Group 1 - The metal zinc concept index declined by 0.08%, ranking among the top declines in the concept sector, with major declines seen in companies such as Dazhong Mining, *ST Zhengping, and Shengda Resources [1] - Among the 17 stocks that rose, ST Shengtun, Huayu Mining, and Guocheng Mining had the highest increases of 2.76%, 2.38%, and 2.15% respectively [1] - The metal zinc concept sector experienced a net inflow of 0.36 billion yuan, with 21 stocks seeing net outflows, and 8 stocks with outflows exceeding 10 million yuan [2] Group 2 - The top net outflow was from ST Shengtun, with a net outflow of 48.91 million yuan, followed by Xiyang Co., Baiyin Nonferrous, and Yuguang Gold & Lead with outflows of 29.36 million yuan, 24.32 million yuan, and 18.51 million yuan respectively [2] - The leading stocks for net inflow included Zijin Mining, Shanjin International, and Western Mining, with net inflows of 1.09 billion yuan, 60.22 million yuan, and 25.12 million yuan respectively [2][3] - The trading volume and performance of various companies in the metal zinc sector were highlighted, with ST Shengtun showing a decline of 2.76% and a turnover rate of 3.44% [3]

Core Viewpoint - Zijin Mining plans to acquire 100% equity of RG Gold LLP and RG Processing LLP, which own the Raygorodok gold mine project in Kazakhstan, for a total consideration of $1.2 billion, based on a "cash-free, debt-free" principle as of September 30, 2025 [1][4] Group 1: Acquisition Details - The acquisition agreement was signed on June 29, 2025, between Zijin's subsidiary and Cantech S.à.r.l [1] - The RG gold mine project is located in the Akmola region of northern Kazakhstan and has a core mining right valid until December 31, 2040, with the possibility of extension [2] - The project has a total resource amount of 241,000 kilograms of gold at an average grade of 1.01 grams per ton, based on a gold price of $2,000 per ounce [2] Group 2: Project Characteristics - The RG gold mine consists of two open-pit mines and has stable production operations with detailed stripping plans [3] - The project has produced 2 tons, 5.9 tons, and 6.0 tons of gold from 2022 to 2024, with a projected average annual production of approximately 5.5 tons over the remaining service life of 16 years [3] - The cash cost of gold production for the project in 2024 is estimated at $796 per ounce [3] Group 3: Strategic Importance - The acquisition aligns with Zijin Mining's strategy to increase resource project acquisitions in neighboring countries, enhancing its presence in the resource-rich Central Asian region [4] - The RG gold mine is expected to contribute to Zijin's production and profit in the acquisition year, with a short expected investment return period [4] - The transaction is anticipated to significantly enhance the asset scale, profitability, and global industry position of Zijin Gold International, facilitating its future listing in international capital markets [4]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - Precious metals are expected to maintain a long-term bullish trend despite a recent 2.8% decline in domestic spot gold prices. The geopolitical instability and the weakening global position of the US dollar are anticipated to provide lasting support for gold prices [4]. - Industrial metal prices showed mixed performance, with copper prices experiencing a 1.3% increase, while aluminum prices fell by 0.5%. The decline in copper exchange inventories has raised concerns about potential short squeezes, which may lead to increased price volatility [4]. - Rare earth prices, particularly praseodymium-neodymium oxides, have seen an upward trend, while tungsten prices remained stable. The recovery in manufacturing is expected to drive demand for tungsten in cutting and wear-resistant tools [4]. - Lithium hydroxide prices have decreased, while cobalt prices have risen. The demand for energy metals is being closely monitored for future growth [4]. - The report recommends investing in the non-ferrous metal sector, particularly precious metals, with companies like Shandong Gold, Chifeng Jilong Gold, and Zijin Mining being highlighted as potential investment opportunities [4]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - The report indicates a bullish outlook for gold due to geopolitical tensions and the weakening dollar [4]. 1.2 Industrial Metals - SHFE copper price is at 79,920 CNY/ton, with a weekly increase of 1.3%. LME copper price is at 10,051 USD/ton, with a 3.5% weekly increase [27]. 1.3 Minor Metals - Prices for praseodymium-neodymium oxides have increased, while tungsten prices have remained stable [28]. 1.4 Energy Metals - Lithium hydroxide prices have decreased, while cobalt prices have increased. The report emphasizes the need to monitor future demand for energy metals [34]. 2. Market Data - The Shanghai Composite Index rose by 1.91%, and the non-ferrous metal sector increased by 5.11% during the reporting period [35]. 3. Important Events Review - The report highlights ongoing competition in the copper market, with significant pressure on buyers due to declining inventories [42].

