Group 1: Gold Consumption Trends - In the first half of 2025, China's gold consumption reached 505.205 tons, a year-on-year decrease of 3.54% [1] - Gold jewelry consumption was 199.826 tons, down 26% year-on-year, while gold bars and coins saw an increase of 23.69% to 264.242 tons [1] - Industrial and other gold usage rose by 2.59% to 41.137 tons, driven by a recovery in demand for gold salts [1] Group 2: Trading Volume and Market Activity - The Shanghai Gold Exchange reported a total trading volume of 16,786.870 tons in the first half of 2025, a 12.7% increase year-on-year, with a trading value of 12.118 trillion yuan, up 56.46% [1] - The share of gold trading in the total trading volume of the Shanghai Gold Exchange increased from 96.27% to 97.58% [1] - The Shanghai Futures Exchange recorded a trading volume of 75,477.958 tons for gold futures and options, an 88.39% increase year-on-year, with a trading value of 44.4429 trillion yuan, up 149.17% [2] Group 3: Investment Trends - Domestic gold ETF holdings increased by 173.73% to 84.771 tons in the first half of 2025 compared to the same period in 2024, with total holdings reaching 199.505 tons by the end of June [2] - The establishment of an international warehouse by the Shanghai Gold Exchange in Hong Kong marks a significant development, facilitating gold trading contracts in the region [2] Group 4: Gold Prices - Global geopolitical tensions have driven up gold prices, with the London spot gold price reaching $3,287.45 per ounce by the end of June, a 24.31% increase since the beginning of the year [3] - The average gold price in the first half of 2025 was $3,066.59 per ounce, up 39.21% year-on-year [3] - In China, the closing price for Au9999 gold on the Shanghai Gold Exchange was 764.43 yuan per gram, a 24.50% increase since the start of the year, with an average price of 725.28 yuan per gram, up 41.07% year-on-year [3]

Group 1 - The core viewpoint indicates a decline in China's gold consumption in the first half of 2025, with a total of 505.205 tons, a year-on-year decrease of 3.54% [1] - Gold jewelry consumption dropped significantly by 26% to 199.826 tons, while demand for gold bars and coins increased by 23.69% to 264.242 tons [1][3] - Industrial and other gold usage saw a slight increase of 2.59%, totaling 41.137 tons [1] Group 2 - High gold prices have suppressed gold jewelry consumption, but lightweight and high-value jewelry products remain popular, benefiting retailers [3] - The demand for gold bars continues to be strong, although profit margins are low [3] - The trend of "self-indulgent" gold consumption is becoming more prominent, with younger consumers favoring lightweight and culturally significant products [3] Group 3 - Geopolitical tensions and economic uncertainties have enhanced gold's role as a safe-haven asset, leading to a significant increase in demand for gold bars and coins [3] - In the first half of 2025, domestic gold ETF holdings increased by 173.73% year-on-year, reaching 199.505 tons by the end of June [3] Group 4 - International gold prices surged due to heightened risk aversion, with the London spot gold price reaching $3287.45 per ounce by the end of June, a 24.31% increase since the beginning of the year [4] - The average gold price in Shanghai was 764.43 yuan per gram at the end of June, reflecting a 24.50% increase year-to-date [4] Group 5 - In terms of reserves, China increased its gold holdings by 18.97 tons in the first half of 2025, bringing total reserves to 2298.55 tons [5] - Domestic gold production slightly decreased by 0.31% to 179.083 tons, while total gold production rose by 0.44% to 252.761 tons [5] - Significant growth in overseas mining operations was noted, with production increasing by 16.17% to 39.608 tons [5]

