智通财经APP获悉，东方证券发布研报称，全球第二大铜矿Grasberg宣布重启和复产计划，预计未来产 量持续增长。该行认为，在中期矿端干扰被逐渐排除的情况下，如Grasberg、Cobre Panamá等铜矿的重 新恢复正常生产或将显著贡献矿端增量，铜矿供给端的紧张局势有望得到缓解。另指铜冶炼费或存边际 向上改善空间，关注中期铜冶炼企业的投资机会。 东方证券主要观点如下： 全球第二大铜矿Grasberg宣布重启和复产计划，预计未来产量持续增长 26-27年铜冶炼产量增速或低于铜矿供给端，铜冶炼费有望边际向好 在中期矿端干扰被逐渐排除、大型铜矿有望复产的预期下，26-27年铜矿供给端放量增速或较25年显著 提升，据测算26-27年铜矿产量增速同比可达3.3%、5.3%。当前海外多家冶炼厂因铜精矿紧缺、成本高 企而收缩产能，叠加国内中游铜冶炼端"反内卷"政策措施落地的预期，中期铜冶炼产量增速或低于铜矿 供给端。该行认为，铜冶炼费或存边际向上改善空间，关注中期铜冶炼企业的投资机会。 投资建议与投资标的 铜冶炼端：建议关注全国最大铜冶炼企业之一、且具有米拉多铜矿资源放量提升铜精矿自给率预期的铜 陵有色(000630. ...

Core Viewpoint - The stock price of Jinchengxin has shown significant volatility, with a year-to-date increase of 70.21% but a recent decline in the last five and twenty trading days, indicating potential market fluctuations and investor sentiment changes [2]. Company Overview - Jinchengxin Mining Management Co., Ltd. is based in Fengtai District, Beijing, established on January 7, 2008, and listed on June 30, 2015. The company specializes in mining engineering construction, mining operation management, and mining design and technology research [2]. - The main revenue sources for the company include sales of cathode copper, copper concentrate, and phosphate rock (46.11%), mining operation management (39.63%), mining engineering construction (11.85%), and other services [2]. Financial Performance - For the period from January to September 2025, Jinchengxin achieved a revenue of 9.933 billion yuan, representing a year-on-year growth of 42.50%. The net profit attributable to shareholders was 1.753 billion yuan, reflecting a growth of 60.37% [2]. - The company has distributed a total of 768 million yuan in dividends since its A-share listing, with 477 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinchengxin increased by 27.38% to 20,900, with an average of 29,884 circulating shares per shareholder, a decrease of 21.49% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 24.4684 million shares, an increase of 10.5752 million shares from the previous period. Additionally, the Southern CSI 500 ETF is a new entry among the top ten circulating shareholders, holding 5.4639 million shares [3].

Core Viewpoint - The article highlights the positive outlook for the Chinese stock market, with foreign institutions increasing their investments and adjusting target indices upward for 2026, indicating a strong long-term investment potential in A-shares [1][2]. Group 1: Market Performance - As of November 20, 2025, the CSI 500 Quality Growth Index rose by 0.15%, with notable increases in constituent stocks such as Bluestar Technology (up 3.44%) and China National Materials (up 2.31%) [1]. - The CSI 500 Quality Growth ETF (560500) also saw a rise of 0.17%, reflecting overall positive market sentiment [1]. Group 2: Foreign Investment Trends - Multiple foreign institutions, including UBS and Morgan Stanley, have released optimistic reports for the Chinese stock market, collectively raising their target index levels for 2026 [1][2]. - Foreign institutional research and investment activities have been robust, with over 1,300 instances of foreign institutions conducting research on A-share companies since the beginning of the fourth quarter [1]. Group 3: Policy Developments - The China Securities Regulatory Commission (CSRC) has issued a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to enhance cross-border investment facilitation [2]. - The ongoing improvements in the QFII system are expected to create a more stable and transparent environment for foreign investments in the Chinese capital market [2]. Group 4: Index Composition - The CSI 500 Quality Growth Index comprises 100 high-profitability, sustainable earnings, and cash-rich growth companies selected from the CSI 500 Index [2]. - As of October 31, 2025, the top ten weighted stocks in the index accounted for 21.64% of the total index weight, with companies like Huagong Technology and Kaiying Network being significant constituents [2].

