【财经要闻】

黄金期货价格再创新高 澳股金矿板块个股风起云涌   低估值公司优势凸显

作者：澳村牛哥

进入九月，全球主要股市出现震荡但上行态势依然。回望过去五年多至今的整体走势，澳洲股市中期上行格局唯有改变。 

就澳洲股市而言，维持和推动澳股上行的很重要的动力是过去几年来持续走强的金融银行股。但过去一年多来，黄金板块板块个股的稳健上行，则是提振市场信心的不容忽视的因素，尤其在过去几年间锂、镍、石墨等电池材料板块个股经历大幅回落震荡构建中期支撑之际。

根据 ACB News 《澳华财经在线》证券市场编辑团队最新统计的数据，在2024-2025财年澳交所（ASX）500家成分股中，涨幅前50的公司中有21家为黄金概念股，涨幅前10的企业中，黄金股更是占据8席。

这一数据直观反映出黄金类股票正受到市场的强烈追捧，黄金板块已成为表现最为亮眼的细分赛道之一。

黄金板块个股走强，和基本面的变化不无关系———过去几年来黄金现货和期货价格震荡走高，进入九月第一周，COMEX 黄金期货价格再创历史新高，盘中触及3557美元/盎司。

黄金价格创新高的背后，短期看似乎和美联储九月降息的市场预期有关。但从全球经济发展、美元的历史变迁和未来的地缘政治以及世界贸易格局演变可能看，或有着更为深厚的历史背景。

表面看，金价走强和受益于全球央行购金潮、地缘风险持续以及市场对货币宽松预期的强化有关，但有资深业内人士指出，如从全球贸易的历史演绎角度看，目前的黄金价格走强有更多的“历史情节”。

ASX澳交所黄金勘探开发公司 Barton Gold（ ASX:BGD）创始人、首席执行官兼董事总经理Alexander Scanlon在接受《澳华财经在线》采访时表示，在全球金融体系结构深度调整的背景下，黄金正悄然迎来“再次货币化”的新时代，眼下正处于一个脱离美元主导格局的“分水岭”——全球贸易体系正在重塑对实物资产的需求结构，黄金作为最重要的非主权实物资产之一，其战略价值正在被重新认识。

( 图片来源：《澳华财经在线》)

Scanlon指出，全球货币体系去美元化的趋势尚处早期阶段。历史上，黄金经历了50年的“去货币化”进程，而当前则正进入 “再货币化”的初始阶段。

这一趋势主要受到国际贸易失衡持续扩大，以及部分出口国家不再愿意将储备资金集中配置于美元资产的推动。详见《黄金板块艳压群雄年度涨幅逾五成 “黄金再次货币化”驱动估值重塑浪 个股表现或现分化》

（点击此处观看视频访谈）

在这一宏观趋势中，黄金以及大宗商品资产成为新的价值锚定工具和避险资产，其需求基础更加多元和坚实。

本网证券市场编辑的团队持有类似观点，中期看黄金价格有望在众多积极因素加持下维持高位，并具备进一步向上拓展空间的动力。那些黄金资源量明确、项目进入开发阶段、拥有专业的管理团队、资本结构稳健且估值具有吸引力的黄金勘探开发企业，将更易获得市场关注，成为下一阶段估值重塑的核心标的。

其中那些具备以上几点，同时在过去一年个股走势和大盘指数走势背离、股价处于中期调整探底阶段的黄金勘探开发公司，将有望迎来价值重估的重要时间窗口期和更多的机会，值得重点留意关注。

事实上，近期不少拥有已探明的黄金资源量的上市公司，正在加速其项目向生产开采阶段推进。

近期本网报道的金矿公司Theta Gold Mines（ASX：TGM），正是其中一例。详见《春潮涌动蓄势待发 金矿公司Theta Gold Mines Limited（ASX:TGM）加速推进610万盎司黄金资源量开发》、《金价高企步入开采阶段黄金公司被看好 坐拥610万盎司黄金资源量、市值尚在1.55亿澳元的Theta Gold Mines Ltd（ASX: TGM）浮出水面》

