2025年12月11日，2025中国（三亚）国际黄金市场年会核心环节之一——"2026年黄金价格展望与市场 趋势分析"圆桌论坛落下帷幕。本次论坛汇聚了中外顶尖金融机构人士，就2026年黄金市场走势、驱动 逻辑变迁、产业链真实生态及投资策略展开深度激辩。与会专家普遍认为，黄金市场传统定价框架已被 打破，新动能支撑下金价仍有上行空间，而金价的高企，也对产业链不同环节带来了机遇和挑战。 逻辑颠覆：从货币指标到复合避险资产的跃迁 世界黄金协会中国区CEO王立新在主持中指出，市场已进入新范式。"金价突破千美元整数关口所需的 时间从几十年缩短到几个月，并且'易上难下'，这证明传统的、单纯由实际利率或美元主导的定价逻辑 已被打破。"他认为，地缘政治、全球央行重塑储备资产、以及黄金与风险资产时而同步的"新常态"， 共同构建了一个更复杂的定价模型。 产业分化：把握高金价下的机遇与转型 山东招金金银精炼有限公司总经理钱虎从产业实践出发，分析了高金价对黄金产业链的深远影响。他表 示，金价上涨带动投资类黄金产品消费快速增长，回购金业务同步升温，实体企业切实享受到市场红 利，但同时也面临交易成本上升、利润空间承压的挑战。 金融赋能：服 ...

Core Viewpoint - The Shenzhen Municipal Financial Committee Office issued a warning regarding illegal financial activities in the gold trading sector, highlighting the risks associated with fraudulent schemes disguised as gold investment opportunities [1][2]. Summary by Relevant Sections Illegal Activities - Recent fluctuations in gold prices have led to the emergence of illegal activities, including unauthorized "gold entrustment," "gold leasing," and "gold investment" schemes, which may involve illegal fundraising, fraud, gambling, and other unlawful behaviors [1]. - Case examples illustrate how gold jewelry dealers are misleading consumers into signing contracts that promise fixed returns without the actual transfer of physical gold [1][2]. Case Examples - Case One: A gold jewelry dealer (A) lured consumers into signing a physical gold purchase contract, then encouraged them to enter into a gold entrustment contract with a related third party (B), promising fixed returns [1]. - Case Two: Another dealer (C) used a similar tactic with "gold leasing," where consumers were misled into signing contracts that promised rental returns without actual gold possession [1]. - Case Three: A dealer (D) established an illegal gold trading app, promoting misleading offers such as "1,000 grams of gold for a 10,000 yuan deposit," with a high leverage ratio, exposing investors to significant risks [2]. Regulatory Warning - The warning emphasizes that gold jewelry dealers and stores are not financial institutions and lack the necessary licenses from national financial management authorities to engage in gold asset management or public fundraising activities [2]. - The public is urged to be vigilant and to avoid falling for enticing phrases like "guaranteed returns" and "low investment, high returns," which are often associated with illegal financial activities in the gold investment sector [2].

Core Viewpoint - The Shenzhen Municipal Financial Committee has issued a warning regarding illegal financial activities in the gold trading sector, highlighting the risks associated with fraudulent schemes disguised as gold investment opportunities [1][2]. Regulatory Framework - China implements a licensing system for financial businesses, prohibiting any organization or individual from engaging in financial activities without approval from national financial regulatory authorities [2]. - Relevant laws and regulations specify that futures trading must occur on legally established exchanges, and only qualified financial institutions can conduct gold asset management [2]. Industry Concerns - Various gold jewelry dealers and stores are not recognized as financial institutions and lack the qualifications to engage in gold asset management or public deposit solicitation [3]. - The public is urged to be cautious and avoid falling for misleading investment pitches that promise guaranteed returns or high interest rates [3]. Recent Incidents - In mid-September, reports emerged of over ten gold merchants in Shenzhen's Shui Bei area facing operational issues, with some having disappeared, raising concerns about their business practices [3][4]. - On October 11, the Shenzhen Gold Jewelry Association issued a warning about three companies involved in illegal gambling activities disguised as gold trading, leading to criminal charges against their executives [4].

Core Viewpoint - The article highlights the risks associated with illegal financial activities in the gold trading sector, particularly in Shenzhen, urging the public to be vigilant against fraudulent schemes disguised as legitimate gold investment opportunities [2][4]. Summary by Sections Illegal Financial Activities - The Shenzhen Municipal Financial Committee warns that with fluctuations in gold prices, some individuals and companies are engaging in illegal activities under the guise of gold trading, such as "gold entrustment," "gold leasing," and "gold investment," which may involve illegal fundraising, fraud, and gambling [2][3]. Regulatory Framework - China has a licensing system for financial businesses, and any organization or individual must obtain permission from national financial regulatory authorities to engage in financial activities. Relevant laws and regulations specify that futures trading must occur on legally established exchanges, and only qualified financial institutions can conduct gold asset management [3][4]. Public Awareness and Warnings - The article emphasizes that gold jewelry dealers and stores are not financial institutions and lack the qualifications to engage in gold asset management or public deposit solicitation. The public is advised to avoid misleading investment pitches promising guaranteed returns or high interest rates [4][5]. Recent Incidents - In mid-September, reports emerged of over ten gold merchants in Shenzhen's Shui Bei area facing operational issues, with some having disappeared. Investigations revealed that these merchants were involved in high-leverage betting transactions disguised as gold trading, which deviated from normal business practices [4][5]. Legal Consequences - On October 11, the Shenzhen Gold Jewelry Association issued a warning regarding three companies involved in illegal gambling activities under the pretense of gold trading. The authorities have taken legal action against the responsible individuals, highlighting the serious legal repercussions for such fraudulent activities [5].

