【出版时间及名称】：2010年2月俄罗斯黄金行业研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：32
        【目录或简介】：

Table of Contents
Investment summary ........................................................................ 3
Outlook – overweight the sector...............................................................................................3
Summary of earnings revisions.................................................................................................6
Valuation ..................................................................................................................................6
Sensitivity to gold price...........................................................................................................10
Risks ......................................................................................................................................10
Deutsche Bank gold outlook .......................................................... 11
Near-term caution . . . .............................................................................................................11
. . . but medium- and long-term outlook strong.......................................................................12
Official sector sales (central banks).........................................................................................12
Supply and demand analysis...................................................................................................13
Silver lining.............................................................................................................................15
Polyus Gold ...................................................................................... 17
Targeting the world’s top-5 position by Mcap, production and reserves................................17
Production outlook..................................................................................................................18
Valuation ................................................................................................................................20
Risks ......................................................................................................................................21
Polymetal ......................................................................................... 23
More focus on gold.................................................................................................................23
Investment in existing assets..................................................................................................24
Developing new assets...........................................................................................................25
Adopting the concept of processing hubs ..............................................................................25
Treasury shares: SPO or currency for potential acquisitions? .................................................26
Valuation ................................................................................................................................27
Risks ......................................................................................................................................27