Core Viewpoint - Gold prices have experienced fluctuations, with recent data indicating a decline in both international and domestic gold prices, influenced by various market factors [1][5][7]. Price Movements - As of November 21, 2023, the London spot gold price was reported at $4056.41 per ounce, reflecting a daily decline of approximately 0.5%, while the Shanghai Gold Exchange's price for Au99.99 was 922.22 yuan per gram, down about 0.8% [1]. - Several domestic gold jewelry brands have adjusted their prices, with variations noted among them. For instance, Chow Sang Sang's gold jewelry price was 1295 yuan per gram, down 12 yuan from the previous day, while Lao Miao's price was 1298 yuan per gram, down 4 yuan [5]. Market Dynamics - The World Gold Council's report for October indicated that the Chinese gold market experienced a rise followed by a decline, with overall positive trends. The first half of October saw gold prices reach new highs due to ETF buying and increased risk, while the latter half saw a pullback due to easing geopolitical risks and profit-taking [7]. - In October, the Shanghai Gold Exchange's gold outflow reached 124 tons, an increase of 6 tons month-on-month and a year-on-year rise of 17 tons, indicating heightened investment interest in gold [7]. Future Outlook - Analysts predict that gold prices will continue to experience volatility, with a potential for a prolonged period of fluctuation until market conditions stabilize. Factors such as the uncertainty surrounding the U.S. Federal Reserve's interest rate decisions are expected to exert pressure on gold prices in the short term [8]. - The recent changes in China's value-added tax policy may impact domestic gold jewelry demand, as consumers will bear additional tax burdens. However, the long-term trend of rising gold prices may reduce price sensitivity among consumers [9].

世界黄金协会发文称，10月，上游实物黄金需求逆季节性走强。10月，上海黄金交易所(SGE)的黄金出库量达到124吨， 环比增加6吨、同比微增17吨，苗 金投资热度升温。虽然月初黄金周金饰销售相对火热，但在金价波动加大的背景下，金饰商当月补货仍相对谨慎, V 月度重点 10月,金价延续涨势 以美元计价的伦敦午盘余价(LBMA) 与上海SHAUPM午盘金价均月末收官上涨 11月 上半月涨势延续 金价再度小幅走高 上涨4.9% ↑ 和以人民币计价的上海午盘基准金价(SHAUPM) 上涨5.5% 1 10月 金市先扬后抑,但整体向好 上半月金价受ETF买盘与风险升温影响暴涨 屡创新高 下半月因地缘风险缓解与获利了结 会价回调 最终伦敦LBMA午盘金价 乙月度重点 上游实物黄金需求 逆季节性走强 10月,上海黄金交易所(SGE)的黄金出库量达到 环比增加6吨 同比微增17吨 黄金投资热度升温 我们认为回升主要归因于: 虽然月初黄金周金饰销售相对火热,但在金价波 动加大的背景下,金饰商当月补货仍相对谨慎1 · 中美贸易紧张局势升级 · 国内股市降温目金价飙升 レ月度重点 黄金ETF流量与金价走势 保持一致 为自4月以来的 ...

距离11月1日财政部和税务总局发布《关于黄金有关税收政策的公告》（以下简称黄金税收新规或新规），已经过去半月有余。黄金市场发生了哪些变化？ 《每日经济新闻》记者近日进行了调查，发现三大现象。 第一，税改前后，金饰价格普涨约60元/克，金条价格涨幅不一；第二，重直销的连锁品牌金店在金条价格上更具优势，未发生大幅涨价；第三，大部分银 行渠道的金条价格没有受到影响，包括银行自营金条和代销金条。 深圳水贝市场图片来源：每经记者赵景致摄 多名受访者告诉记者，在新规的影响之下，未来黄金产业链将可能被重塑。一是金条产业链将缩短，场外交易将减少；二是虚开发票等利用黄金税收优惠政 策非法套利的空间将被压缩；三是未来金饰需要进一步提升工艺价值，以增强吸引力。 黄金珠宝市场价格出现三大现象 现象一：金饰价格普涨，金条价格涨幅不一 新规落地后，黄金珠宝市场很快泛起涟漪。 11月3日，记者来到深圳水贝市场，发现黄金首饰较此前涨价约60元/克。记者在现场看见，水贝很多商铺客人仍然络绎不绝，但消费者观望情绪更浓厚了。 店家表示："也不是大家都不买了，只是这两天都在观望。" 对于金饰涨价，水贝一店家对记者表示："黄金是13%的税，以前可以全 ...