Core Viewpoint - The Shenzhen Municipal Financial Committee warns about illegal financial activities in the gold trading sector, highlighting the risks associated with fraudulent schemes disguised as gold investment opportunities [1][3]. Group 1: Illegal Activities - Recent fluctuations in gold prices have led to the emergence of fraudulent schemes, including "gold entrustment," "gold leasing," and "gold investment," which are often linked to illegal fundraising, fraud, and gambling [1]. - Case examples illustrate how gold dealers mislead consumers into signing contracts that promise fixed returns while failing to deliver actual gold [1][2]. - A specific case involves a gold trading app that promotes high returns with low investment, misleading investors into believing they can secure significant gold amounts with minimal upfront costs [2]. Group 2: Regulatory Framework - The warning emphasizes that financial activities related to gold must be conducted by licensed financial institutions, as per Chinese regulations [3]. - It is illegal for any organization or individual to engage in financial activities without proper authorization from national financial regulatory bodies [3]. - The document specifies that only banks, trusts, securities, funds, futures, and insurance asset management institutions are qualified to manage gold assets, and any unauthorized entities lack the necessary qualifications [3]. Group 3: Public Awareness - The public is urged to remain vigilant and choose legitimate investment channels, avoiding enticing offers that promise guaranteed returns or low-risk investments [4]. - Individuals are encouraged to report any suspicious activities related to gold investment schemes to relevant authorities [4].

人民财讯11月24日电，中共深圳市委金融委员会办公室发布关于警惕黄金经营领域非法金融活动的风险 提示，近期，随着黄金价格波动，一些不法分子和不良企业假借实物黄金交易之名，违规开展"黄金委 托""黄金租赁""黄金投资"等业务，涉嫌非法集资、诈骗、赌博、非法经营等违法行为，扰乱经济金融 秩序，严重危害社会公众财产安全。 若发现相关机构以"黄金委托""黄金租赁""黄金投资"等名义从事非法金融活动行为，请及时向市、区处 非牵头部门、公安部门、中央金融管理部门驻深机构举报。 我国实行金融业务特许经营制度，任何组织和个人未经国家金融监管部门依法许可，不得擅自从事金融 业务活动。各类黄金珠宝经销商、门店均不是金融机构，也未经国家金融管理部门依法许可，不具备从 事黄金资产管理业务、期货及衍生品交易的资质，更不具备从事金融业务或公开吸收公众存款的资质。 请广大群众提高警惕，选择正规投资渠道，自觉抵制"保本保收益""黄金租赁享高息""内部消息、稳赚 不赔""低门槛、低投入、高回报"等话术，避免陷入黄金投资领域非法金融活动陷阱。 ...

Core Insights - The establishment of the designated gold warehouse by ICBC in Sanya marks a significant shift in the competitive landscape of the gold market, indicating a transition from retail-focused strategies to core industry chain engagement [1][3] - This move reflects the growing demand for gold in southern China, driven by the free trade port policies, and is expected to enhance service experiences and cost structures for investors and industry clients [1][7] Group 1: Infrastructure Enhancement - The designated gold warehouse is a critical infrastructure within the Shanghai Gold Exchange system, responsible for the storage, clearing, and delivery of physical gold, thus serving as a "safety base" for gold circulation [3] - ICBC's position as a leading player in the gold market is reinforced by this development, allowing the bank to leverage its capabilities in gold leasing, pledge financing, and processing, thereby enhancing its pricing strategies and client base in southern China [3][5] Group 2: Competitive Dynamics - The focus of competition in the gold banking sector has shifted from retail sales to controlling the industry chain, with core capabilities in supply, delivery, and clearing becoming critical for institutional competitiveness [5] - The establishment of the Sanya warehouse enhances the regional functionality of the domestic gold market, positioning Sanya as a dual-node for consumption and industrial strategy, filling a gap in the gold delivery network in southern China [5][7] Group 3: Strategic Location - ICBC's decision to establish a core infrastructure in Sanya is driven by the dual forces of consumer trends and regional policy advantages, particularly the success of the Hainan duty-free policy which has boosted gold and jewelry sales [7] - The new warehouse will facilitate local supply and rapid delivery, significantly reducing costs and time for industry clients and retail investors, thus unlocking the potential for gold consumption in the region [7][8] Group 4: Industry Implications - The opening of the Sanya designated warehouse signifies a broader transformation in the gold market, moving towards a comprehensive service model that integrates the entire industry chain [8] - As major banks like ICBC enhance their core capabilities, the infrastructure of the gold market will continue to evolve, leading to a profound adjustment in competitive dynamics and an elevated role for gold in asset allocation [8]

