Core Viewpoint - The company, Zhaojin Mining Industry (01818.HK), issued an apology following a fatal accident at its Canzhuang gold mine, which resulted in the death of seven individuals. The incident has raised concerns about safety practices within the company, especially given previous penalties for safety violations [2][5][9]. Group 1: Incident Overview - On February 7, a hoisting accident occurred at the Canzhuang gold mine, leading to seven fatalities. The company has initiated emergency response measures and is conducting follow-up actions [5][4]. - The Canzhuang gold mine has a history of safety issues, having been penalized twice by regulatory authorities for safety violations in 2025 [3][4]. Group 2: Financial Performance - Zhaojin Mining's financial performance has been robust, with net profits doubling to 1.451 billion yuan in 2024 and reaching 2.117 billion yuan in the first three quarters of 2025, indicating continued growth [3][8]. - The company's stock price has surged from 14.42 HKD per share to a peak of 42.36 HKD over the past year, reflecting a nearly twofold increase [3][9]. Group 3: Production and Revenue - The Canzhuang gold mine contributes an average annual gold production of approximately 1 ton and an average annual profit of about 6 million yuan, which is relatively minor compared to the company's overall performance [5][8]. - Zhaojin Mining's total revenue has shown significant growth, with figures of 7.886 billion yuan, 8.424 billion yuan, and 11.551 billion yuan from 2022 to 2024, representing year-on-year growth rates of 14.96%, 6.82%, and 37.12% respectively [8].

中金研究 1 月 CPI 同比从 0.8% 回落至 0.2% ，主要受春节错位影响，食品和服务拖累较大。金价上涨和换新需求释放难抵服务拖累，核心 CPI 同比回落至 0.8% 。 PPI 环比涨幅走扩至 0.4% 、同比跌幅收窄至 -1.4% ，主要受国际有色涨价、化工光伏反内卷、 AI 需求推动，但中下游顺价压力仍大。基期轮换对通胀读数影 响不大，但分类和调查的调整关注新消费、新模式和新方法，权数结构变化反映消费结构从商品向服务、从生存型向发展享受型的变迁 [1] 。向前看， 2 月 CPI 同比有望回弹，但后续物价改善幅度还看内需修复速度。 点击小程序查看报告原文 春节错月拖累同比。 1月CPI同比由上月0.8%回落至0.2%，主要受春节错位影响。春节所在月份往往CPI环比较高，今年春节在2月，去年春节在1月，导致 1月食品和服务等价格在高基数、低新增下，同比由前月的1.1%和0.6%回落至-0.7%和0.1%[2]，分别拖累CPI同比0.3和0.2ppt。 1月CPI环比0.2%，弱于十年同期可比均值的0.6%[3]，但考虑到疫情后服务样本更具代表性的调整，这个环比与疫后春节相似的2024年1月相当（0 ...

Group 1: Consumer Price Index (CPI) Insights - In January, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, indicating a moderate recovery in consumer demand [1][2] - The core CPI, excluding food and energy, rose by 0.3% month-on-month, marking the highest increase in six months [3] - Food prices decreased by 0.7%, contributing to a decline in the CPI year-on-year by approximately 0.11 percentage points, while service prices increased by 0.1% [2][3] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) rose by 0.4% month-on-month, marking the fourth consecutive month of increase, with a year-on-year decline of 1.4% [4] - Key industries showed price increases due to improved supply-demand structures and the effects of capacity governance [4][5] - Domestic prices in the non-ferrous metal and petroleum sectors exhibited divergence due to international price fluctuations, with non-ferrous metal mining prices increasing significantly [6]

Summary of the Conference Call on Zijin Mining Company Overview - **Company**: Zijin Mining - **Industry**: Mining (Gold and Copper) Key Points and Arguments Financial Projections - Expected net profit for 2026 is approximately **926 billion CNY** with gold price at **100 CNY per gram** and copper price at **100,000 CNY per ton** [1] - Current PE ratio is estimated to be between **9 to 10 times**, indicating significant undervaluation compared to the industry average of **12 to 18 times** [1] Strategic Goals - By **2028**, Zijin aims to rank among the top three globally in terms of resource reserves, production, sales revenue, and profit for copper and gold [2] - The company has adjusted its production guidance, increasing gold production targets from **100 tons** to **130-140 tons** [3] Production Capacity and Growth - Copper production is projected to reach **150-160 million tons** by **2028**, surpassing competitors like Glencore and Freeport [3][8] - Significant increases in production are expected from acquisitions and expansions, including the **Kamoa Copper Mine** and **Giant Copper Mine** [7][8] - Lithium production is also targeted to grow from **2.5 million tons** to **27-32 million tons** by **2028** [5][10] Acquisition and Expansion Strategy - Recent acquisitions include the **Joint Gold Mine** and **Sakhalin Gold Mine**, which are expected to contribute significantly to production increases [5][6] - The company has a strong track record of turning around underperforming mines, such as the **Bole Copper Mine**, which was transformed from a loss-making entity to profitability within six months of acquisition [16][17] Market Position and Competitive Advantage - Zijin Mining is positioned to become a leading international mining company, leveraging its technological capabilities to extract value from low-grade ores [12][18] - The company has developed a systematic approach to mining that allows it to profit from previously unprofitable assets [14][18] Industry Trends and Market Outlook - The gold and copper markets are expected to experience upward price trends due to geopolitical tensions and strategic metal reserves initiatives by major economies [19][20] - The long-term outlook for copper supply remains constrained, which could lead to price increases [20] Investment Recommendation - The current valuation of Zijin Mining is considered low, with a potential upside as the company continues to expand its production and improve operational efficiencies [22] - The company is recommended as a strong investment opportunity due to its growth potential and strategic positioning in the mining sector [22] Additional Important Insights - The company emphasizes its commitment to sustainable practices and ESG (Environmental, Social, and Governance) standards in its operations [4] - There are risks associated with macroeconomic fluctuations and metal price volatility that could impact short-term stock performance [21][22]

