 being 670 yuan per gram, a year-on-year increase of 36.72% [7] - The company has successfully increased its gold resource reserves, with new gold resources amounting to 58.8 tons in 2024, and has made strategic acquisitions to strengthen its resource base [7] - The report anticipates continued strong performance for the company in the context of a bullish gold market, with revised net profit forecasts for 2025-2027 being 6.327 billion, 7.190 billion, and 7.848 billion yuan respectively [7] Financial Summary - Total revenue projections for Shandong Gold are as follows: 59.275 billion yuan for 2023, 82.518 billion yuan for 2024, 107.364 billion yuan for 2025, 116.452 billion yuan for 2026, and 122.052 billion yuan for 2027 [1] - The net profit attributable to shareholders is projected to be 2.328 billion yuan for 2023, 2.952 billion yuan for 2024, 6.327 billion yuan for 2025, 7.190 billion yuan for 2026, and 7.848 billion yuan for 2027 [1] - The earnings per share (EPS) are expected to be 0.52 yuan for 2023, 0.66 yuan for 2024, 1.41 yuan for 2025, 1.61 yuan for 2026, and 1.75 yuan for 2027 [1] - The price-to-earnings (P/E) ratios for the years 2025-2027 are projected to be 21.53, 18.95, and 17.36 respectively [1]

Core Viewpoint - Shandong Gold (600547) reported strong financial performance for Q1 2025, with significant increases in revenue and net profit compared to the same period last year, indicating improved profitability and operational efficiency [1][3]. Financial Performance - Total revenue for Q1 2025 reached 25.935 billion yuan, a year-on-year increase of 36.81% [1]. - Net profit attributable to shareholders was 1.026 billion yuan, up 46.62% year-on-year [1]. - Gross margin improved to 15.57%, reflecting a 6.92% increase, while net margin rose to 5.63%, a 1.14% increase [1]. - Total expenses (selling, administrative, and financial) amounted to 1.17 billion yuan, accounting for 4.51% of revenue, down 12.16% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.20 yuan, a 53.85% rise compared to the previous year [1]. - Operating cash flow per share was 0.56 yuan, up 45.65% year-on-year [1]. - The company's net asset value per share was 5.70 yuan, reflecting a 7.03% increase [1]. Debt and Cash Flow - The company reported a decrease in cash and cash equivalents, with monetary funds at 61.035 billion yuan, down 14.85% [1]. - Interest-bearing liabilities increased to 64.623 billion yuan, a rise of 15.53% [1]. - The cash flow situation is a point of concern, with cash and cash equivalents to current liabilities ratio at 28.33% [3]. Market Position and Analyst Expectations - Analysts expect the company's performance for 2025 to reach 5.575 billion yuan, with an average EPS forecast of 1.25 yuan [3]. - The company is held by a prominent fund manager, indicating confidence in its growth potential [3]. Fund Holdings - Several funds have increased their holdings in Shandong Gold, including notable entries and increases from various funds in Q1 2025 [4].

Investment Rating - The report maintains an "Overweight" rating for the company [8][30]. Core Views - The company reported a Q1 2025 revenue of 25.935 billion RMB, representing a year-over-year increase of 36.81% and a quarter-over-quarter increase of 67.19%. The net profit attributable to shareholders was 1.026 billion RMB, up 46.62% year-over-year and 15.86% quarter-over-quarter [1][2]. - The controlling shareholder, Shandong Gold Group, plans to increase its stake in the company by investing between 500 million RMB and 1 billion RMB over the next 12 months, reflecting confidence in the company's long-term development [3]. - The report emphasizes that gold prices are currently on an upward trend, driven by geopolitical uncertainties and the depreciation of the US dollar, which enhances the asset allocation value of gold [4]. Summary by Sections Financial Performance - In Q1 2025, the company's self-produced gold output was 11.87 tons, with sales of 10.99 tons, showing a slight decrease in production but a significant increase in sales [2]. - The average gold price in Q1 2025 was 672.13 RMB per gram, a year-over-year increase of 37.2%, contributing to the rise in net profit [2]. Shareholder Actions - The controlling shareholder's planned stock purchase is a strategic move to bolster confidence in the company's future performance [3]. Market Outlook - The report anticipates continued appreciation in gold prices, suggesting that gold stocks remain a valuable investment option [1][4]. - The company is projected to achieve an EPS of 1.45 RMB in 2025, with a significant increase in net profit forecasted for the coming years [5][7]. Valuation Metrics - The report adjusts the company's valuation, setting a target price of 36.98 RMB for 2025, based on a price-to-book ratio of 3.82 [5][9].

