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].

Core Viewpoint - Shenzhen Zhongjin Lingnan Nonfemet Company Limited has been recognized as the "Best Practice Case of the Board of Directors for Listed Companies in 2025" due to its effective governance practices and board performance [1][3]. Group 1: Board of Directors Best Practices - The recognition of Zhongjin Lingnan reflects the capital market's high regard for its board's professional capabilities, standardized operations, and governance effectiveness [3]. - The company has implemented a top-level design focusing on building a modern enterprise system with Chinese characteristics, enhancing its governance structure [4]. - Zhongjin Lingnan has established a diversified board, with over 62% of external directors, and has effectively configured its specialized committees [4]. Group 2: Governance and Compliance - The company actively explores differentiated delegation management and has established a closed-loop management mechanism for board decision-making [4]. - Independent director reforms have been prioritized, ensuring the selection of qualified independent directors and enhancing their roles in decision-making, supervision, and consultation [4]. - Zhongjin Lingnan strictly fulfills its information disclosure obligations, ensuring that disclosures are legal, transparent, and accurate [4]. Group 3: ESG Commitment - The company is committed to ESG principles, focusing on green and circular development, and has been recognized in the "Pioneer 100 ESG Listed Companies in China" list [4]. - Zhongjin Lingnan aims to continuously innovate and optimize its governance system while focusing on high-quality development [5].

Core Viewpoint - Company Zhongjin Lingnan is enhancing its control over the copper smelting sector through a cash acquisition of minority shareholder equity, aiming for 100% ownership of Zhongjin Copper Industry [1][2][3] Group 1: Acquisition Details - The company plans to use its own funds of 742 million yuan to acquire minority shareholder equity, achieving full control over Zhongjin Copper Industry [1][2] - The acquisition is part of a strategic move initiated in 2023 to enter the core copper smelting sector through the bankruptcy reorganization of related enterprises [2] - The acquisition will occur in two phases, with the first phase involving the purchase of 4.2095% and 10.3333% equity from China Cinda and Zhongjin Rongsheng, respectively [2] Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 48.51 billion yuan, an increase of 11.81% year-on-year, and a net profit attributable to shareholders of 841 million yuan, up 5.18% [1][4] - The company has shown steady revenue growth over the past five years, with revenues nearly doubling from 30.25 billion yuan in 2020 to 65.65 billion yuan in 2024 [4] - As of September 30, 2025, total assets reached 50.48 billion yuan, marking a 10.13% increase from the end of 2024 [5] Group 3: Innovation and R&D - The company has significantly increased its R&D investment, with cumulative R&D expenses reaching 1.266 billion yuan over the past three years [1][5] - As of mid-2025, Zhongjin Lingnan holds a total of 527 patents, including 198 invention patents, and has been involved in numerous national and provincial key technology projects [5] Group 4: Market Position and Strategy - Zhongjin Lingnan operates as a comprehensive player in the non-ferrous metal industry, with core businesses in lead, zinc, and copper mining, smelting, and processing [4] - The company’s diversified product matrix, including precious metals and rare metals, helps mitigate risks associated with price fluctuations of individual products [5] - The acquisition aligns with the company's "one body, two wings" development strategy, aimed at enhancing management efficiency and resource allocation [3]

Core Viewpoint - The acquisition of minority stakes in Zhongjin Copper and Zhongjin Rongsheng by Zhongjin Lingnan aims to enhance control over its copper smelting segment, which has been underperforming in profitability. The completion of this acquisition will result in Zhongjin Lingnan holding 100% of Zhongjin Copper, potentially improving the profitability of its copper smelting operations [1][3][4]. Group 1: Acquisition Details - Zhongjin Lingnan plans to acquire 6.78% of Zhongjin Copper and 10.33% of Zhongjin Rongsheng from minority shareholders, which will lead to full ownership of Zhongjin Copper [1][2]. - The acquisition is part of a broader strategy to optimize resource allocation and improve management efficiency in the copper smelting segment [4]. Group 2: Financial Performance - In the first half of the year, the revenue from copper smelting products accounted for 65.69% of the company's total revenue, amounting to 204.2 billion yuan, but the gross margin was only 2.39%, significantly lower than that of lead and zinc products [4][5]. - The company aims to enhance the integration level of its copper smelting operations to improve overall profitability, as the current self-sufficiency rate for copper concentrate is low compared to lead and zinc products [5]. Group 3: Project Updates - The Maimon mine project in the Dominican Republic, which is expected to produce 200,000 tons of ore annually, has faced delays due to external factors, with the expected operational date now pushed to December 31, 2025 [1][7]. - The mine is crucial for increasing the company's copper production capacity and improving the gross margin of its copper smelting business [6][7]. Group 4: Financial Structure Optimization - Zhongjin Lingnan's debt ratio has exceeded 60% in 2023, with interest expenses projected at 597 million yuan and 563 million yuan for 2023 and 2024, respectively [8]. - The company is planning to raise up to 1.5 billion yuan through a share issuance to its controlling shareholder, which will be used to improve liquidity and repay bank loans, potentially reducing financial expenses and enhancing profitability [8].

