Undervalued Gold Mining Sector? After Gold Prices Surge Past $4,500, Can the Gold Mining and Processing Industry See a Spring Revival

China's gold mining and processing industry is at a triple window of resource continuity, capacity expansion, and valuation recovery: on one hand, global gold mine production growth significantly lags demand, with mined gold at only 3,300 tons in 2025, while the combined share of investment and central bank gold purchases has risen to 60.8%; on the other hand, Chinese gold mining companies, leveraging breakthroughs in deep mining technology, global M&A, and the ramp-up of projects under construction, are converting rising gold prices into quantifiable earnings elasticity.