Group 1 - International precious metals futures experienced a general decline, with spot gold dropping over 1% to close at $3368.35 per ounce on July 24, and further declining below $3360 on July 25 [1] - As of July 25, 13:35, spot gold was down 0.28% at $3358.56 per ounce, while spot silver fell 0.1% to $38.98 per ounce [1] - Domestic gold jewelry prices also fell, with brands like Chow Tai Fook reporting a price drop below 1000 yuan, now at 990 yuan per gram [1] Group 2 - In the first half of 2025, China's gold consumption totaled 505.205 tons, a year-on-year decrease of 3.54%, with gold jewelry consumption down 26% to 199.826 tons [5] - Demand for gold bars and coins increased by 23.69% to 264.242 tons, while industrial and other gold usage rose by 2.59% to 41.137 tons [5] - High gold prices have suppressed gold jewelry consumption, with consumers being sensitive to price changes, leading to a preference for lightweight, well-designed, and high-value-added jewelry products [5] - Investment demand for gold bars and coins has surged due to geopolitical tensions and economic uncertainty, while industrial gold demand has shown a slight increase due to rising demand for gold salts [5]

Automotive Industry - In the first half of 2025, China's automotive production and sales reached 15.62 million and 15.65 million units respectively, marking a year-on-year increase of 12.5% and 11.4%, achieving a historic milestone of both production and sales exceeding 15 million units for the first time in the same period [1][3] - Anhui province led the nation in both total automotive production at 1.4995 million units and new energy vehicle (NEV) production at 730,900 units, marking a significant shift in the automotive industry landscape [1][4] - Guangdong, which had held the top position for nearly a decade, fell to second place with a production of 1.3134 million units, 186,100 units less than Anhui, and its NEV production dropped to 431,000 units, falling from first to ninth place [3][4] Regional Developments - Hunan province made notable advancements, ranking ninth in total automotive production with 747,600 units and sixth in NEV production with 479,100 units, reflecting a growth of 25.1% in automotive manufacturing and 167.7% in NEV manufacturing [5] - Henan province also showed significant growth, with total automotive production reaching 679,400 units, moving up from 17th to 12th place, and NEV production at 333,100 units, advancing from 18th to the top ten [5] Industry Trends - The automotive industry in China is undergoing a major reshuffle, with Anhui's rise attributed to its comprehensive industrial layout and the presence of major automotive manufacturers, including Chery, NIO, and BYD [4] - The shift in production rankings indicates a potential long-term change in the competitive landscape of the automotive sector in China, with implications for investment and market strategies [1][4]

Core Insights - China's gold production in the first half of 2025 was 179.083 tons, a year-on-year decrease of 0.31%, while gold consumption was 505.205 tons, down 3.54% year-on-year [4][5] - The increase in gold prices is attributed to geopolitical tensions and inflationary pressures in the U.S., with the London spot gold price rising by 24.31% since the beginning of the year [4][5] - Despite high gold prices suppressing jewelry consumption, demand for gold bars and coins has surged, reflecting a shift in consumer preferences towards investment [5][6] Gold Production and Consumption - In the first half of 2025, gold production included 139.413 tons from mining and 39.670 tons from by-products, with total production reaching 252.761 tons, a slight increase of 0.44% year-on-year [3][4] - The decline in gold consumption is primarily due to a 26% drop in jewelry demand, while gold bars and coins saw a 23.69% increase [5][6] Market Trends and Investment - As of the end of Q2 2025, the total scale of gold ETFs and related funds reached 260.337 billion yuan, marking a 49.73% increase quarter-on-quarter [6][7] - The average return for gold funds in the first half of 2025 was 23.01%, with the highest return recorded at 24.14% [7] - The trend of central banks increasing gold reserves is expected to support long-term price increases, despite short-term uncertainties due to tariff policies [8]

