Core Viewpoint - The transfer of shares in Weiling Co., Ltd. marks a significant change in ownership, with Shannan Antimony becoming the largest shareholder and gaining control of the company, indicating a strategic shift in management and potential operational focus [1][2]. Group 1: Share Transfer Details - Weiling Co., Ltd. announced a share transfer where shareholders Shanghai Lingyi and Wen Ping will sell 17.43 million shares at a price of 15.21 yuan per share, totaling 308 million yuan [1]. - After the transfer, Shanghai Lingyi will hold 14.10 million shares but will forfeit the voting rights associated with these shares [1]. - The second-largest shareholder, Yang Yongzhu, will also relinquish voting rights for 15.85 million shares [1]. Group 2: New Shareholder Profile - Shannan Antimony will hold a total of 20.23 million shares, representing a 7.76% stake, making it the largest shareholder of Weiling Co., Ltd. [2]. - Following the board restructuring, Shannan Antimony will officially gain control of the company, with the actual controller changing from Huang Da to Ji Xingye [2]. - Shanghai Lingyi has been reducing its stake in Weiling Co., Ltd. over the years, decreasing from 23.94% to 12.10% prior to this transfer [2]. Group 3: Business and Financial Performance - Shannan Antimony is a subsidiary of the leading non-ferrous metal company Xingye Yinx, with both companies under the control of Ji Xingye, indicating potential synergies in operations [3]. - Weiling Co., Ltd. has faced challenges in its diversification into the lithium industry, only achieving profitability in 2022, while projecting losses of 222.3 million yuan and 308 million yuan for 2023 and 2024, respectively [3]. - In the first three quarters of this year, Weiling Co., Ltd. reported revenues of 213 million yuan, a year-on-year decline of 53.88%, but managed to reduce net losses by 88.44% compared to the previous year [3]. - The company has initiated a recovery strategy by acquiring Jiayu Mining to expand into the non-ferrous metal resource sector, aiming to enhance its operational resilience through diversified mineral pricing cycles [3].

Core Viewpoint - The company, Xingye Silver Tin, is actively expanding its mineral resource reserves through acquisitions, including a recent purchase of a 7.76% stake in Weiling New Energy for 308 million yuan, which will enhance its business layout and market competitiveness [1][2]. Group 1: Acquisition Details - Xingye Silver Tin's wholly-owned subsidiary, Tibet Shannan Antimony Gold Resources, will acquire a 7.76% stake in Weiling New Energy for 308 million yuan, becoming the largest shareholder and gaining control [2]. - The acquisition involves purchasing 20,233,800 shares at a price of 15.21 yuan per share from two parties, with arrangements in place to stabilize control despite not reaching the majority ownership threshold [2][3]. - Weiling New Energy's main business includes multi-metal mining and lithium processing, with significant mineral reserves reported [3]. Group 2: Financial Performance - For the first three quarters of 2025, Xingye Silver Tin reported a revenue of 4.099 billion yuan, a year-on-year increase of 24.36%, and a net profit of 1.364 billion yuan, up 4.94% [8]. - The company's total assets reached 17.513 billion yuan by the end of Q3 2025, reflecting a 43.96% increase from the previous year [8]. - The company has maintained a strong financial position with a debt-to-asset ratio of 43.94% and has not engaged in equity financing for eight years [8]. Group 3: Strategic Goals and Market Position - Xingye Silver Tin aims to become a leading, resource-rich, technologically advanced, and internationally recognized mining company under its "14th Five-Year Plan" [3]. - The company has successfully expanded its resource base through multiple acquisitions over the years, currently owning 12 mining subsidiaries with significant resource reserves [7]. - The stock price has shown strong performance, increasing approximately 219% from the beginning of 2025 to a closing price of 36.74 yuan per share on December 2, 2025 [8].

格隆汇12月2日丨兴业银锡(000426.SZ)公布，近日，公司收到国家发改委下发的《企业借用外债审核登 记证明》。公司子公司兴业黄金（香港）拟发行不超过3亿美元（等值）中长期债券事项，国家发改委 予以审核登记。登记证明自出具之日起有效期1年。 ...

