China National Gold (SH:600916) Xin Hua Cai Jing·2025-11-10 02:21Group 1: Gold Production and Consumption - In the first three quarters of 2025, China's gold production reached 392.931 tons, a year-on-year increase of 3.60%, with domestic raw gold production at 271.782 tons and imported raw gold production at 121.149 tons, showing increases of 1.39% and 8.94% respectively [1] - Gold consumption in China during the same period was 682.730 tons, reflecting a year-on-year decline of 7.95%. Notably, gold jewelry consumption dropped by 32.50% to 270.036 tons, while demand for gold bars and coins increased by 24.55% to 352.116 tons [1] Group 2: Market Trends and Demand - The demand for gold bars remains strong, driven by geopolitical tensions and economic uncertainties, highlighting gold's role as a safe-haven asset [1] - Industrial gold demand is steadily recovering, supported by the rapid development of electronic and new energy industries [1] Group 3: Trading Activity and ETF Growth - In the first three quarters of 2025, the Shanghai Gold Exchange reported a total trading volume of 23,800 tons, a year-on-year increase of 2.45%, with a trading value of 17.68 trillion yuan, up 41.55% [2] - The domestic gold ETF saw a significant increase in holdings, with a net increase of 79.015 tons, representing a 164.03% year-on-year growth, bringing total holdings to 193.749 tons by the end of September [3] Group 4: Industry Developments - The gold industry is focusing on high-quality development, with key exploration and development projects progressing steadily, including the Dadonggou gold mine in Liaoning province, which has a preliminary resource estimate of nearly 1,500 tons [3] - Major gold companies are advancing their "going out" strategy, with overseas mining operations producing 61.439 tons of gold, an increase of 18.39% year-on-year [3]