<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">长假期间海外股市涨势明显，</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">A</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">股市场亦不示弱，十一长假后的首个交易日迎得开门红，两市股指早间大幅高开，此后均现大幅上涨，而两市个股亦全线上涨，特别是黄金股，受国际金价连续上涨提振，黄金股全线涨停。申银万国证券认为，黄金股最大的吸引力是它对金价的杠杆作用，如果黄金价格上涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">15%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，黄金类上市公司的净利润变动将是</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">15%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">到</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">20%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">以上，也就是一个放大效应。同时，申银万国证券还认为中国的黄金上市公司相比国外的黄金上市公司更具有投资价值，主要是来自于资源的增长率远远高于国际水平。中金黄金、山东黄金和紫金矿业从</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2005</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年到</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2009</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">年资源年增长率达到</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">38%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，这个资源增速主要是来自于集团的黄金矿产注入，典型的代表是山东黄金和中金黄金。相对于山东黄金和中金黄金的高价，目前同样来自集团的黄金矿产注入的低价黄金股东方集团（</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">600811</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">）后市充满想象空间。</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">黄金和金融资产陆续注入</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">按照股改的相关承诺，公司大股东东方实业承诺将向公司注入黄金等矿产或金融资产。近期大股东东方实业已将所持有的赤峰银海金业</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">51%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">的股权注入公司，银海金业属碳酸盐型银金矿，拥有矿石计</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">10.549</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">万吨，平均品位</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">Au1.18g/t</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">、</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">Ag111.95g/t</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，存窿矿石开采利用权涉及的存窿矿石量计</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">48.611</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">万吨，平均品位</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">Au1.31g/t </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">、</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">Ag135.14g/t</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，采矿权许可证编号</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1500000730289</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">，河北省地勘局第五地质大队还对该矿脉进行探矿增储工</SPAN><FONT face="Times New Roman"> </FONT><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">作，不排除有发现新的矿储。按照股改的相关承诺，以及东方集团矿业投资的发展战略，东方实业的一些主要矿业资源还将会陆续择机注入东方集团。此外，由于大股东所持有的优质资产极多，存在着后续注入的可能，特别是大股东手中唯一的金融证券股权</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">4.16</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿股海通证券，目前市值约人民币</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">65</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿元，注入公司的可能性极大，而公司每次的资产注入将有可能欣起一波暴涨行情。</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">股权投资带来巨额受益</SPAN></P>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">公司是国内少见的民营大型投资型企业集团，出资</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2.1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿元参股民族证券，占</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">15.03</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">％股权，为民族证券第二大股东。民族证券的投行、经纪、自营等各项业务已形成了较强的持续盈利能力，正进入快速发展阶段。</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">IPO</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">的重启以及创业板的启动，使券商因承销收入增加而受益，而公司作为参股券商的上市公司也将因券商业绩提升而间接受益，此项投资有望为公司带来近</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">30</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿元的收益。同时，公司持有民生银行</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">5.7</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿股，资产约</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">30</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿元。公司还持有锦州港</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2.568</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿股占</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">24.33</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">％，资产近</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">13</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">亿元。</SPAN></P>
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