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<Research>JPM Continues to Favor Copper/ Gold; ZIJIN MINING Remains Top Pick
Recommend 16 Positive 24 Negative 15 |
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JP Morgan's preference order for the basic materials sector in 2026 is: Copper/Gold > Aluminum > Lithium > Coal > Steel. Driven by supply disruptions or tightness and further M&As, the broker expected that the MSCI China Materials will continue to outperform the MSCI China this year. Based on JP Morgan's positive outlook on copper, the rating for JIANGXI COPPER (00358.HK) was upgraded to Neutral. It also believed that Chinese policies remain the main driver of commodity prices, but the subsequent implementation and intensity of the "anti-involution" policy are milder than expected since 4Q25. Reducing excess capacity is a multi-year effort, and without larger-scale production cuts, steel profit margins are expected to remain low. Therefore, the rating for BAO IRON (600019.SH) was downgraded to Neutral, and ANGANG STEEL (00347.HK) was downgraded to Underweight. ZIJIN MINING (02899.HK) remains Morgan Stanley's top pick this year, and the broker continues to favor CMOC (03993.HK), CHALCO (02600.HK), and CHINAHONGQIAO (01378.HK). For more details on JP Morgan's ratings and target prices for Chinese material sector, please refer to the separate table. AASTOCKS Financial News Website: www.aastocks.com |
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