Core Viewpoint - The company, Xizang Zhufeng, has clarified that its wholly-owned subsidiary, Tazhong Mining, extracts ore containing associated silver, primarily selling it in the form of lead concentrate (containing silver) and copper concentrate (containing silver) [2] Group 1 - The company has stated that it reports its main business by product in accordance with accounting standards and industry practices, with revenues from lead concentrate (containing silver) and copper concentrate (containing silver) including silver revenue [2] - The company plans to further optimize its information disclosure in accordance with regulatory compliance requirements in the future [2]

截至发稿，西藏珠峰市值为131亿元。 每经头条（nbdtoutiao）——左手"欠款"右手"豪购"！杨陵江收购"国内酒庄第一股"，1919是否重启上 市？"吹太多牛都实现了，但千亿还没实现，我很着急" 每经AI快讯，西藏珠峰（SH 600338，收盘价：14.33元）12月24日晚间发布公告称，截至本公告披露 日，公司及控股子公司对外担保总额为9.85亿元人民币，均为公司为下属全资及控股子公司提供的担 保，占公司最近一期经审计净资产的26.79%。 2025年1至6月份，西藏珠峰的营业收入构成为：采矿占比99.99%，其他业务占比0.01%。 （记者 曾健辉） ...

证券代码：600338 证券简称：西藏珠峰 公告编号：2025-040 西藏珠峰资源股份有限公司 为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | | 实际为其提供的 担保余额（不含 | | 是否在前 期预计额 | 本次担 保是否 | | --- | --- | --- | --- | --- | --- | --- | | | | | 本次担保金额） | | 度内 | 有反担 | | | | | | | | 保 | | 塔中矿业有限公司 | 0.42 | 亿美元（等 | 0.98 | 亿美元（等 | 是 | 否 | | | 值离岸人民币） | | 值离岸人民币） | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元）（不 | 68,926.34 | | 含本次） | | | 对外担保总额占上市公司最近一 期经审计净 ...

Core Viewpoint - Xizang Zhufeng (600338.SH) has confirmed that its wholly-owned subsidiary, Tazhong Mining, extracts ore containing associated silver, primarily sold in the form of lead concentrate (containing silver) and copper concentrate (containing silver) [1] Group 1 - The company has reported that its main business revenue is categorized by product, including income from lead concentrate (containing silver) and copper concentrate (containing silver), which includes silver revenue [1] - The company plans to further optimize its information disclosure in accordance with regulatory compliance requirements in the future [1]

Core Viewpoint - Xizang Zhufeng (600338.SH) has confirmed that its wholly-owned subsidiary, Tazhong Mining, extracts ore containing associated silver, primarily selling it in the form of lead concentrate (containing silver) and copper concentrate (containing silver) [1] Group 1 - The company has reported that its main business revenue is categorized by product, with lead concentrate (containing silver) and copper concentrate (containing silver) revenues including silver income [1] - The company plans to further optimize its information disclosure in accordance with regulatory compliance requirements in the future [1]

数据显示，华夏基金旗下1只基金位居西藏珠峰十大流通股东。华夏中证1000ETF（159845）三季度新 进十大流通股东，持有股数496.89万股，占流通股的比例为0.54%。根据测算，今日浮盈赚取约34.78万 元。连续4天上涨期间浮盈赚取437.26万元。 华夏中证1000ETF（159845）成立日期2021年3月18日，最新规模454.69亿。今年以来收益25.59%，同 类排名2025/4197；近一年收益22.74%，同类排名2208/4157；成立以来收益26.36%。 12月24日，西藏珠峰涨0.49%，截至发稿，报14.33元/股，成交5.26亿元，换手率4.03%，总市值131.01 亿元。西藏珠峰股价已经连续4天上涨，区间累计涨幅6.54%。 资料显示，西藏珠峰资源股份有限公司位于上海市静安区柳营路305号8楼，成立日期1998年11月30日， 上市日期2000年12月27日，公司主营业务涉及铅精矿、锌精矿和铜精矿的采选生产和销售,并通过参股 公司开始进行锂盐湖资源的开发和锂盐产品的生产业务。主营业务收入构成为：采选业99.99%，其他 (补充)0.01%。 从西藏珠峰十大流通股东角度 截 ...

