JP-MRES@EC2611A

MMG Granted $125 Million Revolving Credit Facility for General Corporate Needs

JPMorgan initiates coverage on Minmetals Resources with 'Overweight' rating, target HKD 13

Five 矿 Resources Subsidiary Minera Las Bambas Secures $500 Million Revolving Loan

BOC International Raises Mining Resources Target Price to HKD 10.71

Morgan Stanley Reiterates Overweight Rating on Minmetals Resources

MMG Reports Q1 Copper Output Up 9%, Zinc Down 3% and Outlines Full-Year Outlook

Goldman Sachs Raises Mins Resources Target Price to $13.5 and Maintains Buy Rating

Morgan Stanley Updates FY2026 Forecast for MMG

MMG Signs Construction Agreement for Khoemacau Project with MCM BOTSWANA

Everbright Securities Gives Mins Resources an Overweight Rating

Citi Downgrades MinsResources' Earnings Forecast and Target Price

Goldman Sachs Raises MinsResources Target Price to HKD 13.5

BOC International Adjusts Forecast and Target Price for MMG

Morgan Stanley Predicts Continued Robust Profitability for MMG in 2026

MMG released FY2025 9 Months Earnings on March 3, 2026 (BJT), with actual revenue of HKD 35.25 B and EPS of HKD 0.2731

MMG released FY2025 Q3 earnings on March 3, 2026 (BJT), with actual revenue of HKD 13.23 B and EPS of HKD 0.0542

MMG released FY2025 Q4 earnings on March 3 After-Market (BJT), actual revenue HKD 13.23 B, actual EPS HKD 0.0542

MMG released FY2025 Annual Earnings on March 3 After-Market (BJT), actual revenue HKD 48.49 B (forecast HKD 47.76 B), actual EPS HKD 0.3264 (forecast HKD 0.3989)

MMG Announces Significant Revenue and Profit Growth for FY2025

MMG to Release FY2025 Earnings on March 3 After-Market (BJT), Forecast Revenue HKD 47.88 B, EPS HKD 0.4102

EDICO HOLDINGS

PARADISE ENT

FUTONG TECH

AUTO ITALIA

KNOWLEDGE ATLAS

ZIJING INTL FIN

SMC ELECTRIC

MICROWARE

ETHK LABS INC.

ZHONG JU INVEST

02050

06613

03986

02269

00501

06869

01347

06082

02600

01208

SANHUA(02050) rose 6.84%, with a trading turnover 1.8 Billion HKD, and a year-to-date fell 6.3%. Lens(06613) rose 5.23%, with a trading turnover 779.6 Million HKD, and a year-to-date fell 11.4%. YOFC(06869) fell 12.14%, with a trading turnover 5.0 Billion HKD, and a year-to-date rose 331.3%. HUA HONG SEMI(01347) fell 8.74%, with a trading turnover 7.1 Billion HKD, and a year-to-date rose 56%.

Top Gainers&Losers

SANHUA

Lens

GIGADEVICE

WUXI BIO

OMNIVISION

YOFC

HUA HONG GRACE

BIREN TECH

CHALCO

Top 5 HK Stock Gainers/Losers (>100B) (5.15)

03296

01024

09888

00100

01072

09903

09696

HUAQIN(03296) rose 10.09%, with a trading turnover 323.3 Million HKD, and a year-to-date rose 54.4%. KUAISHOU-W(01024) rose 9.4%, with a trading turnover 9.0 Billion HKD, and a year-to-date fell 17.2%. MINIMAX-W(00100) fell 9.51%, with a trading turnover 881.2 Million HKD, and a year-to-date rose 350%. HUA HONG SEMI(01347) fell 7.5%, with a trading turnover 7.2 Billion HKD, and a year-to-date rose 76%.

- The Hang Seng Index fell by 0.87%, with a year-to-date increase of 3%.  
- The Hang Seng Tech Index declined by 0.36%, showing a year-to-date drop of 7.5%.  
- Notable stock movements include Huqina Technology rising by 10.09% and Kuaishou-W increasing by 9.4%, while MINIMAX-W dropped by 9.51% and Huahong Semiconductor decreased by 7.5%.

HUAQIN

KUAISHOU-W

BIDU-SW

MINIMAX-W

DONGFANG ELEC

ILUVATAR COREX

TIANQI LITHIUM

Top 5 HK Stock Gainers/Losers (>100B) (5.8)

01258

02899

603993

512400

561330

159871

159881

159876

159880

516650

Yesterday, China Nonferrous Mining's stock price surged by 4.46%, with a trading volume reaching HKD 260 million, clearly indicating a pattern of rising volume and price. The MACD daily bullish signal has strengthened, and short-term momentum indicators are diverging upwards, which is typically interpreted by the market as a precursor to the initiation of a phase of main upward trend. On the market, the stock opened high and maintained a strong performance throughout the day, with no significant profit-taking observed at the close, highlighting the characteristics of bullish control. On the news front, the recent continuous rise in copper prices has become the biggest driving force. Zijin Mining rose by 2.31% yesterday, MMG surged by 7.32%, and CMOC increased by 2.61%, with the non-ferrous metal sector showing strong performance across the board, creating a powerful linkage effect. Although the news of the U.S. and Iran nearing a ceasefire memorandum has temporarily suppressed oil prices, industrial metals like copper benefit more from the global manufacturing recovery expectations and the long-term demand growth brought about by the energy transition. At the same time, China's steady growth policies continue to be reinforced, with infrastructure and power grid investments providing rigid support for copper demand. Resource stocks are being favored by funds outside of technology-focused stock selection funds during the ceasefire market. On the technical side, the current 5-day moving average is accelerating upwards, forming a bullish arrangement diverging upwards from the 10-day moving average, with the stock price effectively breaking through the recent consolidation platform. Trading volume has expanded to more than 1.5 times the average trading volume of the past 5 days, indicating a stronger influx of funds than typical rebounds. Within the sector, MMG and Zijin Mining are both strengthening simultaneously, forming a collective breakthrough in the copper mining sector. The short-term trend is biased towards bullish, with good alignment of volume and price, and clear sector resonance

