人民财讯8月26日电，四川黄金（001337）8月26日晚间披露半年报，2025年上半年，公司实现营业收入 4.42亿元，同比增长11.92%；归属于上市公司股东的净利润2.09亿元，同比增长48.41%；基本每股收益 0.4967元。报告期内，受益黄金价格上涨，净利润同比上涨48.41%。生产和销售金精矿金属量同比降 低。由于公司梭罗沟金矿露天开采境界内矿石进入残采期，原矿入选品位降低，导致报告期内生产和销 售金精矿金属量同比下降，因此，公司报告期内营业收入同比增长幅度低于黄金价格涨幅。 ...

消息面上，美联储主席鲍威尔周五在杰克逊霍尔全球央行年会上表示，美国就业市场面临的下行风险上 升，风险的平衡转变可能使得美联储调整政策立场成为恰当之举。这是鲍威尔迄今为止发出的最强烈的 信号，暗示美联储最早将于9月降息。华鑫证券指，美联储仍处于降息周期，鲍威尔发言为贵金属市场 注入强心剂，看好黄金价格进一步上涨。另值得关注的是，据报道，特朗普在社交媒体高调宣布，解除 美联储理事丽莎·库克（Lisa Cook）职务"立即生效"，此举引发对联储独立性的担忧。 智通财经APP获悉，黄金股再度走高，截至发稿，中国黄金国际(02099)涨6.46%，报94.8港元；灵宝黄 金(03330)涨6.08%，报12.22港元；招金矿业(01818)涨3.78%，报22.5港元；山东黄金(01787)涨3.54%， 报28.66港元。 ...

赤峰黄金（600988.SH）2025 年半年报点评 产量成本影响利润，老挝资源前景可观 2025 年 08 月 25 日 ➢ 事件：公司发布 2025 年半年报。2025 年上半年公司实现营收 52.72 亿元， 同比增长 25.64%，实现归母净利润 11.07 亿元，同比增长 55.79%，扣非归母 净利润 11.12 亿元，同比增长 73.98%；单季度看，25Q2 公司实现营收 28.65 亿元，同比增长 22.31%，环比增长 19.01%，归母净利润 6.23 亿元，同比增长 22.25%，环比增长 28.97%，扣非归母净利润 6.24 亿元，同比增长 43.55%，环 比增长 27.73%。业绩略低于预期。 ➢ 点评：产量不及预期以及成本上行是影响业绩的核心原因。量：2025 上半 年公司实现矿产金产量 6.75 吨，同比下降 10.56%，Q2 单季度矿产金产量约 3.4 吨。产量下滑系入选品位降低叠加雨季提前导致金星瓦萨产销量不及预期。生产 目标：考虑上半量影响，公司全年矿产金产量目标适当下修至 16 吨。价：25H1 黄金均价 3077 美元/盎司，同比增长 39.8%；Q2 黄金均价 ...

格隆汇8月24日｜赤峰黄金(6693.HK)公布截至6月底止中期业绩，营业收入52.72亿元，同比升25.64%； 股东应占盈利11.07亿元，同比升55.79%，每股盈利0.63元，不派息。公司表示，业绩的增长主要得益 于黄金产品价格同比上升。2025年上半年，黄金价格强势上涨，不断刷新历史新高。 基于上半年完成情况和下半年展望，赤峰黄金更新2025年黄金产销量目标为16吨，将坚守安全发展底 线、坚持绿色与可持续发展理念，力争完成年度计划。下半年，将紧紧围绕年度重点项目与任务目标， 全力推动安全生产、增产增储与提质增效工作。 ...

证券研究报告：有色金属 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -7% -1% 5% 11% 17% 23% 29% 35% 41% 47% 山金国际 有色金属 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.24 | | --- | --- | | 总股本/流通股本（亿股）27.77 | / 25.27 | | 总市值/流通市值（亿元）506 | / 461 | | 周内最高/最低价 52 | 22.60 / 15.33 | | 资产负债率(%) | 18.6% | | 市盈率 | 23.31 | | 第一大股东 | 山东黄金矿业股份有限 | | 公司 | | 研究所 分析师:杨丰源 SAC 登记编号:S1340525070002 Email:yangfengyuan@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 山金国际(000975) 2025H1 公司加强探矿增储力度 ...

