Core Viewpoint - Citigroup has raised the target prices for Zijin Mining's A-shares and Hong Kong shares by over 30%, along with an increase in profit forecasts due to higher gold and lithium price predictions and increased gold sales [1] Group 1: Target Price Adjustments - The target price for Zijin Mining's Hong Kong shares has been increased from HKD 39 to HKD 51.8 [1] - The target price for A-shares has been raised from CNY 35.5 to CNY 46.6 [1] Group 2: Profit Forecasts - Profit forecasts for 2025, 2026, and 2027 have been adjusted to CNY 51.6 billion, CNY 81.7 billion, and CNY 76.6 billion respectively, representing increases of 1%, 29%, and 12% compared to previous estimates [1] Group 3: Dividend Expectations - Analysts expect the company to gradually increase its dividend payout ratio, with a model assumption of a 40% payout rate starting in 2025 [1] Group 4: Investor Concerns - Some investors express concerns regarding the lack of a 2030 production target in the three-year production plan, as the new board's term lasts until 2028 [1] - Citigroup believes these concerns are overstated and anticipates that the company will provide clearer three-year rolling guidance [1]

Group 1 - The core viewpoint of the article is that Zijin Mining has set ambitious production targets and a long-term vision to become a leading international mining group by 2035, emphasizing its commitment to becoming a top-tier player in the global mining industry [1][2] - Zijin Mining aims to achieve a copper production target of 1.5-1.6 million tons and gold production of 130-140 tons by 2028, representing an increase of 38%-47% and 44%-56% respectively compared to 2025 [1] - The company has aggressive expansion plans in the fields of new energy and strategic metals, with lithium carbonate equivalent production targets set at 270,000-320,000 tons and molybdenum production targets at 25,000-35,000 tons, indicating explosive growth of 9-11 times and 1-2 times respectively compared to 2025 [1] Group 2 - Industry commentary highlights that Zijin Mining's production guidance reflects its ambition and strength as a leading player in the Chinese mining sector, which is expected to have a profound impact on the global mining landscape [2] - The large-scale layout in key strategic metals such as lithium and molybdenum is anticipated to reshape the global supply chain for these metals, providing essential resource support for the development of the global new energy industry [2]

Group 1 - Citigroup raised the target price for Zijin Mining's A-shares and Hong Kong shares by over 30% [1] - The increase in target price is attributed to the upward revision of gold and lithium price forecasts, as well as an increase in gold sales [1]

Group 1 - Precious metals and non-ferrous metals markets have shown significant volatility, with silver and gold prices narrowing their year-to-date gains to 9.1% and 9.9% respectively as of February 6, following a peak at the end of January 2026 [1] - The LME copper price has increased by 2.5% year-to-date, while nickel and lead prices continue to decline, reflecting a divergence in the performance of non-ferrous metals [1] - The recent decline in commodity prices, particularly a 2.7% drop in non-ferrous metals and a 14.1% decrease in lithium carbonate prices, indicates pressure on resource-related stock valuations due to weak domestic demand [1] Group 2 - The mining sector is experiencing active mergers and collaborations, with Chinese mining companies accelerating resource integration driven by high non-ferrous metal prices [2] - Notable transactions include Luoyang Molybdenum's acquisition of a gold mine in Brazil and Zijin Mining's plan to acquire Canadian United Gold for 28 billion yuan, enhancing resource reserves in lead, zinc, and silver [2] - A strategic cooperation framework agreement was signed between China Nonferrous Metal Group and China Gold Group to deepen collaboration in mineral exploration and development [2] Group 3 - Policy focus is on resource security and ecological coordination, with Sichuan province's new exploration initiative attracting 314 million yuan in funding and discovering significant mineral resources [3] - The Ministry of Natural Resources has promoted a balanced approach to mining development and ecological protection through the release of typical cases of ecological product value realization [3] - Tax data indicates that the green industry sales revenue is growing at an annual rate of over 30% during the 14th Five-Year Plan period, with clean energy generation accounting for 42.6% of the total, highlighting the long-term structural transformation in the resource sector [3]

