Core Insights - In the first half of 2025, domestic gold production in China is reported at 179.083 tons, a slight decrease of 0.551 tons or 0.31% compared to the first half of 2024, remaining stable year-on-year [1] - Total gold production, including imported raw materials, reached 252.761 tons, reflecting a year-on-year growth of 0.44% [1] - Gold consumption in China for the first half of 2025 was 505.205 tons, showing a decline of 3.54% year-on-year [1] Production Summary - Domestic gold mine production accounted for 139.413 tons, while by-product gold from non-ferrous metals contributed 39.670 tons [1] - Imported raw material gold amounted to 76.678 tons, marking a year-on-year increase of 2.29% [1] Consumption Summary - Gold jewelry consumption fell significantly to 199.826 tons, down 26.00% year-on-year [1] - Gold bars and coins saw an increase in consumption to 264.242 tons, up 23.69% year-on-year [1] - Industrial and other gold usage rose to 41.137 tons, reflecting a growth of 2.59% year-on-year [1] Reserve Summary - China increased its gold reserves by 18.97 tons, bringing the total to 2298.55 tons as of the end of June 2025 [1]

今年以来，全球宏观经济和地缘政治复杂多变，黄金作为重要避险资产，在大类资产中可 谓"一枝独秀"，价格连创历史新高。尽管近期金价有所调整，但投资者热情依旧不减，不 少机构也继续看好黄金后市表现。 中国黄金协会最新数据显示，今年一季度，国内黄金ETF持仓增长23.47吨，较2024年一 季度增仓5.49吨，增长327.73%。至3月底，国内黄金ETF持有量为138.21吨。 投资需求和实物消费出现"劈叉" 并非只有中国市场，从数据上看，全球黄金的投资需求都在持续攀升。世界黄金协会数据显 示，3月全球黄金ETF流入约86亿美元，连续第四个月实现流入。 一季度流入总金额达210 亿美元，创下历史第二高季度纪录。 值得注意的是，受高金价影响，黄金的投资需求和实物消费出现了明显的"劈叉"现象，实 物消费表现相对疲软。中国黄金协会统计显示，在黄金消费量方面，2025年一季度，我国 黄 金 消 费 量 290.492 吨 ， 同 比 下 降 5.96% 。 其 中 ： 黄 金 首 饰 134.531 吨 ， 同 比 下 降 26.85%；金条及金币138.018吨，同比增长29.81%；工业及其他用金17.943吨，同比下 ...