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FINWIRES

瑞銀表示，在成本壓力下，黃金特許權使用費收入比礦業公司更具成長潛力。

-- 瑞銀週三在一份報告中指出，與黃金礦商相比，黃金串流媒體和特許權使用費公司擁有更好的成長前景和更強的成本通膨對沖能力，利潤率更穩定，執行風險更低。 分析師表示，在去年的金價上漲週期中，礦商對金價上漲的營運槓桿作用更高，同時通膨壓力保持溫和，公司業績不達標的可能性也更小。同時，Franco-Nevada (FNV)、Wheaton Precious Metals (WPM) 和 Royal Gold (RGLD) 等串流媒體公司的估值相對於其歷史水準而言有所降低。 展望未來，分析師表示，金價預計仍將維持強勢，但漲幅不會像2025年那麼劇烈。他們補充說，同時，礦商可能面臨不斷增加的成本壓力，尤其是來自能源和潛在中斷的成本，這可能會損害利潤率。 分析師表示：“我們認為，與大多數大型礦業公司相比，Franco-Nevada、Wheaton Precious Metals 和 Royal Gold 都擁有更優異的近期和中期增長前景。” 瑞銀重申對 Franco-Nevada 的“買入”評級，目標價為 310 美元；對 Wheaton Precious Metals 的“買入”評級，目標價為 160 美元；並首次給予 Royal Gold “買入”評級，目標價為 325 美元。

Price: $256.03, Change: $-1.26, Percent Change: -0.49%

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