Has the Chinese Metals and Mining Industry valuation changed over the past few years?

Investors are pessimistic on the Chinese Metals and Mining industry, indicating that they anticipate long term growth rates will be lower than they have historically. The industry is trading at a PE ratio of 23.2x which is lower than its 3-year average PE of 27.5x. The 3-year average PS ratio of 0.82x is lower than the industry's current PS ratio of 1.1x.

Which industries have driven the changes within the Chinese Materials industry?

Investors are most optimistic about the Steel industry which is trading above its 3-year average PE ratio of 42.8x. Analysts are expecting annual earnings growth of 28.5%, which is higher than its past year's earnings growth of 4.5% per year. Investors are most pessimistic about the Gold industry, which is trading below its 3-year average of 31.9x.

Chinese (SSE) Metals and Mining Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 01 Aug 2026	CN¥5.7t	CN¥5.2t	CN¥243.7b	31.2x	23.2x	1.1x
Mon, 29 Jun 2026	CN¥5.9t	CN¥5.2t	CN¥239.8b	33.5x	24.4x	1.1x
Wed, 27 May 2026	CN¥6.5t	CN¥5.1t	CN¥238.5b	39.6x	27.3x	1.3x
Fri, 24 Apr 2026	CN¥6.6t	CN¥5.0t	CN¥226.0b	42.8x	29.1x	1.3x
Sun, 22 Mar 2026	CN¥6.1t	CN¥4.9t	CN¥204.3b	40.1x	29.9x	1.2x
Tue, 17 Feb 2026	CN¥6.5t	CN¥4.8t	CN¥178.8b	43.7x	36.3x	1.4x
Thu, 15 Jan 2026	CN¥6.2t	CN¥4.8t	CN¥178.5b	43.6x	34.9x	1.3x
Sat, 13 Dec 2025	CN¥5.2t	CN¥4.8t	CN¥178.5b	36.7x	29.3x	1.1x
Mon, 10 Nov 2025	CN¥5.2t	CN¥4.8t	CN¥178.5b	35.6x	29x	1.1x
Wed, 08 Oct 2025	CN¥3.9t	CN¥4.1t	CN¥99.7b	36.8x	38.6x	0.9x
Fri, 05 Sep 2025	CN¥3.6t	CN¥4.1t	CN¥98.5b	34.9x	36.1x	0.9x
Sun, 03 Aug 2025	CN¥3.2t	CN¥4.1t	CN¥97.0b	35.2x	33.5x	0.8x
Tue, 01 Jul 2025	CN¥3.0t	CN¥4.0t	CN¥95.9b	31.9x	30.8x	0.7x
Thu, 29 May 2025	CN¥2.8t	CN¥4.0t	CN¥95.9b	29.9x	29.3x	0.7x
Sat, 26 Apr 2025	CN¥2.8t	CN¥4.0t	CN¥91.9b	29x	30.3x	0.7x
Mon, 24 Mar 2025	CN¥3.0t	CN¥4.0t	CN¥97.6b	32.4x	30.4x	0.7x
Wed, 19 Feb 2025	CN¥2.7t	CN¥4.0t	CN¥97.8b	27x	27.6x	0.7x
Fri, 17 Jan 2025	CN¥2.7t	CN¥4.0t	CN¥97.8b	27.2x	27.3x	0.7x
Sun, 15 Dec 2024	CN¥2.8t	CN¥4.0t	CN¥97.8b	28.3x	28.4x	0.7x
Tue, 12 Nov 2024	CN¥2.9t	CN¥4.0t	CN¥97.9b	28.4x	29.4x	0.7x
Thu, 10 Oct 2024	CN¥2.7t	CN¥4.1t	CN¥114.4b	26.5x	23.3x	0.6x
Sat, 07 Sep 2024	CN¥2.3t	CN¥4.1t	CN¥113.7b	22x	19.9x	0.5x
Mon, 05 Aug 2024	CN¥2.4t	CN¥4.1t	CN¥112.4b	25.4x	21.8x	0.6x
Wed, 03 Jul 2024	CN¥2.6t	CN¥4.1t	CN¥111.8b	25.2x	23x	0.6x
Fri, 31 May 2024	CN¥2.8t	CN¥4.1t	CN¥111.8b	28x	25.1x	0.7x
Sun, 28 Apr 2024	CN¥2.8t	CN¥4.2t	CN¥118.9b	28.5x	23.6x	0.7x
Tue, 26 Mar 2024	CN¥2.7t	CN¥4.1t	CN¥119.5b	28.5x	22.2x	0.6x
Thu, 22 Feb 2024	CN¥2.4t	CN¥4.1t	CN¥116.7b	24.9x	20.8x	0.6x
Sat, 20 Jan 2024	CN¥2.4t	CN¥4.1t	CN¥114.7b	27.9x	21x	0.6x
Mon, 18 Dec 2023	CN¥2.6t	CN¥4.1t	CN¥111.9b	30.8x	22.9x	0.6x
Wed, 15 Nov 2023	CN¥2.7t	CN¥4.1t	CN¥111.5b	31x	23.8x	0.6x
Fri, 13 Oct 2023	CN¥2.7t	CN¥4.1t	CN¥100.6b	31.1x	27.1x	0.7x
Sun, 10 Sep 2023	CN¥2.8t	CN¥4.1t	CN¥101.1b	31.5x	27.3x	0.7x
Tue, 08 Aug 2023	CN¥2.9t	CN¥4.1t	CN¥118.3b	31.3x	24.2x	0.7x


