商业洞察·2026-01-26 09:24Core Viewpoint - The arrival of a new cycle in non-ferrous metals has made the gold sector the biggest winner, with Zijin Mining being a significant beneficiary [2][4]. Group 1: Zijin Mining's Performance - Zijin Mining's stock price surged over 6%, with its market capitalization exceeding 1 trillion yuan, marking a remarkable performance in 2025 with a stock price increase of 135.77% and a total market value growth of 525.8 billion yuan [5]. - The company's stock has risen for six consecutive years, increasing from 3.15 yuan per share at the beginning of 2020 to over 10 times its original value [5]. - The rise in prices of precious metals, particularly gold, has been a key driver, with gold prices in 2025 experiencing a historical bull market, rising over 60% and reaching record highs [6]. Group 2: Strategic Acquisitions and Resource Management - Zijin Mining's continuous stock price increase is attributed to its long-term strategic layout around gold and copper resources [8]. - The average acquisition cost of mines by Zijin Mining from 2019 to 2024 was approximately $61.3 per ounce, significantly lower than the industry average of $92.9 per ounce, providing a cost advantage [9]. - The company has expanded into lithium resources, acquiring a 25% stake in Zangge Mining for 13.7 billion yuan, significantly increasing its lithium resource reserves to 1.788 million tons of lithium carbonate equivalent, ranking among the top ten globally [9]. Group 3: Historical Context and Growth Strategy - The success of Zijin Mining is closely linked to its founder, Chen Jinghe, who transformed the previously deemed unviable Zijin Mountain into China's largest gold mine through innovative techniques [11]. - Since its establishment in 2001, Zijin Mining has pursued a national expansion strategy, acquiring various mines across China and internationally, including significant acquisitions during industry downturns [12][13]. - By the end of 2022, Zijin Mining's resource holdings included 73.72 million tons of copper, 3,117 tons of gold, and 1,215 million tons of lithium, positioning it to benefit from the 2025 bull market in precious metals [14]. Group 4: Future Prospects - Zijin Mining is not only focused on gold and copper but is also strategically investing in lithium resources, aiming to become a significant player in the global lithium industry [15]. - The company has made substantial investments in lithium projects, including acquiring stakes in key lithium resources in Argentina and Tibet, with a total lithium carbonate equivalent exceeding 1.215 million tons [17]. - The recent acquisition of a 24.82% stake in Zangge Mining for 13.729 billion yuan further enhances its lithium resource portfolio, indicating that the company's growth trajectory is far from over, with the trillion yuan market cap being just a milestone [18].