Core Viewpoint - The mining industry, particularly gold, is experiencing significant growth, with Zijin Mining achieving substantial revenue and profit increases due to rising international gold prices and strategic acquisitions [2][3][4]. Financial Performance - In the first three quarters of 2025, Zijin Mining reported operating revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 45.701 billion yuan, up 53.99% year-on-year [2][3]. - The company's gold production reached 65 tons, a 20% increase compared to the previous year, with third-quarter production of 24 tons, reflecting a 7% quarter-on-quarter growth [3][4]. Market Trends - The global gold market has shown an upward trend, with London spot gold prices rising from $3,000 per ounce at the beginning of the year to a peak of $4,381, maintaining a year-to-date increase of over 33% [3][4]. - Central banks worldwide are increasing their gold reserves, with China's gold reserves needing to increase by at least 5,500 tons to reach the global average of approximately 30% of foreign reserves [4]. Strategic Acquisitions - Zijin Mining's acquisition of the Raygorodok gold mine in Kazakhstan for $1.2 billion is expected to enhance its gold production capacity significantly, with an average annual output of approximately 5.5 tons [4]. - Zijin Gold International, a subsidiary focused on overseas gold assets, was listed on the Hong Kong Stock Exchange, aiming to optimize its portfolio of high-potential gold mines [3][4]. Copper Production Challenges - Copper production growth has slowed due to a flooding incident at the Kamoa-Kakula copper mine, which is expected to impact Zijin Mining's overall copper output [5][6]. - The company's copper production for the first three quarters of 2025 was 830,000 tons, a 5% increase year-on-year, but the third-quarter output saw a 6% decline quarter-on-quarter [5][6]. Cost Pressures - The unit sales costs for major products, including gold and copper, have risen, with gold ingot costs increasing by 15.2% and copper concentrate costs by 14.37% compared to the previous year [8][9]. - The increase in costs is attributed to declining ore grades, increased transportation distances, and higher stripping ratios in open-pit mines, alongside transitional costs from newly acquired companies [9].

Group 1 - The core point of the news is that Zijin Mining experienced significant trading activity on November 7, with a total of 9.6 million shares traded, amounting to 290 million yuan, at a price of 30.17 yuan per share [2][3] - Institutional trading was involved in both buy and sell sides of the transactions, with a net sell of 181 million yuan [2] - Over the past three months, Zijin Mining has recorded a total of 26 block trades, with a cumulative transaction value of 2.253 billion yuan [2] Group 2 - The closing price of Zijin Mining on the day was 30.17 yuan, reflecting an increase of 1.58%, with a turnover rate of 0.73% and a total trading volume of 4.498 billion yuan [2] - The net inflow of main funds for the day was 113 million yuan, while the stock has seen a cumulative decline of 1.08% over the past five days, with a total net outflow of 459 million yuan [2] - The latest margin financing balance for Zijin Mining is 6.841 billion yuan, which has decreased by 200 million yuan over the past five days, representing a decline of 2.85% [3]

Core Viewpoint - The gold stocks are actively rising in a bearish market, driven by expectations of interest rate cuts due to worsening employment conditions in the U.S. [1] Group 1: Gold Stocks Performance - Zhumeng Gold (01815) increased by 4.71%, closing at 2 HKD [1] - Zijin Mining (02899) rose by 2.37%, closing at 32.82 HKD [1] - China National Gold International (02099) gained 1.86%, closing at 131.1 HKD [1] - Shandong Gold (01787) went up by 1.61%, closing at 32.9 HKD [1] - Zhaojin Mining (01818) increased by 1.58%, closing at 29.56 HKD [1] Group 2: U.S. Employment Data - In October, the U.S. non-farm employment decreased by 9,100, compared to an increase of 33,000 in the previous month [1] - The number of layoffs reported by Challenger Companies in October reached 153,100, a year-on-year increase of 175.3%, marking the highest level for the same period since 2003 [1] Group 3: Interest Rate Expectations - The probability of the Federal Reserve cutting interest rates again in December exceeds 70%, according to the CME FedWatch Tool [1] - CITIC Futures emphasizes the importance of the trading window in December, suggesting potential discussions around next year's interest rate cuts [1] - The nomination of a new Federal Reserve chair is expected to be confirmed before Christmas, which may introduce risks related to independence and could act as a bullish driver [1] Group 4: Long-term Outlook for Gold - Long-term factors such as excessive debt and de-globalization are driving the decline of the dollar's credit [1] - Gold is viewed as a preferred asset to hedge against dollar credit risk, with a sustained trend of global central banks purchasing gold [1] - The long-term price center for gold is expected to maintain an upward trajectory [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生26笔大宗交易，合计成交金额为22.53亿元。该股近5个交易日累 计下跌1.08%，主力资金合计净流出6.65亿元。 11月7日，紫金矿业收涨1.58%，收盘价为30.17元，发生2笔大宗交易，合计成交量960万股，成交金额 2.9亿元。 第1笔成交价格为30.17元，成交360.00万股，成交金额10,861.20万元，溢价率为0.00%，买方营业部为 机构专用，卖方营业部为机构专用。 第2笔成交价格为30.17元，成交600.00万股，成交金额18,102.00万元，溢价率为0.00%，买方营业部为 申万宏源证券有限公司国际部，卖方营业部为机构专用。 责任编辑：小浪快报 ...

