I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00352 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 富陽(中國)控股有限公司 呈交日期: 2025年11月6日 本月底法定/ ...

Core Points - The event "Rest Assured, Enjoy with Confidence" aimed to enhance consumer rights awareness among food delivery riders and promote a healthy consumption ecosystem involving merchants, riders, and consumers [1][2] - Over 150 food delivery riders participated in the event, where key ordering tips were shared to help consumers make informed choices [1] - The initiative reflects a shift towards collaborative urban governance, with food delivery riders becoming new advocates for consumer rights [2] Group 1 - The event was co-hosted by Hangzhou Consumer Protection Committee and Fuyang District Consumer Protection Committee, focusing on experience sharing, safety training, and volunteer recruitment [1] - Key ordering tips included choosing licensed and reputable restaurants, checking recent user reviews, confirming food packaging integrity, and saving order receipts [1] - The atmosphere at the event was enthusiastic, with significant participation from the delivery rider community [1] Group 2 - The "Hangzhou Volunteer Team" recruitment was launched during the event, with riders eager to join and serve as mobile advocates for consumer rights [2] - Newly recruited volunteers will leverage their extensive coverage and flexibility to disseminate consumer rights knowledge while delivering food [2] - Fuyang District has already established a network of food safety riders and has effectively addressed reported food safety issues, enhancing market integrity [2]

Report Summary 1. Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - In Q3 2025, the production and sales of the four major iron ore mines were generally stable. Vale's production and sales increased year - on - year and quarter - on - quarter, Rio Tinto remained basically flat, FMG declined quarter - on - quarter due to the first quarter of the new fiscal year, and BHP decreased both year - on - year and quarter - on - quarter [1]. - The total iron ore production/processing volume of the four major mines in Q3 was 299.5 million tons, basically flat quarter - on - quarter and up 1.63% year - on - year. In terms of sales, the total sales volume was 291 million tons, up 0.52% quarter - on - quarter and 1.86% year - on - year [1]. - For the first three quarters of 2025, the total production of the four major mines increased by about 10 million tons year - on - year, with FMG showing a significant increase. The total sales volume decreased by about 500,000 tons year - on - year, mainly due to Rio Tinto's reduced shipments [1]. - Overall, the four major mines were stable in the first three quarters. Rio Tinto may face some pressure to boost shipments in Q4. It is expected that the annual shipment volume of the four major mines will increase by 3.5 - 6 million tons year - on - year, with relatively limited overall growth [1]. 3. Summary by Company Rio Tinto - In Q3 2025, production in the Pilbara region remained high at about 84.1 million tons (100% equity), with year - on - year and quarter - on - quarter stability. Shipments were 84.3 million tons, basically flat year - on - year and up about 5.51% quarter - on - quarter, reaching the second - highest Q3 record since 2019 [6]. - The Gudai - Darri mine achieved its highest quarterly production, with an annualized production capacity of 51 million tons. The IOC mine in Canada produced about 2.348 million tons in Q3, up 11% year - on - year but down 6% quarter - on - quarter [9]. - Since July, Rio Tinto has been shipping adjusted PB fines. It maintains its 2025 shipment guidance of 323 - 338 million tons, but considering the early - year losses, the annual shipment is expected to be at the lower end of the guidance range [9]. BHP - In Q3 2025 (Q1 of FY2026), BHP's WAIO production was 62.01 million tons (equity basis), down about 2% year - on - year and 9% quarter - on - quarter; 70.25 million tons on a 100% equity basis, down about 2% year - on - year. Planned maintenance affected short - term production, but the Samarco project's output increased significantly [12]. - Sales were basically flat, with a slight year - on - year decline of about 1%. The sales of lump ore increased by 5% year - on - year. BHP maintains its FY2025 production guidance of 258 - 269 million tons (284 - 296 million tons on a 100% equity basis) [12]. FMG - In Q3 2025 (Q1 of FY2026), FMG's iron ore shipments were 49.7 million tons (including 2.1 million tons from the Iron Bridge project), up about 4% year - on - year, setting a record for the same period. Due to seasonal maintenance, shipments decreased by about 10% quarter - on - quarter. Ore processing volume was 50.8 million tons, up about 6% year - on - year [16]. - The proportion of Super Special Fines and Blend Fines is about 78%. FMG maintains its FY2026 shipment guidance of 195 - 205 million tons, with the Iron Bridge project contributing about 10 - 12 million tons [16]. Vale - In Q3 2025, Vale's iron ore production reached 94.4 million tons, up 3.8% year - on - year and 12.9% quarter - on - quarter, the highest for the same period since 2018. Sales were 86 million tons, up 5.1% year - on - year and 11.2% quarter - on - quarter [18][23]. - Inventory increased by about 4.5 million tons in Q3, mainly due to more in - transit concentrate products in China. The pellet production in Q3 was 7.997 million tons, down 22.8% year - on - year [23]. - Assuming Q4 production is the same as the previous year, Vale's annual production is expected to be slightly higher than the mid - point of the guidance range of 325 - 335 million tons [24].

