Investment Rating - The investment rating for Zijin Mining is "Buy" with a target price of HK$39.00, representing an expected total return of 16.7% [6][8]. Core Insights - The report presents a bullish outlook on gold and copper prices, driven by geopolitical tensions, potential FED rate cuts, and increased gold reserves in emerging countries [2][4]. - Zijin Gold aims for an output target of 100 tons per annum (tpa) by 2030, with a projected compound annual growth rate (CAGR) of 15% through 2030, primarily through internal production improvements and acquisitions [3]. - The copper supply-demand dynamic indicates a robust demand forecast, with expectations of reaching 40 million tons per annum (mntpa) by 2035, despite current output challenges faced by Zijin [4]. Summary by Sections Gold Price Outlook - Mr. Lin holds a positive view on gold prices, citing historical increases during previous economic cycles and suggesting further upside potential in the current cycle [2]. Copper Supply-Demand Dynamics - Global top-10 copper miners produced approximately 8 million tons of copper in the first nine months of 2025, with Zijin experiencing a 2% year-over-year decrease in output due to mine disruptions and logistical issues [4]. Acquisition Plans - Zijin Mining is actively seeking acquisition opportunities in copper, gold, and lithium, with specific targets in South America and Africa, aiming for a lithium capacity of 200-250 kilotons per annum by 2028 [5].

Core Viewpoint - Zijin Mining's stock price has experienced fluctuations, with a notable increase of 94.25% year-to-date, but a recent decline of 4.12% over the past five trading days [1] Group 1: Stock Performance - As of November 18, Zijin Mining's stock price was 28.40 CNY per share, with a market capitalization of 754.80 billion CNY [1] - The stock has seen a trading volume of 29.85 billion CNY, with a turnover rate of 0.51% [1] - Year-to-date, the stock has increased by 94.25%, but has decreased by 4.12% in the last five trading days and 5.49% in the last twenty trading days [1] Group 2: Financial Performance - For the period from January to September 2025, Zijin Mining reported a revenue of 254.20 billion CNY, representing a year-on-year growth of 10.33% [2] - The net profit attributable to shareholders for the same period was 37.86 billion CNY, showing a significant year-on-year increase of 55.45% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Zijin Mining reached 529,800, an increase of 57.83% from the previous period [2] - The company has distributed a total of 59.28 billion CNY in dividends since its A-share listing, with 27.77 billion CNY distributed in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which holds 1.35 billion shares, a decrease of 235 million shares from the previous period [3]

Core Viewpoint - The news highlights the performance of the non-ferrous metal sector, particularly focusing on the recent trends in the market, including the performance of the Non-Ferrous 50 ETF and the underlying factors affecting metal prices and demand [1][2][3][4]. Group 1: Non-Ferrous 50 ETF Performance - As of November 17, 2025, the Non-Ferrous 50 ETF (159652) decreased by 0.39%, with a latest price of 1.53 yuan [1]. - The ETF has seen a net subscription of 62 million units, with an estimated net subscription amount exceeding 94 million yuan [1]. - The latest scale of the Non-Ferrous 50 ETF reached 2.829 billion yuan, with a significant increase in shares by 13.46 million units over the past three months [2]. Group 2: Market Trends and Demand - The lithium industry is experiencing high growth due to strong demand in the energy storage market, with expectations of over 60% growth next year driven by domestic pricing policies and international demand [2]. - Copper prices are expected to rise in the long term due to supply constraints, with Freeport reducing copper production and ongoing demand recovery in the cable industry [3]. - The aluminum sector faces challenges due to power supply constraints, which may accelerate the exit of high-cost aluminum production and delay new capacity investments [3]. Group 3: Investment Opportunities - The Non-Ferrous 50 ETF is highlighted as a leading investment option due to its high "gold and copper content," with copper accounting for 33% and gold for 13% of the index [4]. - The ETF has shown superior performance since 2022, with a cumulative return leading its peers and a lower maximum drawdown [5]. - The index's growth is driven by earnings rather than valuation, with a current PE ratio of 23.74, down 61% from five years ago, indicating a favorable valuation [6].

Core Viewpoint - Citigroup's research report indicates that Zijin Mining's Vice President Lin Hongfu expects gold prices to have further upside potential, with the company focusing on gold production targets of 100 tons annually by 2030, with 30% growth from internal capacity enhancement and 70% from acquisitions, particularly in South America and Africa [1] Group 1: Gold Outlook - The company aims for an annual gold production of 100 tons by 2030, with 30% of this growth expected from internal capacity improvements and 70% from acquisitions [1] - The focus on acquisitions will be particularly strong in South America and Africa [1] Group 2: Copper Outlook - Lin Hongfu anticipates strong growth in copper demand, projecting it to reach 40 million tons annually by 2035, indicating the beginning of a super cycle [1] - The company plans to actively seek acquisitions of copper mining resources due to increasing exploration difficulties and extended capital expenditure cycles [1] Group 3: Lithium Strategy - The company will concentrate on existing lithium projects, targeting an annual production capacity of 200,000 to 250,000 tons by 2028 [1] Group 4: Investment Rating - Citigroup has set a target price of HKD 39 for Zijin Mining and maintains a "Buy" rating [1]

