<p>[新加坡] 当黄金突破心理价位 5000 美元并创下新纪录时，典当商成为了黄金历史性上涨的受益者。</p>
<p>在过去一年多的时间里，黄金价格已经上涨，近期在地缘政治紧张局势的影响下仍在急剧上升。</p>
<p>在新加坡交易所（SGX），上市的典当商和其他黄金相关股票在周一大幅上涨。今年以来，它们也稳步上涨，过去一年表现良好。</p>
<p>典当商、金融机构和奢侈品零售商 MoneyMax Financial 是最大的受益者，股价上涨了 13.2%。今年以来上涨了 40.2%，过去一年上涨近 330%。</p>
<p>这正值 Catalist 上市的典当商于 1 月 23 日提出的转板主板的提案获得 SGX 原则性批准。转板主板将吸引更大规模的公司，预计将提升股东价值，并为 MoneyMax 提供与其规模和市场地位相称的平台，考虑到其近年来在网络和收益方面的增长。</p>
<p>黄金生产商 CNMC Goldmine 的涨幅也不小，截至午间交易休息时上涨了 11.9%，过去一年更是上涨了约 404%。</p>
<p>MoneyMax 的竞争对手 ValueMax 在周一午间休息时上涨了 10.5%，今年以来上涨了 6.1%，过去一年上涨约 158%。</p>
<p>Aspial Lifestyle 拥有珠宝连锁店 Lee Hwa 和 Goldheart 以及典当商 Maxi-Cash，截至午间上涨了 11.1%，今年以来上涨了 25.6%，过去一年上涨约 93%。</p>
<p>与此同时，SPDR 黄金股票交易所交易基金（ETF）截至新加坡时间 12:55 上涨了 3.3%，过去一年上涨约 78%。</p>
<p>典当公司被视为黄金价格上涨的代理，因为它们持有大量黄金库存，这些黄金被用作贷款的抵押品。</p>
<p>OCBC 的股票研究负责人 Carmen Lee 指出，大多数放贷公司通常接受黄金珠宝作为现金的抵押，并且通常持有相对于其他资产（如钻石）更大比例的黄金库存。</p>
<p>“黄金价格在 2025 年上涨了 65%，今年迄今上涨了 15%。因此，这些放贷公司持有的大部分库存可能以远低于当前价格的价格进行抵押，” 她说。</p>
<p>这可能意味着这些公司的潜在收益，Lee 表示。</p>
<p>RHB 新加坡的高级研究分析师 Alfie Yeo 同意，较高的黄金价格可以使典当商的抵押黄金库存更有价值，从而使它们受益于更有价值的黄金库存。</p>
<p>“贷款的价值与黄金价格历史上呈正相关。随着黄金价格的上涨，典当商能够提供更多的贷款（更好的贷款价值比），从而获得更高的利息收入，” 他说。</p>
<p>由于较高的黄金价格往往推动更多的贷款，而这又推动利息收入和收益，较高的黄金价格在某种程度上应该与股价呈正相关，他说。</p>
<p>“根据我们的分析，典当商的股价与黄金价格的相关性范围为 0.5-0.8，纯粹的典当商则相对较强，达到 0.8，” Yeo 表示。</p>
<p>在 2025 年享受强劲涨幅后，SGX 上市的典当商可能在 2026 年继续保持势头，OCBC 的 Lee 表示。</p>
<p>“正如在第一季度所分享的，由于它们持有黄金资产，并且在过去一年中黄金价格急剧上涨，这些公司正在根据其黄金库存进行重新评估，” 她说。</p>
<p>这正值黄金价格有望进一步上涨。</p>
<p>William Blair 新兴市场债务（EMD）团队的高级企业信用与可持续性分析师 Alexandra Symeonidi 指出，市场参与者之间 “对美元可能保持疲软的共识不断增强”，这可能促成黄金价格的持续上涨。</p>
<p>由于黄金仍然是最容易且传统上最受欢迎的现金抵押资产，其强劲表现将继续使 SGX 上市的典当商受益，OCBC 的 Lee 表示。</p>
<p><em>-BT 的 Shikhar Gupta 对此报告做出了贡献。</em></p>

银丰当

方圆集团

大兴当

<p>新加坡的典当行正受益于黄金价格的飙升，最近黄金价格超过了 5000 美元。上市典当行如 MoneyMax Financial 的股票大幅上涨，MoneyMax 上涨了 13.2%，年初至今上涨了 40.2%。该公司获得了将其上市转移至主板的批准，从而提升了股东价值。其他典当行如 ValueMax 和 Aspial Lifestyle 也实现了显著的涨幅。分析师指出，较高的黄金价格提高了典当行抵押黄金库存的价值，从而导致更高的贷款价值和利息收入，积极影响了股价</p>

