Core Viewpoint - Bank of America Securities has adjusted its forecast for Zijin Mining's (02899) net profit after tax for 2025 to 2027, increasing it by 1% to 4%, and raised the target price from HKD 26 to HKD 31, maintaining a "Buy" rating based on positive views on copper and gold prices and the company's robust production growth [1] Group 1: Price Forecasts - The long-term gold price forecast has been raised by 25% to USD 2,500 per ounce, while the long-term silver price forecast has been increased by 30% to USD 35 per ounce [1] Group 2: Market Drivers - Key drivers for the 39% year-to-date increase in gold prices include: 1) structural fiscal deficit in the U.S., 2) expectations of interest rate cuts, 3) concerns over the independence of the U.S. Federal Reserve, and 4) geopolitical tensions and uncertainties [1] Group 3: Company Performance - Zijin Mining's gold mining is expected to contribute 48% to its gross profit by 2025, compared to 41% from copper mining [1] - The company is projected to achieve gold production growth of 17% and 11% in the next two years, demonstrating strong execution capabilities in production growth [1] - Potential international IPO of Zijin's overseas gold assets may serve as a short-term catalyst [1]

三湘都市报9月4日讯（全媒体 记者仝若楠整理）9月3日晚，Comex黄金期货一度突破3630美元/盎司， 现货黄金也一度达到3565美元/盎司，双双突破今年4月下旬的历史新高。其中，现货黄金今年迄今累计 涨幅超35%。 今日，受国际金价影响，多家品牌金饰价格每克已突破1060元，其中周大福和六福珠宝黄金实物每克 1060元，分别较昨日上涨0.66%，周生生每克高达1062元，较昨日上涨0.57%。 ...

Core Viewpoint - The domestic price of gold jewelry has risen to 1060 yuan per gram due to the continuous increase in international gold prices [1] Group 1: Price Changes - As of September 4, the price of 24K gold jewelry in China has surpassed 1060 yuan per gram [1] - Chow Tai Fook and Chow Sang Sang have raised their gold jewelry prices to 1060 yuan per gram, while Chow Sang Sang's gold jewelry is priced at 1062 yuan per gram [1]

人民财讯9月4日电，受国际金价持续上涨影响，9月4日，国内足金首饰价格继续上调，并突破1060元/ 克。其中，周大福、周大生足金首饰价格涨至1060元/克，周生生足金饰品价格涨至1062元/克。 （文章来源：中国新闻网） ...

Core Viewpoint - Gold prices have reached new highs, leading to significant stock price increases for Western Gold and other gold companies, driven by rising sales and production in the gold sector [1][2]. Group 1: Company Performance - Western Gold's stock price hit a limit up at 26.51 yuan per share, with a market capitalization of 24.2 billion yuan, marking the third consecutive trading day of limit up [1]. - In the first half of 2025, Western Gold reported revenue of 5.03 billion yuan, a year-on-year increase of 69.01%, and a net profit of 154 million yuan, a year-on-year surge of 131.94% [1]. - The growth in performance is attributed to increased sales prices and volumes of gold products, higher gold production from its own mines, and steady progress in the manganese industry chain [1]. Group 2: Strategic Acquisitions - In May 2025, Western Gold acquired 100% of Hongfa Ferroalloy through a capital reduction from related parties, enhancing the integrity of its manganese industry chain and strengthening control and decision-making efficiency [1]. - In August 2025, the company acquired 100% of Xinjiang Meisheng in cash, laying a solid foundation for a business model centered on gold, with manganese and beryllium as supplementary sectors, thereby improving overall competitiveness and risk resistance [2]. Group 3: Production and Future Plans - In the first half of 2025, Western Gold produced 5.9 tons of gold, achieving 60.24% of its annual target, an increase of 1.36 tons compared to 4.54 tons in the same period last year [2]. - The company plans to produce 1,793.7 kilograms of gold and 8,000 kilograms of externally sourced refined gold in 2025, alongside manganese production targets of 450,000 tons of manganese ore and 80,000 tons of electrolytic manganese [2].