Recent Events - Hunan Gold (002155) is suspended due to planning a major asset restructuring, intending to acquire 100% equity of Tianyue Mining and Zhongnan Smelting from its controlling shareholder to integrate gold mining resources and smelting capacity [2] - Zijin Mining (601899) is deepening its overseas layout, with its subsidiary Zijin Gold International set to complete the acquisition of the Akyem gold mine in Ghana by 2025 and plans to spin off in Hong Kong by September 2025; the company will continue to pursue gold mine acquisitions in Africa to increase gold production [2] - Jiangxi Copper (600362) announced plans to acquire 100% of SolGold, which includes the Cascabel copper-gold project in Ecuador [2] Industry Policies and Environment - The new Mineral Resources Law will take effect in July 2025, simplifying the process of converting exploration rights to mining rights, potentially accelerating domestic gold resource development [3] - A high-quality development implementation plan for the gold industry will be jointly issued by nine departments in 2025, promoting breakthroughs in deep mining technology and the construction of green mines [3] - A new gold value-added tax policy will be implemented in November 2025, exempting standard gold transactions from tax but categorizing physical delivery for taxation based on usage, which may concentrate resources among compliant leading enterprises [3] Performance and Operating Conditions - Zijin Mining expects a net profit attributable to shareholders of 51-52 billion yuan in 2025, representing a year-on-year increase of approximately 59% [4] - Shandong Gold (600547) reported a net profit increase of 102.98% year-on-year in the first half of 2025, while Western Gold (601069) saw a net profit increase of 131.94% year-on-year [4] - Leading companies like Zijin Mining aim for an annual gold production of 100-110 tons by 2028, while Shandong Gold plans to increase its gold mines from one to thirteen [4] Stock Recent Trends - The international gold price has increased by over 65% cumulatively in 2025, surpassing 4600 USD/ounce at the beginning of 2026; several institutions, including Goldman Sachs and JPMorgan, have raised their gold price targets for 2026 to over 5000 USD, primarily based on expectations of Federal Reserve interest rate cuts, central bank gold purchases, and geopolitical risk aversion [5] - Domestic insurance funds have initiated pilot investments in gold, and banks are launching "gold+" strategy products, which may bring additional capital into the market [5]

Summary of the Conference Call on Zijin Mining Company Overview - **Company**: Zijin Mining - **Industry**: Mining (Gold and Copper) Key Points and Arguments Financial Projections - Expected net profit for 2026 is approximately **926 billion CNY** with gold price at **100 CNY per gram** and copper price at **100,000 CNY per ton** [1] - Current PE ratio is estimated to be between **9 to 10 times**, indicating significant undervaluation compared to the industry average of **12 to 18 times** [1] Strategic Goals - By **2028**, Zijin aims to rank among the top three globally in terms of resource reserves, production, sales revenue, and profit for copper and gold [2] - The company has adjusted its production guidance, increasing gold production targets from **100 tons** to **130-140 tons** [3] Production Capacity and Growth - Copper production is projected to reach **150-160 million tons** by **2028**, surpassing competitors like Glencore and Freeport [3][8] - Significant increases in production are expected from acquisitions and expansions, including the **Kamoa Copper Mine** and **Giant Copper Mine** [7][8] - Lithium production is also targeted to grow from **2.5 million tons** to **27-32 million tons** by **2028** [5][10] Acquisition and Expansion Strategy - Recent acquisitions include the **Joint Gold Mine** and **Sakhalin Gold Mine**, which are expected to contribute significantly to production increases [5][6] - The company has a strong track record of turning around underperforming mines, such as the **Bole Copper Mine**, which was transformed from a loss-making entity to profitability within six months of acquisition [16][17] Market Position and Competitive Advantage - Zijin Mining is positioned to become a leading international mining company, leveraging its technological capabilities to extract value from low-grade ores [12][18] - The company has developed a systematic approach to mining that allows it to profit from previously unprofitable assets [14][18] Industry Trends and Market Outlook - The gold and copper markets are expected to experience upward price trends due to geopolitical tensions and strategic metal reserves initiatives by major economies [19][20] - The long-term outlook for copper supply remains constrained, which could lead to price increases [20] Investment Recommendation - The current valuation of Zijin Mining is considered low, with a potential upside as the company continues to expand its production and improve operational efficiencies [22] - The company is recommended as a strong investment opportunity due to its growth potential and strategic positioning in the mining sector [22] Additional Important Insights - The company emphasizes its commitment to sustainable practices and ESG (Environmental, Social, and Governance) standards in its operations [4] - There are risks associated with macroeconomic fluctuations and metal price volatility that could impact short-term stock performance [21][22]

