On October 21st, Goldman Sachs released a report stating that Zijin Mining Group's third-quarter performance met the bank's expectations and exceeded market expectations. Operating cash flow in the first three quarters increased by 40% year-on-year, while free cash flow increased by 9 times year-on-year. The net debt ratio decreased from 115% at the end of last year to 90% in the third quarter. The bank lowered its earnings forecast for Zijin in the next two years by between 2% and 5%, reflecting downward revisions in copper price forecasts and expected production volumes at the Kamoa copper mine in the Congo. Some of these adjustments were offset by upward revisions in gold price forecasts. The bank also lowered its copper production forecast for Zijin in the next two years by 2%, reflecting production guidance adjustments at the Kamoa copper mine due to unstable electrical supply, but still expects annual copper production to grow by 8% to 10%. Zijin recently announced the acquisition of the Akyem gold mine, which could bring a 7% increase in gold production and a 2% increase in profit next year. The bank maintains a "buy" rating on Zijin Mining Group, estimating that the company, as one of the few metal miners, will benefit from rising production volumes and commodity prices, with Zijin expected to achieve a net profit of 41.3 billion yuan in 2026, compared to 22.4 billion yuan last year, at an annual compounded growth rate of 23%. The bank estimates that Zijin's stock price reflects copper prices and is 22% lower than the spot copper price. The bank continues to include Zijin in its conviction buy list, maintaining a "buy" rating, with a target price of HK$21.5 for the H shares.