Market Overview - The Investment Clock Index (399391) closed at 3348.13 points, up 0.03%, with a trading volume of 78.792 billion yuan and a turnover rate of 0.81% [1] - Among the index constituents, 71 stocks rose while 28 stocks fell, with Guocheng Mining leading the gainers at a 9.42% increase and Dalian Shengya leading the decliners at a 9.99% decrease [1] Top Constituents - The top ten constituents of the Investment Clock Index are as follows: - Kweichow Moutai (sh600519) holds a weight of 16.68% and closed at 1420.08 yuan, down 0.62% with a market cap of 1778.324 billion yuan [1] - China Merchants Bank (sh600036) has a weight of 15.74%, closing at 42.80 yuan, down 0.49% with a market cap of 1079.409 billion yuan [1] - Yunnan Tin Company (sh601899) has a weight of 7.34%, closing at 29.01 yuan, up 0.80% with a market cap of 771.015 billion yuan [1] - Wuliangye Yibin (sz000858) has a weight of 5.26%, closing at 116.18 yuan, down 0.84% with a market cap of 450.965 billion yuan [1] - Hengrui Medicine (sh600276) has a weight of 4.84%, closing at 61.96 yuan, up 0.06% with a market cap of 411.241 billion yuan [1] - Gree Electric Appliances (sz000651) has a weight of 4.03%, closing at 39.72 yuan, up 0.03% with a market cap of 222.488 billion yuan [1] - Yili Industrial Group (sh600887) has a weight of 3.04%, closing at 27.25 yuan, up 0.66% with a market cap of 172.366 billion yuan [1] - Northern Rare Earth (sh600111) has a weight of 2.49%, closing at 47.77 yuan, down 2.71% with a market cap of 172.692 billion yuan [1] - Fuyao Glass (sh600660) has a weight of 2.35%, closing at 67.18 yuan, up 0.77% with a market cap of 175.323 billion yuan [1] - Jilin Chemical (sz000568) has a weight of 2.31%, closing at 132.17 yuan, down 0.70% with a market cap of 194.548 billion yuan [1] Capital Flow - The net outflow of main funds from the index constituents totaled 677 million yuan, while retail investors saw a net inflow of 708 million yuan [3] - Detailed capital flow for selected stocks includes: - China Zhongjin (601888) saw a main fund net inflow of 36.4 million yuan, while retail funds had a net outflow of 93.414 million yuan [3] - Jiangxi Copper (600362) had a main fund net inflow of 18.2 million yuan, with retail funds experiencing a net outflow of 70.3612 million yuan [3] - Weichai Power (000338) had a main fund net inflow of 13.5 million yuan, while retail funds had a net inflow of 1.60758 million yuan [3] - Giant Network (002558) had a main fund net inflow of 11.8 million yuan, with retail funds experiencing a net outflow of 65.0268 million yuan [3] - China Coal Energy (601898) had a main fund net inflow of 11.7 million yuan, while retail funds had a net outflow of 79.0666 million yuan [3]

Group 1 - The titanium dioxide concept sector increased by 3.15%, ranking fourth among concept sectors, with 14 stocks rising, including Vanadium Titanium Co., which hit the daily limit, and Guocheng Mining, Zhenhua Co., and Huiyun Titanium Industry showing significant gains of 9.42%, 7.23%, and 2.62% respectively [1] - The main capital inflow into the titanium dioxide concept sector was 256 million yuan, with six stocks receiving net inflows, led by Vanadium Titanium Co. with a net inflow of 323 million yuan, followed by Guocheng Mining, Huiyun Titanium Industry, and Anning Co. with net inflows of 48.55 million yuan, 11.25 million yuan, and 10.12 million yuan respectively [2][3] Group 2 - In terms of capital inflow ratios, Vanadium Titanium Co., Huiyun Titanium Industry, and Guocheng Mining had the highest net inflow rates at 45.42%, 11.52%, and 7.12% respectively [3] - The trading performance of key stocks in the titanium dioxide sector included Vanadium Titanium Co. with a daily increase of 10.17% and a turnover rate of 2.42%, Guocheng Mining with a 9.42% increase and a turnover rate of 3.48%, and Huiyun Titanium Industry with a 2.62% increase and a turnover rate of 3.15% [3]

