Group 1 - The core point of the article highlights the performance of the Zhongzheng 500 Enhanced ETF (159678), which has seen a decline of 1.16% as of the midday close, trading at 1.361 yuan with a transaction volume of 3.2012 million yuan [1] - The major holdings of the Zhongzheng 500 Enhanced ETF include companies such as Shenghong Technology, Huagong Technology, and Jinfeng Technology, all of which experienced declines in their stock prices, with Jinfeng Technology down by 3.69% and Giant Network down by 3.30% [1] - The fund's performance benchmark is the Zhongzheng 500 Index return, managed by Bosera Fund Management Co., Ltd., with fund managers Liu Zhao and Yang Zhenjian, showing a return of 37.81% since its establishment on February 13, 2023, but a recent one-month return of -1.90% [1]

Fundraising Overview - The company, Jincheng Mining Management Co., Ltd., has issued 20 million convertible bonds with a face value of 100 RMB each, raising a total of 2 billion RMB, with a net amount of 1.986 billion RMB after deducting issuance costs of 13.6268 million RMB [2][4] - The funds were fully received by October 10, 2025, and the accounting firm Zhonghui has verified the receipt of these funds [2][4] Regulatory Compliance - The company has established a special account for the management and use of the raised funds, in compliance with relevant laws and regulations, including the Shanghai Stock Exchange's rules [3][4] - A tripartite regulatory agreement has been signed with the underwriting institution and the banks involved to ensure proper management of the funds [3][5] Agreement Details - The special account is exclusively for the storage and use of funds raised from the convertible bond issuance, prohibiting any other use [5] - The underwriting institution is responsible for supervising the use of the funds and must conduct at least biannual inspections [5][7] - Monthly account statements will be provided to the company, and any withdrawals exceeding 20% of the net raised amount must be reported to the underwriting institution [7][8] Agreement Validity - The agreement will remain effective until all funds in the special account are fully utilized and the account is legally closed [8]

| 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：2025-094 | 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 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。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意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注册的批复》（证监许可〔2025〕1802 号）， 金诚信矿业管理股份有限公司（以下简称"公司"）本次向不特定对象发行可转 换公司债券 2,000.00 万张，每张面值人民币 100 元，募集资金总额为人民币 200,000.00 万元，扣除发行费用（不含税）金额 1,362.68 万元，实际募集资金 净额为 198,637.32 万元。前述募集资金已于 2025 年 10 月 10 日全部到账，中 汇会计师事务所对本次募集资金到账 ...

Core Viewpoint - Jinchengxin Mining Management Co., Ltd. experienced a 5.02% decline in stock price, closing at 62.07 CNY per share, with a total market capitalization of 38.718 billion CNY as of November 3 [1] Company Overview - Jinchengxin 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 mining design and technology research [1] - The revenue composition of Jinchengxin 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% - Mining design consulting: 0.13% [1] Fund Holdings - Huabao Fund has a significant holding in Jinchengxin, with its Huabao Resource Optimal Mixed A Fund (240022) holding 1.24 million shares, representing 5.2% of the fund's net value, making it the seventh-largest holding [2] - The fund has reported a floating loss of approximately 4.0672 million CNY as of the latest data [2] Fund Manager Performance - The fund manager Ding Jingfei has been in position for 6 years and 62 days, with a total asset scale of 2.657 billion CNY and a best return of 232.71% during his tenure [3] - The co-manager Yang Qi has been in position for 63 days, managing assets totaling 1.664 billion CNY, with a best return of 13.71% [3]

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, "Jincheng Convertible Bonds," despite triggering the redemption conditions due to stock price performance during the specified period [1][3]. Summary by Sections 1. Basic Information on "Jincheng Convertible Bonds" - The company issued 1 million convertible bonds with a total value of 100 million yuan, approved by the China Securities Regulatory Commission on December 23, 2020, with a maturity of 6 years [1][2]. - The initial conversion price was set at 12.73 yuan per share, which has been adjusted multiple times due to profit distribution plans, currently standing at 11.78 yuan per share as of June 27, 2025 [2]. 2. Triggering of Early Redemption Conditions - The early redemption conditions are based on the stock price being at least 130% of the conversion price for at least 15 out of 30 consecutive trading days [2][3]. - The stock price from October 10 to October 30, 2025, met the criteria, triggering the redemption clause [3]. 3. Decision on Early Redemption - On October 30, 2025, the company's board unanimously decided not to exercise the early redemption rights for the "Jincheng Convertible Bonds" [3]. - The company will not redeem the bonds early during the remaining conversion period from October 31, 2025, to December 22, 2026, even if the stock price conditions are met again [3]. 4. Shareholder Activity Regarding "Jincheng Convertible Bonds" - There have been no transactions involving "Jincheng Convertible Bonds" by major shareholders or executives in the six months leading up to the triggering of the redemption conditions, and there are no plans for future reductions [4].

