Morgan Stanley: Reiterates Zijin Mining as the top choice in the mainland raw materials sector, upgrades ANSTEEL rating to "Neutral"
JP Morgan released a research report stating that since early July, the MSCI China Materials Index has outperformed the MSCI China Index by 19%, benefiting from the relatively stable performance of related companies in the first half of the year, rising expectations of interest rate cuts, and the theme of anti-involution policies in the mainland. The bank believes that the materials sector will continue this excellent performance in the second half of the year, with a positive outlook on the performance order of the materials index being copper or gold, aluminum, steel, coal, and lithium. The bank indicated that Zijin Mining remains its top pick, with strong profit growth, maintaining an "Overweight" rating and a target price of HKD 28. It also expressed optimism about copper stocks and suggested that investors buy CMOC when the shares are high, maintaining an "Overweight" rating and a target price of HKD 13.5. The bank stated that it has raised the target price for ANSTEEL from HKD 1 to HKD 2.3, with its rating upgraded from "Underweight" to "Neutral."
According to Zhitong Finance APP, JP Morgan released a research report stating that since early July, the MSCI China Materials Index has outperformed the MSCI China Index by 19%, benefiting from the relatively stable performance of related companies in the first half of the year, rising expectations for interest rate cuts, and the theme of anti-involution policies in mainland China. The bank believes that the materials sector will continue this excellent performance in the second half of the year, with a favorable outlook for the performance order of the materials index being copper or gold, aluminum, steel, coal, and lithium.
The bank indicated that Zijin Mining (02899) remains its top pick, with strong earnings growth, maintaining an "Overweight" rating and a target price of HKD 28. It also expressed optimism about copper stocks and suggested that investors buy CMOC (03993) when the shares are high, maintaining an "Overweight" rating and a target price of HKD 13.5. The bank stated that it has raised the target price for ANSTEEL (00347) from HKD 1 to HKD 2.3, with its rating upgraded from "Underweight" to "Neutral."