Core Insights - The non-ferrous metal sector is experiencing an upward trend, with the National Index for Non-Ferrous Metals (399395) rising by 0.64% as of November 5, 2025, driven by strong performances from key stocks such as Vanadium Titanium Co. (000629) and Tianqi Lithium (002466) [1] Group 1: Market Performance - The non-ferrous metal sector is buoyed by the lithium battery segment, which has seen significant price increases in lithium carbonate due to robust demand from the new energy vehicle and energy storage markets [1] - The ETF for non-ferrous metals (159880) has also increased by 0.65%, reflecting the overall positive sentiment in the sector [1] Group 2: Supply and Demand Dynamics - A potential supply disruption in copper is expected to elevate price levels, with projections indicating a tight supply-demand situation for copper in 2026 [1] - The aluminum market is nearing the end of its peak season, with supply-side factors providing rigid support for price levels [1] - Tungsten prices are on the rise, with expectations of recovering export demand [1] Group 3: Lithium Market Insights - Lithium carbonate prices have shown a slight increase this week, attributed to better-than-expected demand in the downstream sector [1] - October's lithium carbonate production continued to grow, with a month-on-month increase of 6% and a year-on-year surge of 55%, indicating strong production enthusiasm within the industry [1] - Despite uncertainties in mining policies in Jiangxi, strong demand is expected to provide robust support for lithium prices, with forecasts suggesting continued price increases in November [1] Group 4: Index Composition - The National Index for Non-Ferrous Metals (399395) includes 50 prominent securities from the non-ferrous metal sector, reflecting the overall performance of listed companies in this industry [2] - The top ten weighted stocks in the index account for 52.91% of the total index, highlighting the concentration of performance among leading companies such as Zijin Mining (601899) and Ganfeng Lithium (002460) [2]

Group 1 - The stock of Guocheng Mining experienced a limit down today, with a turnover rate of 2.71% and a transaction amount of 519 million yuan, showing a fluctuation of 10.27% [2] - Institutional investors net sold 30.27 million yuan, while the Shenzhen Stock Connect saw a net purchase of 47.07 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to a daily decline deviation of -8.66%, with institutional proprietary seats net selling 30.27 million yuan and the Shenzhen Stock Connect net buying 47.07 million yuan [2] Group 2 - The latest margin trading data shows that the stock's margin balance is 258 million yuan, with a financing balance of 256 million yuan and a securities lending balance of 1.63 million yuan [3] - Over the past five days, the financing balance increased by 19.64 million yuan, representing an increase of 8.31%, while the securities lending balance rose by 0.44 million yuan, an increase of 36.94% [3] - The top five trading departments for buying and selling on November 4 included significant transactions from the Shenzhen Stock Connect and various institutional proprietary seats [3]

Core Viewpoint - COMEX gold, silver, and copper prices have experienced a decline, with various related products also retreating, indicating a bearish trend in the precious and industrial metals market [1] Group 1: Market Performance - As of 13:40, the non-ferrous metal ETF (516650) fell by 3.06%, with major holdings like Guocheng Mining down by 8.92% and Shengxin Lithium Energy down by 7.61% [1] - The gold stock ETF (159562) decreased by 3.44%, while the Huaxia Gold ETF (518850) saw a smaller decline of 0.75% [1] Group 2: Economic Indicators - Recent statements from several Federal Reserve officials regarding interest rate cuts have created uncertainty about a potential rate cut in December, with inflation data remaining a focal point for many officials [1] - Economic and liquidity expectations are anticipated to improve marginally, potentially supporting the prices of cyclical commodities like copper and aluminum through Q4 2025 [1] Group 3: ETF Focus - The non-ferrous metal ETF (516650) tracks the CSI segmented non-ferrous metal industry theme index, focusing on gold, copper, aluminum, rare earths, tungsten, molybdenum, and energy metals like lithium and cobalt [1]

New Stock Issuance - New stock for Beikang Testing (920160) issued at a price of 6.70 on November 3, 2025[1] - New stock for Danna Biology (920009) issued at a price of 17.10 on November 3, 2025[1] Market Alerts - ST Zhongdi (000609) announced significant abnormal fluctuations on October 30, 2025[1] - Jiangbolong (301308) reported severe abnormal fluctuations on October 30, 2025[1] - Xiangnan Chip (300475) disclosed abnormal fluctuations on October 24, 2025[1] - Shangtai Technology (001301) announced abnormal fluctuations on November 3, 2025[1] - Hainan Development (002163) reported abnormal fluctuations on November 3, 2025[1] - Zhongrui Co., Ltd. (002374) disclosed abnormal fluctuations on November 3, 2025[1] - Fujian Jinsen (002679) announced abnormal fluctuations on November 3, 2025[1] - Yongxing Materials (002756) reported abnormal fluctuations on November 3, 2025[1] - Xinhongze (002836) disclosed abnormal fluctuations on November 3, 2025[1] - Guocheng Mining (000688) announced abnormal fluctuations on November 3, 2025[1]

