华安证券：维持中金黄金“买入”评级，金铜齐增业绩释放，新增项目推进

Core Viewpoint - The report from Huazhong Securities indicates that Zhongjin Gold achieved a net profit attributable to shareholders of 3.679 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 39.18% [1] Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of 984 million yuan, which is a year-on-year increase of 9.28% [1] - The growth in metal prices has contributed to the increase in the company's profits, with domestic gold and copper prices on October 30, 2025, being 906.89 yuan per gram and 88,000 yuan per ton, respectively [1] Resource Expansion - The company has been actively expanding its resource base, with 10 mining rights renewed in the first half of the year, covering an area of 27.21 square kilometers [1] - Additionally, the company integrated one mining right covering 6.71 square kilometers and acquired four exploration rights, adding an area of 21.90 square kilometers [1] Project Development - Zhongjin Gold is focusing on the construction of the Saling Gold Mine, with expectations for continuous growth in gold production once the incremental projects are put into operation [1] - The company maintains a "Buy" rating based on its performance and growth prospects [1]