（文章来源：新华财经） 新华财经北京12月2日电华泰证券最新研报指出，全球金融和贸易体系日趋割裂，外汇储备"多元化"需 求成为黄金价格上行的长期基石。截至2025年6月，黄金占储备资产比例约为21.4%；如果黄金在央行 中的储备占比回到34%的历史中位数水平，全球央行增持黄金可能持续到2035年。2026年美国实际利率 或是下行趋势，叠加美元震荡走弱，利于金价进一步上行。预期2026年金价或涨至每盎司4800美元以 上。此外，货币宽松经济恢复阶段，有望触发金银比收敛，2026年白银价格或较黄金更为强势上行。 ...

Group 1 - The core viewpoint is that Zijin Gold International has seen significant stock price increases following its listing, with a notable rise of over 68% on the previous trading day and a current increase of 10.45% [1] - The company, spun off from Zijin Mining, holds interests in eight gold mines located in resource-rich regions across South America, Oceania, Central Asia, and Africa, positioning it as a significant player in the gold mining industry [1] - By the end of 2024, Zijin Gold International is projected to rank ninth globally in gold reserves and eleventh in gold production for that year, indicating strong operational capabilities [1] Group 2 - On October 1, international gold prices reached a new historical high, with London gold nearing $3900 per ounce and COMEX gold surpassing $3900 per ounce, reflecting strong market demand [2] - The U.S. ADP employment report indicated a decrease of 32,000 jobs in the private sector for September 2025, significantly below the expected increase of 50,000, suggesting economic challenges [2] - The U.S. federal government has entered a shutdown for the first time in seven years, affecting hundreds of thousands of federal employees and halting services, which may impact economic data releases and Federal Reserve decision-making [2] - According to Everbright Securities, if the U.S. government shutdown continues, the likelihood of a more cautious approach to interest rate cuts by the Federal Reserve increases, which could lead to better performance of gold compared to U.S. stocks and bonds [2]

Core Insights - New Gold Inc. (NGD) shares reached a new 52-week high of $5.33, closing at $5.26, driven by rising gold prices and strong Q2 2025 results [1][7] - The company has a market capitalization of $4.16 billion and holds a Zacks Rank 3 (Hold) [1] Gold Price Drivers - Gold prices have been influenced by geopolitical tensions, a depreciating U.S. dollar, potential monetary policy easing, central bank purchases, and tariff conditions, with prices surpassing $3,500 per ounce in April 2025 and currently around $3,340 [2] Q2 Performance - New Gold reported gold production of 78,595 ounces and copper production of 13.5 million pounds in Q2 2025, with revenues increasing 41.3% year over year to $308 million due to higher gold prices and sales volume [3] - Adjusted earnings were 11 cents per share, exceeding the Zacks Consensus Estimate of 10 cents, marking a 38% year-over-year improvement [3] Production Guidance and Exploration - The company is on track to meet its 2025 production guidance of 325,000 to 365,000 ounces of gold and 50 to 60 million pounds of copper [4] - Significant progress has been made in exploration at New Afton and Rainy River, focusing on organic growth initiatives [4] Financial Position - As of June 30, 2025, New Gold had cash and cash equivalents of $226 million and reported a record $63 million in free cash flow for Q2 2025, supported by strong production and operational cash flow [5] Stock Performance - New Gold shares have increased by 95.5% over the past year, outperforming the industry growth of 44.9% [6]

Industry Overview - Gold prices are on the rise, currently around $3,342/oz, reflecting a 37% increase year to date, driven by supply constraints and strong demand from central banks [4][5] - The World Gold Council indicates a scarcity of gold mining deposits, which is expected to sustain the upward momentum in gold prices [1] - Central banks, particularly in emerging economies, are increasing their gold reserves due to rising global debt levels and geopolitical risks, which supports demand for gold [3] Investment Opportunities - It is recommended to invest in gold mining stocks with a favorable Zacks Rank, specifically those rated 1 (Strong Buy), including Franco-Nevada Corp. (FNV), Royal Gold Inc. (RGLD), Kinross Gold Corp. (KGC), AngloGold Ashanti plc (AU), and Agnico Eagle Mines Ltd. (AEM) [2] - All five selected stocks exhibit strong growth estimates and recent upward earnings revisions for the current year [9] Company Highlights Franco-Nevada Corp. (FNV) - FNV is expected to achieve revenue and earnings growth rates of 34.6% and 43.9%, respectively, for the current year, with a recent earnings estimate improvement of 0.2% [12] - The company has a debt-free balance sheet and focuses on expanding its portfolio and paying dividends, benefiting from rising gold prices [11] Royal Gold Inc. (RGLD) - RGLD anticipates revenue and earnings growth rates of 28.8% and 42%, respectively, for the current year, with a 4.5% improvement in earnings estimates over the last 30 days [14] - The company maintains high margins despite inflationary pressures and is focused on allocating cash flow towards dividends and debt reduction [13] Kinross Gold Corp. (KGC) - KGC is projected to have revenue and earnings growth rates of 17.9% and 72.1%, respectively, for the current year, with a 5.4% increase in earnings estimates recently [17] - The company is enhancing production through its Tasiast mine expansion and has promising projects like the Great Bear project in Ontario [15][16] AngloGold Ashanti plc (AU) - AU expects revenue and earnings growth rates of 52.8% and over 100%, respectively, for the current year, with a 1.6% improvement in earnings estimates [19] - The company operates in multiple regions and focuses on gold exploration and production, with a flagship mine in Tanzania [18] Agnico Eagle Mines Ltd. (AEM) - AEM is projected to achieve revenue and earnings growth rates of 26.6% and 52.5%, respectively, for the current year, with a 7% increase in earnings estimates [22] - The company is advancing key projects and has strengthened its market position through strategic acquisitions and mergers [20][21]

Core Insights - Jim Cramer recommended buying Simon Property Group, Inc. (SPG), describing it as a "terrific" company, with financial results expected on May 12 [1] - Truist Securities analyst Michael Ciarmoli maintained a Buy rating for TransDigm Group Incorporated (TDG) but lowered the price target from $1,534 to $1,490 [2] - Cramer suggested that CarMax, Inc. (KMX) should not be sold despite its recent decline, following weaker-than-expected fourth-quarter earnings [2] - Cramer expressed a positive outlook on Barrick Gold Corporation (GOLD), indicating that gold prices are likely to rise further, with shares of gold companies trading higher after reaching an all-time high [2] Price Action - Simon Property shares fell 2.1% to settle at $147.20 [3] - TransDigm shares decreased by 2.3% to close at $1,306.55 [3] - CarMax shares dipped 3.5% to settle at $62.33 [3] - Barrick Gold shares gained 1.4% to close at $20.45 [3]