Ge Long Hui A P P·2025-11-06 05:52Group 1 - The core viewpoint of the report is that due to three copper mine incidents globally this year, the supply-demand gap for copper is expected to widen by 2026, indicating significant upward potential for copper prices [1] - Morgan Stanley identifies Zijin Mining as the best choice in the sector, with an expected compound annual growth rate (CAGR) of 10.5% for copper production and 7.3% for gold production from 2025 to 2028 [1] - The company has effective cost control measures, utilizing advanced autonomous geological exploration technology and self-developed equipment, resulting in average mining costs significantly lower than industry levels [1] Group 2 - Morgan Stanley has initiated coverage on Zijin Mining with a target price of HKD 46.1 for H-shares and CNY 42.2 for A-shares, both rated as "Buy" [1] - The firm anticipates an increase in copper prices in 2025 and 2026, while gold prices may rebound after recent adjustments, with a forecast of reaching USD 4,500 per ounce by mid-2026 [1]