Core Viewpoint - Hai'an Group (001233.SZ) is set to be publicly offered on the Shenzhen Main Board, focusing on the research, production, and sales of giant all-steel engineering radial tires and mining tire operation management [1][2]. Company Overview - Hai'an Group is recognized as a national high-tech enterprise and was awarded the title of "specialized and innovative 'little giant'" by the Ministry of Industry and Information Technology in 2021 [1]. - The company has been acknowledged as a "service-oriented manufacturing demonstration enterprise" since 2018 [1]. Financial Information - The offering price is set at 48.00 yuan per share, with an institutional quotation of 48.93 yuan per share, and a market capitalization of 6.695 billion yuan [2]. - The company's earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 13.94, compared to the industry average P/E ratio of 26.38 [2]. - The company plans to allocate raised funds for various projects, including: - Expansion of all-steel giant engineering radial tire production: 1.945 billion yuan (65.90%) - Automation upgrades for production lines: 371 million yuan (12.56%) - R&D center construction: 286 million yuan (9.69%) - Working capital: 350 million yuan (11.86%) [2]. Market Position - Giant engineering tires are defined as tires with a rim diameter of 49 inches or more, primarily used in large mining dump trucks and loaders [3]. - The global market for all-steel giant tires has seen growth from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate (CAGR) of 5.18% [3]. - Hai'an Group has become the third manufacturer globally capable of mass-producing a full range of all-steel giant tires, breaking the domestic market monopoly held by international brands [3]. Production and Sales - In 2022, Hai'an Group ranked first in domestic production and fourth globally for giant tire output [4]. - The company has established a significant customer base, including well-known domestic firms such as Zijin Mining and XCMG [4]. - Hai'an Group has a global presence with 12 overseas subsidiaries, selling products to dozens of countries and regions, with over 75% of revenue coming from exports [4]. Revenue Trends - The proportion of overseas sales in the main business revenue is projected to be 65.19% in 2022, increasing to 76.16% in 2023, and stabilizing around 67.18% by mid-2025 [4]. - Revenue from the Russian market has significantly increased, especially following the exit of major international brands from that market [4].

Core Viewpoint - The non-ferrous metal sector has seen a significant influx of over 17.7 billion in main capital, ranking second among 31 primary industries in the Shenwan classification, with leading companies like Huayou Cobalt and Tianqi Lithium attracting substantial net inflows [1][3] Group 1: Market Performance - The non-ferrous metal sector has outperformed other industries, with a year-to-date increase of 75.9%, surpassing telecommunications (61.88%), electronics (48.1%), and power equipment (45.12%) [4][5] - Among the 60 constituent stocks of the Non-Ferrous Metal Leader ETF, 41 stocks rose over 2%, with five stocks hitting the daily limit up, and significant gains observed in Tianqi Lithium and Zhongmin Resources [3][5] Group 2: Investment Drivers - The strong performance is attributed to several factors: 1. Financial results show that 56 out of 60 companies in the Non-Ferrous Metal Leader ETF reported profits, with 44 companies experiencing year-on-year growth in net profit [5] 2. The current bull market is driven by demand from emerging sectors such as new energy, AI, and aerospace, alongside supply-side disruptions that highlight the scarcity and strategic value of metals [5] 3. Policy support from the government, including a joint plan to stabilize growth in the non-ferrous metal industry, is expected to enhance the sector's performance [5] Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive, with expectations of a new cycle driven by supply-demand balance and global monetary easing [6][5] - The investment interest in commodities is likely to persist, with anticipated price increases for copper and cobalt due to supply constraints and rising demand for lithium driven by energy storage needs [6]

Core Viewpoint - 佛塑科技 plans to establish a project company in collaboration with subsidiaries of 紫金矿业 and 广东省广新创新研究院 to invest in a lithium sulfide pilot platform project in 龙岩市, 福建省 [1] Investment Details - The project company will have a registered capital of 10 million yuan, with 佛塑科技 contributing 500,000 yuan for a 5% equity stake [1] - 紫金锂元 will invest 6 million yuan for a 60% equity stake, 厦门紫金 will contribute 1 million yuan for a 10% stake, and 广新研究院 will invest 2.5 million yuan for a 25% stake [1] - The total planned investment for the project is 11.339 million yuan, including VAT [1] Project Scope - The project aims to construct a production line with a capacity of 100 tons per year for high-purity battery-grade lithium sulfide products [1] - The project will focus on research, development, production, and operation of lithium sulfide products [1]

