现货黄金突破3990美元/盎司，日内涨0.28%。 ...

《安徽省黄金产业高质量发展实施方案(2025—2027年)(征求意见稿)》公开征求意见，其中提到，坚持 市场主导、政府引导分类指导原则，聚焦"黄金强省"建设加强探矿增储上产，推进矿山整合，鼓励兼并 重组，强化科技攻关与智能化改造，全面提升资源保障能力、高端供给水平、绿色开发利用效率和本质 安全保障水平，推动黄金产业规模化、高端化、智能化、绿色化、安全化发展，促进产业质量效益全面 提升和规模合理增长。 东方证券认为，法币信用恶化与避险双重利好驱动，持续看好黄金价格上行。法币信用方面，除美元信 用持续恶化的中期逻辑外，欧元区主要国家经济及预期下行使得欧元转弱，日本新首相财政货币宽松预 期带来日元贬值，主要经济体法币信用走弱推升金价持续上行。 平安证券认为，长期来看，美国债务问题难解，美元信用走弱逻辑仍处于持续印证中，黄金货币属性增 强；同时央行购金常态化提供官方背书，进一步形成正反馈；非美方面，法国、日本等其他核心经济体 政治经济风险抬升趋势显现，部分地区地缘冲突加剧，黄金避险属性提升。中期来看，美联储降息预期 持续，推动黄金金融属性定价。多重因素共振，黄金上涨逻辑坚实，预计中长期上涨趋势持续。 ...

每经AI快讯，11月5日，现货黄金上涨近1%，至每盎司3969.62美元。 ...

面对92300元的转账风险与转瞬即逝的低价窗口，丹丹紧急联系深圳同城跑腿小哥，远程指挥其验货、 装箱、发货。两小时后收到打包视频与快递单号，她才放下心来。 虽省下一万元成本，丹丹仍心有余悸："贵金属交给陌生人配送太冒险"，谈及后续直言"玩的是心跳， 得先观望"。 11月3日，全国最大黄金集散地深圳水贝上演"抢金潮"，金价在两小时内从930元/克飙升至991元/克，单 日涨幅超60元。 重庆市民丹丹告诉记者，3日下午，相熟料商告知其手中仍有少量金料，可按923元/克（大盘价919元+4 元工费）出售，但需当日付款提走，而此时市场报价已达992元/克 。 来源 封面新闻 ...

Core Viewpoint - The ongoing U.S. government shutdown and the recent 25 basis point rate cut indicate a clearer outlook for future interest rate reductions, despite suppressed expectations for a December cut [1] Group 1: Economic Environment - The prolonged U.S. government shutdown continues to impact economic stability [1] - Geopolitical conflicts are accelerating the trend of "de-dollarization" globally, influencing central banks and investors to increase gold purchases [1] Group 2: Gold Market - Concerns over global currency and debt are benefiting gold as a trade direction linked to debt and monetary easing [1] - There is an optimistic outlook for future gold prices due to these economic conditions [1] Group 3: Investment Opportunities - The rise in gold prices is enhancing profit expectations for gold resource stocks [1] - Current valuations of gold stocks are considered low, presenting potential investment opportunities in this sector [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [15]. Core Insights - The company achieved a record high net profit attributable to shareholders of 9.51 billion yuan in Q3 2025, with a year-on-year increase of 140.98% [4]. - Revenue for the first three quarters of 2025 reached 86.44 billion yuan, reflecting a year-on-year growth of 38.91% [4]. - The company’s gold production for Q1-Q3 2025 was 10.71 tons, with a slight year-on-year decrease of 0.41%, but Q3 production saw a quarter-on-quarter increase of 15.68% [5]. - The report highlights ongoing project developments, including the discovery of a large-scale gold-copper deposit at Wanxiang Mining, which is expected to significantly contribute to profit growth [7]. Financial Performance - The company’s revenue is projected to grow from 90.26 billion yuan in 2024 to 183.45 billion yuan in 2027, with a compound annual growth rate of 24.99% to 5.88% [11]. - Net profit attributable to shareholders is expected to rise from 1.76 billion yuan in 2024 to 5.96 billion yuan in 2027, with growth rates of 119.46% to 7.75% [11]. - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 32.09 in 2024 to 9.49 in 2027, indicating improving valuation metrics [11]. Cost and Production Insights - The average gold sales cost for Q1-Q3 2025 was approximately 327 yuan per gram, a year-on-year increase of 16% [6]. - The report notes that the cost of production at the Vasa mine has increased significantly due to various factors, including tax rate hikes and operational cost increases [6]. Future Outlook - The report anticipates stable growth in gold production and sales, with projected net profits of 34.28 billion yuan, 55.34 billion yuan, and 59.64 billion yuan for 2025, 2026, and 2027 respectively [9]. - The company is expected to benefit from ongoing mining project developments and improved operational efficiencies, contributing to overall profitability [7].

