2025.12. 23 本文字数：2793，阅读时长大约4分钟 "由于股价短期涨幅较快，估值也有较为明显提升，交易拥挤度快速提升，市场资金对资源股应对成 本等压力，未来盈利兑现相对谨慎。长期看，黄金股股价走势跟金价走势具备趋同性，但是黄金矿业 股的走势，不仅受到金价的影响，还与黄金矿业公司的业绩以及股市流动性变化强相关，因此波动性 更大一些。"他认为，对一般投资者来说，投资黄金ETF更适合纯金价敞口的表达，这也更适合把握 政策与利率节奏。 光大证券国际策略师伍礼贤表示，A股主要金矿股较10月初高位仍有差距，相对国际金价表现滞后， 估值修复空间尚存，预计2026年伦敦现货金价或升至每盎司4950美元，黄金矿业股中长期配置价值 凸显，相较于紧贴现货走势的黄金ETF，金矿股具备企业杠杆与业绩弹性，在金价上行阶段通常有超 额收益；而黄金ETF波动较低，更适合追求稳健、不愿承担个股风险的投资者。 作者 | 第一财经 李隽 12月23日，现货黄金价格再创历史新高，引发金矿股集体上涨。 山东黄金（600547.SH）涨幅领先，上涨近7%。招金矿业（01818.HK）上涨2.79%。灵宝黄金 （03330.HK）上涨0.53 ...

原标题：彻底沸腾！涨疯了！创历史新高，50次！ 国内市场同样火热。上期所沪金期货盘中最高触及1018元/克，再度站上"千元关口"；金饰方面，今日 有多家品牌足金饰品报价首次站上每克1400元上方。其中，周大福、周生生报1403元/克，老庙黄金报 1402元/克。 与此同时，沪银期货主力合约突破16500元/千克，创历史新高；广期所铂、钯期货主力合约直线拉升， 双双触及涨停板，成为盘面最亮眼的"明星品种"。 贵金属市场，正在经历一场罕见的"集体狂欢"。 12月23日，黄金、白银等贵金属价格再度全线暴涨，多个品种刷新历史纪录，市场资金情绪被彻底点 燃。盘中，现货黄金最高触及4497美元/盎司，距离4500美元/盎司大关仅一步之遥；COMEX黄金期货 则率先突破4500美元/盎司大关。今年以来，金价已50次改写历史新高。 今年以来，贵金属已成为全球资本市场中最具爆发力的资产之一。截至目前，黄金年内累计涨幅约 65%，白银涨幅更是高达120%，显著跑赢黄金；铂、钯近期加速补涨，本月累计涨幅分别达到42%、 46%。 在期货市场持续狂飙的带动下，A股贵金属板块也掀起期股联动行情。23日，贵金属概念股再度走强， 山东黄金 ...

Core Viewpoint - The article highlights a significant surge in gold prices, with both futures and spot prices reaching historical highs, and major financial institutions expressing optimism about gold price trends through 2026 [1][10]. Group 1: Current Gold Price Trends - On December 23, gold futures surpassed $4500 per ounce, while spot gold approached this threshold during trading [10]. - Domestic gold jewelry prices also increased, with brands like Chow Tai Fook and Lao Miao adjusting their prices to around 1403 CNY per gram [10]. Group 2: Institutional Predictions for Gold Prices in 2026 - UBS predicts gold prices could reach $4500 per ounce by June 2026, with potential to challenge $4900 per ounce [11]. - Goldman Sachs maintains a bullish outlook, forecasting gold prices to hit $4900 per ounce by December 2026 [12]. - ANZ anticipates that gold prices may exceed $5000 per ounce due to deteriorating global growth prospects and renewed trade tensions [13]. - Bank of America projects gold prices could reach $5000 per ounce, citing sustained driving forces behind recent price increases [14]. - JPMorgan estimates that gold prices could touch $5055 per ounce by the end of 2026, driven by demand from ETFs and central banks [14]. Group 3: Investment Options in Gold - Various investment avenues in gold include: - Physical gold, such as jewelry and bullion, which is suitable for long-term holding but has lower liquidity [15]. - Gold stocks, which may offer higher potential returns but are subject to greater volatility due to company performance and market conditions [15]. - Gold futures, which allow for leveraged trading but carry higher risks due to price fluctuations [15]. - Gold ETFs and related funds, ideal for investors seeking flexibility and efficiency in trading [15]. - Account gold, which offers high liquidity and the option to convert to physical gold after reaching a certain weight [16].

