消息面上，中国黄金国际近日发布2025年中期业绩，销售收入5.8亿美元，同比增加178.36%；矿山经营 盈利2.77亿美元，同比增加1443.71%；股东应占溢利2亿美元，上年同期股东应占亏损3167.4万美元， 同比扭亏为盈。公告称，黄金平均实现售价由2024年首六个月的每盎司2285美元上升35%至2025年同期 的每盎司3094美元。长山壕矿的黄金销量为52893盎司(黄金产量：45829盎司)，而2024年同期为39951 盎司(黄金产量：40257盎司)。 兴业证券认为，美联储降息预期升温，中长期看好黄金及铜价格中枢上移。长山壕金矿生产恢复稳定， 甲玛矿规划27H1投产三期尾矿库并着手提高采矿证载能力，届时产量有望恢复至尾砂外溢前水平。国 信证券指出，考虑到公司金、铜产品组合，资源储量丰富，产量稳中有升，给予公司2025年12-13倍估 值目标，相对于目前股价有约18%-28%上涨空间，首次覆盖，给予"优于大市"评级。 中国黄金（600916）国际(02099)涨超5%，高见84.15港元创历史新高。截至发稿，涨5.28%，报83.75港 元，成交额7186.65万港元。 ...

兴业证券认为，美联储降息预期升温，中长期看好黄金及铜价格中枢上移。长山壕金矿生产恢复稳定， 甲玛矿规划27H1投产三期尾矿库并着手提高采矿证载能力，届时产量有望恢复至尾砂外溢前水平。国 信证券指出，考虑到公司金、铜产品组合，资源储量丰富，产量稳中有升，给予公司2025年12-13倍估 值目标，相对于目前股价有约18%-28%上涨空间，首次覆盖，给予"优于大市"评级。 消息面上，中国黄金国际近日发布2025年中期业绩，销售收入5.8亿美元，同比增加178.36%；矿山经营 盈利2.77亿美元，同比增加1443.71%；股东应占溢利2亿美元，上年同期股东应占亏损3167.4万美元， 同比扭亏为盈。公告称，黄金平均实现售价由2024年首六个月的每盎司2285美元上升35%至2025年同期 的每盎司3094美元。长山壕矿的黄金销量为52893盎司(黄金产量：45829盎司)，而2024年同期为39951 盎司(黄金产量：40257盎司)。 智通财经APP获悉，中国黄金国际(02099)涨超5%，高见84.15港元创历史新高。截至发稿，涨5.28%， 报83.75港元，成交额7186.65万港元。 ...

Group 1 - The China Gold Association held a cadre meeting to discuss organizational changes and leadership appointments [1] - Jiang Wei, Deputy Secretary and Vice President of the China Iron and Steel Industry Association, attended the meeting and delivered a speech [1] - The meeting was presided over by Zang Ruoyu, Director of the Organization and Personnel Department of the Steel Association, who announced the personnel decisions of the Gold Association [1] Group 2 - The Steel Association's Party Committee appointed Yan Diyong as a member and Secretary of the Party Committee of the China Gold Association [1] - Chen Yuqian was appointed as a member and Deputy Secretary of the Party Committee of the China Gold Association [1] - The meeting included participation from all cadres and staff of the Gold Association [1]

Core Insights - The company reported a significant increase in revenue and profitability in the first half of the year, achieving a revenue of $580 million, up 178% year-on-year, and a net profit of $200 million, marking a turnaround from losses [1] - The production and sales data for core products indicate strong performance, with gold production of 2.74 tons and copper production of 34,900 tons in the first half of the year, suggesting a high likelihood of exceeding annual production guidance [1] Revenue and Profitability - The company achieved Q1/Q2 revenues of $273 million and $307 million respectively, with Q2 showing a 12% quarter-on-quarter increase [1] - The net profit for Q1/Q2 was $85 million and $115 million respectively, with Q2 reflecting a 35% quarter-on-quarter growth [1] Production and Sales Data - Gold production for the first half was 2.74 tons, with Q1/Q2 production of 1.39 tons and 1.35 tons respectively; gold sales were 2.94 tons, with Q1/Q2 sales of 1.50 tons and 1.44 tons [1] - Copper production reached 34,900 tons, with Q1/Q2 production of 16,900 tons and 18,000 tons; copper sales were 34,300 tons, with Q1/Q2 sales of 16,700 tons and 17,600 tons [1] Cost Structure - The unit production cost for gold at Changshanhao was $1,619 per ounce, with Q1/Q2 costs of $1,625 and $1,612 per ounce respectively [2] - The unit production cost for copper at Jiama was $3.29 per pound, with Q1/Q2 costs of $3.41 and $3.19 per pound; after deducting by-product credits, the copper unit cost was $0.53 per pound for the first half, with Q1/Q2 costs of $0.73 and $0.33 per pound, indicating significant cost optimization in Q2 [2] Operational Insights - Changshanhao gold mine operates as an open-pit mining operation with a designed capacity of 60,000 tons per day, reduced to 40,000 tons per day as of July 2019; the mine is approaching the end of its life, with underground operations expected to commence around 2029-2030 [3] - Jiama copper-gold polymetallic mine employs both underground and open-pit mining methods, with a combined capacity of 50,000 tons per day; operations were halted due to tailings overflow in March 2023, but are expected to resume in May 2024 with a reduced capacity of 34,000 tons per day [3] - The company is actively advancing the construction of a third tailings storage facility, expected to be completed and operational by mid-2027, which will increase total daily processing capacity to 44,000 tons [3]

