【财经分析】金价飙升下，黄金矿企还能否讲好新的增长故事？

中国金融信息网2025-09-26

转自：新华财经新华财经北京9月26日电（记者王小璐）近期，国际金价持续攀高突破历史记录，目前现货黄金逼近3800美元／盎司大关，而COMEX期金已突破3800美元，继续寻求新的价格高点。在这场黄金牛市中，得益于资源优势，黄金矿企跟随黄金涨势已交出亮眼半年报“成绩单”，但利润普涨下仍存分化。在黄金持续被看好的未来，行业面临成本抬升与资源接续的“双重考”，高利润下的增长故事还能否延续？矿企又如何...

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的归母净利润同比增幅领跑头部企业，营收规模突破567亿元；紫金矿业则凭借铜金双轮驱动，净利润达232.92亿元，同比增长54.41%。赤峰黄金作为今年3月新晋的“A+H”股成员，交出了净利润11.07亿元、同比增长55.79%的成绩单。然而，业绩普涨背后存在着明显分化。一些企业通过海外扩张与产量提升实现了业绩与产量的双增长，但也有企业存在产量下滑的隐忧。以赤峰黄金为例，尽管半年报成绩亮眼，但在部分市场分析机构看来，作为今年首家“A+H”上市公司和全国第三只“A+H”黄金股，其业绩增长尚未及预期。民生证券研报认为，产量降低以及成本上行是影响赤峰黄金业绩的核心原因。因矿石入选品位降低叠加雨季提前导致金星瓦萨产销量不及预期，2025上半年，赤峰黄金实现矿产金产量6.75吨，同比下降10.56%，完成了全年产量指引的42%。成本方面，因计税基础增加及税率上升、生产性钻探／掘进及采矿等运营成本增加及产销下降，金星瓦萨矿产金单位成本同比上升幅度较大。上半年赤峰黄金的黄金单位营业成本为319.06元／克，同比上涨11.88%，单位全维持成本355.41元／克，同比上涨34.28%。事实上，成本抬升与资源接续压力早已是行业面临的共同挑战。当金价一路高歌猛进，市场势必会对相应的投资标的倾注期待，谁能抓住机遇，提升内生性增长动力，就能获得资本的青睐。如何延续增长故事在未来，金价仍被认为有进一步上涨的潜力。瑞银集团分析师在报告中表示，考虑到当前的利好因素，预计黄金将在明年中期涨至3900美元／盎司。法国兴业银行表示，从资产配置视角出发，在美元主导地位受挑战的背景下审视黄金，可以看到支撑黄金的关键驱动因素依然牢固。展望今年最后三个月，预计金价将徘徊在每盎司3825美元左右，明年均价约达每盎司4128美元。当黄金价格持续被看好，矿企如何利用当前窗口期，实现从“借价上涨”到“内生增长”的转变，成为摆在所有行业参与者面前的必答题。增储和产能扩张成为最直接的应对策略。半年报显示，山东黄金上半年累计完成探矿工程量29.3 万米，探矿新增金金属量18.8吨，为长期资源保障提供支撑；同时全力推进三山岛金矿深井工程、焦家金矿资源整合、纳穆蒂尼金矿项目等国内外重点项目建设。而赤峰黄金8月披露其在万象矿业SND项目首次发现大规模斑岩型金铜矿体，初步探明资源量1.315亿吨，含金当量金属量106.9吨。此外随着公司海内外七座矿山均有新增改扩建项目顺利推进中，矿金产能或持续增长。也有矿企把目光投向资本运作，纷纷入港上市，进一步拓展全球化运营能力，提升资源获取与国际竞争力。目前紫金矿业正积极推进旗下紫金黄金国际在港交所主板上市，计划9月底登陆港股市场。24日，山金国际首次向港交所递交招股书，拟在香港主板上市。在资源紧俏的当下，尾矿回收成为矿企新的利润贡献来源。据招金黄金半年报，其旗下斐济瓦图科拉金矿（VGML）是主要利润来源，报告期内，瓦图科拉金矿生产黄金292.36公斤，其中尾矿回收黄金101.78公斤，销量同比增长42.53%。编辑：吴郑思","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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