作 者丨 董鹏 编 辑丨张铭心 图 源丨AI 伴随着国际金价的持续上涨，产业链内部上游采选、中游冶炼、下游消费等环节呈现出了不 同的变化，并最终体现到其财报中。 比如，受到金价上涨的拉动，矿端采选企业盈利能力显著提升，而下游消费在高金价的抑制 下需求量明显回落，并且消费属性更强的饰品、投资属性突出的金条销售数据背道而驰。 此外，结合更多定期报告数据还可以看出，伴随着金价的快速上行，黄金生产企业、基金公 司等直接利益方的态度正在趋于谨慎。 其中，至少有湖南黄金、赤峰黄金等7家公司处于降库存状态当中，同时基金的各季度、年度 持股数据也出现了环比回落。 申万行业划分的黄金公司共有1 2家，但是2 0 2 4年行业最赚钱的公司却不在其中，而来自全球 铜、金行业地位超然的紫金矿业。 Wi n d数据统计结果显示，剔除选择主动退市、未披露年报的玉龙股份，其他11家申万黄金板 块公司2 0 2 4年归母净利润平均值达到1 2 . 8亿元。 合质金也称矿金，还含有其他金属成分。山金国际现有产品多为含银合质金，主要面向金精 炼冶炼企业销售，经分离精炼作为标准金锭、银锭向下游给销售，这可能也是山金国际具备 上游"吃肉"，下游销售 ...

Group 1 - The stock price of Zhaojin Mining (01818.HK) closed at HKD 18.920 on April 18, down 2.58% from the previous trading day, with an intraday high of HKD 20.350, marking a nearly one-year high [1] - The net capital flow for the day showed an inflow of HKD 35,734.279 million and an outflow of HKD 36,735.315 million, resulting in a net outflow of HKD 1,001.04 million [1] Group 2 - Zhaojin Mining Co., Ltd. was established on April 16, 2004, with approval from the Shandong Provincial Government, and was listed on the Hong Kong Stock Exchange on December 8, 2006 [2] - The company is a comprehensive gold producer and smelting enterprise, focusing on exploration, mining, beneficiation, and smelting operations, with major products including "9999 gold" and "9995 gold" standard bullion [2] - Zhaojin Mining is located in Zhaoyuan City, Shandong Province, which is known as "China's Gold Capital," holding approximately one-tenth of China's total remaining gold resources [2] - As of December 31, 2020, the company reported approximately 38.4642 million ounces of gold mineral resources and about 15.4307 million ounces of recoverable gold reserves, according to JORC standards [2]