The Zheshang Securities Research Report pointed out that the overall volume and price of the Luoyang molybdenum industry has risen sharply, and gold has opened up room for growth. In 2026, H1's net profit of 16.152 billion yuan increased by 86.27%; of these, net profit of 8.392 billion yuan in the second quarter increased by 77.61%. The volume and price of the mining sector rose sharply, with copper being the main source of profit. The gold series added consolidated varieties during the reporting period. In the first half of the year, it achieved revenue of 3,017 billion yuan, production of 100,432 ounces, and sales of 97,526 ounces. The scale of trade continues to expand, and the future is now combined with stable contributions to profits; the copper and gold layout continues to deepen, and the gold business has entered a new stage. Copper end, the KFM Phase II project is worth US$1,084 million. Currently, the civil construction work is basically completed, the main equipment is being installed, and the manufacture of an autoclave is close to 50%. It is planned to be completed and put into operation in 2027. After delivery, it is expected to add 7.26 million tons/year of raw ore treatment capacity and 100,000 tons/year of additional copper production capacity. On the gold side, on January 23, the company completed the 100% equity transfer of the four gold mines in Brazil with US$1,015 million. The project holds about 156 tons of gold resources and is expected to produce 6 to 8 tons of gold in 2026; in addition, construction of the Odin Gold Mine in Ecuador progressed according to the plan, and the company's annual gold production capacity is moving towards the target of 20 tons or more. The current market value corresponds to PE valuations of 12.42, 10.77, and 9.61 times, respectively, maintaining a “buy” rating.

The Zheshang Securities Research Report pointed out that the overall volume and price of the Luoyang molybdenum industry has risen sharply, and gold has opened up room for growth. In 2026, H1's net profit of 16.152 billion yuan increased by 86.27%; of these, net profit of 8.392 billion yuan in the second quarter increased by 77.61%. The volume and price of the mining sector rose sharply, with copper being the main source of profit. The gold series added consolidated varieties during the reporting period. In the first half of the year, it achieved revenue of 3,017 billion yuan, production of 100,432 ounces, and sales of 97,526 ounces. The scale of trade continues to expand, and the future is now combined with stable contributions to profits; the copper and gold layout continues to deepen, and the gold business has entered a new stage. Copper end, the KFM Phase II project is worth US$1,084 million. Currently, the civil construction work is basically completed, the main equipment is being installed, and the manufacture of an autoclave is close to 50%. It is planned to be completed and put into operation in 2027. After delivery, it is expected to add 7.26 million tons/year of raw ore treatment capacity and 100,000 tons/year of additional copper production capacity. On the gold side, on January 23, the company completed the 100% equity transfer of the four gold mines in Brazil with US$1,015 million. The project holds about 156 tons of gold resources and is expected to produce 6 to 8 tons of gold in 2026; in addition, construction of the Odin Gold Mine in Ecuador progressed according to the plan, and the company's annual gold production capacity is moving towards the target of 20 tons or more. The current market value corresponds to PE valuations of 12.42, 10.77, and 9.61 times, respectively, maintaining a “buy” rating.