红星发展公告，控股子公司重庆大足红蝶锶业有限公司根据《国务院办公厅关于推进城镇人口密集区危 险化学品生产企业搬迁改造的指导意见》，需搬迁进入化工园区。2023年8月11日召开的公司第八届董 事会第四次临时会议审议通过了《控股子公司搬迁扩产暨启动项目建设》的议案。现搬迁扩产项目重庆 瑞得思达光电科技有限公司建设工作已基本完成，具备试生产条件，公司拟对大足红蝶实施停产，停产 后部分生产设备将转移至瑞得思达，大足红蝶后续业务将由瑞得思达承接。 （文章来源：第一财经） ...

Core Viewpoint - The company plans to suspend operations at its subsidiary, Dazhu Hongdie, due to the need to relocate to a chemical park and the aging of existing equipment, which has led to high operating costs [1] Group 1: Financial Impact - Dazhu Hongdie is projected to generate revenue of 265.46 million yuan in 2024 and 260.42 million yuan from January to September 2025 [1] - The company expects an asset impairment of 30 million yuan from Dazhu Hongdie, which will negatively impact the consolidated net profit attributable to the parent company by 19.8 million yuan in 2025 [1] Group 2: Operational Transition - Some production equipment from Dazhu Hongdie will be transferred to Ruidesida, which will take over the subsequent business operations [1] - The company has organized its orders to ensure a smooth transition and will properly arrange for employee placements [1]

Group 1 - Hongxing Development (SH 600367) announced that Wanyang reduced its shareholding by approximately 14,400 shares, accounting for 0.0042% of the company's total share capital during the reduction plan period [1] - The reduction plan has been completed [1] - As of the report date, Hongxing Development has a market capitalization of 6.2 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Hongxing Development is as follows: inorganic salt products account for 69.07%, other industries account for 19.96%, manganese salt products account for 9.72%, and other businesses account for 1.25% [1]

证券代码：600367 证券简称：红星发展 公告编号：2025-050 贵州红星发展股份有限公司 董事、高级管理人员减持股份结果公告 本次减持计划实施前，贵州红星发展股份有限公司（下称公司）董事、高级 管理人员万洋先生持有公司股份 57,800 股，占公司总股本的 0.0169%，股份来 源为限制性股票激励计划授予取得的股份。 减持计划的实施结果情况 公司于 2025 年 10 月 17 日在上海证券交易所网站（www.sse.com.cn）披露 了《董事、高级管理人员减持股份计划公告》（公告编号：2025-043），因个人自 身资金需求，万洋先生计划自该公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 11 月 10 日-2026 年 2 月 9 日），在符合法律法规规定的减持前提下，通 过集中竞价的方式减持所持公司股份，具体情况如下： 万洋先生计划减持公司股份数量不超过 14,450 股，不超过公司总股本比例 的 0.0042%，不超过其所持有的本公司股份总数的 25%。在本次减持计划期间内， 万洋通过集中竞价交易方式减持公司股份 14,400 股，减持股份数量占公司总股 本的 0.004 ...

红星发展公告称，董事、高级管理人员万洋因个人资金需求，于2025年11月10日至2026年2月9日通过集 中竞价方式减持公司股份14400股，占公司总股本的0.0042%，减持价格为18.10元/股，减持总金额26.06 万元。本次减持计划已实施完毕，减持后万洋持股43400股，占总股本0.0127%。此次减持符合相关规 定，与此前披露的减持计划一致。 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 1.46%, ranking in the upper middle among all primary industries. The energy metals sector rose by 5.08%, while the precious metals sector increased by 0.68% [1][14] - Gold prices have broken through the consolidation range, while silver's bullish sentiment has peaked, indicating a potential risk of a sharp short-term correction [1][49][50] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.33%, with the non-ferrous metals sector outperforming the index by 1.44 percentage points [14] - The report highlights the performance of various sub-sectors, with energy metals leading the gains [14] Industrial Metals - **Copper**: Prices fluctuated with LME copper at $11,882 per ton (up 2.85%) and SHFE copper at ¥93,180 per ton (down 0.96%). Supply remains weak, with a forecasted global copper shortage of 150,000 tons by 2026. Demand is deteriorating as construction projects pause, leading to increased spot market discounts [2][30] - **Aluminum**: LME aluminum rose to $2,945 per ton (up 2.43%), while SHFE aluminum was at ¥22,185 per ton (up 0.07%). Supply conditions are stable, with new capacity coming online, but demand remains cautious due to a downturn in the real estate sector [3][35] - **Zinc**: Prices fell, with LME zinc at $3,073 per ton (down 2.12%) and SHFE zinc at ¥23,065 per ton (down 2.29%). Inventory levels showed mixed trends [41] - **Tin**: Prices increased, with LME tin at $43,227 per ton (up 5.11%) and SHFE tin at ¥343,040 per ton (up 3.02%). Supply from Indonesia has increased, but demand remains cautious [46] Precious Metals - **Gold**: COMEX gold closed at $4,368.70 per ounce (up 0.90%), while SHFE gold was at ¥979.90 per gram (up 0.95%). Economic data from the U.S. showed mixed results, but overall inflation appears to be cooling, which may influence future gold prices positively [4][49] - **Silver**: The report warns of extreme bullish sentiment in silver, with potential for a sharp correction as market volatility peaks [50]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing at 3890.45 points, above the half-year line, reflecting a gain of 0.36% and a total trading volume of 1.748742 trillion yuan [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3890.45 points, above the half-year line, with a gain of 0.36% [1] - Total trading volume in the A-share market reached 1.748742 trillion yuan [1] Group 2: Stocks Breaking Half-Year Line - A total of 266 A-shares have surpassed the half-year line, indicating strong market interest [1] - Notable stocks with significant deviation rates include: - GQY Vision (10.23%) - Hongwei Technology (9.84%) - Zhongwang Fabric (8.75%) [1] Group 3: Detailed Stock Data - GQY Vision: Today's price increased by 11.23% with a turnover rate of 13.78%, latest price at 7.23 yuan [1] - Hongwei Technology: Today's price increased by 12.30% with a turnover rate of 17.12%, latest price at 27.49 yuan [1] - Zhongwang Fabric: Today's price increased by 9.98% with a turnover rate of 1.78%, latest price at 25.78 yuan [1]

