Investment Rating - The report gives a "Buy" rating for the company, with a target price of 37 CNY per share, indicating a potential upside from the current price of 28.77 CNY [6][3]. Core Insights - The company is positioned as a high-growth leader in copper and gold mining, with plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange by September 30, 2025, which is expected to catalyze a revaluation of the company's stock [1][3]. - The company has significant mineral resources, with copper reserves of 50.43 million tons and gold reserves of 1,487 tons, ranking second and fifth globally, respectively [1]. - The projected compound annual growth rate (CAGR) for copper and gold production from 2024 to 2028 is approximately 10%, with expected production of 1.07 million tons of copper and 73 tons of gold in 2024, increasing to 1.5-1.6 million tons of copper and 100-110 tons of gold by 2028 [2][3]. Financial Summary - The company’s revenue is projected to grow from 293.4 billion CNY in 2023 to 401.2 billion CNY by 2027, reflecting a growth rate of 8.54% in 2023 and 7.95% in 2027 [4][12]. - Net profit attributable to shareholders is expected to rise from 21.1 billion CNY in 2023 to 70.8 billion CNY in 2027, with a significant increase of 51.76% in 2024 [4][12]. - Earnings per share (EPS) is forecasted to increase from 0.80 CNY in 2023 to 2.67 CNY in 2027, indicating strong profitability growth [4][12]. Production and Expansion Plans - The company is expanding its production capacity across three major regions: Serbia, the Democratic Republic of Congo, and Tibet, with significant projects underway to increase copper output [2][3]. - The gold segment is also expected to grow through multiple operational projects in Colombia, Suriname, and China, contributing to the overall growth of the company's gold business [2][3].

9月29日，紫金矿业大宗交易成交10万股，成交额287.7万元，占当日总成交额的0.03%，成交价28.77 元，较市场收盘价28.77元持平。 | 交易日期 | | 证券代码 | 成交价(元) 成交金额[万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 025-09-29 | 紫参见,亚 | 668109 | 公開管家はなる 28.77 287.7 | 10 | 茶品店家餐飲食品 | | ко | ...

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

每经AI快讯，9月29日，港股黄金股午后涨幅扩大，截至发稿，潼关黄金(00340.HK)涨7.98%，报2.84港 元；招金矿业(01818.HK)涨6.75%，报31.12港元；紫金矿业(02899.HK)涨5.66%，报32.1港元；山东黄金 (01787.HK)涨4.3%，报37.38港元；赤峰黄金(06693.HK)涨4.1%，报30.5港元。 ...

Core Viewpoint - The recent surge in the non-ferrous metal sector is driven by a significant policy announcement aimed at stabilizing growth in the industry, leading to a notable increase in stock prices for related companies in both Hong Kong and A-shares markets [3][4]. Group 1: Market Performance - In the Hong Kong stock market, several non-ferrous metal companies saw substantial gains, including Zijin Mining (+5.60%), Ganfeng Lithium (+5.37%), and China Aluminum International (+5.29%) [1]. - A-shares also experienced a positive trend, with companies like Yicheng New Energy and Boqian New Materials hitting the daily limit up, and Hengdian East Magnetic rising by 6.16% [2]. Group 2: Policy Impact - The Ministry of Industry and Information Technology, along with eight other departments, released the "Non-Ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)", projecting an average annual growth of around 5% in the industry's added value and a 1.5% increase in the production of ten major non-ferrous metals [3]. - The plan addresses current challenges in the industry, proposing ten initiatives focused on resource security, supply optimization, transformation promotion, consumption expansion, and strengthening cooperation [3]. Group 3: Industry Outlook - The non-ferrous metal industry is showing strong performance, with a reported 7.8% year-on-year increase in the added value of large-scale non-ferrous metal industries from January to August 2025, outpacing the overall industrial growth [3]. - Analysts from various institutions express optimism about the sector's future, citing factors such as potential interest rate cuts by the Federal Reserve and seasonal demand increases in the aluminum and lithium markets [5].

