Core Viewpoint - The Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1668.3 points on December 5, with a 1.95% increase and a trading volume of 32.01 billion yuan, indicating positive market sentiment towards state-owned enterprises [1]. Group 1: Index Performance - The index saw 43 constituent stocks rise, with Electric Power Investment leading at a 6.96% increase, while 6 stocks declined, with China Merchants Shekou leading the decline at 1.91% [1]. - The top ten constituent stocks of the index include BOE Technology Group (9.31% weight, 4.26 yuan, 5.19% increase) and Huatai Securities (3.84% weight, 5.19 yuan, 1.96% increase) [1]. Group 2: Capital Flow - The net inflow of main funds into the index's constituent stocks totaled 1.242 billion yuan, while retail investors experienced a net outflow of 365 million yuan [3]. - Major stocks like BOE Technology Group had a net inflow of 901 million yuan, while other stocks like Tongling Nonferrous Metals saw a net inflow of 205 million yuan [3]. Group 3: Index Adjustments - Recent adjustments to the index included the addition of 10 new stocks and the removal of 10 stocks, reflecting changes in market dynamics [4]. - New additions include Zhongmi Holdings (total market value 7.349 billion yuan) and Gujing Gongjiu (total market value 87.906 billion yuan), while removals include Xinyu Media and Yanghe Brewery [4].

Group 1: Mineral Resources and Exploration - As of the end of 2024, the company holds metal resources including 7.13 million tons of zinc, 3.66 million tons of lead, 143,000 tons of copper, 6,607 tons of silver, 90 tons of gold, 92,400 tons of nickel, 717 tons of gallium, 240 tons of germanium, and 16,500 tons of tungsten [1] - The company is a key player in the national copper, lead, and zinc strategic resource sector, with significant mining operations in Asia, including the Fan口 lead-zinc mine [1] - The company has successfully acquired multiple high-quality mining rights in Guangdong Province, enhancing its resource development capabilities [1] Group 2: Business Operations - The company has an annual production capacity of 300,000 tons of metal from lead and zinc mining and processing [2] - In the first three quarters of the year, the company achieved a total revenue of 48.505 billion yuan, a year-on-year increase of 11.81%, and a net profit attributable to shareholders of 841 million yuan, up 5.18% [2] - The company has integrated various acquisitions and resource consolidations, controlling over 10 million tons of proven resources [2] Group 3: Future Development Strategy - The company has proposed a new strategy called "One Body, Two Wings," focusing on becoming a leading enterprise with rich metal resources and developing both the copper-lead-zinc smelting and deep processing industries [3] - The strategy aims to enhance production capabilities and contribute to national supply chain security through project construction, investment mergers, and capital operations [3] Group 4: Market Outlook - The company is closely monitoring market dynamics, with expectations that global supply disruptions will support copper prices, driven by demand from sectors like renewable energy and electronics [4] - Industry reports predict that copper prices will maintain a high volatility pattern, influenced by short-term supply shocks [4] Group 5: New Materials Business - The company has entered the high-end new materials sector through internal innovation and external acquisitions, focusing on advanced materials such as high-performance powder materials and energy storage materials [5][6] - In 2023, the company acquired a leading domestic enterprise in the dual-metal sector, rapidly entering the high-end composite metal materials market [6] - The company plans to strengthen the synergy of the new materials industry chain to create long-term value for shareholders [6]

Core Points - The company has triggered the conditional redemption of its convertible bonds "中金转债" due to the stock price meeting specific criteria [6][9][23] - The redemption price is set at 100.70 yuan per bond, which includes accrued interest [7][28] - The total amount of bonds redeemed is 41,971, with a total redemption payment of approximately 4.23 million yuan [11][28] Group 1: Bond Issuance and Listing - The company issued 38 million convertible bonds with a total value of 380 million yuan, with a maturity of 6 years and a tiered interest rate structure [2][18] - The bonds were listed on the Shenzhen Stock Exchange on August 14, 2020 [3][19] Group 2: Conversion Price Adjustments - The initial conversion price was set at 4.71 yuan per share, which has been adjusted multiple times, with the latest adjustment bringing it to 4.29 yuan [4][20][21] Group 3: Redemption Terms and Conditions - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days or if the remaining balance of unconverted bonds is below 30 million yuan [5][23] - The redemption was approved by the board on October 30, 2025, following the triggering of the redemption conditions [6][9][23] Group 4: Redemption Implementation - The last trading day for the bonds was November 20, 2025, and the final conversion day was November 25, 2025, with the redemption date set for November 26, 2025 [9][27] - The bonds will be delisted from the Shenzhen Stock Exchange on December 4, 2025, after the completion of the redemption [12][30] Group 5: Impact of Redemption - The total face value of the redeemed bonds is 4,197,100 yuan, which represents 0.1105% of the total issuance and is not expected to significantly impact the company's financial status [12][28] - The total number of shares increased by 871,487,131 due to the conversion of the bonds, which may dilute earnings per share in the short term [12][14]

