金吾财讯 | 黄金股延续升势，截至发稿，招金矿业(01818)涨2.50%，山东黄金(01787)涨1.66%，紫金矿业(02899)涨1.46%，潼关黄金(00340)涨1.19%。消息面上，中信证券表示，2025年初以来，国内金企股价明显跑输金价，该行认为主要原因有；1)黄金企业的业绩扰动，主要表现为2023年以来业绩预期的持续下修；2)本轮金价上涨主要来自美国关税政策引发的避险情绪和交易因素，市场对后市金价上涨的持续性存疑，“畏高”情绪突出。该行预计金企业绩兑现度提升以及金价高位的持续性得到验证将成为黄金股补涨的核心逻辑。该行预计2025年金价将继续受益于以下因素：1)全球流动性整体宽松以及美国的滞胀担忧；2)黄金ETF加速流入；3)美元信用趋弱的长期逻辑下，全球央行购金有望维持高位。金融属性与货币属性共振，支撑金价高位运行。该行预计2025年金价运行区间为2700-3200美元/盎司。随着金价高位运行的持续性被市场认可，金矿企业股价的补涨逻辑或将兑现。
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