Investment Rating - The report indicates a positive outlook for the non-ferrous metals industry, with a focus on ESG performance management among central enterprises [3][4]. Core Insights - The report evaluates 18 central enterprises in the non-ferrous metals sector based on an established ESG rating system, highlighting that 11 companies scored over 100 points, reflecting a systematic approach to ESG management [4][12]. - Environmental management is prioritized, with comprehensive disclosure on pollution control, waste management, and energy utilization, although there is room for improvement in areas like green mining and circular economy indicators [4][24]. - The report emphasizes the importance of climate-related governance, with many companies actively addressing climate change and setting reduction targets, though mechanisms for information acquisition need enhancement [4][42]. - Social responsibility is a key focus, with all companies covering social indicators, but there is a noted deficiency in disclosures related to technology ethics [4][61]. - Governance structures are generally robust, but there is a need for improvement in due diligence practices, particularly concerning compliance checks of supply chain partners [4][75]. Summary by Sections 1. Overall Scores and ESG Governance - The overall ESG scores for the 18 central enterprises are high, with 61.1% scoring above 100 points, indicating a well-established ESG management framework [12]. 2. Importance Assessment: Need for Third-Party Verification - All companies disclosed financial and impact importance assessments, but only 11% provided third-party verification, indicating a gap in independent validation [16][17]. 3. Environmental: Mature Disclosure, Comprehensive Management - Environmental indicators show high scores, with 67% of companies achieving full marks, reflecting strong environmental protection awareness [24][27]. 4. Climate: Accelerating Disclosure Framework - 67% of companies received full scores for climate-related disclosures, demonstrating a high level of commitment to addressing climate change [42][49]. 5. Social: Commitment to Social and Management Responsibilities - Social responsibility indicators are fully covered by all companies, but technology ethics disclosures are lacking [61][64]. 6. Governance: Well-Structured, Need for Enhanced Due Diligence - Governance structures are generally well-defined, with high coverage of governance mechanisms, but due diligence practices require further development [75][76].

Core Points - The Shanghai Composite Index is at 3970.29 points with a change of 0.26%, and the total trading volume of A-shares is 1,534.396 billion yuan [1] - A total of 80 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] Summary of Companies - **Beifang Copper (000737)**: Today's change is +0.41%, with a 5-day moving average of 15.35 yuan, which is -1.96% lower than the 10-day moving average of 15.66 yuan [1] - **Huali Co., Ltd. (603038)**: Today's change is +2.30%, with a 5-day moving average of 20.29 yuan, which is -1.81% lower than the 10-day moving average of 20.67 yuan [1] - **Suotong Development (603612)**: Today's change is +2.12%, with a 5-day moving average of 24.45 yuan, which is -1.61% lower than the 10-day moving average of 24.85 yuan [1] - **New Lai Materials (300260)**: Today's change is +0.34%, with a 5-day moving average of 58.73 yuan, which is -1.55% lower than the 10-day moving average of 59.65 yuan [1] - **Lianchuang Optoelectronics (600363)**: Today's change is -0.29%, with a 5-day moving average of 61.53 yuan, which is -1.33% lower than the 10-day moving average of 62.36 yuan [1] - **Guangfa Securities (000776)**: Today's change is +0.27%, with a 5-day moving average of 22.61 yuan, which is -1.26% lower than the 10-day moving average of 22.90 yuan [1] - **China Electric Research (688128)**: Today's change is +0.77%, with a 5-day moving average of 31.90 yuan, which is -1.20% lower than the 10-day moving average of 32.29 yuan [1] - **StarNet (002396)**: Today's change is -0.73%, with a 5-day moving average of 26.52 yuan, which is -1.01% lower than the 10-day moving average of 26.79 yuan [1] - **Shan Zi Gaoke (000981)**: Today's change is +1.84%, with a 5-day moving average of 3.94 yuan, which is -0.93% lower than the 10-day moving average of 3.98 yuan [1] - **ST Weier (002058)**: Today's change is +1.78%, with a 5-day moving average of 25.25 yuan, which is -0.92% lower than the 10-day moving average of 25.49 yuan [1] - **Titan Chemical (002145)**: Today's change is +2.80%, with a 5-day moving average of 5.51 yuan, which is -0.85% lower than the 10-day moving average of 5.56 yuan [1] - **Hank Technology (688006)**: Today's change is +2.84%, with a 5-day moving average of 31.95 yuan, which is -0.82% lower than the 10-day moving average of 32.21 yuan [1] - **Inner Mongolia First Machinery (600967)**: Today's change is +0.60%, with a 5-day moving average of 18.61 yuan, which is -0.80% lower than the 10-day moving average of 18.76 yuan [1] - **Liangjiu 12 (301592)**: Today's change is -0.24%, with a 5-day moving average of 124.73 yuan, which is -0.77% lower than the 10-day moving average of 125.69 yuan [1] - **Zhongwu Robotics (688297)**: Today's change is +0.06%, with a 5-day moving average of 47.82 yuan, which is -0.77% lower than the 10-day moving average of 48.19 yuan [1] - **Chihong Zn & Ge (600497)**: Today's change is +0.62%, with a 5-day moving average of 6.63 yuan, which is -0.76% lower than the 10-day moving average of 6.68 yuan [1] - **Dadi (688077)**: Today's change is -0.27%, with a 5-day moving average of 34.01 yuan, which is -0.74% lower than the 10-day moving average of 34.26 yuan [1]