黄金股午后涨幅扩大，截至发稿，潼关黄金(00340)涨7.98%，报2.84港元；招金矿业(01818)涨6.75%， 报31.12港元；紫金矿业（601899）(02899)涨5.66%，报32.1港元；山东黄金（600547）(01787)涨4.3%， 报37.38港元；赤峰黄金（600988）(06693)涨4.1%，报30.5港元。 消息面上，国际金价持续走强，9月29日午间，现货黄金价格突破3800美元/盎司，续创历史新高，日内 涨超1%。COMEX黄金则站上3830美元/盎司。招商期货指出，特朗普对俄乌冲突态度转向，并再次挑 动关税战，多重因素叠加，COMEX金价或持续创新高。摩根大通策略师表示，到2026年年中，黄金价 格预计将达到每盎司4050美元至4150美元的区间，未来有望再创新高。 ...

每经AI快讯，9月29日，港股铜业股延续近期涨势，截至发稿，中国有色矿业(01258.HK)涨4.78%，报 14.02港元；洛阳钼业(03993.HK)涨3.94%，报14.52港元；紫金矿业(02899.HK)涨3.82%，报31.54港元； 江西铜业股份(00358.HK)涨2.82%，报27.7港元。 ...

Group 1 - Copper stocks continue to rise, with China Nonferrous Mining (01258) up 4.78% to HKD 14.02, Luoyang Molybdenum (03993) up 3.94% to HKD 14.52, Zijin Mining (02899) up 3.82% to HKD 31.54, and Jiangxi Copper (00358) up 2.82% to HKD 27.7 [1] - Bank of America reports that operational issues at the world's three major copper mines are expected to lead to lower actual production in the next two years, with a potential supply gap of 270,000 tons next year due to the closure of the Grasberg mine [1] - The bank has raised its copper price forecasts for next year and 2027 to USD 11,313 per ton and USD 13,500 per ton, respectively, due to steady demand in Europe and stabilization in China [1] Group 2 - The target price for Zijin Mining has been raised from HKD 31 to HKD 37, and for Luoyang Molybdenum from HKD 14 to HKD 16.5, both maintaining a "buy" rating [1] - Jiangxi Copper's rating has been upgraded from "underperform" to "buy," with the target price increased from HKD 17 to HKD 31, benefiting from rising prices of copper concentrate, gold, and silver [1] - Recent government policies regulating copper, aluminum smelting, and lithium production capacity may provide Jiangxi Copper with increased profit potential [1]

Core Viewpoint - Copper stocks continue to rise, driven by supply constraints and recovering demand, leading to upward revisions in price forecasts for copper [1] Group 1: Market Performance - As of the report, China Nonferrous Mining (01258) increased by 4.78% to HKD 14.02, Luoyang Molybdenum (603993) rose by 3.94% to HKD 14.52, Zijin Mining (601899) gained 3.82% to HKD 31.54, and Jiangxi Copper (600362) saw a 2.82% increase to HKD 27.7 [1] Group 2: Supply and Demand Dynamics - Bank of America reports operational issues at the world's three major copper mines, predicting actual production will fall short of previous expectations over the next two years [1] - The shutdown of the Grasberg mine alone could lead to a supply gap of 270,000 tons next year, while European demand is stabilizing and Chinese demand is steady [1] Group 3: Price Forecasts - The bank has raised its copper price forecasts for next year and 2027 to USD 11,313 per ton and USD 13,500 per ton, respectively, due to supply pressures [1] Group 4: Company Ratings and Target Prices - Zijin Mining's target price has been increased from HKD 31 to HKD 37, and Luoyang Molybdenum's target price has been raised from HKD 14 to HKD 16.5, both maintaining a "Buy" rating [1] - Jiangxi Copper's rating has been upgraded from "Underperform" to "Buy," with the target price soaring from HKD 17 to HKD 31, benefiting from rising prices of copper concentrate, gold, and silver [1]

该行将紫金矿业目标价由31港元上调至37港元，洛阳钼业目标价由14港元上调至16.5港元，同予"买 入"评级；并将江西铜业的评级由"跑输大市"上调至"买入"，目标价从17港元一举升至31港元，认为其 自产铜精矿、黄金及白银均能受惠于价格上行，加上当局日前宣布规范铜铝冶炼及锂产能政策，可能为 江西铜业带来盈利上行空间。 美银证券发表报告指，考虑到现时全球三大铜矿均出现经营问题，预计今明两年实际产量将低于原先预 期，单单是格拉斯伯格矿区的停产就可能导致明年供应缺口扩大27万吨，与此同时欧洲需求见底回升， 中国需求趋稳，铜供应面临压力，相应将明年及2027年铜价预测上调至每吨11313美元及13500美元。 ...