Group 1 - The company's stock (trading name: Guocheng Mining, stock code: 000688) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days (October 29, 30, and 31, 2025) [1] - The company held its 28th meeting of the 12th Board of Directors and the 14th meeting of the 11th Supervisory Board on December 17, 2024, where it approved the proposal regarding the major asset acquisition and related transactions, following the necessary information disclosure procedures [1] - The company has published progress announcements regarding the major asset restructuring on specified disclosure media on January 18, February 17, March 18, April 17, May 17, June 16, July 15, August 14, September 13, and October 11, 2025 [2] Group 2 - The company confirmed that there are no other significant undisclosed matters that should have been disclosed [3] - The company did not find any recent media reports that could have significantly impacted its stock trading price with undisclosed major information [4] - The company's daily operations are normal, and there have been no significant changes in the internal and external operating environment [5] Group 3 - The Board of Directors confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange's listing rules [6] - The company conducted inquiries with its controlling shareholder, Guocheng Holdings Group, and its concerted actors, confirming that they have no undisclosed significant matters and did not trade the company's stock during the abnormal fluctuation period [5]

Core Viewpoint - The stock of Guocheng Mining has experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from October 29 to October 31, 2025 [1] Summary by Relevant Sections - **Stock Price Movement** - The stock price of Guocheng Mining has deviated significantly, with a cumulative increase of over 20% in three trading days [1] - **Company Disclosures** - The company has disclosed a major asset acquisition and related transaction plan, confirming that there are no other undisclosed significant matters [1] - The company has verified that prior disclosures do not require corrections or supplements [1] - **Market Environment** - There have been no significant changes in the company's daily operations or external business environment [1] - **Insider Trading Confirmation** - The company has confirmed with its controlling shareholder, Guocheng Holdings Group Co., Ltd., and other related parties that they have not engaged in any trading of the company's stock during the period of abnormal fluctuation [1] - **Information Disclosure Compliance** - The board of directors has confirmed that there are no undisclosed matters that should be disclosed, and there is no violation of fair information disclosure [1] - **Investor Advisory** - The company has designated specific media outlets for information disclosure and has reminded investors to invest rationally and be aware of risks [1]

国城矿业股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：000688 证券简称：国城矿业 公告编号：2025-083 一、股票交易异常波动的情况介绍 国城矿业股份有限公司（以下简称"公司"）股票（证券简称：国城矿业， 证券代码：000688）连续 3 个交易日（2025 年 10 月 29 日、10 月 30 日、10 月 31 日）收盘价格涨幅偏离值累计超过 20%，根据深圳证券交易所的有关规定， 属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 针对公司股票交易异常波动，公司对有关事项进行了核查，现就有关核实情 况说明如下： 1、2024 年 12 月 17 日，公司召开第十二届董事会第二十八次会议、第十一 届监事会第十四次会议，审议通过了《关于<国城矿业股份有限公司重大资产购 买暨关联交易预案>及其摘要的议案》等相关议案，并履行了相关信息披露程序。 具体内容详见公司于 2024 年 12 月 18 日刊登在指定信息披露媒体上的相关公告。 公司分别于2025年1月18日、2025年2月17日、2025 ...

Core Viewpoint - Guocheng Mining is a significant player in the domestic lead-zinc mining sector, showcasing full industry chain advantages and investment value [1] Group 1: Business Performance - In Q3 2025, Guocheng Mining achieved a revenue of 1.718 billion yuan, ranking 9th in the industry out of 14 companies [2] - The company's net profit for the same period was 450 million yuan, placing it 8th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Guocheng Mining's debt-to-asset ratio was 58.82%, higher than the industry average of 50.54% [3] - The gross profit margin for Q3 2025 was 9.40%, significantly lower than the industry average of 25.75% [3] Group 3: Executive Compensation - The chairman, Wu Cheng, received a salary of 1.5 million yuan in 2024, unchanged from 2023 [4] - The general manager, Zhu Shengli, saw a substantial salary increase to 2.2 million yuan in 2024, up from 217,200 yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.25% to 26,400 [5] - The average number of circulating A-shares held per shareholder decreased by 2.20% to 42,700 [5]