Group 1 - Bernstein raised the target price for Rio Tinto from 5000 pence to 5200 pence [1]

Core Viewpoint - Rio Tinto's Tomago Aluminium smelter is facing significant pressure from high electricity prices, leading to discussions about the potential cessation of operations after the current power supply contract expires in December 2028 [2][3] Group 1: Operational Challenges - Tomago Aluminium has been exploring viable energy solutions since 2022 but has not found a sustainable path for operations beyond 2028 [2] - Electricity costs currently account for over 40% of Tomago's operational expenses, and proposals received indicate that energy prices will significantly increase starting January 2029, affecting the economic viability of the smelter [2][3] - The consultation process with employees and union representatives will continue until November 21, allowing for feedback before any final decisions are made [3] Group 2: Company Background - Tomago Aluminium, established in 1983, is Australia's largest aluminium smelter, producing up to 590,000 tonnes of aluminium annually, which constitutes nearly 40% of Australia's total aluminium production [3] - The smelter is a joint venture, with Rio Tinto holding a 51.55% stake, Gove Aluminium Finance Ltd at 36.05%, and Norwegian company Hydro at 12.40% [4] - The facility is located in Tomago, approximately 13 kilometers west of Newcastle, New South Wales [5] Group 3: Current Power Supply Contract - Tomago Aluminium's existing power supply contract with AGL is set to expire in December 2028 [6]

Core Viewpoint - Rio Tinto is exploring a potential asset swap with China Aluminum, which could reduce China Aluminum's 11% stake in Rio Tinto and allow the company to restart buybacks and pursue new strategic transactions [2][3] Group 1: Asset Swap Details - The asset swap may involve China Aluminum exchanging part of its stake for collaboration in Rio Tinto's mining assets, potentially ending governance restrictions that have limited Rio Tinto's flexibility for 15 years [2] - Potential assets of interest for China Aluminum include the Simandou iron ore project in Guinea and the Oyu Tolgoi copper mine in Mongolia [2] - Another possible swap could involve Rio Tinto's titanium business, which is under strategic review by the new CEO Simon Trott [2] Group 2: Impact on Capital Management - The swap could reduce China Aluminum's stake by 2-3 percentage points, enabling Rio Tinto to conduct buybacks and large-scale mergers without diluting the largest shareholder's equity [3] - The discussions are occurring as CEO Simon Trott pushes for enhanced cost control and a restructuring of the company from four core business units to three, focusing on profitable assets [3] Group 3: Future Updates - Further updates regarding the restructuring may be announced in the next two weeks, with an investor day scheduled for December 4 [4]

