Core Viewpoint - The company, Jinchengxin, has maintained its long-term credit rating at AA for both its main entity and the convertible bond "Jin 25 Convertible Bond," with a stable outlook as of November 14, 2025 [1] Rating Summary - The long-term credit rating for the company remains at AA, consistent with the previous rating [1] - The credit rating for the "Jin 25 Convertible Bond" is also maintained at AA, showing no change from the prior assessment [1] - The previous rating was conducted by United Credit Rating on November 18, 2024, with the same ratings confirmed [1]

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - Short-term copper prices are expected to fluctuate, but there is optimism for an upward trend due to demand recovery. As of November 14, 2025, SHFE copper closed at 86,900 CNY/ton, up 1.12% from November 7, and LME copper closed at 10,846 USD/ton, up 1.41% [1]. - Supply remains tight as Freeport has reduced copper production for 2025-2026, while cable companies are seeing a recovery in operating rates amid rising copper prices. The demand-supply balance is expected to remain tight, supporting further price increases [1][4]. Summary by Sections Inventory - Domestic copper social inventory decreased by 1.1%, while LME copper inventory fell by 0.4%. As of November 14, 2025, domestic port copper concentrate inventory was 648,000 tons, up 2.9% from the previous week [2][26]. - Global electrolytic copper inventory totaled 621,000 tons as of November 10, 2025, up 2.5% from November 3. LME copper global inventory was 136,000 tons, down 0.4% [2][26]. Supply - The price difference between refined and scrap copper increased by 500 CNY/ton this week, reaching 3,488 CNY/ton as of November 14, 2025 [2][55]. - China's copper concentrate production in July 2025 was 138,000 tons, down 6.3% month-on-month and 1.6% year-on-year [2][47]. Smelting - The TC spot price decreased by 0.5 USD/ton this week, with the current TC spot price at -41.82 USD/ton, the lowest since September 2007 [3][62]. - China's electrolytic copper production in October 2025 was 1.0916 million tons, down 2.6% month-on-month but up 9.6% year-on-year [3][67]. Demand - Cable companies' operating rates increased by 0.9 percentage points this week, reaching 64.36% as of November 13, 2025 [3][76]. - Air conditioning production is expected to decline year-on-year by 23.7% in November, 12.8% in December, but improve by 16.1% in January 2026 [3][94]. Futures - SHFE copper active contract positions decreased by 6% this week, with a total position of 192,000 lots as of November 14, 2025 [4][33]. Investment Recommendations - The report suggests that with tightening supply and improving demand, copper prices are likely to continue rising. Recommended stocks include Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, with a focus on Tongling Nonferrous Metals [4][5].

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several companies as key investment opportunities [6][7]. Core Views - The report emphasizes that the end of the U.S. government shutdown and improving liquidity will support price performance in the metals market. It notes that macroeconomic factors, including weak economic data and interest rate cut expectations, will continue to influence metal prices positively [2][4]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index fell by 0.18%, while the SW Nonferrous Index rose by 0.20% during the week [3]. - Precious metals like gold and silver saw significant increases, with gold up by 1.91% and silver by 4.51% [3]. 2. Base Metals 2.1 Industrial Metals - Copper prices are supported by a decline in the U.S. consumer confidence index and expectations of interest rate cuts, despite a decrease in import volumes due to operational inefficiencies at Tanzanian ports [4][48]. - Aluminum production capacity remained stable, with domestic supply holding firm. However, demand is expected to weaken as the market transitions from peak to off-peak seasons [4][27]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and China Aluminum for investment [4]. 2.2 Energy Metals - The report is optimistic about energy metals, particularly lithium and cobalt, due to sustained demand from the energy storage sector and electric vehicles. Cobalt prices are expected to rise due to supply shortages [5]. - Key companies recommended include Huayou Cobalt and Tianqi Lithium [5]. 2.3 Precious Metals - The report anticipates continued upward movement in gold and silver prices, driven by central bank purchases and weakening U.S. dollar credit. It highlights geopolitical tensions as a significant factor influencing precious metal prices [5][80]. - Recommended companies in this sector include Western Gold and Shandong Gold [5]. 3. Price and Inventory Changes - The report provides detailed price changes for various metals, noting that aluminum prices are expected to range between 21,700 and 22,400 CNY/ton, while copper is projected to fluctuate between 86,000 and 89,000 CNY/ton [28][49]. - Inventory levels for aluminum and copper have shown mixed trends, with some increases in LME stocks for zinc and lead [14][50]. 4. Company Earnings Forecasts - The report includes earnings per share (EPS) forecasts for several companies, with Zijin Mining projected to have an EPS of 1.21 CNY in 2024, and Huayou Cobalt expected to reach 2.50 CNY [6].