Core Viewpoint - The precious metals market is experiencing a rare "collective frenzy," with significant price surges across various metals, particularly gold and silver, driven by macroeconomic factors and geopolitical tensions [1][2]. Price Surge in Precious Metals - On December 23, gold and silver prices surged, with spot gold reaching a high of $4,497 per ounce and COMEX gold futures breaking the $4,500 per ounce mark. This marks the 50th time this year that gold prices have set a new record [2][4]. - In the domestic market, Shanghai gold futures hit a peak of 1,018 yuan per gram, while several gold jewelry brands quoted prices above 1,400 yuan per gram [2]. - Silver futures also saw significant gains, with the main contract surpassing 16,500 yuan per kilogram, reaching a historical high [2]. Performance of Precious Metals - Year-to-date, gold has increased by approximately 65%, while silver has surged by 120%, significantly outperforming gold. Platinum and palladium have also seen substantial gains, with monthly increases of 42% and 46%, respectively [2][6]. - The A-share precious metals sector has mirrored the bullish trend, with stocks like Shandong Gold rising nearly 7% [2]. Macroeconomic Influences - The rise in gold prices is attributed to macroeconomic conditions, including a dovish stance from the Federal Reserve and weaker U.S. non-farm payroll and CPI data, which support further rate cuts [4][5]. - Global central banks are increasing their gold reserves, with the International Monetary Fund (IMF) reporting that central bank gold reserves are expected to rise to 36,200 tons by the end of 2024, increasing their share of official foreign exchange reserves from 15% to nearly 20% [6]. Supply and Demand Dynamics - Silver, platinum, and palladium are experiencing sharper price increases due to supply-demand imbalances and significant capital inflows. On December 23, spot silver reached $69.98 per ounce, while platinum and palladium futures hit their respective limits [8][9]. - The demand for silver is particularly strong, with a notable increase in COMEX silver delivery notices, indicating a tight supply situation [9]. Future Outlook - Institutions generally believe that precious metals will maintain strong support in the medium to long term, although short-term volatility risks are increasing. The Shanghai Gold Exchange has issued warnings about market instability and advised members to enhance risk awareness [11]. - Analysts suggest that while the current bullish trend is supported by macroeconomic factors, caution is advised against chasing prices in a rapidly rising market. It is recommended to wait for pullbacks before making new investments [11].

12月23日，现货黄金价格再创历史新高，引发金矿股集体上涨。 山东黄金（600547.SH）涨幅领先，上涨近7%。招金矿业（01818.HK）上涨2.79%。灵宝黄金 （03330.HK）上涨0.53%。 然而，上述这几家金矿股龙头依然远没有回到10月初的高点，部分股价相差依然有大约10%左右。黄金 股ETF（517520）也依然落后于黄金现货的走势。 在第一财经记者采访的业内人士看来，这些金矿股龙头未创出新高，一方面是因为有市场资金担忧资源 股经营成本压力，另一方面可能是大量金矿股增发股本加快并购步伐，增加了投资者的选择，改变了供 应和需求关系。 长远来看，考虑到美联储等央行依然维持宽松政策，黄金本身依然值得看高一线。不过，金矿股走势如 何，则要视每家具体经营状况而定。 为何金矿股落后了？ 奶酪基金投资经理胡坤超对第一财经记者表示，黄金创出历史新高，但是黄金龙头股并未新高，背后体 现的是资金更愿意用黄金ETF快速表达宏观预期。 "由于股价短期涨幅较快，估值也有较为明显提升，交易拥挤度快速提升，市场资金对资源股应对成本 等压力，未来盈利兑现相对谨慎。长期看，黄金股股价走势跟金价走势具备趋同性，但是黄金矿业股的 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (H股股份代號：6693) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 此乃赤峰吉隆黃金礦業股份有限公司（「本公司」）登載於中華人民共和國上海證券交 易所網頁的公告。 承董事會命 赤峰吉隆黃金礦業股份有限公司 董事長兼執行董事 王建華 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召 开的第八届董事会第三十五次会议、2025 年 6 月 12 日召开的 2024 年年度股东 大会审议通过了《关于续聘 2025 年度审计机构的议案》，同意续聘安永华明会 计师事务所（特殊普通合伙）（以下简称"安永华明"）为公司 2025 年度财务 和内部控制审计机构。 近日，公司收到安永华明出具的《关于 ...

