Goldman Sachs China Commodities: Field Trip Notes [Replay]
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
This replay of Goldman Sachs' China commodities field trip notes carries three core conclusions: the firm turned more positive on copper after the trip, citing constrained supply; it turned bearish on Chinese coal, as policy-driven production increases are advancing faster than expected; and its key stock idea is Zijin Mining (Buy, on the Conviction List). The disclosure appendix shows Zijin Mining's (H: 2899.HK; A: 601899.SS) most recent target price record dated June 6, 2025: HK$24.50 for H-shares (close HK$18.34) and Rmb27.00 for A-shares (close Rmb18.14). Ratings cited are relative to Goldman's coverage universe, which spans A/H names including Aluminum Corporation of China, Ansteel, Conch Cement, CMOC, China Coal Energy, China Shenhua, Jiangxi Copper, Ganfeng Lithium, Tianqi Lithium, Yankuang Energy and Zijin Mining. Goldman also disclosed beneficial ownership above 1% of common shares in Jiangxi Copper (A: Rmb41.80; H: HK$33.50) and Zijin Mining (A: Rmb29.79; H: HK$32.58), and expects investment banking compensation from Jiangxi Copper (A/H) and CMOC (A: Rmb16.88; H: HK$15.42) within the next three months. Related research includes the China Commodity Trip 2H26 series.