Core Viewpoint - The 10th Real Estate Securitization Cooperation Development Conference highlighted the achievements of Dongfang Jincheng, which was awarded "Best Rating Agency of the Year" for its contributions to the real estate securitization market [1] Group 1: Company Achievements - Dongfang Jincheng was recognized for its outstanding performance in innovative projects within the real estate securitization sector [1] - The company has demonstrated strong rating expertise across both traditional and emerging asset types, including REITs [1] Group 2: Market Trends - The Chinese real estate securitization market is entering a new phase of innovation and expansion, driven by the expansion of public REITs trials and ongoing green finance policies [1] - There is an increasing demand for professional rating services as the market evolves, particularly in the areas of green finance and cross-border securitization products [1] Group 3: Future Outlook - Dongfang Jincheng plans to deepen its research in real estate securitization, green finance, and supply chain finance, aiming to optimize rating methodologies and models [1] - The company is committed to providing more accurate and efficient credit rating services to support national dual carbon strategy goals [1]

Core Viewpoint - The stock price of Jinchengxin has shown significant volatility, with a year-to-date increase of 79.02% and a recent decline over the past 20 days, indicating fluctuating investor sentiment and market conditions [2]. Company Overview - Jinchengxin Mining Management Co., Ltd. was established on January 7, 2008, and listed on June 30, 2015. The company is based in Fengtai District, Beijing, and specializes in mining engineering construction, mining operation management, and related services [2]. - The company's main revenue sources include sales of cathode copper, copper concentrate, and phosphate rock (46.11%), mining operation management (39.63%), and mining engineering construction (11.85%) [2]. Financial Performance - For the period from January to September 2025, Jinchengxin reported 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 60.37% increase compared to the previous year [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 last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders 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 [3].

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Views - The overall industrial metal prices have experienced a decline, particularly in the overseas market, primarily due to liquidity issues in the US banking system. The government shutdown has led to a tightening of cash balances, impacting global risk assets. Concerns over power shortages in North America due to data center developments have raised fears of production halts in high-energy-consuming sectors like aluminum and zinc, resulting in relatively strong prices for these commodities. The lithium industry has seen a turnaround, with improving supply-demand fundamentals. The uncertainty in overseas resource development and weak profitability due to low lithium prices have peaked capital expenditures in the industry by 2024-2025, with a confirmed trend of declining supply growth from 2026 to 2028. By 2026, equity values are expected to outperform commodity prices, potentially leading the market out of a downturn [2][4][5]. Summary by Sections Precious Metals - The ongoing US government shutdown has heightened risk aversion, which is expected to drive gold prices higher in the short term. The report emphasizes that gold prices are currently stabilizing rather than indicating a trend reversal. Historically, gold prices tend to peak early in a rate-cutting cycle, and the current macroeconomic environment suggests that gold may not have reached its peak yet. The report maintains a positive outlook for gold, suggesting that the market is entering a phase of systematic re-evaluation [4]. Industrial Metals - The report highlights a long-term positive outlook for copper and aluminum. Recent price adjustments in these metals are attributed to liquidity issues in the US. The report notes that copper inventories have increased by 4.68% week-on-week and 25.01% year-on-year, while aluminum inventories have decreased by 0.49% week-on-week and 13.31% year-on-year. The report suggests that despite short-term fluctuations, the long-term economic outlook and supply-demand structure will favor a strong cycle for copper and aluminum [4][5]. Energy and Minor Metals - The lithium sector is expected to see a supply inflection point and a new demand cycle. The report indicates that the darkest period for the lithium industry has passed, with a clear trend of improving supply-demand fundamentals. The demand for lithium is projected to grow significantly due to stable domestic power needs and the acceleration of solid-state battery industrialization. The report also highlights the strategic importance of rare earths and tungsten, with expectations of a new upward trend in prices due to supply constraints and increased demand [5][24]. Supply Dynamics - The report discusses the high concentration of supply in cobalt and nickel, with specific attention to the Democratic Republic of Congo's cobalt quotas and Indonesia's tightening supply policies for nickel. These factors are expected to support long-term price increases for both cobalt and nickel, benefiting resource-oriented companies [5][24].

