证券代码：600547 证券简称：山东黄金 公告编号：临 2025-071 山东黄金矿业股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董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、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.17467元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/22 | － | 2025/10/23 | 2025/10/23 | H 股股东的 2025 年半年度权益分派实施不适用本公告，具体可参阅公司在香港联合交易 所有限公司网站（www.hkexnews.hk）发布的相关公告。 三、相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/22 | － | 2025/10/23 | 2025/10/23 | 差异化分 ...

10月14日，山东黄金（证券代码：600547）披露2025年前三季度业绩预增公告，预计2025年前三季度实 现归属于母公司所有者的净利润为38.0亿元至41.0亿元，与上年同期相比增加17.3亿元到20.3亿元，同比 增加83.9%到98.5%。实现归属于母公司所有者的扣除非经常性损益后的净利润为37.8亿元至40.8亿元， 与上年同期相比增加16.9亿元到19.9亿元，同比增加80.5%到94.8%。 今年以来，国际金价持续攀升。特别是进入第三季度后的8月底以来，黄金价格迅速上涨。山东黄金业 绩预告发布当日，国际金价盘中一度突破4170美元/盎司，创下历史新高。 另一方面，山东黄金还在推进矿山采掘外委施工逐步转为自营，进一步增加生产设备的购置、更新及产 业工人的配备，从而推动公司更加长远、健康、可持续发展。 值得注意的是，10月11日，山东黄金的控股股东山东黄金集团有限公司与山东重工集团有限公司签署了 战略合作协议。根据战略合作协议，双方将在矿山装备研发与应用、绿色物流运输、全球资源共享等领 域开展更深层次合作，发挥协同优势，共同推动产业高端化、智能化、绿色化转型。 山东黄金表示，由于统筹优化生产布局，强 ...

2025.10.15 本文字 数：1196，阅读时长大约2分钟 作者 | 第一财经 李隽 金价连创新高，山东黄金三季度的业绩，却出现了环比大幅下滑。 山东黄金（600547.SH，01787.HK）10月14日晚披露，预计前三季度实现净利润38亿元至41亿元，同比 增幅达83.9%至98.5%。 关于黄金继续创新高，博时基金基金经理王祥认为，以黄金为代表的贵金属乐观行情受到多重因素的影 响，首先是时隔七年之后，美国政府再次出现关门，停摆在时间上与市场关注的"经济数据时点"高度重 合，产生了比以往更加直接和明显的市场信心冲击。此外，中美贸易摩擦再度升温，中国增加了对稀土 出口的管制，特朗普则威胁要对中国进口商品加征100%关税，导致市场避险情绪增加。 10月15日盘中，山东黄金一度大跌超过6%，且在金价连创新高的背景下，连续两天出现下跌。当日， 该公司A股下跌2.77%，报收41.7元。 广州一位私募人士向第一财经分析，三季度金价大幅走强，金矿股总体涨幅也比较大，而山东黄金当季 利润情况比预期要差一些，反映出来的是盈利不如预期，投资者借势抛售。出现这种情况，有可能是三 季度支出增加，影响了利润表现。 山东黄金公 ...

山东黄金公告称，2025年前三季度，黄金价格上行因素影响，公司利润同比涨幅较大。为实现资源 综合利用，该公司抓住黄金价格上涨的有利时机，加大各类基础工程投入，调整矿山边际品位，充分 2025.10. 15 本文字数：1196，阅读时长大约2分钟 作者 | 第一财经 李隽 金价连创新高，山东黄金三季度的业绩，却出现了环比大幅下滑。 山东黄金（600547.SH，01787.HK）10月14日晚披露，预计前三季度实现净利润38亿元至41亿 元，同比增幅达83.9%至98.5%。 今年一、二季度，山东黄金净利润分别为10.26亿元，17.82亿元。由此估算，该公司三季度净利润 在11亿元左右，虽然同比增速超过60%，但环比二季度缩水了大约四成。 10月15日盘中，山东黄金一度大跌超过6%，且在金价连创新高的背景下，连续两天出现下跌。当 日，该公司A股下跌2.77%，报收41.7元。 广州一位私募人士向第一财经分析，三季度金价大幅走强，金矿股总体涨幅也比较大，而山东黄金当 季利润情况比预期要差一些，反映出来的是盈利不如预期，投资者借势抛售。出现这种情况，有可能 是三季度支出增加，影响了利润表现。 推荐阅读 利用低品位 ...

