CHINA RAILWAY (00390) surged more than 5%. As of writing, the stock was up 5.17%, trading at HK$4.27, with a turnover of HK$175 million. Public information indicates that CHINA RAILWAY currently operates five mines, holding a leading industry position in reserves of copper, cobalt, and molybdenum. In 2024, its subsidiary China Railway Resources contributed a net profit attributable to the parent company of RMB 3 billion, accounting for 11% of the group's total. Guosheng Securities previously noted that if the mineral resources business is designated as a core business for cultivation, subsequent acquisitions of new mines could accelerate its development. The resources segment's net profit attributable to the parent company is projected to reach RMB 3.3 billion in 2025. Shenwan Hongyuan believes the continued strong performance of the resources segment will enhance profit elasticity and cyclical resilience.