Core Viewpoint - The company will hold an investor briefing on November 27, 2025, to discuss its Q3 2025 performance and financial results, allowing for interactive communication with investors [2][3][4]. Group 1: Meeting Details - The investor briefing is scheduled for November 27, 2025, from 15:00 to 16:00 [4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The format of the meeting will be an online interactive session [3][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [5]. - Questions can be submitted from November 20 to November 26, 2025, through the Roadshow Center's website or via the company's email [5]. - The company will address commonly asked questions during the briefing [5]. Group 3: Contact Information - The contact department for inquiries is the company's board office [6]. - The contact phone number is 010-82561878, and the email address is jchxsl@jchxmc.com [6]. Group 4: Additional Information - After the investor briefing, the main content and details of the meeting will be available on the Shanghai Stock Exchange Roadshow Center [7].

Core Viewpoint - Jin Chengxin's stock price has increased by 76.57% year-to-date, but has seen a decline of 3.93% in the last five trading days and 2.10% in the last twenty days, while experiencing a 20.16% increase over the last sixty days [2] Company Overview - Jin Chengxin Mining Management Co., Ltd. is located in Fengtai District, Beijing, established on January 7, 2008, and listed on June 30, 2015. The company specializes in mining engineering construction, mining operation management, mining design, and technology research and development [2] - The main business revenue composition includes: sales of cathode copper, copper concentrate, and phosphate rock (46.11%), mining operation management (39.63%), mining engineering construction (11.85%), materials, equipment, and others (1.29%), mining machinery and equipment (1.00%), and mining design consulting (0.13%) [2] Financial Performance - For the period from January to September 2025, Jin Chengxin achieved operating revenue of 9.933 billion yuan, representing a year-on-year growth of 42.50%, and a net profit attributable to shareholders of 1.753 billion yuan, reflecting a year-on-year increase of 60.37% [2] - Since its A-share listing, Jin Chengxin has distributed a total of 768 million yuan in dividends, with 477 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of Jin Chengxin shareholders reached 20,900, an increase of 27.38% from the previous period, with an average of 29,884 circulating shares per person, a decrease of 21.49% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 24.4684 million shares, an increase of 10.5752 million shares from the previous period. The Southern CSI 500 ETF (510500) is the tenth-largest shareholder with 5.4639 million shares, marking a new entry [3]

关于召开 2025 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 11 月 27 日（星期四）15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 | 证券代码：603979 | 证券简称：金诚信 | 公告编号：2025-097 | | --- | --- | --- | | 转债代码：113615 | 转债简称：金诚转债 | | | 转债代码：113699 | 转债简称：金 转债 25 | | 金诚信矿业管理股份有限公司 公司董事长、财务总监、董事会秘书、独立董事。 投资者可于 2025 年 11 月 20 日（星期四）至 11 月 26 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jchxsl@jchxmc.com 进行提问。公司将在说明会 ...

Core Viewpoint - The stock of Jinchengxin has shown significant volatility, with a year-to-date increase of 74.56% but a recent decline in the last five trading days by 3.56% [1] Company Overview - Jinchengxin Mining Management Co., Ltd. is based in Fengtai District, Beijing, and was established on January 7, 2008, with its listing date on June 30, 2015 [1] - The company specializes in mining development services, including mining engineering construction, mining operation management, and mining design and technology research [1] - The revenue composition includes sales of cathode copper, copper concentrate, and phosphate rock (46.11%), mining operation management (39.63%), mining engineering construction (11.85%), materials and equipment (1.29%), mining machinery (1.00%), and mining design consulting (0.13%) [1] Financial Performance - For the period from January to September 2025, Jinchengxin achieved a revenue of 9.933 billion yuan, representing a year-on-year growth of 42.50%, and a net profit attributable to shareholders of 1.753 billion yuan, up 60.37% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 768 million yuan, with 477 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 20,900, a rise of 27.38%, while the average circulating shares per person decreased by 21.49% to 29,884 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 24.4684 million shares, an increase of 10.5752 million shares from the previous period [3] - The Southern CSI 500 ETF is a new entrant among the top ten circulating shareholders, holding 5.4639 million shares [3] Market Activity - As of November 19, Jinchengxin's stock price was 62.58 yuan per share, with a trading volume of 279 million yuan and a turnover rate of 0.73%, leading to a total market capitalization of 39.036 billion yuan [1] - The net outflow of main funds was 56.8995 million yuan, with large orders accounting for 19.25% of purchases and 38.52% of sales [1]