Core Viewpoint - The acquisition of control over Weiling Co., Ltd. by Xinyeyinxi's wholly-owned subsidiary, Shannan Antimony Gold Resources Co., Ltd., is aimed at enhancing business synergy and expanding the company's operational scope [1][3][5]. Group 1: Acquisition Details - Xinyeyinxi announced that Shannan Antimony Gold signed a share transfer agreement to acquire 2,023,380 shares of Weiling, representing 7.7646% of the total share capital, at a price of 15.21 yuan per share, totaling approximately 308 million yuan [3]. - Following the acquisition, Shannan Antimony Gold will become the largest shareholder of Weiling and will reorganize its board of directors, with the actual controller changing from Huang Da to Ji Xingye [3][4]. Group 2: Financial Performance of Weiling - Weiling has faced significant financial challenges, reporting net profits of approximately 82.03 million yuan in 2022, followed by losses of 223 million yuan in 2023 and 308 million yuan in 2024 [6]. - For the first three quarters of the current year, Weiling's revenue was about 213 million yuan, a decrease of 53.88% year-on-year, with a net loss of approximately 13.05 million yuan [6]. Group 3: Strategic Rationale - The investment is expected to create strong synergies between Xinyeyinxi's main business and Weiling's operations, which include multi-metal mining and lithium processing [5]. - The company believes that this acquisition will support its ongoing development, despite the anticipated cash outflow not significantly impacting operational funds [5].

证券代码：000426 证券简称：兴业银锡 公告编号：2025-91 近日，公司收到国家发展和改革委员会（以下简称"国家发改委"）下发的 《企业借用外债审核登记证明》（发改办外债〔2025〕488号）（以下简称"登 记证明"）。公司子公司兴业黄金（香港）拟发行不超过3亿美元（等值）中长 期债券事项，国家发改委予以审核登记。登记证明自出具之日起有效期1年。公 司将根据相关后续进展情况，履行信息披露义务，敬请投资者注意投资风险。 三、备查文件 国家发改委下发的《企业借用外债审核登记证明》（发改办外债〔2025〕488 号）。 内蒙古兴业银锡矿业股份有限公司董事会 内蒙古兴业银锡矿业股份有限公司 关于子公司发行境外债券取得国家发改委 审核登记证明的公告 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，不存在 虚假记载、误导性陈述或重大遗漏。 一、发行境外债券情况概述 内蒙古兴业银锡矿业股份有限公司（以下简称"兴业银锡"或"公司"）于 2025年4月30日召开第十届董事会第十七次会议，审议通过了《关于发行境外公 司债券的议案》。为进一步拓宽海外融资渠道，建立境外市场良好的信用基础， 优化融资结构，促进公司持 ...

Group 1 - Weiling Co., Ltd. (威领股份) announced a change in control, with Tibet Shannan Antimony Resources Co., Ltd. (山南锑金) becoming the largest shareholder and taking control of the board after shareholder approval [1] - The share transfer agreement was signed on November 28, with Shannan Antimony acquiring a total of 20,233,800 shares, representing 7.7646% of the total share capital, at a price of 15.21 yuan per share, totaling approximately 308 million yuan [1] - The actual controller of Weiling will change from Huang Da to Ji Xingye following the board restructuring [1] Group 2 - Shannan Antimony was established on May 20, 2025, as a wholly-owned subsidiary of Xingye Silver Tin Co., Ltd. (兴业银锡), with Ji Xingye as the actual controller [2] - Xingye Silver Tin's main business includes the mining and smelting of non-ferrous and precious metals, with products such as silver, tin, lead, zinc, iron, copper, antimony, and gold [2]

Core Viewpoint - The A-share market experienced a strong opening on December 1, with all three major indices rising, driven by significant inflows into large-cap stocks and various sectors such as smart speakers, MCU chips, and rare earths [1][2][4]. Market Performance - On December 1, the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and other indices saw increases of 0.65%, 1.25%, 1.31%, and 1.52% respectively, with the Shanghai Composite Index surpassing 3910 points [1][2]. - The total market turnover reached 1.89 trillion yuan, an increase of 291.7 billion yuan from the previous trading day, indicating a significant increase in trading activity [2][4]. Sector Analysis - Key sectors that showed strong performance included smart speakers, MCU chips, ice and snow tourism, rare earths, and 6G technology, while lithium battery-related sectors experienced some adjustments [2][3]. - Among the major industries, non-ferrous metals, communication, and electronics led the gains, with increases of 2.85%, 2.81%, and 1.58% respectively [2][4]. Stock Contributions - Major contributors to the Shenzhen Component Index included Ningde Times, Zhongji Xuchuang, and ZTE, which collectively contributed 64.08 points, accounting for nearly 40% of the index's rise [2]. - In the ChiNext Index, Ningde Times and Zhongji Xuchuang were also significant contributors, accounting for over 90% of the index's increase [2]. Fund Flow - On December 1, the net inflow of funds into the Shanghai and Shenzhen markets exceeded 40 billion yuan, with large-cap stocks attracting significant investment [3][4]. - A total of 2321 stocks saw net inflows, while 2827 stocks experienced net outflows, indicating a preference for large-cap stocks [3][4]. Future Market Outlook - Analysts suggest that the current market conditions, including easing overseas disturbances and expectations of global liquidity, provide a solid foundation for a potential year-end rally [5]. - Historical trends indicate that growth and cyclical sectors are likely to perform well, with a focus on sectors such as aviation equipment and AI-related technologies [5].

