On July 13, Zijin Mining fell 3.27% in regular trading, trading at 29.02 HKD/share, with turnover of 4.65 billion HKD. The decline was triggered by Bank of America Securities issuing a report noting that Zijin Mining's Q2 recurring net profit missed expectations.

According to the report, Zijin Mining's H1 net profit reached 39.1 billion yuan, up 68% YoY, but only represented 53% of BofA's full-year forecast and 47% of market consensus. BofA attributed the shortfall primarily to weak Q2 performance at subsidiary Zijin Gold International, though core Zijin Mining Q2 earnings were largely in line after excluding that impact. BofA maintained its Buy rating with H-share target price of 43 HKD, citing constructive copper price outlook, visible production growth, and attractive valuation at 8x 2027E P/E versus 12x for global copper peers. JP Morgan also flagged the miss, citing gold price declines, sub-50% copper/gold production target completion, and cost inflation, but maintained Overweight with a 50 HKD target and kept Zijin as its sector top pick.

The broader gold sector was under pressure, with SD Gold down 3.59%, Zhaojin Mining down 2.76%, and Zijin Gold International down 1.93%.

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