Goldman Sachs: Slightly lowers the target price of Zijin Mining to HK$51, attractive valuation, maintains "buy" rating.

Goldman Sachs released a research report stating that Zijin Mining's performance in the first quarter of 2026 met expectations, with a net profit of 18.9 billion yuan for the period, an 88% year-on-year increase, reaching 24% of the bank's full-year forecast for the group in 2026. The group's gold and copper production reached 23% and 22% of the bank's full-year forecast, respectively, with progress broadly in line with expectations. Goldman Sachs believes that Zijin's current valuation is attractive, maintaining a "buy" rating on Zijin's A-shares and H-shares, with the H-share target price lowered from 52 Hong Kong dollars to 51 Hong Kong dollars, and the A-share target price decreased from 50 yuan to 49 yuan.