Huatai Securities: Maintains "buy" rating on Zijin Mining, strategic metals are ready to explode.

Hua'an Securities research report pointed out that Zijin Mining's endogenous extension is driving the growth of gold mines, and strategic metals are poised for development. The company achieved operating income of 349.079 billion yuan in 2025, a year-on-year increase of 14.96%; achieved a net profit attributable to the mother of 51.777 billion yuan, a year-on-year increase of 61.55%. The quantities and prices of gold, copper, and silver all increased. The company split off Zijin Gold International and listed it in Hong Kong, with overseas gold assets obtaining an independent financing platform, which is conducive to the re-evaluation of the value of gold assets and the expansion and acquisition of overseas projects. It is strengthening strategic resources such as lithium and molybdenum, and production is expected to grow rapidly. The company's lithium carbonate production is expected to reach 25,500 tons by 2025, with plans to form a production capacity of 270,000 to 320,000 tons of lithium carbonate equivalent by 2028, becoming one of the world's most important lithium producers. The company produced 11,500 tons of molybdenum in its mines in 2025, and has completed the delivery of the Anhui Shapinggou molybdenum mine. The planned molybdenum production is expected to increase to 25,000 to 35,000 tons by 2028. The "buy" rating is maintained.