Group 1 - The core point of the article highlights the performance of the Invesco ETF (560290) in the non-ferrous metals sector, with a current opening price of 0.948 yuan and a 0.00% change [1] - The major holdings of the Invesco ETF include Zijin Mining, which opened up by 0.91%, and other companies like China Aluminum and Shandong Gold, which also showed positive movements [1] - The fund's performance benchmark is the CSI Nonferrous Metals Mining Theme Index, and since its establishment on January 26, 2026, it has recorded a return of -5.23% [1] Group 2 - The fund is managed by Invesco Great Wall Fund Management Co., with the fund manager being Gong Lili [1] - The article provides a detailed list of the opening price changes for various stocks within the ETF, indicating a mixed performance among the holdings [1]

Production targets (see details in Exhibit 1 ) To be top 3 gold and copper miner by 2030: Zijin was the fourth-largest listed copper miner and fifth-largest listed gold miner globally in 2025, and it plans to become a top 3 miner of these two metals. | M Zijin Mining Group Asia Pacific New 3-year plan announced: strong volume growth for copper, gold and lithium | Morgan Stanley Asia Limited+ Rachel.Zhang@morganstanley.com Chris Jiang Equity Analyst Chris.Jiang@morganstanley.com Hannah Yang, CFA Equity Analy ...

Flash | 08 Feb 2026 22:24:14 ET │ 12 pages Zijin Mining (2899.HK) Three-Year Production Plan (2026-28) Unveiled, Maintain Top Pick CITI'S TAKE Zijin Mining announced its three-year production plan (2026-28) and outline of objectives through 2035 on 9 Feb. For 2026E, the production guidance for mined copper/gold/lithium/zinc/silver/moly is 1.20mnt/105t/120kt/400kt/520t/15kt, +10%/+17%/+380%/flat/+19%/+36% YoY, respectively. For 2028E, the production target for mined copper/gold/lithium/zinc/silver/moly is 1. ...

该行重申紫金矿业为首选股份，维持"买入"评级，H股及A股目标价分别为50港元和45元，认为公司长 期产量增长强劲，成本控制严格，且估值合理，加上该行看好金价及铜价前景。 美银证券发表报告指，紫金矿业上调2026至2028年产量指引，预期矿产金产量将于2028年达到130至140 吨，原先指引为100至110吨；2025至2028年间年均复合增长率为13%至16%。同时，公司指引2028年铜 产量将达150万至160万吨，即2025至2028年间的年均复合增长率为11%至14%。公司亦将2028年的锂产 量指引上调至27万至32万吨，原先为25万至30万吨，即2025至2028年间的年复合增长率达121%至 134%。 ...

Core Viewpoint - Zijin Mining has raised its gold production target for the next three years, aiming to increase its gold output to 130-140 tons by 2028, positioning itself among the top three globally in gold production [2][12]. Production Targets - The company plans to increase its gold production from a previously set target of 100-110 tons in 2028 to 130-140 tons, which represents a 50% increase from the 2025 baseline [2][12]. - The production targets for other minerals include copper, which is expected to rise from 109,000 tons in 2025 to 150,000-160,000 tons by 2028, and silver, projected to increase from 437 tons in 2025 to 600-700 tons by 2028 [3][13]. Strategic Focus on Gold - Zijin Mining has shifted its focus towards gold, as evidenced by the increased weight of its gold business in its overall portfolio, leading to significant growth in profits and market value [4][11]. - The company's revenue from gold production has shown a substantial increase, with gold output rising from 56 tons to 90 tons between 2022 and 2025, marking a 61% increase [5][6]. Market Position and Competitiveness - As of 2025, Zijin Mining's gold production is expected to be significantly higher than its closest domestic competitor, Shandong Gold, and it has improved its global ranking from 9th to 5th in gold production [10][11]. - The company aims to surpass Agnico Eagle and Barrick Gold, which are currently ranked second and third in global gold production, by leveraging its high growth rate in gold output [17]. Future Growth and Projects - The company plans to support its ambitious gold production targets through various projects, including the Norton Gold Mine in Australia and the Buriticá Gold Mine in Colombia, as well as new acquisitions in Africa [18]. - A recent acquisition worth 28 billion yuan is expected to contribute approximately 12 tons of gold production by 2025, with further potential for increased output through expansion [18].