Group 1 - The Shanghai Composite Index closed at 3887.81 points, above the six-month moving average, with a gain of 0.30% [1] - The total trading volume of A-shares reached 1,390.087 billion yuan [1] - A total of 249 A-shares have surpassed the six-month moving average, with notable stocks including GQY Vision, Hongwei Technology, and Zhongwang Fabric, showing significant deviation rates of 12.05%, 9.88%, and 8.75% respectively [1] Group 2 - GQY Vision (300076) had a daily increase of 13.08% with a turnover rate of 10.52%, and its latest price was 7.35 yuan, showing a deviation rate of 12.05% [1] - Hongwei Technology (688711) increased by 12.34% with a turnover rate of 15.68%, latest price at 27.50 yuan, and a deviation rate of 9.88% [1] - Zhongwang Fabric (605003) rose by 9.98% with a turnover rate of 1.76%, latest price at 25.78 yuan, and a deviation rate of 8.75% [1]

Group 1 - The price of electrolytic manganese has been rising significantly, reaching a three-year high with an average price of 17,820 yuan/ton as of December 18, reflecting a month-to-date increase of nearly 15% [1] - The increase in electrolytic manganese prices is attributed to a balance between supply and demand, with supply constraints due to environmental regulations and reduced production capacity, while demand is driven by the steel industry's year-end inventory needs and the growth in the new energy sector [1][3] - Red Star Development's manganese products, including electrolytic manganese dioxide and high-purity manganese sulfate, are becoming key growth drivers for the company, with a projected production capacity of 30,000 tons/year by mid-2025 [1] Group 2 - Xiangtan Electric Chemical, a leading company in the electrolytic manganese industry, has established a vertically integrated supply chain from manganese resources to electrolytic manganese dioxide and lithium manganese oxide [2] - The company is actively seeking additional high-quality manganese resources to enhance its production capabilities [2] - Three Gorges Water Conservancy's Li Jiawan manganese mine serves as a source of raw materials for its electrolytic manganese production [3]

进入10月份后，广西、贵州等电解锰主产区处于秋冬季污染防治攻坚管控期，限制政策持续发力，部分环保设施不达标的中小产能被迫减产或临时停 产。 12月以来，电解锰价格13连涨！ 进入12月，电解锰价格一路走高，累计上涨超2300元/吨，最新价格创出三年多新高。 Wind数据显示，12月18日，电解锰平均价为17820元/吨，环比上涨200元/吨。12月以来，电解锰已连续13日上涨（不含双休日，每天都有涨价），累计 涨幅近15%，价格创出2022年5月以来新高。 多重因素驱动价格走高 本轮电解锰价格上涨，主要由供应收缩、成本支撑及需求改善等多重因素共同驱动。 此外，南方主产区进入枯水期后，水电价格上涨推高了电解锰生产能耗成本，部分中小冶炼企业因成本压力主动减产，进一步收紧供应。 与此同时，行业龙头宁夏天元锰业60万吨电解金属锰（一期）技改项目仍处于建设阶段，预计在2026年下半年实现投产，技改期间部分老旧产能同步 停产升级，加剧市场对供应缺口的预期。 成本端方面，近期海外主流矿山对华锰矿报价出现上涨态势。康密劳加蓬块12月报价4.5美元/吨度，环比上涨0.15美元/吨度；联合矿业（CML）12月对 华46%澳块报价 ...