Wind数据显示，截至10时左右，现货黄金报3383.61美元/盎司。COMEX黄金期货涨近2%，报3385.70美 元/盎司。此外，沪金主力涨近2%，最新报798.96元/克。 继昨日大涨近3%后，国际金价今日再度走强。 5月6日上午，现货黄金持续拉升，日内涨幅扩大至1%，短线涨超40美元，站上3380美元/盎司。 具体来看，周大福金饰价格为1026元/克，较前日上涨28元/克；周生生金饰价格为1023元/克，较前一日 上涨23元/克；老庙黄金金饰价格为1022元/克，上涨31元/克；老凤祥足金饰品价格为1025元/克，较前 日上涨27元/克。 近期，世界黄金协会发布的报告显示，一季度全球金价20次突破历史新高，受此影响，全球金饰消费总 量同比下降21%，为2020年以来的最低点。不过，黄金投资需求大幅增长，一季度全球黄金投资需求量 为551.9吨，同比大增170%。这说明，在金价屡创新高的背景下，全球金饰需求下降，但黄金作为投资 产品的属性更被看好。 机构观点来看，此前5月5日，高盛重申对黄金的结构性看涨观点，基本预期年底金价为每盎司3700美 元，到2026年中期则达4000美元。 银河证券研报称，黄金 ...

Core Viewpoint - Recent fluctuations in gold prices have drawn significant market attention, with record trading volumes in gold futures and active performance of gold stocks in A-shares. However, expectations of a trade war easing and positive U.S. employment data have led to a recent decline in gold prices [1] Group 1: Identification of True Gold Stocks - Investors must identify what constitutes a true gold stock, which should primarily engage in gold mining and refining, rather than merely trading or processing gold [2] - Companies like China Gold and Zhou Dasheng, while involved in gold sales, do not qualify as true gold stocks as they operate in the retail or jewelry sector [2] - The proportion of gold mining and refining in a company's main business is crucial for determining its classification as a gold stock [2][3] Group 2: Importance of Gold Resource and Ore Grade - The global gold supply is limited, with 2023 production at 3,000 tons and proven reserves at 59,000 tons, indicating a mining lifespan of approximately 20 years [6] - The amount of gold resources a company possesses is a key factor in its valuation, with a direct correlation between resource quantity and market capitalization [6][7] - Ore grade is also significant; higher-grade mines yield more gold from the same resource, enhancing their value [8] Group 3: Correlation Between Gold Prices and Gold Stocks - Gold stock performance is strongly correlated with gold prices, with a correlation coefficient of 0.82 since 2009 [12] - However, during specific periods, such as 2014-2018, gold stocks were more influenced by overall market performance than gold prices [14][15] - The relationship between gold prices and gold stocks has shifted post-2019, with increased volatility in gold prices leading to a stronger correlation with gold stock performance [16][17] Group 4: Volatility of Gold Stocks - Gold stocks tend to exhibit greater volatility than gold prices, with significant fluctuations observed in the past [21] - Individual gold stocks can show substantial performance differences, influenced by factors such as company valuation and earnings [24] - The performance of gold stocks can diverge significantly from the broader gold industry index, highlighting the need for careful selection [22] Group 5: Market Outlook and Investment Considerations - Despite short-term fluctuations, the long-term outlook for gold remains positive, driven by factors such as trade tensions and the depreciation of the dollar [27][28] - Analysts suggest that while gold prices may experience temporary adjustments, the underlying bullish trend for gold is expected to continue [27] - Investors should consider both gold price trends and individual company fundamentals when investing in gold stocks [26]

Core Viewpoint - The article discusses the impact of rising international gold prices on different segments of the gold industry, highlighting the contrasting performance of upstream mining companies versus downstream consumers and the cautious attitudes of stakeholders in the industry [2][4]. Group 1: Industry Performance - Upstream mining companies have seen significant profit increases due to rising gold prices, while downstream consumer demand has decreased, particularly for jewelry, which is more sensitive to price [2][6]. - In 2024, the average net profit of 11 gold companies in the Shenwan sector reached 1.28 billion yuan, while Zijin Mining's gold production gross profit was 19.66 billion yuan, with a gross margin of nearly 56% [3]. - Companies like Shandong Gold and Hengbang have experienced declining profit margins due to rising costs, with Hengbang's gross margin dropping to 0.71% despite revenue growth [5][6]. Group 2: Consumer Demand and Inventory - China's gold consumption in 2024 fell by 9.58% year-on-year, with jewelry and industrial gold usage declining significantly, while gold bars and coins saw a 24.54% increase [6]. - Companies heavily reliant on gold jewelry, such as Zhou Daxing and Lao Fengxiang, reported substantial revenue declines, with Zhou Daxing's revenue dropping over 47% in the first quarter of the year [7]. - Some downstream companies, like Zhou Daxing, have seen inventory levels rise, indicating a mismatch between production and consumer demand [10]. Group 3: Caution Among Stakeholders - Several gold companies, including Hunan Gold and Chifeng Gold, have reduced their inventory levels by significant percentages, indicating a cautious approach to potential price volatility [9][11]. - Fund holdings in gold companies have decreased, with total holdings dropping from 2.40 billion shares in June 2024 to 1.13 billion shares in the first quarter of 2025, reflecting a cautious sentiment among institutional investors [11][12]. - The article emphasizes the complexity of gold pricing and the need for market participants to be vigilant, especially those who may be blindly chasing price increases [12].

