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Zijin Mining (2899): The company has announced a three-year production plan, with copper and gold production guidance of 1.2mn tons and 1.05mn tons respectively in 2026, representing year-on-year increases of 10% and 17%; lithium carbonate production is expected to see explosive growth of 380% to 120,000 tons. In terms of valuation, excluding the spun-off businesses, its gold asset price-to-earnings ratio is only about 11 times, a significant discount compared to international and domestic peers. Looking ahead, the company aims to rank among the top three global producers of copper and gold by 2028, with planned copper production reaching 1.5 to 1.6mn tons and gold production reaching 1.3 to 1.4mn tons. The compound annual growth rate of gold and copper production is projected to reach 13-16% and 11-14% respectively between 2025 and 2028, indicating a clear growth outlook.
Trump's 15% Tariff Impact
US stocks retreated across the board last night due to the tariff impact. The S&P 500 closed down about 1.0%, and the Dow Jones Industrial Average fell more than 1.7%, or about 800 points. This reflects the market's rapid shift from optimism over the Supreme Court's overturning of some of Trump's tariffs to concerns about a new round of trade uncertainty caused by his weekend announcement of a "uniform increase in the base tariff to 15%." The EU firmly stated that "an agreement is an agreement" and demanded that Washington clarify subsequent arrangements. US Customs also stopped collecting the overturned tariffs, indicating that the power struggle between the executive and judicial branches, as well as between opposing sides, is unlikely to be resolved in the short term.
Hong Kong Stock Connect remained suspended on Monday.
The Hang Seng Index opened 168 points lower and then extended its losses, falling as much as 558 points to 26,523 points, closing down 523 points or 1.9% at 26,558 points in the morning session; the Hang Seng China Enterprises Index fell 190 points or 2.1% to 9,007 points; and the Hang Seng Tech Index fell 127 points or 2.4% to 5,258 points. Total turnover for the morning session was HK$138.679 billion. KNOWLEDGE ATLAS (2513) and MiniMax-WP (100) rebounded 20.9% and 7.9% respectively.
Source: KGI Investment Products and Solutions Department
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