深圳市中金岭南有色金属股份有限公司 关于"中金转债"即将停止转股 暨赎回前最后一个交易日 的重要提示性公告 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、最后转股日：2025 年 11 月 25 日 2025 年 11 月 25 日是"中金转债"最后一个转股日，当 日收市前，持有"中金转债"的投资者仍可进行转股；2025 年 11 月 25 日收市后，未转股的"中金转债"将停止转股。 | 证券代码：000060 | 证券简称：中金岭南 | 公告编号：2025-129 | | --- | --- | --- | | 债券代码：127020 | 债券简称：中金转债 | | 2、截至 2025 年 11 月 24 日收市后，距离"中金转债" 停止转股并赎回仅剩 1 个交易日。本公司特别提醒"中金转 债"持有人务必认真阅读本公告，充分了解相关风险，注意 最后转股时间，审慎作出投资决策。 特别提示: 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 ...

Group 1: MSCI Index Adjustment - MSCI announced the results of the index review for November 2025, with adjustments effective after the market close on November 24, 2025, including the addition of 26 Chinese stocks and the removal of 20 stocks [1] Group 2: Personal Pension Products - The Ministry of Finance and the People's Bank of China announced that electronic savings bonds will be included in the personal pension product range to support the development of a multi-tiered pension insurance system [2] Group 3: Hard Technology Funds - Sixteen hard technology-themed funds were approved on the same day, including seven AI ETFs, three chip ETFs, four chip design ETFs, and two actively managed technology funds, involving multiple fund management companies [3] Group 4: Solid-State Battery Production - The first large-capacity all-solid-state battery production line in China has been completed, capable of mass production of automotive-grade solid-state batteries with energy density nearly double that of existing batteries, aiming for small batch vehicle testing by 2026 [4] Group 5: Upcoming Financial Reports - Alibaba and Meituan are set to release their financial reports on November 25 and November 28, respectively, along with reports from leading electric vehicle companies Li Auto and NIO [5] Group 6: Huawei Product Launch - Huawei will hold a product launch event on November 25, introducing the Mate 80 series and other new products, potentially featuring the new Kirin 9030 chip [6] Group 7: Federal Reserve Economic Report - The Federal Reserve will release its Beige Book this week, with expectations of interest rate decisions from the New Zealand and South Korean central banks, and the European Central Bank will publish the minutes from its October monetary policy meeting [7] Group 8: Company Announcements - Shanshi Network Technology expects to achieve large-scale sales of its new generation security products equipped with ASIC chips by Q1 2026 [9] - Zhongjin Lingnan plans to acquire a 6.7784% stake in Zhongjin Copper and a 10.3333% stake in Zhongjin Rongsheng for a total of 742 million yuan [10] - Jinfeng Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology to enhance its growth and profitability [11] - Nenghui Technology signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [12] - JinkoSolar announced the mass production of its Tiger Neo 3.0 module, achieving a production efficiency of over 24.8% and a total order of 15GW [13] - Qingmu Technology's subsidiary plans to acquire control of Vitalis to strengthen its position in the health supplement market [15] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, with stock suspension starting November 24, 2025 [16] Group 9: Market Insights - According to Zhao Shang Securities, the market remains cautious due to weak trading signals and mixed fundamental indicators, maintaining a wait-and-see approach [19] - CITIC Securities notes the market is in a "three-phase overlap" and suggests waiting for key economic meetings in December before making significant moves [20]

