Core Points - Guocheng Mining announced the redemption price for "Guocheng Convertible Bonds" at 100.82 yuan per bond, including the current accrued interest with an annual interest rate of 2.00% [2] - The redemption conditions are set for November 19, 2025, with the redemption registration date on December 11, 2025, and the actual redemption date on December 12, 2025 [2] - All outstanding "Guocheng Convertible Bonds" that have not been converted into shares by the close of trading on December 11, 2025, will be forcibly redeemed, leading to the delisting of these bonds from the Shenzhen Stock Exchange [2] - Investors holding "Guocheng Convertible Bonds" that are pledged or frozen are advised to lift these conditions before the conversion suspension date to avoid forced redemption due to inability to convert [2]

| 证券代码：000688 | 证券简称：国城矿业 | 公告编号：2025-106 | | --- | --- | --- | | 债券代码：127019 | 债券简称：国城转债 | | 国城矿业股份有限公司 关于提前赎回"国城转债"的第七次提示性公告 6、赎回日：2025年12月12日 7、赎回资金到账日（到达中登公司账户）：2025年12月17日 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。 8、投资者赎回款到账日：2025年12月19日 特别提示： 9、赎回类别：全部赎回 1、"国城转债"赎回价格：100.82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"中登公司"）核准的价格为准。 2、赎回条件满足日：2025年11月19日 3、停止交易日：2025年12月9日 4、赎回登记日：2025年12月11日 5、停止转股日：2025年12月12日 10、最后一个交易日可转债简称：Z城转债 11、根据安排，截至2025年12月11日收市后仍未转股的"国城转债"将被强 ...

Group 1 - The titanium dioxide concept sector rose by 4.31%, leading the gains among concept sectors, with 14 stocks increasing in value, including Jinpu Titanium Industry and Anada, which hit the daily limit [1][2] - Major gainers in the titanium dioxide sector included Guocheng Mining, Tianyuan Co., and Huiyun Titanium Industry, which rose by 5.63%, 5.24%, and 5.02% respectively [1][2] - The sector attracted a net inflow of 271 million yuan from main funds, with 12 stocks receiving net inflows, and five stocks seeing inflows exceeding 30 million yuan [2] Group 2 - The top net inflow stock was Zhenhua Co., with a net inflow of 67.37 million yuan, followed by Jinpu Titanium Industry, Anada, and Guocheng Mining with net inflows of 61.21 million yuan, 48.11 million yuan, and 38.07 million yuan respectively [2][3] - In terms of net inflow ratios, Jinpu Titanium Industry and Anada led with 47.49% and 10.20% respectively, indicating strong investor interest [3] - The trading volume and turnover rates for key stocks in the titanium dioxide sector showed significant activity, with Zhenhua Co. having a turnover rate of 5.20% and Jinpu Titanium Industry at 4.20% [3][4]

Core Viewpoint - The article discusses the investment activities and market presence of Duan Yongping and his brother Duan Liping, highlighting their roles in the capital market and their connections to the Budweiser Group and other companies in the A-share market [4][6][12]. Group 1: Investment Activities - Duan Liping has been actively investing in the stock market, particularly in Guocheng Mining, which has seen a significant price increase of approximately 127% from 13.63 CNY to 31.04 CNY per share within a month [8][11]. - Guocheng Mining's recent asset restructuring involves acquiring a 60% stake in Guocheng Industrial, which owns a significant molybdenum mine, enhancing its core asset portfolio [8][9]. - Duan Liping and his wife, Wang Xiaomei, along with Liao Yannan, have gradually increased their holdings in Guocheng Mining, collectively owning 1.64% of the company, with a market value that surged to approximately 5.73 billion CNY during the stock price rally [11][12]. Group 2: Family Background and Business Involvement - Duan Yongping, known as the "Chinese Buffett," has distanced himself from direct business operations since moving to the U.S. in 2002, while Duan Liping remains active in the domestic market [4][12][15]. - Duan Liping has a strong academic background in water resources economics and has held various managerial positions in companies related to the Budweiser Group, indicating his ongoing involvement in the business sector [14][15]. - Despite Duan Yongping's withdrawal from operational roles, the Duan family continues to maintain a presence in the business landscape, with Duan Liping actively participating in ventures related to the Budweiser Group [16]. Group 3: Strategic Acquisitions - Duan Liping has collaborated with Zhang Yuan, a prominent figure in the Budweiser Group, to acquire control of Liyuan Co., Ltd. for 38 million CNY, indicating a strategic move into the automotive parts sector [19][20]. - The acquisition of Liyuan Co. comes amid the company's operational struggles, allowing the new owners to capitalize on the opportunity to pivot towards the automotive industry, which is currently a hot market [20][21]. - The transaction reflects a broader trend of strategic repositioning within the market, where new players seek to leverage existing assets for growth in emerging sectors [21].

Market Overview - On November 28, the industrial metals sector rose by 0.97% compared to the previous trading day, with Yinbang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Top Gainers in Industrial Metals - Yinbang Co., Ltd. (300337) closed at 10.74, up 8.16% with a trading volume of 664,400 shares and a transaction value of 697 million [1] - Guocheng Mining (000688) closed at 25.52, up 5.63% with a trading volume of 407,000 shares and a transaction value of 1.03 billion [1] - Xingye Silver Tin (000426) closed at 34.52, up 4.92% with a trading volume of 712,200 shares and a transaction value of 2.42 billion [1] Market Capital Flow - The industrial metals sector saw a net inflow of 955 million from main funds, while retail funds experienced a net outflow of 80.02 million [2] - The top stocks by net inflow from main funds included Xingye Silver Tin (2.47 billion) and Yinbang Co., Ltd. (475.38 million) [3] Notable Decliners - Luoping Zinc Electric (002114) closed at 8.20, down 6.29% with a trading volume of 631,300 shares and a transaction value of 509 million [2] - Hongchuang Holdings (002379) closed at 20.16, down 2.14% with a trading volume of 185,000 shares and a transaction value of 374 million [2]