Technical Forecast

CHINFMINING

ZIJIN MINING

CMOC

Zijin Mining

China Southern CSI SWS Non-Ferrous Metal ETF

Guotai CSI Non-Ferrous Metal Kuangye Theme ETF

Yinhua CSI Non-ferrous Metal ETF

Guotai CSI Non-ferrous Metal ETF

Hwabao WP CSI Non-ferrous Metal ETF

Penghua Guozheng Non-ferrous Metal Industry ETF

ChinaAMC CSI Subdivision Non-ferrous Metal Sub-Industry ETF

Pre-market trend | CHINFMINING (1258.HK) surged over 4% on May 7, are resource stocks back in action?

06809

02476

00763

02714

06288

03750

06181

06618

YOFC(06869) rose 17.16%, with a trading turnover 6.7 Billion HKD, and a year-to-date rose 378.1%. MONTAGE TECH(06809) rose 8.3%, with a trading turnover 580.9 Million HKD, and a year-to-date rose 109.9%. MUYUAN(02714) fell 6.14%, with a trading turnover 220.5 Million HKD, and a year-to-date rose 2.6%. FAST RETAIL-DRS(06288) fell 5.35%, with a trading turnover 63.9 Thousand HKD, and a year-to-date rose 26.2%.

- The Hang Seng Index fell by 1.22%, with a year-to-date increase of 2.1%, while the Hang Seng Technology Index decreased by 1.93%, reflecting a year-to-date decline of 10%.  
- Longi Green Energy (06869) rose by 17.16% with a transaction volume of 6.67 billion HKD, marking a cumulative increase of 378.1% for the year.  
- Meanwhile, companies like Yangtze Memory (06809) and Muyuan Food (02714) experienced mixed results, with Yangtze Memory increasing by 8.3% and Muyuan decreasing by 6.14%.

MONTAGE TECH

MUYUAN

FAST RETAIL-DRS

CATL

LAOPU GOLD

JD HEALTH

Top 5 HK Stock Gainers/Losers (>100B) (4.22)

600714

601600

RING

Goldman Sachs released a research report, updating the investment ratings and target prices for gold mining stocks. China Aluminum's rating was adjusted from sell to neutral, with the target price raised to RMB 12.5; China Hongqiao maintained a neutral rating, with the target price raised to RMB 34; Jiangxi Copper maintained a buy rating, with the target price lowered to RMB 45; MMG maintained a buy rating, with the target price at RMB 13.5; CMOC maintained a buy rating, with the target price at RMB 27; Zijin Mining maintained a buy rating, with the target price at RMB 52; ZHAOJIN MINING maintained a buy rating, with the target price lowered to RMB 43. In the A-share market, China Aluminum's rating was adjusted from sell to neutral, with the target price raised to RMB 12.5; Jiangxi Copper maintained a buy rating, with the target price lowered to RMB 60; CMOC maintained a buy rating, with the target price at RMB 28; Zijin Mining maintained a buy rating, with the target price at RMB 50

AASTOCKS

Jinrui Mining

ChinaAMC Gold ETF

ZHONGJIN GOLD

ZHAOJIN MINING

SD-GOLD

iShares MSCI Global Gold Miners

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

JCCL

CHINAHONGQIAO

JIANGXI COPPER

iShares Gold Trust

Us Gbl GLD & Met

Goldman Sachs' Investment Ratings and Target Prices for Gold Mining Stocks (Table)

159608

GDXJ

MMG has increased the 2025 cap on Rosebery concentrate sales to Minmetals North-Europe from US$125 million to US$150 million due to rising copper, gold, and silver prices. The company confirmed that all shipments will remain within planned volumes, and the new cap is deemed commercially fair by independent directors. This adjustment highlights MMG's revenue exposure to favorable commodity price movements. The latest analyst rating for MMG stock is a Buy with a price target of HK$9.00.

Tip Ranks

ETFS Capital Ltd.

Global X Silver Miner

GF CSI Rare Metals Theme ETF

Monger Gold Ltd.

VanEck Gold Miners ETF

Van Eck Associates Corp.

VanEck Junior Gold Miners ETF

MMG Lifts 2025 Cap on Rosebery Concentrate Sales as Metal Prices Surge

Bank of China has reaffirmed a Buy rating on MMG (MMLTF) with a price target of HK$10.57, while the shares closed at HK$9.57. The analyst consensus is a Strong Buy with an average target of HK$11.80, indicating a 23.34% upside. Additionally, DBS has also maintained a Buy rating with a price target of HK$13.10.

Bank of China Reaffirms Their Buy Rating on MMG (MMLTF)

02233

00568

02427

01033

01458

00467

09936

00338

WESTCHINACEMENT(02233) fell 26.6%, with a trading turnover 921.1 Million HKD, and a year-to-date fell 33.2%. SHANDONG MOLONG(00568) fell 15.29%, with a trading turnover 5.6 Billion HKD, and a year-to-date rose 174.4%. GUANZE MEDICAL(02427) fell 13.72%, with a trading turnover 16.1 Million HKD, and a year-to-date rose 517%.

JP-MRES@EC2611A(29524.HK)