国内的反应来得快且直接，有些品牌金饰的克价刹那间回到1200元左右，周生生的标价到了1203元每克，较前一日涨了28元 每克，老凤祥报1200元，单日上涨17元每克，老庙黄金报1192元每克，单日也涨了20元每克，这些数字就像是手续费外的心 跳，刺激又明确。 这回涨价主要是海外行情带来的，美元走向、资本避险情绪和投资需求三股力量合力推高了金价，交易盘里资金往黄金跑， 推高现货同时也拉高了期货，进而传导到国内首饰市场，商家调价不含糊，直接把国际市场的变化算进了克价里。 珠宝品牌调整价格动作快速而直接，周生生、老凤祥、老庙这些传统大牌在公告或者门店牌价上做了即时更新，后台系统和 陈列牌同步修改，收银员也得跟着学会新数字，这过程像一场流水线反应，效率高但也有拥堵。 这次涨价还带来一个小小的连锁效应，二手金回收价随之上调，典当行和回收网点在当天也提高了收购价，这让一些原本打 算卖旧金换钱的人感到恰逢其时，出现了短期抛售的现象。 国内消费者那边反应也明显，市场上有人抢购，也有人观望，金店门口的气氛有点像小型战争，有人担心再涨就买不起，也 有人觉得现在入手还算有利，这些情绪叠在一起，让门店的销量和议价空间出现短暂波动。 ...

（央视财经《天下财经》）今年以来，国际金价大幅上涨。这股"黄金浪潮"也席卷了美国亚利桑那州， 使得当地的淘金活动时隔百余年再度升温。 在美国亚利桑那州菲尼克斯西北部的一处矿区，当地淘金者协会的成员们最近进行了一次实地淘金活 动。大家使用金属探测器等工具，在广袤的荒野中寻觅着黄金的踪迹。 有协会成员表示，对他们来说，淘金既是一种锻炼身体的方式，也能获得收益，不过他们承认这很难一 夜暴富。一位协会成员展示了他淘洗出的金屑，并大致进行了计算。 美国亚利桑那州淘金者协会菲尼克斯分会成员：我们处理了一桶5加仑（约合19升）的土，得到了这 些。如果能处理40桶这样的土，得到的黄金差不多值100美元（约合人民币711元）。 除了实际开采，这股淘金热还促进了当地旅游业发展。在该州小城——淘金鬼镇，游客们可以体验淘金 的乐趣。 美国亚利桑那州淘金者协会主席 李·凯恩：（金价上涨）驱使更多人出来寻找黄金，这让我们协会不断 壮大，而且发展相当快。 美国亚利桑那州淘金鬼镇导游 凯西·杰克逊：关注金价走势让我们很兴奋。它可能让更多人对此产生兴 趣，吸引更多游客来到镇上。每天带团时，都有人问黄金现在什么价，所以我们的导游每天都会留意金 ...

Core Viewpoint - The price of the most actively-traded bullion contract has stabilized around $4,000 per ounce [1] Group 1 - The recent price of bullion indicates a steady market condition [1]

Investment Rating - The report maintains a "Recommended" rating for Shandong Gold (600547.SH) [6][3] Core Views - The company reported a revenue of 83.783 billion yuan for the first three quarters of 2025, a year-on-year increase of 25.04%, and a net profit attributable to shareholders of 3.956 billion yuan, up 91.51% year-on-year [1] - The increase in financial expenses has put pressure on performance, with Q3 2025 net profit declining by 35.58% quarter-on-quarter [2] - The company is a leading player in the industry with significant scale advantages, having multiple gold mines recognized among China's top producers [3] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 27.017 billion yuan, a year-on-year increase of 27.25%, but a quarter-on-quarter decline of 12.37% [1] - The average gold price for the first three quarters of 2025 was 3,203 USD/ounce, a 39.6% increase year-on-year [2] - The gross profit margin for the first three quarters was 18.01%, an increase of 3.13 percentage points year-on-year, but lower than expected due to increased production costs from low-grade ore [2] Production and Exploration - The company produced 37.8 tons of gold in the first three quarters of 2025, a 6.64% increase year-on-year, with a production target of no less than 50 tons for 2025 [2][3] - Ongoing exploration projects have added 18.8 tons of new gold resources, with plans for further production capacity increases in the coming years [3] Future Outlook - The report forecasts net profits for 2025, 2026, and 2027 to be 6.546 billion, 8.329 billion, and 9.377 billion yuan respectively, with corresponding PE ratios of 25, 20, and 18 [5][3] - The company aims to increase its gold production capacity significantly by 2030, potentially reaching 80 tons [3]