证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 27 日 [Table_Title] B2Gold 2025Q4 黄金总产量/销量环比增加 19.1%/13.4%至 9.43 吨/8.82 吨，2025Q4 调整后净 利润环比减少 18.3%至 1.47 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q4 黄金总产量为 30.30 万盎司(9.43 吨)，环比增加 19.1%，同比增加 62.9%。Fekola、 Masbate 和 Otjikoto 三座矿 山均超额完成季度黄金产量目标，为全年强劲运营画上圆满句 号。Goose 矿于 2025 年 10 月 2 日实现商业化生产，当季产出 黄金 38,616 盎司。 2025 年黄金总产量为 97.96 万盎司(30.47 吨)，同比增加 21.7%。略低于公司 940,000 至 1,045,000 盎司指导区间的中点 值。2025 年，Fekola、 Masbate 和 Otjikoto 矿区持续强劲表 现，共产金 926,434 盎司，达到 ...

证券研究报告|行业研究报告 [Table_Title] Anglo Gold 2025Q4 黄金总产量环比增加 4%至 24.85 吨，归母净利润环比增长 28%至 8.55 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Date] 2026 年 2 月 25 日 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q4 公司黄金总产量为 79.9 万盎司（24.85 吨），环比增加 4%，同比增加 7%。这一强劲的同比增长主要得益于 Sukari 矿 区再次实现整季度满负荷生产，同时 Obuasi（+1.2 万盎司）、 Siguiri（+1.1 万盎司）和 Cuiabá（+2000 盎司）矿区黄金产量 均实现稳健增长。集团黄金产量下降的矿区包括：Geita（-2.3 万盎司），主要因地下作业采矿品位降低及选矿厂回收率下降 （研磨效果不佳且重力选金回路表现欠佳）；Serra Grande（- 1.1 万盎司），该矿区已于 2025 年 12 月 1 日出售；Sunrise Dam 产量下降 8000 盎司，主要因采矿计划调整导致回收品位 降低，且装载机和采场可用 ...

证券研究报告|行业研究报告 [Table_Date] 2026 年 2 月 25 日 [Table_Title] Agnico Eagle 2025Q4 年黄金产量环比减少 3%至 26.15 吨，净利润环比增长 44%至 15.23 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q4 黄金产量 84.06 万盎司（26.15 吨），同比减少 1%，环 比减少 3%。黄金产量较上年同期下降，主要源于 Macassa 矿 区（品位降低且处理量减少）和 LaRonde 矿区（处理量减少） 产量下滑，部分被 Detour 湖矿区（品位提升）和加拿大 Malartic 矿区（品位提升且处理量增加）产量增长所抵消。 2025 年黄金产量 344.74 万盎司（107.23 吨），同比减少 1%。 黄金产量较上年同期下降，主要源于 Fosterville 矿（品位与处 理量双降）和 La India 矿（矿山寿命终止）产量减少，部分被 Macassa 矿与 LaRonde 矿（品位提升）增产所抵消 2025Q4 黄金销量 84.26 万 ...

证券研究报告|行业研究报告 [Table_Title] 纽蒙特 2025Q4 权益黄金产量环比增加 2%至 45.1 吨，调整后净利润环比增长 46%至 27.53 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Date] 2026 年 2 月 24 日 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q4 纽蒙特权益黄金总产量为 145 万盎司（约 45.1 吨）， 环比增加 2%，同比减少 24%。主要得益于 Ahafo 北矿新增低 成本黄金产量、Tanami 和 Merian 矿区品位提升，以及内华达 金矿非控股合资企业产量增加。但 Peñasquito、Ahafo 南矿、 Yanacocha、Brucejack 和 Cadia 矿区因计划性开采顺序调整导 致产量下降，部分抵消了上述增长。 2025 年纽蒙特权益黄金总产量为 589 万盎司（约 183.2 吨）， 同比减少 14%。 2025Q4 公司黄金平均实现价格为 4216 美元/盎司，环比上涨 19%，同比上涨 60%。该价格包含每盎司 4,173 美元的总收款 价、临时定价销售产生的每盎司 ...

纽蒙特公司预计，受与巴里克 黄金公司联合运营的两处矿场表现不佳影响，今年黄金产量将下降 10%。该公司公布了创纪录的利润数据，2025年第四季度调整后净利润升至28亿美元，合每股2.52 美 元。纽蒙特预计，2026年全维持成本将降至每盎司1,680 美元，优于分析师预期，显示出公司在成本控 制方面取得了进展。（智通财经） ...

