每经AI快讯，2月13日，A股黄金概念板块竞价调整，ST萃华跌停，菜百股份、白银有色跌超4.5%，紫 金矿业、湖南白银、兴业银锡、豫光金铅均跌超3%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The article discusses the performance of the HuShen 300 ETF managed by Harvest Fund Management, highlighting its recent market movements and key holdings [1] Group 1: ETF Performance - The HuShen 300 ETF (159919) opened at 4.918 yuan, experiencing a decline of 0.22% [1] - Since its establishment on May 7, 2012, the fund has achieved a return of 129.33%, while its return over the past month is -1.31% [1] Group 2: Key Holdings Performance - Notable stocks within the ETF include: - CATL (宁德时代) down 0.07% - Kweichow Moutai (贵州茅台) unchanged at 0.00% - Ping An Insurance (中国平安) down 0.59% - Zhongji Xuchuang (中际旭创) down 0.66% - Zijin Mining (紫金矿业) down 3.75% - China Merchants Bank (招商银行) down 0.10% - Xinyi Technology (新易盛) down 1.02% - Midea Group (美的集团) down 0.36% - Industrial Bank (兴业银行) up 0.05% - Yangtze Power (长江电力) up 0.04% [1] Group 3: Management Information - The ETF is managed by Harvest Fund Management Co., Ltd., with Liu Jiayin as the fund manager [1]

截至发稿，紫金矿业(02899.HK)跌6%、山东黄金(01787.HK)跌3.12%、招金矿业(01818.HK)跌3.21%。 消息方面，国际金价昨日再度失守5000美元，目前处于4965.10美元附近。 ...

Core Viewpoint - The gold resource sector is experiencing significant developments, including company restructuring, policy support, performance growth, and overseas expansion [2]. Company Restructuring - Hunan Gold (002155) will be suspended from trading starting January 12, 2026, to plan a share issuance for acquiring 100% stakes in Tianyue Mining and Zhongnan Smelting, aiming to integrate gold resources and smelting capacity. This restructuring coincides with international gold prices surpassing $4,600 per ounce, seen as a key move for resource expansion [3]. Industry Policy and Environment - The new Mineral Resources Law, effective July 1, 2025, simplifies the process of converting exploration rights to mining rights, providing a "fast track" for gold mining companies and reducing regulatory uncertainty. Additionally, a joint implementation plan for high-quality development in the gold industry focuses on deep mining technology and green mine construction, offering policy support for the sector [4]. Performance and Operating Conditions - In 2025, international gold prices increased by over 70%, leading to significant profit growth for several gold companies. For instance, Shandong Gold (600547) reported a 102.98% year-on-year increase in net profit for the first half of 2025, while Western Gold (601069) saw a 131.94% increase, primarily benefiting from rising gold prices and production boosts. Zijin Mining (601899) expects a net profit of 51 to 52 billion yuan in 2025, representing a year-on-year growth of 59% to 62% [5]. Company Project Advancements - Companies like Zijin Mining, Luoyang Molybdenum (603993), and Jiangxi Copper (600362) are accelerating overseas gold mine acquisitions. Zijin Mining has completed acquisitions of the Akyem gold mine in Ghana and the Raygorodok project in Kazakhstan, while Luoyang Molybdenum is set to finalize a Brazilian gold mine deal by January 23, 2026. Collectively, these companies have invested over 66 billion yuan to expand their resource reserves [6]. Institutional Perspectives - Major institutions such as JPMorgan and Goldman Sachs have raised their gold price targets for 2026, with JPMorgan predicting prices could approach $5,000 per ounce and Goldman Sachs increasing its year-end target to $5,400 per ounce, driven by central bank gold purchases and expectations of Federal Reserve interest rate cuts [7].

Group 1: Overall Market Performance - Over 270 companies on the Shanghai Stock Exchange have issued positive performance forecasts for 2025, indicating a robust outlook for the market [1] - Nearly 60% of companies on the Sci-Tech Innovation Board have reported year-on-year profit growth, showcasing the dual dimensions of quality and quantity in the economic trajectory of China [1] Group 2: Nonferrous Metals Industry - The nonferrous metals industry is experiencing a boom driven by resource prices and industrial upgrades, with industrial added value growth of 6.9%, surpassing the national average [2] - The total profit for ten major nonferrous metals reached 528.45 billion yuan, a year-on-year increase of 25.6%, marking a historical peak [2] - Leading companies like Zijin Mining are expected to see significant profit increases, with projected net profits of 51 to 52 billion yuan, reflecting a growth of 59% to 62% [2] Group 3: Electronic Industry - The electronic industry is witnessing growth driven by AI demand, with companies like Huaqin Technology expected to achieve revenues of 170 to 171.5 billion yuan, a year-on-year increase of 54.7% to 56.1% [4] - Shengyi Technology anticipates a net profit increase of 87% to 98%, benefiting from rising sales and improved product structure in the copper-clad laminate sector [4] - Companies are leveraging AI advancements to enhance their product offerings, with firms like Rockchip expected to see revenue growth of 71.97% to 85.42% [5] Group 4: Sci-Tech Innovation Board - The Sci-Tech Innovation Board is showing strong innovation momentum, particularly in the integrated circuit and biopharmaceutical sectors, with a projected net profit increase of approximately 99.49 billion yuan across 87 companies [6] - Companies in the AI chip sector are expected to see revenue growth exceeding 100%, with significant improvements in profitability [6] - The biopharmaceutical industry is transitioning towards commercialization, with notable collaborations and product approvals driving growth [6]

