潼关黄金坚定推进勘探增储战略，受益于灵活治理机制和高效决策能力， 每年勘探投入不低于 3,000 万元，2025 年达 5,000 万元，具备内生增 长潜力。 公司通过收购荣昌投资，金矿资源量增至 1,246 万吨，平均品位 6.5 克/ 吨，资源量增长 47%。潼关矿区收购的四家精矿企业拥有 35.2 吨黄金 资源，为选矿厂提供增量矿石来源。 预计未来几年黄金销量复合增速约 17%。潼关碳转采将提升选矿厂产能 利用率，苏北扩产通过技改提升处理规模至 2000 吨/天，无需新建选矿 厂。 2024 年精矿现金成本 283 元/克，2025 年上半年持平，生产成本小幅 提升至 324 元/克，全维持成本 1,548 美元/盎司，处于全球较低水平， 主要受益于尾矿影响减弱和规模效应。 按人民币 900 元/克金价计算，公司对应 2026 年利润约 11.5 亿港元， 市盈率约 13 倍，低于国内及港股可比标的，估值具有吸引力。 前期压制股价的增发事项落地后，市场对摊薄预期已充分交易，且公司 市值有望满足进入港股通要求，流动性折价有望修复。 未来金价走势看好，核心逻辑是降息交易和美元贬值共振。公司资源增 储潜力巨大 ...

Core Viewpoint - CICC expects Tongguan Gold (00340) to achieve EPS of HKD 0.16 and HKD 0.23 for 2025 and 2026 respectively, with a CAGR of 121% from 2024 to 2026, indicating strong growth potential [1] Group 1: Company Performance - The company emphasizes the strategic importance of exploration and resource expansion, holding a total gold resource of 55.0 tons with an average grade of 8.26 grams per ton [2] - Tongguan Gold's production is expected to increase, with projected gold sales of 2.8 tons and 3.4 tons for 2025 and 2026 respectively [2] - The acquisition of Xi'an Hongshang, a mining engineering supplier, is anticipated to lower production costs through industry chain integration [2] Group 2: Strategic Investments - Zijin Mining's strategic investment includes acquiring 3.82% of the company through its wholly-owned subsidiary, reflecting confidence in the company's asset quality and strategic direction [3] - The collaboration on metal streams is expected to enhance the company's cash flow and growth potential for future acquisitions [3] Group 3: Market Conditions - The decline in real interest rates and the trend of central bank gold purchases are expected to support rising gold prices [4] - The anticipated continuation of gold purchases by the People's Bank of China is likely to replicate previous successful operations, further supporting gold price increases [4] - Potential catalysts for growth include sustained increases in gold prices and successful transitions in mining operations at Tongguan [4]

Investment Highlights - Company is initiating coverage on Tongguan Gold (00340) with an "outperform" rating and a target price of HKD 3.52, focusing on its operations in the Tongguan and Subei mining areas [1] - The company emphasizes exploration and resource expansion, holding a total gold resource of 55.0 tons with an average grade of 8.26 g/t, expecting gold sales of 2.8 tons and 3.4 tons in 2025 and 2026 respectively [1] - The acquisition of Xi'an Hongshang, a mining engineering supplier, is anticipated to lower production costs through industry chain integration [1] Strategic Investment and Growth Potential - Zijin Mining's strategic investment, acquiring 3.82% of the company through its subsidiary, reflects confidence in the company's asset quality and strategic direction, with a cash prepayment of USD 25 million [1] - The collaboration with Zijin is expected to enhance the company's cash flow and provide potential for future mergers and acquisitions [1] Market Trends and Price Predictions - The decline in real interest rates and the trend of central bank gold purchases are expected to support rising gold prices, with the Chinese central bank restarting gold purchases in November 2024 [2] - The company is positioned to exceed market expectations in gold production growth due to its focus on exploration and resource expansion [2] Earnings Forecast and Valuation - Projected EPS for the company is HKD 0.16 and HKD 0.23 for 2025 and 2026, respectively, with a CAGR of 121% from 2024 to 2026 [2] - The current valuation corresponds to 17.3 times and 11.6 times the earnings for 2025 and 2026, respectively, with a target price reflecting a 30% upside from the current stock price [2]

Core Viewpoint - Chifeng Gold (600988) has seen a significant increase in stock price, rising 13.35% to 25.9 yuan as of August 8, 2025, with a total market capitalization of 49.221 billion yuan, ranking 4th in the precious metals sector and 300th in the A-share market [1][2]. Company Announcements Summary - Chifeng Gold's subsidiary, Liaoning Wulong Gold Mining Co., Ltd., has obtained a new mining license for the Haogou Gold Mine, with a production scale of 60,000 tons per year and a mining area of 3.4957 square kilometers, valid from July 28, 2025, to August 28, 2034 [1][2]. - The company has also expanded the mining rights for the Aohanqi Zhuanshanzi Gold Mine, increasing the mining area to 8.9166 square kilometers and maintaining a production scale of 60,000 tons per year, valid from July 31, 2025, to March 27, 2032 [2]. Resource Estimation Update - The first phase of resource exploration for the Laos Seiban Gold-Copper Mine SND project has been completed, revealing a total resource estimate of 93.7 million tons at a controlled level with an average grade of 0.57 grams per ton of gold and 0.27% copper [3]. - The total ore volume for the SND project is estimated at 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 [3]. - Preliminary metallurgical tests indicate that the ore is suitable for flotation, achieving overall recovery rates of 88% for gold and 88.5% for copper [3].

Core Viewpoint - The company has announced that its subsidiary, Liaoning Wulong Gold Mining Co., Ltd., has obtained a new mining license and made changes to exploration and mining rights, which will enhance its resource capacity and exploration potential, positively impacting long-term sustainable development [1][2] Group 1: New Mining Rights and Changes - Liaoning Wulong Gold Mining has acquired a new mining license through the conversion of part of its exploration rights in Dandong City, expanding its exploration area from 0.6112 square kilometers to 1.0705 square kilometers [1] - The new mining rights are valid for 9 years and 1 month, from July 28, 2025, to August 28, 2034, with an annual production capacity of 60,000 tons [1] - The company has also made changes to its existing mining rights, including deepening the mining depth from 737 meters to -135 meters for the Aohanqi Zhuangshanzi Gold Mine [1] Group 2: Impact on the Company - The acquisition and integration of new mining and exploration rights will enhance the company's mineral resource capacity and exploration potential, improving resource allocation and utilization efficiency [1] - This development is expected to strengthen the company's risk resistance and market competitiveness, contributing positively to its long-term sustainable growth [1]