9月3日晚，Comex黄金期货一度突破3630美元/盎司，现货黄金最高价亦一度达到3565美元/盎司，双双突破今年4月下旬的历史新高。 美股黄金股开盘上涨，其中哈莫尼黄金涨逾5%，盎格鲁黄金涨逾3%。值得一提的是，国际金价已连续七个交易日上涨。 上金所要求各会员增强风险防范意识，做细做好风险应急预案，提示投资者做好风险防范工作，合理控制仓位，理性投资，确保市场稳定健康运行。 （文章来源：经济日报） 9月3日，国内多家黄金珠宝品牌公布的境内足金首饰价格继续上涨，周生生足金首饰价格报1056元/克，周大福、六福珠宝等品牌足金首饰价格报1053元/ 克。 上海黄金交易所3日发布通知，根据《上海黄金交易所风险控制管理办法》的有关规定，上金所对黄金延期品种与白银延期合约交易保证金水平和涨跌停 板比例进行调整。具体来看，自2025年9月5日周五收盘清算时起，Au（黄金）（T+D）等合约的保证金水平从13%调整为14%，下一交易日起涨跌幅度限 制从12%调整为13%；Ag（白银）（T+D）合约的保证金水平从16%调整为17%，下一交易日起涨跌幅度限制从15%调整为16%。 ...

截至北京时间9月3日21时左右，现货黄金首次站上3550美元/盎司，日内涨超0.45%，创历史新高。 南方网、粤学习记者 卢绍聪 ...

Group 1 - The core point of the article highlights that gold prices have reached a new high, with the London spot gold price exceeding $3546.9 per ounce as of September 3 [1] - Several domestic gold jewelry brands have reported significant increases in their gold jewelry prices, with some surpassing 1050 yuan per gram [1] - Specific prices on September 3 include: Chow Sang Sang at 1056 yuan per gram, Chow Tai Fook and Luk Fook at 1053 yuan per gram, and Lao Miao at 1052 yuan per gram, indicating a price increase of 26 yuan per gram for Chow Tai Fook compared to September 1 [1]

Group 1 - The gold sector experienced a significant rise, with spot gold surpassing $3,560, marking a new historical high [1] - Notable stock performances include Harmony Gold (HMY.US) up over 7%, Royal Gold (RGLD.US) up 0.34%, Coeur Mining (CDE.US) up over 3%, New Gold (NGD.US) up over 1%, DRDGOLD (DRD.US) up over 5%, and Kinross Gold (KGC.US) up over 2% [1] - According to Tavi Costa from Crescat Capital, foreign central bank gold holdings have exceeded U.S. Treasury holdings for the first time since 1996 as gold prices reach record levels [1]

Core Viewpoint - The gold jewelry market is experiencing a significant divide in performance among companies, driven by high gold prices and changing consumer preferences, leading to both growth and decline in revenues and profits across the industry [5][7]. Group 1: Gold Price Impact - As of September 1, gold prices rose to 800.56 yuan per gram, with several brands' gold jewelry prices exceeding 1,000 yuan per gram [4]. - The high gold prices have led to a cautious consumer approach, with a notable decline in gold consumption, particularly in jewelry, which saw a 26% drop [5][6]. Group 2: Company Performance - Companies like Lao Pu Gold reported explosive growth, with revenue increasing by 251% to 123.54 billion yuan and net profit rising by 285.8% [8][13]. - In contrast, traditional giants like Lao Feng Xiang and Zhou Da Sheng faced revenue declines of 16.52% and 43.92%, respectively, with Zhou Da Sheng's revenue from gold products dropping by 50.94% [7][8]. Group 3: Market Trends and Strategies - The industry is witnessing a shift towards high-value, design-oriented jewelry, with brands increasingly entering the "ancient method" gold segment to differentiate themselves [5][10]. - Many companies are closing underperforming stores to optimize retail networks, with Zhou Da Sheng reducing its store count by 290 in the first half of the year [9][10]. Group 4: Competitive Landscape - The market for "ancient method" gold is becoming crowded, with multiple brands launching similar products, leading to intensified competition [12][13]. - Lao Pu Gold aims to position itself as the "Hermès of gold," but faces risks from increased competition and potential consumer fatigue from price hikes [13].