瑞财经 刘治颖 9月24日，山金国际黄金股份有限公司（以下简称：山金国际）向港交所提交上市申请书，联席保荐人为中信证券、中金公司和瑞银集团。 招股书显示，山金国际是黄金生产商之一，主要从事金、银、铅及锌等其他有⾊金属的勘探、开采及选冶以及金属贸易业务。根据弗若斯特沙利文的资料， 山金国际是中国上市的黄金公司中按黄金矿产毛利率及黄金矿产成本计盈利能力最强、成本效益领先的黄金生产商。 全球黄金需求从2020年到2024年经历了波动，2022年后小幅下降，整体以5.8%的复合年增长率增长，而2024年以来需求呈现加速增长态势。预计到2030年 全球黄金需求将达到178.7百万盎司。从2024年到2030年，全球黄金需求预计将以3.2%的复合年增长率稳步增长。由于黄金被视为抗通胀和避险资产，在经 济波动时期更受投资者青睐。 2020年至2024年，中国的黄金需求以4.2%的复合年增长率增长。在此期间，中国的黄金需求经历了波动，主要受投资消费需求变化的影响。2024年到2030 年间，中国黄金需求预计将保持稳定水平，期间复合年增长率为1.1%。预计主要的需求增长来自投资相关的需求。 2020年至2024年，全球黄金储量 ...

Economic News - The National Bureau of Statistics will hold a press conference on August 15, 2025, to discuss the economic situation for July 2025 [2] - The Ministry of Finance has issued a management method to support the development of preschool education, including the exemption of childcare fees for eligible public kindergartens [2] - The State Post Bureau reported that the express delivery development index for July 2025 is 414.3, a year-on-year increase of 5.2% [2] - The China Association of Automobile Manufacturers reported that in July, the production and sales of new energy vehicles reached 1.243 million and 1.262 million units, respectively, with year-on-year growth of 26.3% and 27.4% [2] - The Ministry of Agriculture and Rural Affairs and the General Administration of Customs issued a notice to prevent the entry of highly pathogenic avian influenza from Spain [2] Key Company Information - Huawei is set to release breakthrough technology in AI inference, which may reduce reliance on high-bandwidth memory technology [5] - Contemporary Amperex Technology Co., Ltd. has suspended mining operations at its Yichun project due to the expiration of its mining license [5] - Greentown China expects a nearly 90% year-on-year decline in mid-year profits for 2025 [5] - Nanhu Power has signed an independent energy storage project order with a total capacity of up to 2.8 GWh [5] - Merck Sharp & Dohme has received approval for a new 200-day dosage regimen for its drug PrEP [5] Metal Industry Insights - The gold market's pricing logic has shifted, with supply-demand attributes becoming more significant in determining price resilience [6] - Global mined gold production has shown a declining trend since 2013, with an average annual output of around 3,574 tons over the past decade [6] - The average growth rate of recycled gold supply over the past decade is 2.3%, with a notable increase in 2024 due to rising gold prices [7] - Gold production costs have risen structurally, with total sustaining costs reaching a historical high of $1,456 per ounce in Q3 2024 [7] - Global gold demand has reached a historical peak, with total demand in 2023 increasing by 3.8% to 4,951 tons [8] Gold Consumption Trends - The share of jewelry in global gold consumption has remained stable at around 50%, but gold jewelry consumption decreased by 9% in 2024 due to rising prices [9] - Central bank gold purchases have significantly increased, with global central bank purchases reaching a new high of 1,086 tons in 2024 [10] - The demand for gold ETFs has seen a recovery, with inflows reaching $21 billion in Q1 2025, indicating a potential return to previous growth levels [11] Industrial X-ray Detection Equipment - The domestic industrial X-ray detection equipment market is expected to grow rapidly, driven by the demand from the semiconductor and electronic manufacturing sectors [14] - The demand for X-ray detection equipment in the integrated circuit industry is increasing, with the PCB market also showing steady growth [15] - The demand for X-ray detection equipment in the automotive industry is expected to rise as the overall market expands [17] - The company is projected to see revenue growth rates of 32.75%, 30.27%, and 28.18% from 2025 to 2027, with a corresponding increase in net profit [18]