<p>摩根大通发布了一份研究报告，指出老铺黄金（06181.HK）股价下跌 4.500（-0.785%），空头头寸为 5289 万美元；比例为 20.320%。自四月以来，股价累计下跌 22%，主要是由于投资者对零售销售趋势在黄金价格波动和潜在增发下的担忧。该银行对老铺黄金持积极看法，认为在最近的节日期间需求依然强劲，近期增发的可能性较低，且分销渠道持续升级。考虑到其吸引人的风险回报特征，目前的估值对应 2026 年和 2027 年的预测市盈率仅为 10.7 倍和 8.7 倍，预计将进行估值重估。</p>
<p>摩根大通将今年和明年的盈利预测上调了 5% 至 8%，维持对老铺黄金的增持评级，并将其列为中国消费领域的首选股票。目标价维持在 1296 港元，相当于明年预测市盈率的 19 倍。（ec/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 28 日 16:25。）</p>
<p>本文由人工智能自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

老铺黄金

金矿股 ETF - VanEck Vectors

华夏中证沪深港黄金产业股票ETF

金矿小盘股 ETF - VanEck Vectors

<p>摩根大通的研究报告指出，尽管自四月以来由于零售销售担忧和黄金价格波动，老铺黄金的股价已下跌 22%，但近期进行股票配售的可能性较低。该行维持 “增持” 评级，指出需求强劲和分销渠道升级。摩根大通将其盈利预测上调了 5% 至 8%，并设定目标价为 1296 港元，反映出明年的预测市盈率为 19 倍，突显出具有吸引力的风险回报特征</p>

<p>JPM released a research report noting that shares of LAOPU GOLD (06181.HK) -4.500 (-0.785%)  Short selling $52.89M; Ratio 20.320%  have fallen 22% cumulatively since April, mainly due to investor concerns over retail sales trends amid gold price volatility and potential share placement. The bank maintains a positive view on LAOPU GOLD, believing that demand remained resilient during the recent festive period, the likelihood of a share placement in the near term is low, and distribution channels continue to upgrade. With an attractive risk-reward profile, the current valuation corresponds to forecast 2026 and 2027 price-to-earnings ratios of only 10.7x and 8.7x, respectively, and a valuation re-rating is expected.</p>
<div class="lb-trans"><p>摩根大通发布了一份研究报告，指出老铺黄金（06181.HK）股价下跌 4.500（-0.785%），空头头寸为 5289 万美元；比例为 20.320%。自四月以来，股价累计下跌 22%，主要是由于投资者对零售销售趋势在黄金价格波动和潜在增发下的担忧。该银行对老铺黄金持积极看法，认为在最近的节日期间需求依然强劲，近期增发的可能性较低，且分销渠道持续升级。考虑到其吸引人的风险回报特征，目前的估值对应 2026 年和 2027 年的预测市盈率仅为 10.7 倍和 8.7 倍，预计将进行估值重估。</p>
</div><p>JPM raised its earnings forecasts for this year and next year by 5% to 8%, maintained an Overweight rating on LAOPU GOLD, and listed it as a top pick in the China consumer sector. The TP is kept at HKD1,296, equivalent to 19x forecast price-to-earnings ratio for next year. (ec/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-28 16:25.)</p>
<div class="lb-trans"><p>摩根大通将今年和明年的盈利预测上调了 5% 至 8%，维持对老铺黄金的增持评级，并将其列为中国消费领域的首选股票。目标价维持在 1296 港元，相当于明年预测市盈率的 19 倍。（ec/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 28 日 16:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由人工智能自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

JPM: Lower Likelihood of Share Placement by LAOPU GOLD  in Near Term; Attractive Valuation, Rated Overweight

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摩根大通

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

Laopu Gld HK SDR 50to1

摩根大通：老铺黄金在近期进行配股的可能性降低；估值具有吸引力，评级为增持