证券研究报告 基础材料 基本金属或震荡，贵金属或延续偏强 华泰研究 2025 年 4 月 20 日│中国内地 行业周报（第十六周） 重点公司及动态 金价延续偏强推荐黄金行业龙头山金国际、中金黄金。 子行业观点 1）基本金属：强现实弱预期下，工业金属或呈现震荡走势；2）贵金属： 美国政策不确定性仍在上升，建议投资者继续持有黄金资产；3）稀土：供 给扰动仍在，稀土价格或偏强震荡；4）锂：锂盐供给端收缩，但碳酸锂价 格或仍偏弱震荡。 风险提示：经济形势不及预期、政策调整、需求低迷、价格波动等。 | 有色金属 | 增持 (维持) | | --- | --- | | 基本金属及加工 | 增持 (维持) | | 研究员 | 李斌 | | SAC No. S0570517050001 | libin@htsc.com | | SFC No. BPN269 | +(86) 10 6321 1166 | | 研究员 | 马晓晨 | | SAC No. S0570522030001 | maxiaochen@htsc.com | | | +(86) 10 6321 1166 | 重点推荐 | | | 目标价 | | | --- ...

Investment Rating - The report maintains an "Overweight" rating for the gold sector, indicating a positive outlook for investment in this industry [2][29]. Core Insights - The report emphasizes the importance of continuing to invest in the gold sector, anticipating a revaluation of gold stocks as gold prices are expected to rise significantly [5][29]. - Historical analysis suggests that the current period may represent the fourth major bull market for gold since 1970, driven by various economic factors including inflation and geopolitical tensions [8][9]. - Central bank purchases and inflows into gold ETFs are projected to sustain upward pressure on gold prices, with central banks having bought over 1,000 tons of gold annually for the past three years [17][19]. - The divergence between gold stocks and gold prices is expected to end, as gold prices are likely to rise, leading to a reassessment of gold stock valuations [24][29]. Summary by Sections Historical Context - The report outlines four significant phases of gold price movements since 1970, highlighting the correlation between gold prices and economic conditions, particularly during periods of inflation and geopolitical instability [8][9]. Central Bank and ETF Demand - Central banks are increasingly viewing gold as a critical reserve asset, with notable purchases from countries like Poland, India, and China, which are expected to continue driving demand [19][22]. - The report notes a significant increase in gold ETF holdings, which have grown by 123.06 tons in 2024, contributing to overall gold demand [22][26]. Market Valuation - The report indicates that gold stocks are currently undervalued, with dynamic PE ratios for companies like Shandong Gold and Zhaojin Mining falling to historical lows, suggesting a potential for price correction as gold prices rise [24][30]. Investment Recommendations - The report reiterates the recommendation to "overweight" the gold sector, indicating that the revaluation of gold stocks is underway and investors should continue to build positions in this area [29][33].

黄金价格频创新高，对产业上游黄金生产企业业绩构成明显提振，相关企业2024年年报营收和利润普遍 实现增长，一些披露2025年一季度业绩预告的相关企业预计业绩继续增长。 不过，对于产业链其他企业而言，金价的持续攀高则是影响不一，下游销售端的企业预计可能继续承 压。 金价频创新高上游企业业绩水涨船高 近日国际和国内金价再攀新高。 4月17日，上海黄金交易所Au99.99黄金报价盘中突破790元/克，再创历史新高，年内该合约涨幅已接近 三成。另外，当地时间4月17日，国际市场上的伦敦金现价格突破3300美元/盎司，同样也创出历史新 高。 在金价飙高之际，黄金产业链上游企业明显受益，特别是对于一些黄金生产企业而言。记者梳理发现， 相关企业2024年营收和利润普遍出现增长。 比如行业龙头公司山东黄金（600547）披露的2024年报显示，公司2024年矿产金产量46.17吨，同比增 加4.39吨，增幅10.51%，实现营业收入825.18亿元，同比增加232.43亿元，增幅39.21%，归属于上市公 司股东的净利润29.52亿元，同比增加6.24亿元，增幅26.80%。年报资料显示，公司三山岛金矿、贝拉 德罗金矿、金洲 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-012 山金国际黄金股份有限公司 关于董事长提议回购公司部分股份的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 山金国际黄金股份有限公司（以下简称"本公司"或"公司"）于2025年4 月11日收到公司董事长刘钦先生（以下简称"提议人"）《关于提议山金国际黄 金股份有限公司回购公司部分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长刘钦先生 2、提议时间：2025年4月11日 3、是否享有提案权：是 二、提议回购股份的原因和目的 基于对公司未来发展的信心和对公司价值的认可，为维护全体股东利益，增 强投资者信心，进一步稳定及提升公司价值，综合考虑自身的经营状况、财务状 况和发展战略，公司董事长刘钦先生提议公司通过集中竞价交易方式回购公司部 分股份，回购的股份将依法注销减少注册资本。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：依法注销减少注册资本。 3、回购股份的方式：通过深圳证券交易所交易系统以集中竞价交易 ...