Core Viewpoint - Zijin Mining is expanding its overseas resource portfolio by acquiring 100% equity of RG Gold LLP and RG Processing LLP in Kazakhstan for a total consideration of $1.2 billion, aiming to enhance its asset scale and profitability in the international market [2][5][10]. Acquisition Details - The acquisition involves Zijin's wholly-owned subsidiary, Zijin Gold International, and its Singapore subsidiary, Jin Ha Mining, which signed an agreement with Cantech S.a.r.l on June 29, 2025 [1][5]. - The purchase price is based on a "cash-free, debt-free" principle as of September 30, 2025, with adjustments based on the financial statements of the target companies [1][5]. - The target companies, RGG and RGP, have a combined asset total of $566 million and a net asset value of $291 million as of the end of 2024 [7]. Project Overview - The RG Gold project is located in Akmola region, Kazakhstan, with a valid mining license until December 31, 2040, and includes six exploration rights [7][8]. - Projected gold production from 2022 to 2024 is 2.0 tons, 5.9 tons, and 6.0 tons respectively, with an estimated average annual production of 5.5 tons over the remaining service life of 16 years [8][10]. - The cash cost of gold production for 2024 is estimated at $796 per ounce [7]. Strategic Implications - The acquisition is expected to significantly enhance Zijin Gold International's asset scale and profitability, supporting its upcoming listing on the Hong Kong Stock Exchange [5][11]. - The RG Gold project is anticipated to create synergies with Zijin's existing operations in Tajikistan and Kyrgyzstan, facilitating deeper penetration into the resource-rich Central Asian market [10][11]. Financial Performance - Zijin Mining reported a revenue of 303.64 billion yuan for 2024, a year-on-year increase of 3.49%, and a net profit of 32.051 billion yuan, up 51.76% [11]. - In Q1 2025, the company achieved a revenue of 78.928 billion yuan, reflecting a 5.55% year-on-year growth, with a net profit of 10.167 billion yuan, up 62.39% [11].

Core Viewpoint - Zijin Mining plans to acquire a gold mine in Kazakhstan for $1.2 billion, aiming to accelerate its overseas resource expansion [2][5][10] Group 1: Acquisition Details - The acquisition involves 100% equity of RG Gold LLP and RG Processing LLP, which hold the Raygorodok gold mine project in Kazakhstan [2][7] - The transaction is based on a "cash-free, debt-free" principle, with the final purchase price subject to adjustments based on the financial statements as of September 30, 2025 [2][8] - The RG gold mine project has a remaining service life of 16 years, with average annual gold production expected to be around 5.5 tons [8][10] Group 2: Financial Performance - As of the end of 2024, the combined assets of RGG and RGP are projected to be $566 million, with total liabilities of $275 million and net assets of $291 million [8] - The projected sales revenue for 2024 is $473 million, with a net profit of $202 million [8] - Zijin Mining reported a revenue of 303.64 billion yuan for 2024, a year-on-year increase of 3.49%, and a net profit of 32.051 billion yuan, up 51.76% [11] Group 3: Strategic Implications - The acquisition is expected to significantly enhance Zijin Mining's asset scale, profitability, and global industry position, aiding its planned IPO in Hong Kong [5][11] - The RG gold mine is anticipated to create synergies with Zijin's existing projects in Tajikistan and Kyrgyzstan, facilitating deeper engagement in the resource-rich Central Asian region [10][11] - The project is characterized by large resource volumes, low comprehensive costs, and potential for operational improvements [10]