Key Points - MSCI announced the inclusion of 26 new Chinese stocks and the removal of 20 stocks from the MSCI China Index, effective after the market close on November 24, 2025 [2] - The Ministry of Finance and the People's Bank of China have included electronic savings bonds in the scope of personal pension products to support the development of a multi-tiered pension insurance system [3] - Sixteen hard technology-themed funds have been approved, including seven AI ETFs and three chip ETFs, indicating an influx of capital into the sector [4] - The first large-capacity all-solid-state battery production line in China has been completed, with plans for small-scale production tests and a target for mass production between 2027 and 2030 [5] - Alibaba and Meituan are set to release their financial reports on November 25 and November 28, respectively, along with reports from leading electric vehicle companies [6][7] - The Federal Reserve will release its Beige Book this week, with expectations of interest rate decisions from New Zealand and South Korea [8] Company News - Hillstone Networks expects to achieve large-scale sales and product delivery of its new generation security products equipped with ASIC chips by Q1 2026 [10] - Zhongjin Lingnan plans to acquire a 6.7784% stake in Zhongjin Copper and a 10.3333% stake in Zhongjin Rongsheng for a total consideration of 742 million yuan [11] - Jinfeng Technology is planning to acquire at least a 51% stake in Guangdong Lanyuan Technology, which will enhance its growth and profitability [12] - Nenghui Technology signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [13] - JinkoSolar announced the mass production of its Tiger Neo 3.0 module, achieving a production efficiency of over 24.8% and a total order of 15 GW [14] - Qingmu Technology's subsidiary plans to acquire control of Vitalis, enhancing its competitiveness in the health supplement sector [16] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, with stock suspension expected [17] Market Insights - China Merchants Securities maintains a cautious outlook, citing weak trading signals and mixed fundamental indicators [19] - CITIC Securities notes the market is in a "three-phase overlap," suggesting a wait-and-see approach until key economic meetings in December [20]

Industry Insights - The low-altitude economy market in China is expected to reach 1.5 trillion yuan by 2025, with potential to exceed 2 trillion yuan by 2030, indicating strong growth in the industry [1] - As of now, the annual box office for Chinese films in 2025 has surpassed 46 billion yuan, with over 50 new films expected to be released in November [1] Company News - Zhongshui Fishery has experienced a stock price increase with a cumulative deviation of over 20% in closing prices over two trading days, indicating potential irrational trading behavior and risks of price correction [3] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, which may constitute a major asset restructuring, leading to a suspension of trading for up to five days [3] - CITIC Bank has received approval for its subsidiary to commence operations, focusing on market-oriented debt-to-equity swaps and equity investments in strategic emerging industries [3] - Jinfu Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology, which is expected to enhance the company's profitability and risk resistance [4] - Zhongding Co. is entering a strategic cooperation with Shanghai Fourier Intelligent Technology to develop humanoid robot components [4] - JinkoSolar has announced the mass production of its Tiger Neo 3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W [4] - Zhongjin Lingnan plans to acquire stakes in Zhongjin Copper and Zhongjin Rongsheng for a total consideration of 742 million yuan [5] - Qingmu Technology's subsidiary is set to acquire a 65.83% stake in Vitalis, becoming its controlling shareholder [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000060 证券简称：中金岭南 公告编号：2025-119 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第九届董事会第四十六次会议决议公告 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。 深圳市中金岭南有色金属股份有限公司第九届董事会第四十六次会议于2025年11月20日以通讯方式召 开，会议通知于2025年11月14日送达全体董事。会议由董事长喻鸿主持，应到董事8名，实到董事8名， 达法定人数。公司监事列席了会议，会议符合《公司法》和《公司章程》《董事会议事规则》的有关规 定。 会议审议通过如下决议： 一、审议通过《关于中金岭南公司高管2024年度经营业绩考核结果及薪酬核定的报告》； 关联董事喻鸿、潘文皓、郭磊回避表决 表决结果：同意5票，反对0票，弃权0票 二、审议通过《关于公司拟与广东省广晟财务有限公司签署〈金融服务协议〉的议案》； 关联董事李蒲林、李珊回避表决。 此议案尚须提请公司股东大会审议通过。 表决结果：同意6票，反对0票，弃权0票 三、审议通过《关于 ...

Group 1: Mergers and Acquisitions - JiaHua Technology plans to acquire controlling stake in Shudun Technology through a combination of share issuance and cash payment, with the transaction potentially constituting a major asset restructuring [1] - JinFu Technology is planning to acquire at least 51% stake in Guangdong Lanyuan Technology to expand its second main business growth curve, enhancing profitability and risk resistance [2] - QingMu Technology's wholly-owned subsidiary intends to purchase 49.0662% of Vitalis Pharma AS for 150 million Norwegian Krone (approximately 106 million RMB) in cash, along with subscribing for an additional 32.9157% stake, resulting in a total holding of 65.8314% [3] - ZhongJin LingNan is acquiring minority stakes from shareholders in Shandong ZhongJin LingNan Copper Industry and ZhongJin LingNan Rongsheng (Dongying) Investment, aiming for 100% ownership of the former [4] Group 2: Shareholding Changes - ShenShui HaiNa's major shareholder, AnYi ShenShui, plans to reduce its stake by up to 1%, amounting to a maximum of 1.7728 million shares [5] - AnDa Intelligent's shareholder, Dongguan YiZhiTong, intends to reduce its stake by up to 2.74%, equating to a maximum of 2.2503 million shares [6] - GuangLi Micro's shareholders, WuYueFeng and associated parties, plan to collectively reduce their stake by up to 2.24%, totaling a maximum of 4.4062 million shares [7]