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<Research>HSBC Research Expects Gold Prices to Surge Until 1H26; ZIJIN MINING/ SD GOLD Valuations Attractive
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In the Chinese gold industry, cost pressures are emerging across producers, with ZIJIN MINING (02899.HK) (including ZIJIN GOLD INTL (02259.HK)) demonstrating stronger cost control capabilities than its peers, HSBC Global Research issued a research report saying. Higher royalties, new mine transitional costs, accumulated ore inventories and lower ore grading were driving cost increases in 3Q25. ZHAOJIN MINING (01818.HK)'s inventory accumulation could boost future profits as prices remained high. Therefore, the broker cut its target price for ZHAOJIN MINING to $37.1, and kept its target prices for ZIJIN MINING/ SD GOLD (01787.HK) unchanged, with both offering more attractive valuations. Given the high gold prices in 2H25 and the increased risks and impacts from new entrants, gold prices are expected to continue to surge this year and into 1H26. However, the broker also expected gold prices to be highly volatile with some price moderation in 2H26. AASTOCKS Financial News Website: www.aastocks.com |
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