机构：中金公司 研究员：王政/齐丁/陈彦 公司近况 据公告，公司于2025 年6 月末完成了SND 金铜矿项目第一阶段资源勘探工作，于2025 年8 月7 日出具了 符合JORC 标准的资源估算报告，增储黄金70.7 吨、铜33.2 万吨。本次矿产资源估算工作由公司万象矿 业勘探部门完成，并由独立的国际性矿业咨询机构SRK 审查。 评论 成功完成港股上市，公司发展有望驶入快车道。据公告，2025 年3 月10 日，公司成功在港股上市，募 集资金中40%用于新矿山并购。我们认为，公司此次打通海外融资通道，可加速并购步伐，扩大资源储 备，进一步提升产量。 盈利预测与估值 我们维持公司2025/2026 年盈利预测29.92/31.86 亿元，当前股价对应2025/2026 年16x/15x P/E。维持跑 赢行业评级。维持目标价35.21 元，对应2025/2026 年22x/21x P/E，较当前股价有38%的上行空间。 风险 产品价格大幅波动，项目进展不及预期，海外地缘政治风险。 矿区内发现SND 金铜矿项目，有望增厚公司黄金权益资源量28%。资源估算量大，据公告，公司老挝 矿区探获黄金当量（铜合并折算为黄金 ...

此外，赤峰黄金此前发布业绩预告，今年上半年预计实现归属于上市公司股东的净利润为10.80亿元到 11.30亿元，同比增加52.01%到59.04%。公告称，业绩增长主要原因为本报告期黄金销售价格同比上升 约41.76%，且成本费用得到有效控制。 本文源自：智通财经网 消息面上，赤峰黄金发布公告，在老挝万象矿业塞班矿区发现富含金的斑岩型金铜矿床，并发布其首个 符合JORC标准的矿产资源量估算。初始矿产资源量估计为1.315亿吨，金当量品位为0.81克/吨，黄金当 量金属量约106.9吨；其中包括控制资源量级别9370万吨，每吨0.86克金当量，相当于258万盎司金当 量。 智通财经获悉，赤峰黄金(06693)高开近5%，截至发稿，涨4.91%，报27.8港元，成交额947.98万港元。 ...

Group 1 - Chifeng Jilong Gold Mining Co., Ltd. (赤峰黄金) experienced a nearly 5% increase in stock price, reaching 27.8 HKD with a trading volume of 9.48 million HKD [1] - The company announced the discovery of a gold-rich porphyry copper deposit in the Vientiane mining area of Laos, with an initial mineral resource estimate of 131.5 million tons and a gold equivalent grade of 0.81 grams per ton, amounting to approximately 106.9 tons of gold equivalent [1] - The controlled resource amount is estimated at 93.7 million tons with a grade of 0.86 grams per ton, equivalent to about 2.58 million ounces of gold [1] Group 2 - For the first half of the year, the company expects a net profit attributable to shareholders of between 1.08 billion to 1.13 billion CNY, representing a year-on-year increase of 52.01% to 59.04% [1] - The growth in performance is primarily attributed to a year-on-year increase of approximately 41.76% in gold sales prices, along with effective cost control measures [1]

Group 1 - The core viewpoint of the article highlights the significant discovery of a gold-copper deposit by Chifeng Jilong Gold Mining Co., Ltd. in Laos, which has positively impacted its stock price [1] - Chifeng Jilong Gold announced an initial mineral resource estimate of 131.5 million tons with a gold equivalent grade of 0.81 grams per ton, translating to approximately 106.9 tons of gold equivalent metal [1] - The controlled resource amount is estimated at 93.7 million tons with a grade of 0.86 grams per ton, equivalent to about 2.58 million ounces of gold [1] Group 2 - The company expects a net profit attributable to shareholders of between 1.08 billion to 1.13 billion yuan for the first half of the year, representing a year-on-year increase of 52.01% to 59.04% [1] - The growth in performance is primarily attributed to a year-on-year increase of approximately 41.76% in gold sales prices, along with effective cost control measures [1]

8月8日，美国期金触及每盎司3534.10美元的记录新高。 其表示核心公司包括：山东黄金、山金国际、赤峰黄金、紫金矿业、湖南黄金等。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 东北证券认为，过去3-4个月，由于关税担忧缓和，同时关税对美国经济和就业的冲击未显现，联储也 不急于降息，因而金价向上动能减弱，整体处于区间震荡状态，这也使得黄金波动率、换手率从4月高 位一路回落，盘面持续冷却，波动率下降为金价重新开启上涨提供了先决条件。 而美国就业走弱是重要催化，但不是全部，就业走弱给了联储降息理由，后续或看到联储官员发言倾向 逐渐鸽派化，以及杰克逊霍尔会议上鲍威尔态度的变化，而降息的推进可能又加剧已经开始反弹的通胀 趋势，若降息+滞胀叙事顺利演绎，或带动金价开启新一轮上涨。 ...

