The Zhitong Finance App learned that J.P. Morgan Chase released a research report saying that Zijin Mining (02899) and Zijin Gold International (02259) performed less than expected, mainly due to falling gold prices, a target completion rate of less than 50% of copper and gold production targets, and a more significant impact on cost inflation. It is expected that the short-term stock price reaction will be moderate to negative. I believe investors will still focus on commodity price trends, US-Iran negotiations and interest rate decisions, maintaining the “gain” rating. Zijin Mining's target price is HK$50, and Zijin Gold's target price is HK$170. The gold mining industry is the industry's preferred stock.

Zijin Mining issued a mid-term profit announcement, predicting that core profit for the second quarter after deducting non-recurring profit and loss was about RMB 19.4 billion, up 5% from quarter to quarter, lower than the bank's forecast of RMB 21.5 billion. Core profit for the first half of the year was estimated to be RMB 37.9 billion, reaching about 48% of the market forecast for the full year, slightly lower than the forecast. Zijin Gold International's mid-term earnings revealed that the second-quarter profit forecast increased 67% year-on-year to about US$590 million, which is also lower than the bank's forecast of US$830 million.

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