证券代码：601899 证券简称：紫金矿业 编号：临2026-012 紫金矿业集团股份有限公司 关于三年（2026-2028年）主要矿产品产量规划 和2035年远景目标纲要的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 2026年2月8日，紫金矿业集团股份有限公司（以下简称"公司"）召开第九届董事会2026年第4次临时 会议，会议审议通过《公司三年（2026-2028年）主要矿产品产量规划和2035年远景目标纲要》，明确 未来三年主要矿产品产量规划指标，并提出至2035年全面建成"绿色高技术超一流国际矿业集团"的远景 目标。 ● 本公告所涉未来规划、发展目标等前瞻性陈述，不构成公司盈利预测，亦不构成对投资者的实质性承 诺，其能否实现取决于宏观经济形势、政策环境、产品市场价格、项目建设进度、运营管理及投资并购 等多种因素，存在不确定性。鉴于市场环境复杂多变，公司或将根据发展需要对此作出相应调整，敬请 广大投资者注意投资风险。 一、编制背景 2023-2025年，面对全球政治经济和社会环境深刻变革， ...

Group 1 - The core viewpoint of the article highlights the performance of the Non-ferrous Metals ETF Fund (516650), which opened with a gain of 1.90% at 2.145 yuan [1] - Major holdings in the Non-ferrous Metals ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, which also experienced gains [1] - The fund's performance benchmark is the CSI Sub-Industry Non-ferrous Metals Theme Index return, managed by Huaxia Fund Management Co., with a return of 110.83% since its inception on June 9, 2021, and a 4.15% return over the past month [1]

Core Viewpoint - Zijin Mining has raised its gold production target for the next three years, aiming to increase its gold output to 130-140 tons by 2028, positioning itself among the top three globally in gold production [1][11]. Production Plans - The company originally set a gold production target of 100-110 tons for 2028, but due to recent acquisitions of gold mining assets, it is likely to achieve an annual output of 100 tons by 2026, two years ahead of schedule [1][11]. - The new target requires an increase of 40-50 tons in gold production over the next three years, representing a 50% growth compared to the 2025 baseline [1][11]. Comparison with Competitors - Currently, the largest gold producer globally is Newmont Corporation, with a projected output of over 180 tons in 2025. Zijin Mining has at least 50% room for improvement to match Newmont's production levels [2]. - The company aims to surpass Agnico Eagle and Barrick Gold, which are currently ranked second and third in gold production [2][14]. Financial Performance - Zijin Mining's revenue grew by approximately 28%, while its total profit surged by around 167%, indicating that the growth in the gold segment has significantly outpaced overall revenue growth [4]. - In 2022, Zijin Mining's copper production was 910,000 tons, expected to rise to 1.09 million tons by 2025, while gold production is projected to increase from 56 tons to 90 tons, marking a 61% growth [5]. Market Position - As of February 9, 2026, Zijin Mining's market capitalization reached a peak of 1.1 trillion yuan, with the overall market value of the "Zijin system" exceeding 1.8 trillion yuan [9]. - The company has improved its global ranking in gold production from approximately ninth place in 2022 to fifth place by 2025 [9]. Strategic Focus - The company plans to continue focusing on its gold segment, with a production target of 130-140 tons by 2028, which is a 50% increase from the 2025 output [11][14]. - Zijin Mining is also accelerating the development of key projects in Australia, Colombia, Suriname, Ghana, and Kazakhstan to support its production goals [15][16].

Group 1 - The core point of the article highlights the performance of the Penghua Nonferrous ETF (159880), which opened with a gain of 2.06% at 2.233 yuan [1] - Major holdings in the ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum (2.14%), Northern Rare Earth (2.97%), and Huayou Cobalt (1.49%) [1] - The ETF's performance benchmark is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd., with a return of 118.94% since its inception on March 8, 2021, and a 5.03% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Huabao Nonferrous ETF (159876), which opened with a gain of 2.07% at 1.135 yuan on February 9 [1] - Major holdings of the Huabao Nonferrous ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the nonferrous metals sector [1] - The Huabao Nonferrous ETF has a performance benchmark of the CSI Nonferrous Metals Index return, managed by Huabao Fund Management Co., with a return of 122.52% since its establishment on March 12, 2021, and a recent one-month return of 4.76% [1]