We initiate coverage on Tongguan Gold Group (Tongguan Gold) with an OUTPERFORM rating and a target price of HK$3.52. Tongguan Gold mainly operates gold mines in Tongguan and Subei counties. Why an OUTPERFORM rating? Expertise in gold exploration; strong momentum of 机构：中金公司 研究员：Jiaming ZHANG/Ding QI/Yan CHEN Investment positives Falling effective interest rate and PBoC's expected continuation of gold purchases to bolster gold price rallies. As US employment data has weakened and overall inflation remains con ...