央行购金热潮推动市场需求 中国人民银行最新数据显示，截至2025年6月末，我国黄金储备规模达到7390万盎司，较上月增加7万盎司。这已是连续第八个月净增持黄金储备。自去年11 月重启增持以来，我国央行月度购金量呈现明显特征。2024年12月增持33万盎司，2025年1月至6月期间，月均增持量维持在6万盎司至16万盎司之间。 世界黄金协会数据显示，2024年全球央行净购金量达1136吨，创历史第二高位。2025年一季度，全球央行购金的前三大买家为中国、波兰、土耳其，合计占 比超50%。在全球央行购金调查中，95%的受访机构计划未来12个月继续增持，这一比例创2019年调查以来新高。 各国央行增持黄金主要出于优化外汇储备结构的考虑。黄金作为非主权信用储备资产，不受单边制裁影响，与其他货币资产的价格走势并非完全一致。在当 前全球经济不确定性增强、美元信用持续弱化的背景下，通过合理配置黄金在外汇储备中的比例，可以有效对冲因单一货币汇率波动而带来的损失风险。 全球经济不确定性持续加剧，美元走势疲软为黄金价格提供了重要支撑。央行购金热潮延续，散户投资者看涨情绪显著升温，黄金市场呈现出多重利好因素 交汇的格局。 全球最大对 ...

[撒花] 中国有几百吨黄金存放于美国，很多网友都对此感到不理解，为何要将如此重要的资产放置于他国？ 毕竟我国也是有自己的金库， 并且美国和我们来距离这么远，为何不存放在我们自己的国家呢？背后又有怎样的隐情？ 本文陈述所有内容皆有可靠信息来源赘述在文章内 "世界通行证" 二战可以说是把世界打得"稀巴烂"，当时各国得坐下来定个新规矩， 1944年"布雷顿森林体系"出现了。 简单说就是美元和黄金锁死，35美元换一盎司黄金雷打不动，而全世界的钱，都跑来跟美元挂钩。 那会儿的美国，可以说是全球经济的绝对"王者"， 信誉好比金字招牌，美元就是"纸黄金"，纽约自然成了全世界的"金融心脏"。 想在全球做生意吗？想让自己的货币有点分量吗？那就得加入这个"俱乐部"，而入会的"投名状"，就是把一部分黄金储备，存到美国的金库里。 这不光是给美元"捧场"，更是为了自己结算方便，中国后来也一样， 为了在国际上方便交易，就顺着这条路走了。 尽管那套体系在七十年代就散伙了，美元跟黄金也脱了钩，但把金子存在纽约，却一直延续到今天，因为那个地方实在是太方便了，把黄金放在美国，最实 在的好处就一个字快。 纽约是全球最大的黄金交易市场，清算、交割的 ...

机构：天风证券 研究员：刘奕町/曾先毅 央企控股的金铜平台，坐拥优质资源 中国黄金国际资源有限公司是中国黄金集团的海外上市旗舰企业，专注于黄金和铜等矿产资源的勘探、 开采和开发。作为中国黄金集团旗下唯一的海外上市平台，公司依托集团强大的资源与技术支持，形成 以甲玛铜金矿和长山壕金矿为核心的业务布局，经营规模和市场地位稳居行业前列。 我们预测2025-2027 年公司归母净利润为3.06/3.62/5.04 亿美元，yoy+388%/+18%/+39%；以美元汇率7.2 折人民币，对应归母净利润为22.0/26.0/36.3 亿元。当前市值（截至2025 年7 月17 日）对应PE 为 11.3/9.6/6.9X。公司主业为黄金&铜开采，我们综合选取金、铜行业可比公司，计算2025 年平均PE 为 15X。参考可比公司平均估值水平，取整给予中国黄金国际2025 年估值15X，对应目标市值330 亿元 （362 亿港币），目标价91.4 港币，首次覆盖给予"买入"评级。 风险提示：矿产量不及预期的风险，矿山成本大幅上升的风险，金铜价格大幅波动的风险，测算存在误 差的风险，跨市场选取可比公司的风险。 长山壕矿稳健， ...

Group 1: Market Performance - The gold market has seen significant inflows, with global gold ETFs attracting $38 billion in the first half of 2025, marking the highest inflow since the first half of 2020 and a five-year record [1] - The spot gold price increased by 25% in the first half of 2025, reflecting heightened investor interest [2] Group 2: Central Bank and Consumer Trends - Over 95% of surveyed central banks plan to increase their gold reserves in the next 12 months, the highest percentage since the survey began in 2019, up 17 percentage points from 2024 [2] - Consumer enthusiasm for gold remains high, with significant price increases in gold jewelry and platinum, rising 39.2% and 15.9% year-on-year, respectively [2] Group 3: Changes in Consumer Behavior - Consumers are adjusting their purchasing strategies in response to high gold prices, opting for smaller weights, simpler designs, and delaying purchases for potential price drops [3] - The emergence of "smart gold stores" in major cities allows consumers to buy and sell gold products through self-service machines, indicating a shift towards more flexible trading options [3] Group 4: Industry Developments - The Ministry of Industry and Information Technology and other departments have launched a plan to enhance the gold recycling market and standardize recycling practices [4] - Financial institutions are developing integrated platforms that combine physical gold, accumulation gold, gold ETFs, and recycling services, aiming to tap into the service potential of the gold market [4] Group 5: Strategic Insights - Companies are focusing on creating a comprehensive product system for gold, emphasizing the importance of gold as an asset allocation tool and the need for full-cycle service capabilities [5] - The current dynamics in the gold market highlight a shift from simple ownership to flexible allocation, with a deeper integration of financial and consumer attributes in the trading chain [5]

