Investment Rating - The investment rating for the company is "Buy" [1][4] Core Views - The report expresses optimism about the company's value enhancement based on three main factors: strong growth potential, favorable copper and gold prices, and the potential revaluation of gold assets [1][3] - The company has a clear plan for copper and gold production growth, with a projected CAGR of 8-10% from 2024 to 2028 [1] - The report highlights the company's strong performance in Q2, with a net profit of 13 billion RMB, a 28% increase quarter-on-quarter, and a significant rise in gold production and prices [1][4] Summary by Sections Company Performance - The company achieved a net profit of 13 billion RMB in Q2, with a quarter-on-quarter growth of 28% and a non-recurring net profit of 11.6 billion RMB, up 18% [1] - The average gold price increased by 15% to 770 RMB per gram, and gold production rose by 15% to 21.9 tons [1] Market Outlook - The report maintains a positive outlook on copper prices, expecting them to rise above 10,000 USD per ton in the long term due to supply constraints and strong demand [2] - Gold prices are anticipated to remain in the range of 3,100 to 3,500 USD per ounce, driven by inflation expectations and changes in global asset allocation [2] Valuation and Estimates - The report projects net profits for 2025, 2026, and 2027 to be 44.8 billion RMB, 51.8 billion RMB, and 58.8 billion RMB respectively, with growth rates of 39.67%, 15.70%, and 13.46% [4][7] - The target price is set at 25.92 RMB for A-shares and 27.91 HKD for H-shares, reflecting an increase of 15.25% and 28.44% respectively from previous estimates [4]

Company - The company expects to achieve a net profit attributable to shareholders of approximately 23.2 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% [3] - For Q2 2025, the estimated net profit attributable to shareholders is around 13 billion yuan, which is a quarter-on-quarter increase of approximately 27% compared to Q1 2025 [3] - The company plans to spin off its overseas gold assets into a subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange [5] - The company announced the acquisition of the RG gold mine in Kazakhstan for a preliminary consideration of 1.2 billion USD, with projected sales revenue of 473 million USD and net profit of 202 million USD for 2024 [6] Industry - The company is optimistic about the continued rise in gold and copper prices in 2025, driven by central bank purchases of gold to hedge against dollar credit risks and geopolitical uncertainties [7] - The copper industry is expected to maintain a tight supply-demand balance in 2025, with prices likely to rise gradually following domestic stimulus policies and U.S. interest rate cuts [7]