Core Viewpoint - Tibet Summit has shown significant stock performance with a year-to-date increase of 35.47% and a recent 10.62% rise over the last five trading days, indicating strong market interest and potential growth in the mining sector [1]. Group 1: Stock Performance and Market Activity - As of December 23, Tibet Summit's stock price reached 14.38 CNY per share, with a trading volume of 3.39 billion CNY and a turnover rate of 2.61%, resulting in a total market capitalization of 131.46 billion CNY [1]. - The net inflow of main funds was 21.94 million CNY, with large orders contributing significantly to buying activity, indicating robust investor interest [1]. - The stock has experienced fluctuations, with a 0.55% decline over the past 20 days but a notable 13.59% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Tibet Summit reported a revenue of 1.724 billion CNY, reflecting a year-on-year growth of 46.08%, and a net profit attributable to shareholders of 437 million CNY, which is a 99.13% increase compared to the previous year [2]. - Cumulatively, the company has distributed 1.147 billion CNY in dividends since its A-share listing, with 50.28 million CNY distributed over the last three years [3]. Group 3: Shareholder Structure - As of November 28, the number of shareholders for Tibet Summit increased to 116,000, marking a 3.53% rise, while the average number of circulating shares per shareholder decreased by 3.41% to 7,878 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 17.37 million shares, an increase of 385,900 shares from the previous period [3].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [3][6]. Core Views - The report highlights that the Federal Reserve's interest rate cut and balance sheet expansion are favorable for precious metals, with expectations of further rate cuts in 2026 [1][35]. - For industrial metals, the report notes that copper inventories are increasing in the U.S., while non-U.S. regions face supply tightness, which could lead to a short squeeze [2]. - The aluminum market is supported by positive macroeconomic policies and low inventory levels, leading to a strong price floor [2]. - Nickel prices are expected to remain low due to seasonal demand weakness [2]. - Lithium prices are experiencing fluctuations due to supply disruptions, while cobalt supply is set to increase with the resumption of exports from the Democratic Republic of Congo [2]. Summary by Sections Precious Metals - The Federal Reserve's recent actions are expected to boost liquidity and support precious metal prices [1][35]. - The market anticipates two rate cuts in 2026, which could influence precious metal investments positively [1][35]. Industrial Metals - **Copper**: U.S. copper inventories are rising, while low inventories in non-U.S. regions raise concerns about supply [2]. - **Aluminum**: The aluminum market is experiencing a strong price support due to positive economic data and low inventory levels [2]. - **Nickel**: Nickel prices are projected to remain low as demand enters a seasonal downturn [2]. Energy Metals - **Lithium**: Prices are fluctuating due to supply disruptions, with recent increases in lithium carbonate prices [2]. - **Cobalt**: The resumption of cobalt exports from the Democratic Republic of Congo is expected to stabilize supply and maintain high price levels [2]. Key Companies to Watch - The report suggests monitoring companies such as Shandong Gold, Zijin Mining, and others for potential investment opportunities [1][2][6].

Core Viewpoint - In November 2025, the heavy truck market in China experienced a significant year-on-year increase of 65%, achieving the highest monthly sales of the year, surpassing the traditional peak months of September and October [1][12]. Sales Performance - Heavy truck sales reached 113,200 units in November, marking a 65% increase year-on-year and a 7% increase month-on-month [2][5]. - Cumulatively, from January to November 2025, heavy truck sales totaled 1,042,300 units, representing a 27% increase compared to the same period last year [5][9]. Market Trends - The heavy truck market has shown a consistent upward trend, with November marking the eighth consecutive month of sales growth [2][7]. - The average monthly sales for the year 2025 stand at approximately 94,600 units, significantly higher than the averages of 2024 and 2023 [5]. Competitive Landscape - The top five companies in the heavy truck market accounted for 87.78% of the total sales in November, with significant contributions from major players such as Heavy Truck and Jiefang [7][11]. - Notable sales figures for November include Heavy Truck at 28,800 units and Jiefang at 23,800 units, both exceeding 20,000 units [7][10]. Year-on-Year Growth - All top ten companies in the heavy truck market reported year-on-year growth in November, with some companies like Foton and Xugong achieving growth rates exceeding 100% [8][10]. - The market concentration has increased, with the top ten companies holding a combined market share of 97.54% [11].

Core Viewpoint - The heavy truck market in China experienced a significant increase in sales in November 2025, with a year-on-year growth of 65%, marking the highest monthly sales of the year and surpassing the traditional peak seasons of "Golden September and Silver October" [1][20]. Sales Performance - In November 2025, the total sales of heavy trucks reached 113,200 units, reflecting a month-on-month increase of 7% and a year-on-year increase of 65%, with the growth rate expanding by 5 percentage points compared to October 2025 [4][11]. - The average sales volume for November over the past decade was approximately 78,700 units, with only two years exceeding 100,000 units, making the November 2025 performance notably strong [4][6]. Cumulative Sales Data - From January to November 2025, cumulative heavy truck sales reached 1,042,300 units, representing a year-on-year increase of 27%, with a net increase of over 224,500 units compared to the same period last year [8][15]. - The average monthly sales for the year stood at approximately 94,600 units, significantly higher than the averages for 2024 and 2023 [8]. Market Share and Competition - In November 2025, five companies sold over 10,000 units each, with the top two companies, Heavy Truck and Liberation, selling 28,800 and 23,800 units respectively, maintaining a combined market share of 87.78% among the top five companies [11][13]. - The top ten companies accounted for 96.43% of the market share, indicating a high level of concentration within the industry [11][17]. Year-on-Year Growth of Companies - All top ten companies in the heavy truck market achieved year-on-year sales growth in November, with some companies like Foton and Xugong experiencing growth rates of 139% and 150% respectively [13][17]. - The market share of the top five companies increased to 90.30%, reflecting a strengthening of industry concentration compared to the previous year [17][18]. Future Outlook - With the strong performance in November, it is anticipated that the total heavy truck sales for 2025 will exceed 1.1 million units, with the final figures expected to be confirmed in December [20].