Core Viewpoint - Rio Tinto is exploring the possibility of an asset swap with China Aluminum Corporation (Chinalco) to reduce the latter's 11% stake in the company [1] Group 1: Asset Swap Details - Chinalco will exchange part of its shares for a cooperative relationship involving some of Rio Tinto's mining assets [1] - Potential assets of interest for Chinalco include the Simandou iron ore project in Guinea and the Oyu Tolgoi copper mine in Mongolia [1] - Another possible exchange could involve Rio Tinto's titanium business [1]

Group 1 - The Hangzhou Urban Area Central Ring Project has successfully completed the first T-beam installation, marking a significant breakthrough in the project's critical control node and entering a new phase of superstructure construction [1] - The project, designed as a dual six-lane expressway with a mainline speed of 80 km/h, will enhance the national road network layout and serve as an important north-south passage between Yuhang and Fuyang, significantly reducing travel time to the Future Technology City [1] - The project features the province's first smart beam yard, which has been put into operation, providing strong support for construction and accumulating valuable experience for similar intelligent projects in Hangzhou [1] Group 2 - The Jianwu Tunnel of the road reconstruction project from Zhujiabu to Meiping in Jiande City has completed its construction, ensuring strong support for future construction and early operation [2] - The project, with a total length of 2.67 kilometers and a tunnel length of 2.2 kilometers, is designed to improve the logistics channel for Nongfu Spring and enhance the regional road network structure [2] - The completion of the road will facilitate the separation of freight and tourism traffic, supporting the "Beautiful Highway" initiative and the implementation of Jiande City's 14th Five-Year Comprehensive Transportation Plan [2]

Group 1 - The article highlights the integration of sports, particularly basketball, into the cultural and social fabric of cities like Lin'an and Fuyang during the National Day holiday [1][4] - The Lin'an and Fuyang regions are experiencing a surge in local tourism and community engagement through sports events, with basketball serving as a vibrant attraction [1][5] - The local basketball league, known as the "Zhejiang BA," is becoming a significant reason for people to explore and connect with their cities [1][6] Group 2 - The Lin'an Cultural and Historical Museums, including the Lin'an Museum and the Wuyue Cultural Museum, provide a backdrop for understanding the region's rich history while sports events unfold nearby [2] - The Fuyang Longmen Ancient Town has transformed into a lively venue for sports events, enhancing the visitor experience by combining local culture with live basketball broadcasts [5][6] - The community's enthusiasm for basketball is evident, with venues fully booked for live broadcasts and significant public interest in local matches, indicating a strong cultural connection to the sport [6][8]

Core Viewpoint - The establishment of a "circular economy industry red chain" joint meeting mechanism aims to promote coordinated cooperation among upstream and downstream industries, enhancing the integration of industrial and supply chains, and facilitating a green and low-carbon internal circulation [2] Group 1: Industry Development Initiatives - The initiative to develop the circular economy industry park in Fuyang is a key focus for the government in the second half of the year, accelerating the steps of "extending, supplementing, and strengthening" the industrial chain [2] - Fuyang has made significant efforts to transform the old mining area of Luzhu Town into a stronghold for circular economy, closing down polluting mines and promoting mountain restoration since 2005 [3] Group 2: Economic and Environmental Benefits - The circular economy industry park has attracted nine large-scale enterprises, creating a complete closed-loop system of "waste—energy—raw materials," where each company's output or waste can serve as raw materials for another [3] - From January to August this year, the industrial output value of the park reached 907 million yuan [4] Group 3: Integration of Party Building and Economic Growth - The Fuyang Energy Party branch has integrated party building with green development, leading to significant economic benefits and ecological improvements [5] - The company has implemented a work mechanism that involves party members leading projects, resulting in seven technological transformation projects and a substantial increase in economic efficiency [5] Group 4: Transformation of Local Communities - The transformation of the former mining area into a "green circular" demonstration zone has turned the village of Langwu from a wasteland into a popular tourist destination, attracting visitors and enhancing local prosperity [5][6] - The successful conversion of the traditional "NIMBY effect" of waste incineration into a welcomed "embracing effect" demonstrates the positive impact of party building on regional ecological value [6]