Core Viewpoint - UBS has released a report indicating that assuming gold prices are approximately 10% higher than market consensus, the bank's profit forecast for Zhaojin Mining (01818) exceeds market expectations [1] Group 1: Profit Forecasts - Based on the strong growth trend in Zhaojin's production, UBS has raised its profit forecast, expecting a compound annual growth rate (CAGR) of 54% from 2025 to 2027 [1] - The target price for Zijin has been increased from HKD 25.3 to HKD 37, reflecting a forecasted price-to-earnings (P/E) ratio of 23 times for 2026, with a reiterated "buy" rating [1] Group 2: Gold Price Predictions - UBS has significantly raised its gold price forecasts, anticipating prices of USD 4,000 per ounce by the end of this year and USD 4,200 per ounce by the end of next year [1] - The increase in gold prices is attributed to a rise in investor positions and a continuously expanding investor base, alongside a weakening dollar and declining real interest rates due to the Federal Reserve's interest rate cut cycle [1]

Core Viewpoint - UBS has raised its profit forecast for Zhaojin Mining (01818) based on a projected 10% increase in gold prices compared to market consensus, anticipating a compound annual growth rate of 54% in profits from 2025 to 2027 [1] Group 1: Company Analysis - UBS has significantly increased its gold price forecast, expecting prices to reach $4,000 per ounce by the end of this year and $4,200 by the end of next year [1] - The strong growth trend in Zhaojin's production has led to an upward revision of profit forecasts [1] - The target price for Zijin has been raised from HKD 25.3 to HKD 37, reflecting a price-to-earnings ratio of 23 times for the 2026 forecast, with a "Buy" rating reaffirmed [1] Group 2: Industry Insights - The increase in gold prices is attributed to rising investor positions and a growing investor base, alongside a weakening dollar and declining real interest rates due to the Federal Reserve's interest rate cut cycle [1]

9月29日，现货黄金突破3800美元/盎司，再创历史新高，日内涨超1%。 | W | | 伦敦金现 | | | | | --- | --- | --- | --- | --- | --- | | | | SPTAUUSDOZ.IDC | | | | | 3800.130 | | 昨结 3758.780 | | 开营 | 3756.152 | | +41.350 +1.10% | | 总量(kq) 0.00 | | 现三 | O | | 最高价 3800.490 | | 料 亡 0 | | 9 | 0 | | 最低价 | 3755.662 | 博 位 0 | | | 0 | | 分时 | 五日 | HK 居K | 月K | 中文 | | | 叠加 | | | | 盘口 | | | 3800 | | | 1.11% 卖1 | 3800.410 | 0 | | | | | | 录1 3800.130 | 0 | | | | | | 12:32 3799.890 12:32 3799.773 0 | Francis | | 158.780 | | | | 0.00% 12:32.3799.765 0 | | | | ...

日本 黄金巨头田中贵金属工业公司29日将黄金的门店销售价格设定为每克20018日元，首次突破2万日 元大关，创下历史新高。市场预期随着美联储的降息，无利息的黄金的吸引力相对上升，国际金价持续 走高，加之日元贬值势头也推升了日本国内的销售价格。在国际局势不稳定的背景下，金价持续飙升。 ...

Core Viewpoint - The prices of spot gold and silver have surged to historical highs, with gold surpassing $3800 per ounce and silver exceeding $47 per ounce, driven by various market factors [1][4][15]. Group 1: Gold and Silver Prices - Spot gold reached a new high of $3806 per ounce, marking a 1.15% increase [1][4]. - Spot silver also saw significant gains, breaking the $47 per ounce mark, with a 2.15% rise [5][15]. - The A-share precious metals sector experienced a notable increase, with all stocks in the sector rising, culminating in a 2.49% gain [3][13]. Group 2: Market Influences - The recent surge in gold prices is attributed to the anticipated easing of monetary policy by the Federal Reserve, with expectations of two more rate cuts this year [15][16]. - The weakening of the US dollar, which has dropped over 10% against a basket of currencies, has further supported gold prices, which have risen over 40% this year [16]. - Global central banks' diversification of reserves is also contributing to the upward trend in gold prices [16]. Group 3: Future Projections - Analysts predict that gold prices could reach $4000 per ounce by the end of the year, with potential scenarios suggesting prices could rise to $4500 or even $5000 per ounce under certain conditions [15][16].

瑞银发表报告指，显著上调对金价预测，预计今年底及明年底分别见4000美元/盎司及4200美元/盎司， 受投资者仓位增加及投资者基础持续扩大，以及美联储降息周期下美元疲弱与实际利率下跌有利金价。 基于招金产量增长趋势强劲，该行上调对招金盈利预测，预计2025年至2027年期间盈利年复合增长率达 54%，目标价由25.3港元上调至37港元，为2026年预测市盈率23倍，重申"买入"评级。 ...