CN Market	0.097%
Materials	2.31%
Metals and Mining	3.36%
Gold	5.87%
Aluminum	4.65%
Precious Metals and Minerals	4.42%
Steel	3.82%
Diversified Metals and Mining	1.57%
Copper	1.36%

Company	Last Price	7D	1Y	Valuation
601899 Zijin Mining Group	CN¥32.95	4.6% +CN¥38.0b	71.1%	PE14.1x
002379 Shandong Hongqiao Aluminum Industry Holding	CN¥20.77	9.0% +CN¥22.3b	42.9%	PE13.7x
600547 Shandong Gold Mining	CN¥28.20	8.7% +CN¥10.4b	-4.4%	PE27.9x
603993 CMOC Group	CN¥19.52	2.5% +CN¥10.3b	117.4%	PE17.3x
600489 Zhongjin GoldLtd	CN¥23.01	7.7% +CN¥8.0b	59.2%	PE17.8x

Announcement • 14h

Chifeng Jilong Gold Mining Group Limited Updates Mineral Resource Estimate At SND Project Of Sepon Gold-Copper Mine

Chifeng Jilong Gold Mining Group Limited announced an update to the Mineral Resources estimate for the SND Project porphyry gold-copper deposit within LXML’s Sepon concession area in Laos. The updated Mineral Resources estimate for the SND Project was prepared and disclosed in accordance with the JORC Code. Total Indicated and Inferred Mineral Resources in SND gold-copper deposit at LXML’s Sepon concession are estimated at 260 tonnes of gold equivalent, representing an increase of approximately 143% compared to the initial Mineral Resources released on 7 August 2025. Includes: (1) Indicated Mineral Resources of 170Mt at 0.55g/t Au and 0.26% Cu (0.83g/t AuEq), containing approximately 96 tonnes of gold and 450 Kt of copper, or approximately 140 tonnes of contained gold equivalent; and (2) Inferred Mineral Resources of 190Mt at 0.39g/t Au and 0.19% Cu (0.59g/t AuEq), containing approximately 76 tonnes of gold and 360 Kt of copper, or equivalent to 110 tonnes of contained gold equivalent, above a cut-off grade of 0.4 g/t gold equivalent. The updated Mineral Resources estimate has significantly increased the overall resource scale of the SND Project, further enhanced its development prospects, and confirms it as one of the most significant gold-copper discoveries in Southeast Asia in recent years. Mineralization at the SND Project concession remains open to the southwest and at depth, indicating significant potential for further growth in Mineral Resources. The surrounding areas within the vast exploration tenement are also considered highly prospective for the discovery of intrusion-related porphyry, hydrothermal and skarn gold-copper deposits. Ongoing metallurgical test work expected to optimize processing flowsheet yielding higher overall recovery and/or lower processing cost. The Company intends to engage leading international engineering and consulting firms to commence a pre-feasibility study as soon as practicable and accelerate the project development plan. Indicated Mineral Resources: 170Mt at 0.55g/t Au, 0.26% Cu containing approximately 96 tonnes of gold and 450 kilo-tonnes of copper metal. Inferred Mineral Resources: 190Mt at 0.39g/t Au, 0.19% Cu containing approximately 76 tonnes of gold and 360 kilo-tonnes of copper metal. Total Mineral Resources: 360Mt at 0.47g/t Au, 0.22% Cu containing approximately 170 tonnes of gold and 810 kilo-tonnes of copper metal. The Mineral Resources have been reported above a cut-off grade of 0.4 g/t gold equivalent, which is calculated as: AuEq = Au grade + equivalent factor × Cu grade. No Measured Mineral Resources were estimated. The Sepon exploration team commenced regional prospecting work within the concession area in May 2024, followed by diamond drilling beginning on 3 December 2024. The Phase 1 drilling program was completed in late June 2025, with a total of 65 drillholes for an aggregate of 35,460 metres. Based on the results, the initial Mineral Resource estimate was completed and disclosed on 7 August 2025. The Phase 2 drilling program was completed in late June 2026, comprising 36 drillholes for a total of 36,571 metres. Data from both drilling phases have been incorporated into this updated Mineral Resources estimate. The current unit discovery cost is less than USD 1 per ounce of gold equivalent metal, well below the global average. Snowden Optiro, an internationally recognized mining and resources consultancy firm, reviewed the updated Mineral Resources estimate effective as of 30 July 2026. The scope of work included peer review and oversight of database validation, geological modelling, Mineral Resources estimate, and compilation of the technical report. As part of Snowden Optiro’s independent review, Dr. Gregory