Glonghui, May 7 | UBS released a report saying that Jiangtong's first-quarter results were in line with expectations, so it maintained its “neutral” rating, and the target price remained unchanged at HK$13.6. UBS mentioned that in the first quarter of this year, China's copper price (excluding VAT) increased 1.7% quarterly to 61,347 yuan per ton. Based on Jiangtong's annual guide production of 200,000 tons, if production is shared evenly every quarter, copper prices are expected to increase gross profit by 52 million yuan on a quarterly basis. As for the increase in gold prices by 4% quarterly in the first quarter, if we calculate 5 tons of metal by-products from Jiangtong's own mining last year, it is expected to drive a quarterly increase of 25 million yuan in gross profit with an average share of quarterly production.