Market Context and Sector Dynamics

The Hong Kong Stock Exchange experienced a modest decline on the first trading day after the National Day holiday, with the Hang Seng Index falling 1.43 % to 23,785.79 points. The Hang Seng Technology Index dropped 2.89 % to 4,073.38, reaching a year‑to‑date low, while the Hang Seng China Enterprises Index slipped 0.89 % to 8,010.58. Market turnover increased, indicating heightened trading activity despite the overall negative sentiment.

Within the broader market, technology growth stocks, including artificial intelligence, storage chip, and optical communication shares, were pressured, whereas sectors supported by supply‑demand equilibrium and policy expectations—such as coal, real estate, and oil—performed stronger. This structural differentiation underscores the continued volatility in the technology segment, which remains sensitive to policy and macroeconomic developments.

Impact on the Metals & Mining Sector

The metals and mining industry, particularly the copper and zinc segments, has been under scrutiny in recent reporting. An article from Finanznachrichten.de highlighted a widening gap between precious metals (gold and silver) and industrial metals (copper, zinc, and others), noting significant upward pressure on the latter. Although the article does not reference specific companies, the trend suggests a favorable environment for base‑metal producers.

Within the material sector, broker recommendations have identified a shift toward resources and industrial themes. A broker‑issued recommendation list for October includes a recommendation for Zijin Mining Group Co. Ltd. (ZJI), citing bullish views on copper and AI‑related materials. This aligns with the broader market narrative that industrial metals may experience a breakout.

Zijin Mining Group Co. Ltd. – Key Metrics

  • Sector: Materials
  • Industry: Metals & Mining
  • Primary Exchange: Hong Kong Stock Exchange (HKD)
  • Market Capitalisation: 860 billion HKD
  • Price‑Earnings Ratio: 11.423
  • Closing Price (2026‑10‑06): 32.36 HKD
  • 52‑Week High: 46.98 HKD (2026‑01‑28)
  • 52‑Week Low: 26.58 HKD (2026‑06‑29)

Zijin Mining Group specialises in the exploration, mining, and trade of base metals such as gold, copper, zinc, and iron. The company’s operations extend across domestic and international markets, with a focus on both production and investment activities.

Recent Analyst Outlook

A brokerage note dated 2026‑10‑06 highlighted a bullish stance on copper and AI materials. The note recommends a buy rating for Zijin Mining Group and another company, CMOC. The recommendation is grounded in the expected demand for copper driven by technological applications and infrastructure development, which aligns with the recent market trend of rising industrial metal prices.

Conclusion

The first day after the National Day holiday saw a broad market pullback, particularly in technology equities. However, the metals and mining sector, buoyed by rising copper and zinc prices, presents a contrasting narrative. Zijin Mining Group, with its substantial market capitalisation and diversified base‑metal portfolio, stands to benefit from the bullish outlook on industrial metals. Analyst recommendations reinforce this view, positioning Zijin Mining as a potential upside candidate within the current market environment.