Group 1 - Fengcai Technology is conducting an H-share issuance with a maximum price of 120.50 HKD per share, aiming to raise funds for its specialized chip business [1] - The global offering consists of 16.3 million shares, with 1.63 million shares available for public offering in Hong Kong [1] - Zijin Mining plans to acquire the Raygorodok gold mine project in Kazakhstan for 1.2 billion USD, enhancing its resource portfolio [1][2] Group 2 - Mindray Medical's shareholder plans to reduce holdings by up to 5 million shares, approximately 0.41% of the total share capital, due to personal funding needs [3] - Degute is planning to acquire control of Haowei Technology through a combination of cash and share issuance, leading to a temporary suspension of its stock [4] - New Dairy's controlling shareholder intends to reduce its stake by up to 3% of the total share capital, also for funding purposes [5] Group 3 - Yueyang Xinchang has resumed production after completing maintenance on its main production facilities, positively impacting its operations [6] - Chengdu Xian Dao has terminated its major asset restructuring plan due to failure to reach agreement on key terms [7] - Maglev Technology's shareholder plans to reduce its stake by up to 3% of the total share capital for personal financial arrangements [9] Group 4 - Zhongyan Dadi announced a cash dividend of 2.82 CNY per 10 shares and a capital increase of 3.99 shares per 10 shares [10] - Yunda Co. plans to distribute a cash dividend of 0.6 CNY per 10 shares, totaling approximately 47.22 million CNY [12] - Victory Co. intends to distribute a cash dividend of 0.42 CNY per 10 shares, amounting to around 36.06 million CNY [13] Group 5 - Shagang Group has invested 2.67 billion CNY in financial products while planning to use up to 8 billion CNY of idle funds for further investments [14] - Jiuyuan Yinhai's subsidiary won an 8.43 million CNY project contract, constituting a related party transaction [15] - China Railway Signal & Communication has announced the resignation of a board member due to personal reasons [16] Group 6 - China Rare Earth clarified that recent management changes have not affected its operations, ensuring stability in production [17] - Qixiang Tengda plans to conduct routine maintenance on its 60,000-ton acetone plant for 60 days to enhance operational safety [19] - ST King Kong's subsidiary signed a 399 million CNY contract for computing power services, indicating growth in its service offerings [20] Group 7 - Ziguang Guowei repurchased 775,500 shares for approximately 49.62 million CNY, reflecting confidence in its market position [22] - Qin Port's major shareholder plans to reduce its stake by up to 2% of the total share capital for development needs [22] - Longqi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, expanding its market presence [24]

Investment Rating - The investment rating for Zijin Mining Group is Overweight [4][78]. Core Views - The report highlights that Zijin Mining Group generates over 50% of its gross profit from copper, with a forecasted compound annual growth rate (CAGR) of approximately 7% in copper production volume from 2025 to 2027, driven by projects such as Kamoa, Timok, Julong, and Ashele [13][14]. - The price target for Zijin Mining Group has been raised to HK$25.10, reflecting an implied 2025 estimated price-to-earnings (P/E) ratio of 15x [3][4]. - The report indicates a positive risk-reward scenario, with a bull case price target of HK$31.80 and a bear case price target of HK$9.60 [10][11]. Summary by Sections Price Target and Scenarios - The price target has been updated from HK$23.40 to HK$25.10, with the bull case increasing from HK$31.00 to HK$31.80 and the bear case from HK$9.40 to HK$9.60 [2][3]. - The updated earnings per share (EPS) estimates for 2025, 2026, and 2027 are Rmb1.56, Rmb1.70, and Rmb1.65, respectively, reflecting increases of 1%, 4%, and 5% [3][4]. Production and Pricing - The report adjusts the Kamoa production volume to 400kt for 2025-26 and raises the realized average selling price (ASP) to gold price ratio based on first-quarter 2025 actual numbers [3]. - In the bull case scenario, gold and copper prices are projected at US$3,945/oz and US$5.03/lb, respectively, with gold production of 84.9 tons and copper production of 938.9kt in 2025 [11]. - The base case scenario estimates gold and copper prices at US$3,289/oz and US$4.19/lb, with gold production of 78.6 tons and copper production of 853.5kt [12]. Investment Drivers - Recent mergers and acquisitions, including four gold, three lithium, and one molybdenum project, are expected to enhance gold output growth and diversify into new products [14]. - The report emphasizes the strong demand for copper in China, which is a significant driver for Zijin's growth [13].