Core Viewpoint - The success of Zijin Mining International in the Hong Kong stock market serves as an important reference for other domestic mining companies, particularly for Shengtun Mining's strategic shift towards gold investments [1][18]. Group 1: Company Developments - Shengtun Mining plans to establish a wholly-owned subsidiary, Shengtun Gold Holdings, to invest $200 million (approximately 1.42 billion RMB) into its subsidiary, Shengtun Gold International [1]. - The company recently announced the acquisition of 100% of Canadian Loncor's shares for $190 million, aiming to gain access to the Adumbi gold mine in the Democratic Republic of Congo [2][3]. - Shengtun Mining's gold segment is beginning to take shape, with the company emphasizing gold as a key strategic direction alongside its energy metals business [2][15]. Group 2: Market Position and Strategy - The gold acquisition strategy aligns with industry trends, as major players like Zijin Mining and Luoyang Molybdenum are also focusing on gold as a significant mineral for mergers and acquisitions [3]. - Shengtun Mining's resource layout and acquisition logic are consistent with larger mining companies, despite its smaller scale [3]. - The company aims to enhance its profitability by expanding its gold business, which has a higher gross margin compared to its current energy and basic metal operations [12][13]. Group 3: Financial Performance and Projections - Shengtun Mining's revenue from energy metals and basic metals for 2024 is projected to be 15.69 billion RMB and 8.05 billion RMB, respectively, accounting for 61% and 31% of total revenue [12]. - The gross margin for energy metals is 28.4%, while basic metals have a significantly lower margin of 4.13% [12]. - The potential annual production from the Adumbi gold mine is expected to be substantial, although the company has not provided specific figures [6][10]. Group 4: Future Outlook - The acquisition of the Adumbi gold mine is still pending completion, which means specific development plans and timelines remain uncertain [19]. - The restructuring of overseas gold assets through the establishment of new subsidiaries is part of the company's strategy to optimize its international development and enhance shareholder returns [8][7].

Core Viewpoint - The A-share market shows a mixed trend with the non-ferrous sector experiencing a significant rise, particularly the non-ferrous 50 ETF (159652), which has gained over 3% as of 10:10 AM on November 13 [1]. Group 1: Market Performance - The non-ferrous 50 ETF (159652) saw a strong inflow of over 3 million yuan yesterday, indicating robust investor interest [1]. - Major component stocks of the non-ferrous 50 ETF, such as Yahua Group and Xingye Silver Tin, rose over 9%, while others like Guocheng Mining and Yongxing Materials increased by over 8% [3]. Group 2: Component Stocks - The top ten component stocks of the non-ferrous 50 ETF include Zijin Mining, Northern Rare Earth, and Luoyang Molybdenum, with Zijin Mining having an estimated weight of 15.52% and a price increase of 4.44% [4]. Group 3: Global Metal Prices - As of 10:14 AM, most base metals in London saw an increase, with LME copper rising by 0.65% to $10,897.00 per ton, and COMEX gold futures up by 2.07% to $4,201.4 per ounce [5]. Group 4: Investment Logic - The investment logic for the non-ferrous sector is based on three key factors: the upward financial attributes due to the dollar credit cycle, demand growth driven by the fourth industrial revolution, and rigid supply constraints due to insufficient capital expenditure and geopolitical tensions [6][7]. Group 5: Future Outlook - The non-ferrous sector is expected to maintain a bullish trend through 2026, driven by new quality production elements and the strategic value of metals, particularly in emerging fields like AI and new materials [7][8]. - The supply constraints in copper are anticipated to persist, with potential upward price movements supported by increasing demand from new technologies [8][9]. Group 6: ETF Advantages - The non-ferrous 50 ETF (159652) boasts a leading "gold-copper content" of 46%, with a focus on strategic metals that have significant supply-demand gaps [10]. - The ETF has shown superior performance with a cumulative return leading its peers since 2022, driven by earnings rather than valuation expansion, indicating a strong investment experience [12].

Group 1 - The non-ferrous metal sector is leading the market, with the Non-Ferrous Metal Leader ETF (159876) reaching a peak increase of 3.79% in early trading, currently up 3.57% and maintaining all moving averages [1] - Key stocks such as Guocheng Mining and Yongxing Materials have seen significant gains, with increases of over 9% and 7% respectively, while other stocks like Yahua Group and Xingye Silver Tin also experienced substantial rises [1] - Major weighted stocks including Zijin Mining and Luoyang Molybdenum have increased by over 3%, with Northern Rare Earth and Shandong Gold rising by more than 1% [1] Group 2 - According to Dongfang Securities, the non-ferrous metal sector is entering a new cycle driven by supply-demand balance, influenced by global monetary easing and the strategic importance of resources [3] - The Non-Ferrous Metal Leader ETF (159876) has outperformed its peers, with a cumulative increase of 181.27% since its base date, significantly surpassing other non-ferrous metal indices [5][6] - The index associated with the Non-Ferrous Metal Leader ETF is expected to see a year-on-year net profit growth of 54.5% in 2025, leading among similar indices, and a continued growth of 21.0% in 2026, indicating strong mid-term growth potential [6] Group 3 - The Non-Ferrous Metal Leader ETF (159876) and its linked funds provide a diversified investment approach, covering various metals such as copper, aluminum, gold, rare earths, and lithium, which helps mitigate risks compared to investing in a single metal [8] - The weightings of different metals in the index as of the end of October are as follows: copper (27.7%), aluminum (14.4%), gold (13.2%), rare earths (10.2%), and lithium (9.1%) [8]