近期贵金属市场波动加剧，受美联储主席提名等因素影响，黄金白银价格出现调整，但机构长期看好贵 金属前景。作为美国主要白银生产商，赫克拉矿业可能间接受到行业情绪变化驱动。2月11日港股黄金 股板块反弹，紫金矿业（601899）等个股上涨，反映出市场对贵金属的关注度提升。 经济观察网赫克拉矿业(HL.N)近7天股价呈现显著波动。2026年2月4日，该股收盘报23.11美元，成交额 为5.90亿美元，较前一日减少18.06%。随后，2月5日股价大跌7.79%至21.31美元，成交额5.31亿美元；2 月6日反弹6.85%至22.77美元；2月9日上涨5.14%至23.94美元；2月10日下跌4.01%至22.98美元，成交额 降至3.30亿美元。近5个交易日累计跌幅为1.96%，年初至今涨幅为19.75%，区间成交活跃度有所下降。 当前股价较2月4日收盘价微跌0.56%，振幅达13.93%。 近期事件 以上内容基于公开资料整理，不构成投资建议。 ...

Group 1: Overall Market Performance - As of February 9, 2026, 271 companies on the Shanghai Stock Exchange have issued positive performance forecasts for 2025, with 168 expecting profit increases and 85 companies turning losses into profits [1] - In the Sci-Tech Innovation Board, 391 companies have disclosed their expected performance for 2025, with nearly 60% of these companies anticipating year-on-year net profit growth, including 39 companies expecting over 100% profit growth [1] - The year 2025 is seen as a pivotal year for the "14th Five-Year Plan," showcasing resilience and structural highlights in the operations of companies listed on the Shanghai Stock Exchange [1] Group 2: Nonferrous Metals Industry - The nonferrous metals industry is projected to see an industrial added value growth of 6.9% in 2025, surpassing the national average by 1.0 percentage points, with production of ten major nonferrous metals exceeding 80 million tons for the first time [2] - The total profit of large-scale enterprises in the nonferrous metals sector is expected to reach 528.45 billion yuan, a year-on-year increase of 25.6%, marking a historical high [2] - Leading companies in the nonferrous metals sector are exhibiting a "volume-price resonance" characteristic, with significant increases in production and prices of key minerals like gold, copper, cobalt, and lithium contributing to profit growth [2] Group 3: Key Companies in Nonferrous Metals - Zijin Mining is expected to achieve a net profit of 51 to 52 billion yuan in 2025, representing a year-on-year increase of 59% to 62%, driven by rising prices of gold, silver, and copper [2] - Luoyang Molybdenum, the largest cobalt producer globally, anticipates a net profit of 20 to 20.8 billion yuan for 2025, reflecting a year-on-year increase of 47.80% to 53.71% [3] - Huayou Cobalt expects a net profit of 5.85 to 6.45 billion yuan in 2025, with a year-on-year growth of 40.80% to 55.24%, benefiting from upstream resource production and recovering downstream material business [3] Group 4: Electronics Industry - The electronics industry is experiencing significant growth driven by AI, with smart hardware becoming a primary growth engine [4] - Huaqin Technology forecasts a revenue of 170 to 171.5 billion yuan in 2025, a year-on-year increase of 54.7% to 56.1%, and a net profit of 4 to 4.05 billion yuan, reflecting a growth of 36.7% to 38.4% [4] - Shengyi Technology anticipates a net profit of 3.25 to 3.45 billion yuan, representing a year-on-year increase of 87% to 98%, driven by strong demand in automotive electronics and AI servers [4] - Rockchip is expected to achieve a revenue of 4.387 to 4.427 billion yuan in 2025, with a net profit of 1.023 to 1.103 billion yuan, reflecting a year-on-year growth of 71.97% to 85.42% [4]