Group 1: Industry Overview - The performance of Hong Kong-listed companies in the non-ferrous metals sector is expected to improve significantly in the first three quarters of 2025, with some companies in the cement and building materials sector also showing signs of recovery [1] - The real estate sector shows a clear divergence in performance among companies, with some experiencing significant growth while others struggle [1] Group 2: Non-Ferrous Metals Companies - Jinli Permanent Magnet expects a net profit of 505 million to 550 million yuan for the first three quarters, representing a year-on-year increase of 157% to 179% [2] - The company attributes its growth to a focus on stable and compliant operations, market expansion, and efficiency improvements, alongside effective management of raw material inventory [2] - Shandong Gold anticipates a net profit of 3.8 billion to 4.1 billion yuan, an increase of 83.9% to 98.5% year-on-year, driven by optimized production and rising gold prices [3] Group 3: Cement and Building Materials Sector - China National Building Material expects to turn a loss into a profit with an estimated profit of 2.95 billion yuan for the first three quarters, compared to a loss of 684 million yuan in the same period last year [4] - The profit increase is attributed to lower sales costs of cement and concrete, higher prices of fiberglass, and increased sales of wind turbine blades and coatings [4] - Recent policies are expected to support the building materials industry, including a draft proposal for carbon emissions trading quotas for the steel, cement, and aluminum industries [5] Group 4: Real Estate Sector - Real estate companies show significant performance divergence, with market concentration increasing and stronger companies gaining more [7] - China Resources Land reported a recurring income of approximately 4.1 billion yuan for September 2025, a year-on-year increase of 7.5% [7] - Green Town China achieved a contract sales area of approximately 3.08 million square meters and a contract sales amount of approximately 107.9 billion yuan from January to September 2025 [7] Group 5: Market Trends and Outlook - The real estate market is showing signs of recovery, particularly in high-energy cities, while third and fourth-tier cities are still stabilizing [8] - There is a growing confidence among real estate companies regarding future market conditions, supported by ongoing policy measures and local government actions [8] - The central government emphasizes the importance of quality housing, which may lead to a wave of development in high-quality residential projects [8]

Core Viewpoint - The article highlights the positive performance expectations for various sectors in the Hong Kong stock market, particularly in the non-ferrous metals and cement industries, while noting a significant divergence in the performance of real estate companies. Non-Ferrous Metals Industry - Companies in the non-ferrous metals sector are expected to see substantial profit increases in the first three quarters of 2025, with Jinli Permanent Magnet forecasting a net profit of 505 million to 550 million yuan, representing a year-on-year growth of 157% to 179% [5][4] - Shandong Gold anticipates a net profit of 3.8 billion to 4.1 billion yuan for the same period, reflecting an increase of 83.9% to 98.5% year-on-year, driven by optimized production layout and rising gold prices [6][4] Cement and Building Materials Industry - China National Building Material is expected to turn losses into profits, projecting a profit of approximately 2.95 billion yuan for the first three quarters of 2025, compared to a loss of about 684 million yuan in the same period last year [8][7] - The growth in profits is attributed to reduced sales costs of cement and concrete, increased sales prices of fiberglass, and higher sales volumes of wind turbine blades and coatings, despite a decline in cement sales [8][9] - Recent policies have provided support for the building materials industry, with expectations of rising cement prices due to seasonal demand and coal price increases [9][10] Real Estate Industry - The real estate sector shows a clear divergence in performance, with companies like China Resources Land reporting a 7.5% year-on-year increase in regular income, reaching approximately 4.1 billion yuan [12][11] - Greentown China reported contract sales of approximately 1,079 billion yuan for the first nine months of 2025, indicating a recovery in high-quality urban markets while lower-tier cities continue to stabilize [13][12] - Analysts suggest that the real estate market is gradually improving, with ongoing government policies aimed at boosting confidence and addressing inventory pressures, potentially leading to a broader market recovery [13][12]

Core Insights - The precious metals sector saw an increase of 0.56% on October 15, with Zhaojin Gold leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Precious Metals Sector Performance - The following companies showed significant price movements: - Zhaojin Gold (000506) closed at 14.60, up 10.02% with a trading volume of 827,900 shares and a turnover of 11.62 million [1] - Chifeng Jilong Gold (600988) closed at 31.55, up 3.17% with a trading volume of 770,900 shares and a turnover of 24.13 million [1] - Other notable performers include: - Yancheng Technology (300139) at 29.05, up 2.11% [1] - Hunan Gold (002155) at 23.72, up 1.80% [1] - Zhongjin Gold (600489) at 25.20, up 1.78% [1] Capital Flow Analysis - The precious metals sector experienced a net outflow of 236 million from institutional investors and 221 million from speculative funds, while retail investors saw a net inflow of 458 million [3][4] - Specific capital flows for key companies include: - Zhongjin Gold had a net inflow of 19.5 million from institutional investors but a net outflow of 14.8 million from speculative funds [4] - Zhaojin Gold experienced a net outflow of 40.16 million from speculative funds but a net inflow of 6.59 million from retail investors [4] ETF Insights - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index and has a current P/E ratio of 27.56 [6] - The ETF saw an increase in shares to 1.24 billion, with a net outflow of 85.38 million from institutional funds [6]

