华源证券研报指出，紫金矿业2025年Q1-Q3实现归母净利润378.64亿元，同比增长55.45%；单Q3看，实 现归母净利润145.72亿元，同比增长57.14%，环比增长11.02%，基本符合预期。受益于铜价上涨，Q1- Q3平均吨毛利上涨6%至3.80万元/吨；受益于金价上涨，Q1-Q3平均克金毛利上涨64%至448元/克。此 外，碳酸锂项目稳步推进，有望供给业绩增量。公司通过内生外延持续扩大资源禀赋，铜金产量有望持 续提升，在金铜价格持续上涨背景下，公司业绩有望持续量价齐升。上调公司2025-2027年归母净利润 分别为511/621/729亿元，EPS分别为1.92/2.34/2.74元/股，对应PE为15.5/12.7/10.9倍，维持"买入"评级。 ...

Summary of China Gold International Conference Call Industry and Company Overview - The conference call focuses on China Gold International, a company engaged in gold and copper mining, highlighting its growth potential and investment value in the current economic environment [2][3][10]. Core Insights and Arguments 1. **Balanced Gold and Copper Strategy**: In the current uncertain economic environment, a balanced allocation between gold and copper is advantageous, especially during a rate-cutting cycle where economic direction is unclear [2][3]. 2. **High Growth Potential**: - Gold production is expected to increase from 5 tons in 2025 to 6.6 tons by 2028, representing a 32% growth. - Copper production is projected to rise from 67,000 tons to 100,000 tons, indicating a 50% increase [2][3]. 3. **Operational Improvements at Changshan Gold Mine**: - Transitioning from open-pit to underground mining, with a new resource report expected to be released next year. - Cost control measures are effective, with cash costs rising due to one-time tax payments but overall costs expected to remain stable [4][5]. 4. **Development at Jiama Copper-Gold Mine**: - The mine has a robust production plan with three phases of capacity expansion expected to double overall production by 2027. - New contracts are improving pricing coefficients, and operational costs are decreasing due to rising prices of by-products [6][7]. 5. **Strong Financial Performance in 2025**: - The company is projected to achieve a profit of approximately 3 billion yuan, with significant contributions from both Jiama and Changshan mines [7]. 6. **Valuation and Market Position**: - The current price-to-earnings (P/E) ratio is around 15, indicating a completed valuation recovery. - The company’s valuation is similar to Zijin Mining, benefiting from overall copper stock valuation increases and strong earnings per share (EPS) growth potential [8][9]. Additional Important Insights 1. **Economic Policy Impact**: Recent fiscal and monetary easing policies are expected to boost demand expectations, enhancing the overall valuation of copper stocks [8][9]. 2. **Investment Highlights for the Sector**: - The balanced business model of gold and copper aligns with market demands. - High growth potential from expansion and resource planning in key mining areas. - Strong EPS growth expectations and improving P/E ratios suggest a positive outlook for both China Gold International and the broader non-ferrous metals sector [10].

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, Barrick produced 797,000 ounces (24.79 tons) of gold, a 5% increase quarter-over-quarter but a 16% decrease year-over-year. Gold sales were 770,000 ounces (23.95 tons), up 3% quarter-over-quarter but down 19% year-over-year [1][2] - Copper production reached 59,000 tons in Q2 2025, marking a 34% increase quarter-over-quarter and a 37% increase year-over-year. Copper sales were 54,000 tons, up 6% quarter-over-quarter and 29% year-over-year [3][4] - The average realized gold price in Q2 2025 was $3,295 per ounce, a 14% increase quarter-over-quarter and a 41% increase year-over-year [2][7] - The average realized copper price was $4.36 per pound, reflecting a 3% decrease quarter-over-quarter and a 4% decrease year-over-year [4][6] Financial Performance - Total revenue for Q2 2025 was $3.681 billion, an 18% increase quarter-over-quarter and a 16% increase year-over-year [7][20] - Net profit for Q2 2025 was $811 million, a 71% increase quarter-over-quarter and a 119% increase year-over-year [7][20] - Adjusted net profit for Q2 2025 was $800 million, up 33% quarter-over-quarter and 44% year-over-year [7][20] - Operating cash flow for Q2 2025 was $1.329 billion, a 10% increase quarter-over-quarter and a 15% increase year-over-year [8][20] Key Business Developments - Barrick is involved in a dispute regarding mining conventions with the Malian government concerning the Loulo-Gounkoto complex, which has led to temporary operational halts [10] - The company completed the sale of its 50% interest in the Donlin gold project for $1 billion, recognizing $745 million in sales proceeds in Q2 2025 [11] - Barrick announced the sale of the Alturas project in Chile, receiving an upfront cash payment of $50 million [12] - A new stock buyback program was authorized, with $268 million of shares repurchased in Q2 2025 [13] 2025 Guidance - Barrick expects gold production in 2025 to be between 3.15 million and 3.50 million ounces, with cost guidance for gold remaining unchanged [16][22] - Copper production is projected to be between 200,000 and 230,000 tons, with cost metrics also provided [18][22]

Group 1 - The core viewpoint of the article is that the increase in copper prices has a positive impact on the company's performance [1] - The company expects a copper production of 82,000 tons from its mines in 2024 [1] - In the first quarter of 2025, the company's copper production is projected to be 18,900 tons [1]