在供应紧张成为市场常态的当下，选对赛道就成功了一半。 紫金矿业作为卡位铜、金、锂这三大兼具长期需求和供给刚性核心品种的巨头企业，确实很好契合了这一轮行业价值重 估的大逻辑。 2026年2月，高盛集结13家亚洲大宗商品巨头，召开了一场关乎未来5年资源格局的闭门会议。 会后，高盛很快发出研报点出，当下全球大宗商品市场已经进入结构性的供应约束时代，在资源品位下降、地缘政策干 预等因素叠加下，金铜锂这类的战略金属的价值重估已经开启。 其中，有"金铜双冠王"的之称的紫金矿业被高盛给出了A/H股双买入评级，目标价分别到50元/股、52港元/股，以表示明 确的长期看好。 那为什么高盛要长期看好紫金矿业？ 简单来看，就是看好在它在这场全球资源控制权的争夺战里，有着清晰的产能规划、很强的成本控制和超前的全球布 局，因而未来业绩稳健增长有很高的确定性。 01 先说黄金，作为地缘局势紧张、货币通胀、去美元化浪潮下的硬通货，黄金的长期看涨逻辑堪称扎实： 一方面，全球央行购金潮持续发酵，且95%的央行计划未来12个月继续增持，黄金成为各国"去美元化"的核心工具； 另一方面，2026年全球地缘格局持续紧张，即便美债实际收益率、美元指数出 ...

Core Viewpoint - Goldman Sachs has initiated a long-term bullish outlook on Zijin Mining, citing its clear capacity planning, strong cost control, and proactive global layout as key factors for stable future growth in the context of a structural supply constraint era in the global commodity market [3][4]. Group 1: Market Dynamics - The global commodity market is entering a structural supply constraint era due to declining resource grades and geopolitical interventions, leading to a revaluation of strategic metals like gold, copper, and lithium [3][4]. - Gold is viewed as a solid long-term investment due to ongoing central bank purchases, with 95% of central banks planning to increase their gold holdings in the next 12 months, making it a core tool for "de-dollarization" [5]. - Forecasts for gold prices in 2026 have been raised by major institutions, with Goldman Sachs projecting $5,400 per ounce, while JPMorgan and UBS have set targets of $6,200 to $6,300 per ounce [6]. Group 2: Copper and Lithium Outlook - The global copper deficit is expected to reach 330,000 tons by 2026, driven by supply constraints from major producing countries and increasing demand from the renewable energy and AI sectors [7]. - Lithium demand is projected to surge due to the growth of energy storage and electric vehicles, with a market gap of approximately 90,000 tons anticipated in 2026 [9]. Group 3: Zijin Mining's Strategic Position - Zijin Mining is strategically positioned in the copper, gold, and lithium markets, with ambitious production targets for 2026: 1.2 million tons of copper (up 110,000 tons YoY), 105 tons of gold (up 15 tons YoY), and 120,000 tons of lithium (five times 2025's output) [9][10]. - The company has initiated aggressive capacity expansion plans, focusing on resource-rich regions in Africa and Central Asia, ensuring a strong foothold in core resources [10]. Group 4: Cost Control and Efficiency - Zijin Mining has demonstrated superior cost control, with cash costs for copper at approximately 40,000 to 60,000 yuan per ton, which is 15% lower than the industry average [14]. - The company's gold production costs are around $1,000 per ounce, 30% lower than the industry average, showcasing its efficiency in operations [14]. Group 5: Financial Performance and Future Projections - Zijin Mining is expected to achieve a return on equity (ROE) of 36% by 2026, with a projected net profit of approximately 51 to 52 billion yuan for 2025, reflecting a significant year-on-year growth of 59% to 62% [16]. - The company has set ambitious production goals for 2028, aiming for 130 to 140 tons of gold and 270,000 to 320,000 tons of lithium, indicating a strong growth trajectory in the coming years [17].