Zijin Mining (601899.SH)

A-share gold/copper major; MSCI:Yes / Northbound:Large holding / QFII:Yes / Pool:Core / Priority:Weekly brief / First piece: Gold+copper price sensitivity, overseas mine output, FX and debt.

Notes

Reading Notes: Zijin Gold International (02259.HK), highly correlated with Zijin Mining (601899.SH)

Zijin Gold International 02259.HK: 1H26 revenue +100% to US$3.99bn, net profit +179% to US$1.45bn on gold strength and mine M&A. But 2027E output flat at 60.3t — all growth deferred to 2028. Margin story depends on cost curve, not volume.