Group 1 - Goldman Sachs has raised its gold price forecast for 2026 to 2027 by 10% to 16%, with an average price of $4,978 per ounce in 2026 and $5,585 per ounce in the first half of 2027 [1] - The firm has also increased its copper price forecast for 2026 by 7% to $12,200 per ton [1] - As a result, Goldman Sachs has upgraded its earnings forecasts for Chinese copper and gold mining stocks for 2026 to 2027 by 9% to 33%, with Zijin Mining (02899) and Luoyang Molybdenum (03993) as preferred stocks due to their expected production growth alongside rising commodity prices [1] Group 2 - Zijin Mining and Luoyang Molybdenum are expected to see copper production growth of 9% to 14% in 2026, with both companies on track to meet their 2028 production targets, indicating a 40% to 45% increase in production compared to 2025 [1] - Goldman Sachs has raised its recurring earnings forecast for Zijin Mining for 2026 to 2027 by 14% to 18%, with target prices for Zijin Mining H-shares increased from HKD 39.5 to HKD 52 and A-shares from CNY 38 to CNY 50, maintaining a "Buy" rating [1] - Similarly, the recurring earnings forecast for Luoyang Molybdenum for 2026 to 2027 has been increased by 20% to 24%, with target prices for Luoyang Molybdenum H-shares raised from HKD 21.5 to HKD 27 and A-shares from CNY 21.5 to CNY 28, also maintaining a "Buy" rating [2]

Group 1 - Goldman Sachs raised its gold price forecast for 2026-2027 by 10% to 16%, expecting an average price of $4,978 per ounce in 2026 and $5,585 per ounce in the first half of 2027 [1] - The firm also increased its copper price forecast for 2026 by 7% to $12,200 per ton [1] - The earnings forecasts for Chinese copper and gold mining stocks for 2026-2027 were raised by 9% to 33%, with Zijin Mining and Luoyang Molybdenum being the preferred stocks due to benefiting from rising commodity prices and simultaneous growth in copper and gold production [1] Group 2 - Zijin Mining's recurring earnings forecast for 2026-2027 was increased by 14% to 18%, with the target price for H-shares raised from HKD 39.5 to HKD 52 and A-shares from CNY 38 to CNY 50, maintaining a "Buy" rating [1] - Luoyang Molybdenum's recurring earnings forecast for 2026-2027 was raised by 20% to 24%, with the target price for H-shares increased from HKD 21.5 to HKD 27 and A-shares from CNY 21.5 to CNY 28, also maintaining a "Buy" rating [1]