Core Insights - Shandong Gold's stock price has increased by 60.26% year-to-date, but has seen a decline of 2.14% in the last five trading days and 3.14% in the last twenty days [2] - The company reported a revenue of 83.783 billion yuan for the period from January to September 2025, representing a year-on-year growth of 25.04%, while net profit attributable to shareholders increased by 91.51% to 3.956 billion yuan [2] Financial Performance - As of September 30, 2025, Shandong Gold's total market capitalization is 164.805 billion yuan, with a trading volume of 8.22 billion yuan and a turnover rate of 0.63% [1] - The company has distributed a total of 5.678 billion yuan in dividends since its A-share listing, with 2.765 billion yuan distributed in the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders has increased by 12.55% to 102,800, with an average of 0 shares per shareholder [2] - Notable shareholders include Hong Kong Central Clearing Limited, which holds 113 million shares as the fourth largest shareholder, and China Securities Finance Corporation, which remains unchanged with 109 million shares [3]

从基金十大重仓股角度 数据显示，太平基金旗下1只基金重仓山东黄金。太平睿庆混合A（014053）三季度持有股数6万股，与 上期相比持股数量不变，占基金净值比例为2.03%，位居第一大重仓股。根据测算，今日浮盈赚取约 10.62万元。 11月19日，山东黄金涨5.14%，截至发稿，报36.19元/股，成交10.83亿元，换手率0.85%，总市值 1668.33亿元。 截至发稿，甘源累计任职时间4年272天，现任基金资产总规模63.61亿元，任职期间最佳基金回报 9.95%， 任职期间最差基金回报-0.84%。 资料显示，山东黄金矿业股份有限公司位于山东省济南市历城区经十路2503号，成立日期2000年1月31 日，上市日期2003年8月28日，公司主营业务涉及黄金开采、选冶、黄金矿山专用设备、建筑装饰材料 (不含国家法律法规限制产品)的生产、销售,主要生产标准金锭和各种规格的投资金条和银锭等产品。主 营业务收入构成为：外购金收入50.14%，自产金收入29.96%，贸易收入9.75%，小金条收入7.65%，其 他收入2.50%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（ ...

深圳水贝市场，一位投资者一次性订购了15公斤白银板料，仿佛购买普通商品一般。 与此同时，国际金价正经历剧烈波动，单日跌幅超过6%。 2025年11月18日，国际金价延续近期调整态势，现货黄金报价4045.50美元/盎司，较前一交易日下跌39.30美元，跌幅0.96%。 盘中一度下探至4006.80美元/ 盎司低点，波动幅度超过100美元。 与国际市场大幅震荡形成鲜明对比的是国内金价的稳定表现。 同一时间，国内现货金价仅微跌0.18元，跌幅0.02%。 投资金条价格稳定在944元/克，黄金回 收价格报915元/克，均保持窄幅波动。 这种分化现象并非首次出现。 5月30日，国际金价曾跌至3245.29美元/盎司，而当时周大福等品牌的黄金零售价仍高居990元/克。 国内外金价走势的差异背 后是市场结构和定价机制的差异。 品牌金店零售价格保持稳定。 11月16日，周大福足金饰品报价为1315元/克，六福珠宝为1313元/克，周生生为1310元/克。 这些价格较国际金价换算后的基 础价格高出300-350元/克，构成了国内黄金市场的独特景观。 今日现货黄金价格走势实时行情（2021年7月5日）-现货黄金资讯-金投网 国 ...

Core Viewpoint - Shandong Gold has experienced a stock price decline of 2.02% on November 18, with a current price of 34.41 CNY per share, despite a year-to-date increase of 54.26% [1] Financial Performance - For the period from January to September 2025, Shandong Gold achieved operating revenue of 83.783 billion CNY, representing a year-on-year growth of 25.04%, and a net profit attributable to shareholders of 3.956 billion CNY, which is a 91.51% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Shandong Gold increased by 12.55% to 102,800, with an average of 0 circulating shares per shareholder [2] - The company has distributed a total of 5.678 billion CNY in dividends since its A-share listing, with 2.765 billion CNY distributed in the last three years [3] Stock Market Activity - On November 18, the main funds saw a net outflow of 92.6687 million CNY, with significant selling pressure observed [1] - The top ten circulating shareholders include new entrants such as Hong Kong Central Clearing Limited and the Gold Stock ETF, indicating changes in institutional holdings [3]