本报记者 顾梦轩 夏欣 广州 北京报道 在经过持续上涨后，近日，国际金价高位盘整后连续下跌。5月1日，现货黄金日内大跌超过50美元，一 度下探3234美元/盎司，跌幅超1.6%。 国内金饰价格跟跌。5月1日，老庙黄金金饰最新标价995元/克。金饰价格20天来首次跌破千元。4月22 日，周六福足金999.9还曾涨破1100元。 其他金饰品牌标价也都跌回千元附近。5月1日上午，周六福足金饰品报价1009元/克；周生生足金饰品 报价1002元/克。 金价下跌，让许多狂热的投资者措手不及，有媒体报道称，有黄金投资者一夜损失47万元。 受金价下跌影响，黄金股以及黄金ETF表现也受到影响。但机构认为，从长期看，黄金股和黄金ETF以 及黄金股ETF的投资价值依然存在。 贸易政策缓和削减避险需求 狂飙已久的黄金价格为何突然大跌？ 格上基金研究员焦冰在接受《中国经营报》记者采访时表示，近期金价波动与美国关税扰动、美元指数 震荡关系及交易过热较为密切。 首先，2025年4月美国对华关税政策落地后，市场对贸易摩擦升级的担忧一度推高金价至历史高位，而 后白宫释放对各国的缓和信号，并且特朗普公开发表对华关税将大幅下降等言论，导致金价快 ...

证券代码：601069 证券简称：西部黄金 公告编号：2025-024 西部黄金股份有限公司 关于回购注销业绩承诺补偿股份的进展公告 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。 一、业绩承诺补偿股份出让方延长办理期限的情况 近日，西部黄金股份有限公司（以下简称"公司"）收到业绩承诺补偿股份 出让方新疆有色金属工业（集团）有限责任公司（以下简称"新疆有色"）和杨 生荣先生《关于协议转让业绩承诺补偿股份延长办理期限的函》，具体情况如下： 2022 年 2 月公司（甲方）与新疆有色（乙方一）及杨生荣（乙方二）签署 《西部黄金股份有限公司与阿克陶科邦锰业制造有限公司股东及阿克陶百源丰 矿业有限公司股东之业绩承诺补偿协议》，协议约定"若乙方根据本协议约定需 进行股份补偿的，则乙方应在甲方股东大会作出通过向乙方定向回购该等应补偿 股份议案的决议日后 10 个工作日内将其需要补偿的股份划转至甲方账户，甲方 应在履行相应的法定程序后将取得的补偿股份予以注销。" （二）本次业绩承诺补偿股份出让方延长办理期限原因 现由于相关事项前期准备材料和 ...

证券代码：601069 证券简称：西部黄金 编号：2025-023 西部黄金股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 05 月 19 日 （星期一） 15:00-16:00 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： 会议召开时间：2025 年 05 月 19 日 （星期一） 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sse info.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 12 日 （星期一） 至 05 月 16 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱（wrgol d@wrgold.cn）进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 西部黄金股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公 司 2025 年第一季度报告，为便于 ...

证券代码：601069 证券简称：西部黄金 公告编号： 2025-022 西部黄金股份有限公司 2025 年第一季度经营数据公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》要求，现将西部黄金股份有限公司（以下简称"公司"）2025 年 第一季度（1-3 月）主要有色金属品种产销量及盈利情况披露如下（财务数据未 经审计）： 一、2025 年第一季度（1-3 月）主营业务分行业、分产品、分地区、分销售模式情况 单位：元 币种：人民币 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成本 | 毛利率（%） | 营业收入比上年增 | 营业成本比上 | 毛利率比上年增减 | | | | | | 减（%） | 年增减（%） | （%） | | 黄金行业 | 1,508,003,259.23 | 1,422,538,270.46 ...

西部黄金股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日以现场送 达和电子邮件方式向全体监事发出第五届监事会第十一次会议的通知，并于 2025 年 4 月 28 日在公司十三楼会议室以现场和通讯表决相结合的方式召开。会 议由监事会主席蔡莉女士主持，应参会监事 5 名，实际参会监事 5 名（其中：以 通讯表决方式出席会议 1 人），公司全体监事在充分了解会议内容的基础上参加 了表决，公司非董事高级管理人员列席了会议，会议的召集与召开符合《公司法》 和《公司章程》的有关规定，会议所作决议合法有效。 二、监事会会议审议情况 1. 审议并通过《关于<公司 2025 年第一季度报告>的议案》 证券代码：601069 证券简称：西部黄金 编号：2025-021 西部黄金股份有限公司 第五届监事会第十一次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 西部黄金股份有限公司监事会 2025 年 4 月 29 日 1 表决结果：同意 5 票，反对 0 票，弃权 0 票。 具体内容详见上海证 ...