Group 1 - China Gold International reported a net profit of 200 million USD for H1 2025, marking a turnaround from losses year-on-year; Q2 2025 net profit was 115 million USD, also a year-on-year turnaround, with a quarter-on-quarter increase of 35.6% [1] - In Q2 2025, the average prices for copper and molybdenum showed a stable increase, while the average gold price surged by 15%; LME copper averaged 9,476 USD/ton, up 0.7% quarter-on-quarter; London gold averaged 3,280 USD/ounce, up 14.7% quarter-on-quarter; molybdenum concentrate averaged 3,582 RMB/ton, up 2.3% quarter-on-quarter [1] Group 2 - Q2 2025 production figures for the Jiama mine exceeded expectations: copper production was 18,000 tons, up 7% quarter-on-quarter; gold production was 21,300 ounces (0.66 tons), up 1%; silver production was 1,436,000 ounces (45 tons), up 9%; molybdenum production was 255 tons, up 29% [2] - The pricing coefficient for copper improved, with the discount coefficient rising from approximately 60% in Q1 2025 to about 67% in Q2 2025, enhancing the company's earnings elasticity to copper prices [2] - Significant cost improvements were noted in Q2 2025, with cash costs before by-product credits for copper dropping from 2.62 USD/pound in Q1 2025 to 2.35 USD/pound; total production costs before by-product credits decreased from 3.41 USD/pound to 3.19 USD/pound [2] Group 3 - The Changshanhao mine's gold production in Q2 2025 was 22,100 ounces (0.69 tons), down 7% quarter-on-quarter; sales were 25,500 ounces (0.79 tons), also down 7%; cumulative gold production for H1 2025 was 45,800 ounces (1.43 tons), achieving 57% of the annual guidance median [3] - The stockpile of ore at the Changshanhao mine increased significantly, with 3.39 million tons added in the quarter, a 25% increase from Q1 2025; the in-process gold at the end of the period was 155,000 ounces (4.83 tons), an increase of 7,000 ounces (220 tons) [3] - The company has not revised its production guidance; based on strong production and cost performance in Q2 2025, sales assumptions for Jiama copper mine and Changshanhao mine have been raised to the upper limit of guidance, with expected net profits of 393 million, 429 million, and 497 million USD for 2025 to 2027, corresponding to current P/E ratios of 10.2, 9.3, and 8.1 times [3]

8月18日，沪深两融数据显示，中国黄金获融资买入额0.17亿元，居两市第1269位，当日融资偿还额0.16 亿元，净买入85.52万元。 最近三个交易日，14日-18日，中国黄金分别获融资买入0.13亿元、0.16亿元、0.17亿元。 作者：智投君 融券方面，当日融券卖出0.06万股，净卖出0.04万股。 本文源自：金融界 ...

