On December 27, Longhuai reported that Huachuang Securities' research reports indicate that Chifeng Jilong Gold Mining (600988.SH) is an outstanding mining company in the gold industry, continuously advancing cost reduction and efficiency improvement. The integration of overseas mines is accelerating, and there is significant potential for future growth. Currently, the Vasa Gold Mine has resumed open-pit mining and is promoting improvements in underground excavation and mining efficiency. By 2024, it may enter the ranks of producing over 6 tons of gold annually, and the "Double Ten Thousand Plan" expects to achieve gold production of 10 tons or more in 3-5 years, with a plan for 2028 targeting 0.353 million ounces (approximately 12.5 tons) of gold. Additionally, the company is expanding into the New Materials industry for rare earths, which is expected to enhance company performance. The average valuation of comparable companies for 2025 is 16 times, and we assign the company a 2025 valuation of 16 times, corresponding to a Target Price of 19.4 yuan, initiating coverage with a "Recommend" rating.