证券代码：600988 证券简称：赤峰黄金 公告编号：2025-056 赤峰吉隆黄金矿业股份有限公司 关于变更签字会计师的公告 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。 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召 开的第八届董事会第三十五次会议、2025 年 6 月 12 日召开的 2024 年年度股东 大会审议通过了《关于续聘 2025 年度审计机构的议案》，同意续聘安永华明会 计师事务所（特殊普通合伙）（以下简称"安永华明"）为公司 2025 年度财务 和内部控制审计机构。 1、基本信息 签字会计师徐菲女士，于 2015 年开始在安永华明专职执业并开始从事上市 公司审计，2016 年成为注册会计师，2022 年开始为公司提供审计服务。 2、诚信记录 徐菲女士近三年未受到任何刑事处罚，未因执业行为受到证监会及其派出机 构、行业主管部门等的行政处罚或监督管理措施，未因执业行为受到证券交易所、 行业协会等自律组织的自律监管措施、纪律处分。 3、独立性 近日，公司收到安永华明出具的《 ...

Group 1 - The core viewpoint of the articles indicates that geopolitical tensions and expectations of further interest rate cuts by the Federal Reserve are the main drivers behind the surge in gold prices, with COMEX gold surpassing $4500 per ounce and spot gold reaching $4490 per ounce, both setting historical highs [1][3] - Central banks around the world continue to purchase gold, and there has been a consistent inflow of funds into gold exchange-traded funds (ETFs), contributing to the rising gold prices. Data shows that gold-backed ETFs have seen inflows for five consecutive weeks, with total holdings increasing every month this year except for May [3] - Domestic gold jewelry prices have also risen significantly, with brands like Chow Tai Fook and Lao Miao Gold seeing prices exceed 1400 yuan per gram, reflecting daily increases of 36 yuan and 35 yuan respectively [3][5] Group 2 - The precious metals sector is experiencing active performance, with stocks such as Haotong Technology and Shandong Gold rising over 7%. Other companies like Zijin Mining and Chifeng Jilong Gold also saw gains [5] - Analysts from JPMorgan believe that gold prices have over 10% upside potential in the coming year, driven by tariff uncertainties and strong demand from ETFs and central banks. They project that gold could reach over $4000 per ounce by 2025 and potentially touch $5055 by the end of 2026, supported by new demand from Chinese insurance giants and the cryptocurrency community [5]

Core Viewpoint - Spot gold prices surged to a historical high of $4,497.75 per ounce on December 23, driven by international market dynamics [1] Group 1: Gold Prices and Market Impact - Domestic gold jewelry prices have shown significant fluctuations, with brands such as Chow Sang Sang and Lao Miao Gold reaching over 1,400 yuan per gram, increasing by 36 yuan and 35 yuan respectively from the previous day [1] - The rise in gold prices is attributed to international market influences, indicating a strong demand for gold as a safe-haven asset [1] Group 2: A-Share Market Insights - In the A-share market, there are still 9 precious metal concept stocks with a price-to-earnings (P/E) ratio below 30, including Zijin Mining, Chifeng Jilong Gold Mining, and Guizhou Yunnan Platinum [1] - This suggests potential investment opportunities in the precious metals sector, as these stocks may be undervalued compared to their peers [1]

Group 1 - The core point of the article is the significant rise in gold prices, with spot gold reaching a historical high of $4,497.75 per ounce on December 23, driven by international market dynamics [1][4]. - Domestic gold jewelry prices have also seen notable increases, with brands like Chow Sang Sang and Lao Miao Gold surpassing 1,400 yuan per gram, reflecting daily increases of 36 yuan and 35 yuan respectively [1][2]. - The strong performance of gold prices in 2023 is attributed to multiple factors, including ongoing central bank gold purchases, geopolitical risks, and market adjustments related to the Federal Reserve's interest rate policies [3][4]. Group 2 - Goldman Sachs projects that gold prices will rise to $4,900 per ounce by December 2026, supported by structural demand from central banks and cyclical support from Federal Reserve rate cuts [4]. - The surge in precious metals has positively impacted several stocks, with eight gold-related stocks in the A-share market showing over 100% gains this year [5][6]. - Notably, nine gold concept stocks in the A-share market have price-to-earnings ratios below 30, indicating potential investment opportunities [5][6].