花旗发表研究报告指，紫金矿业常务副总裁林泓富预期金价仍有上升空间，而集团专注于黄金，目标 2030年年产量达100吨，当中三成增长来自内部产能提升，七成来自收购，特别是在南美与非洲地区。 对于铜的展望，林泓富认为因新矿床探勘难度日益增加，资本开支周期可能延长，同时预期2035年铜需 求将强劲增长至每年4,000万吨。目前仅处于超级周期的开始。公司将积极寻求收购铜矿资源，认为金 矿亦存在并购机会。至于锂，公司将聚焦现有项目，目标2028年年产能达20至25万吨。该行现予其目标 价39港元及"买入"评级。 ...

近期，国际金价高位震荡，国内首饰金价格也居高不下，不少品牌黄金珠宝商足金饰品报价突破1300 元/克大关，回收价则突破900元/克大关。在此背景下，黄金消费出现新趋势，轻克重黄金产品、金条 等受到消费者青睐。 金价维持高位 11月16日，周大福足金饰品报价为1315元/克，工艺金章金条类报价为1153元/克，黄金增值服务金价为 1138元/克，黄金回收服务金价为901元/克。 同日，六福珠宝足金饰品报价为1313元/克；周生生足金饰品报价为1310元/克。 11月以来，国际金价维持高位震荡走势。11月14日，COMEX黄金报价达到4084.4美元/盎司，收盘跌幅 为2.62%。 业内人士普遍认为，今年下半年以来，受全球地缘局势不确定性加剧、美元指数波动等因素影响，国际 黄金价格保持强劲走势，带动国内零售端价格同步上行。短期内，黄金价格或仍将维持高位震荡，若相 关经济数据进一步推升避险情绪，金价仍有上行空间。对于消费者而言，若以投资为目的，需关注国际 金价波动；若以佩戴需求为主，建议根据自身预算合理选择购买时机。 分化成关键词 中国黄金协会最新数据显示，2025年前三季度，我国黄金消费量为682.73吨，同比下 ...

【外交部：#反华势力炮制新疆强迫劳动谎言#】#外交部回应美方机构抹黑中国#11月14日，外交部发言 人林剑主持例行记者会。彭博社记者提问，摩根士丹利正面临美国众议院中国特设委的调查，调查该银 行在承销紫金黄金国际公司公开募股时是否进行了尽职调查，争议在于这笔交易可能帮助了中国企业紫 金矿业。而紫金矿业因涉嫌在新疆使用"强迫劳工"而被美国列入黑名单。外交部对该调查有何评 论？"我不了解你提到的商业行为。"林剑对此表示，所谓新疆存在"强迫劳动"，完全是反华势力炮制的 谎言。我想说的是，一个惯于无中生有、抹黑中国的美方机构，反复翻炒一个早已被事实揭穿的虚假叙 事，无理打压中国企业，只会让世人进一步看清这个机构毫无信誉、大搞政治操弄的本质，最终伤及美 方自身的利益和信誉。（@北京日报 记者 刘晓琰 视频来源：环球时报） ...

Core Viewpoint - Morgan Stanley is under investigation by the U.S. House of Representatives' China Select Committee regarding its due diligence in underwriting the IPO of Zijin Mining Group, which is alleged to have benefited Chinese enterprises despite being sanctioned for using "forced labor" in Xinjiang [1] Group 1: Company Investigation - The investigation focuses on whether Morgan Stanley conducted adequate due diligence during the underwriting process for Zijin Mining's IPO [1] - The controversy arises from allegations that Zijin Mining is involved in forced labor practices in Xinjiang, leading to its inclusion on a U.S. sanctions list [1] Group 2: Diplomatic Response - The Chinese Foreign Ministry spokesperson, Lin Jian, dismissed the allegations of forced labor as a fabrication by anti-China forces [1] - Lin emphasized that the repeated promotion of discredited narratives by U.S. institutions undermines their credibility and ultimately harms U.S. interests and reputation [1]