| 证券代码：000060 | 证券简称：中金岭南 | 公告编号：2025-131 | | --- | --- | --- | | 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"中金转债"摘牌的公告 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。 特别提示： 1."中金转债"赎回日：2025 年 11 月 26 日 2."中金转债"摘牌日：2025 年 12 月 4 日 3."中金转债"摘牌原因：存续期内可转债全部赎回 一、 "中金转债"基本情况 （一）发行情况 经中国证券监督管理委员会证监许可〔2020〕1181 号文 核准，公司于 2020 年 7 月 20 日公开发行了 38,000,000 张 可转换公司债券，每张面值 100 元，发行总额 380,000 万元， 期限 6 年。可转换公司债券票面利率为：第一年 0.20%、第 二年 0.40%、第三年 0.60%、第四年 1.00%、第五年 1.50%、 第六年 2.00%。 （二）上市情况 经深圳证券交易所（以下简称"深交所"）深证上 1 [202 ...

| 证券代码：000060 | 证券简称：中金岭南 | 公告编号：2025-130 | | --- | --- | --- | | 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"中金转债"赎回结果的公告 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。 一、 "中金转债"基本情况 （一）发行情况 经中国证券监督管理委员会证监许可〔2020〕1181 号文 核准，公司于 2020 年 7 月 20 日公开发行了 38,000,000 张 可转换公司债券，每张面值 100 元，发行总额 380,000 万元， 期限 6 年。可转换公司债券票面利率为：第一年 0.20%、第 二年 0.40%、第三年 0.60%、第四年 1.00%、第五年 1.50%、 第六年 2.00%。 （二）上市情况 经深圳证券交易所（以下简称"深交所"）深证上 [2020]703 号文同意，公司 380,000.00 万元可转换公司债券 于 2020 年 8 月 14 日起在深交所上市交易，债券简称"中金 转债"，债券代码"127020.SZ ...

Group 1: Mineral Resources and Exploration - As of the end of 2024, the company holds metal resources including 7.13 million tons of zinc, 3.66 million tons of lead, 143,000 tons of copper, 6,607 tons of silver, 90 tons of gold, 92,400 tons of nickel, 717 tons of gallium, 240 tons of germanium, and 16,500 tons of tungsten [1] - The company is a key player in the national copper, lead, and zinc strategic resource sector, with significant mining operations in Asia, including the large-scale Fankou lead-zinc-silver mine [1] - The company has successfully acquired multiple high-quality mining rights in Guangdong Province, enhancing its resource development capabilities [1] Group 2: Production Plans and Output - In 2025, the mining sector plans to produce a total of 25.17 million tons of lead and zinc metals, with specific targets of 7.1 million tons of lead and 18.07 million tons of zinc [2] - The smelting sector aims to achieve a total output of 196.05 million tons of lead, zinc, and copper, including 92.54 million tons of zinc ingots and 31.49 million tons of copper [2] - The company plans to produce 196.05 million tons of industrial sulfuric acid in 2025, with 147 million tons produced by the end of Q3 2025 [2] Group 3: Industry Chain Advantages - The company has established a strategic layout focusing on resource-centric operations and the recycling of rare metals, enhancing its competitive edge in the green mining and deep processing of non-ferrous metals [2] - The integration of upstream and downstream operations in copper smelting is continuously being improved, focusing on the comprehensive recovery and high-purity preparation of rare metals [2] - The company aims to develop high-end, high-value products in the non-ferrous metal new materials sector, thereby increasing internal coherence, risk resistance, and profitability [2]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2212.99 points, up 0.51% with a trading volume of 16.404 billion yuan and a turnover rate of 0.67% [1] - Among the index constituents, 36 stocks rose while 12 fell, with China Steel International leading the gainers at 2.67% and China Merchants Shekou leading the decliners at 2.63% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 3.86, market cap 144.418 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 30.02, market cap 275.129 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 117.85, market cap 457.448 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 135.88, market cap 200.007 billion yuan) in the food and beverage sector - XCMG Machinery (5.75% weight, latest price 10.32, market cap 121.291 billion yuan) in the machinery sector - Changan Automobile (3.88% weight, latest price 11.94, market cap 118.374 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.15, market cap 128.956 billion yuan) in the non-banking financial sector - Yunnan Aluminum (3.81% weight, latest price 24.70, market cap 85.659 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 66.20, market cap 99.727 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.10, market cap 68.388 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 56.5973 million yuan, while speculative funds saw a net outflow of 69.8164 million yuan, and retail investors had a net inflow of 13.2191 million yuan [3] - Notable capital flows include: - Changan Automobile experienced a main fund net outflow of 54.1716 million yuan - China Steel International had a main fund net inflow of 31.1027 million yuan - Hikvision saw a main fund net inflow of 27.5848 million yuan [3]

