Core Viewpoint - The international gold price has continued its upward trend in 2024, reaching a peak of $3509.9 per ounce, followed by a phase of adjustment due to reduced trade war risks and improved US-China economic talks [1][3] Gold Market Dynamics - The recent increase in global trade war risks previously supported gold prices, but the reduction in risk premium has led to a temporary decline in investor risk aversion [1] - The long-term logic for rising gold prices remains intact, driven by a persistently loose global monetary environment and ongoing de-dollarization [3][4] Central Bank Activities - Central banks are strategically adjusting their reserves to reduce reliance on the US dollar, which has provided long-term support for gold prices [4] - The global investment demand for gold surged to 551.9 tons in Q1 2025, a 170% year-on-year increase, with central banks purchasing a net 244 tons of gold [3] Company Strategy: Zhaojin Mining - Zhaojin Mining has launched a "Gold Resource Doubling Plan" with a dedicated exploration fund of 100 million RMB, focusing on a three-pronged approach of capacity expansion, exploration, and mergers [1][6] - The company aims to enhance exploration efficiency through advanced technologies and has reduced its unit resource acquisition cost by 37% compared to industry averages [7] Market Positioning and Growth Potential - Zhaojin Mining's strategic focus on high-quality resource acquisition and efficient production positions it well to capitalize on the growing demand for gold [6][9] - The company has completed 22 high-grade project acquisitions in 2023, significantly increasing its mining rights area by 799%, effectively "recreating" Zhaojin Mining [7] Future Outlook - The ongoing adjustments in the gold market are seen as a correction of overheated sentiment, with the core upward logic remaining unchanged, driven by central bank gold purchases and weakening dollar credibility [9] - Zhaojin Mining's transition from a traditional mining company to a global resource operator is expected to enhance its valuation and competitive edge in the evolving gold industry landscape [7][9]
招金矿业(1818.HK)启动“黄金资源倍增计划”：重构全球资源版图，打造黄金产业新范式