Core Viewpoint - The stock of Hainan Mining Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over two consecutive trading days on November 14 and 17, 2025 [2][4]. Group 1: Stock Trading Abnormality - The company's stock price fluctuation is classified as an abnormal trading situation according to the Shanghai Stock Exchange trading rules [2][4]. - The cumulative closing price increase of the stock over the specified days was over 20% [2][4]. Group 2: Company Operations and Major Events - The company confirmed that its production and operational activities are normal, with no significant changes in market conditions or industry policies [5]. - There are no undisclosed major events or significant information that could affect the stock's trading, including major asset restructuring or significant transactions [6]. - No media reports or market rumors have been identified that could significantly impact the company's stock price [7]. Group 3: Insider Trading and Sensitive Information - During the period of abnormal stock trading, there were no transactions involving the company's stock by directors, senior management, or major shareholders [8]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported a net profit of 312 million yuan, a year-on-year decrease of 42.84%, influenced by declining iron ore and crude oil market prices [9].

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].

Core Viewpoint - Hainan Mining (601969) experienced a significant drop in stock price, reaching the daily limit down, with a trading volume of 1.505 billion yuan and a turnover rate of 5.74% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange for a daily price deviation of -9.20%, with net selling from the Shanghai-Hong Kong Stock Connect amounting to 17.75 million yuan [2] - The top five trading departments accounted for a total transaction volume of 325 million yuan, with buying amounting to 10.7 million yuan and selling at 21.8 million yuan, resulting in a net selling of 11.1 million yuan [2] - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 39.97 million yuan and a selling amount of 57.73 million yuan, leading to a net selling of 17.75 million yuan [2] Fund Flow - The stock saw a net outflow of 159 million yuan in principal funds, with a significant outflow of 107 million yuan from large orders and 51.32 million yuan from big orders [2] - Over the past five days, the net outflow of principal funds totaled 41.95 million yuan [2] Margin Trading - As of November 17, the margin trading balance for Hainan Mining was 336 million yuan, with a financing balance of 333 million yuan and a securities lending balance of 3.0435 million yuan [2] - Over the past five days, the financing balance decreased by 10.29 million yuan, representing a decline of 3.00%, while the securities lending balance increased by 0.9517 million yuan, reflecting a growth of 45.50% [2] Financial Performance - For the first three quarters, the company reported a total revenue of 3.36 billion yuan, marking a year-on-year increase of 5.93%, while net profit was 312 million yuan, showing a year-on-year decline of 42.84% [3]

Market Overview - The Shanghai Composite Index fell by 0.81% on November 18, with only four sectors experiencing gains, led by Media and Computer industries, which rose by 1.60% and 0.93% respectively [1] - The sectors with the largest declines were Coal and Electric Equipment, down by 3.17% and 2.97% respectively, with the Steel industry also showing significant losses [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 88.764 billion yuan, with only four sectors seeing net inflows [1] - The Computer industry had the highest net inflow of 2.730 billion yuan, followed by the Media industry with a net inflow of 2.434 billion yuan [1] Steel Industry Performance - The Steel industry experienced a decline of 2.85%, with a net capital outflow of 1.760 billion yuan [2] - Out of 44 stocks in the Steel sector, only 2 stocks rose while 42 stocks fell, including 1 stock hitting the daily limit down [2] - The top three stocks with the highest net outflows included Baogang Co. with 558 million yuan, Dazhong Mining with 448 million yuan, and Hainan Mining with 159 million yuan [2] Individual Stock Performance in Steel Industry - The top net inflow stock in the Steel sector was Fangda Carbon, with a net inflow of 157 million yuan, followed by Hangang Co. and Ansteel Co. with net inflows of 13.136 million yuan and 5.956 million yuan respectively [2][3] - The stocks with significant net outflows included Baogang Co., Dazhong Mining, and Hainan Mining, with outflows of 558 million yuan, 448 million yuan, and 159 million yuan respectively [2][3]

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [1]. Core Insights - The report highlights several new stock listings and trading activities scheduled for November 18, 2025, including companies such as Jingchuang Electric (12.10), Beikang Testing (6.70), and Nanguang Digital (5.69) [1]. - It also mentions various corporate actions such as tender offers, cash options, and acquisition requests, indicating active market movements [1]. Summary by Relevant Sections - **New Stock Listings**: Companies like Jingchuang Electric, Beikang Testing, and Nanguang Digital are set to debut on the market with respective prices of 12.10, 6.70, and 5.69 [1]. - **Corporate Actions**: The report details several corporate actions including a tender offer for Tianpu Co. (605255) from November 20 to December 19, 2025, and cash options for Hangqi Wheel B (200771) from November 19 to November 25, 2025 [1]. - **Market Alerts**: It lists companies experiencing significant fluctuations, such as Moen Electric (002451) and Huasheng Lithium Battery (688353), indicating potential investment risks and opportunities [1].

Group 1 - The A-share market saw a collective decline in steel stocks, with notable drops including AnTai Group and Hainan Mining hitting the 10% limit down, while SanGang MinGuang fell over 8% [1] - Other steel companies such as Anyang Steel, Shandong Steel, LingSteel, JinLing Mining, LiuGao Steel, JiuGang Hongxing, Xining Special Steel, and HeGang also experienced declines exceeding 5% [1] Group 2 - Specific stock performance data shows AnTai Group and Hainan Mining both down by 10.01%, with market capitalizations of 6.242 billion and 25.7 billion respectively [2] - SanGang MinGuang decreased by 8.26% with a market cap of 10.8 billion, while Anyang Steel fell by 7.01% with a market cap of 7.239 billion [2] - Other notable declines include Shandong Steel down by 5.92% (17 billion), LingSteel down by 5.84% (6.896 billion), and LiuGao Steel down by 5.60% (13.4 billion) [2]

钢铁板块午后持续走弱，海南矿业跌停，三钢闽光、安阳钢铁、凌钢股份、金岭矿业跟跌。 ...

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]

（编辑 姚尧） 证券日报网讯 11月17日晚间，海南矿业发布公告称，公司股票于2025年11月14日、11月17日连续两个 交易日内收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情况。经公司自查并向控股股东、 实际控制人书面发函查证，不存在应披露而未披露的重大事项或重要信息。 ...

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： 海南矿业股份有限公司（以下简称"公司"）股票于 2025 年 11 月 14 日、 11 月 17 日连续两个交易日内收盘价格涨幅偏离值累计超过 20%，根据《上海证 券交易所交易规则》的有关规定，属于股票交易异常波动情况。 经公司自查并向控股股东、实际控制人书面发函查证，不存在应披露而 未披露的重大事项或重要信息。 敬请广大投资者注意投资风险，审慎决策，理性投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 11 月 14 日、11 月 17 日连续两个交易日内收盘价格涨 幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股 票交易异常波动情况。 二、公司关注并核实的相关情况 证券代码：601969 证券简称：海南矿业 公告编号：2025-132 海南矿业股份有限公司 股票交易异常波动公告 （一）生产经营情况 经公司自查，公司目前生产经营活动正常，市场环境、行业政策没有发生重 大调整，生产成本和销售等情况没有出现大幅波动，内部 ...