一、行情回顾 沪指全天震荡反弹，深成指、创业板指高开回落。大消费板块集体走高，体育、零售、食品等多个分支大涨，金陵体育、舒华体育、南宁百货、国芳集团、 绝味食品、双塔食品等多股涨停。海南本地股爆发，海马汽车、海汽集团、海南椰岛等封板。黄金股再度大涨，华钰矿业、湖南黄金涨停。个股涨多跌少， 沪深京三市超4500股飘红，今日成交1.31万亿。截止收盘沪指涨0.76%，深成指涨0.51%，创业板指涨0.34%。 二、当日热点 1、体育 早盘体育板块爆发，康力源、金陵体育、久祺股份悉数20cm涨停，新华都、浙江永强、舒华体育等集体涨停。 海南板块今日再度爆发，海汽集团、海南发展4天2板，双成药业3天2板，海德股份、京粮控股、海马汽车等集体上板。 | | | 最新价 = | 涨跌幅 ◆ | 涨停时间 = | 将于承 | 流通市值 ◆ | | --- | --- | --- | --- | --- | --- | --- | | 泰慕士 001234.SZ | 3天2板 | 21.12 | +10.00% | 09:25:00 | 2.49% | 19.11亿 | | 英派斯 002899.SZ | 3天2板 | 21. ...

暗盘资金一眼洞悉庄家意图>> 湖南黄金（002155）今日涨停，成交额24.33亿元，换手率8.20%，盘后龙虎榜数据显示，深股通专用席 位买入3.77亿元并卖出1.20亿元，一机构专用席位净买入6074.24万元，一机构专用席位净卖出2402.10万 元。 ...

在现货黄金站上3200美元后，高盛高盛将其2025年年末黄金价格预测上调至3700美元/盎司，较之前的预测增加了400美元，相应 的预测范围也从3250-3520美元调整为3650-3950美元。这一调整反映了中央银行需求的强劲复苏。此外，考虑到当前经济的不确 定性，预计 ETF 的资金流入将进一步增加。 今日黄金股继续表现强势，湖南黄金10%涨停，4月11日，湖南黄金(002155.SZ)发布2024年年报，公司营业总收入为278.39亿元， 较去年同报告期营业总收入增加45.36亿元，实现5年连续上涨，同比较去年同期上涨19.46%。归母净利润为8.47亿元，较去年同 报告期归母净利润增加3.57亿元，实现5年连续上涨，同比较去年同期上涨73.08%。 全市场规模最大的黄金股ETF（517520），截至4月14日13点25分，5个交易日反弹超16%。 | | | ◀ 2025-04-08鬥▶ - ◀ 2025-04-14鬥▶ (5日) | | | | --- | --- | --- | --- | --- | | 涨跌幅 | | 16.41% 年化收益率 199337.27% | | | | 行业对比 ② ...

Core Viewpoint - The price of gold has reached a new historical high of $3,245.45 per ounce, driven by various factors including geopolitical tensions and economic conditions [2] Precious Metals - Gold prices are being supported by strong demand for safe-haven assets due to fluctuating U.S. tariff policies and a declining trend in real interest rates as the Federal Reserve enters a rate-cutting cycle [2] - Recent U.S. CPI data was below expectations, and rising unemployment rates have increased expectations for interest rate cuts, further supporting gold prices [2] - The People's Bank of China has increased its gold holdings for the fifth consecutive month, boosting market confidence [2] Industrial Metals - HSBC reports that concerns over a global recession have been overstated, leading to a reassessment of investment preferences towards copper and aluminum assets [2] - The decision by the U.S. to delay aggressive tariffs for 90 days is expected to provide upward price momentum for copper and aluminum commodities, along with related company stocks [2] - Anticipated new stimulus policies in China are expected to further drive price increases in industrial metals [2]

数据显示，截至2025年3月31日，中证500质量成长指数(930939)前十大权重股分别为赤峰黄金(600988)、九号公司(689009)、水晶光电(002273)、胜宏科技 (300476)、西部矿业(601168)、东阿阿胶(000423)、晶晨股份(688099)、恺英网络(002517)、神州泰岳(300002)、宏发股份(600885)，前十大权重股合计占比 24.26%。 4月13日，中国人民银行发布的最新金融数据显示，今年一季度，人民币贷款增加9.78万亿元，其中，3月新增人民币贷款3.64万亿元。一季度社会融资增量 累计为15.18万亿元，其中，3月社融规模增量为5.89万亿元，同比多增1.06万亿元。 3月末，广义货币(M2)同比增长7%，与上月持平；反映社会资金活化程度的狭义货币（M1）同比增长1.6%，比上月末高1.5个百分点，这与企业经营活力回 升等因素有关。 国泰海通证券认为，在市场企稳反弹后，建议继续保持对中国股市的多头思维。首先，美国经济衰退担忧、美元信用下滑是美国政策执行的硬性约束，后续 海外扰动不确定性预计将边际收敛。其次，决策层对于扭转形势与支持资本市场的决心明朗，中央 ...

