9月1日，A股市场全天震荡分化，创业板指领涨，沪指窄幅震荡。板块上，黄金概念股集体大涨，浙富 控股、中金黄金、华钰矿业、湖南黄金、西部黄金等十股涨停。赤峰黄金、招金黄金、山东黄金、四川 黄金等涨超7%。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 0:00 中金公司表示，美国正在进入较长期的财政主导&货币配合的阶段，近期的人事变动印证了这一判断。 往前看，财政主导下美元流动性可能趋势性充裕，利好全球风险资产，债务货币化、金融抑制和通胀再 度上行，或将趋势利好黄金等抗通胀资产。 消息面上，今日国际金价高开高走，COMEX黄金期货一度涨超1%，最高触及3557.1美元/盎司，再创历 史新高；现货黄金盘中突破3480美元/盎司，已逼近4月份创下的历史新高。 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002155 湖南黄金 | | 2.53 Z | 9.57% | -7076.15万 | -2.68% | -1.82 Z- | -6.89% | | 002716 湖南白银 | | 2.08 Z | 17.55% | -8818.95万 | -7.45% | -1.20 Z | -10.10% | | 601069 西部黄金 | | 2666 I | 31.26% | -1.06 Z | -16.72% | -9252.89万 | -14.54% | | 600988 赤峰黄金 | | 1.50 Z | 3.77% | -1112.42万 | -0.28% | -1.39 Z | -3.49% | | 300139 | | 1.48亿 | 7.04% | -8333.49万 | -3.96% | -6488.48万 | -3.08% | | 600489 中金黄金 ...

从机构持仓角度来看，上述业绩超预期股中，二季度末获得社保基金持仓的有41只，其中7股获社保基 金持仓市值超10亿元，分别是三一重工（600031）、云铝股份（000807）、正泰电器（601877）、金诚 信（603979）、鹏鼎控股（002938）、西部超导、赤峰黄金（600988）。 人民财讯9月1日电，A股半年报披露收官，一批业绩超预期公司浮出水面。证券时报·数据宝统计，8月 以来发布的券商研报中，机构认为今年上半年或第二季度业绩超预期的股票有130只。 ...

Group 1 - International gold prices have significantly increased, with spot gold surpassing $3470 per ounce, reaching a new high since April 22, and COMEX gold futures also rising [1][6] - Domestic gold jewelry prices have followed suit, with multiple brands seeing prices return to over 1000 yuan per gram, including Chow Tai Fook at 1015 yuan (+0.59%) and Lao Feng Xiang at 1025 yuan (+0.89%) [1][2] - The gold jewelry index in A-shares and Hong Kong stocks surged by 4.56%, with companies like Western Gold and Yuguang Jin Lead hitting the daily limit [3][4] Group 2 - Analysts predict that the gold price will likely break the $3500 per ounce mark soon, driven by expectations of a potential interest rate cut by the Federal Reserve and declining U.S. economic data [6][9] - Several gold mining companies have reported growth in revenue and profit for the first half of 2025, including Shandong Gold and Zhongjin Gold, benefiting from high gold prices [6] - Long-term investment strategies are focusing on gold as a hedge against inflation, with recent market movements indicating a potential for further price increases [7]

西部黄金涨停，湖南白银、中金黄金、招金黄金、湖南黄金、晓程科技、山金国际等跟涨。 | 代码 | 名称 | 涨幅�. | 现价 | | --- | --- | --- | --- | | 601069 | 西部黄金 | +9.99% | 21.91 | | 002716 | 湖南白银 | +7.08% | 5.91 | | 000506 | 中润资源 | +5.13% | 9.82 | | 300139 | 喫程科技 | +4.61% | 20.63 | | 002155 湖南黄金 | | +4.31% | 21.58 | | 600489 | 中金黄金 | +4.20% | 16.66 | | 000975 山金国际 | | +3.92% | 20.43 | | 600547 山东黄金 | | +3.42% | 34.50 | | 002237 恒邦股份 | | +3.33% | 13.02 | | 600988 赤峰黄金 | | +3.08% | 26.78 | 实物黄金单价都已超过1000元/克。 9月1日，国际现货黄金高开，一度向上触及3450美元/盎司。 10:08 现货黄金站上3470美元/盎司，为 ...

9月1日，截至发稿前，COMEX黄金价格涨超1%，突破3550美元/盎司，达到3552.2美元/盎司，创历史新高。 国际金价再创历史新高，A股多个黄金股大涨。 美国商务部上周五发布的报告显示，7月个人消费支出(PCE)价格指数中，剔除食品和能源成本的核心通胀率按季节调整后的年化增速为2.9%，较6月上升0.1 个百分点，创下自2月以来的最高水平。 美联储的通胀目标为2%，因此上周五的报告显示，当前美国经济通胀水平仍未达到美联储认为的 "适宜区间"。 市场普遍预计，美联储今年内可能会降息一次甚至两次，这对包括黄金和白银在内的大宗商品价格构成整体支撑。 此外，多家国际金融机构看涨黄金，也在一定程度上支撑了金价。瑞士银行目前已将2026年上半年国际金价目标价上调至每盎司3700美元。美国银行的分析 师预计，到2026年上半年国际金价将触及每盎司4000美元高位。 瑞达期货日前发布的研究报告称，尽管美国通胀数据延续韧性，但美元走势并未得到支撑。通胀粘性与就业通胀放缓走势的"不对称"对美债长端收益率构成 双向拉扯，导致实际利率缺乏趋势性上行动力，美元难以获得实际利差优势，提振黄金货币属性。本周五公布的非农就业报告将成为 ...