证券日报网讯株冶集团11月4日在互动平台回答投资者提问时表示，截至2025年10月31日，公司股东总 户数约为4.13万户。 （文章来源：证券日报） ...

Group 1 - The small metal sector experienced a downturn on November 3, with notable declines in several companies [1] - Huaxi Nonferrous fell by 9.1%, Shengtun Mining decreased by 7.45%, and Huayu Mining dropped by 6.66% [1] - Other companies such as Zhuhai Group, Northern Copper, and Guangsheng Nonferrous also saw declines exceeding 6% [1]

Group 1 - The stock price of Zhuzhou Smelter Group increased by 2.03% to 16.05 CNY per share, with a total market capitalization of 17.22 billion CNY as of October 30 [1] - Year-to-date, the stock price has risen by 103.94%, with a 6.43% increase over the last five trading days and a 36.48% increase over the last 60 days [1] - The company has appeared on the trading leaderboard twice this year, with the most recent net purchase of 58.32 million CNY on September 12 [1] Group 2 - Zhuzhou Smelter Group, established on December 20, 1993, specializes in the production and sale of zinc and zinc alloys, with a revenue composition of 38.48% from zinc and zinc alloys [2] - For the period from January to September 2025, the company reported a revenue of 16.05 billion CNY, a year-on-year increase of 11.54%, and a net profit of 858 million CNY, up 47.51% year-on-year [2] - As of September 30, 2025, the number of shareholders decreased by 10.19% to 40,200, while the average circulating shares per person increased by 11.35% to 18,685 shares [2] Group 3 - Since its A-share listing, Zhuzhou Smelter Group has distributed a total of 388 million CNY in dividends, with no dividends paid in the last three years [3] - Among the top ten circulating shareholders, Qianhai Kaiyuan Gold and Silver Jewelry Mixed A holds 16.65 million shares, an increase of 2.59 million shares compared to the previous period [3] - New shareholders include the Gold Stock ETF, which holds 6.17 million shares, while several funds have exited the top ten circulating shareholders list [3]

Core Insights - Zhuzhou Smelter Group Co., Ltd. experienced a stock price increase of 5.05%, reaching 15.59 CNY per share, with a trading volume of 334 million CNY and a turnover rate of 2.91%, resulting in a total market capitalization of 16.726 billion CNY [1] Company Overview - Zhuzhou Smelter Group, established on December 20, 1993, and listed on August 30, 2004, is located in Hunan Province, China. The company specializes in the production and sale of zinc and zinc alloys, as well as industrial sulfuric acid [1] - The revenue composition of the company includes: zinc and zinc alloys (38.48%), other products (28.17%), gold ingots (13.94%), silver ingots (10.71%), lead and lead alloys (7.85%), indium ingots (0.51%), sulfuric acid (0.20%), and non-ferrous metal trading (0.14%) [1] Fund Holdings - According to data, one fund under Huaxia Fund has a significant holding in Zhuzhou Smelter Group. The Huaxia CSI 1000 Index Enhanced A (014125) held 196,000 shares in the third quarter, accounting for 0.76% of the fund's net value, making it the eighth largest holding [2] - The fund has generated an estimated floating profit of approximately 147,000 CNY today [2] Fund Performance - The Huaxia CSI 1000 Index Enhanced A (014125) was established on December 7, 2021, with a current scale of 1.09 billion CNY. Year-to-date, it has achieved a return of 31.72%, ranking 1635 out of 4216 in its category. Over the past year, the return is 32.42%, ranking 1330 out of 3877, and since inception, the return is 22.66% [2]