这家拥有和控制黄金资源量达610万盎司（平均品位4.17g/t）的黄金勘探开发商 ，其董事局上月批准和通过采矿决策，目前其旗舰项目正加速向开采生产阶段推进。

详见《黄金资源量610万盎司 市值1.19亿澳元 Theta Gold Mines（ASX：TGM）旗舰项目采矿决策通过 优质资产有望迎来重大重估》 、点击查看视频 

澳洲税改方案或提升家庭年收入4000澳元   GDP有望新增近6%

澳大利亚经济学家Chris Murphy近日提出了全面税收改革方案，拟取消印花税、扩大商品及服务税（GST）征收范围、大幅削减个人所得税，以及取消对大多数小企业的工资税豁免。

该方案有望使澳洲家庭每年增加约4000澳元收入，同时推动企业投资和整体经济增长。

消费者福利或每年新增430亿澳元，其中房产税改革带来270亿澳元，推动GDP增长3.2%。公司税和个人所得税改革则分别带来70亿和100亿澳元，分别推动GDP增长1.5%和0.8%。综合来看，实际GDP增长近6%，相当于新增1700亿澳元的经济收入。

下面为税改方案示意图：

（来源：Chris Murphy）

抵押贷款市场竞争激烈  Westpac最低固定利率下破5%

西太平洋银行（Westpac）近日宣布将固定利率最多下调0.70个百分点，致其最低固定利率为4.89%，为当前澳洲四大行中首家提供5%以下固定利率的银行。

澳洲金融比价网站Canstar提供的数据显示，Westpac最低固定利率适用于自住房业主两年期、还本付息且首付30%的贷款。与此同时，澳大利亚联邦银行（CBA）、国民银行（NAB）和澳新银行（ANZ）同类贷款的固定利率分别为5.44%、5.19%、5.19%。

（图表来源：Canstar）

Canstar数据洞察总监Sally Tindall对此称，Westpac此举可能受到RBA澳储行进一步降息可能增大及市场竞争等因素的影响。

比亚迪海外销售持续增长    澳洲市场表现突出

比亚迪公布的今年第二季度业绩报告显示，净利润同比骤降29.9%至63.6亿元，三年来首次下滑。尽管海外销售持续增长，但难以抵御国内激烈价格战的冲击，毛利率从18.78%降至18.01%。

海外市场表现依旧亮眼，上半年国际市场（不含港澳台）营收同比大增50%至1354亿元，其中巴西市场占比亚迪海外市场营收的约三分之一。澳洲市场销量显著提升，成为继巴西之后的增长亮点。今年6月，比亚迪名列澳洲汽车市场品牌榜第五位。

研究机构Bernstein指出，比亚迪的海外扩张尚不足以抵消毛利下滑和资本支出上升的压力。该机构维持对比亚迪的“增持”评级，但下调目标价至130港元。上周五，比亚迪股价报收于114.40港元。

银价突破每盎司40美元    金价逼近历史高位    

隔夜市场白银价格攀升至每盎司40美元以上，创2011年以来最高水平。今年以来，白银累计上涨约40%。同时，黄金价格也逼近每盎司3500美元的历史高位。

这标志着，由于地缘政治、商业和全球贸易风险上升，黄金和白银的价格已较三年前翻倍。

推动金银价格上涨的原因之一是市场预计美联储即将降息。同时，从技术上讲，黄金突破3450美元、白银突破40美元的关键阻力位后，引发买盘入场，进一步推高了价格。

【澳股】

【异动股】4DMEDICAL (ASX:4DX) 肺部成像通气灌注产品CT:VQ获得美国FDA批准上市 股价暴涨36%

呼吸成像医疗技术公司4DMEDICAL Ltd (ASX股票代码:4DX) 的肺部CT扫描通气-灌注产品CT:VQ获得美国FDA的510(k)批准认证。

周一4DX股价应声暴涨35.97%。

（延伸阅读：《【异动股】单周暴涨98%！4DMedical (ASX:4DX)获得1000万澳元注资 加速肺成像工具CT:VQ美国上市审批》）

4DMedical 董事总经理/CEO兼创始人Andreas Fouras表示，CT:VQ获批是4DMedical和肺部健康领域的一个决定性里程碑——历史上首次医生可以安排肺部灌注扫描，而无需患者注射任何放射性示踪剂或造影剂。