Group 1 - In the first half of 2025, China's gold consumption reached 505.205 tons, a year-on-year decrease of 3.54%, with gold jewelry consumption dropping by 26.00% to 199.826 tons, while gold bars and coins saw a significant increase of 23.69% to 264.242 tons [1][2] - High gold prices have suppressed gold jewelry consumption, but lightweight, well-designed, and high-value-added jewelry products remain popular, leading to better profitability for retailers [2] - The demand for gold bars and coins has surged due to increased geopolitical tensions and economic uncertainty, highlighting gold's role as a safe-haven asset [1][2] Group 2 - In the first half of 2025, domestic gold production was 179.083 tons, a slight decrease of 0.31% year-on-year, while imported gold production increased by 2.29% to 76.678 tons [2] - The domestic gold ETF saw a significant increase in holdings, with an addition of 84.771 tons, representing a year-on-year growth of 173.73%, bringing total holdings to 199.505 tons by the end of June [3] Group 3 - International gold prices have risen sharply due to ongoing global conflicts, with the London spot gold price reaching $3,287.45 per ounce by the end of June, a 24.31% increase since the beginning of the year [4] - The average price of gold in the Shanghai Gold Exchange was 725.28 yuan per gram in the first half of 2025, reflecting a year-on-year increase of 41.07% [4] Group 4 - The high international gold prices have led to a corresponding increase in domestic gold jewelry prices, with prices remaining above 1,000 yuan per gram [5] - Analysts suggest that despite short-term volatility, the strategic value of gold as an investment is expected to increase in the long term due to low interest rates and high debt levels [6]

记者丨 张晓慧 编辑丨孙超逸 今年上半年， 上海黄金交易所黄金价格涨超150元/克，黄金消费持续受挫 。 （图源：上海黄金交易所） 中国黄金协会发布的最新统计数据显示，2025年上半年，我国黄金消费量505.205吨，同比下 降3.54%。其中，黄金首饰199.826吨，同比下降26%；金条及金币264.242吨，同比增长 23.69%；工业及其他用金41.137吨，同比增长2.59%。 21世纪经济报道记者线下走访了解到，黄金首饰消费市场对价格反应极其灵敏。"对于现在这 么高的价格，除了刚需或者是投资，买的人很少。"一位在水贝经营黄金首饰的老板告诉21记 者。 据中国黄金投资协会分析， 高金价抑制黄金首饰消费，轻克重、设计感强、附加值高的首饰 产品受到青睐，这类产品使得商家盈利情况较好。 多家品牌金价跌至1 0 0 0元大关 周生生金价一夜跌1 4元/克 3月份，黄金价格出现一波上涨小高潮，21记者线下走访水贝得知，今年3月受黄金价格突然拉 高的影响，客流骤减，有的门店客流较2月份少了一半；品牌金店的情况亦然，现场询价和试 戴的消费者寥寥。 4月份，黄金价格持续攀升，一个月内涨幅超过50元/克，并创下今年上 ...

Core Viewpoint - In the first half of 2025, China's gold consumption decreased by 3.54% year-on-year, with jewelry consumption dropping significantly while investment in gold bars and coins surged by 23.69% due to high gold prices and increased demand for safe-haven assets [2][4]. Group 1: Gold Consumption Trends - China's total gold consumption in the first half of 2025 was 505.205 tons, with jewelry consumption at 199.826 tons (down 26.00%) and gold bars and coins at 264.242 tons (up 23.69%) [4]. - The high gold prices have suppressed jewelry consumption, but products with strong design and high added value remain popular, benefiting retailers [4]. - Investment demand for gold bars and coins has significantly increased due to geopolitical tensions and economic uncertainty, highlighting gold's role as a safe-haven asset [4][5]. Group 2: Gold Production and Imports - Domestic gold production in the first half of 2025 was 179.083 tons, a slight decrease of 0.31% year-on-year, while imported gold production rose to 76.678 tons, an increase of 2.29% [4]. - The high gold prices and policies promoting high-quality development have created historical opportunities for gold enterprises, leading to increased profit margins despite stable production levels [4]. Group 3: Gold Prices and Market Dynamics - As of June 30, 2025, the international gold price reached $3,287.45 per ounce, a 24.31% increase since the beginning of the year, with an average price of $3,066.59 per ounce for the first half, up 39.21% year-on-year [5]. - Domestic gold prices also rose, with the Shanghai Gold Exchange closing at 764.43 yuan per gram, a 24.50% increase since the start of the year [5]. - The demand for gold ETFs in China increased significantly, with a net increase of 84.771 tons in the first half of 2025, representing a 173.73% year-on-year growth [5]. Group 4: Future Outlook - Analysts suggest that despite short-term fluctuations, the long-term strategic value of gold is expected to increase due to low interest rates, high debt levels, and ongoing geopolitical tensions [7]. - The potential easing of tariff threats could lead to a withdrawal of funds from safe assets, impacting gold demand, but central bank purchases and financial investments are likely to support gold prices [7].