今年一、二季度，山东黄金净利润分别为10.26亿元，17.82亿元。由此估算，该公司三季度净利润在11 亿元左右，虽然同比增速超过60%，但环比二季度缩水了大约四成。 10月15日盘中，山东黄金一度大跌超过6%，且在金价连创新高的背景下，连续两天出现下跌。当日， 该公司A股下跌2.77%，报收41.7元。 广州一位私募人士向第一财经分析，三季度金价大幅走强，金矿股总体涨幅也比较大，而山东黄金当季 利润情况比预期要差一些，反映出来的是盈利不如预期，投资者借势抛售。出现这种情况，有可能是三 季度支出增加，影响了利润表现。 【#山东黄金三季度净利环比大跌4成#，#山东黄金盘中跌超7%# 】 金价连创新高，山东黄金三季度的业绩，却出现了环比大幅下滑。 山东黄金（600547.SH，01787.HK）10月14日晚披露，预计前三季度实现净利润38亿元至41亿元，同比 增幅达83.9%至98.5%。 ...

Core Viewpoint - Despite the continuous rise in gold prices, Shandong Gold's third-quarter performance showed a significant quarter-on-quarter decline in profits, raising concerns among investors about the company's profitability and operational efficiency [1][2]. Company Performance - Shandong Gold expects a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters, representing a year-on-year increase of 83.9% to 98.5% [1]. - The estimated net profit for the third quarter is around 1.1 billion yuan, which, while showing over 60% year-on-year growth, reflects a nearly 40% decline compared to the second quarter [1]. - The company's stock price fell over 6% during trading on October 15, with a closing price of 41.7 yuan, indicating investor concerns about the disappointing profit performance [1]. Industry Context - Shandong Gold is not alone in experiencing a quarter-on-quarter decline; other gold mining companies, such as Zhaojin Mining, also reported similar trends in their quarterly earnings [2]. - Zhaojin Mining reported a net profit of 2.117 billion yuan for the first three quarters, a year-on-year increase of 140.43%, but a quarter-on-quarter decrease of 13.18% in the third quarter [2]. - The performance of gold ETFs is highlighted as a more stable investment option compared to gold mining stocks, appealing to conservative investors due to lower risk and more consistent returns [2]. Market Influences - The optimistic outlook for gold prices is influenced by multiple factors, including the potential U.S. government shutdown and escalating U.S.-China trade tensions, which have heightened market risk aversion [3].

黄金股ETF（159562）紧密跟踪SSH黄金股指数，指数权重行业以黄金和铜为主导，穿透紫金矿业、中 国黄金国际等综合矿业公司，金铜矿股累计占比约9成。黄金零售股权重约10%，前十大权重股较为集 中，均为金矿（综合矿业）公司。其中，山东黄金AH股合计权重达14.8%。 相关分析指出，黄金产业链上游及下游均受益金价上涨，金价上涨带来矿产资源价值重估、 探矿权升 值，资源品的杠杆效应显著提升金矿公司股价上行弹性；不同公司金矿资源量决定不同黄金股的超额收 益；金价上涨带来金饰商品存货价值重估，存货量即为金价弹性系数；叠加消费品渠道收入扩张和品牌 集中度提升逻辑，黄金股超额收益来源更加丰富。（张韵） 中证网讯 10月15日，受金价上涨及三大指数盘中走强催化，黄金有色相关ETF纷纷上涨，截至14:40， 黄金ETF华夏（518850）上涨1.98%，黄金股ETF（159562）涨1.3%，其持仓股老铺黄金涨超10%，万 国黄金集团涨超7%，周大福、紫金矿业、赤峰黄金、萃华珠宝等股纷纷异动，有色金属ETF基金 （516650）涨0.35%。 消息面上，山东黄金于10月14日发布业绩预告，预计前三季度实现归母净利润38亿元 ...