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<Research>JPM Reaffirms ZIJIN MINING as Top Pick in CN Raw Materials, Upgrades ANGANG STEEL to Neutral
Recommend 37 Positive 41 Negative 22 |
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JP Morgan released a report on China's raw materials industry, stating that the MSCI China Materials Index has outperformed the MSCI China Index by 19% since early July. This was attributed to the solid results performance of related companies in 1H25, rising expectations of interest rate cuts, and the theme of "anti-involution" policies in the mainland. The broker believed that the raw materials sector will sustain this stellar performance in 2H25, with a positive outlook on the materials index in the order of copper/ gold > aluminum > steel > coal > lithium. ZIJIN MINING (02899.HK) remained the top pick of JP Morgan, with strong earnings growth. The broker maintained an Overweight rating with a target price of HKD28 on ZIJIN MINING. It also expressed optimism about copper stocks and recommended investors buy CMOC (03993.HK) during stock consolidation, maintaining an Overweight rating and a target price of HKD13.5 on CMOC. The broker also raised the target price of ANGANG STEEL (00347.HK) from HKD1 to HKD2.3, upgrading the stock from Underweight to Neutral. AASTOCKS Financial News Website: www.aastocks.com |
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