Group 1 - The non-ferrous metal ETF (512400) experienced a strong intraday increase of over 3%, aiming for a fifth consecutive rise, with a transaction volume of 86.3473 million yuan as of 10:40 AM [1] - The index tracking the non-ferrous metal sector, the Zhongzheng Shenwan Non-Ferrous Metal Index, surged by 2.67%, with constituent stocks such as Hunan Gold hitting the daily limit, Luoyang Molybdenum rising by 5.31%, and Northern Copper increasing by 4.86% [1] - The spot gold price continued to rise, breaking previous highs and reaching a new historical peak of 3,245.73 USD/ounce, with COMEX gold prices also experiencing a sharp increase [1] Group 2 - Guosheng Securities highlighted that the current trading backdrop is characterized by stagnation, leading to a favorable outlook for gold, which has reached new highs due to several factors [1] - Key factors supporting the rise in gold prices include: 1) US CPI data released on Wednesday was below expectations, coupled with a rising unemployment rate, which has increased expectations for interest rate cuts; 2) The People's Bank of China has increased its gold holdings for the fifth consecutive month, boosting market confidence; 3) The uncertainty surrounding Trump's tariff policies has significant economic implications [1] - Historically, during periods of stagflation, such as 1974-1975 and 1979-1980, gold has performed well, indicating potential for similar outcomes in the current economic climate [1]

Group 1 - The precious metals sector is experiencing a significant rise, with Hunan Gold (002155) hitting the daily limit, and other companies like Shandong Gold (600547) and Chifeng Jilong Gold Mining (600988) also seeing gains [1] - Spot gold prices have surged, breaking previous highs and reaching a new historical peak of $3,245.45 per ounce, rebounding over $35 from the daily low [1] - The market is witnessing a bullish trend in gold, with the potential for T+0 trading in gold on A-share accounts, allowing investors to buy and sell on the same day [1]

Core Viewpoint - Hunan Gold (002155.SZ) continues to operate steadily, with a strong performance forecast for 2025, driven by rising prices of gold and antimony products [2][5][6] Financial Performance - Hunan Gold has achieved five consecutive years of revenue and net profit growth from 2020 to 2024, with revenues of 150.1 billion, 198.5 billion, 210.4 billion, 233 billion, and 278.39 billion respectively, showing year-on-year growth rates of 8.56%, 32.19%, 6.02%, 10.75%, and 19.46% [5][6] - Net profits for the same period were 2.25 billion, 3.63 billion, 4.4 billion, 4.89 billion, and 8.47 billion, with growth rates of 40.98%, 61.28%, 21.06%, 11.20%, and 73.08% [5][6] Revenue Breakdown - In 2024, gold sales contributed 251.72 billion, accounting for 90.42% of total revenue, while antimony sales were 24.79 billion (8.90%), and tungsten sales were 1.3 billion (0.47%) [6] Future Outlook - For Q1 2025, the company expects a net profit of 3.25 billion to 3.74 billion, representing a year-on-year increase of 100% to 130% [2][7] - The 2025 operational plan aims for gold production of 72.48 tons, antimony of 3.95 tons, and tungsten of 1100 standard tons, targeting sales revenue of 435 billion [10] Competitive Advantage - Hunan Gold's core competitiveness lies in its diverse product portfolio of gold, antimony, and tungsten, which mitigates risks associated with price fluctuations of single products [9] - The company has a complete industrial chain from exploration to sales, and as of the end of 2024, it holds mining rights for 30 projects, with a total resource reserve of 6,729 million tons [9] Financial Health - As of the end of 2024, Hunan Gold's total assets reached 81.99 billion, with a significantly improved debt ratio from 40.4% in 2015 to 14.93% in 2024 [11] - The company has not engaged in equity refinancing for eight years, maintaining a low level of interest-bearing debt [11]

➢ 事件：公司发布 2024 年年报。2024 年公司实现营收 278.39 亿元，同比增 长 19.46%，归母净利润 8.47 亿元，同比增长 73.09%，扣非归母净利润 8.70 亿 元，同比增长 76.36%。单季度看，24Q4 公司实现营收 68.5 亿元，同比增长 50.53%，环比增长 16.98%，归母净利润 1.8 亿元，同比增长 71.32%，环比减 少 21.43%，扣非归母净利 2.0 亿元，同比增长 86.49%，环比减少 13.55%。业 绩符合我们此前预期。 ➢ 点评：金锑价格上行，助推公司业绩。量：整体：2024 年公司共生产黄金 46.33 吨，同比减少 2.87%，其中生产标准锑 29209 吨，同比减少 6.15%，其 中精锑 8686 吨，氧化锑 13258 吨，含量锑 4721 吨，乙二醇锑 2331 吨，氧 化锑母粒 213 吨；钨产量 1008 标吨，同比增加 7.12%；自产：2024 年公司自 产金 3.7 吨，同比减少 6.13%；自产锑 15227 吨，同比减少 13.2%；钨精矿自 产 879 标吨，同比增加 59.24%。生产目标：2025 年公司计 ...

湖南黄金（002155.SZ）2024 年年报点评 金锑共振，业绩表现亮眼 2025 年 04 月 12 日 ➢ 事件：公司发布 2024 年年报。2024 年公司实现营收 278.39 亿元，同比增 长 19.46%，归母净利润 8.47 亿元，同比增长 73.09%，扣非归母净利润 8.70 亿 元，同比增长 76.36%。单季度看，24Q4 公司实现营收 68.5 亿元，同比增长 50.53%，环比增长 16.98%，归母净利润 1.8 亿元，同比增长 71.32%，环比减 少 21.43%，扣非归母净利 2.0 亿元，同比增长 86.49%，环比减少 13.55%。业 绩符合我们此前预期。 ➢ 点评：金锑价格上行，助推公司业绩。量：整体：2024 年公司共生产黄金 46.33 吨，同比减少 2.87%，其中生产标准锑 29209 吨，同比减少 6.15%，其 中精锑 8686 吨，氧化锑 13258 吨，含量锑 4721 吨，乙二醇锑 2331 吨，氧 化锑母粒 213 吨；钨产量 1008 标吨，同比增加 7.12%；自产：2024 年公司自 产金 3.7 吨，同比减少 6.13%；自产锑 1522 ...