Market Overview - On August 18, the jewelry sector rose by 0.11% compared to the previous trading day, with Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up by 0.85%, while the Shenzhen Component Index closed at 11835.57, up by 1.73% [1] Individual Stock Performance - Xinhua Jin (600735) closed at 8.44, with a gain of 2.93% and a trading volume of 194,700 shares, amounting to a transaction value of 164 million yuan [1] - Ruibeka (600439) closed at 3.14, up by 1.95%, with a trading volume of 362,900 shares and a transaction value of 114 million yuan [1] - Diya Co. (301177) closed at 29.33, gaining 1.56% with a trading volume of 17,400 shares and a transaction value of 51 million yuan [1] - Other notable performances include: - Mingpai Jewelry (002574) at 5.78, up by 1.05% [1] - Chaohongji (002345) at 15.36, up by 0.66% [1] - Mankalon (300945) at 18.72, up by 0.38% [1] - China Gold (600916) at 8.16, up by 0.25% [1] - Laofengxiang (600612) at 47.37, up by 0.06% [1] - Zhou Dazheng (002867) at 13.02, down by 0.15% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 191 million yuan from institutional investors, while retail investors saw a net inflow of 166 million yuan [2] - Notable capital flows for individual stocks include: - Chaohongji (002345) had a net inflow of 9.94 million yuan from institutional investors [3] - Xinhua Jin (600735) saw a net outflow of 6.83 million yuan from institutional investors [3] - Laofengxiang (600612) had a slight net inflow of 0.24 million yuan from retail investors [3] - Zhou Dazheng (002867) experienced a net outflow of 1.02 million yuan from institutional investors but a net inflow of 3.67 million yuan from retail investors [3]

Core Viewpoint - The recent mid-year performance reports from several Hong Kong-listed non-ferrous metal companies show significant profit increases, driven by rising prices and production of metals like copper and gold [1][4]. Group 1: Company Performance - China Gold International reported a revenue of $580 million, a year-on-year increase of 178%, and a net profit of $202 million, marking a turnaround from losses [2]. - The company achieved a record high quarterly revenue of $307 million in Q2, with a net profit of $116 million, also reflecting a significant year-on-year improvement [2]. - Minmetals Resources announced a net profit of $566 million for the first half of 2025, a more than 600% increase compared to $79.5 million in the same period of 2024 [3]. - Zijin Mining is expected to report a net profit of approximately $32 billion for the first half of 2025, an increase of about 54% from $15.1 billion in the same period last year [3]. Group 2: Metal Prices and Market Trends - The performance growth of companies like Zijin Mining, Minmetals Resources, and China Gold International is primarily attributed to the rising prices of copper, gold, and silver [4]. - In the first half of the year, LME copper prices increased by 12.66%, while COMEX gold and silver prices rose by over 25% [4]. - The demand for copper is expected to surge due to its applications in electric vehicles and data centers, with projections indicating that demand could rise from approximately 500,000 tons annually to nearly 3 million tons by 2050 [4]. Group 3: Supply and Demand Dynamics - There is a projected global copper supply gap of 10 million tons over the next decade, indicating a tightening supply situation [5]. - The transition in the Federal Reserve's monetary policy is anticipated to lower the dollar index and U.S. Treasury yields, which may support copper's financial attributes [5]. - The demand for gold is bolstered by geopolitical tensions and increasing central bank reserves, with expectations of continued upward pressure on gold prices due to anticipated interest rate cuts [6].

智通财经获悉，中国黄金国际(02099)涨近4%，高见79.9港元创新高。截至发稿，涨3.79%，报79.35港 元，成交额1.85亿港元。 消息面上，中国黄金国际发布截至2025年6月30日止六个月业绩，销售收入5.8亿美元，同比增加 178.36%；矿山经营盈利2.77亿美元，同比增加1443.71%；股东应占溢利2亿美元，上年同期股东应占亏 损3167.4万美元，同比扭亏为盈；每股基本盈利50.53美仙。 公告称，黄金平均实现售价由2024年首六个月的每盎司2285美元上升35%至2025年同期的每盎司3094美 元。长山壕矿的黄金销量为52893盎司(黄金产量：45829盎司)，而2024年同期为39951盎司(黄金产量： 40257盎司)。 本文源自智通财经网 ...

Core Viewpoint - China Gold International (600916) shares rose nearly 4%, reaching a new high of 79.9 HKD, driven by strong financial performance in its latest earnings report [1] Financial Performance - For the six months ending June 30, 2025, the company reported sales revenue of 580 million USD, an increase of 178.36% year-on-year [1] - Mining operating profit reached 277 million USD, reflecting a significant increase of 1443.71% compared to the previous year [1] - Shareholders' profit amounted to 200 million USD, a turnaround from a loss of 31.67 million USD in the same period last year [1] - Basic earnings per share were reported at 50.53 cents [1] Gold Pricing and Production - The average selling price of gold increased by 35%, from 2,285 USD per ounce in the first half of 2024 to 3,094 USD per ounce in the first half of 2025 [1] - The Longshanhao mine sold 52,893 ounces of gold, with a production of 45,829 ounces, compared to 39,951 ounces sold and 40,257 ounces produced in the same period of 2024 [1]