The heat in gold concept stocks is rising significantly! Recently, international gold prices have continued to surge sharply. During trading today (January 28), spot gold saw gains exceeding 2% at one point, breaking through $5,300 per ounce to set another historical record high. As of the reporter's deadline, the intraday gain for spot gold had narrowed to 1.55%. Spot silver briefly plunged into negative territory but is now up 0.46%, after having risen over 3% earlier.
Notably, against the backdrop of accelerating international gold prices, A-share gold concept stocks have also experienced sustained substantial gains recently. On January 28, gold concept stocks once again saw a wave of limit-up gains, with the number of stocks hitting their daily limit-up exceeding 30. Among them, Baiyin Nonferrous Metals saw 7 consecutive limit-ups, Sichuan Gold achieved 7 limit-ups in 10 days, Zhaojin Gold recorded 6 limit-ups in 8 days, China Gold, and Yuguang Gold & Lead both secured 4 consecutive limit-ups, while Western Region Gold notched 3 limit-ups in 6 days.
On the evening of January 28, several high-flying gold concept stocks issued announcements to caution about trading risks. Baiyin Nonferrous Metals, Yuguang Gold & Lead, Sichuan Gold, and China Gold all stated that their stock prices have risen significantly in the short term and可能存在下跌风险 (may carry downside risks); Chifeng Gold and Western Region Gold also released announcements, advising investors to be mindful of risks in the secondary market trading.
Multiple gold concept stocks issued urgent risk warnings. On Wednesday (January 28), A-share gold concept stocks once again surged with a wave of limit-up gains. That day, the TDX Gold Concept Index rose over 7%, reaching a record high. More than 30 stocks, including Baiyin Nonferrous Metals, China Gold, Sichuan Gold, Western Region Gold, Zhaojin Gold, Yuguang Gold & Lead, Hunan Gold, Chifeng Gold, and Xiaocheng Technology, hit their daily limit-up.
That evening, Baiyin Nonferrous Metals, which had seen 7 consecutive limit-ups, issued a stock trading risk提示公告 (risk warning announcement) stating that its main business involves the mining, beneficiation, smelting, processing, and trading of metals such as copper, lead, zinc, gold, and silver. According to the "2024 Annual Report," categorized by ore raw material costs, self-produced mine raw materials accounted for 4.43% of the total raw material cost, while externally procured raw materials accounted for 95.57%, indicating a high proportion of externally sourced materials.
Baiyin Nonferrous Metals indicated that revenue from its gold and silver products constitutes a relatively low proportion of its total operating revenue. In the first half of 2025, the company's operating revenue was 44.559 billion yuan, with revenue from gold product sales at 8.318 billion yuan (accounting for 18.67% of operating revenue), and revenue from silver product sales at 2.023 billion yuan (accounting for 4.54% of operating revenue). The company had previously disclosed an earnings forecast on January 24, 2026, anticipating a net loss of -450 million to -675 million yuan for 2025, representing a shift to loss compared to the same period last year. The company's stock price has risen substantially in the short term and可能存在下跌风险 (may carry downside risks); investors are advised to be cautious about secondary market trading risks and to make rational, prudent investment decisions.
Also on the same evening, Yuguang Gold & Lead, with 4 consecutive limit-ups, issued a risk warning stating that its stock price has increased significantly in the short term, with no major changes in its fundamental business conditions. It cautioned that there可能存在市场情绪过热的情形 (may be a situation of overheating market sentiment), leading to a substantial increase in trading risks and the potential for a stock price decline. The company belongs to the non-ferrous metal smelting industry and has a low self-sufficiency rate for raw materials; fluctuations in non-ferrous metal prices will impact its profitability. The price of its product, silver, has risen significantly recently, but future sustainability of these high prices is uncertain. A decline in silver prices would adversely affect the company's performance. Investors are urged to invest rationally and be aware of investment risks.
