UBS: Continues to list Zijin Mining Group (02899) as the industry's top choice with a target price of 63.5 Hong Kong dollars. It is expected that the fundamentals of the copper market will remain unchanged.

UBS released a research report stating that, despite facing cost pressures, Zijin Mining Group (02899) is expected to achieve a net profit of 51.8 billion RMB in 2025, a year-on-year increase of 62%, close to the upper limit of the previously announced profit expectation range. At the same time, the company announced a dividend of 0.38 RMB per share for the second half of the year, with a full-year payout ratio of 31%. The company also announced an A-share repurchase plan involving an amount of 1.5 billion to 2.5 billion RMB. The bank reiterated its "buy" rating, with a target price of HK$63.5, and listed it as its industry's top pick, based on the company's profit and sales achievability, as well as its reasonable valuation. Although short-term copper prices may be affected by macroeconomic uncertainties, including tensions in the Middle East and fluctuations in oil prices, it is believed that this will not change the long-term fundamentals of the copper market; recent weakness in the stock price may provide more attractive buying opportunities.