<p>[SINGAPORE] Pawnbrokers have emerged as beneficiaries of gold’s historic rally, as the yellow metal crossed the psychological US$5,000 mark and set yet another record.</p>
<div class="lb-trans"><p>[新加坡] 当黄金突破心理价位 5000 美元并创下新纪录时，典当商成为了黄金历史性上涨的受益者。</p>
</div><p>After already gaining much in the past year or so, gold prices are still rising on a steep trajectory recently amid geopolitical tensions.</p>
<div class="lb-trans"><p>在过去一年多的时间里，黄金价格已经上涨，近期在地缘政治紧张局势的影响下仍在急剧上升。</p>
</div><p>On the Singapore Exchange (SGX), shares of listed pawnbrokers and other gold plays soared on Monday. They have also made steady gains year-to-date, and in the past year.</p>
<div class="lb-trans"><p>在新加坡交易所（SGX），上市的典当商和其他黄金相关股票在周一大幅上涨。今年以来，它们也稳步上涨，过去一年表现良好。</p>
</div><p>Pawnbroker, financier and luxury retailer MoneyMax Financial was the biggest beneficiary, soaring 13.2 per cent. It has surged 40.2 per cent year to date, It’s up nearlyy 330 per cent in the past one year.</p>
<div class="lb-trans"><p>典当商、金融机构和奢侈品零售商 MoneyMax Financial 是最大的受益者，股价上涨了 13.2%。今年以来上涨了 40.2%，过去一年上涨近 330%。</p>
</div><p>This comes as the Catalist-listed pawnbroker’s proposal to transfer its listing to the mainboard on Jan 23 received in-principle approval from the SGX. The move to the mainboard, which draws larger companies, is set to enhance shareholder value and provide MoneyMax a platform commensurate with its scale and market position, given its growth in both network and earnings over recent years.</p>
<div class="lb-trans"><p>这正值 Catalist 上市的典当商于 1 月 23 日提出的转板主板的提案获得 SGX 原则性批准。转板主板将吸引更大规模的公司，预计将提升股东价值，并为 MoneyMax 提供与其规模和市场地位相称的平台，考虑到其近年来在网络和收益方面的增长。</p>
</div><p>Gold producer CNMC Goldmine was not far behind with an 11.9 per cent gain as at the mid-day trading break, having booked even bigger gains over the past year at about 404 per cent.</p>
<div class="lb-trans"><p>黄金生产商 CNMC Goldmine 的涨幅也不小，截至午间交易休息时上涨了 11.9%，过去一年更是上涨了约 404%。</p>
</div><p>MoneyMax competitor ValueMax shot up 10.5 per cent as at the mid-day break on Monday, up 6.1 per cent year to date, and has spiked about 158 per cent in the past one year.</p>
<div class="lb-trans"><p>MoneyMax 的竞争对手 ValueMax 在周一午间休息时上涨了 10.5%，今年以来上涨了 6.1%，过去一年上涨约 158%。</p>
</div><p>Aspial Lifestyle, which owns jewellery chains Lee Hwa and Goldheart and pawnbroker Maxi-Cash, was up 11.1 per cent at mid-day, has jumped 25.6 per cent in the year to date and about 93 per cent in the past year.</p>
<div class="lb-trans"><p>Aspial Lifestyle 拥有珠宝连锁店 Lee Hwa 和 Goldheart 以及典当商 Maxi-Cash，截至午间上涨了 11.1%，今年以来上涨了 25.6%，过去一年上涨约 93%。</p>
</div><p>Meanwhile, the SPDR Gold Shares exchange-traded fund (ETF) was up 3.3 per cent as at 12.55pm in Singapore, having booked about 78 per cent gains in the past one year.</p>
<div class="lb-trans"><p>与此同时，SPDR 黄金股票交易所交易基金（ETF）截至新加坡时间 12:55 上涨了 3.3%，过去一年上涨约 78%。</p>
</div><p>Pawnbroking firms are regarded as proxies to the increase in gold prices, as they hold large inventories of the yellow metal, which is used as collateral for loans.</p>
<div class="lb-trans"><p>典当公司被视为黄金价格上涨的代理，因为它们持有大量黄金库存，这些黄金被用作贷款的抵押品。</p>
</div><p>Carmen Lee, OCBC head of equity research noted that most moneylending companies usually accept gold jewellery as pledges for cash and usually hold a large percentage of gold inventories versus other assets, such as diamonds.</p>