Core Viewpoint - The continuous interest rate hikes by the Federal Reserve and the strong rise of the US dollar index have put significant pressure on international gold prices, which have fallen from a peak of $2078.8 per ounce in March to a low of $1618.3 per ounce last month. However, contrary to previous trends, domestic gold stores in China are experiencing poor sales despite the drop in gold prices [1][3]. Group 1: Reasons for Poor Domestic Gold Sales - The decline in international gold prices has not translated into significant price drops in domestic gold stores due to the limited decrease in domestic gold prices, which are affected by the depreciation of the Chinese yuan against the US dollar [3][5]. - The majority of gold sold in domestic stores consists of jewelry, which includes high processing and design fees that do not adjust with international gold price fluctuations, resulting in minimal price reductions for consumers [3][5]. - Domestic demand for gold has decreased significantly due to the ongoing economic downturn and the impact of repeated COVID-19 outbreaks, leading consumers to cut back on non-essential spending, including gold jewelry [5][7]. Group 2: Changing Consumer Preferences - The younger generation shows a declining interest in gold jewelry, viewing it as outdated and preferring luxury items like designer bags and high-performance cars to express their personal style and economic status [7][9]. - Consumers are becoming increasingly savvy regarding the resale of gold, often facing unfavorable buyback prices compared to their purchase prices, which diminishes their willingness to invest in gold [9].

Group 1: Consumer Trends - The jewelry sector, particularly gold, saw a significant year-on-year increase of 37.6% in October, marking it as a standout performer in consumer spending [2] - The surge in gold purchases is attributed to a more than 50% increase in international gold prices this year, currently stabilizing above $4,100 per ounce, leading consumers to invest in gold as a safe asset [4] - Overall retail sales in October increased by 2.9% year-on-year, with rural consumption growing at a faster rate of 4.1% compared to urban areas, indicating a shift in spending patterns [9] Group 2: Industrial and Manufacturing Insights - The industrial output for October rose by 4.9% year-on-year, with notable growth in equipment manufacturing and high-tech manufacturing at 8% and 7.2% respectively, outpacing overall industrial growth [11] - The manufacturing sector is transitioning towards high-tech production, as evidenced by increased investments in smart equipment and advanced production lines [12] Group 3: Investment and Economic Challenges - Fixed asset investment decreased by 1.7% year-on-year, primarily due to a 14.7% drop in real estate development investment, highlighting ongoing challenges in the property market [14] - Excluding the real estate sector, national investment actually increased by 1.7%, with manufacturing investments continuing to grow [17] Group 4: Trade and Export Dynamics - In October, the total value of imports and exports rose by 0.1% year-on-year, with imports increasing by 1.4%, indicating a rise in domestic demand [20] - The Producer Price Index (PPI) fell by 2.1% year-on-year, but the rate of decline has slowed, suggesting a potential easing of deflationary pressures in the industrial sector [21] Group 5: Market Performance - The stock market has recently surpassed the 4,000-point mark, reflecting increased investor confidence and a shift of funds from savings to equity investments [23]

11月17日，山东黄金盘中下跌2.01%，截至11:25，报35.11元/股，成交6.41亿元，换手率0.50%，总市值 1618.55亿元。 资金流向方面，主力资金净流出6411.85万元，特大单买入5814.37万元，占比9.07%，卖出1.05亿元，占 比16.44%；大单买入1.73亿元，占比26.94%，卖出1.90亿元，占比29.57%。 截至9月30日，山东黄金股东户数10.28万，较上期增加12.55%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，山东黄金实现营业收入837.83亿元，同比增长25.04%；归母净利润39.56亿元，同比增 长91.51%。 分红方面，山东黄金A股上市后累计派现56.78亿元。近三年，累计派现27.65亿元。 机构持仓方面，截止2025年9月30日，山东黄金十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.13亿股，为新进股东。中国证券金融股份有限公司位居第五大流通股东，持股1.09亿 股，持股数量较上期不变。华泰柏瑞沪深300ETF（510300）位居第九大流通股东，持股3078.54万股， 相比上期减少144.24万股。黄金 ...