齐鲁晚报·齐鲁壹点 魏银科 2026年开年首个交易日（1月2日），贵金属市场波动剧烈，先是金银携手走高，现货铂金、钯金同步涨超2%，上演集体狂欢；此后现货黄金突然回落， 由涨转跌，现货白银也回落到74美元下方。与期货市场的震荡不同，金饰价格比较平稳，国内线下金店客流显著回暖，部分门店促销活动引发消费者扎 堆看金。 现货黄金高位巨震 2025年最后一个交易日（12月31日），贵金属全线回调。纽约期金跌超1%，纽约期银更是大跌8.91%，伦敦白银现货价格大跌6.08%，铂、钯均大跌。 进入2026年首个交易日（1月2日），盘初现货黄金跳空高开后持续走高，一度突破4400美元/盎司，日内涨幅达1.89%。 与此同时，现货白银涨幅一度扩大至4%，触及74.34美元/盎司。国信证券分析指出，国内白银库存处于历史低位，而中国作为制造大国，下游制品供给 占比显著，叠加12月交割月逼仓效应与财富效应吸引的资金涌入，共同推动价格暴涨。 值得关注的是，2026年1月1日起，依据商务部、海关总署公告，白银出口管制新政正式落地，需凭出口许可证办理通关手续，其在芯片、光伏等产业链 的战略价值进一步凸显。 不过，盘尾现货黄金回落至431 ...

| 序号 股东名称 | 持股比例 ៖ | | --- | --- | | 1 + [ ] [ 三 ] 中国黄金集团黄金珠宝股份有限公司 1 上一 巴 巴国黄金（600916.SH） | 100% | 企查查APP显示，近日，中金珠宝国际（海南）有限公司成立，注册资本5亿元，经营范围包含：稀有稀土金属冶炼；进出口商品检验鉴定；艺（美）术 品、收藏品鉴定评估服务；有色金属压延加工等。企查查股权穿透显示，该公司由中国黄金（600916）全资持股。 | Tree Ra | 中金珠宝国际（海南）有限公司 全国企业信用查询 | | × 查一下 | | --- | --- | --- | --- | | 基本信息 509 | 法律诉讼 | 经营风险 | 经营信息 | | 法定代表人 | 吴义东 饶 关联企业 2 | 登记状态 | 存续（在营、开业、 | | | | 注册资本 | 50000万元 | | 组织机构代码 | MAK4A1NF-3 | 工商注册号 | 460200001436834 | | 企业类型 | 有限责任公司（非自然人投资或 控股的法人独资） | 营业期限 | 2025-12-16 至 无固 | | 人员 ...

Group 1 - The global silver price has reached a historical high, with spot prices increasing over 90% this year, outperforming gold [1] - The rise in silver prices is attributed to a supply-demand imbalance in physical silver, the impact of the Federal Reserve's monetary policy, and a significant influx of global capital [1] - The volatility of silver futures has increased, with multiple instances of daily price fluctuations exceeding 5% since October [1] Group 2 - As of December 4, there are 84,400 existing silver product-related enterprises in China, with over half (52.56%) established between 5 to 10 years ago [3] - Companies with over 10 years of operation account for 37.01% of the total silver product-related enterprises [3] - The majority of these enterprises are concentrated in first-tier cities, which represent 34.55% of the total [6] Group 3 - In terms of new registrations, 1,620 silver product-related enterprises are expected to be registered in 2024, with 1,474 already registered this year [9] - The highest contribution of new registrations this year comes from the East China region (23.41%), followed by Southwest (22.46%) and South China (18.93%) regions [9] - New registrations from Northwest, North China, and Central China regions are all below 10% [9]

Group 1 - The international precious metals market experienced a significant decline, with spot gold dropping as much as 6.3% to approximately $4080 per ounce, marking the largest single-day drop in over 12 years [1] - Spot silver fell by 8.7% to $47.89 per ounce, representing the worst single-day performance since February 2021 [1] - COMEX gold futures closed down 5.07% at $4138.5 per ounce, while COMEX silver futures fell 6.27% to $48.16 per ounce [1] Group 2 - Analysts attribute the decline in precious metals to a decrease in safe-haven sentiment, a strengthening dollar, and investors locking in profits due to concerns over high valuations following recent historical price increases [1] - A report from the Daily Mail suggests that gold prices could rise over 50% by 2025, driven by concerns over inflation, geopolitical issues, and market volatility [1] - The initial surge in gold prices was influenced by banks and hedge funds, with increased interest from ordinary Americans reported by trading platforms [1] Group 3 - eToro's investment analyst noted that gold trading volumes have reached multi-year highs, marking the eighth consecutive week of increases, but warned that the rapid pace is unsustainable [3] - Renaissance Macro Research analysts expressed difficulty in determining the right time to take profits amid the current market conditions [3] - The Times of India reported a surge in demand for gold and silver jewelry in India due to the upcoming Hindu festival, with silver products seeing higher demand than gold, exacerbating a long-standing global silver supply shortage [3]

