Ge Long Hui·2025-09-04 02:43Group 1 - The core viewpoint of the report is that gold prices have increased by 39% year-to-date, driven by factors such as the structural fiscal deficit in the U.S., expectations of interest rate cuts, concerns over the independence of the U.S. Federal Reserve, and geopolitical tensions and uncertainties [1] - Bank of America has raised its long-term gold price forecast by 25% to $2,500 per ounce and its long-term silver price forecast by 30% to $35 per ounce [1] - The report highlights Zijin Mining's strong execution in production growth, with expected gold production increases of 17% and 11% for the next two years [1] Group 2 - The potential international IPO of Zijin's overseas gold assets may serve as a short-term catalyst for the company [1] - Bank of America has adjusted its net profit forecast for Zijin from 2025 to 2027 by 1% to 4%, and raised the target price from HKD 26 to HKD 31 [1] - The report maintains a "buy" rating for Zijin, citing a positive outlook on copper and gold prices along with the company's robust production growth, positioning it as a top choice in the industry [1]