Group 1 - The core viewpoint of the report is that Zijin Gold International (02259) is given a "strong buy" rating due to its strategic move to spin off from Zijin Mining (02899) and integrate overseas gold mining resources, which is expected to enhance asset value and capital efficiency through an international capital platform [1] - As of June 30 this year, Zijin Gold International has a consolidated gold metal resource of approximately 1,768.4 tons, with an average grade of 1.5 grams per ton, and proven and probable gold metal reserves of 845.2 tons, indicating a solid foundation for medium to long-term growth prospects [1] - The forecast for net profit from 2025 to 2027 is projected to reach 8.8 billion, 12.9 billion, and 13.3 billion RMB respectively, with gross profit margins expected to be 52.9%, 59.5%, and 59.5% [1]