世界黄金协会：第二季度黄金总供应量同比增长3%。初步估算显示，二季度金矿产量或达909吨，创历 史新高。 ...

证券研究报告 海域金矿投产有望显著增厚公司业绩 中邮证券 1 1 发布时间：2025-07-31 投资要点 风险提示：金价大幅下跌；海域金矿投产时间不及预期；海域金矿投产后成本高于预期。 请参阅附注免责声明 2 国际领先的黄金矿石提供商：公司是集勘探、开采、选矿、冶炼于一体的综合性矿业集团，前身为 1974 年成立的招远县黄金矿山局。 总部位于"中国金都"山东省招远市。主营业务以黄金为主，金价上行，公司业绩充分释放，2024年公司营业收入为 115.5 亿元，同比增长 37.1%；2024年归母净利润为14.51亿元，同比增长111.3%。 成本控制一贯优异：公司成本控制能力经历了时间考验。2015年，公司矿产金生产成本为135元/g，2024年，矿产金生产成本提升至 231元/g，成本年化提升5.5%。同期沪金年化涨幅超过9%，因此公司矿产金毛利率不断提升，从2015年的44%提升至2024年的59%。 紫金矿业为公司第二大股东：2022年底，紫金矿业以40.6亿元收购复星系持有的招金矿业的20%H股，成为公司第二大股东。目前紫金 矿业通过金山国际持股18.95%。高管团队呈现内部培养为主，紫金入主后，招金 ...

Market Performance - The U.S. stock market showed mixed performance on July 30, with the Dow Jones Industrial Average falling by 171.71 points, a decrease of 0.38%, closing at 44,461.28 points. The S&P 500 index dropped by 7.94 points, down 0.12%, ending at 6,362.92 points. In contrast, the Nasdaq Composite Index rose by 31.38 points, an increase of 0.15%, closing at 21,129.67 points [1][2]. Federal Reserve Decision - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.50%, which was in line with market expectations. However, there was notable internal division within the Fed, with a 9-2 vote reflecting differing views on the economic outlook. The statement indicated increased caution, highlighting that "uncertainty remains high" [3]. Commodity Market Impact - Gold and copper stocks experienced significant declines, with U.S. gold prices dropping over 7%. Major gold mining companies like IGM and Newmont Mining saw their stocks fall sharply. The copper sector was particularly affected, with Freeport-McMoRan declining nearly 10%, accumulating a total drop of 13% over the past five trading days [4][6]. International Trade Developments - President Trump announced a 50% tariff on imports of semi-finished copper products and copper-intensive derivatives, effective August 1. However, raw copper materials and scrap copper are exempt from these tariffs. This decision contributed to a sharp decline in copper prices, with COMEX copper futures ultimately closing down 16.95% [6]. U.S.-South Korea Trade Agreement - The U.S. and South Korea reached a comprehensive trade agreement, where South Korea will invest $350 billion in U.S. projects and purchase $100 billion worth of LNG or other energy products. In return, the U.S. will impose a 15% tariff on South Korean goods, while U.S. products will be exempt from tariffs [7].

Market Overview - On July 30, US stock indices showed mixed results, with the Dow Jones down 0.38%, S&P 500 down 0.12%, and Nasdaq up 0.15% [1] - Major technology stocks experienced varied performance, with Nvidia rising over 2% and Apple falling more than 1% [3] Gold and Precious Metals - Gold stocks fell across the board, with notable declines including US Gold down over 7%, AngloGold down over 5%, and Kinross Gold down over 3% [5] - International precious metal futures saw a general decline, with COMEX gold futures down 1.58% to $3327.9 per ounce and COMEX silver futures down 2.90% to $37.175 per ounce [12][13] Copper Sector - Copper mining stocks experienced significant drops, with Freeport-McMoRan down nearly 10% and a cumulative decline of 13% over the last five trading days [8] - Hudbay Minerals fell nearly 7%, and Southern Copper dropped over 6% [8] Economic Indicators - The US Federal Reserve maintained the federal funds rate target range at 4.25% to 4.50% following a two-day monetary policy meeting [1] - The Bureau of Economic Analysis reported a 3.0% annual growth rate for real GDP in Q2 2025, reversing a previous contraction of -0.5% in Q1 [11]

