Ge Long Hui·2025-09-22 06:29Group 1 - The core viewpoint of the report indicates that Zijin Mining achieved a net profit attributable to shareholders of 23.29 billion yuan in H1 2025, representing a year-on-year increase of 54.41%, with Q2 alone contributing 13.125 billion yuan, a quarter-on-quarter increase of 29.1% [1] - The company's copper and gold business has seen both volume and price increases, serving as a key driver for performance growth [1] - The report anticipates that Zijin Mining will continue to ramp up production in H2 2025, particularly in gold output, which is expected to sustain performance growth [1] Group 2 - Concerns regarding the U.S. economic downturn have been raised due to declining employment data, leading to a 25 basis point reduction in the federal funds rate target range announced by the Federal Reserve in September 2025 [1] - The initiation of a rate-cutting cycle is expected to benefit metals such as gold and copper, potentially leading to price increases [1] - The report has adjusted the pricing and sales volume forecasts for gold and copper, as well as increased the expense ratio, resulting in a target price of 31.79 yuan based on a 17X PE valuation for comparable companies, maintaining a "buy" rating [1]