Group 1: CPI Analysis - In January, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) rising by 0.8% year-on-year [1][4] - The year-on-year CPI growth rate declined mainly due to the high base effect from the previous year's Spring Festival, with food prices decreasing by 0.7%, impacting the CPI by approximately 0.11 percentage points [1][6] - Energy prices fell by 5.0% in January, contributing to a 0.34 percentage point decrease in the year-on-year CPI, with gasoline prices down 11.4% [1][6] Group 2: Core CPI and Consumer Demand - The core CPI continued to rise, with a month-on-month increase of 0.3%, the highest in six months, driven by higher prices for air tickets and travel services [2] - Prices for essential consumer goods remained stable, with fresh vegetable prices down 4.8% and pork prices up 1.2% [2][8] - The demand for various services, including household services and entertainment, showed moderate price increases, indicating a recovery in consumer demand [2][8] Group 3: PPI Analysis - The Producer Price Index (PPI) rose by 0.4% month-on-month, marking the fourth consecutive month of increases, while the year-on-year decline narrowed to 1.4% [3][11] - The increase in PPI was influenced by the ongoing development of a unified national market, leading to price rises in sectors such as cement and lithium-ion battery manufacturing [2][3] - Input factors, including international metal prices, significantly affected domestic prices, with non-ferrous metal mining prices up 22.7% year-on-year [3][18] Group 4: Price Changes by Category - In January, food and beverage prices decreased by 0.2% year-on-year, with significant declines in egg and meat prices impacting the CPI [6][11] - Other categories showed mixed results, with prices for household goods and services rising by 2.6% year-on-year, while transportation and communication prices fell by 3.4% [6][11] - The prices of industrial producer goods varied, with production materials experiencing a year-on-year decline of 1.3%, while living materials saw a decrease of 1.7% [13][15]

Group 1: Overall Market Performance - As of February 9, 2026, 271 companies on the Shanghai Stock Exchange have issued positive performance forecasts for 2025, with 168 expecting profit increases and 85 companies turning losses into profits [1] - In the Sci-Tech Innovation Board, 391 companies have disclosed their expected performance for 2025, with nearly 60% of these companies anticipating year-on-year net profit growth, including 39 companies expecting over 100% profit growth [1] - The year 2025 is seen as a pivotal year for the "14th Five-Year Plan," showcasing resilience and structural highlights in the operations of companies listed on the Shanghai Stock Exchange [1] Group 2: Nonferrous Metals Industry - The nonferrous metals industry is projected to see an industrial added value growth of 6.9% in 2025, surpassing the national average by 1.0 percentage points, with production of ten major nonferrous metals exceeding 80 million tons for the first time [2] - The total profit of large-scale enterprises in the nonferrous metals sector is expected to reach 528.45 billion yuan, a year-on-year increase of 25.6%, marking a historical high [2] - Leading companies in the nonferrous metals sector are exhibiting a "volume-price resonance" characteristic, with significant increases in production and prices of key minerals like gold, copper, cobalt, and lithium contributing to profit growth [2] Group 3: Key Companies in Nonferrous Metals - Zijin Mining is expected to achieve a net profit of 51 to 52 billion yuan in 2025, representing a year-on-year increase of 59% to 62%, driven by rising prices of gold, silver, and copper [2] - Luoyang Molybdenum, the largest cobalt producer globally, anticipates a net profit of 20 to 20.8 billion yuan for 2025, reflecting a year-on-year increase of 47.80% to 53.71% [3] - Huayou Cobalt expects a net profit of 5.85 to 6.45 billion yuan in 2025, with a year-on-year growth of 40.80% to 55.24%, benefiting from upstream resource production and recovering downstream material business [3] Group 4: Electronics Industry - The electronics industry is experiencing significant growth driven by AI, with smart hardware becoming a primary growth engine [4] - Huaqin Technology forecasts a revenue of 170 to 171.5 billion yuan in 2025, a year-on-year increase of 54.7% to 56.1%, and a net profit of 4 to 4.05 billion yuan, reflecting a growth of 36.7% to 38.4% [4] - Shengyi Technology anticipates a net profit of 3.25 to 3.45 billion yuan, representing a year-on-year increase of 87% to 98%, driven by strong demand in automotive electronics and AI servers [4] - Rockchip is expected to achieve a revenue of 4.387 to 4.427 billion yuan in 2025, with a net profit of 1.023 to 1.103 billion yuan, reflecting a year-on-year growth of 71.97% to 85.42% [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 自願性公告 獲納入 MSCI 中國小型股指數成份股 本公告乃由中國罕王控股有限公司（「本公司」，連同其附屬公司，統稱為「本集團」）在 自願的基礎上發佈，旨在向本公司股東及潛在投資者提供本集團的最新發展情況。 本公司董事會（「董事會」）欣然宣佈，在摩根士丹利資本國際公司（「MSCI」）二零二六年 二月指數審議結果中，本公司將獲納入MSCI中國小型股指數(MSCI China Small Cap Index)成份股，於二零二六年二月二十七日收市後生效。 MSCI是全球知名的獨立指數公司，覆蓋全球資本市場。MSCI指數為全球投資經理廣 泛使用的投資基準之一，MSCI指數成份股的變動可能對機構投資者調整或優化投資組 合的決策具有一定影響力。 董事會相信，本公司獲納入MSCI中國小型股指數成份股代表資本市場對本公司價值及 表現的認同，預期將有利於提升本公司影響力及增加本公司股份買賣的流動性，從而 進一步提升本公司 ...