Group 1 - COMEX gold futures rose by $20.30, an increase of 0.59%, closing at $3453.7 per ounce [1] - The People's Bank of China increased its gold reserves in July for the ninth consecutive month, adding 60,000 ounces to reach 73.96 million ounces, totaling approximately 36 tons since November [1] - The Shanghai Futures Exchange's gold inventory has reached a historical high, with over 36 tons of gold bars registered for futures delivery, reflecting a significant increase in demand for gold [1] Group 2 - Traders and banks are capitalizing on the price difference by buying lower-priced gold in the spot market and delivering it to exchange warehouses, indicating strong demand for gold in China [2] - Citigroup has revised its bearish outlook on gold, predicting prices will rise to record highs due to deteriorating U.S. economic conditions and inflationary tariffs, with a forecast range of $3300 to $3600 per ounce in the next three months [2] - A report from China International Capital Corporation (CICC) highlights the weak U.S. non-farm payroll data and an 80.3% probability of a rate cut by August 3, suggesting a new round of rate cut trading may begin [2] Group 3 - Key Hong Kong-listed gold and precious metals companies include Zijin Mining (601899)(02899), Shandong Gold (600547)(01787), Zhaojin Mining (01818), Chifeng Jilong Gold (600988)(06693), Lingbao Gold (03330), China Gold International (600916)(02099), and others [3]

Core Viewpoint - Chifeng Jilong Gold Mining Co., Ltd. has announced the discovery of a gold-rich porphyry copper-gold deposit in the Vientiane mining area of Laos, along with its first JORC-compliant mineral resource estimate [1] Group 1: Mineral Resource Estimate - The initial mineral resource estimate is 131.5 million tons with a gold equivalent grade of 0.81 grams per ton, equating to approximately 3.44 million ounces of gold equivalent [1] - The controlled resource amount is estimated at 93.7 million tons with a grade of 0.86 grams per ton, corresponding to about 2.58 million ounces of gold equivalent [1] - The time taken from exploration to JORC-compliant resource estimation was only 14 months [1] Group 2: Potential for Resource Increase - There is significant potential to increase the current mineral resource estimate due to unclosed mineralization at depth [1] Group 3: Metallurgical Testing Results - Preliminary metallurgical test results indicate an overall gold recovery rate of 88% and a copper recovery rate of 88.5% [1]

Core Insights - Chifeng Jilong Gold Mining Co., Ltd. announced a new discovery of a gold-copper deposit in the Saipan mining area by Wanxiang Mining, with an estimated initial mineral resource of 131.5 million tons at 0.81 grams per ton gold equivalent, equating to approximately 3.44 million ounces of gold equivalent [1][3] - The controlled resource level is estimated at 93.7 million tons with a grade of 0.86 grams per ton gold equivalent, amounting to about 2.58 million ounces of gold equivalent [1][3] - Preliminary metallurgical test results indicate an overall gold recovery rate of 88% and a copper recovery rate of 88.5% [1] Mineral Resource Estimates - The total mineral resource estimate is 131.5 million tons, with a gold equivalent grade of 0.81 grams per ton, translating to approximately 106.9 tons of gold equivalent (about 3.44 million ounces) [3] - The controlled resource level is 93.7 million tons at 0.86 grams per ton gold equivalent, which corresponds to approximately 80.4 tons of gold equivalent (about 2.58 million ounces) [3] - The inferred resource level is 37.8 million tons at 0.70 grams per ton gold equivalent, equating to approximately 26.5 tons of gold equivalent (about 0.86 million ounces) [3]

Core Insights - Chifeng Jilong Gold Mining Co., Ltd. (06693) announced the discovery of a gold-rich porphyry copper-gold deposit in the Vientiane mining area of Laos, along with its first JORC-compliant mineral resource estimate [1] - The mineral resource estimation process took only 14 months from exploration to JORC compliance [1] - The initial estimated mineral resource is 131.5 million tons with a gold equivalent grade of 0.81 grams per ton, amounting to approximately 3.44 million ounces of gold equivalent [1] - The controlled resource amount is 93.7 million tons with a grade of 0.86 grams per ton, equating to about 2.58 million ounces of gold equivalent [1] - There is significant potential to increase the current mineral resource due to unclosed mineralization at depth [1] - Preliminary metallurgical test results indicate an overall gold recovery rate of 88% and a copper recovery rate of 88.5% [1]

赤峰黄金公告，万象矿业在老挝万象矿业塞班矿区首次发现富金斑岩型金铜矿床，并发布首个符合 JORC标准的矿产资源量估算。初始矿产资源量估计为1.31亿吨，0.81克╱吨金当量，相当于344万盎司 金当量。其中控制资源量级别为9370万吨，每吨0.86克金当量，相当于258万盎司金当量。初步冶金测 试结果表明，金整体选矿回收率为88%，铜整体选矿回收率为88.5%。塞班矿山位于老挝中南部，该新 发现有望增加现有的矿产资源量。预计在2026年第一季度完成第二阶段钻探活动和更新的矿产资源量估 计后，将宣布新发现的矿产资源量的进一步更新。 ...