Core Insights - The report from Huatai Securities indicates that Zhaojin Mining achieved a revenue of 6.973 billion yuan in the first half of the year, representing a year-on-year increase of 50.69% [1] - The net profit for the same period was 1.777 billion yuan, marking a year-on-year growth of 144.58% [1] - The attributable net profit reached 1.440 billion yuan, with a year-on-year increase of 160.44% [1] - The strong performance is primarily attributed to the rise in gold prices, which averaged 724.29 yuan per gram in the first half of the year, reflecting a year-on-year increase of 38.9% [1] Investment Outlook - The report suggests that if the Federal Reserve implements interest rate cuts, it could lead to a decline in real interest rates in the U.S., which would be favorable for gold [1] - The medium to long-term outlook indicates a continued upward trend for gold prices, supported by ongoing project developments within the company [1] - The target price for Zhaojin Mining has been raised from 23.44 HKD to 24.54 HKD, maintaining a "buy" rating [1]