Core Viewpoint - The article highlights the surge in gold prices alongside the rise of fraudulent schemes targeting investors, emphasizing the need for caution and awareness in gold investment practices [1][2]. Group 1: Gold Price Surge - International gold prices have seen a significant increase, surpassing $4,350 per ounce as of October 17, marking a rise of over 66% since the beginning of the year [1]. - Factors contributing to this surge include expectations of interest rate cuts by the Federal Reserve and heightened demand for safe-haven assets due to global trade tensions [1]. Group 2: Rise of Fraudulent Schemes - The article reports a rise in fraudulent activities linked to gold investments, with multiple cases emerging as gold prices climb [2]. - Local governments in various regions, including Beijing and Jiangxi, have issued warnings about three prevalent types of scams: gold custody, rental returns, and virtual investments [2][4]. Group 3: Types of Scams - **Gold Custody Scams**: Fraudsters lure investors with promises of high returns on gold stored in jewelry stores, which often lack the necessary custody qualifications [6][7]. - **Rental Return Scams**: Some companies entice consumers to enter rental agreements for gold, promising fixed rental returns, but these schemes typically operate on a Ponzi model [6][7]. - **Virtual Investment Scams**: Scammers create fake trading platforms and investment products, claiming high returns while manipulating data to create a false sense of profitability [7]. Group 4: Legal Consequences and Warnings - A notable case involved a company in Qingdao that illegally raised over 4 billion yuan through fraudulent gold investment schemes, leading to severe legal repercussions for its operators [10][9]. - The Qingdao Intermediate People's Court sentenced the main perpetrators to life imprisonment and significant fines, highlighting the serious consequences of such scams [10]. Group 5: Guidelines for Investors - Authorities recommend verifying the qualifications of investment institutions through official channels and only engaging with licensed financial entities [12]. - Legitimate gold investment options are limited to purchasing physical gold from authorized dealers, investing in gold accumulation products through banks, or trading gold ETFs and futures through licensed brokers [12]. - Investors are advised to remain skeptical of high-return promises and to report any suspicious activities to local authorities [12].

Core Points - The company held its fifth board meeting on August 20, 2025, where several key resolutions were passed, including the approval of the 2025 semi-annual report and proposals for bank credit applications and gold leasing business [1][2][3] Group 1: Financial Reports - The board approved the 2025 semi-annual report, which was reviewed by the audit committee and received unanimous support from all attending directors [1] Group 2: Bank Credit and Gold Leasing - The company plans to apply for a total credit limit of up to 1.1 billion yuan from various banks, including 60 million yuan from Jiangsu Bank and 50 million yuan each from Ningbo Bank and Industrial Bank, to support business development and daily operations [1][2] - Within this credit limit, the maximum amount for gold leasing transactions is set at 200 million yuan, equivalent to approximately 250 kilograms of gold, with a rolling usage period from September 1, 2025, to August 31, 2026 [2] Group 3: Investment and Management Policies - The board approved the use of self-owned funds for entrusted wealth management, with details disclosed in a separate announcement [2] - Several internal management systems are to be revised to enhance governance and risk control, including the management of shares held by directors and executives, independent director work systems, and related party transaction management [3]

Group 1 - The company expects total revenue for the six months ending June 30, 2025, to be between RMB 10,400 million and RMB 10,500 million, representing a year-on-year increase of 4.2% to 5.2% compared to RMB 9,979.7 million for the six months ending June 30, 2024 [1] - The overseas revenue for the same period is projected to be between RMB 140 million and RMB 150 million, a significant increase of 273.3% to 300.0% compared to RMB 37.5 million for the six months ending June 30, 2024 [1] - The company anticipates a loss attributable to shareholders for the six months ending June 30, 2025, ranging from RMB 65 million to RMB 72 million, a substantial decrease of 237.1% to 251.9% compared to a profit of RMB 47.4 million for the same period in 2024 [1][2] Group 2 - The expected transition from profit to loss is primarily due to increased losses from Au(T+D) contracts and gold leasing, with total losses projected to be between RMB 680 million and RMB 700 million for the six months ending June 30, 2025, compared to a loss of RMB 345.7 million for the same period in 2024 [2] - The company engages in Au(T+D) contracts solely to hedge against gold price fluctuations and does not engage in speculative activities as defined by Hong Kong Financial Reporting Standard No. 9 [2] - The company plans to implement measures to mitigate the adverse effects of short-term gold price increases, aiming to sell products at prices above the average procurement cost, while closely monitoring market acceptance of rising gold prices [3]