澳华财经在线数据库显示，4DX最新价0.775澳元，已发行股本4.66亿股，市值3.61亿澳元。

截止上季度末公司账面现金结余688万澳元。

（图片来源：4DX公告）

（图片来源：4DX公告）

【异动股】热门稀土勘探股Dateline Resources（ASX：DTR）完成2500万澳元配售 股价大幅跳水

Dateline Resources Limited（ASX股票代码：DTR）宣布完成总值2500万澳元的配售。其募资得到机构投资者的大力支持，以每股0.215澳元价格，共发行116,279,070股普通股。

周一DTR股价大幅回撤，终盘跳水13.21%。

（延伸阅读：《【异动股】40倍上涨后劲仍足 Dateline Resources (ASX:DTR)称美国Colosseum黄金稀土项目获得极大政治支持》）

DTR近期已大致圈定六个新的黄金勘探目标，以及高优先级的REE稀土异常。

Dateline董事总经理Stephen Baghdadi表示，凭借在手的3500万澳元资金支持，公司将有充足动力推进Colosseum项目的黄金稀土“双轨开发”战略。

澳华财经在线数据库显示，DTR最新价0.23澳元，已发行股本32.1亿股，市值7.4亿澳元。

（图片来源：DTR公告）

（图片来源：DTR公告）

From Discovery to Deal: Colin Moorhead on Building Value in the Copper-Gold Frontier

By ACB News 

In the world of mining, few figures can claim to have navigated the full arc of exploration, development, and strategic partnership as deftly as Colin Moorhead.

With nearly four decades in the sector—from senior leadership at Newcrest to his current role as Executive Chairman and Managing Director of Xanadu Mines—Moorhead has seen first-hand the cycles, the policy battles, and the boardroom decisions that shape multi-billion-dollar resource projects.

Today, his vantage point spans not just a single asset, but an entire copper-gold frontier.

At Xanadu, he has steered the Kharmagtai project in Mongolia from under-drilled deposit to a transaction-ready asset, secured a cornerstone partnership with China’s Zijin Mining, and now finds himself at the center of a high-profile takeover by Singapore-based Bastion.

It is a story of timing, capital discipline, and navigating the tectonic shifts of geopolitics, commodities, and investor sentiment.

Copper: A Structural Deficit Waiting to Happen

Global copper demand, Moorhead argues, is heading into a supply crunch with “structural deficit” written all over it. Even without factoring in the surging appetite from decarbonisation, AI-driven data centres, and grid expansions, normal economic growth alone could keep prices elevated.

“We’re simply not discovering and developing copper mines quickly enough to meet future demand,” he says. “Put decarbonisation trends on top, and there simply isn’t enough copper to deliver all the things governments are promising.”

He points to political risk as an added complication. Recent talk in the U.S. about imposing 50% tariffs on copper has already rattled the market, triggering short-term volatility. For Moorhead, the long-term trajectory is clear, but investors should expect a jagged climb rather than a smooth rally.

Gold: The Hedge That Refuses to Fade

Gold, in Moorhead’s view, offers a natural counterweight to copper. Historically, the two metals rarely rally in tandem, but today’s geopolitical backdrop has pushed both higher.

“Gold is a financial instrument— a hedge against inflation and uncertainty— and there’s enough of that around the world right now to keep prices strong,” he notes.

In Australian dollar terms, gold is trading above A$5,000 per ounce—levels Moorhead admits he never expected to see.