Core Viewpoint - The company reported significant growth in revenue and net profit for Q1 2025, driven by rising gold prices and improved operational efficiency [1][2][4]. Financial Performance - In Q1 2025, the company achieved operating revenue of 25.935 billion yuan, a year-on-year increase of 36.81% and a quarter-on-quarter increase of 67.19% [1]. - The net profit attributable to shareholders was 1.026 billion yuan, reflecting a year-on-year growth of 46.62% and a quarter-on-quarter growth of 15.86% [1]. - The net profit excluding non-recurring items was 1.030 billion yuan, with a year-on-year increase of 45.19% and a quarter-on-quarter increase of 14.74% [1]. Production and Sales - The company's gold production in Q1 2025 was 11.87 tons, a slight year-on-year decrease of 0.31% but a quarter-on-quarter increase of 10.60% [2]. - Gold sales reached 10.99 tons, marking a year-on-year increase of 7.98% [2]. - The average gold price in Shanghai for Q1 2025 was 671 yuan per gram, up 36.9% year-on-year and 8.9% quarter-on-quarter [2]. Profitability and Cost Management - The company's gross margin and net margin for Q1 2025 were 15.57% and 5.63%, respectively, showing year-on-year increases of 1.01 percentage points and 0.06 percentage points [3]. - The period expense ratio decreased to 4.89%, down 0.74 percentage points year-on-year [3]. - Specific expense ratios for sales, management, R&D, and financial costs were 0.14%, 2.80%, 0.38%, and 1.57%, respectively, all showing year-on-year declines [3]. Project Development - The company is focusing on expanding production capacity and has initiated the development of gold mining projects in Gansu province [3]. - A project meeting was held to optimize the overall planning of the gold mining project, which has passed expert review [3]. - The project is expected to integrate mining rights and aims to achieve an annual gold production of 5-6 tons from over 80 tons of available gold resources [3]. Earnings Forecast and Valuation - The company is expected to continue high growth in performance, with projected net profits for 2025-2027 being 5.338 billion, 6.555 billion, and 7.950 billion yuan, respectively [4]. - The expected year-on-year growth rates for net profit are 80.84%, 22.80%, and 21.29% for the respective years [4]. - The current stock price corresponds to P/E ratios of 25.9, 21.1, and 17.4 for the years 2025, 2026, and 2027 [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company reported Q1 2025 revenue of 25.935 billion RMB, a year-over-year increase of 36.81% and a quarter-over-quarter increase of 67.19%. The net profit attributable to shareholders was 1.026 billion RMB, up 46.62% year-over-year and 15.86% quarter-over-quarter [1][2] - The company plans to increase its gold production to no less than 50 tons in 2025, despite a slight year-over-year decrease in self-produced gold output [2] - The controlling shareholder, Shandong Gold Group, plans to increase its stake in the company by investing between 500 million RMB and 1 billion RMB over the next 12 months, reflecting confidence in the company's long-term development [3] - The report emphasizes that gold prices are currently on an upward trend, driven by geopolitical uncertainties and a shift in asset preferences away from the US dollar, enhancing the investment value of gold and related assets [4] Financial Forecast and Valuation - The report projects the company's EPS for 2025, 2026, and 2027 to be 1.45 RMB, 2.03 RMB, and 2.34 RMB respectively, representing increases of 23.9%, 18.7%, and 17.6% compared to previous estimates [5] - The target price for the company's A-shares is set at 36.98 RMB, with a corresponding H-share target price of 24.40 HKD, based on a price-to-book ratio of 3.82 for 2025 [5][9] - The company is expected to achieve a net profit of 6.508 billion RMB in 2025, with a significant growth rate of 120.48% year-over-year [7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price on April 28, 2025 [4][6]. Core Views - The company's performance in Q1 2025 was driven by rising gold prices, with revenue reaching 25.935 billion yuan, a year-on-year increase of 36.81% and a quarter-on-quarter increase of 67.19% [1]. - The net profit attributable to shareholders was 1.026 billion yuan, up 46.62% year-on-year and 15.86% quarter-on-quarter, indicating strong profitability [1]. - The average gold price in Q1 2025 was 2807 USD/ounce, reflecting a year-on-year increase of 38.3% [1]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit increase of 330 million yuan year-on-year, primarily driven by gross profit growth of 1.28 billion yuan [2]. - The company’s gross profit margin and net profit margin for Q1 2025 were 15.57% and 5.63%, respectively, showing slight improvements compared to the previous year [1][2]. Resource Expansion and Business Development - The company invested 590 million yuan in exploration in 2024, resulting in an additional gold resource of 58.8 tons [3]. - The company successfully acquired exploration rights for the Daqiao gold mine and completed a 70% stake acquisition in Baotou Changtai Mining [3]. Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 6.149 billion yuan, 6.744 billion yuan, and 7.722 billion yuan, respectively, with corresponding PE ratios of 22, 20, and 18 [4][5]. - Revenue is projected to grow from 82.518 billion yuan in 2024 to 121.565 billion yuan in 2027, with a compound annual growth rate of approximately 11.8% [5][10].