Core Viewpoint - The company plans significant capital expenditures in the coming years focused on the development of multiple mining projects and resource acquisitions [1] Group 1: Capital Expenditure Plans - The capital expenditure plan includes the development of the DeYun Mining Bayannaoer silver polymetallic mine, the Yichun Jinshi Mining 460 Highland copper-molybdenum mine, and the Guangxi Jinshi Mining Miaohuang copper-lead-zinc-silver mine [1] - The company aims to enhance production efficiency at existing mines and increase resource reserves through exploration [1] - The financing strategy will involve a combination of self-funding, financing from financial institutions, and secondary market financing to meet funding needs [1]

2月11日，国家统计局数据显示，今年1月，全国居民消费价格同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨0.8%。国家统计局城市司首席统计师 董莉娟表示，1月CPI同比涨幅有所回落，主要原因为春节错月影响和国际油价变动导致的能源价格降幅扩大。值得注意的是，国家统计局发布以2025年为 基期的全国居民消费价格指数（CPI）和工业生产者出厂价格指数（PPI）数据，这是本次基期轮换后的首次数据发布。国家统计局城市司相关负责人表示， 本次基期轮换对CPI和PPI各月同比指数的影响平均约为0.06和0.08个百分点，总体较小。 核心CPI保持温和上涨 数据显示，今年1月，全国居民消费价格同比上涨0.2%。其中，城市上涨0.2%，农村上涨0.1%；食品价格下降0.7%，非食品价格上涨0.4%；消费品价格上涨 0.3%，服务价格上涨0.1%。环比来看，1月，全国居民消费价格上涨0.2%。其中，城市上涨0.2%，农村上涨0.2%；食品价格持平，非食品价格上涨0.2%；消 费品价格上涨0.2%，服务价格上涨0.2%。 董莉娟表示，CPI同比涨幅有所回落，主要受春节错月影响和国际油价变动导致能源价格降幅扩大的影响。具体 ...

Group 1: Production and Operational Challenges - The company has implemented safety measures in response to extreme weather, including a weather warning system and drainage system maintenance [2] - Heavy rainfall in January 2026 led to increased underground water levels, causing flooding in some mine tunnels [2] - Despite the flooding, the company successfully executed emergency measures, ensuring no casualties or major safety incidents occurred [2] Group 2: Project Development and Delays - The progress of the No. 6 crusher for the copper phase II project has been affected by the flooding, leading to delays in construction [2][3] - The expected production start date for the copper phase II project will be postponed due to the impact of the flooding [3] - The company is assessing recovery efforts and aims to resume work as soon as safety and operational conditions allow [3] Group 3: Financial and Dividend Policies - The company emphasizes sustainable development as the basis for future dividend plans, balancing profitability, cash flow, and investment needs [3] - The commitment to maintaining a stable dividend policy is highlighted to protect investor interests [3] Group 4: Technical Capabilities - The copper phase II project utilizes the natural caving method, which is advantageous in terms of mining capacity, efficiency, and cost [3] - The company has established technical reserves and a skilled workforce from previous successful applications of the natural caving method in the copper phase I project [3]