Group 1: Gold Market Insights - Gold prices continue to rise, with COMEX gold reaching $4155 per ounce, marking a three-day increase [1] - The U.S. government shutdown has lasted 40 days, with President Trump indicating a potential resolution is near [1] - The Federal Reserve is expected to lower interest rates by at least 25 basis points, with a 50 basis point cut deemed appropriate [1] - The People's Bank of China has increased its gold holdings for the 12th consecutive month, supporting the macroeconomic foundation for gold prices [1] - Citic Securities identifies five categories of downward risks for gold prices, which are currently not significant [1] Group 2: Non-Ferrous Metals Sector - Analysts suggest focusing on the entire non-ferrous metals sector rather than individual metals, with positive macroeconomic expectations from U.S.-China trade talks [2] - Continuous interest rate cuts by the Federal Reserve and potential liquidity improvements are expected to benefit copper and aluminum prices [2] - The lithium sector is experiencing strong demand due to energy storage needs and anticipated purchasing tax changes for electric vehicles, leading to increased lithium prices [2] Group 3: ETF Performance and Market Trends - The non-ferrous metals ETF (159876) saw an early gain of over 1% but later adjusted to a decline of 0.99%, maintaining a strong technical position above moving averages [3] - Key stocks in the ETF include Guocheng Mining and Huayu Mining, which have shown significant gains, while companies like Zhongfu Industrial and Tianqi Lithium have faced declines [3] - The non-ferrous metals sector is characterized by varying degrees of market performance, suggesting a diversified investment approach may be beneficial [5]

Core Viewpoint - The non-ferrous metal sector experienced a significant rise in the afternoon, with notable gains from various companies, indicating a positive market trend in this industry [1] Company Performance - Guocheng Mining reached the daily limit increase, indicating strong investor interest and confidence in the company [1] - Huayu Mining saw an increase of over 8%, reflecting robust performance and market support [1] - Other companies such as Huaxi Nonferrous, Zhongjin Lingnan, Hunan Gold, and Baiyin Nonferrous also experienced upward movement, contributing to the overall positive sentiment in the sector [1]

Core Viewpoint - The announcement details the passive dilution of the controlling shareholder's stake in Shenzhen Zhongjin Lingnan Nonfemet Company Limited due to the conversion of convertible bonds into shares, resulting in a decrease in ownership percentage for Guangdong Guangsheng Holding Group Co., Ltd. [1] Group 1: Shareholding Dilution - As of November 7, 2025, a total of 662,943,849 shares were converted from the convertible bonds, increasing the total share capital from 4,117,334,124 shares to 4,232,629,176 shares [1] - The stake of Guangsheng Holding was diluted from 31.68% to 30.82%, a decrease of 0.86% [1] - The combined stake of Guangsheng Holding and its acting in concert party, Guangsheng Mining Group Co., Ltd., decreased from 32.43% to 31.54%, a reduction of 0.88% [1] Group 2: Convertible Bond Redemption - The redemption price for the convertible bonds is set at 100.70 yuan per bond, including accrued interest at an annual rate of 2.00% [3][10] - The conditions for redemption were met as the stock price exceeded 130% of the conversion price for at least 15 trading days [9] - The redemption date is scheduled for November 26, 2025, with the last trading day being November 21, 2025 [4][17] Group 3: Convertible Bond Issuance Details - The company issued 38,000,000 convertible bonds with a total amount of 380 million yuan, with a maturity of 6 years and a tiered interest rate structure [6] - The initial conversion price was set at 4.71 yuan per share, which has been adjusted to 4.29 yuan per share due to various corporate actions [6][7] - The bonds were listed for trading on August 14, 2020, under the code 127020.SZ [6]

Core Viewpoint - Zhongjin Lingnan's stock price has shown a significant increase this year, with a 20.57% rise, indicating positive market sentiment and potential growth in the non-ferrous metal sector [1][2]. Company Overview - Zhongjin Lingnan, established on September 1, 1984, and listed on January 23, 1997, is primarily engaged in the mining, selection, smelting, and trading of non-ferrous metals, particularly lead and zinc [1]. - The company's revenue composition includes: copper smelting products (65.69%), non-ferrous metal trading (13.52%), lead and zinc smelting products (12.39%), and other segments [1]. Financial Performance - For the period from January to September 2025, Zhongjin Lingnan reported a revenue of 48.505 billion yuan, reflecting a year-on-year growth of 6.09%, and a net profit attributable to shareholders of 841 million yuan, up 5.18% year-on-year [2]. - The company has distributed a total of 4.389 billion yuan in dividends since its A-share listing, with 908 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Zhongjin Lingnan had 126,400 shareholders, a decrease of 0.94% from the previous period, with an average of 29,560 circulating shares per shareholder, an increase of 0.95% [2]. - Major shareholders include Southern CSI 500 ETF and Hong Kong Central Clearing Limited, with notable reductions in their holdings [3].