Core Viewpoint - The overseas market indices, particularly ETFs related to the Nasdaq, have shown strong performance following a significant rise in the US stock market, with gold stock ETFs standing out with notable gains [1] Group 1: ETF Performance - Nine related ETFs, including the Nasdaq index ETF, achieved a limit-up in half a day, indicating strong investor interest [1] - Gold stock ETFs, including the Gold Stock ETF (517400), saw a half-day increase of 6.42%, with five gold stock ETFs rising over 5.5% [1][2] - The Gold Stock ETF (517520) has a substantial scale of 2.699 billion shares, reflecting a year-to-date increase of 114.9 million shares [2][3] Group 2: Market Trends and Valuation - A-share gold stock valuations have been declining since early 2020, with the dynamic PE (TTM) dropping from 50 times to 25 times currently [3] - The average gold price is expected to rise significantly in 2025 compared to 2024, supporting the outlook for gold companies [3] - Continuous high profits and improving balance sheets for gold companies suggest a stable performance outlook in the future [3] Group 3: Index Composition - The CSI Hong Kong and Shanghai Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in A-share and Hong Kong markets [4] - The index was established on October 17, 2017, with a base date of December 31, 2014 [4] Group 4: Major Holdings - The top holdings in the CSI Gold Industry Index include Shandong Gold (12.06% weight), Zijin Mining (10.51%), and Zhongjin Gold (9.38%), indicating a concentration in the gold mining sector [5][6]

北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T:（86-10）5809 1000 F:（86-10）5809 1100 北京市竞天公诚律师事务所 关于山金国际黄金股份有限公司 2024 年年度股东大会的法律意见书 致：山金国际黄金股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受山金国际黄金股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2024 年年度股东大会（以下简称"本次会 议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股东会规则（2025 年修订）》、《山金国际黄金股 份有限公司章程》（以下简称"《公司章程》"）等规定，就本次会议的召集和召开程序、召集 人和出席人员的资格、表决程序以及表决结果发表法律意见。 关于本《法律意见书》，本所及本所律师谨作如下声明： 1、在本《法律意见书》中，本所及本所律师 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-011 山金国际黄金股份有限公司 2024年年度股东大会决议公告 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年4月8日上 午9:15—9:25，9:30—11:30，下午13:00—15:00； 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间： （1）现场会议时间：2025年4月8日下午14:30开始，会期半天。 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的具体 时间为：2025 年 4 月 8 日上午 9:15—下午 15:00。 2、会议地点：北京市朝阳区金和东路 20 号院正大中心北塔 30 层会议室。 3、会议召开方式：现场投票与网络投票相结合的方式 公司通过互联网投票系统（http://wltp.cninfo.com.cn）和深圳证 ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [5][6]. Core Viewpoints - The "reciprocal tariff" policy announced by the Trump administration has significantly increased global trade costs, leading to a substantial adjustment in commodity prices. However, domestic demand resilience is expected to offset external risks and support industrial metal prices [2][4]. - The report highlights that the domestic manufacturing PMI for March remained in the expansion zone at 50.5%, indicating strong internal demand that may cushion the impact of external pressures [2]. - Supply constraints in copper due to protests blocking access to key mining operations have exacerbated supply tightness, while domestic copper cable manufacturers have seen an increase in operating rates [2][3]. Summary by Sections Industrial Metals - The report notes significant price declines for industrial metals, with LME aluminum, copper, zinc, lead, nickel, and tin prices changing by -6.37%, -11.18%, -6.37%, -5.49%, -10.73%, and -2.48% respectively [1][12]. - The SMM copper concentrate import index reported a decrease of 2.26 USD/ton, reflecting ongoing supply tightness due to protests affecting key mining routes [2][39]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and Western Mining based on their performance and market conditions [2][5]. Energy Metals - Cobalt prices are expected to remain strong due to ongoing supply constraints from the Democratic Republic of Congo's export ban, while lithium prices have seen a decline amid stable downstream demand [3][84]. - Nickel prices are projected to continue rising due to tight supply conditions, despite some fluctuations in demand from the stainless steel sector [3][56]. Precious Metals - The report expresses optimism for precious metal prices, particularly gold, which has seen a rise due to increased safe-haven demand amid geopolitical tensions and inflation concerns [4][67]. - Silver prices are under pressure in the short term but are expected to rebound once economic conditions stabilize [4][67]. Company Earnings Forecasts - The report provides earnings forecasts and valuations for key companies, with EPS estimates for 2024E to 2026E showing growth for companies like Zijin Mining and Huayou Cobalt, with PE ratios indicating favorable valuations [5][6].