重要公告： 福田汽车：拟不超25亿元参与认购北汽蓝谷定增股份 中国石化：一季度净利润132.64亿元同比下降27.6% 沪市重要公告： 药明康德：一季度净利润36.72亿元同比增长89.06% 中金公司：一季度净利润20.42亿元同比增长64.85% 赛特新材：董事长自愿放弃领薪高管人员自愿降薪 上海医药：一季度净利润13.33亿元同比下降13.56% 上海医药（601607）4月28日晚间发布一季报，2025年一季度实现营业收入707.63亿元，同比增长 0.87%；净利润13.33亿元，同比下降13.56%。其中，工业板块贡献利润5.32亿元；商业板块贡献利润 8.34亿元；主要参股企业贡献利润1.96亿元。 传音控股：一季度净利润4.9亿元同比下降69.87% 传音控股（688036）4月28日晚间发布一季报，2025年第一季度营收为130.04亿元，同比下降25.45% （调整后）；净利润为4.9亿元，同比下降69.87%（调整后）。净利润下降主要是受市场竞争以及供应 链成本综合影响，营业收入及毛利额减少所致。 浙能电力：一季度净利润10.74亿元同比下降40.81% 浙能电力（600023）4月28 ...

证券代码：600547 证券简称：山东黄金 编号：临 2025-022 二、监事会会议审议情况 会议以记名投票表决方式，审议通过了《公司 2025 年第一季度报告》 山东黄金矿业股份有限公司 第六届监事会第四十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 山东黄金矿业股份有限公司（以下简称"公司"）第六届监事会第四十四次会 议于 2025 年 4 月 28 日在山东省济南市历城区经十路 2503 号公司会议室以现场 方式召开。本次会议应参会监事 3 人，实际参会监事 3 人。会议的召开符合《公 司法》《公司章程》《上海证券交易所股票上市规则》《香港联合交易所有限公 司证券上市规则》、香港《公司条例》等监管规定，会议合法有效。 根据《公司法》和《公司章程》的相关规定，监事会对公司编制的 2025 年 第一季度报告提出如下审核意见： 1、2025 年第一季度报告的编制和审议程序符合法律法规、《公司章程》和 公司内部管理制度的各项规定； 特此公告。 山东黄金矿业股份有限公司监事会 20 ...