12月5日，国际金价盘中震荡走低，黄金有色相关ETF产品涨幅小幅收窄。截至发稿，黄金ETF华夏 （518850）涨0.33%，黄金股ETF（159562）涨0.75%，有色金属ETF基金（516650）涨0.87%。 值得注意的是，资金近日持续布局相关ETF。Wind数据显示，黄金ETF华夏（518850）近20个交易日有 17个交易日获资金净流入，累计"吸金"超13.63亿元；截至12月4日，该ETF最新份额达11.03亿份，最新 规模100.79亿元，规模再创新高。 恒泰期货进一步指出，从长期交易策略来看，伴随着美元信用体系受损、全球货币体系重构以及全球资 产重估，非美资产相对占优，黄金仍将是长期的资产配置品种。 消息面上，据媒体消息，截至2025年12月4日，全球最大的黄金ETF SPDR Gold Trust持仓量为1050.58 吨，较前一个交易日增加4.00吨；全球最大的白银ETF iShares Silver Trust持仓量为16094.45吨，较前一 个交易日增加95.90吨。 中金公司最新研报认为，展望2026年，周期性需求与结构性趋势有望继续共振，金银价格或仍处于上行 通道。 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by rising gold and silver prices, with Q2 net profit reaching a historical high [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 9.246 billion yuan, a year-on-year increase of 42.1%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.4% year-on-year [1]. - Q2 2025 saw operating revenue of 4.924 billion yuan, a 32% year-on-year increase and a 14% quarter-on-quarter increase; net profit attributable to shareholders was 902 million yuan, up 57.7% year-on-year and 30% quarter-on-quarter [1][2]. Commodity Prices Impact - The average domestic gold and silver prices in H1 2025 were 721 yuan per gram and 8166 yuan per kilogram, reflecting year-on-year increases of 38% and 20%, respectively [2]. - In Q2, gold and silver prices increased by 39% and 10% year-on-year, and 15% and 4% quarter-on-quarter, respectively [2]. Production and Sales - In H1 2025, the company produced 3.7 tons of gold, down 11% year-on-year, and sold 4.12 tons, down 7% year-on-year; silver production was 61.8 tons, down 25% year-on-year, while sales increased by 10% year-on-year [3]. - Q2 production of gold was 1.95 tons (down 11% year-on-year, up 10% quarter-on-quarter), while silver production was 40 tons (down 35% year-on-year, up 80% quarter-on-quarter) [3]. Cost and Profitability - The company achieved a gross margin of 29.98% in H1 2025, remaining stable year-on-year [4]. - The unit cost of gold increased slightly to 135 yuan per gram (up 7% year-on-year), while the gross margin for gold was 79.15%, an increase of 7.26 percentage points year-on-year [4]. Resource Expansion - The company is actively expanding its resource base, acquiring a 52.0709% stake in Yunnan Western Mining, which includes exploration rights for gold in a 35.6 square kilometer area [5]. - Significant geological exploration results were reported, with an additional gold metal amount of 3.85 tons discovered [5]. Future Outlook - The company expects net profits for 2025-2027 to be 3.44 billion yuan, 3.97 billion yuan, and 5.04 billion yuan, reflecting year-on-year growth rates of 58.5%, 15.2%, and 27.0%, respectively [5].