黄金市场正经历历史性时刻。9月16日，现货黄金价格首次突破3700美元/盎司关口，盘中触及3702.93美元峰值，最终收于3689.60美元。这一突破并非偶 然，而是美联储降息预期、美元疲软、地缘风险及央行购金潮等多重因素共振的结果。当前亚市早盘金价维持高位震荡，交投于3691.23美元附近，市场焦 点聚焦于次日凌晨美联储利率决议。 核心驱动一：美联储降息预期的定价革命 芝商所FedWatch工具显示，市场已完全计价美联储9月17日降息25个基点，甚至存在4%概率降息50个基点。特朗普公开施压鲍威尔要求"更大幅度"降息，进 一步强化鸽派预期。在低利率环境下，黄金作为无孳息资产的吸引力显著提升。实际利率下行将直接降低持有黄金的机会成本，形成资金持续流入的良性循 环。OANDA分析师Zain Vawda强调："避险需求与央行购金虽提供支撑，但本轮上涨主因是市场对激进降息的定价。" 核心驱动二：美元指数的崩溃式下跌 美元指数周二暴跌0.74%至96.54，创7月1日以来新低，欧元兑美元升至2021年9月高位。美元走弱使以美元计价的黄金对全球买家更具吸引力。尽管美国8月 零售销售环比增长0.6%超预期，但劳动力市场疲 ...

Core Insights - The global gold market is experiencing significant volatility in 2025, with total demand reaching 1206 tons in Q1, marking the strongest start in nine years, and China becoming the second-largest retail investment market globally [1] - The geopolitical tensions in the Middle East and uncertainties in the Federal Reserve's monetary policy are creating a tug-of-war in gold prices, with London gold prices peaking at $3444.5 per ounce on June 13 before retreating to the $3350 range [1] Group 1: Market Challenges - Precious metal investments are facing structural challenges, including uncontrolled price volatility, with London gold experiencing daily fluctuations exceeding $100 [3] - Traditional stop-loss strategies are failing in extreme market conditions, leading to increased risk of client liquidation due to order execution delays exceeding 0.5 seconds on some platforms [3] - Regulatory risks are rising, with a 45% year-on-year increase in the number of non-compliant platforms in Hong Kong, causing 73% of investors to incur losses due to poor platform choices [3] Group 2: Technological Solutions - Gold trading platform King Sheng Precious Metals is implementing a three-tier mechanism to create a safe and transparent trading environment, including unique transaction codes for traceability and independent fund storage [4] - The platform has integrated MT4/MT5 systems, achieving order execution speeds as low as 0.01 seconds and maintaining a slippage rate below 0.5% even during extreme market fluctuations [4] - An innovative risk management model has reduced client liquidation risk by 60% during significant price drops [4] Group 3: Investment Strategies - King Sheng Precious Metals has introduced a "zero commission + ultra-low spread" strategy, with spreads as low as $0.38 per ounce, saving high-frequency traders over 30% in costs [5] - The platform offers rapid withdrawal services, allowing investors to quickly adjust positions during volatile market conditions, contrasting with traditional platforms' 2-3 day withdrawal periods [5] - For long-term investors, the platform provides physical gold delivery services, aligning with global central bank gold purchasing trends [5] Group 4: Future Investment Ecosystem - The MT5 platform supports various analytical tools and smart trading interfaces, catering to both novice and professional investors [6] - The "Tidal Smart Analysis System" automatically adjusts leverage before significant market events, effectively managing risk exposure [6] - In the context of a "super cycle" in gold and geopolitical risks, choosing a platform with strict regulatory compliance is crucial for stable asset growth, with King Sheng Precious Metals focusing on low-cost, high-transparency, and strong security trading ecosystems [6]

Core Viewpoint - The article discusses the significant rise in gold prices and its implications for the gold mining industry, particularly focusing on Zhaojin Mining (1818.HK) and its strategic initiatives to capitalize on the ongoing "super cycle" in gold prices [1][4]. Group 1: Gold Price Dynamics - International gold prices reached a historic high of $3,015 per ounce, driven by geopolitical conflicts, expectations of Federal Reserve rate cuts, and a global surge in central bank gold purchases [1][5]. - The World Gold Council reported that global gold demand reached a record 4,974 tons in 2024, with central banks net purchasing 1,045 tons, marking the third consecutive year above 1,000 tons [5][6]. - The ongoing trend of "de-dollarization" among central banks is providing strong long-term support for gold prices, with expectations of continued high demand in 2025 [6][7]. Group 2: Zhaojin Mining's Financial Performance - Zhaojin Mining reported a revenue of 11.55 billion yuan in 2024, a year-on-year increase of 37.12%, significantly exceeding Bloomberg's consensus estimates [2][4]. - The company's net profit reached approximately 1.85 billion yuan, reflecting a year-on-year growth of about 120.81%, while the profit attributable to shareholders surged by 111.35% to 1.45 billion yuan [2][4]. - The company declared a dividend of 0.05 yuan per share, a 25% increase compared to the previous year [2]. Group 3: Production and Resource Expansion - Zhaojin Mining's gold production increased by 7.17% to 26.45 tons in 2024, with a significant addition of 261.16 tons in gold resources, bringing total resources to 1,446.16 tons [8][9]. - The successful acquisition of Iron Tuo Mining for $500 million is expected to enhance Zhaojin's gold resource by approximately 9% and increase its production capacity by 20% [9][10]. - The Haiyu Gold Mine, projected to start production in 2024 and reach full capacity by 2027, is anticipated to contribute over 56% to Zhaojin's overall production, significantly improving profitability due to its low cost structure [12][13]. Group 4: Strategic Outlook - The article emphasizes that the current gold price surge is reshaping global asset allocation strategies, with Zhaojin Mining positioned to benefit from its high-grade resource reserves and operational efficiencies [14]. - The transition of gold from a cyclical commodity to a "new hard currency" is highlighted, suggesting that mining leaders with low-cost incremental production will experience a revaluation in their market standing [14].