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 13.59 billion yuan, up 67.6% year-on-year, and net profit attributable to shareholders at 2.17 billion yuan, up 52.6% year-on-year [1] - The company achieved a notable increase in gold production and sales, with gold production and sales reaching 8.04 tons and 8.05 tons respectively, representing year-on-year increases of 14.7% and 9.7% [2] - The company successfully completed the acquisition of Osino, adding 127.2 tons of gold resources and expected annual production of 5 tons, enhancing its asset scale and profit potential [3] Financial Performance - In Q4 2024, the company reported revenue of 1.51 billion yuan, with a year-on-year increase of 50% but a quarter-on-quarter decrease of 72.8% [1] - The company's net profit for Q4 2024 was 450 million yuan, reflecting a year-on-year increase of 45.7% but a quarter-on-quarter decrease of 31.7% [1] - The cost of gold production decreased significantly to 145 yuan per gram, down 31 yuan per gram year-on-year, while the unit selling price increased to 550 yuan per gram, up 100 yuan per gram year-on-year [2] Production and Efficiency - The company reported an increase in silver production and sales, with silver production at 196 tons and sales at 176 tons, showing a year-on-year increase of 1.6% and a decrease of 9.6% respectively [2] - The company achieved significant cost reduction and efficiency improvements through comprehensive cost-cutting initiatives across all operations [2] - The company plans to maintain gold production at no less than 8 tons in 2025, with other metals expected to match or exceed 2024 production levels [2] Strategic Developments - The completion of the Osino acquisition marks a significant step in the company's internationalization strategy, enhancing its resource base and production capabilities [3] - The company has adjusted its profit forecasts upward due to rising gold prices, projecting net profits of 2.9 billion, 3.1 billion, and 4.3 billion yuan for 2025-2027 [3] - The company maintains a strong investment rating, reflecting confidence in its growth potential and market conditions [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company achieved a significant increase in revenue and profit in 2024, with total revenue reaching 13.59 billion yuan, up 67.6% year-on-year, and net profit attributable to shareholders at 2.17 billion yuan, up 52.6% year-on-year [1][2]. - The company has successfully implemented cost reduction and efficiency improvement measures, resulting in a notable decrease in gold production costs [6]. - The internationalization strategy has made significant progress with the acquisition of Osino, adding 127.2 tons of gold resources and expected annual production of 5 tons of gold [6]. - The report projects continued growth in net profit for 2025-2027, with estimates of 2.89 billion yuan, 3.05 billion yuan, and 4.30 billion yuan respectively, reflecting a strong outlook for the company [6]. Financial Performance - In 2024, the company reported a total revenue of 13.59 billion yuan, with a year-on-year growth of 67% [2]. - The operating profit for 2024 was 3.18 billion yuan, representing a 52% increase compared to the previous year [2]. - The net profit attributable to shareholders for 2024 was 2.17 billion yuan, with a year-on-year growth of 53% [2]. - The earnings per share (EPS) for 2024 was 0.78 yuan, with a projected EPS of 1.04 yuan for 2025 [2]. Production and Cost Efficiency - The company reported gold production and sales of 8.04 tons and 8.05 tons in 2024, marking increases of 14.7% and 9.7% year-on-year respectively [6]. - The cost of gold production decreased significantly to 145 yuan per gram in 2024, down 31 yuan per gram year-on-year, while the selling price increased to 550 yuan per gram [6]. Valuation Metrics - The report indicates a projected price-to-earnings (PE) ratio of 18.5 for 2025, decreasing to 12.4 by 2027, suggesting an attractive valuation as earnings grow [2][12]. - The price-to-book (PB) ratio is expected to decline from 4.1 in 2024 to 2.8 in 2027, indicating potential for value appreciation [2][12].