智通财经APP获悉，黄金股早盘走高，截至发稿，山东黄金(01787)涨3.51%，报23.6港元；潼关黄金(00340)涨2.33%，报1.32港元；灵宝黄金(03330)涨1.68%，报9.08港元；招金矿业(01818)涨1.88%，报18.38港元。
消息面上，隔夜国际金价大幅反弹，5月20日，COMEX黄金期货收涨1.41%报3232.2美元/盎司。近期，多家金矿上市公司发布2025年一季度业绩，普遍实现“开门红”。湖南黄金一季度归母净利润3.32亿元，同比增长104.63%；山东黄金预计一季度归母净利10.3亿元，同比增长46.6%。
东兴证券指出，特朗普政府政策的高度挥发令2025年全球经济政策不确定性创近30年最高，而地缘政治风险指数亦触及近125年来绝对高位，黄金避险溢价延续正态化发酵。另一方面，黄金资本属性持续加强下的央行购金逻辑趋势性强化，实物持仓ETF市场规模受益于利差结构的回归而进入净流入状态，黄金供需属性强化将推动价格延续易涨难跌态势，黄金行业高景气度或将延续。
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