Core Viewpoint - The company has decided not to exercise the early redemption rights for the "Jincheng Convertible Bonds" despite triggering the redemption conditions due to stock price performance [2][7]. Group 1: Convertible Bond Overview - The company issued 1 million convertible bonds with a total value of 100 million yuan, with a maturity of 6 years starting from December 23, 2020 [3]. - The initial conversion price was set at 12.73 yuan per share, which has been adjusted multiple times due to profit distribution, currently standing at 11.78 yuan per share as of June 27, 2025 [4]. Group 2: Redemption Conditions - The redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [5]. - The stock price from October 10 to October 30, 2025, met the criteria for early redemption, triggering the company's decision-making process [6]. Group 3: Decision on Early Redemption - On October 30, 2025, the board unanimously decided not to redeem the bonds early, considering the current market conditions and the bonds' impending maturity on December 22, 2026 [7]. - The company will not exercise early redemption rights during the remaining conversion period if the stock price conditions are met again [7]. Group 4: Shareholder Activity - There have been no transactions of "Jincheng Convertible Bonds" by major shareholders or executives in the six months leading up to the triggering of the redemption conditions, and there are no plans for future reductions [7].

Group 1 - The QFII system has become a significant channel for foreign capital to enter the A-share market since its introduction in 2002, with distinct stock selection preferences and investment styles compared to domestic funds [1][8] - In the third quarter, at least 121 stocks were increased in holdings by QFII, with the most significant increases not in the semiconductor sector but in electrical equipment, machinery, hardware, and chemicals [2][3] - Major QFII institutions like Morgan Stanley and Abu Dhabi Investment Authority have continued to increase their positions in A-shares, with a focus on a diversified portfolio of stocks [1][2] Group 2 - The top five industries with the most significant QFII increases in holdings in the third quarter were machinery, hardware equipment, electrical equipment, semiconductors, and chemicals [2] - Notably, only one stock from the banking sector, Nanjing Bank, was among the top 20 stocks increased by QFII, with a significant increase of 124 million shares by BNP Paribas [4] - Abu Dhabi Investment Authority has a concentrated investment style, holding only 22 stocks, and has made selective increases and decreases in its holdings, including a notable reduction in its stake in Zijin Mining [5][6] Group 3 - The GATES FOUNDATION TRUST has a concentrated portfolio with a preference for small-cap stocks, holding only two stocks at the end of the third quarter [6] - The Macau Monetary Authority has been active in increasing its holdings, particularly in the non-ferrous metals, food and beverage, and automotive sectors [7] - The QFII system is expected to expand further, with over 900 qualified foreign investors and ongoing reforms aimed at making it easier for foreign investors to participate in the Chinese market [8]

Core Points - The company announced that its stock price triggered the redemption clause of the "Jincheng Convertible Bonds" from October 10, 2025, to October 30, 2025 [2] - The board of directors decided not to exercise the early redemption rights for the "Jincheng Convertible Bonds" [2] - During the remaining conversion period of the "Jincheng Convertible Bonds" (from October 31, 2025, to December 22, 2026), the company will not exercise early redemption rights if the stock price closes at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days [2]

| 证券代码：603979 | 证券简称：金诚信 公告编号：2025-093 | | --- | --- | | 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 关于不提前赎回"金诚转债"的提示性公告 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: 金诚信矿业管理股份有限公司（以下简称"公司"）股票价格自 2025 年 10 月 10 日至 2025 年 10 月 30 日期间已触发"金诚转债"的赎回条款。公司董 事会决定本次不行使"金诚转债"的提前赎回权利，不提前赎回"金诚转债"； 且在"金诚转债"剩余转股期内（即自 2025 年 10 月 31 日至 2026 年 12 月 22 日），若出现公司 A 股股票连续 30 个交易日中至少有 15 个交易日的收盘价格不 低于当期转股价格的 130%的情形，公司均不行使提前赎回权利。 一、"金诚转债"基本情况 经中国证券监督管理委员会证监许可〔2020〕2325 号 ...

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company's Q3 2025 performance met expectations, with total revenue of 99.3 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 42.5%. The net profit attributable to the parent company was 17.5 billion yuan, up 60.4% year-on-year [6]. - The report highlights a significant increase in the resource segment's profitability, with a gross profit of 22.3 billion yuan for Q1-Q3 2025, a year-on-year increase of 156% [6]. - The company is expected to benefit from rising copper prices, leading to upward revisions in profit forecasts for 2025-2027 [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 129.57 billion yuan, with a year-on-year growth rate of 30.3% [5]. - The net profit attributable to the parent company is forecasted to be 24.84 billion yuan for 2025, with a corresponding PE ratio of 17 [5]. - The gross profit margin is expected to improve from 34.8% in Q1-Q3 2025 to 35.8% in 2025E [5]. Operational Highlights - The mining service segment reported a gross profit of 11.96 billion yuan for Q1-Q3 2025, with a gross margin of 22.7% [6]. - The company anticipates a recovery in its mining service business as operations at the Kamoa-Kakula copper mine gradually resume [6]. - The report outlines ongoing expansion projects, including the Lonshi copper mine, which is expected to reach full production by Q4 2024 [6].