黄金市场风云：2025年7月10日各品牌金价现小幅波动 引言 2025年7月10日，全球黄金市场迎来了一丝微小的波动。各品牌金店的零售价格略有下调，为投资者和消费者带来了一丝关注。本文将深入剖析当日黄金市 场的各项数据，从上海黄金交易所到水贝黄金批发市场，再到各大品牌的零售价格，力求为读者呈现一幅清晰而全面的黄金市场图景。 上海黄金交易所：现货交易活跃，价格小幅下跌 在上海黄金交易所，人民币黄金的最新价格定格在每克766.39元，较前一交易日下跌5.12元，跌幅为0.664%。尽管跌幅不大，但足以引起市场的关注。交易 数据显示，当日黄金价格在762.15元至771.00元之间波动，投资者情绪较为谨慎。 具体来看，各合约的表现如下： 黄金9999： 价格为763.3元，跌幅-1.06%，收盘价格是771.48元，开盘价格为770元，最高价格达771.3元，最低价格为761元。 黄金9995： 价格是763元，跌幅-1.17%，收盘价格772元，开盘价格766.5元，最高价格为766.5元，最低价格763元。 黄金100g： 价格为764元，跌幅-1.11%，收盘价格772.55元，开盘价格765.2元，最高价格 ...

Core Viewpoint - Southeast Asia is emerging as a significant growth area for the gold and jewelry industry, presenting strategic opportunities for Chinese brands to expand internationally [1][2]. Industry Overview - The Southeast Asian gold and jewelry market is experiencing rapid growth, becoming a crucial growth engine for the global industry [2]. - The GDP of the six core Southeast Asian countries is expected to maintain steady growth, with Vietnam, the Philippines, and Indonesia projected to have economic growth rates exceeding that of China over the next three years [2]. - The market size of the gold and jewelry sector in these six countries is expected to reach $11.6 billion in 2024, reflecting a year-on-year growth of 7%, with a CAGR of 7.6% from 2021 to 2024 [2]. Consumer Trends - Traditional culture and emotional value are driving the demand for gold jewelry, while investment gold demand is increasing due to risk aversion [3]. - In Singapore, the high-end jewelry market is characterized by low concentration and a fragmented competitive landscape, with significant demand for luxury jewelry [3]. - Malaysia's jewelry market is growing steadily, with a focus on 22K gold jewelry and a stable share of accessory jewelry [3]. - Thailand shows a preference for 23K gold and gemstones, with a stable competitive landscape among leading brands [3]. - Vietnam's market is stable, with rising demand for investment and accessory jewelry, although overall gold jewelry consumption has seen a decline [3]. - Indonesia's market is rapidly growing, with stable demand for gold jewelry and a surge in investment demand for gold bars and coins [3]. Brand Expansion - Southeast Asia is becoming a strategic launchpad for Chinese gold and jewelry brands due to cultural proximity and a preference for gold products [5]. - Major brands like Lao Pu Gold, Chow Tai Fook, and Luk Fook are successfully expanding their presence in Southeast Asia, with plans for further international growth [6]. - Lao Pu Gold has successfully entered the Singapore market and plans to expand into Japan by 2026 [6]. - Chow Tai Fook reported strong sales performance in Southeast Asia, with 23 stores in the region and a commitment to international development [6]. - Luk Fook Group is also focusing on overseas expansion, with 12 stores in Southeast Asia [6]. - Chao Hong Ji is accelerating its store openings in Southeast Asia, with plans to establish more stores through a franchise model [6]. - Yu Garden Holdings is actively expanding its overseas market presence, particularly in Southeast Asia [6].

Summary of Key Points Core Viewpoint - The short fiber futures market shows a slight decline in the main contract, with a trading volume increase compared to the previous day, indicating a mixed sentiment among investors [1][2]. Trading Data - As of July 4, the main contract for short fiber (2508) experienced a decrease of 1.21%, with a trading volume of 107,300 contracts and a net short position of 2,067 contracts among the top 20 positions [1]. - Total trading volume for all short fiber contracts reached 197,000 contracts, an increase of 1,410 contracts from the previous day [1]. Positioning Analysis - Among the top 20 positions, long positions totaled 232,200 contracts, down by 1,446 contracts, while short positions totaled 242,400 contracts, down by 1,909 contracts [1]. - The top three long positions were held by CITIC Futures (26,185 contracts), Guotai Junan (24,156 contracts), and CITIC Jiantou (19,583 contracts) [1]. - The top three short positions were held by Guotai Junan (29,844 contracts), CITIC Futures (29,632 contracts), and Dongzheng Futures (21,624 contracts) [1]. Changes in Positions - The top three long position increases were seen in Chuangyuan Futures (5,158 contracts, up by 1,046), Zheshang Futures (2,971 contracts, up by 468), and Dongzheng Futures (4,091 contracts, up by 364) [1]. - The top three long position decreases were in Galaxy Futures (2,966 contracts, down by 1,074), Guotai Junan (11,303 contracts, down by 1,047), and Ping An Futures (1,699 contracts, down by 900) [1]. - The top three short position increases were in China Power Investment (2,943 contracts, up by 648), Zhongtai Futures (1,144 contracts, up by 268), and Zijin Tianfeng (1,488 contracts, up by 7) [1]. - The top three short position decreases were in Guotai Junan (14,433 contracts, down by 1,222), Dongzheng Futures (14,476 contracts, down by 1,103), and Huatai Futures (2,326 contracts, down by 825) [1].