Core Viewpoint - Zhongjin Lingnan announced a mandatory redemption of its convertible bonds at a price of 100.70 CNY per bond after the market close on November 25, 2025, due to significant differences between the secondary market price and the redemption price, which may lead to potential losses for investors who do not convert in time [1] Group 1 - Zhongjin Lingnan's announcement includes a specific redemption date for the "Zhongjin Convertible Bonds" [1] - The redemption price is set at 100.70 CNY per bond, indicating a structured exit for investors [1] - The company warns investors about the risks of not converting their bonds in a timely manner, highlighting the potential for financial loss [1]

| 证券代码：000060 | 证券简称：中金岭南 | 公告编号：2025-107 | | --- | --- | --- | | 债券代码：127020 | 债券简称：中金转债 | | 深圳市中金岭南有色金属股份有限公司 关于提前赎回中金转债的第七次 提示性公告 9.赎回类别：全部赎回 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示: 1."中金转债"赎回价格：100.70 元/张（含当期应计利 息，当期年利率为 2.00%，且当期利息含税），扣税后的赎回 价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中国结算"）核准的价格为准。 2."中金转债"赎回条件满足日：2025 年 10 月 30 日 3."中金转债"赎回登记日：2025 年 11 月 25 日 4."中金转债"赎回日：2025 年 11 月 26 日 5."中金转债"停止交易日：2025 年 11 月 21 日 6."中金转债"停止转股日：2025 年 11 月 26 日 7.发行人（公司）资金到账日：2025 年 12 月 1 日 8.投资者赎回款到账日：2025 年 ...

因公司可转债转股而公司总股本增加，持股比例被动稀 释 根据公司可转换公司债券转股结果，截至 2025 年 11 月 7 日，中金转债（债券代码：127020）累计转为公司 A 股普通 股 662,943,849 股。其中，2025 年 11 月 3 日至 11 月 7 日， 中 金 转 债 合 计 转 股 115,295,052 股 ， 公 司 总 股 本 从 4,117,334,124 股增至 4,232,629,176 股。广晟控股持股数 未发生变动，为 1,304,407,036 股，广东省广晟矿业集团有 限公司（以下简称"广晟矿业"）持股数未发生变动，为 30,653,662 股。广晟控股因公司总股本增加持股比例由 31.68%变动为 30.82%，持股比例被动稀释 0.86%；广晟控股 及一致行动人广晟矿业合计持股比例由 32.43%变动为 31.54%，持股比例被动稀释 0.88%。 | 股东名称 | 持股数（股） | 日期 | | 增减 | | --- | --- | --- | --- | --- | | | | 2025/11/3 | 2025/11/7 | | | 总股本 | | 4,11 ...

Core Viewpoint - The company has announced the early redemption of its convertible bonds, "中金转债," with specific terms and conditions outlined for investors [3][8]. Group 1: Redemption Details - The redemption price for "中金转债" is set at 100.70 CNY per bond, including accrued interest at a current annual rate of 2.00% [2][10]. - The redemption conditions are met as of October 30, 2025, and the bonds will be fully redeemed on November 26, 2025 [3][8]. - The last trading day for "中金转债" will be November 21, 2025, after which trading will cease [2][15]. Group 2: Issuance Overview - "中金转债" was issued on July 20, 2020, with a total of 38 million bonds and a total issuance amount of 380 million CNY [4][5]. - The bonds have a maturity of six years and a tiered interest rate structure, starting from 0.20% in the first year to 2.00% in the sixth year [4]. Group 3: Conversion and Redemption Conditions - The bonds can be converted into shares at an initial price of 4.71 CNY per share, which has been adjusted to 4.29 CNY per share as of the latest update [5][6]. - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days [6][8]. Group 4: Redemption Process - The redemption process includes a series of announcements leading up to the redemption date, with funds to be credited to investors' accounts by December 3, 2025 [17]. - Investors are advised to convert their bonds before the redemption date to avoid forced redemption [3][12].

Group 1 - The core announcement is that Zhongjin Lingnan has stated that the "Zhongjin Convertible Bonds" will be forcibly redeemed if not converted by the market close on November 25, 2025 [2] - After the redemption, the "Zhongjin Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Holders of the "Zhongjin Convertible Bonds" are advised to lift any pledges or freezes on their bonds before the trading suspension to avoid forced redemption due to inability to convert [2] Group 2 - The forced redemption price is set at 100.70 yuan per bond, which may lead to potential losses for investors if they do not convert in time, given the current market price differs significantly from the redemption price [2]

| 证券代码：000060 | 证券简称：中金岭南 | 公告编号：2025-106 | | --- | --- | --- | | 债券代码：127020 | 债券简称：中金转债 | | 深圳市中金岭南有色金属股份有限公司 关于提前赎回中金转债的第六次 提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示: 1."中金转债"赎回价格：100.70 元/张（含当期应计 利息，当期年利率为 2.00%，且当期利息含税），扣税后的赎 回价格以中国证券登记结算有限责任公司深圳分公司（以下 简称"中国结算"）核准的价格为准。 2."中金转债"赎回条件满足日：2025 年 10 月 30 日 12.风险提示：根据赎回安排，截至 2025 年 11 月 25 日 收市后尚未实施转股的"中金转债"将按照 100.70 元/张的 价格强制赎回，因目前二级市场价格与赎回价格差异较大， 投资者如未及时转股，可能面临损失，敬请投资者注意投资 风险。 3."中金转债"赎回登记日：2025 年 11 月 25 日 4."中金转债"赎回日：2025 年 11 月 26 ...