Group 1 - The core viewpoint is that Zijin Mining International (02259) is expected to maintain a strong valuation due to its robust resource acquisition, mining operation, and production capabilities, alongside a bullish gold price outlook [1] - The company is projected to achieve net profits of approximately $12.9 billion, $22.7 billion, and $28.4 billion for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 169%, 75%, and 25% respectively [1] - Zijin Mining International currently holds gold resources of 1,812.7 tons and reserves of 851.9 tons, ranking around 10th globally in terms of reserves and production by the end of 2024 [1] Group 2 - The company has a strong resource acquisition capability, with an average gold mine acquisition cost of $61.3 per ounce from 2019 to 2024, significantly lower than the industry average of $92.9 per ounce [1] - The mining operation capability is enhanced through improved stripping ratios and recovery rates, allowing previously unprofitable mines to become profitable, with an average grade of 1.4 g/t and an all-in sustaining cost (AISC) of $1,400 to $1,500 per ounce [1] - The production capability is demonstrated by a 21% growth in production over the past three years, the fastest among large gold stocks, with a high degree of fulfillment of production guidance [1] Group 3 - The gold price is expected to maintain a long-term bullish trend, supported by global central bank purchases exceeding 1,000 tons annually and sustained demand from Chinese investors [2] - The long-term outlook for gold prices is bolstered by currency devaluation and geopolitical tensions, with increasing U.S. government debt and challenges to the Federal Reserve's independence [2] - The ongoing geopolitical conflicts are likely to drive investors to reduce their dollar asset allocations in favor of gold, further supporting the bullish trend in gold prices [2]