JP Morgan: It is expected that copper prices and related stocks will continue to outperform the broader market next year. Zijin Mining Group (02899) is the top choice.

JPMorgan Chase released a research report stating that due to interruptions in copper production supply and tightening market expectations, the price of copper has once again surpassed $11,000 per ton. The bank expressed optimism towards the price of copper and related stocks, as strong demand, sharp supply interruptions, and reductions in Chinese smelting capacity are expected to continue outperforming the overall market next year. JP Morgan continues to maintain a "buy" rating on Zijin Mining Group (02899) and CMOC Group Limited (03993) H shares, believing that the above companies are supported by strong profit growth and diversified assets in copper, gold, and cobalt. The target price for Zijin Mining Group is HK$42, while the target price for CMOC has been raised from HK$13.5 to HK$22. Among them, the bank prefers Zijin Mining Group, considering its valuation to be relatively reasonable. Additionally, although the bank has a positive view on copper, due to sustained weakness in treatment and refining fees and slowing profit growth, JIANGXI COPPER (00358) H shares have been downgraded to a "hold" rating, with the target price raised from HK$15 to HK$28.