Market Overview - The jewelry sector increased by 1.09% on August 21, with Jin Yi Culture leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Jin Yi Culture (002721) closed at 4.19, up 6.35% with a trading volume of 3.27 million shares and a turnover of 1.377 billion [1] - Chao Hong Ji (002345) closed at 15.97, up 2.44% with a trading volume of 290,000 shares and a turnover of 461 million [1] - Zhou Dazheng (002867) closed at 13.24, up 1.15% with a trading volume of 128,100 shares [1] - Cai Zi Co. (665599) closed at 15.42, up 1.05% with a trading volume of 61,900 shares [1] - Di A Co. (301177) closed at 30.05, up 0.40% with a trading volume of 16,200 shares [1] - Other notable performances include Xin Hua Jin (600735) at 8.21, up 0.37%, and Lao Feng Xiang (600612) at 47.82, up 0.31% [1] Fund Flow Analysis - The jewelry sector experienced a net outflow of 64.21 million from institutional investors and 26.09 million from retail investors, while individual investors saw a net inflow of 90.30 million [2][3] - Jin Yi Culture had a net outflow of 45.76 million from institutional investors, while retail investors contributed a net inflow of 36.87 million [3] - Chao Hong Ji saw a net inflow of 24.50 million from institutional investors and a net outflow of 62.13 million from retail investors [3] - Zhou Dazheng had a net inflow of 6.16 million from institutional investors and a net inflow of 11.70 million from retail investors [3]

机构：天风证券 研究员：刘奕町/曾先毅 受益金铜价格上行，业绩同比高增 公司25H1 实现营收41.55 亿元，yoy+178.36%，实现归母净利润14.34 亿元，同比+732.36%；其中Q2 实 现营收22 亿元，同比+107.7%，环比+12.5%，归母净利润8.25 亿元，同比+2244.8%，环比+35.6%。 长山壕矿：25H1 产量年化超过全年指引，成本稳中有降量：25H1 黄金产量1.43 吨，Q1/2 分别为 0.74/0.69 吨。25H1 黄金销售1.7吨，Q1/2 分别0.9/0.79 吨。 甲玛矿：年化产量超指引，折价系数、副产收益环比升高，成本环比下降量：25H1 黄金产量1.36 吨， Q1/2 分别为0.7/0.66 吨；25H1 黄金销售1.3吨，Q1/2 分别0.65 吨。25H1 铜产量3.5 万吨，Q1/2 分别 1.7/1.8 万吨；25H1铜销售3.4 万吨，Q1/2 分别1.7/1.8 万吨。H1 副产银86 吨，铅2.1 万吨，锌1.1 万吨， 钼453 吨。 价：25H1 伦铜均价9442 美元/吨，Q1/2 分别为9340/9480 美元/盎司；金银等副 ...

分红方面，中国黄金A股上市后累计派现25.20亿元。近三年，累计派现18.48亿元。 机构持仓方面，截止2025年3月31日，中国黄金十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股3385.62万股，为新进股东。 来源：新浪证券-红岸工作室 8月19日，中国黄金跌0.25%，成交额1.16亿元。两融数据显示，当日中国黄金获融资买入额1451.81万 元，融资偿还1892.43万元，融资净买入-440.62万元。截至8月19日，中国黄金融资融券余额合计3.50亿 元。 融资方面，中国黄金当日融资买入1451.81万元。当前融资余额3.48亿元，占流通市值的2.54%，融资余 额低于近一年40%分位水平，处于较低位。 融券方面，中国黄金8月19日融券偿还0.00股，融券卖出3400.00股，按当日收盘价计算，卖出金额2.77 万元；融券余量19.74万股，融券余额160.68万元，低于近一年50%分位水平，处于较低位。 资料显示，中国黄金集团黄金珠宝股份有限公司位于北京市东城区安外大街柳荫公园南街1号，成立日 期2010年12月16日，上市日期2021年2月5日，公司主营业务涉及中国黄金是国内专业 ...

Market Overview - The jewelry sector increased by 1.43% on August 20, with Chao Hong Ji leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Individual Stock Performance - Chao Hong Ji (002345) closed at 15.59, up 4.21% with a trading volume of 290,900 shares and a turnover of 446 million yuan [1] - Shen Zhonghua A (000017) closed at 6.84, up 4.11% with a trading volume of 455,800 shares and a turnover of 313 million yuan [1] - Lai Xi Tong Ling (603900) closed at 10.68, up 2.79% with a trading volume of 274,500 shares and a turnover of 289 million yuan [1] - Man Ka Long (300945) closed at 19.17, up 2.29% with a trading volume of 194,000 shares and a turnover of 370 million yuan [1] - Ming Pai Jewelry (002574) closed at 5.90, up 2.08% with a trading volume of 210,800 shares and a turnover of 123 million yuan [1] - Di A Shares (301177) closed at 29.93, up 1.91% with a trading volume of 21,800 shares and a turnover of 64.5 million yuan [1] - Cai Zi Shares (605599) closed at 15.26, up 1.46% with a trading volume of 51,000 shares and a turnover of 77.2 million yuan [1] - Xing Hua Jewelry (002731) closed at 13.57, up 1.34% with a trading volume of 100,200 shares and a turnover of 135 million yuan [1] - Zhou Da Sheng (002867) closed at 13.09, up 1.16% with a trading volume of 76,500 shares and a turnover of 99.5 million yuan [1] - Lao Feng Xiang (600612) closed at 47.67, up 0.82% with a trading volume of 18,000 shares and a turnover of 85.6 million yuan [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 87.08 million yuan from institutional investors, while retail investors experienced a net outflow of 138 million yuan [2] - The overall capital flow indicates a strong interest from institutional investors despite the outflow from retail investors [2]

他进一步称，在这一背景下，一些中国本土品牌成功在高端市场突围，代表中国非遗工艺、经典文化和 经典审美的中国品牌成为高端消费市场的主流力量。 中新网北京8月20日电 （记者 夏宾）中国黄金品牌已跻身国际高奢市场。 据弗若斯特沙利文近期公布的调研资料显示，老铺黄金消费者与路易威登、爱马仕、卡地亚、宝格丽、 蒂芙尼等国际五大奢侈品牌的消费者平均重合率高达77.3%，具备高端消费特点。 这意味着，国际奢侈品牌消费者越来越多转向中国黄金品牌，而中国品牌也成了高端消费的主流力量。 20日，老铺黄金发布截至2025年6月30日止六个月中期业绩，半年销售业绩（含税收入）达141.8亿元， 同比增长249%；经调整净利润达23.5亿元，同比增长291%，营收和利润双双持续呈高增长。 "过去20年消费者对国际大牌的追逐，开始转求趋于文化、审美和更真切品牌价值取向的中国品牌。"第 一财经商学院院长黄磊认为，随着中国经济崛起和文化自信的增强，消费者行为从"炫耀性消费"转向追 求"品质与内涵"。 "上海是全球奢侈品的商业中心，对亚洲乃至全世界市场有巨大的辐射带动作用。"黄磊说，从上海在全 球奢侈品市场的核心地位来看，一旦有中国品牌能在 ...

中国黄金国际（02099）盘中涨超5%，高见84.15港元，创历史新高。截至发稿，股价上涨3.90%，报82.65港元，成交额9306.87万港元。 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 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 责任编辑：卢昱君 ...

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]