社保基金增持山金国际，挖金矿有多赚钱：每克成本仅151元

Core Viewpoint - The financial performance of Shanjin International (山金国际) in the first half of the year demonstrates strong profitability driven by high gross margins in gold mining, despite a decline in stock price following peak gold prices in April [1][11][13]. Financial Performance - Shanjin International reported a gold production cost of 150.96 CNY per gram, with gross margins for gold products reaching 79.15% and 80.44% for silver-containing gold products [1][8]. - The company's total gross profit for the first half of the year was 2.772 billion CNY, with gross profit from gold products contributing 2.364 billion CNY, accounting for 85% of total gross profit [7][8]. - Revenue from gold products increased by 29.85%, while operating costs decreased by 3.69%, leading to a 7.26 percentage point increase in gross margin [8]. Market Context - The international gold price rose significantly, with Au9999 closing at 764.43 CNY per gram by the end of June, a 24.5% increase from the beginning of the year [7]. - Despite the strong performance in gold mining, Shanjin International's stock price fell by 22% after reaching a peak in late April, which was a larger decline compared to the 5% drop in international gold prices during the same period [11][13]. Institutional Holdings - As of the end of the second quarter, institutional holdings in Shanjin International decreased to approximately 218 million shares, down from 239 million shares at the end of the first quarter [14][15]. - Various institutional investors have shown mixed actions, with some increasing their holdings while others, including major funds, have reduced their positions [13][15].