Morgan Stanley published a report that raised the target price of Zijin Mining's H shares from HK$55 to HK$61, raised the target price of A-shares from $52 to $58, and listed Zijin Mining's H shares as the industry's first choice, with a rating of “increase in holdings.” The bank believes that Zijin's production rate of copper, gold and lithium ore is growing at the highest rate among large mining companies, but its valuation does not fully reflect the scale, diversification and visibility of its growth. According to Damo analysis, Zijin's current trading predicts a price-earnings ratio of 11.3 times and EV/EBITDA of 7.5 times in 2026. The valuation is more attractive than global peers, especially after adjusting for production growth that is currently superior to that of peers.

Morgan Stanley published a report that raised the target price of Zijin Mining's H shares from HK$55 to HK$61, raised the target price of A-shares from $52 to $58, and listed Zijin Mining's H shares as the industry's first choice, with a rating of “increase in holdings.” The bank believes that Zijin's production rate of copper, gold and lithium ore is growing at the highest rate among large mining companies, but its valuation does not fully reflect the scale, diversification and visibility of its growth. According to Damo analysis, Zijin's current trading predicts a price-earnings ratio of 11.3 times and EV/EBITDA of 7.5 times in 2026. The valuation is more attractive than global peers, especially after adjusting for production growth that is currently superior to that of peers.