Group 1 - The spot gold price increased by 0.47% to $3764.17 per ounce, with a trading range of $3736.86 to $3791.10 during the day [1] - A significant price surge occurred after the release of PMI data from France, Germany, and the Eurozone, reaching a historical high of $3791.10 at 17:24 [1] - COMEX gold futures rose by 0.58% to $3796.90 per ounce, hitting an intraday historical high of $3824.60 at 17:24 [1] Group 2 - The Philadelphia Gold and Silver Index closed up 0.31% at 291.98 points [1] - The NYSE ARCA Gold Miners Index increased by 0.41% to 2083.00 points [1] - Spot silver decreased by 0.08% to $44.0248 per ounce, while COMEX silver futures rose by 0.09% to $44.255 per ounce [1] Group 3 - COMEX copper futures increased by 0.14% to $4.6385 per pound [1] - Spot platinum rose by 4.33% to $1480.85 per ounce [1] - Spot palladium increased by 3.15% to $1221.99 per ounce [1]

芝加哥商品交易所对冲研投团队认为，当前美国劳动力市场持续疲软，美联储降息预期仍存，无论从哪 条路径来看，金价依然存在较好的上行驱动，美元信用的长期逻辑支撑金价上行。 其次，俄乌冲突、中东加沙等地缘政治局势依然摇摆不定，这种持续的紧张感促使投资者将资金投入黄 金这一传统的"避险资产"，其保值和避险属性显得尤为珍贵。 OANDA资深市场分析师Kelvin Wong表示，短期金价趋势仍维持看涨。澳新银行在一份报告中表示，经 济增长放缓、通胀上升、地缘政治格局变化以及美元走软，将使黄金投资需求保持强劲。 来源：市场资讯 国际金价延续涨势，周二收于每盎司3800美元整数关口上方，再创收盘历史新高。截至收盘，纽约商品 交易所12月黄金期价收于每盎司3815.7美元，涨幅为1.08%。 9月份以来，国际金价屡创新高，伦敦金现货价格接连突破3500美元/盎司、3600美元/盎司、3700美元/ 盎司等关键点位。与9月1日3447.50美元/盎司的开盘价相比，伦敦金现货价格月内已上涨近8%。 就在上周，备受市场关注的美联储降息25个基点"靴子落地"。在市场前期预期交易相对充分情况下，金 价短暂出现小幅回调后，9月19日旋即恢复 ...

| 贵金属 | [G | | | | --- | --- | --- | --- | | 伦敦金现 | 伦敦银现 | COMEX黄金 | | | 3796.9 | 3762.985 | 44.011 | | | +17.140 +0.46% +0.023 +0.05% +21.8 +0.58% | | | | | COMEX自银 | SHFE自银 | SHFE黄金 | | | 44.265 | 859.88 | 10394 | | | +8.68 +1.02% | +83 +0.80% | +0.051 +0.12% | 6 @中新经纬 | 【#金价继续涨##黄金持续创新高#】当地时间9月23日，国际贵金属期货普遍收涨。COMEX黄金期货涨0.58%报3796.9美元/盎司，盘中一度涨至3824.60美 元/盎司创盘中历史新高，现货黄金日内一度升破3790美元/盎司，刷新历史新高，不过在美联储主席鲍威尔发表讲话后，涨幅收窄，最终日内涨幅为 0.46%。（综合中国证券报） ...

Core Viewpoint - International gold prices have reached a historic high, with COMEX gold futures exceeding $3760 per ounce on September 22, leading to significant stock price increases for several gold-related A-share listed companies [1][2] Group 1: Gold Price Trends - As of September 22, the retail prices for gold jewelry in major brands are as follows: Chow Tai Fook at 1085 CNY per gram, Lao Feng Xiang at 1086 CNY, and others ranging from 1044 CNY to 1090 CNY per gram [2] - Despite the high gold prices, sales volume has been relatively flat, with total sales weight decreasing while sales revenue remains higher than when gold prices were lower [2][4] - Institutions believe the long-term logic for rising gold prices remains unchanged, with JPMorgan forecasting an average spot gold price of $3800 per ounce by Q4 2025 and exceeding $4000 per ounce in Q1 2026 [2][3] Group 2: Company Insights - Recent institutional research on gold companies has focused on gold pricing, cost changes, and production targets for the second half of the year [4] - Chi Feng Gold reported an average sales price of 699.5 CNY per gram in the first half of the year, emphasizing cost control and efficiency improvements while remaining cautiously optimistic about future gold prices [4] - Shan Jin International noted a 4.43 CNY increase in gold sales costs in the first half of the year, attributing this to changes in mining operations, but expects overall cost increases to be manageable [5] Group 3: H-Share Listings - Several gold companies are planning H-share listings to enhance global presence, accelerate overseas business development, and improve financing channels [6] - Shan Jin International aims to utilize the H-share listing to optimize capital structure and enhance competitiveness, while also expanding its international market footprint [6] - Chao Hong Ji has submitted a prospectus for an H-share listing, with plans to establish 20 self-operated stores overseas and enhance production capabilities [6]