Zhang visited the LXML Sepon operation and the ALS laboratory in Vientiane on 22 July 2026. The visit included inspections of representative SND drill core and the core storage, geological logging, core cutting, bulk-density measurement, sample-preparation and analytical facilities, as well as a review of the Mineral Resources modelling. Dr. Gregory Zhang was unable to visit drilling sites because that access roads were impassable during the rainy season. No material issues were identified during the site visit. The SND Project deposit is located in the southwestern Truongson Belt, Sepon District, Savannakhet Province, Laos. The project area is positioned near the eastern margin of the Khorat Basin, in a geologically complex zone marking the transition between the Khorat Basin and the Anamite Range. The regional geology is dominated by upper paleozoic sedimentary rocks (arkoses/feldspathic sandstones, siltstones, shales, and limestones), with interlayered volcanic units and multiple felsic to intermediate intrusions, emplaced preferentially along E– and NW-trending structures. The SND Project concession occurs at the intersection of ESE– and NW-trending fault splays and is hosted mainly within quartz-diorite porphyry and volcanics interbedded with Upper Devonian and Ordovician sedimentary sequences of Phabing and Highway Formations. The host rocks are dominated by fine– to medium-grained quartz diorite porphyry and spatially related intermediate intrusions. The quartz diorite porphyry is characterized by typical porphyry-type stockwork veining and quartz-sericite-chlorite-pyrite alteration, with widespread dissemination of chalcopyrite and pyrite. Moderate to intense silicification, as well as oxidation staining by hematite and limonite, is also present. The mineralization style of SND Project concession is consistent with a porphyry Cu-Au system spatially associated with the quart-diorite intrusive. Majority of copper and gold mineralization is hosted within potassic and phyllic altered halos in the quartz-diorite porphyry, with subordinate mineralization localized in proximal hornfels-quartzite-skarn unit. Quartz diorite characterized by strong potassic alteration and high density of veining (“QIM”) is the principal mineralizing intrusive unit and hosts most of the high-grade gold and copper mineralization. Quartz diorite with less well developed potassic alteration and low density of veining (“QII”) along with mineralized portions of hornfels, quartzite and minor skarn form lower grade gold and copper mineralization surrounding the QIM domain. QIM and QII are the dominant lithologies hosting the majority of gold and copper mineralization. Chalcopyrite is the main copper bearing sulphide mineral, which typically occurs as disseminations within quartz diorite groundmass or as grains within and along margins of quartz-magnetite stockwork veins within quartz diorite, skarn and hornfels. Molybdenite is rare, commonly limited to disseminations within hornfels adjacent to quartz diorite.

Chinese (SSE) Metals and Mining Industry Analysis

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Latest News

Chifeng Jilong Gold Mining Group Limited Updates Mineral Resource Estimate At SND Project Of Sepon Gold-Copper Mine

Second quarter 2026 earnings released: EPS: CN¥0.39 (vs CN¥0.18 in 2Q 2025)

Price target increased by 24% to CN¥40.77

Less than half of directors are independent

Shandong Gold Mining Co., Ltd. Announces Ordinary Interim (Semi-Annual) Cash Dividend for the Six Months Ended 30 June 2026, Payable on 18 September 2026

Investor sentiment deteriorates as stock falls 19%

Investor sentiment improves as stock rises 21%

Investor sentiment deteriorates as stock falls 15%

CMOC Group Limited Provides Preliminary Unaudited Group Earnings Guidance for the First Half Ended 30 June 2026

Zijin Mining Group Company Limited Provides Earnings Guidance for the Six Months Ended 30 June 2026

Now 23% undervalued

Optics Technology Holding Co.,Ltd to Report First Half, 2026 Results on Aug 29, 2026

Chongqing Millison Technologies INC. to Report First Half, 2026 Results on Aug 25, 2026

Ningxia Orient Tantalum Industry Co., Ltd. to Report First Half, 2026 Results on Aug 25, 2026

Yunnan Lincang Xinyuan Germanium Industry Co.,LTD to Report First Half, 2026 Results on Aug 28, 2026

Zhongjin Gold Corp.,Ltd to Report First Half, 2026 Results on Aug 28, 2026