Core Viewpoint - Morgan Stanley is under investigation by the U.S. House of Representatives' China Select Committee regarding its due diligence in underwriting the IPO of Zijin Mining Group, which is linked to allegations of forced labor in Xinjiang [1] Group 1: Company Investigation - The investigation focuses on whether Morgan Stanley conducted adequate due diligence during the underwriting process for Zijin Mining Group's IPO [1] - The controversy arises from Zijin Mining's association with allegations of forced labor in Xinjiang, leading to its blacklisting by the U.S. [1] Group 2: Government Response - The Chinese Foreign Ministry spokesperson dismissed the allegations of forced labor in Xinjiang as fabrications by anti-China forces [1] - The spokesperson criticized the U.S. institution for its lack of credibility and accused it of political manipulation that ultimately harms U.S. interests and reputation [1]

Core Views - The report emphasizes that the metal industry is expected to see a rise in prices and profitability due to supply-demand dynamics and interest rate cuts, with a focus on industrial metals like copper and aluminum [5][6][10]. Industrial Metals - Copper prices are projected to rise as the global copper market faces a supply shortage of approximately 1% in 2026 and 0.5% in 2027, primarily due to the anticipated recovery of the Grasberg and Panama copper mines [5][23]. - The report notes that the Grasberg copper mine's production cut has led to a significant upward adjustment in copper price expectations, with a potential price increase from 79,000 CNY/ton to 82,000-83,000 CNY/ton [21][24]. - Aluminum profitability is expected to increase further, with China's electrolytic aluminum capacity utilization reaching 98%, indicating a tight supply-demand balance that could lead to price surges if demand exceeds expectations [5][30]. Precious Metals - The long-term outlook for gold remains positive, driven by factors such as weakening U.S. non-farm data, manageable inflation, and a dovish stance from the Federal Reserve, which is expected to lower interest rates further [6][10]. Energy Metals - Cobalt prices are anticipated to rise due to policy changes in the Democratic Republic of Congo, which has implemented an export quota system that could create a supply-demand gap of over 10% in the global cobalt market [7]. - The lithium industry is expected to enter a new growth cycle, with demand for energy storage batteries significantly exceeding previous forecasts, leading to a potential supply shortage if production does not keep pace [8]. Minor Metals - The strategic importance of rare earth metals is highlighted, with China maintaining a dominant position in global production and supply, which is expected to strengthen prices further [10]. - Tungsten prices may rise due to recovering overseas demand and relaxed export controls, while antimony prices are also expected to increase following recent export policy adjustments [11][12]. Uranium - The demand for uranium is projected to increase alongside the growth of nuclear power generation in China, with expectations of a significant rise in nuclear capacity by 2035 [13]. Recommended Stocks - The report suggests a selection of stocks across various metal sectors, including copper, aluminum, precious metals, energy metals, and minor metals, indicating a diversified investment strategy [14].

据招股书介绍，巨型工程轮胎通常是指轮辋直径在49英寸及以上的工程轮胎，主要装备于载重量大、行 驶条件苛刻的大型矿用自卸车、装载机等工程机械。巨型工程轮胎对于生产厂家的研发能力、技术储 备、生产能力、质量控制等方面提出了更高要求。 目前全球仅有少部分轮胎制造企业具备大规模批量生产全钢巨胎的能力，国际三大品牌在全钢巨胎领域 的全球市场份额合计占比在80%以上。而根据弗若斯特沙利文行业研究报告，按照产量计算，全钢巨胎 全球市场规模由2017年的16.7万条增长至2022年的21.5万条，年复合增长率为5.18%，市场持续处于供 不应求状态。 11月14日，可申购深证主板的海安集团（001233.SZ），主营业务包括巨型全钢工程机械子午线轮胎的 研发、生产与销售，以及矿用轮胎运营管理业务。公司为国家高新技术企业，于2021年被工业和信息化 部评为国家级专精特新"小巨人"企业，于2018年被工业和信息化部评为"服务型制造示范企业"。 | 打新早知道 | | | 南川实计 | | --- | --- | --- | --- | | 今日申购 | | | | | 001233.SZ 海安集团 | | | | | 发行价(元 ...