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit due to decreased sales volume of gold products, despite a favorable market environment for gold prices. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 31.10 billion, a decrease of 11.54% compared to CNY 35.16 billion in the same period last year [2][3]. - Total profit for the period was CNY 390.48 million, down 46.61% from CNY 731.42 million year-on-year [2][3]. - Net profit attributable to shareholders was CNY 318.79 million, reflecting a 46.35% decline from CNY 594.17 million in the previous year [2][3]. - The basic earnings per share decreased by 45.71% to CNY 0.19 from CNY 0.35 [2][3]. Market Environment - The gold market showed resilience, with the average price of gold in the first half of 2025 reaching CNY 725.28 per gram, a year-on-year increase of 41.07% [4]. - The Shanghai Gold Exchange reported a closing price of CNY 764.43 per gram at the end of June 2025, up 24.50% since the beginning of the year [4]. - Retail sales of gold and jewelry in China increased by 11.30% year-on-year, totaling CNY 194.76 billion in the first half of 2025 [4]. Business Operations - The company primarily engages in the processing and sale of gold and jewelry products, as well as investment management and consulting services [4][5]. - The procurement strategy is based on a "sales-driven" model, ensuring that inventory levels are aligned with market demand [4][5]. - The sales channels include direct sales, franchise operations, and e-commerce, with a focus on enhancing brand presence and customer engagement [4][5]. Strategic Initiatives - The company is committed to product innovation and brand enhancement, focusing on cultural themes in gold products and leveraging digital marketing strategies to increase brand visibility [6][7]. - Efforts are being made to strengthen the company's international presence and explore new markets, particularly in line with the Belt and Road Initiative [7][8]. - The company has established a comprehensive risk management framework to ensure compliance and mitigate operational risks [8].

Summary of Jinshi Resources Conference Call Company Overview - Jinshi Resources has resumed normal production in Q1 2025, with all previously suspended mines back in operation. The Baotou integrated selection and processing project is progressing smoothly, with fluorite resource processing exceeding expectations by 30%. The annual target is set at 600,000 to 700,000 tons, with a significant increase in output from light asset projects and a decrease in costs. Revenue and cash flow have shown significant growth [2][3]. Key Industry Insights - Recent fluorite prices have slightly decreased to 3,500 RMB/ton due to lower downstream demand and the impact of U.S. tariffs on end products. However, the price of silver products remains strong, indicating stable demand. The overall outlook for future price trends is positive [2][5]. - The mining industry faces high-risk challenges, which are not limited to fluorite but are common across all mineral types. The company is focusing on the development of robotic and unmanned technologies as a long-term solution to these risks [2][6]. Management and Operational Adjustments - Jinshi Resources is transitioning from outsourced to self-managed operations to enhance management quality and safety standards. This shift may increase short-term costs but aligns with industry trends towards self-management [2][7]. - The self-management model, while increasing costs, is expected to improve management quality and safety. The company is also investing in AI and robotic technologies to reduce accidents and long-term operational costs [7][8]. Cost Dynamics - Significant factors contributing to increased mining costs include depreciation and management fees during production halts, the purchase of external ore, safety compliance costs, and labor expenses. For instance, safety inspections led to a one-time expenditure of 30 million RMB for support equipment [11]. - The payment of resource fees has a notable impact on the company's financial status, with a specific example of over 20 million RMB in fees leading to losses at the Tangshan Port gold mine [12]. Project Performance - The Qingfushan project produced approximately 50,000 tons in Q1 2025, with an annual target of 180,000 to 220,000 tons and a gross margin of about 10%. The long-term goal is to utilize tailings resources to achieve a gross margin comparable to external sales, which is around 50% [4][15]. - The expected growth in 2025 compared to 2024 is driven by the recovery of single mine production, increased output from the Jinlebo project, and the commencement of external purchase project processing [16]. Strategic Challenges - The high costs of mining rights and inadequate supporting infrastructure in mainland regions pose significant challenges for development. The company is exploring new discoveries in remote areas to compensate for the declining number of single mines [20][21]. - The company is investing heavily in exploration and development to address the imbalance in strategic resource reserves and production ratios, particularly in response to the high demand for fluorine resources [22]. Conclusion - Jinshi Resources is navigating a complex landscape of production recovery, cost management, and strategic development while maintaining a positive outlook on market conditions and future growth opportunities. The focus on self-management and technological advancements positions the company to enhance operational efficiency and safety in the long term [2][6][24].