Core Viewpoint - China Gold International Resources Limited, as the overseas flagship of China National Gold Group, is well-positioned in the gold and copper mining industry, leveraging strong resources and technology support from its parent group [1][2]. Group 1: Company Overview - China Gold International focuses on the exploration, mining, and development of mineral resources, primarily gold and copper [1]. - The company operates two key mines: the Jiama Copper-Gold Mine and the Changshanhao Gold Mine, maintaining a leading market position in the industry [1]. Group 2: Mine Performance - The Changshanhao Mine is expected to contribute stable production, with gold resources of 158.57 tons and reserves of 15.02 tons, achieving an estimated gold output of approximately 3.4 tons in 2024, generating sales revenue of $247 million [1]. - The Jiama Mine has a copper reserve of 207,500 tons and a gold reserve of 55.7 tons, with a production capacity expected to increase by over 50% through a three-step plan involving tailings storage construction and exploration [2]. Group 3: Market Dynamics - The weakening of the US dollar is a primary driver for rising gold prices, supported by increased gold purchases by central banks to mitigate dollar risk [2]. - The copper market is experiencing tight supply conditions due to declining capital expenditures and resource depletion, with expectations for copper prices to steadily rise due to a combination of traditional and emerging demand [3]. Group 4: Financial Projections - The company is projected to achieve net profits of $306 million, $362 million, and $504 million from 2025 to 2027, reflecting significant year-on-year growth [3]. - Based on a comparative analysis of the gold and copper sectors, the target market capitalization for China Gold International is set at 33 billion RMB, with a target price of 91.4 HKD per share, indicating a "buy" rating [3].

证券研究报告 | 2025 年 07 月 18 日 晨会集萃 制作：产品中心 重点推荐 《策略|如何定位"市场化反内卷"？》 1、我们认为，本轮反内卷逻辑和供给侧改革有所不同，本轮反内卷更侧 重于成本调查和价格监测，治理企业低价无序竞争。提价本身需要行业的 供给格局配合，我们从"内卷"程度、产能出清程度、产能出清弹性三个 方面讨论哪些行业更具备基本面率先改善的潜质。以 CAPEX、毛利率和 存货的历史分位数水平衡量行业的"内卷程度"，以上述三个指标是否发 生趋势的拐点判断行业出清是否启动，目的是筛选本身已经在去产能、出 清的行业。2、我们筛选出两类受益方向：第一类走困境反转逻辑，行业 "反内卷"需求较为迫切，处在周期底部，出清拐点初步显现且具有较好 的出清弹性，属于"反内卷"较为核心的赛道。典型行业为光伏设备、通 用设备。以光伏为例，行业库存与开支周期向下，去库效果初显，营收增 速出现环比改善，但毛利率和现金流的改善仍未出现，困境反转后向上空 间较大。第二类走率先出清、盈利改善的右侧逻辑，内卷程度已经得到一 定改善，行业业绩能见度较高。典型为家电、化学原料等。 风险提示：1）过去历史经验有局限性；2）地缘风险 ...

Group 1 - BHP Group's fourth quarter attributable iron ore production reached 70.34 million tons, with an expected annual attributable iron ore production of 260 million to 270 million tons [1] - The copper production for the fourth quarter was 516,200 tons, with an expected annual copper production of 1.8 million to 2 million tons, revised from a previous estimate of 1.85 million to 2.05 million tons [1]