Editor’s Note
This report highlights robust performance and strategic advancements within China’s mining sector. Key developments include China Gold Group’s record 2025 results and ambitious growth targets, alongside Zijin Mining’s international engagement. These moves underscore the industry’s current dynamism and focus on technological innovation.
The latest corporate updates show that leading companies are reporting strong results and advancing strategic plans amid high industry prosperity. China Gold Group has set an ambitious goal to achieve “triple growth and double increase” by the end of the “16th Five-Year Plan” period. Its economic performance in 2025 reached a record high, and a core technology was included in the SASAC’s recommended catalog. Zijin Mining Group, while joining the International Copper Association, announced its intention to acquire Canada’s United Gold Corp for approximately 28 billion RMB. The commissioning of the second phase of its Julong Copper Mine will increase annual copper production capacity to 300,000 tons.
Companies such as Zhongjin Gold, Zhaojin Gold, Lingbao Gold, Sichuan Gold, and Hunan Gold have all forecast significant growth in net profit. Hunan Gold also plans to acquire two affiliated companies to integrate its industry chain.
Performance in the jewelry retail sector varied. Caibai Co., Ltd., Luk Fook Holdings, and Chow Tai Fook reported significant growth. Chow Tai Fook’s retail value grew 17.8% year-on-year in the third quarter, and it launched Disney co-branded products. Yuyuan Tourist Mart, however, expects an annual loss.
Industry data shows that the international gold price broke through $5,500 per ounce for the first time on January 29, reaching a historic high. The surge in gold prices quickly impacted the consumer end, with some domestic brand gold jewelry prices exceeding 1,600 RMB per gram. In 2025, national retail sales of gold, silver, and jewelry increased by 12.8% year-on-year, with particularly strong growth in Beijing and Sichuan.
According to the World Gold Council, global gold demand reached a record high of 5,002 tons in 2025, with investment demand being the primary driver. During the same period, global gold ETF inflows surged to $89 billion.
Market infrastructure development is accelerating. Hong Kong announced it will establish a central gold clearing system and plans to increase its gold storage capacity to 2,000 tons over the next three years.
Policy continues to focus on green development and industry standardization. The “Gold Green Circulation White Paper” was officially released, aiming to build a green industrial cycle system. The “Gold Foil” group standard has been implemented, filling a gap in standards for this segment. Shanghai has introduced a plan aimed at enhancing the capacity of the non-ferrous metals bulk commodity market through futures-spot linkage.
Price trend analysis indicates that gold prices surged nearly $700 in the second half of January, primarily driven by tensions in US-Europe relations, risks in the Middle East situation, and uncertainty in US domestic policy. Looking ahead to February, the US federal government may face another “shutdown” risk, which could continue to support gold prices. However, the market needs to be wary of sharp volatility risks at historical highs. Another view suggests that in the context of global order restructuring, gold’s safe-haven value may still be underestimated by the market.
An in-depth analysis of industry transformation directions predicts ten major trends for the mineral resources industry in 2026, including the assetization of mining rights, the strategicization of resource security, the standardization of green mine thresholds, and the intellectualization of production. Meanwhile, the Minister of Ecology and Environment emphasized in an article that green productivity must be vigorously developed to promote high-quality development through high-level protection, pointing the way for the green transformation of the mining and jewelry industries.
Overseas, resource M&A and central bank gold purchases are active. Silvercorp Metals Inc. acquired a 70% stake in a large gold mine in Kyrgyzstan for $162 million. The National Bank of Poland approved a plan to purchase up to 150 tons of gold. Additionally, supply from major resource countries has fluctuated, with Peru and Chile lowering copper production forecasts, while Saudi Arabian Mining Company announced the addition of approximately 243 tons of gold resources.
Overall, the content of this period indicates that in an environment of unprecedented high gold prices, companies across the gold industry chain are generally enjoying performance dividends and accelerating strategic layouts. The industry simultaneously faces multiple challenges: green transformation, compliance upgrades, and intensified global resource competition. The improvement of policies and market infrastructure is building a new framework for the industry’s long-term sustainable development.