Core Viewpoint - Gold stocks are actively rising against the market backdrop, driven by expectations of interest rate cuts due to worsening employment conditions in the U.S. [1] Group 1: Gold Stock Performance - Zifeng Gold (01815) increased by 4.71%, closing at 2 HKD - Zijin Mining (02899) rose by 2.37%, closing at 32.82 HKD - China Gold International (02099) gained 1.86%, closing at 131.1 HKD - Shandong Gold (01787) went up by 1.61%, closing at 32.9 HKD - Zhaojin Mining (01818) increased by 1.58%, closing at 29.56 HKD [1] Group 2: U.S. Employment Data - In October, U.S. non-farm employment decreased by 9,100, compared to an increase of 33,000 in the previous month - The number of layoffs reported by Challenger Companies in October reached 153,100, a year-on-year surge of 175.3%, marking the highest level for the same period since 2003 [1] Group 3: Interest Rate Expectations - The probability of the Federal Reserve cutting rates again in December exceeds 70%, according to the CME FedWatch Tool - Focus is on the trading window period in December, with potential discussions on rate cuts for the following year [1] Group 4: Long-term Outlook for Gold - Long-term factors such as excessive debt issuance and de-globalization are driving down the credit of the U.S. dollar - Gold is viewed as a preferred asset to hedge against U.S. dollar credit risk, with a sustained trend of global central banks purchasing gold - The long-term price center for gold is expected to maintain an upward trajectory [1]

Core Viewpoint - Zijin Mining experienced a significant block trade on November 6, with a transaction volume of 7.3 million shares and a transaction value of 217 million yuan, indicating active trading interest in the stock [2] Group 1: Block Trade Details - The block trade price was 29.70 yuan, which is equal to the closing price on the same day, showing no premium or discount [2] - The buyer was Guotai Junan Securities Co., Ltd. headquarters, while the seller was an institutional proprietary account [2] - In the last three months, Zijin Mining has recorded a total of 24 block trades, with a cumulative transaction value of 1.964 billion yuan [2] Group 2: Stock Performance Metrics - On the day of the block trade, Zijin Mining's closing price was 29.70 yuan, reflecting a 2.38% increase [2] - The stock had a turnover rate of 0.87%, with a total trading volume of 5.282 billion yuan for the day [2] - Over the past five days, the stock has seen a cumulative decline of 4.53%, with a net outflow of 729 million yuan [2] Group 3: Margin Financing Data - The latest margin financing balance for Zijin Mining is 6.881 billion yuan, which has decreased by 281 million yuan over the past five days, representing a decline of 3.93% [2]

11月6日，紫金矿业大宗交易成交730万股，成交额2.17亿元，占当日总成交额的3.94%，成交价29.7 元，较市场收盘价29.7元持平。 ...

Core Viewpoint - Morgan Stanley has resumed coverage of Zijin Mining (02899) with an "Overweight" rating and a target price of HKD 46.1, highlighting the company's unique position due to growth in copper and gold production, effective cost control, and attractive valuation [1] Group 1: Company Performance - Zijin Mining has recorded growth in both copper and gold production, which is a key factor in its positive outlook [1] - The company demonstrates good cost control, contributing to its favorable financial performance [1] Group 2: Market Outlook - Morgan Stanley anticipates a significant widening of the copper supply-demand gap by 2026 due to three major copper mine incidents this year leading to production halts [1] - The current copper prices are expected to have substantial upside potential, driven by the anticipated supply constraints [1] - The firm is optimistic about gold price trends, projecting that gold prices could reach USD 4,500 per ounce by mid-next year [1]

Core Viewpoint - Morgan Stanley has resumed coverage of Zijin Mining (601899)(02899) with an "Overweight" rating and a target price of HKD 46.1, highlighting the company's unique position due to growth in copper and gold production, effective cost control, and attractive valuation [1] Group 1: Company Performance - Zijin Mining has recorded growth in both copper and gold production, which is a key factor in its positive outlook [1] - The company is noted for its effective cost control measures, contributing to its competitive advantage in the market [1] Group 2: Market Outlook - Morgan Stanley anticipates a significant widening of the copper supply-demand gap by 2026 due to three major copper mine incidents this year leading to production halts [1] - The current copper prices are expected to have substantial upside potential, driven by the anticipated supply constraints [1] - The firm is also optimistic about gold price trends, projecting that gold could reach USD 4,500 per ounce by mid-next year [1]

Group 1 - The core viewpoint of the report is that due to three copper mine incidents globally this year, the supply-demand gap for copper is expected to widen by 2026, indicating significant upward potential for copper prices [1] - Morgan Stanley identifies Zijin Mining as the best choice in the sector, with an expected compound annual growth rate (CAGR) of 10.5% for copper production and 7.3% for gold production from 2025 to 2028 [1] - The company has effective cost control measures, utilizing advanced autonomous geological exploration technology and self-developed equipment, resulting in average mining costs significantly lower than industry levels [1] Group 2 - Morgan Stanley has initiated coverage on Zijin Mining with a target price of HKD 46.1 for H-shares and CNY 42.2 for A-shares, both rated as "Buy" [1] - The firm anticipates an increase in copper prices in 2025 and 2026, while gold prices may rebound after recent adjustments, with a forecast of reaching USD 4,500 per ounce by mid-2026 [1]