Core Viewpoint - The international gold and silver prices have continued to decline, with spot gold dropping below $4000 per ounce and spot silver falling below $50 per ounce, marking a significant downturn in precious metals markets [1][2]. Price Movements - As of November 18, spot gold prices fell to $4011 per ounce, a decrease of 1.55%, while spot silver prices in New York dropped by 2.53% to $49 [2][6]. - The decline in gold prices has led to a reduction in domestic gold jewelry prices, with major brands like Chow Sang Sang and Lao Feng Xiang reporting consecutive price drops [5][6]. Market Impact - The continuous drop in gold prices has negatively affected gold-related stocks in both A-shares and Hong Kong markets, with significant declines observed in companies such as Hainan Mining and Yuguang Gold Lead [7][9]. - The gold concept sector in A-shares saw a decline of over 2%, with multiple stocks experiencing drops exceeding 5% [7][9]. Economic Factors - The recent hawkish comments from Federal Reserve officials have influenced market expectations regarding interest rate cuts, with the probability of a December rate cut dropping from approximately 90% to 43% [6][10]. - The strengthening of the US dollar, driven by these hawkish signals, has put additional pressure on precious metals [10]. Demand Trends - Despite the current price decline, global gold investment demand surged by 47% year-on-year in Q3, totaling 537 tons, driven by geopolitical uncertainties and a weakening dollar [12]. - Central banks globally have increased their gold purchases, with a net acquisition of 220 tons in Q3, reflecting a continued trend of diversifying reserves to hedge against risks [12][11].

Group 1 - The industrial metal sector experienced a decline of 2.95% on November 18, with Minfa Aluminum leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] - Key stocks in the industrial metal sector showed varied performance, with significant declines in several companies [1] Group 2 - Minfa Aluminum saw a substantial drop of 9.92%, closing at 4.45, with a trading volume of 1.21 million shares and a turnover of 552 million [2] - Other notable declines included Chang Aluminum at -8.75% and Yuguang Jin Lead at -5.67% [2] - The industrial metal sector experienced a net outflow of 6.155 billion in main funds, while retail investors saw a net inflow of 5.182 billion [2][3] Group 3 - Among individual stocks, Hongchuang Holdings had a net inflow of 44.02 million from main funds, while Hai Liang Co. saw a net inflow of 25.21 million [3] - The overall trend indicates a mixed sentiment among institutional and retail investors, with significant outflows from main funds in several companies [3] - The data reflects a cautious approach from institutional investors amidst the sector's downturn [3]

Group 1 - The industrial metal sector continues to decline, with Minfa Aluminum experiencing a trading halt [1] - Other companies such as Chang Aluminum, Yuguang Gold Lead, Silver Industry, Zinc Industry, and Yun Aluminum also saw declines [1]

Group 1 - The gold concept sector experienced a decline at the beginning of trading, with notable drops in several companies [2] - Hainan Mining saw a decrease of 5.67%, while HeBai Group fell by 2.81% [2] - Other companies such as Yuguang Gold Lead and Huayu Mining also reported declines of 2.58% and over 2%, respectively [2]

国联民生证券承销保荐有限公司 经中国证券监督管理委员会《关于同意河南豫光金铅股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2024〕887 号）核准，公 司于 2024 年 8 月 12 日向不特定对象发行 710 万张可转换公司债券，每张面值 100 元，发行总额为 71,000.00 万元。根据《募集说明书》约定，"豫光转债" 存续期限为自发行之日起 6 年，即 2024 年 8 月 12 日至 2030 年 8 月 11 日（如 遇法定节假日或休息日延至其后的第一个交易日），票面利率为：第一年 0.10%， 第二年 0.30%，第三年 0.60%，第四年 1.00%，第五年 1.50%，第六年 2.00%。 （二）可转债上市情况 经上海证券交易所自律监管决定书〔2024〕116 号文同意，公司本次发行 的可转换公司债券于 2024 年 9 月 3 日起在上海证券交易所上市交易，债券简称 "豫光转债"，债券代码"110096"。 （三）可转债转股价格调整情况 根据《募集说明书》约定，公司本次发行的"豫光转债"自 2025 年 2 月 关于河南豫光金铅股份有限公司提前赎回"豫光转债"的 ...

