9月29日，山金国际涨5.22%，截至发稿，报22.16元/股，成交6.29亿元，换手率1.15%，总市值615.32亿 元。 资料显示，山金国际黄金股份有限公司位于北京市朝阳区金和东路20号院正大中心北塔30层,香港铜锣 湾希慎道33号利园1期19楼1919室，成立日期1999年6月18日，上市日期2000年6月8日，公司主营业务涉 及贵金属和有色金属矿采选及金属贸易,矿产资源主要为金矿,产品主要为合质金。主营业务收入构成 为：铜贸易33.67%，合质金32.30%，白银贸易17.01%，锡锭贸易7.17%，铅锌精矿含银4.79%，锌精矿 1.55%，锌锭贸易1.14%，铅精矿0.85%，合质金含银0.79%，铝锭贸易0.67%，其他0.05%。 责任编辑：小浪快报 新华行业周期轮换混合A（519095）成立日期2010年7月21日，最新规模1.33亿。今年以来收益 26.33%，同类排名3533/8244；近一年收益21.58%，同类排名5167/8080；成立以来收益489.63%。 新华行业周期轮换混合A（519095）基金经理为张大江。 截至发稿，张大江累计任职时间2年265天，现任基金资产总规模7 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is experiencing rapid profit release and significant growth in production, with strong internal potential for future increases in gold output [4][2]. - The company has a robust resource endowment, with a total gold resource of 131.8 tons and a stable annual production of 5-5.5 tons since 2022, showing a substantial increase of 59.8% in gold production in the first half of 2025 [3][34]. Summary by Sections Company Overview - The company, established in 2002 and listed in 2006, has transitioned from a state-owned enterprise to a mixed-ownership model, currently controlled by Shenzhen Jieshi Weiye Holdings [1][9]. - It operates five mining bases and one smelting facility, with a production capacity of 7,000 tons of ore and 1,000 tons of gold concentrate daily, resulting in an annual output of 30 tons of gold and silver each, along with other products [1][10]. Financial Performance - In the first half of 2025, the company achieved a revenue of 7.8 billion RMB, marking an 82% year-on-year increase, primarily driven by its gold smelting business [2][16]. - The net profit attributable to shareholders reached 664 million RMB in the first half of 2025, reflecting a staggering growth of 335.3% compared to the previous year [2][16]. Resource Endowment and Potential - As of the end of 2024, the company holds 37 mining and exploration rights over an area of 216.04 square kilometers, with a total gold resource of 131.8 tons [3][34]. - The company’s mining operations are concentrated in Henan, Xinjiang, and Kyrgyzstan, with 72% of mining revenue generated from the Henan region in the first half of 2025 [34][39]. Investment Recommendations - The report forecasts net profits of 1.55 billion RMB, 2.05 billion RMB, and 2.75 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.21, 1.60, and 2.14 RMB [4][5]. - The valuation metrics suggest a P/E ratio of 13X for 2025, indicating a favorable investment opportunity given the expected growth trajectory [4][5].

Core Viewpoint - The company is facing significant pressure in its valve export business due to the complex and changing international economic environment, prompting a strategic decision to divest from its gold mining operations to focus on its core business [1] Group 1: Business Strategy - The company plans to transfer 75% of its stake in Beijing Huanglong Jintai Mining Co., Ltd. to its affiliate Yike Zhengrun Investment Group Co., Ltd. for a consideration of 137 million yuan [1] - After the transaction, the company will retain a 25% stake in Beijing Huanglong, but it will no longer be included in the company's consolidated financial statements [1] Group 2: Financial Implications - The divestment is aimed at ensuring the healthy and sustainable development of the company by enhancing the competitiveness of its core business [1] - The company anticipates challenges in managing both the valve business and the gold mining operations simultaneously, given the current international situation and its asset status [1]