Bank of America Securities issued a research report stating that Zhaojin Mining (01818) achieved a 47% year-on-year increase in first-quarter 2026 revenue to RMB 4.46 billion, with net profit after tax rising 80% to RMB 1.19 billion. The overall performance was largely in line with the bank's expectations. Bank of America Securities maintained its "Buy" rating on Zhaojin Mining, citing the gradual recovery in gold production, sustained spot gold prices above $4,700 per ounce, and an attractive valuation. The target price is set at HK$44.