UBS published a report stating that it has drastically lowered the target price of Jiangxi Copper from HK$65 to HK$38, maintaining a “buy” rating. The bank lowered the target price-earnings ratio for the copper business from 12 times to 8 times the 2027 forecast, and lowered the 2026 and 2027 profit forecasts by 5% and 15%, respectively, mainly reflecting more conservative assumptions about the average selling price of sulfuric acid and long-term contract processing fees, as well as declining profit visibility. Within the scope of the bank's coverage, it favors the valuation and high-grade resources of the Luoyang Molybdenum industry, as well as the gold exposure of Zijin Mining, and is relatively cautious about the profit visibility of the Jiangxi copper industry. According to the bank, the constructive view on copper prices remains unchanged. It believes that electrification, power grid investment, and power infrastructure related to artificial intelligence are driving copper prices into a higher structural range, while declining ore grades, long project development cycles, and limited capital expenditure limit supply responses. However, the mixed mining, smelting and futures hedging business model of Jiangxi Copper has prevented higher copper prices from being directly and continuously converted into profits like mining companies with strong upstream growth. Quarterly earnings are still affected by regional sulfuric acid pricing, copper concentrate procurement, processing fee changes, futures and physical profit confirmation times, and non-recurring investment returns.

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