Investment Rating - Industry rating: Recommended [6] Core Insights - The report highlights a significant increase in attributable gold production for Q4 2025, reaching 242,400 ounces (7.54 tons), which represents a 27.6% increase quarter-over-quarter and a 37.2% increase year-over-year [2] - The total attributable gold production for 2025 was 765,900 ounces (23.82 tons), marking a 14.9% year-over-year increase, achieving the median of the company's production guidance for the year [2] - The company anticipates a record revenue for 2026, with preliminary annual gold sales projected at 817,800 ounces, and an average realized gold price of approximately $3,480 per ounce [3] Production and Cost Outlook - For 2026, gold production is expected to be between 720,000 to 820,000 ounces, with cash costs projected to average between $1,425 to $1,575 per ounce, including royalties [4][11] - Sustaining capital expenditures are estimated at approximately $380 million, with expansion capital expenditures expected to reach $120 million [11] - The Côté Gold project is a focal point for sustainable production, with plans for expansion to be announced in Q4 2026 [4]

Group 1: Gold Production and Consumption - In 2025, domestic gold production reached 381.339 tons, an increase of 4.097 tons or 1.09% year-on-year. Imported gold production was 170.681 tons, up by 13.817 tons or 8.81% year-on-year, leading to a total gold production of 552.020 tons, which is an increase of 17.914 tons or 3.35% year-on-year [1] - The overseas gold production of major Chinese gold groups steadily increased, achieving approximately 90 tons, a year-on-year growth of 25% [1] - Gold consumption in China was 950.096 tons, a decrease of 3.57% year-on-year. Notably, gold jewelry consumption fell by 31.61% to 363.836 tons, while gold bars and coins saw a significant increase of 35.14% to 504.238 tons [1] Group 2: Market Activity and Price Trends - By the end of December 2025, the London spot gold fixing price was $4307.95 per ounce, up 62.90% from the beginning of the year, while the Shanghai Gold Exchange Au9999 closing price was 974.90 yuan per gram, an increase of 58.78% [2] - The Shanghai Gold Exchange reported a total trading volume of 31,400 tons (62,900 tons double-sided) for all gold varieties, a year-on-year increase of 1.02%, with a total trading value of 24.93 trillion yuan (49.86 trillion yuan double-sided), up 43.89% [1] - Domestic gold ETF saw an annual increase in holdings of 133.118 tons, a growth of 149.91% compared to 53.266 tons in 2024, bringing total holdings to 247.852 tons by the end of December [2] Group 3: Regulatory Responses and Central Bank Activities - In response to significant fluctuations in precious metal prices, exchanges like the Shanghai Gold Exchange and the Guangzhou Futures Exchange quickly adjusted trading limits, margin ratios, and transaction fees to stabilize market expectations and maintain orderly market operations [2] - Global central banks continued to increase their gold reserves, with China adding 26.75 tons of gold in 2025, marking 14 consecutive months of increases, bringing total reserves to 2306.32 tons by the end of December [2]

Core Viewpoint - The company TBEA (600089) reported that its annual gold production is approximately 2.5 to 3 tons, indicating a positive correlation between rising gold prices and company profits [1] Group 1 - The company's gold production is estimated to be between 2.5 tons and 3 tons annually [1] - Rising gold prices contribute positively to the company's profits [1] - The company will fulfill its information disclosure obligations in case of significant investment matters [1]

Group 1 - The Sudanese Mineral Resources Company announced that the country's gold production is expected to reach 70 tons by 2025, exceeding the target by 13% [1] - The Minister of Mining, Nour El-Daim Taha, stated that the total public revenue from mining in Sudan is projected to be approximately 1.087 trillion Sudanese pounds (equivalent to about 320 million USD) in 2025, with plans to incorporate new national projects into the mining development plan in 2026 [1] - Due to armed conflicts, gold production in Sudan declined in 2023, but is expected to rebound to 64 tons in 2024 [1] Group 2 - Gold exports are a major source of foreign exchange income for Sudan, with the Central Bank of Sudan reporting that gold export revenue reached 2.02 billion USD in 2022, accounting for 46.3% of non-oil export total [1] - The International Monetary Fund (IMF) projected a 3.2% growth in Sudan's real GDP for 2025 [2]

Core Insights - Zimbabwe's gold production reached 37.06 tons in the first ten months of 2025, nearing the annual target of 40 tons, with expectations to exceed it by year-end [1] - Small-scale miners contributed 27.7 tons, accounting for approximately 75% of total production, while large mining companies contributed 9.3 tons [1] - Government initiatives to formalize small miners and provide incentives have shown significant results [1] Gold Export Performance - Gold exports surged, with revenues reaching $1.93 billion in the first nine months of 2025, a 71% increase compared to $1.1 billion in the same period of 2024 [1] - The growth in exports is primarily attributed to high international gold prices, increased global demand for safe-haven assets, and a reduction in illegal outflows [1] - Exports continued to rise due to formal channels and high production levels, with June, August, and September showing year-on-year increases exceeding 100% [1] Economic Impact - The strong performance of the gold sector is expected to continue supporting Zimbabwe's foreign exchange earnings and economic growth [1]