Core Viewpoint - The phosphoric chemical sector is experiencing a significant surge, with multiple concept stocks showing impressive performance, driven by rising prices and strong demand in the market [1][2][3]. Phosphoric Chemical Sector Performance - On November 6, the phosphoric chemical sector led the market, with stocks like Qing Shui Yuan and Yun Tian Hua hitting the daily limit, while others like Hubei Yi Hua and Xing Fa Group also saw substantial gains [2]. - The yellow phosphorus index increased by 4% on November 5, with a cumulative rise of over 7% in the past two weeks, attributed to production cuts and recovering demand for downstream electrolytic liquid raw materials [2]. - The average stock price increase for phosphoric chemical concept stocks this year is 37.35%, with notable performers including Chengxing Co., Jin Chengxin, and Chuan Jin Nuo, which saw increases of 87.07%, 81.4%, and 68.91% respectively [3][5]. Financial Performance of Key Companies - Ba Tian Co. reported a total revenue of 3.809 billion yuan for the first three quarters, a year-on-year increase of 56.5%, with a net profit of 687 million yuan, up 236.13% [4]. - Chengxing Co. turned a profit in the first three quarters, while Ba Tian Co. and Chuan Jin Nuo saw their net profits increase by 236.13% and 175.61% respectively [3][5]. - The net profit growth for companies like Jin Chengxin, Chuan Heng Co., and Qing Shui Yuan exceeded 20% year-on-year in the first three quarters [5]. Market Outlook - The phosphoric chemical sector is expected to maintain its favorable conditions, with tight supply and high prices anticipated to continue into 2024, driven by increasing demand from downstream sectors such as fertilizers and renewable energy [2]. - The domestic output capacity for lithium iron phosphate is projected to exceed 3 million tons by 2026, marking a 50% increase from current levels, indicating strong growth potential in the sector [2].

| 转债代码：113615 | 转债简称：金诚转债 | | | | --- | --- | --- | --- | | 证券代码：603979 转债代码：113699 | 证券简称：金诚信 转债简称：金 25 | 转债 | 公告编号：2025-095 | 金诚信矿业管理股份有限公司 关于签订募集资金专户存储四方监管协议的公告 2025 年 11 月 3 日，根据相关法律法规、规范性文件的规定，公司及子公司 和保荐机构进一步与中国银行股份有限公司北京宣武支行签订了《募集资金专户 存储四方监管协议》，对募集资金采取专户存储管理。具体内容详见公司于 2025 年 11 月 4 日披露的《金诚信关于签订募集资金专户存储四方监管协议的公告》 （公告编号：2025-094）。 近日，公司及子公司与保荐机构、募集资金专户开户银行签订了《募集资金 专户存储四方监管协议》，相关协议与上海证券交易所《募集资金专户存储三方 监管协议（范本）》不存在重大差异。 截止 2025 年 11 月 4 日，公司本次新增签署四方监管协议的募集资金专项 账户具体情况如下： 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has exceeded expectations in copper production and sales, indicating a high certainty growth target for investment [3] - The mining service business is steadily growing, while the resource segment is expanding [3] - The company reported a significant increase in revenue and net profit for the third quarter of 2025, with revenue reaching 9.933 billion yuan, up 42.5% year-on-year, and net profit of 1.753 billion yuan, up 60.4% year-on-year [4] Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 9.933 billion yuan, a year-on-year increase of 42.5%, and a net profit of 1.753 billion yuan, up 60.4% year-on-year [4] - The company’s revenue forecast for 2025 is 12.729 billion yuan, with a growth rate of 28% [3] - The projected net profit for 2025 is 2.471 billion yuan, reflecting a growth rate of 56% [3] Mining Operations - The company has been progressively establishing and commissioning mining resources since 2019, focusing on copper, gold, silver, and phosphate [6] - The copper production for the first three quarters of 2025 was 64,053.11 tons, a year-on-year increase of 101%, with sales reaching 68,227.35 tons, up 123% year-on-year [7] - The company is actively advancing the Two Chah River phosphate mine project, with the southern mining area already in production [8] Cost Management - The company’s expense ratio decreased to 6.01% in the first three quarters of 2025, down 2.12 percentage points year-on-year [7] - Sales expenses decreased by 22.19% to 0.18 billion yuan, while management expenses increased by 5.15% to 3.96 billion yuan [7] Future Outlook - The company expects to achieve net profits of 2.471 billion yuan in 2025, 2.798 billion yuan in 2026, and 3.429 billion yuan in 2027, with corresponding P/E ratios of 15.7, 13.9, and 11.3 [3] - The Lonshi copper mine is set to begin production in Q4 2023, with an annual output of approximately 40,000 tons of copper metal upon reaching full capacity [7]

Core Viewpoint - The 中证500成长ETF (159606) experienced a decline of 1.30% as of the midday close on November 4, with a trading volume of 3.783 million yuan [1] Group 1: ETF Performance - The 中证500成长ETF (159606) closed at 1.135 yuan, with a year-to-date return of 14.93% since its inception on December 17, 2021 [1] - The ETF's performance benchmark is the 中证500质量成长指数收益率, managed by 易方达基金管理有限公司, with a recent one-month return of -1.01% [1] Group 2: Major Holdings - Major stocks in the 中证500成长ETF include: - 华工科技, down 1.33% - 恺英网络, down 3.59% - 东吴证券, down 1.36% - 科达利, down 2.91% - 恒玄科技, down 1.21% - 水晶光电, down 2.74% - 天山铝业, down 0.95% - 春风动力, down 1.26% - 杰瑞股份, up 4.44% - 金诚信, down 1.87% [1]