Core Viewpoint - The gold industry stocks are experiencing a strong upward trend, with significant gains in key stocks and ETFs, indicating a favorable investment environment in the gold sector [1][4]. Group 1: Stock Performance - The China Securities Index for gold industry stocks (931238) rose by 1.50%, with notable increases in individual stocks such as Huayu Mining (601020) up 7.53% and Jiangxi Copper (600362) up 6.07% [1]. - The Gold Stock ETF (517520) increased by 1.73%, with an average daily trading volume of 687 million yuan over the past month, ranking first among comparable funds [1][2]. - The Gold Stock ETF saw a significant growth in scale, increasing by 1.097 billion yuan in the past month, placing it in the top one-sixth of comparable funds [2][3]. Group 2: Fund Inflows and Market Trends - The Gold Stock ETF experienced a substantial increase in shares, with 76 million new shares added in the last two weeks, also ranking in the top one-sixth of comparable funds [3]. - The ETF recorded a net inflow of 964,100 yuan recently, with a total of 506.426 million yuan net inflow over the last ten trading days, indicating strong investor interest [3]. - The spot gold price recently fell below the support level of 3,900 USD/ounce, reaching a low of 3,886.3 USD/ounce, marking a decline of over 10% from its peak of 4,381.11 USD/ounce [3]. Group 3: Macroeconomic Factors - The upcoming Federal Reserve meeting is expected to result in a 25 basis point rate cut, amidst concerns over the Fed's independence and ongoing geopolitical tensions, which may support gold prices [4]. - Long-term factors driving the upward movement of gold prices include continued central bank purchases to hedge against dollar credit risk and a shift in gold ETFs from net selling to net buying [4]. - The gold market is currently influenced by both monetary and financial attributes, suggesting that despite short-term volatility, the long-term investment value remains significant [4]. Group 4: Investment Strategy - The Gold Stock ETF (517520) is highlighted as a more elastic investment option during periods of rising gold prices, providing better liquidity and potential returns [5]. - The ETF closely tracks the China Securities Index for gold industry stocks (931238) and selects high-quality companies from the gold industry across the Shanghai, Shenzhen, and Hong Kong markets [5].

Group 1 - The non-ferrous metal sector experienced a significant upward movement on October 29, with notable stocks such as CITIC Metal and Dazhong Mining reaching their daily limit increase [1] - Other companies in the sector, including Huayu Mining, Huaxi Nonferrous, Hongda Co., Zhuhai Group, and Yuguang Gold Lead, also saw gains [1]

Core Insights - The company reported a revenue of 5,636,565,618.04 yuan for the third quarter of 2025, representing a year-on-year growth of 5.84% [2] - The net profit attributable to shareholders of the listed company was 272,654,111.24 yuan, showing a year-on-year increase of 29.36% [2] Financial Performance - Revenue for Q3 2025: 5.64 billion yuan, up 5.84% year-on-year [2] - Net profit for Q3 2025: 272.65 million yuan, up 29.36% year-on-year [2]

Core Viewpoint - Zhuzhou Smelter Group Co., Ltd. reported strong financial performance for the first three quarters of 2025, driven by market benefits, industry chain integration, and technological innovation [1] Financial Performance - The company achieved an operating income of approximately 16 billion yuan, a year-on-year increase of 11.54% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was about 946 million yuan, reflecting a significant year-on-year growth of 82.27% [1] Key Growth Drivers - Rising prices of non-ferrous metals, particularly zinc, have been a major contributor to the company's performance, with a continuous global supply gap for zinc concentrate leading to increased international zinc prices [1] - The precious metals business has also performed well, benefiting from resource integration and advanced separation technologies, contributing positively to profits [1] - The price increase of sulfuric acid, a byproduct of lead-zinc smelting, has further enhanced profitability [1] Cost Control and Efficiency - The company has seen improvements in cost control through vertical integration, with increased self-sufficiency in ore supply following the acquisition of Shuikoushan Nonferrous Metals Co., effectively mitigating processing fee volatility [1] - Internal cost reduction initiatives have led to a decrease in unit production costs and reduced consumption of fuel and auxiliary materials [2] High-End Product Development - The company is transitioning towards high-end products, with significant growth in sales of zinc-based alloy products for the new energy vehicle supply chain, which have a higher profit margin compared to traditional products [2] Future Outlook - The company has additional lead-zinc ore reserves and potential asset injections that are expected to support sustained growth [2] - The overall industry outlook is positive, with emerging demands from new energy vehicles and energy storage batteries likely to bolster zinc consumption [2]