Core Insights - The article discusses the investment activities and background of Duan Yongping and his brother Duan Liping, highlighting their roles in the capital market and their family dynamics [3][9]. Group 1: Duan Yongping's Background and Investment Approach - Duan Yongping, known as the "Chinese Buffett," has transitioned from active management in his companies to focusing on investments since moving to the U.S. in 2002 [3][10]. - He is conservative in his investment strategy, primarily holding shares in Kweichow Moutai [9][10]. - Duan Yongping's philanthropic efforts include donating Kweichow Moutai shares to establish an educational fund, emphasizing his long-term commitment to the investment [9][10]. Group 2: Duan Liping's Market Activities - Duan Liping, who remains active in the domestic market, has been increasingly involved in capital market activities, particularly with Guocheng Mining [4][5]. - Guocheng Mining's stock price surged approximately 127% from 13.63 CNY to a peak of 31.04 CNY, driven by positive news and its core production capabilities in non-ferrous metals [5][6]. - Duan Liping holds a 0.56% stake in Guocheng Mining, ranking as the ninth largest circulating shareholder [6][8]. Group 3: Shareholding and Market Movements - Duan Liping, along with his wife Wang Xiaomei and Liao Yannan, has been gradually increasing their holdings in Guocheng Mining, collectively owning 1.64% of the company, with a market value of approximately 4.43 billion CNY as of late November [8][9]. - The article notes the strategic acquisition of control over Liyuan Shares by Jiangsu Bubugao Real Estate, where Duan Liping is involved, highlighting the potential for growth in the automotive parts sector [12][13]. - The acquisition was made at a relatively low price of 38 million CNY, indicating a calculated move to enter a lucrative market segment [14][15].

Core Viewpoint - The titanium dioxide sector experienced a significant surge, with companies such as Jinpu Titanium Industry and Anada reaching their daily price limit, while Guocheng Mining also saw notable gains [1] Company Summary - Jinpu Titanium Industry reached its daily price limit, indicating strong investor interest and positive market sentiment [1] - Anada also hit its daily price limit, reflecting similar bullish trends in the sector [1] - Guocheng Mining, despite being involved in a rights protection issue, showed substantial price increases, suggesting resilience in its stock performance [1] Industry Summary - The titanium dioxide sector is currently experiencing a bullish trend, as evidenced by the significant price increases among key players [1]

Group 1 - The A-share market for lithium mining stocks is experiencing a strong upward trend, with several companies nearing their daily price limits [1] - Major gainers include Dazhong Mining approaching the limit, Shengxin Lithium Energy rising over 8%, and Guocheng Mining, Yahua Group, and others increasing by over 5% [1] - The overall market sentiment is positive, indicated by the MACD golden cross signal formation, suggesting a favorable outlook for these stocks [2] Group 2 - Dazhong Mining has a market capitalization of 47.4 billion and has increased by 270.25% year-to-date [2] - Shengxin Lithium Energy has a market capitalization of 32.6 billion with a year-to-date increase of 158.49% [2] - Other notable companies include Guocheng Mining with a market cap of 29.4 billion and a year-to-date increase of 114.30%, and Yahua Group with a market cap of 25.7 billion and a year-to-date increase of 91.27% [2]

2、赎回条件满足日：2025年11月19日 | 证券代码：000688 | 证券简称：国城矿业 | 公告编号：2025-105 | | --- | --- | --- | | 债券代码：127019 | 债券简称：国城转债 | | 国城矿业股份有限公司 关于提前赎回"国城转债"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。 特别提示： 1、"国城转债"赎回价格：100.82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"中登公司"）核准的价格为准。 8、投资者赎回款到账日：2025年12月19日 9、赎回类别：全部赎回 3、停止交易日：2025年12月9日 4、赎回登记日：2025年12月11日 5、停止转股日：2025年12月12日 6、赎回日：2025年12月12日 7、赎回资金到账日（到达中登公司账户）：2025年12月17日 10、最后一个交易日可转债简称：Z城转债 11、根据安排，截至2025年12月11日收市后仍未转股的"国城转债"将被强 ...

Core Viewpoint - The company, Guocheng Mining Co., Ltd., has announced the early redemption of its convertible bonds, "Guocheng Convertible Bonds," due to the fulfillment of redemption conditions as per the bond issuance terms [4][12]. Group 1: Redemption Details - The redemption price for "Guocheng Convertible Bonds" is set at 100.82 CNY per bond, including accrued interest at an annual rate of 2.00% [2][13]. - The redemption process includes several key dates: trading will stop on December 9, 2025, the redemption registration date is December 11, 2025, and the actual redemption will occur on December 12, 2025 [4][19]. - After the redemption is completed, "Guocheng Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [4][19]. Group 2: Bond Issuance and Terms - The company issued 8,500,000 convertible bonds on July 15, 2020, with a total issuance amount of 85 million CNY [5][6]. - The initial conversion price was set at 21.07 CNY per share, which has undergone several adjustments due to profit distribution and share buybacks, with the latest adjustment bringing it to 12.58 CNY per share [7][8][12]. - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for a specified period or if the remaining unconverted bonds are less than 30 million CNY [9][10]. Group 3: Investor Guidance - Investors are advised to convert or sell their bonds before the deadline to avoid forced redemption, which may result in financial losses [3][21]. - The company will provide daily announcements regarding the redemption process leading up to the redemption date [19]. Group 4: Contact Information - For further inquiries, investors can contact the company's securities department at the provided address and phone number [22].