Core Viewpoint - The article highlights the increasing interest of younger investors, particularly those born in the 1990s, in gold investments, with over 50% of gold investors now belonging to this demographic. The ongoing "golden bull market" is supported by various factors, including central bank purchases, geopolitical risks, and inflation pressures, which are expected to drive gold prices potentially above $4,000 per ounce in the next twelve months [1][2][3]. Group 1: Market Trends - Gold has seen a 25% increase in spot prices in 2025, making it a leading asset globally. Central banks are actively purchasing gold, and the trend is mirrored by younger investors entering the market [1][2]. - The recent fluctuations in gold prices, including a 1% drop following a positive U.S. non-farm payroll report, indicate market volatility, but the underlying support for gold remains strong [2][3]. - The World Gold Council reports that gold has surpassed the euro to become the second-largest reserve asset globally, following the U.S. dollar [1]. Group 2: Investment Characteristics - The 90s generation prefers "light entry and flexible operation" in their investment approach, with over 60% engaging in products like accumulated gold. Their trading activity peaks during evening hours, reflecting a trend towards "fragmented finance" [5]. - Regional consumption patterns show Guangdong, Jiangsu, and Zhejiang as the top three provinces for gold purchases, influenced by cultural practices and investment behaviors [5]. Group 3: Company Initiatives - JD Finance is enhancing its one-stop gold trading platform to provide diverse investment options, aiming to meet varying investor needs and improve the overall investment experience [4][5]. - The company plans to upgrade its services by strengthening investor education, expanding its product offerings, and improving professional service systems to facilitate smoother transactions and better investment analysis [7].

Group 1: Platinum Market - Recent volatility in platinum prices has raised concerns, with speculation and ETF demand driving prices to a ten-year high, rather than fundamental improvements [2] - A significant drop in precious metal futures was observed on June 27, with COMEX gold futures down 1.85% and spot platinum down 5.9%, indicating potential market instability [2] - Investors are advised to carefully assess market risks before investing in platinum, as its price is heavily influenced by supply and demand dynamics, similar to industrial metals like copper [2] Group 2: Domestic Gold Market - The base gold price in the domestic market is 761.3 RMB per gram, but there are significant price differences among brands, with leading brands like Chow Tai Fook and Luk Fook Jewelry priced around 989 RMB per gram [3][4] - The price variations are primarily due to brand premiums and craftsmanship costs, with some brands offering lower prices, such as Cai Bai Jewelry at 978 RMB per gram [3][7] - The Shanghai Gold Exchange has reported a decline in prices for Au9999, Au9995, and Au100g gold bars, with decreases ranging from 0.42% to 0.58% [8] Group 3: Investment Considerations - The overall stability of the gold market contrasts with the volatility in the platinum market, highlighting the need for cautious investment strategies [9] - Consumers are encouraged to compare prices and services when purchasing gold jewelry or bars, ensuring they choose appropriate investment channels [9]

据了解，香港特区政府正积极推动在港建设国际黄金交易中心，开拓金融服务新增长点，巩固提升香港 国际金融中心地位。据"香港特区政府驻沪办"微信公众号消息，香港特区政府财经事务及库务局局长许 正宇表示，上金所在港设指定仓库除了吸引更多国际投资者参与其交易，也会增加香港的黄金储量，推 动相关服务发展。 此外，据"中银香港"微信公众号消息，中国银行（香港）（即"中银香港"）作为上金所在香港设立的国 际板指定仓库，于6月26日正式启用。中银香港表示，香港和上海两大国际金融中心在黄金市场上的升 级合作，为沪港两地多层次、多领域的金融合作注入了更丰富的内容，为投资者提供配合当前全球经济 格局的多元化资产配置方案。沪港黄金市场的协同发展，有助于提升人民币计价黄金的国际影响力。 宋向清表示，指定仓库的设立启用在吸引更多国际投资者参与人民币计价的黄金交易的同时，加强了上 海与香港两大金融中心在黄金市场的联系与合作，丰富了两地金融合作的内容和形式，促进两地在金融 市场基础设施、产品创新、监管协调等方面的合作与交流，实现优势互补，共同提升两地金融市场的国 际竞争力，并为投资者提供了更加多元化的资产配置方案，满足不同投资者的风险偏好和投 ...