研报掘金丨华安证券：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 Insights - 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] - In Q3 2025, the company reported a net profit of 984 million yuan, up 9.28% year-on-year [1] - The increase in metal prices has driven profit growth for the company, with domestic gold and copper prices recorded at 906.89 yuan per gram and 88,000 yuan per ton respectively on October 30, 2025, suggesting continued performance improvement [1] Company Developments - The company is actively expanding its resource base, having renewed mining rights for 10 projects covering an area of 27.21 square kilometers in the first half of the year [1] - It has integrated one mining right covering 6.71 square kilometers and successfully bid for exploration rights for four projects, adding an area of 21.90 square kilometers [1] - The company is focusing on the construction of the Saling Gold Mine, with expectations for increased gold production following the commissioning of new projects [1] Investment Rating - The report maintains a "Buy" rating for Zhongjin Gold, reflecting positive outlook based on performance and growth prospects [1]