Bank of America Securities issued a research report stating that CMOC (03993) reported a net profit of 7.76 billion yuan for the first quarter of 2026, a year-on-year increase of 97%, aligning with the bank's forecasts. During the period, the copper business contributed approximately 10 billion yuan in gross profit, accounting for about 63% of the total product gross profit. Copper production increased by 10% year-on-year to 188,000 tonnes, with sales reaching 182,000 tonnes. The group maintained its full-year 2026 production guidance of 760,000 to 820,000 tonnes unchanged. Bank of America Securities believes that cost inflation remains a primary variable and has maintained its "Buy" rating on CMOC's H-shares, with a target price of HK$28.