Group 1 - Citi has released a report addressing inquiries regarding Zijin Mining's (02899.HK) three-year production guidance, board independence, shareholder returns, and the role of the former chairman [1] - Based on a DCF valuation model, Citi has raised the target price for Zijin's H-shares from HKD 39 to HKD 51.8, and for its A-shares from RMB 35.5 to RMB 46.6, maintaining a "Buy" rating for both [1] - Zijin Mining is ranked first in the gold industry with a market capitalization of HKD 253.448 billion [2] Group 2 - There has been low attention from investment banks towards Zijin Mining, with no ratings given in the past 90 days [2]

Core Viewpoint - Citigroup has raised the target prices for Zijin Mining's H-shares and A-shares, reflecting confidence in the company's future performance despite recent concerns regarding management changes and production guidance [1][2] Group 1: Target Price Adjustments - The target price for Zijin Mining's H-shares has been increased from HKD 39 to HKD 51.8 [1] - The target price for Zijin Mining's A-shares has been raised from RMB 35.5 to RMB 46.6 [1] - Both H-shares and A-shares maintain a "Buy" rating, with Zijin being a preferred stock in the industry [1] Group 2: Management and Governance Concerns - Concerns regarding the departure of former chairman Chen Jinghe and increased control by local state-owned assets are deemed unfounded [1] - The local state-owned assets have historically adopted a passive investment strategy, only appointing one non-executive member to the board [1] - The capable management team is expected to continue leading the company, maintaining existing governance practices [1] Group 3: Production and Earnings Forecast - The new board's term will end in 2028, and concerns about the three-year production plan not meeting the 2030 targets are considered excessive [2] - The company is expected to provide clearer performance guidance and implement a rolling three-year plan [2] - Earnings forecasts for 2025 to 2027 have been adjusted upwards, with expected growth of 1%, 29%, and 12% respectively, reaching RMB 51.6 billion, RMB 81.7 billion, and RMB 76.6 billion [2]

Core Viewpoint - Citigroup has updated its valuation model for Zijin Mining, raising the target price for its H-shares from HKD 39 to HKD 51.8 and for its A-shares from RMB 35.5 to RMB 46.6, maintaining a "Buy" rating for both share classes and reaffirming its position as a preferred stock in the industry [1][2] Group 1: Company Management and Governance - Concerns regarding the independence of the board and the increased control of the local state-owned assets supervision and administration commission (SASAC) after the departure of former chairman Chen Jinghe are deemed unfounded by Citigroup, as the management team is expected to remain in place [1] - The local SASAC has historically adopted a passive investment strategy, only appointing one non-executive member to the board of Zijin, allowing the capable management team to continue running the company [1] Group 2: Production and Financial Forecasts - Citigroup believes that investor concerns about the three-year production plan not meeting the 2030 targets are excessive, predicting that the company will provide clearer performance guidance and that a rolling three-year plan will be more effective than a five-year plan [2] - The new board's term will end in 2028, and no significant restructuring is expected during this period [2] - Based on higher forecasts for gold and lithium prices, as well as increased gold sales, the profit forecasts for Zijin from 2025 to 2027 have been raised by 1%, 29%, and 12% respectively, reaching RMB 51.6 billion, RMB 81.7 billion, and RMB 76.6 billion [2]

Group 1 - The core viewpoint of the report is that Citigroup has raised the target price for Zijin Mining's H-shares from HKD 39 to HKD 51.8 and for A-shares from CNY 35.5 to CNY 46.6, maintaining a "Buy" rating and its position as an industry favorite [1] - The upward revision of profit forecasts for the group from 2025 to 2027 is attributed to higher predictions for gold and lithium prices, as well as increased gold sales, with expected profits of CNY 51.6 billion, CNY 81.7 billion, and CNY 76.6 billion, reflecting growth rates of 1%, 29%, and 12% respectively [1] - Concerns regarding the increased control of the group by the local state-owned assets supervision and administration commission after the departure of former chairman Chen Jinghe are deemed unfounded, as the group operates differently from other provincial or central enterprises [1] Group 2 - The new board's term is set to end in 2028, and investor worries about the three-year production plan failing to meet the 2030 targets are considered excessive, with the belief that the company will provide clearer performance guidance [1] - The three-year plan is viewed as more effective than a five-year plan, and it is expected that the company will offer a rolling three-year plan without anticipating significant changes in the board by 2028 [1]

Group 1 - The core viewpoint of the articles highlights the performance of the gold industry stocks, with the China Securities Hong Kong Gold Industry Stock Index showing mixed results, led by Zhuye Group with a 2.03% increase and a notable focus on gold ETFs amid rising risk aversion due to geopolitical tensions [1] - As of February 11, 2026, the gold stock ETF fund had a trading volume of 757.51 million yuan, with a turnover rate of 2.88%, indicating strong investor interest in gold assets [1] - Citic Securities anticipates that commodities will remain a preferred investment direction in 2026, driven by factors such as risk aversion, improved fundamentals, and strategic reserves, with precious metals expected to benefit from these trends [1] Group 2 - The China Securities Hong Kong Gold Industry Stock Index (931238) consists of 50 large-cap companies involved in gold mining, smelting, and sales, reflecting the overall performance of gold industry stocks in mainland China and Hong Kong [2] - As of January 30, 2026, the top ten weighted stocks in the index include Zhongjin Gold, Zijin Mining, and Shandong Gold, collectively accounting for 61.69% of the index [2]