That strength has kept equity capital markets relatively open for junior gold miners, even as other commodities face funding headwinds.

But he cautions: cost discipline is the real defensive moat. “In gold, you must be in the lowest quartile of the cost curve; that’s your only real protection against volatility.”

Policy Certainty: The Hidden Bedrock of Mining Investment

Moorhead’s career has taken him from Indonesia’s “Contract of Work” era to Mongolia’s evolving fiscal regime, and the lesson is consistent: without policy clarity, juniors will not commit capital.

“No juniors equals no majors,” he says bluntly.

Indonesia’s earlier system allowed companies to lock in fiscal terms before major investments, which spurred a wave of discoveries in the ’70s to ’90s. Mongolia, by contrast, often forces fiscal negotiations after a discovery, increasing early-stage risk. Papua New Guinea’s policy missteps decades ago, he notes, effectively killed its junior sector for years.

The right approach, Moorhead argues, is to take a balanced slice of the “economic pie”: “You can take a big slice of a small pie, or a fair slice of a big one. The latter delivers far greater long-term value to a country.”

The Capital Toolbox: Beyond Pure Equity

Traditional equity financing is tightening, especially for large-scale copper projects. Canada’s TSX market, Moorhead observes, is even tougher than the ASX right now.

Juniors are increasingly turning to non-traditional funding—streaming and royalty deals, private equity, and early-stage strategic capital from smelters and traders.

“It’s almost impossible to take a big project to FID on pure equity,” he says.

 “Strategic partners are becoming essential in the copper world.”

He cites BHP’s Xplor program as a model—small, targeted investments in juniors to secure low-cost entry points into attractive projects and jurisdictions.

Valuation Gaps: Gold’s Premium vs Copper’s Patience

In today’s market, gold projects can fetch valuations that copper developers can only dream of.

Moorhead recalls a 2-million-ounce gold project set to transact for US$2.4 billion, compared with Xanadu’s world-class Kharmagtai copper-gold project—valued at roughly A$180 million in the Bastion bid.

The disparity, he explains, comes down to risk perception and time-to-cashflow: “Gold is more immediate; copper needs longer timelines and greater policy certainty, so big investors often wait until projects are more advanced.”

Kharmagtai: From Acquisition to Pre-Feasibility

When Moorhead joined Xanadu, the Kharmagtai deposit was inconsistently drilled and undervalued.

The first task was to deliver a high-quality mineral resource estimate and a scoping study to define the project’s potential. That study became the springboard for attracting Zijin Mining, which injected US$35 million for a 50% stake in Xanadu’s holding company.

The resulting pre-feasibility study outlined a 30-year open-pit mine producing substantial copper and gold at competitive costs.

The Bastion takeover, now unconditional, offers shareholders a liquidity event at a significant premium—a “bird in the hand” decision that Moorhead believes was fair given the capital and dilution required to take the project forward.

The Junior Survival Code

For juniors, Moorhead distills success into three rules: keep overheads low, spend capital in the ground, and deliver on promises.

“It all comes down to management credibility”, he says.

In the current environment, juniors must also adapt to ESG scrutiny and shifting geopolitical currents. Australia’s delicate balance between its U.S. alliance and Chinese trade dependence, coupled with tighter critical minerals policies, will shape deal structures and offtake agreements for years to come.

A Career Defined by Discovery and Discipline

Moorhead’s formative years at Newcrest instilled a belief in exploration as the true engine of value creation. Leading Merdeka Copper Gold as its first CEO, he built the Tujuh Bukit Gold Mine—an experience that brought him closer to capital markets and sharpened his sense of investor accountability.

“The sliding doors moment was leaving Newcrest and entering the junior world,” he reflects.

“You’re much closer to the investor, and you have a clear obligation to communicate well and deliver.”

The Next Generation: Mining as a Climate Solution

Beyond balance sheets and feasibility studies, Moorhead is passionate about attracting young talent to the sector.