Group 1: Company Products and Applications - The company primarily produces lead ingots, zinc ingots, zinc alloys, cathode copper, silver, gold, gallium, germanium concentrate, industrial sulfuric acid, and sulfur [1] - Lead is mainly used in lead-acid batteries, lead materials, and lead alloys, while zinc is utilized in galvanizing, die-casting alloys, and batteries [1] - Cathode copper has extensive applications across various industries, including electronics, machinery, construction, and aerospace [1] Group 2: New Materials Sector - The company has entered the high-end new materials sector through internal innovation and acquisitions, with its subsidiary focusing on advanced materials [2] - In 2023, the company acquired a leading domestic enterprise in the hot bimetal sector, enhancing its position in composite metal materials [2] - Production figures for the first half of 2025 include 10,800 tons of battery zinc powder and 1,237 tons of hot bimetals [2] Group 3: Resource and Exploration Activities - The company prioritizes resource strategy and aims to build a globally competitive non-ferrous metal industry chain [3] - It holds significant mining assets, including the large-scale Fankou lead-zinc-silver mine and several others in Guangdong, Australia, and the Dominican Republic [3] - As of the end of 2024, the company has metal resources of 7.13 million tons of zinc, 3.66 million tons of lead, and 6,607 tons of silver [3] Group 4: Sulfuric Acid Production - The company produced 1.47 million tons of industrial sulfuric acid by the end of Q3 2025, with a target of 1.96 million tons for the entire year [4] Group 5: Future Development Strategy - The company emphasizes efficient, green, and intelligent development, proposing a new strategy of "one body and two wings" [5] - The strategy focuses on leading the industry with rich metal resources while developing deep processing of copper, lead, and zinc [5] - The company aims to enhance its production capabilities and contribute to national supply chain security through project construction and capital operations [6]

Market Overview - The futures concept sector increased by 0.02% compared to the previous trading day, with Daheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up by 0.29%, while the Shenzhen Component Index closed at 12875.19, down by 0.25% [1] Top Gainers in Futures Sector - Daheng Technology (600288) closed at 14.83, up by 0.95% with a trading volume of 52,900 shares and a turnover of 78.56 million yuan [1] - Chuangyuan Technology (000551) closed at 10.69, up by 0.94% with a trading volume of 43,800 shares and a turnover of 46.83 million yuan [1] - Ruida Futures (002961) closed at 21.50, up by 0.94% with a trading volume of 69,400 shares and a turnover of 150 million yuan [1] Top Losers in Futures Sector - Xiamen Guomao (600755) closed at 6.47, down by 3.14% with a trading volume of 459,100 shares and a turnover of 299 million yuan [2] - Meihu Co., Ltd. (603319) closed at 35.17, down by 1.21% with a trading volume of 89,400 shares and a turnover of 317 million yuan [2] - Jinlong Co., Ltd. (000712) closed at 12.87, down by 0.77% with a trading volume of 132,500 shares and a turnover of 171 million yuan [2] Capital Flow Analysis - The futures concept sector experienced a net outflow of 64.50 million yuan from main funds, while retail investors saw a net inflow of 128 million yuan [2] - The main funds showed a significant outflow from Citic Securities (600030) amounting to 60.64 million yuan, while retail investors had a net inflow of 29.61 million yuan [3] - Xiamen Guomao (600755) had a net outflow of 90.25 million yuan from main funds, indicating a shift in investor sentiment [3]

Core Viewpoint - Zhongjin Technology, a subsidiary of Zhongjin Lingnan, has successfully developed "silver-copper composite metal materials," which have been included in the proposed list of high-tech products in Guangdong Province for 2025, marking the company's 38th product to receive such recognition, highlighting its innovation capabilities and brand influence [1]. Group 1 - The silver-copper composite metal materials are recognized as key materials for environmentally friendly energy, with applications in manufacturing core components such as fuses and contact devices [2]. - The company has developed a side composite process that allows for the simultaneous production of multiple silver strips, achieving a maximum of 11 strips in a single composite operation, filling a market gap in high-performance silver-copper composite materials for fuses in China [2][3]. - Zhongjin Technology has focused on its core business, increasing R&D investment, attracting high-end talent, and promoting collaborative innovation, resulting in the successful domestic replacement of several core products, including high-performance battery zinc alloys and conductive connection materials [3]. Group 2 - The company has accumulated significant achievements, including 3 national key new products, 2 provincial manufacturing champions, 40 provincial high-tech products, and 5 key new material demonstration products in Shenzhen [3]. - In the first ten months of this year, Zhongjin Technology has authorized 22 new patents and generated sales revenue of 279 million yuan from 20 new products [3]. - The company plans to continue its commitment to innovation and quality, accelerating the industrialization of technological achievements to support high-quality development and ongoing technological upgrades in the industry [3].