Core Viewpoint - Chifeng Jilong Gold Mining Co., Ltd. is recognized as the largest private gold producer in China, with a strong focus on gold mining and sales globally, and has been given a "Buy" rating in a recent research report [1] Group 1: Company Overview - The company operates four precious metal mines domestically, with the Five Dragon Mine and Jilong Shanzizi Mine being the core contributors to its gold output, maintaining stable annual production and significant exploration results [1] - Internationally, the company manages two precious metal mines, with the Saipan Mine being a key player in gold production and the Vasa Mine acquired in 2022 expected to be a major source of future gold increments [1][2] Group 2: Resource and Cost Management - The company possesses excellent resource endowments and outstanding cost control capabilities, with its domestic mines being high-grade deposits that are rare in the domestic gold market, leading to top-tier profitability [2] - The company has a strategic focus on cost control, which has significantly improved its profitability and debt management, laying a solid foundation for future resource expansion and mergers [2] Group 3: Market Outlook - Short-term gold prices may face pressure, but the downside potential is limited, with expected upward momentum in the fourth quarter driven by anticipated liquidity easing from the Federal Reserve's policy shift [3] - The long-term outlook suggests that the U.S. debt burden exacerbated by the "Big and Beautiful Act" could provide potential opportunities for gold prices to trend upward [3] Group 4: Financial Projections - Revenue projections for the company are estimated at 12.205 billion yuan, 14.104 billion yuan, and 15.279 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 3.692 billion yuan, 4.311 billion yuan, and 4.886 billion yuan for the same years [4] - The current market valuation corresponds to price-to-earnings ratios of 13.76, 11.78, and 10.4 for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating based on future growth prospects [4] Group 5: Analyst Ratings - In the last 90 days, eight institutions have rated the stock, with seven "Buy" ratings and one "Hold" rating, and the average target price among institutions is 40.09 yuan [8]

Core Viewpoint - The acquisition of 100% equity in Xinjiang Meisheng Mining Co., Ltd. by Western Gold for 1.655 billion yuan is notable for its high premium of 1421.66% and strategic value, attracting significant market attention [2][3]. Financial Summary - The net asset book value of Xinjiang Meisheng is only 109 million yuan, while its assessed value is 16.55 billion yuan, resulting in an increase of 15.4635 billion yuan and a valuation increase rate of 1421.66% [3]. - Xinjiang Meisheng is currently in a loss-making state, with projected net losses of 35.943 million yuan for 2024 and 14.1621 million yuan for the first quarter of 2025 [3]. - Western Gold's financial performance in 2023 was negatively impacted, resulting in a net loss of 274 million yuan and a low gross margin of 5.03% [10]. Strategic Implications - The acquisition will increase Western Gold's gold resource reserves from 32.15 tons to 110.85 tons, representing a 245% increase [6]. - The core asset of Xinjiang Meisheng is the Kataba Asu gold-copper polymetallic mine, which contains 78.7 tons of gold, 49,000 tons of copper, and 125.54 tons of associated silver [5]. - The Kataba Asu gold-copper mine is expected to commence production in the second half of 2025, with a designed capacity of 4,000 tons per day and an annual gold output of 3.3 tons [7]. Operational Context - The acquisition aligns with Western Gold's long-term focus on gold mining and refining, which encompasses a complete industry chain from exploration to sales [9]. - The acquisition is part of a commitment made by the controlling shareholder, Xinjiang Nonferrous Metals Industry Group, to transfer Xinjiang Meisheng to Western Gold before the mine's production begins [8]. Cash Flow Considerations - Western Gold plans to finance the acquisition through its own funds and bank loans, which may exert pressure on the company's cash flow [13]. - As of the first quarter of 2025, Western Gold reported a negative operating cash flow of 159 million yuan and cash reserves of only 955 million yuan, indicating a potential need for significant borrowing to complete the acquisition [14].

Group 1 - The latest Fortune Global 500 list was released on July 29, 2025, featuring 25 new and returning companies, including 5 from China [1] - Among the new entrants, Shandong Gold Group made its debut on the list, while the highest-ranked new company is Germany's REWE Group at position 112 [1] - The list includes 9 companies that are making their first appearance and 16 that have returned after at least a year of absence [1] Group 2 - Companies can access the full list and detailed reports by following specific keywords on the Fortune Chinese website [1]

