CHIFENG GOLD(SH:600988) Zhong Guo Zheng Quan Bao·2025-09-22 20:15Group 1: Gold Price Trends - International gold prices reached a historical high, with COMEX gold futures surpassing $3760 per ounce on September 22 [1] - The price of gold jewelry also increased, with brands like Chow Tai Fook and Lao Feng Xiang quoting around 1085-1090 yuan per gram [1] - Despite high gold prices, sales volume has been relatively flat, with a decrease in total weight sold, although sales revenue remains higher than during lower gold price periods [2] Group 2: Institutional Insights - Institutions are focusing on gold pricing, cost changes, and production targets for the second half of the year during their research on gold companies [2] - Morgan Stanley predicts that gold prices will average $3800 per ounce by Q4 2025 and exceed $4000 per ounce in Q1 2026, driven by investor demand [2] Group 3: Company Strategies and Performance - Chi Feng Gold reported an average sales price of 699.5 yuan per gram for the first half of the year and aims to control costs at the lower end of the global average [3] - Shan Jin International noted a 3.02% increase in gold sales costs due to changes in mining operations, but expects this will not significantly impact overall operations [3] - Shan Jin Gold anticipates that future production increases will come from the Osino project and potential acquisitions [4] Group 4: H-Share Listings - Several gold companies are planning H-share listings to enhance global presence, accelerate overseas business development, and improve capital structure [4] - For instance, Chao Hong Ji plans to use funds raised from its H-share listing to establish 20 self-operated stores overseas and enhance its production capabilities [4]