<div class="lb-trans"><p>OCBC 的股票研究负责人 Carmen Lee 指出，大多数放贷公司通常接受黄金珠宝作为现金的抵押，并且通常持有相对于其他资产（如钻石）更大比例的黄金库存。</p>
</div><p>“Gold prices have risen 65 per cent in 2025 and is up 15 per cent so far this year. As such, most of these inventories held by the moneylenders are likely to be at prices which are significantly lower than current prices,” she said.</p>
<div class="lb-trans"><p>“黄金价格在 2025 年上涨了 65%，今年迄今上涨了 15%。因此，这些放贷公司持有的大部分库存可能以远低于当前价格的价格进行抵押，” 她说。</p>
</div><p>This could imply potential gains for these companies, Lee said.</p>
<div class="lb-trans"><p>这可能意味着这些公司的潜在收益，Lee 表示。</p>
</div><p>Alfie Yeo, senior research analyst, RHB Singapore, concurred that higher gold prices can cause pawnbrokers’ collateralised gold inventory to be more valuable – allowing them to benefit from a more valuable gold inventory.</p>
<div class="lb-trans"><p>RHB 新加坡的高级研究分析师 Alfie Yeo 同意，较高的黄金价格可以使典当商的抵押黄金库存更有价值，从而使它们受益于更有价值的黄金库存。</p>
</div><p>“The value of loans has historically been positively correlated with gold prices. Pawnbrokers get to lend more (better loan to value) for higher interest income as gold prices increase,” he said.</p>
<div class="lb-trans"><p>“贷款的价值与黄金价格历史上呈正相关。随着黄金价格的上涨，典当商能够提供更多的贷款（更好的贷款价值比），从而获得更高的利息收入，” 他说。</p>
</div><p>As higher gold prices tend to drive more loans and which in turn, drives interest income and earnings, higher gold prices should be positively correlated with share prices to some extent, he said.</p>
<div class="lb-trans"><p>由于较高的黄金价格往往推动更多的贷款，而这又推动利息收入和收益，较高的黄金价格在某种程度上应该与股价呈正相关，他说。</p>
</div><p>“Based on our analysis, the correlation of pawnbrokers’ share price to gold price ranges from 0.5-0.8, with pure play pawnbrokers at a relatively strong 0.8,” Yeo said.</p>
<div class="lb-trans"><p>“根据我们的分析，典当商的股价与黄金价格的相关性范围为 0.5-0.8，纯粹的典当商则相对较强，达到 0.8，” Yeo 表示。</p>
</div><p>Having enjoyed strong gains in 2025, SGX-listed pawnbrokers could see continued momentum into 2026, said OCBC’s Lee.</p>
<div class="lb-trans"><p>在 2025 年享受强劲涨幅后，SGX 上市的典当商可能在 2026 年继续保持势头，OCBC 的 Lee 表示。</p>
</div><p>“As shared in Q1, due to their holdings of gold assets and with the sharp appreciation in gold prices in the last 1 year, these companies are being re-assessed based on their gold inventories,” she said.</p>
<div class="lb-trans"><p>“正如在第一季度所分享的，由于它们持有黄金资产，并且在过去一年中黄金价格急剧上涨，这些公司正在根据其黄金库存进行重新评估，” 她说。</p>
</div><p>This comes as the price of gold is set to rise further.</p>
<div class="lb-trans"><p>这正值黄金价格有望进一步上涨。</p>
</div><p>Alexandra Symeonidi, Senior Corporate Credit and Sustainability Analyst on William Blair’s emerging markets debt (EMD) team, noted that a “growing consensus among market participants that the dollar might remain weak” could contribute to the continued rise in gold prices.</p>
<div class="lb-trans"><p>William Blair 新兴市场债务（EMD）团队的高级企业信用与可持续性分析师 Alexandra Symeonidi 指出，市场参与者之间 “对美元可能保持疲软的共识不断增强”，这可能促成黄金价格的持续上涨。</p>
</div><p>With gold remaining as the easiest and traditionally the preferred form of asset to pledge for cash, its strong performance will continue to benefit SGX-listed pawnbrokers, OCBC’s Lee said.</p>
<div class="lb-trans"><p>由于黄金仍然是最容易且传统上最受欢迎的现金抵押资产，其强劲表现将继续使 SGX 上市的典当商受益，OCBC 的 Lee 表示。</p>
</div><p><em>-BT’s Shikhar Gupta contributed to this report.</em></p>
<div class="lb-trans"><p><em>-BT 的 Shikhar Gupta 对此报告做出了贡献。</em></p>
</div>

在新加坡交易所上市的典当商，随着贵金属突破 5000 美元大关，股票随黄金的上涨而受益