近日，山东黄金宣布了一项重大财务决策，为其子公司山东黄金矿业（香港）有限公司提供了高达1亿美元的对外担保。这一消息于7月28日正式 对外披露。 值得注意的是，本次担保行为仅为山东黄金众多财务决策中的一项，不构成具体的投资建议。对于投资者而言，在做出投资决策时，仍需综合考 虑多方面因素，包括但不限于市场动态、企业基本面及潜在风险等。 总的来说，山东黄金此次为香港子公司提供的担保，不仅体现了其对子公司发展的重视，也展示了其在海外市场拓展的决心和实力。然而，对于 广大投资者而言，仍需保持理性，审慎对待每一项投资决策。 据悉，此次担保的形式为不可撤销担保，彰显了山东黄金对其香港子公司的坚定支持。山东黄金矿业（香港）有限公司，作为被担保方，成立于 2017年2月26日，是山东黄金在海外布局的重要一环。 ...

Core Viewpoint - Shandong Gold's subsidiary, Shanjin International, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and diversify financing channels [1][2]. Group 1: Company Overview - Shanjin International, formerly known as Yintai Gold, was established in 1999 and listed on the Shenzhen Stock Exchange in 2000. It became a subsidiary of Shandong Gold in 2023 after a significant acquisition [2]. - The company has a rich metal resource base, with exploration investments of 176 million yuan planned for 2024, resulting in new resource additions of 12.686 tons of gold, 95.716 tons of silver, 5,930 tons of lead, and 13,288 tons of zinc [3][5]. Group 2: Financial Performance - For the first half of 2025, Shanjin International expects a net profit between 1.54 billion and 1.64 billion yuan, representing a year-on-year growth of 43.24% to 52.55% [1][5]. - Shandong Gold, benefiting from Shanjin's performance, anticipates a net profit of 2.55 billion to 3.05 billion yuan for the same period, an increase of 11.7 billion to 16.7 billion yuan, translating to a growth of 84.3% to 120.5% year-on-year [5][6]. Group 3: Strategic Developments - Shanjin International is accelerating its international expansion, having successfully completed the acquisition of 100% of Osino Resources, adding 127.2 tons of gold resources and expected annual production of 5 tons [2]. - The company has also made further acquisitions in 2025, including a 52.0709% stake in Yunnan Western Mining, which holds exploration rights for gold in Yunnan province [4].

Core Viewpoint - The company has officially changed its name from "Zhongrun Resources Investment Co., Ltd." to "Zhaojin International Gold Co., Ltd." and its stock abbreviation from "Zhongrun Resources" to "Zhaojin Gold" after a tenfold increase in stock price within a year [1] Group 1: Name Change and Strategic Shift - The name change is a strategic move following the change of controlling shareholder, aimed at strengthening the focus on the gold business and enhancing brand recognition [2] - The change reflects the transition to a new controlling shareholder, Shandong Zhaojin Ruining Mining Co., Ltd., which is a leading comprehensive gold producer in China [4] - The company aims to fully focus on gold mining and sales, having divested from non-core real estate businesses, which has led to a significant structural improvement in performance [4][6] Group 2: Financial Performance and Business Focus - In Q1 2025, Zhaojin Gold's revenue increased by 95.79% year-on-year, primarily due to strong contributions from new gold concentrate sales and the low base effect from the completed divestment of the real estate business [4] - The real estate business, which accounted for over 50% of revenue in 2021, has been largely divested, with its revenue share dropping to 2.5% in 2022 and nearly completed by 2023 [6] - The company’s core asset, the Vatukoula Gold Mine in Fiji, is strategically significant but has faced production challenges, with gold output declining by 13.8% year-on-year in 2024 [7] Group 3: Debt and Risk Considerations - Zhaojin Group, the controlling shareholder, has a high overall debt level, which poses potential risks to Zhaojin Gold if financial pressures are transmitted [9] - As of Q1 2025, Zhaojin Group's total debt was approximately 55.05 billion yuan, with a significant portion being short-term debt [9] - Despite historical good repayment records, the short-term nature of the debt structure raises concerns about potential risks if market conditions change [9] Group 4: Market Reaction and Valuation - Following the name change and the lifting of the ST (special treatment) status, Zhaojin Gold's stock price has increased significantly, achieving nearly a twelvefold rise from its lowest point in 2024 [11][12] - The company has shown improvement in financial performance, with a revenue increase of 17.17% in 2024, but its profitability remains fragile and highly dependent on gold price fluctuations [12][15] - The current valuation of Zhaojin Gold is significantly above the industry average, raising concerns about the sustainability of its performance improvements [15]