近日，美联储主席鲍威尔在全球央行年会上转向，罕见"放鸽"，直接推升全球风险资产价格。 每年8月的杰克逊霍尔会议是全球央行的年度盛会，央行行长通过主题演讲进行预期管理，为后续货币政策的转向铺路。 自2008年以来，这里更是美联储放飞鸽派的起点。鸽派言论推动美元指数下跌，非美货币集体上涨。而包括加密货币、 黄金、原油等更多风险资产出现上涨。 人民币汇率或重回6时代 鲍威尔讲话被市场解读为鸽派降息的信号，各项资产盘面出现大幅波动。在外汇市场上，美元指数跳水下行93点，跌近 1%，创下4月以来的单日最大跌幅。而非美货币一改近几日承压表现，对美大幅升值，大部分货币单日升幅1%。 但是，在美元指数大幅下行的市场中，人民币对美汇率的升值表现不如预期。因为通常情况下，美元指数每下跌1%，人 民币对美元汇率会升值0.20-0.25%左右。 此外，国际贵金属期货普遍收涨，COMEX黄金期货涨1.05%，报3417.20美元/盎司，本周累计上涨1.02%；COMEX白银 期货涨2.10%，报38.88美元/盎司，本周累计上涨2.38%。美油主力合约收涨0.39%，报63.77美元/桶，本周累计涨2.89%； 布伦特原油主力合约涨0 ...

（文章来源：证券日报） 人民财讯8月23日电，今年上半年，黄金价格走高。伦敦现货黄金价格上半年累计涨幅达25.84%，并在 4月下旬一度触及3500美元/盎司的历史高位。受金价强劲走势影响，上半年，金矿上市公司业绩持续高 增长，整体发展态势向好；与此同时，下游多家黄金饰品上市公司业绩表现亮眼。 ...

周五（8月22日）纽约尾盘，现货黄金涨0.99%，报3371.86美元/盎司，完全守住美联储主席鲍威尔讲话 带来的那一波涨势，本周累计上涨1.07%——鲍威尔讲话之前持续震荡于3310-3358美元区间。COMEX 黄金期货涨1.05%，报3417.00美元/盎司，本周累涨1.02%。费城金银指数收涨1.81%，报239.23点，连 续第二个交易日创收盘历史新高，本周累涨3.37%。 来源：滚动播报 ...

Core Viewpoint - South African gold producer Gold Fields (GFI.US) reported significant profit growth in the first half of the year, driven by record gold prices and increased production, while also announcing an increase in interim dividends [1][2] Financial Performance - The company achieved a net profit of $1.02 billion for the six months ending June 30, a substantial increase from $389 million in the same period last year [1] - Core profit rose from $320.7 million to $1.027 billion year-on-year [1] - Basic earnings per share increased from $0.43 to $1.15, falling within the forecast range of $1.09 to $1.21 [1] - The interim dividend was set at 7 Rand ($0.3948) per share, significantly up from 3 Rand in the first half of 2024 [1] Production Metrics - Gold equivalent production in Q2 reached 585,000 ounces, up from 551,000 ounces in the previous quarter, aligning with the production guidance [1] - Total production for the first half of the year grew by 24%, reaching 1.136 million ounces [1] - All-in sustaining costs increased from $1,861 per ounce in Q1 to $2,054 per ounce, consistent with expectations [1] Market Conditions - The increase in production was supported by operational improvements at mines in Chile, South Africa, Peru, and Australia, which had previously faced production cuts due to adverse weather and geological conditions [2] - Gold prices have seen a strong upward trend, rising approximately 27% this year following a significant increase in 2024, driven by heightened demand for safe-haven assets amid trade tensions and geopolitical risks [2] - The average gold selling price for the company rose by 40% year-on-year to $3,089 per ounce, marking a historical high [2] Future Outlook - The company maintains its full-year gold equivalent production guidance of 2.25 to 2.45 million ounces [2] - It confirmed its cost forecast, projecting all-in sustaining costs to remain in the range of $1,500 to $1,650 per ounce for the year [2]

Core Viewpoint - The article highlights the profitability of Shanjin International, emphasizing its high gross profit margins in the gold mining sector, driven by rising international gold prices and effective sales strategies [1][4][5]. Group 1: Financial Performance - Shanjin International reported a gold production cost of 150.96 CNY per gram, with a gross profit margin of 79.15% for its gold products and 80.44% for its silver-containing gold products [1][4]. - The company's total gross profit reached 2.772 billion CNY in the first half of the year, with gross profit from gold products contributing 2.364 billion CNY, accounting for 85% of total gross profit [4][5]. - The revenue from gold products increased by 29.85%, while operating costs decreased by 3.69%, leading to a 7.26 percentage point increase in gross margin [5]. Group 2: Market Dynamics - The international gold price rose significantly, with Au9999 closing at 764.43 CNY per gram by the end of June, a 24.5% increase from the beginning of the year [4]. - Despite the strong performance in profitability, Shanjin International's stock price has declined by 22% since reaching a peak in late April, indicating a disconnect between market performance and company fundamentals [1][9]. Group 3: Institutional Investment Trends - Institutional investors showed mixed behavior, with some increasing their holdings while others reduced their positions in Shanjin International, reflecting a cautious outlook on gold stocks [10]. - As of August 19, the total number of shares held by funds in Shanjin International decreased to approximately 218 million, down from 239 million at the end of the previous quarter [10].