Group 1 - The titanium dioxide concept sector declined by 0.73%, ranking among the top declines in the concept sector, with companies like Anada, Guocheng Mining, and Tianyuan Co. experiencing significant drops [1] - Among the titanium dioxide stocks, Tianneng Chemical, Vanadium Titanium Co., and Jinpu Titanium Industry saw increases of 1.18%, 0.65%, and 0.63% respectively [1] - The overall market saw a net inflow of 0.25 billion yuan into the titanium dioxide concept sector, despite eight stocks experiencing net outflows [2] Group 2 - The leading stocks with net outflows included Vanadium Titanium Co. with a net outflow of 21.28 million yuan, followed by Longbai Group and Donghua Technology with outflows of 19.79 million yuan and 4.90 million yuan respectively [3] - Stocks with significant net inflows included Zhenhua Co., Jinpu Titanium Industry, and Guocheng Mining, with inflows of 29.98 million yuan, 29.38 million yuan, and 9.36 million yuan respectively [4] - Anada experienced a notable decline of 4.61% with a turnover rate of 20.08% and a net outflow of 1.92 million yuan [3]

| 证券代码：000688 | 证券简称：国城矿业 | 公告编号：2025-107 | | --- | --- | --- | | 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"的第八次提示性公告 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。 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 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 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 12、风险提示：本次"国城转债"赎回价格可能与其停止交易和停止转股前 的市场价格存在较大差异，特提醒持有人注意在限期内转 ...

Group 1 - The core viewpoint of the news is that Guocheng Mining has shown significant stock price growth and strong financial performance in recent months, indicating potential investment opportunities [1][2]. - As of December 1, Guocheng Mining's stock price increased by 2.19% to 26.08 CNY per share, with a total market capitalization of 30.09 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 119.34%, with notable gains of 8.58% over the last five trading days and 42.67% over the last 20 days [1]. Group 2 - Guocheng Mining's main business involves lead-zinc mining and related activities, with revenue composition including titanium dioxide (53.55%), zinc concentrate (21.05%), and other minerals [1][2]. - For the period from January to September 2025, Guocheng Mining reported a revenue of 1.718 billion CNY, representing a year-on-year growth of 24.60%, and a net profit of 450 million CNY, reflecting a substantial increase of 765.89% [2]. - The company has distributed a total of 235 million CNY in dividends since its A-share listing, with 59.24 million CNY distributed over the past three years [3].

Core Viewpoint - The company has decided to exercise its right to redeem the "Guocheng Convertible Bonds" early due to market conditions and internal considerations, with a redemption price set at 100.82 CNY per bond, including interest and tax [4][12][13]. Summary by Sections Redemption Details - The redemption price for the "Guocheng Convertible Bonds" is 100.82 CNY per bond, which includes accrued interest at a rate of 2.00% [12][13]. - The redemption conditions are met as the stock price has been above 130% of the conversion price for the required trading days [11]. - The redemption will occur on December 12, 2025, with the last trading day being December 9, 2025 [5][19]. Bond Issuance and Trading - The company issued 8,500,000 convertible bonds on July 15, 2020, with a total value of 85 million CNY [4]. - The bonds were listed on the Shenzhen Stock Exchange on August 10, 2020, under the code "127019" [4]. Conversion Terms - The conversion period for the bonds started on January 21, 2021, and will end on July 14, 2026 [7]. - The initial conversion price was set at 21.07 CNY per share, which has been adjusted multiple times, currently standing at 12.58 CNY per share [9][10]. Redemption Process - The redemption will be executed for all bonds that remain unconverted as of the redemption registration date, December 11, 2025 [14][19]. - Investors will receive their redemption funds by December 19, 2025 [19]. Additional Information - Investors are advised to consult their brokerage firms for the conversion process and to ensure timely actions regarding their bonds [20].

Core Viewpoint - Guocheng Mining Co., Ltd. has announced the early redemption of its convertible bonds, "Guocheng Convertible Bonds," due to the fulfillment of certain conditions, including the stock price exceeding the conversion price for a specified period [4][11]. Summary by Sections Redemption Announcement - The company has decided to exercise its right to redeem the "Guocheng Convertible Bonds" early, following a board meeting on November 19, 2025 [4][11]. - The redemption price is set at 100.82 CNY per bond, which includes accrued interest at an annual rate of 2.00% [2][12]. Redemption Schedule - Key dates include: - Redemption condition satisfaction date: November 19, 2025 - Trading suspension date: December 9, 2025 - Redemption registration date: December 11, 2025 - Suspension of conversion date: December 12, 2025 - Redemption date: December 12, 2025 - Funds arrival date: December 17, 2025 - Investor funds arrival date: December 19, 2025 [5][16]. Convertible Bond Details - The company issued 8,500,000 convertible bonds on July 15, 2020, with a total value of 85 million CNY [4][6]. - The initial conversion price was set at 21.07 CNY per share, which has been adjusted multiple times, currently standing at 12.58 CNY per share [6][8]. Conditions for Redemption - The company can redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [9][11]. - As of October 30, 2025, the stock price met this condition, triggering the redemption [11]. Redemption Process - The company will provide daily announcements regarding the redemption process leading up to the redemption date [16]. - All bondholders registered by the redemption registration date will be eligible for the redemption [14].

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]