Serving six years on the board of the Australasian Institute of Mining and Metallurgy, he has been vocal about reframing mining as part of the climate solution.

“Without mining, there’s no sustainable energy—no energy at all,” he says. “It’s easy to be against things. The real question is: what are you for?”

For Moorhead, the path begins in schools, encouraging boys and girls to study STEM subjects.

“Modern mining is high-tech, AI-driven, and increasingly safe. If you want to make a real difference, join the industry.”

In the end, Colin Moorhead’s message is as much about mindset as it is about metals: play the long game, anchor in policy certainty, keep your capital nimble, and never forget that great projects—and great industries—start with discovery.

Disclaimer

The information provided on this website is for general informational purposes only and does not constitute financial or investment advice. While every effort is made to ensure accuracy, we do not guarantee the completeness, reliability, or timeliness of any content. Investment involves risk. Always seek independent, professional advice before making any financial decisions.

欧股收盘集体上涨 德国DAX30指数收涨0.51%

欧洲斯托克50指数涨0.30%，英国富时100指数涨0.07%，法国CAC40指数涨0.05%，德国DAX30指数涨0.51%，富时意大利MIB指数涨0.51%。（文章来源：财联社）

瞄准“世界级” 中国先进制造业集群建设步伐加快

近日，2025国家制造强国建设论坛在浙江台州温岭举行。宁波绿色石化、浙东工业母机、环杭州湾现代纺织服装、金台丘陵山区农机装备等4个国家先进制造业集群行动方案的发布，以及同期推出的《世界级先进制造业集群战略研究报告》显示，我国制造强国建设步伐正进一步加快。（文章来源：东方财富研究中心）

上半年信贷资金投向哪里

随着多家上市银行陆续披露2025年半年度报告，备受市场关注的信贷资金投向情况出炉。今年上半年，多家上市银行加力支持重点领域和薄弱环节，聚焦科技创新、扩大消费、民营与小微企业等方面，加大对科技、绿色、普惠、养老、数字金融等领域的信贷投放力度。此外，从总量上看，多家上市银行也实现了信贷投放同比多增。（文章来源：东方财富研究中心）

共促“人工智能+”普惠应用

中国担任2024年至2025年上海合作组织轮值主席国以来，积极推动上合组织深化科技与创新合作。在中国愿景引领下，人工智能（AI）成为上合组织合作发展最快的领域之一。8月29日，2025年上海合作组织峰会新闻中心开展城市参访活动，组织中外媒体围绕“天津人工智能赋能新型工业化”主题，探访了联想（天津）智慧创新服务产业园。（文章来源：东方财富研究中心）

9月1日起将实施一批国家标准 涉及网络攻击事件判定等

9月1日起，人工智能生成合成内容标识、网络攻击事件判定、智能家用电器语音交互、电动自行车安全等一批重要国家标准开始实施，将为规范新兴产业及未来产业的健康发展、促进节能减排增效、营造良好消费环境、保障人民群众生命财产安全提供标准支撑。（文章来源：东方财富研究中心）

白银价格创近14年新高 产业链企业“体感”不一

多重因素共振，白银迎来“高光时刻”。9月1日，国际银价大幅拉升，COMEX白银价格盘中升至41.64美元/盎司，伦敦现货白银价格则涨至40.754美元/盎司，创下近14年来新高。沪银主力合约价格也强劲上涨，创下该合约上市以来新高。（文章来源：东方财富研究中心）

国际金价创新高 黄金板块集体大涨

9月1日，国际金价震荡走高，COMEX黄金期货盘中最高上涨超1%，最高报价3557.1美元/盎司，再创历史新高。截至9月1日15时，COMEX黄金期货今年以来累计上涨近35%。受国际金价带动，国内金价同步跟涨。9月1日，沪金2510合约收盘上涨2.08%，报价800.56元/克，重回800元/克上方，年初至今累计上涨超28%。(文章来源：东方财富研究中心)

( 部分资料来源：澳洲金融评论 澳大利亚人报 RBA）

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