美银证券：升紫金矿业目标价至31港元 评级“买入”

Core Viewpoint - Bank of America Securities has adjusted Zijin Mining's (601899)(02899) net profit forecast for 2025-2027 by 1% to 4%, raising the target price from HKD 26 to HKD 31, maintaining a "Buy" rating and positioning it as an industry favorite [1] Group 1: Price Forecasts and Market Drivers - The firm has increased its long-term gold price forecast by 25% to USD 2,500 per ounce and the long-term silver price forecast by 30% to USD 35 per ounce, driven by factors such as the structural fiscal deficit in the U.S., interest rate cut expectations, concerns over the independence of the U.S. Federal Reserve, and geopolitical tensions [1][1][1] Group 2: Company Performance and Production Outlook - Zijin Mining's gold mining is expected to contribute 48% to its gross profit by 2025, compared to 41% from copper mining, indicating a strong focus on gold production [1] - The company is projected to achieve gold production growth of 17% and 11% in the next two years, showcasing strong execution capabilities in production growth [1][1] - Potential international IPO of Zijin's overseas gold assets may serve as a short-term catalyst for the company's performance [1]