Market Overview - The Shanghai Composite Index closed at 3949.83 points, with a decline of 0.56% [1] - The total trading volume of A-shares reached 1,296.161 billion yuan [1] Technical Analysis - A total of 112 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Shanshui Bide (300844) with a distance of -1.40% - Yingboer (300681) with a distance of -1.28% - Yake Technology (002409) with a distance of -1.06% [1] Individual Stock Performance - Shanshui Bide (300844) saw a decline of 6.62% with a trading turnover rate of 3.31% [1] - Yingboer (300681) decreased by 2.30% with a turnover rate of 2.45% [1] - Yake Technology (002409) fell by 0.20% with a turnover rate of 2.33% [1] - Other notable declines include: - Bohai Automobile (600960) down by 3.53% - Western Gold (601069) down by 2.80% [1] Additional Stock Movements - Stocks such as Muyu (002714) and Qinglong (002457) showed slight increases of 0.80% and -3.28% respectively [2] - The stock performance of various companies indicates a mixed sentiment in the market, with several stocks experiencing declines while a few managed to gain [2]

| 证券代码：603979 | 证券简称：金诚信 公告编号：2025-096 | | --- | --- | | 转债代码：113615 转债代码：113699 | 转债简称：金诚转债 转债简称：金 25 | | | 转债 | 金诚信矿业管理股份有限公司 关于向不特定对象发行可转换公司债券 2025 年跟踪 评级结果的公告 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个别及连带责任。 重要内容提示： 前次评级结果：公司主体长期信用等级为 AA，"金 25 转债"的信用等 级为 AA，评级展望为稳定。 根据《上市公司证券发行管理办法》等相关规定，金诚信矿业管理股份有限 公司（以下简称"公司"）委托信用评级机构联合资信评估股份有限公司（以下 简称"联合资信"）对公司主体长期信用状况及2025年9月26日发行的可转换公 司债券（转债简称"金25转债"）进行了跟踪信用评级。 公司前次主体长期信用评级结果为AA，"金25转债"前次评级结果为AA， 评级机构为联合资信，评级时间为2024年11月18日。 联合资信在对公司经营情况、财务状况等进行综 ...

金诚信矿业管理股份有限公司 向不特定对象发行可转换公司债券 2025 年跟踪评级报告 联合资信评估股份有限公司 China Lianhe Credit Rating Co.,Ltd. www.lhratings.com 专业 尽责 | 真诚 | 服务 - 信用评级公告 联合(2025) 10166 号 联合资信评估股份有限公司通过对金诚信矿业管理股份有限公 司及其相关债券的信用状况进行综合分析和评估,确定维持金诚信 矿业管理股份有限公司主体长期信用等级为 AA,维持"金25 转债" 的信用等级为 AA,评级展望为稳定。 特此公告 联合治 评级总监: 二〇二五年十一月十四日 Add: 17/F, PICC Building, 2, Jianguomenwai Street, Beijing PRC:100022 地址: 北京市朝阳区建国门外大街2号PICC大厦17层 邮编:100022 电话(Tel) : (010) 85679696 | 传真(Fax):(010)85679228 | 邮箱(Email) :lianhe@lhratings.com 日目 一、本报告是联合资信基于评级方法和评级程序得出的截至发表 ...