Group 1 - The gold concept sector experienced a significant decline, dropping by 2.39% [1] - Among the companies, Yuguang Gold Lead fell by 4.73%, Shenda Resources decreased by 4.56%, and Luoyang Molybdenum dropped by 4.53% [1] - Other companies such as Pengxin Resources, Zhaojin Gold, and Hunan Silver also saw declines exceeding 3% [1]

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： ● 河南豫光金铅股份有限公司（以下简称"公司"）股票自2025年10月27日至2025年11月14日，已有十五 个交易日的收盘价不低于"豫光转债"当期转股价格5.95元/股的130%，即不低于7.74元/股。根据《河南 豫光金铅股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 约定，已触发"豫光转债"的有条件赎回条款。 ● 公司于2025年11月14日召开第九届董事会第二十五次会议，审议通过《关于提前赎回"豫光转债"的议 案》，公司董事会决定行使"豫光转债"的提前赎回权，按照债券面值加当期应计利息的价格对赎回登记 日登记在册的"豫光转债"全部赎回。 ● 投资者所持"豫光转债"除在规定时限内通过二级市场继续交易或按照5.95元/股的转股价格进行转股 外，仅能选择以100元/张的票面价格加当期应计利息被强制赎回。若被强制赎回，可能面临较大投资损 失。 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意河 ...

Core Viewpoint - Henan Yuguang Gold Lead Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding the specified threshold, leading to a decision for early redemption of the bonds [2][8][9] Group 1: Convertible Bond Issuance and Terms - The company issued 7.1 million convertible bonds with a total amount of 710 million yuan, with a maturity period from August 12, 2024, to August 11, 2030, and a tiered interest rate structure [3][4] - The initial conversion price was set at 6.17 yuan per share, which was later adjusted to 5.95 yuan per share due to a rights distribution [5] Group 2: Redemption Conditions and Triggering Events - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days [7][8] - From October 27, 2025, to November 14, 2025, the stock price met the criteria for triggering the redemption clause [2][8] Group 3: Decision on Early Redemption - The company's board of directors approved the early redemption of the convertible bonds to reduce financial costs and optimize the capital structure [9] - The redemption will occur at the face value plus accrued interest for all registered bondholders on the redemption date [9]

| 证券代码：600531 | 证券简称：豫光金铅 | 公告编号：临 2025-104 | | --- | --- | --- | | 债券代码：110096 | 债券简称：豫光转债 | | 河南豫光金铅股份有限公司 河南豫光金铅股份有限公司（以下简称"公司"）股票自 2025 年 10 月 27 日至 2025 年 11 月 14 日，已有十五个交易日的收盘价不低于"豫光转 债"当期转股价格 5.95 元/股的 130%，即不低于 7.74 元/股。根据《河南豫光 金铅股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简 称"《募集说明书》"）约定，已触发"豫光转债"的有条件赎回条款。 公司于 2025 年 11 月 14 日召开第九届董事会第二十五次会议，审议 通过《关于提前赎回"豫光转债"的议案》，公司董事会决定行使"豫光转 债"的提前赎回权，按照债券面值加当期应计利息的价格对赎回登记日登记 在册的"豫光转债"全部赎回。 投资者所持"豫光转债"除在规定时限内通过二级市场继续交易或 按照 5.95 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当 期应计利息被强制赎回。若被强 ...

（文章来源：证券日报） 证券日报网讯 11月14日晚间，豫光金铅发布公告称，公司于2025年11月14日召开第九届董事会第二十 五次会议，审议通过《关于提前赎回"豫光转债"的议案》，公司董事会决定行使"豫光转债"的提前赎回 权，按照债券面值加当期应计利息的价格对赎回登记日登记在册的"豫光转债"全部赎回。投资者所 持"豫光转债"除在规定时限内通过二级市场继续交易或按照5.95元/股的转股价格进行转股外，仅能选择 以100元/张的票面价格加当期应计利息被强制赎回。若被强制赎回，可能面临较大投资损失。 ...