According to reports, Fidelity has issued a research note stating that ZIJIN MINING (02899) achieved a net profit of RMB 14.6 billion after tax in the third quarter, representing quarter-on-quarter and year-on-year increases of 11% and 57%, respectively, slightly exceeding the firm's expectations. The recurring net profit after tax was RMB 12.5 billion, with quarter-on-quarter and year-on-year increases of 6% and 50%, aligning with the firm’s predictions. The firm has raised the target price for ZIJIN H shares from HKD 29.6 to HKD 38.1, and for A shares (601899.SH) from RMB 27.3 to RMB 35.2, both maintaining a "Buy" rating. During the period, gold production totaled 23.8 tons, up 7% quarter-on-quarter and 26% year-on-year, with a cumulative increase of 20% in gold production over the first three quarters of this year. The firm noted that following the recent acquisition of the Raygorodok gold mine in Kazakhstan, the annual gold production is expected to exceed the guidance of 85 tons, now estimated at around 89 tons. As for copper production, management has lowered the annual guidance from 1.15 million tons to 1.1 million tons, with 2024 estimates at 1.07 million tons. However, the firm believes the impact on earnings will be limited, as rising copper prices could offset the decrease in production.