西部黄金股份有限公司 第五届董事会第十三次会议决议公告 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。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 证券代码：601069 证券简称：西部黄金 公告编号：2025-020 一、董事会会议召开情况 西部黄金股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日以直接送 达和电子邮件方式向全体董事、监事、高级管理人员发出第五届董事会第十三次 会议的通知，并于 2025 年 4 月 28 日以现场和通讯表决相结合的方式在公司十三 楼会议室召开。会议由董事长唐向阳先生主持，应参会董事 9 名，实际参会董事 9 名（其中：以通讯表决方式出席会议 1 人），公司全体董事在充分了解会议内 容的基础上参加了表决。公司监事和高级管理人员列席了会议，会议的召集与召 开符合《公司法》和《公司章程》的有关规定，会议所作决议合法有效。 二、董事会会议审议情况 1. 《关于<公司 2025 年第一季度报告>的议案》 特此公告。 西部黄金股份有限公司董事会 2025 年 4 月 29 日 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,942,898,479.19, representing a 36.06% increase compared to CNY 1,427,943,273.59 in the same period last year[5] - Net profit attributable to shareholders was CNY 34,613,852.86, a 7.79% increase from CNY 32,113,671.53 year-on-year[5] - Basic earnings per share increased to CNY 0.0377, up 7.71% from CNY 0.0350 in the same period last year[5] - Net profit for Q1 2025 was ¥26,097,829.08, a decrease of 19% compared to ¥32,125,010.24 in Q1 2024[19] - Earnings per share for Q1 2025 were ¥0.0377, compared to ¥0.0350 in Q1 2024[20] Cash Flow - The net cash flow from operating activities was negative at CNY -159,251,742.40, a significant decrease of 168.62% compared to CNY 232,063,472.54 in the previous year[5] - Cash inflow from operating activities for Q1 2025 was $2,563,012,658.09, a significant increase from $1,497,175,734.72 in Q1 2024, representing a growth of approximately 71.2%[21] - Net cash flow from operating activities for Q1 2025 was -$159,251,742.40, compared to a positive $232,063,472.54 in Q1 2024, indicating a decline in operational profitability[22] - Cash inflow from financing activities for Q1 2025 was $698,349,760.00, compared to $318,694,600.00 in Q1 2024, marking an increase of approximately 119.5%[22] - The ending cash and cash equivalents balance for Q1 2025 was $954,863,087.35, compared to $738,604,897.92 in Q1 2024, showing an increase of about 29.2%[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,500,415,848.13, a decrease of 1.65% from CNY 7,626,264,860.10 at the end of the previous year[6] - The company reported a total liability of ¥2,833,259,739.94, down from ¥2,988,192,702.26 in the previous period[16] - The total equity attributable to shareholders was ¥4,674,452,685.39, an increase from ¥4,636,764,819.02[17] - The company’s total non-current liabilities increased to ¥1,651,566,706.05 from ¥1,498,097,414.25[16] Research and Development - Research and development expenses increased by 106.50% due to the expansion of R&D projects during the reporting period[9] - Research and development expenses for Q1 2025 were ¥3,700,731.97, significantly higher than ¥1,792,146.28 in Q1 2024, indicating increased investment in innovation[18] Inventory and Operating Costs - The company's inventory increased by 40.21%, primarily due to a rise in manganese product stock[9] - The company experienced a 42.80% increase in operating costs, driven by higher procurement prices for standard gold compared to the previous year[9] - Total operating costs for Q1 2025 were ¥1,897,559,972.21, up 40% from ¥1,354,214,017.81 in Q1 2024[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 58,959[11] - The largest shareholder, Xinjiang Nonferrous Metals Industry (Group) Co., Ltd., holds 505,292,451 shares, accounting for 55.06% of the total shares[12] Other Financial Metrics - The weighted average return on equity was 0.74%, a slight increase from 0.73%[5] - The company’s investment income for Q1 2025 was ¥1,350,978.67, recovering from a loss of ¥13,158,567.98 in Q1 2024[19] - Cash received from sales and services in Q1 2025 was $2,477,095,204.60, significantly higher than $1,474,217,784.76 in Q1 2024, indicating a growth of approximately 68.0%[21] - Cash paid for goods and services in Q1 2025 was $2,481,633,277.48, compared to $1,102,875,398.87 in Q1 2024, reflecting an increase of about 125.0%[21] Accounting Standards - The company will not apply new accounting standards starting from 2025, as indicated in the announcement[23]