Core Viewpoint - In the context of increasing volatility in global financial markets, gold's status as a safe-haven asset is becoming more pronounced, leading to record-high gold prices and heightened enthusiasm for gold companies to list in Hong Kong [1] Group 1: Company Performance - Zijin Gold International, established in 2007, has shown impressive performance with projected revenues of approximately $1.818 billion, $2.262 billion, and $2.990 billion from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 28.2% [3] - The company's net profit for the same period is expected to be $184 million, $230 million, and $481 million, with a remarkable CAGR of 61.9% [3] - In the first half of 2025, Zijin Gold International achieved revenue of $2 billion, a year-on-year increase of 42.33%, and a profit of $625 million, with a year-on-year growth of 125.6% [3] - The significant growth is largely attributed to rising gold prices, which increased by 27% in 2024 and over 41% in 2025 [3] Group 2: Market Outlook - Morgan Stanley has raised its year-end gold price target to $3,800 per ounce, emphasizing the strong negative correlation between gold and the US dollar [4] - UBS has indicated that gold prices could reach $4,000 per ounce under deteriorating geopolitical or economic conditions, with a forecast of $3,700 per ounce by June 2026 already being surpassed [4] - Zijin Gold International's gold reserves reached 27.5 million ounces (approximately 856 tons) as of December 31, 2024, ranking ninth globally, which supports its long-term growth potential [4] Group 3: Competitive Advantages - Zijin Gold International benefits from synergies with its parent company, Zijin Mining, which ranks first among global gold companies and fourth among metal mining companies [6] - The company has a complete industry chain covering exploration, mining, processing, smelting, refining, and sales, ensuring business stability and profitability [7][8] - Zijin Gold International has extensive merger and acquisition experience, holding rights to eight gold mines in resource-rich regions and planning a $1.2 billion acquisition of the Raygorodok gold mine in Kazakhstan [9] - The company emphasizes technological upgrades, achieving a gold recovery rate increase from 78% to 81% from 2022 to 2024 through innovative processes [10] Group 4: ESG Practices - Zijin Gold International integrates ESG as a core value, focusing on sustainable mining practices and minimizing emissions through advanced metallurgical processes [14] - The company emphasizes local employment and community engagement, providing training and supporting local infrastructure and development [15] - Its ESG initiatives enhance operational transparency and responsibility, contributing to its long-term competitiveness and reputation in the global mining industry [15] Group 5: Conclusion - In the current gold bull market, Zijin Gold International demonstrates strong growth potential supported by solid performance, favorable gold price trends, and unique competitive advantages [16] - The company's upcoming listing on the Hong Kong Stock Exchange capitalizes on market conditions, showcasing its superior alpha capabilities and positioning it for a more significant role in the global gold landscape [17]

美联储料将降息25个基点 【导读】 美联储即将重启降息， 外资或加速流入中国股市 中国基金报记者 郭玟君 当地时间9月16日至17日，美联储将举行议息会议。目前来看，美联储重启降息几无悬念，这将是自2024年12月以来首次降息。 新的周期，机构投资者更关心哪些问题？全球资产配置策略应如何调整？就此，全球机构投资者展开了讨论。 9月12日，美国8月通胀数据及周度申请失业金人数公布，至此，美联储议息会议前关键经济指标已全部公布。从数据来看，通胀受到关税 政策推动，劳动力市场趋弱。 品浩（PIMCO）董事总经理兼经济学家蒂芙尼·威尔丁（Tiffany Wilding）发布研报称，美联储9月将降息25个基点，50个基点的降幅也 可能在讨论范围内。品浩维持全年累计降息75个基点的预测，核心CPI通胀率到2025年底或上升至3.3%左右。 保德信（PGIM）固定收益副主席、首席全球经济师兼全球宏观经济研究主管达利普·辛格（Daleep Singh）预期，美国的通胀率在2026年 前仍将维持在3%以上，美联储预计将以每次25个基点的渐进式步伐推进降息，直至在明年达到3.0%~3.5%的中性利率区间。 独立性面临挑战 美联储 ...

金价上涨为何按下暂停键？未来是否还有上涨空间？ 中国银行研究院主管王有鑫向中新网表示，近两个月国际金价横盘震荡主要是多空力量博弈所致，既存 在支撑金价走高的因素，也有导致金价下行的因素。 中新网7月18日电(记者 左雨晴 宋宇晟) 近日，"金价"再次登上微博热搜，但与过去几个月相比，网友的 反应可谓平平。"最近一直在上上下下，是不是涨不上去了？" 在他看来，美国与其他经济体的关税谈判进展以及美国通胀形势、美联储政策走向等因素仍存在较大不 确定性，八月关税谈判截止日前，市场依然存在较大变数。之后随着形势逐渐明朗化，关税政策对全球 和各国经济、通胀的影响以及美联储货币政策走向将更加清晰，黄金价格走向将逐渐明确。 2024年，国际金价大幅上涨27%，创14年来最大年涨幅。进入2025年，金价继续飙升，并在前六个月涨 超26%。COMEX黄金最高涨至3509.9美元/盎司，伦敦现货黄金最高涨至3500.12美元/盎司。然而自5月 20日以来，COMEX黄金期货价格始终徘徊在3300-3400美元/盎司之间。 不过，从中长期看，黄金价格仍有望继续上涨。美联储降息周期大概率在四季度开启，将推动金价上 涨。各国央行购金趋势 ...