西部黄金涨停，湖南白银、中金黄金、招金黄金、湖南黄金、晓程科技、山金国际等跟涨。 现货黄金站上3470美元/盎司，为4月以来新高。 10:08 现货黄金站上3470美元/盎司 09:42 黄金板块走强 | 代码 | 名称 | 涨幅。 | 11 | | --- | --- | --- | --- | | 601069 | 可部黄金 | +9.99% | 21.91 | | 002716 | 湖南自银 | +7.08% | 5.91 | | 000506 | 中润资源 | +5.13% | 9.17 | | 300139 | 晓程科技 | +4.61% | 20.63 | | 002155 | 湖南黄金 | +4.31% | 21.58 | | 600489 中会黄金 | | +4.20% | 16.66 | | 000975 山合国际 | | +3.92% | 20.43 | | 600547 山东黄金 | | +3.42% | 34.50 | | 002237 恒邦股份 | | +3.33% | 13.02 | | 600988 赤峰黄金 | | +3.08% | 26.78 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][11] Core Insights - The company reported a significant increase in H1 2025 performance, with a revenue of 5.272 billion yuan, up 25.64% year-on-year, and a net profit of 1.107 billion yuan, up 55.79% year-on-year [5][11] - The company successfully listed on the Hong Kong Stock Exchange, raising approximately 3.1 billion HKD, which enhances its capital structure and supports future exploration and expansion [8][10] Financial Performance Summary - In H1 2025, the company produced 6.75 tons of gold, a decrease of 10.56% year-on-year, with sales of 6.76 tons, down 10.91% year-on-year. The sales price increased by 41.42% to 699.95 yuan per gram [6] - The sales cost for gold in H1 2025 was 319.06 yuan per gram, up 11.78% year-on-year, while the all-in sustaining cost was 355.41 yuan per gram, up 34.28% year-on-year [6] - The company’s copper production in H1 2025 was 2,798.45 tons, an increase of 4.65% year-on-year, with a sales price of 69,718.53 yuan per ton, up 9.38% year-on-year [6] - The company’s net cash inflow from operating activities in H1 2025 was 1.613 billion yuan, up 12.39% year-on-year, primarily due to increased sales from rising gold prices [10] Future Earnings Forecast - The company is projected to achieve revenues of 11.105 billion yuan in 2025, 11.585 billion yuan in 2026, and 11.905 billion yuan in 2027, with corresponding net profits of 2.852 billion yuan, 3.225 billion yuan, and 3.463 billion yuan respectively [11][13]

Group 1: Silver Market Insights - The strong upward trend in spot silver prices is approaching $40 per ounce, with a potential breakout imminent [1] - Industrial demand for silver, particularly from solar panel applications, is supporting its price, leading to increased investments in silver-backed exchange-traded funds (ETFs) [1] - August marked the seventh consecutive month of expansion for these silver ETFs, the longest continuous inflow since 2020 [1] Group 2: Gold Market Insights - Gold remains a key hedge against short-term global policy fluctuations and growing skepticism regarding the Federal Reserve's credibility [1] - Morgan Stanley predicts that gold prices could reach $3,675 per ounce by the end of the year, with a potential rise to $4,000 per ounce by early next year [1] - The independence of the Federal Reserve is under threat, particularly following President Trump's attempt to remove a Fed governor, which could act as a strong bullish catalyst for gold prices [1] Group 3: Related Companies in Gold and Silver - Key companies in the gold industry include Zijin Mining (601899)(02899), Shandong Gold (600547)(01787), and Zhaojin Mining (01818) [2] - In the silver sector, China Silver Group (00815) reported a revenue of RMB 2.33 billion for the six months ending June 30, 2025, a year-on-year increase of 0.5%, with a profit attributable to shareholders of RMB 54.91 million, up 167.13% [3]

2025 年 08 月 31 日 九月策略和十大金股 —9 月十大金股 投资要点 ▌ 总量观点 海外关注行业关税、经济成色、降息指引和流动性影响。 美股资金提前防御，降息交易轮动，先关注困境反转的金 融、保健和地产，及降息受益的美债和黄金。国内经济边 际放缓，但重点行业延续扩张，供需矛盾逐步缓解，价格 指数连续回升，PPI 止跌值得期待。A 股快速拉升后分歧初 现，关注监管风向和散户入市进度。三大再平衡支撑下的 A 股有望震荡上行，把握科技轮动、降息交易和 PPI 回升利好 行业机会。 行业选择：1）科技轮动。关注科技成长内部的高低切换， 如机器人、创新药、军工、半导体、消费电子等。2）降息 交易。海外降息在即，中美货币宽松共振利好的 TMT、有 色、非银等。3）PPI 回升。PPI 回升拐点确认后，上游周 期、中游制造和下游消费有望受益，如有色、化工；电力 设备、机械；美护、食饮、农林牧渔等。 ▌ 本期金股组合： 电子：蓝思科技（300433.SZ） 电子：盛科通信-U（688702.SH） 电子：生益电子（688183.SH） 中小盘：思泉新材（301489.SZ） 新能源：浙江荣泰（603119.SH） ...