Core Insights - In the first half of 2025, China's gold consumption decreased by 3.54% year-on-year, totaling 505.205 tons, with jewelry consumption dropping significantly by 26% [1] - Despite high gold prices, investment in gold, particularly through ETFs, surged with a year-on-year increase of 173.73% in the first half of 2025 [2] - The overall trend for gold prices remains upward, with a year-to-date increase of over 28% as of the latest data [4] Group 1: Gold Consumption Trends - Gold jewelry consumption fell to 199.826 tons, a decline of 26% year-on-year, while gold bars and coins saw an increase of 23.69% to 264.242 tons [1] - The high price of gold has led to a significant reduction in consumer foot traffic in jewelry stores, with some reporting a 50% drop in customer inquiries [1] - Consumers are favoring high-value, well-designed jewelry products, which are more profitable for retailers [1] Group 2: Investment Demand - Gold ETF holdings increased by 84.771 tons in the first half of 2025, marking a 173.73% rise compared to the same period in 2024 [2] - The demand for gold bars and coins remains strong, driven by heightened investment interest amid economic uncertainty and geopolitical tensions [2] - The price of gold reached a peak of 835 yuan per gram in April 2025, reflecting a significant increase in investment activity [2] Group 3: Price Trends and Market Sentiment - As of late June 2025, the London spot gold price was reported at $3,287.45 per ounce, a 24.31% increase since the beginning of the year [2] - The overall market sentiment remains cautious but optimistic, with gold prices expected to continue their upward trend as long as they do not fall below $3,200 per ounce [3] - The latest data indicates that gold prices have risen by over 28% since the start of the year, reinforcing its status as a safe-haven asset [4]

Group 1: Gold Consumption in China - In the first half of 2025, China's gold consumption reached 505.205 tons, a year-on-year decrease of 3.54% [1] - Gold jewelry consumption dropped significantly to 199.826 tons, down 26.00% year-on-year, while gold bars and coins increased to 264.242 tons, up 23.69% [1] - Industrial and other gold usage rose slightly to 41.137 tons, a year-on-year increase of 2.59% [1] Group 2: International Gold Prices - International gold prices surged due to escalating global conflicts, with the London spot gold price at $3287.45 per ounce at the end of June, a 24.31% increase since the beginning of the year [2] - The average gold price for the first half of the year was $3066.59 per ounce, reflecting a 39.21% year-on-year increase [2] - In China, the Shanghai Gold Exchange's Au9999 gold closed at 764.43 yuan per gram at the end of June, up 24.50% year-to-date [2] Group 3: Central Bank Gold Reserves - Central banks globally are increasing their gold reserves, with 95% of surveyed central banks indicating they will continue to do so in the next 12 months, the highest percentage since 2019 [2] - China's gold reserves increased by 18.97 tons in the first half of the year, totaling 2298.55 tons by the end of June [2] Group 4: Sovereign Wealth Funds and Market Trends - Sovereign wealth funds are also purchasing gold, with Azerbaijan's state oil fund acquiring 35 tons in the first half of the year, raising its total holdings to 181 tons [3] - Long-term trends supporting gold prices remain unchanged, but short-term fluctuations may be influenced by U.S. macroeconomic data [3] - As of the latest report, COMEX gold futures were priced at $3382.6 per ounce, showing a slight decline [3]