Sichuan Gold, which achieved 7 limit-ups in 10 days, announced that no major changes have occurred in its fundamental production and operations. The company's stock price has risen rapidly recently, significantly deviating from the broader market index and industry valuation levels, and faces the risk of a rapid decline in the future. The company may face the following risks: 1) Gold price fluctuation risk: Gold prices are influenced by market supply and demand, global macroeconomic conditions and expectations, US dollar trends, major global political events, and other factors; the price of the company's gold concentrate product is greatly affected by gold price volatility, and significant future fluctuations could substantially impact operating performance; 2) Single mine operation and resource reserve risk: The company currently operates only one producing mine, the Suoluogou Gold Mine, and its retained gold resources are relatively small compared to peers, posing risks associated with single-mine operation and resource reserves; 3) Production safety and rising cost risks: Risks of accidental incidents exist during exploration, mining, and beneficiation processes, which could affect production and operations. Furthermore, as the Suoluogou Gold Mine begins underground mining, production costs may rise.
China Gold, with 4 consecutive limit-ups, announced that the extent of its stock price increase has significantly deviated from the index. It noted that there is overheated market sentiment in its stock trading, carrying the risk of a decline following the substantial short-term gains. The company's main business remains unchanged, primarily involving the R&D, processing, retail, wholesale, and buyback of gold jewelry. It does not hold exploration or mining rights. Consumers and investors are respectfully advised to make rational decisions and invest prudently.
Chifeng Gold issued a stock price abnormal fluctuation announcement, stating that its stock price has risen for multiple consecutive days and is at a historically high level. Investors are advised to be cautious about secondary market trading risks and to invest rationally. On January 28, the stock's turnover rate was 8.39%, and the average daily turnover rate over the preceding five trading days was 7.67%, indicating a近期存在换手率较高的风险 (recent risk of high turnover rate). The company's main business is gold mining and processing. Currently, internal production and operational activities are normal, with no significant changes in the internal or external operating environment.
Western Region Gold, with 3 limit-ups in 6 days, also announced that its stock price has experienced significant short-term volatility and advised investors to be mindful of secondary market trading risks. The company noted the current high热度 (heat) in the gold market. Gold mining and smelting constitute one of its main businesses. Investors are urged to invest rationally, make prudent decisions, and be aware of investment risks.
Xiaocheng Technology and Hunan Silver release earnings forecasts. On the evening of January 28, Xiaocheng Technology, which had seen 2 limit-ups in 3 days, released an earnings forecast. It expects net profit attributable to listed company shareholders for 2025 to be between 90 million yuan and 130 million yuan, a year-on-year increase of 93.32% to 179.24%. Net profit after deducting non-recurring gains and losses is projected to be between 54 million yuan and 81 million yuan, an increase of 97.42% to 196.13% compared to the previous year.
Xiaocheng Technology attributed the profit growth to increased gold production, sales volume, and international gold prices during the reporting period compared to the same period last year, coupled with a favorable operating environment, which boosted company earnings. The impact of non-recurring items on net profit is estimated to be approximately 37 million yuan to 55 million yuan, primarily arising from bond interest income, gains/losses from debt restructuring, and other items qualifying as non-recurring gains/losses.
Hunan Silver also released an earnings forecast on the evening of January 28, expecting net profit attributable to listed company shareholders for 2025 to be between 285 million yuan and 385 million yuan, a year-on-year increase of 67.88% to 126.78%. Net profit after deducting non-recurring gains and losses is projected to be between 265 million yuan and 365 million yuan, an increase of 120.20% to 203.29%. During the reporting period, the output of the company's main products, silver and gold, increased significantly. The market prices of the precious metals silver and gold generally trended upwards, and sales prices rose in tandem with the market.
Recently, in the commodity markets, gold prices have continued their upward trajectory. On January 27, the spot gold price surged over 3% to $5,180 per ounce; on January 28, spot gold continued to climb, with intraday gains exceeding 2% at one point, reaching a high of $5,311.58 per ounce. As of the reporter's deadline, the spot gold price was quoted at $5,262 per ounce, up 1.55%. Since the beginning of this year, spot gold has accumulated a gain of over 21%.
Some analysts pointed out that the combination of a weakening US dollar and escalating geopolitical risks has triggered a wave of investment demand for precious metals. Amundi, Europe's largest asset manager, stated that the increasing divergence between the US and other countries is prompting many investors to reduce holdings of US dollar assets and turn to gold. In the long term, gold serves as an excellent hedge against currency depreciation and an effective means of preserving purchasing power.
Dongfang Jincheng suggested that gold prices are expected to continue trading strongly at high levels this week. However, considering the current record-high prices, profit-taking activities could lead to increased short-term price volatility.
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