Market Performance - On November 13, the A-share market experienced a significant rally, with the Shanghai Composite Index reaching a ten-year high and the ChiNext Index rising over 2% [2] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index rose 1.78% to 13476.52, and the ChiNext Index increased by 2.55% to 3201.75 [3] - The total trading volume in the Shanghai and Shenzhen markets was 2.04 trillion yuan, an increase of 969 billion yuan compared to the previous trading day [2] Sector Performance - The lithium battery industry chain saw widespread gains, with significant activity in the consumer sector and a notable surge in the Fujian sector [2] - A total of 104 stocks hit the daily limit up, while the oil and gas sector faced declines [2] - Energy metals, battery, and non-ferrous metals sectors led the gains, while sectors like fentanyl and oil and gas experienced the largest declines [2] International Market Overview - On the same day, U.S. stock indices saw significant declines, with the Dow Jones Industrial Average dropping 797.60 points (1.65%) to 47457.22, and the Nasdaq Composite falling 536.10 points (2.29%) to 22870.36 [4] - European markets also closed lower, with the FTSE 100 down 1.05% and the DAX index down 1.39% [4] - International oil prices saw slight increases, with WTI crude oil rising 0.34% to $58.69 per barrel [4] Financial Data - As of the end of October, China's social financing scale stock was 437.72 trillion yuan, reflecting a year-on-year growth of 8.5% [6] - The broad money supply (M2) stood at 335.13 trillion yuan, with a year-on-year increase of 8.2% [6] Regulatory Developments - The Chinese government is reinforcing export controls on rare earth materials to maintain national security and stability [7] - The market regulatory authority plans to enhance anti-monopoly and anti-unfair competition enforcement to address "involution" competition issues [8] - A new revised "Commercial Bank M&A Loan Management Measures" is set to be released to support mergers and acquisitions, particularly for tech companies [9] Corporate News - Alibaba has secretly launched the "Qianwen" project, aiming to develop a personal AI assistant to compete with ChatGPT [12] - Semiconductor company SMIC reported a 41.1% year-on-year increase in net profit for the first three quarters [17] - BoRui Pharmaceutical received approval for clinical trials of its BGM1812 injection, which is the first of its kind for weight loss indications [18]

Core Viewpoint - Morgan Stanley is under scrutiny from the Republican head of the US House China committee regarding its due diligence in underwriting the $3.7 billion IPO of Zijin Gold International Co. in Hong Kong, which is linked to a company on a US blacklist for alleged human rights violations [1][3]. Group 1: Regulatory Scrutiny - Representative John Moolenaar has requested additional information from Morgan Stanley, including documents related to the IPO, as part of a broader investigation into Wall Street banks' involvement with Chinese companies [2][5]. - The inquiry focuses on whether the IPO facilitated Zijin Mining Group's consolidation of overseas gold assets while maintaining control, raising concerns about Morgan Stanley's due diligence practices [3][5]. Group 2: IPO Details - The IPO of Zijin Gold International Co. was the largest since May and the second-largest listing in Hong Kong for the year, following a $5.3 billion deal by Contemporary Amperex Technology Co. Ltd. [4]. - Zijin Gold's shares surged 68% on their first trading day and have since doubled in value [4]. Group 3: Broader Context - The House Select Committee on China is reviewing the involvement of Wall Street banks in IPOs of Chinese firms with military ties or records of labor abuses, indicating a heightened regulatory environment [5][6].

Core Viewpoint - The article discusses the collaboration between Foshan Plastics Technology and Zijin Mining's subsidiaries to establish a project company for the investment and construction of a lithium sulfide pilot platform project, highlighting the growing interest in battery-grade materials in the energy sector [2]. Group 1: Project Overview - Foshan Plastics Technology announced plans to invest in a pilot platform for battery-grade lithium sulfide, with a total investment of 113 million yuan, aiming to build a production line with a capacity of 100 tons per year [2]. - The project company will have a registered capital of 100 million yuan, with Foshan Plastics contributing 5 million yuan (5% equity), Zijin Lithium contributing 60 million yuan (60% equity), Xiamen Zijin contributing 10 million yuan (10% equity), and Guangxin Research Institute contributing 25 million yuan (25% equity) [2]. Group 2: Company Background - Foshan Plastics Technology specializes in the production and sales of advanced polymer functional films, covering various fields such as woven materials, high-precision capacitor films, and polyamide nylon films [3]. - Zijin Mining Group is a large multinational mining group engaged in the exploration and development of various metal resources, including lithium, and is one of China's largest mineral gold producers [4]. Group 3: Research and Development - The article mentions several patents related to the preparation and production methods of lithium sulfide, indicating ongoing research and innovation in this area [3]. - The collaboration aims to enhance the development of high-purity battery-grade lithium sulfide products, which are critical for the energy storage and electric vehicle industries [2][3].