证券代码：601899 股票简称：紫金矿业 编号：临 2025-060 紫金矿业集团股份有限公司 关于收购哈萨克斯坦Raygorodok金矿项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 紫金矿业集团股份有限公司（以下简称"公司"）全资子公司紫金黄金国际 有限公司（公司拟分拆至香港联合交易所上市的主体，以下简称"紫金黄金国际"）、 紫金黄金国际在新加坡的全资子公司金哈(新加坡)矿业有限公司（以下简称"金哈 矿业"）于北京时间 2025 年 6 月 29 日与 Cantech S.à.r.l（以下简称"Cantech"）签 署协议，金哈矿业拟通过收购 Cantech 持有的 RG Gold LLP（以下简称"RGG"） 和 RG Processing LLP（以下简称"RGP"）100%权益（RGG 和 RGP 以下合称"目 标公司"），获得哈萨克斯坦 Raygorodok 金矿（以下简称"RG 金矿"）项目 100% 权益。本次交易以 2025 年 9 月 30 日为基准日，收购对价按目标公司于基准 ...

Group 1 - The core point of the article is that Zijin Mining plans to acquire the Raygorodok gold mine project in Kazakhstan for a consideration of $1.2 billion [1] Group 2 - The acquisition reflects Zijin Mining's strategy to expand its gold mining portfolio internationally [1] - The deal is expected to enhance Zijin Mining's production capacity and resource base in the gold sector [1] - This move aligns with the growing demand for gold and the company's commitment to increasing its market presence [1]

Market Overview - The A-share market has shown a significant recovery in risk appetite, with the Shanghai Composite Index rising by 1.91% this week, surpassing 3400 points [1] - The 每经品牌100 Index also saw a weekly increase of 1.6%, closing at 1076.21 points, continuing its upward trend towards the 1100-point mark [1] Performance of Stocks - Nearly 80% of the constituent stocks in the 每经品牌100 Index experienced gains, with 76 stocks rising, accounting for 76.77% of the index [2] - Notable performers included 江西铜业 (Jiangxi Copper), 小米集团 (Xiaomi Group), 理想汽车 (Li Auto), 紫金矿业 (Zijin Mining), and 建发股份 (Jianfa Co.), all of which had weekly gains exceeding 5% [2] Sector Analysis - The macroeconomic environment has remained stable, supported by policy measures, although challenges in exports and consumer demand are anticipated in the second half of the year [4] - The liquidity environment in the A-share market is gradually expanding, with policies aimed at stabilizing and activating the capital market [4] Focus on New Energy Vehicles - The performance of new energy vehicle leaders, 小米集团 and 理想汽车, has attracted market attention, particularly regarding their delivery expectations [5] - 理想汽车 has adjusted its delivery forecast for Q2 2025 to approximately 108,000 vehicles, down from a previous estimate of 123,000 to 128,000 vehicles [5] - 小米汽车 has also updated its delivery timelines based on order volume and current production capacity, indicating potential dynamic changes in actual delivery times [5] Insights on Non-Ferrous Metals - The non-ferrous metals sector has shown strong performance, with stocks like 江西铜业 and 紫金矿业 leading the gains [7] - The 中证申万有色金属指数, which tracks the performance of the non-ferrous metals sector, includes major companies such as 紫金矿业, indicating its investment significance [9]