Group 1 - The company provides a joint liability guarantee for a syndicate loan of up to RMB 1 billion for Yinman Mining, which is intended to support its operational financing needs and business development [1][2] - Ronguan Mining offers its mining rights as collateral for the aforementioned loan, with the guarantee principal not exceeding RMB 1 billion and a term of three years from the main contract expiration [1][2] - The board of directors believes that the guarantee is beneficial for both Yinman Mining's business growth and the overall development of the company, as Yinman Mining is a wholly-owned subsidiary under the company's control [2] Group 2 - After the implementation of the guarantee, the total guarantee balance for the company and its subsidiaries will amount to RMB 372.91 million, which represents 47.20% of the company's latest audited net assets attributable to shareholders [3] - The company has not experienced any overdue guarantees or legal disputes related to guarantees, nor has it incurred losses due to guarantee-related judgments [3] Group 3 - The board of directors has authorized the management to implement specific guarantee matters within the aforementioned guarantee limit, including adjustments to the guarantee amount, changes in lending banks, and modifications to the guarantee term [4] Group 4 - The company will hold its fourth extraordinary general meeting of shareholders on December 17, 2025, with a legal and compliant process for convening the meeting [7][8] - Shareholders can participate in the meeting through both on-site voting and an internet voting system, with specific voting times and procedures outlined [8][29]

每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ （记者 曾健辉） 每经AI快讯，兴业银锡（SZ 000426，收盘价：37.16元）12月1日晚间发布公告称，相关担保实施后， 公司及子公司的担保余额将约为37.29亿元，占公司最近一期经审计归属于上市公司股东的净资产的 47.2%。其中，公司及控股子公司对合并报表外单位提供担保余额为2.2亿元，占公司最近一期经审计归 属于上市公司股东的净资产的2.78%。 2025年1至6月份，兴业银锡的营业收入构成为：采矿行业占比99.28%，其他业务占比0.72%。 截至发稿，兴业银锡市值为660亿元。 ...

Core Viewpoint - The acquisition of a 7.76% stake in Weiling New Energy by Xizang Shannan Antimony Gold Resources marks a strategic move for Xinyi Silver Antimony to gain control and enhance its resource integration strategy in the lithium battery raw material sector [1][2]. Group 1: Acquisition Details - Xizang Shannan plans to acquire 20,233,800 shares of Weiling New Energy for a total of 308 million yuan, at a price of 15.21 yuan per share [1]. - After the acquisition, Xizang Shannan will become the largest shareholder of Weiling New Energy, despite not reaching the controlling stake threshold [1]. - Voting rights arrangements have been made, with Shanghai Lingyi New Materials and Yang Yongzhu agreeing to waive their voting rights on their respective shares to stabilize control [1][2]. Group 2: Corporate Governance Changes - Following the completion of the share transfer, Xizang Shannan will nominate all five board members of Weiling New Energy, leading to a board restructuring [2]. - The current board is required to initiate resignation procedures within five working days post-transfer to ensure a smooth governance transition [2]. Group 3: Business Synergy and Strategy - Weiling New Energy's main business includes multi-metal mining and lithium raw material processing, which aligns well with Xinyi Silver Antimony's core operations [2]. - The acquisition is part of Xinyi Silver Antimony's strategy to integrate resources and enhance its presence in the lithium battery raw material market, complementing its focus on silver and tin [2]. Group 4: Financial Performance - Weiling New Energy reported a revenue of 213 million yuan for the first three quarters of 2025, a decrease of 53.88% year-on-year, and a net profit loss of 13.05 million yuan, indicating a need for strategic realignment [2]. - The acquisition is seen as a continuation of Xinyi Silver Antimony's resource integration strategy, particularly in the Yunnan region [2]. Group 5: Market Context - The demand for lithium and tin resources is on the rise due to the growth of the new energy industry, positioning Xinyi Silver Antimony favorably through this acquisition [3]. - Weiling New Energy's stock was suspended from trading on November 25, with a closing price of 16.9 yuan per share and a market capitalization of 4.404 billion yuan prior to the suspension [3].