紫金期内金矿产量为23.8吨，按季及同比分别升7%及26%，今年首三季累计金矿产量同比升20%。该行 指，由于集团近期完成收购哈萨克斯坦Raygorodok金矿，预计全年金矿产量可超出85吨的指引，最新料 达约89吨。至于铜矿产量，管理层将全年指引由115万吨下调至110万吨，而2024年为107万吨。不过该 行料对盈利的影响有限，因铜价上升可抵消产量下跌。 富瑞发布研报称，紫金矿业（601899）(02899)第三季税后净利润为146亿元人民币，按季及同比分别升 11%及57%，略好过该行预期;经常性税后净利润为125亿元人民币，按季及同比分别升6%及50%，符合 该行预期。该行将紫金H股目标价由29.6港元升至38.1港元，A股(601899.SH)目标价由27.3元升至35.2元 人民币，均予"买入"评级。 ...

报告中称，9月30日，紫金黄金国际(02259)在港交所成功上市，创下多项矿业企业IPO纪录，公司作为 紫金黄金国际的控股股东，既共享未来高速增长带来的丰厚回报，更有望通过价值重估提升整体市值。 紫金黄金国际有限公司通过全资子公司收购哈萨克斯坦Raygorodok金矿100%权益协议中约定的交割先 决条件已全部实现或豁免，本次收购已于2025年10月10日完成交割，紫金黄金国际现已持有Raygorodok 金矿100%权益。 智通财经APP获悉，中信建投发布研报称，受益于金铜量价齐升，2025Q3紫金矿业(02899)实现营业收 入864.9亿元，同比+8.1%;实现归母净利润145.7亿元，同比+57.1%，环比+11.0%。其中，矿产金产量显 著释放，超过全年计划指标时序进度;受刚果(金)KK铜矿淹井事件影响，Q3矿产铜产量环比下降，目前 公司正积极推进卡库拉矿段东区的复产工作。 ...

Core Viewpoint - Jefferies' research report indicates that Zijin Mining's net profit after tax for Q3 reached 14.6 billion yuan, representing a quarter-on-quarter increase of 11% and a year-on-year increase of 57%, slightly exceeding the firm's expectations [1] Financial Performance - The recurring net profit after tax was 12.5 billion yuan, with a quarter-on-quarter increase of 6% and a year-on-year increase of 50%, aligning with the firm's expectations [1] - Gold production for the period was 23.8 tons, showing a quarter-on-quarter increase of 7% and a year-on-year increase of 26%, with a cumulative year-on-year increase of 20% for the first three quarters of the year [1] Production Guidance - Following the recent acquisition of the Raygorodok gold mine in Kazakhstan, the company is expected to exceed its annual gold production guidance of 85 tons, with the latest estimate reaching approximately 89 tons [1] - However, copper production guidance has been revised down from 1.15 million tons to 1.10 million tons for the year, and to 1.07 million tons for 2024 [1] - The impact on profitability is expected to be limited, as rising copper prices may offset the decline in production [1] Target Price Adjustment - Jefferies has raised the target price for Zijin's H-shares from 29.6 HKD to 38.1 HKD, and for A-shares from 27.3 CNY to 35.2 CNY, maintaining a "Buy" rating [1]

Core Viewpoint - China Gold International (600916) has seen its stock price rise over 7%, reaching a historical high of 96 HKD, driven by strong mid-year performance results [1] Financial Performance - The company reported a sales revenue of 580 million USD, an increase of 178.36% year-on-year [1] - Mining operating profit reached 277 million USD, reflecting a significant increase of 1443.71% year-on-year [1] - Shareholder profit attributable to the company was 200 million USD, a turnaround from a loss of 31.67 million USD in the same period last year [1] Production Metrics - Total gold production for the first half of the year was 2.74 tons, representing a year-on-year growth of 69% [1] - Total copper production reached 35,000 tons, showing a substantial increase of 231% year-on-year [1] - Both gold and copper production exceeded 50% of the annual guidance [1] Future Expansion Potential - The company has significant expansion potential at the Jiama mine, with the Yulong tailings project expected to be operational by mid-2027, increasing daily processing capacity from 34,000 tons to 44,000 tons [1] - There is a possibility of further increasing processing capacity to 50,000 tons per day, pending safety permit approvals [1] - Exploration activities in the Bayi Ranch and Zhegu Langbei areas have shown considerable resource potential, which may support larger-scale expansions in the future [1]

Market Overview - On July 30, US stock indices showed mixed results, with the Dow Jones down 0.38%, S&P 500 down 0.12%, and Nasdaq up 0.15% [1] - Major technology stocks experienced varied performance, with Nvidia rising over 2% and Apple falling more than 1% [3] Gold and Precious Metals - Gold stocks fell across the board, with notable declines including US Gold down over 7%, AngloGold down over 5%, and Kinross Gold down over 3% [5] - International precious metal futures saw a general decline, with COMEX gold futures down 1.58% to $3327.9 per ounce and COMEX silver futures down 2.90% to $37.175 per ounce [12][13] Copper Sector - Copper mining stocks experienced significant drops, with Freeport-McMoRan down nearly 10% and a cumulative decline of 13% over the last five trading days [8] - Hudbay Minerals fell nearly 7%, and Southern Copper dropped over 6% [8] Economic Indicators - The US Federal Reserve maintained the federal funds rate target range at 4.25% to 4.50% following a two-day monetary policy meeting [1] - The Bureau of Economic Analysis reported a 3.0% annual growth rate for real GDP in Q2 2025, reversing a previous contraction of -0.5% in Q1 [11]

Core Viewpoint - Zijin Mining Group Co., Ltd. plans to spin off its subsidiary, Zijin Gold International Co., Ltd., for a public listing on the Hong Kong Stock Exchange, aiming to enhance its overseas gold mining operations and maintain a degree of independence from the parent company [2][3]. Group 1: Spin-off Details - The spin-off will involve the issuance of shares not exceeding 15% of the total share capital of Zijin Gold International post-issuance, with the offering comprising both public and international placements [2]. - Prior to the spin-off, Zijin Mining intends to restructure and consolidate several overseas gold mining assets under Zijin Gold International, which is currently in progress [2]. - The spun-off entity will focus on gold exploration, mining, production, and sales in regions such as South America, Central Asia, Africa, and Oceania, leveraging local gold resource advantages [2][3]. Group 2: Business Strategy and Future Plans - Following the spin-off, Zijin Gold International aims to deepen its overseas market presence and continue global gold resource development while maintaining operational independence from Zijin Mining and its other subsidiaries [2]. - Zijin Mining's 2024 report indicates a strategic focus on low-cost operations and optimizing the construction and production schedules of its major lithium projects, with plans to achieve a lithium carbonate equivalent production capacity of 40,000 tons by 2025 [4]. - The company also plans to produce 115,000 tons of copper, 85 tons of gold, 44,000 tons of zinc (lead), 4,000 tons of lithium carbonate equivalent, 450 tons of silver, and 10,000 tons of molybdenum by 2025 [4].