智通财经APP获悉，麦格理发布研报称，对金价持正面看法，并认为山东黄金(01787)将受惠于金价上升 及产能增长。公司今年第三季业绩因6.25亿元人民币的公允价值变动而表现疲弱，但该行相信此属一次 性影响，不会对公司盈利构成持续压力。该行调整公司2025至27年的盈利预测，分别下调18%、上调 42%及上调39%，以反映今年利润率下降及减值影响，以及2026及27年金价预期提高; 目标价上调至43 港元，维持"跑赢大市"评级。 ...

近期行业活动披露，公司的关键项目海域金矿正处于建设阶段，预计将于2027年底至2028年初投产。另 外，该行对金价持正面看法。而招金矿业作为低成本的纯黄金企业，是金价上升的主要受惠者。 麦格理发布研报称，招金矿业(01818)持续扩大其黄金矿场组合，透过勘探实现有机增长。麦格理将招 金矿业2025至2027年净利润预测分别上调10%、74%及50%，至36.17亿、49.91亿及42.93亿元人民币， 以反映预期金价较高及成本更高;目标价42港元，维持"跑赢大市"评级。 ...

Group 1 - The core viewpoint of the article is that Macquarie has raised its profit forecasts for Zhaojin Mining (01818) for 2025 to 2027 by 10%, 74%, and 50% respectively, reflecting expectations of higher gold prices and increased costs [1] - Zhaojin Mining is expanding its gold mine portfolio through exploration to achieve organic growth [1] - The target price for Zhaojin Mining is set at HKD 42, maintaining an "outperform" rating [1] Group 2 - The company's key project, the Haiyu Gold Mine, is currently under construction and is expected to commence production by the end of 2027 or early 2028 [1] - Macquarie holds a positive outlook on gold prices, indicating that Zhaojin Mining, as a low-cost pure gold company, will benefit significantly from rising gold prices [1]

格隆汇12月22日｜麦格理发表研究报告指，对金价持正面看法，并认为山东黄金将受惠于金价上升及产 能增长。公司今年第三季业绩因6.25亿元的公允价值变动而表现疲弱，但该行相信此属一次性影响，不 会对公司盈利构成持续压力。该行调整公司2025至27年的盈利预测，分别下调18%、上调42%及上调 39%，以反映今年利润率下降及减值影响，以及2026及27年金价预期提高；目标价上调至43港元，维 持"跑赢大市"评级。 ...

麦格理将招金矿业2025至2027年净利润预测分别上调10%、74%及50%，至36.17亿、49.91亿及42.93亿 元，以反映预期金价较高及成本更高；目标价42港元，维持"跑赢大市"评级。 麦格理发表研究报告指，招金矿业持续扩大其黄金矿场组合，透过勘探实现有机增长。近期行业活动披 露，公司的关键项目海域金矿正处于建设阶段，预计将于2027年底至2028年初投产。另外，基于市场对 地缘政治冲突、中美贸易摩擦以及美国国债可持续性的忧虑，该行对金价持正面看法。而招金矿业作为 低成本的纯黄金企业，是金价上升的主要受惠者。 ...

Core Viewpoint - Citigroup's research report indicates that Zijin Mining's Vice President Lin Hongfu expects gold prices to have further upside potential, with the company focusing on gold production targets of 100 tons annually by 2030, with 30% growth from internal capacity enhancement and 70% from acquisitions, particularly in South America and Africa [1] Group 1: Gold Outlook - The company aims for an annual gold production of 100 tons by 2030, with 30% of this growth expected from internal capacity improvements and 70% from acquisitions [1] - The focus on acquisitions will be particularly strong in South America and Africa [1] Group 2: Copper Outlook - Lin Hongfu anticipates strong growth in copper demand, projecting it to reach 40 million tons annually by 2035, indicating the beginning of a super cycle [1] - The company plans to actively seek acquisitions of copper mining resources due to increasing exploration difficulties and extended capital expenditure cycles [1] Group 3: Lithium Strategy - The company will concentrate on existing lithium projects, targeting an annual production capacity of 200,000 to 250,000 tons by 2028 [1] Group 4: Investment Rating - Citigroup has set a target price of HKD 39 for Zijin Mining and maintains a "Buy" rating [1]

Group 1: Gold Market Outlook - The international gold price is steadily rising due to expectations of continued interest rate cuts by the Federal Reserve [1] - Major banks like Morgan Stanley, JPMorgan, and Goldman Sachs have raised their gold price forecasts, with Goldman predicting a potential price of $4,000 per ounce by mid-2026 [1] - Buyers of gold are categorized into two types: conviction buyers, who buy regardless of price, and opportunistic buyers, who respond to price fluctuations [1] Group 2: Company Overview - Xipuni - Xipuni, a newly listed company, is a Chinese gold watch designer, manufacturer, and brand owner with its flagship brand "HIPINE" [2] - The company operates through two marketing models: a dealer network for its own brand and ODM manufacturing for third-party jewelry brands [2] - Xipuni has expanded its sales through 3,000 offline points in China and is seeking to expand into the Middle East in the coming years [2] Group 3: Financial Performance - In the first half of 2025, Xipuni reported revenue of 288 million RMB, a year-on-year increase of 27.2%, and a net profit of 57 million RMB, up 108.8% year-on-year [3] - The strong performance in gold watch sales is expected to continue, with positive results anticipated for the full year of 2025 [3]

Core Viewpoint - Morgan Stanley has raised the target price for Lao Pu Gold (06181.HK) to HKD 1,055, maintaining a rating in line with the market, citing accelerated growth in the second half of the year due to rising gold prices and strong demand [1] Group 1: Financial Performance - The company is expected to see a revenue growth of 2.5 times in the first half of the year, with profits increasing over threefold to RMB 2.4 billion [1] - Morgan Stanley anticipates that the company will announce a positive earnings surprise this month [1] Group 2: Future Projections - Revenue forecasts for Lao Pu Gold for the years 2025 to 2027 have been raised by 13% to 18%, while profit forecasts have been increased by 19% to 25%, reflecting an acceleration in new store openings this year [1] - The opening of new stores and the rise in gold prices are expected to continue supporting the stock price momentum [1]