Core Viewpoint - The gold stocks in both A-shares and Hong Kong stocks experienced a significant decline on November 18, with major companies in the sector reporting losses exceeding 2% [1][2]. Group 1: A-share Market Performance - The precious metals sector in the A-share market saw all stocks in the red, with notable declines from companies such as Hunan Silver (-2.83% to 6.18), Hengbang Shares (-2.24% to 13.07), and Zhongjin Gold (-2.08% to 21.20) [1][2]. - Other companies like Zhaojin Gold and Sichuan Gold also reported declines of -2.04% and -1.87%, respectively [2]. Group 2: Hong Kong Market Performance - In the Hong Kong market, Lingbao Gold fell over 6%, while Tongguan Gold dropped more than 4%. Additionally, Zijin Mining International and China National Gold both saw declines nearing 4% [2]. - Other companies such as Shandong Gold and Chifeng Jilong Gold also experienced losses exceeding 2% [2]. Group 3: Gold Price Movement - The spot gold price fell below $4020 per ounce, indicating a downward trend in the gold market [3].

Core Viewpoint - Hengbang Co., Ltd. has experienced a decline in stock price recently, despite a significant year-to-date increase, indicating potential volatility in the market [1][2]. Company Overview - Hengbang Co., Ltd. is located in Yantai, Shandong Province, established on February 18, 1994, and listed on May 20, 2008. The company specializes in gold exploration, mining, smelting, and production of chemical and rare metals [1]. - The main revenue composition includes gold (63.14%), electrolytic copper (19.52%), silver (8.97%), and other metals and chemicals [1]. Financial Performance - For the period from January to September 2025, Hengbang Co., Ltd. achieved a revenue of 76.44 billion yuan, representing a year-on-year growth of 31.44%. The net profit attributable to shareholders was 562 million yuan, with a year-on-year increase of 20.89% [2]. - The company has distributed a total of 760 million yuan in dividends since its A-share listing, with 317 million yuan distributed in the last three years [3]. Shareholder Information - As of November 10, 2025, the number of shareholders is 60,000, a decrease of 3.29% from the previous period. The average circulating shares per person increased by 3.40% to 17,299 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and a newly entered shareholder, the Gold ETF [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002237 证券简称：恒邦股份公告编号：2025-105 债券代码：127086 债券简称：恒邦转债 山东恒邦冶炼股份有限公司 关于提前赎回"恒邦转债"的第二十一次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1."恒邦转债"赎回价格：100.28元/张（含当期应计利息，当期年利率为0.6%，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10月17日 3.停止交易日：2025年11月25日 5.停止转股日：2025年11月28日 6.赎回日：2025年11月28日 7.赎回资金到账日（到达中登公司账户）：2025年12月3日 8.投资者赎回款到账日：2025年12月5日 9.赎回类别：全部赎回 10.最后一个交易日可转债简称：Z邦转债 4.赎回登记日：2025年11月27日 11.根据安排，截至2025年11月27日收市后仍未转股的"恒邦转债"将被强制赎回。本次赎回完成后， ...

Core Insights - The company, Hengbang Co., Ltd. (002237.SZ), primarily engages in gold smelting, positioning itself as a specialized smelting enterprise [1] - Gold is the main product generated during the smelting process, sourced from both purchased raw materials and self-mined ores [1] - The company has limited self-owned mining resources, resulting in a low proportion of self-mined ore smelting compared to purchased raw materials, which have a lower gross profit margin [1] Financial Performance - An investor raised a question regarding the company's profitability, noting that a subsidiary, Wanguo Gold, generated 1.4 tons of self-produced gold with revenues of 1.2 billion yuan and profits of 600 million yuan [3] - In contrast, the company reported a total of nearly 70 tons of gold from both self-production and processing of purchased materials, generating over 50 billion yuan in revenue, but with lower profits than the subsidiary [3]

证券日报网讯 11月17日晚间，恒邦股份发布公告称，根据安排，截至2025年11月27日收市后仍未转股 的"恒邦转债"将被强制赎回。本次赎回完成后，"恒邦转债"将在深圳证券交易所摘牌，特提醒"恒邦转 债"债券持有人注意在限期内转股。债券持有人持有的"恒邦转债"如存在被质押或被冻结的，建议在停 止交易日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 （文章来源：证券日报） ...

Market Overview - The precious metals sector experienced a decline of 1.74% on November 17, with Zhaojin Mining leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Zhaojin Mining (000506) closed at 12.27, down 3.54% with a trading volume of 305,600 shares and a turnover of 375 million yuan [1] - Hunan Silver (002716) closed at 6.37, down 3.48% with a trading volume of 1,081,300 shares and a turnover of 690 million yuan [1] - Western Gold (601069) closed at 26.74, down 2.41% with a trading volume of 143,900 shares and a turnover of 384 million yuan [1] - Other notable declines include Chifeng Jilong Gold Mining (600988) down 2.16% and Shandong Gold (600547) down 1.98% [1] Capital Flow Analysis - The precious metals sector saw a net outflow of 645 million yuan from institutional investors, while retail investors contributed a net inflow of 543 million yuan [1] - The table indicates that Zhaojin Mining had a net outflow of 6.74 million yuan from institutional investors, but a net inflow of 17.59 million yuan from retail investors [2] - Hunan Gold (002155) experienced a significant net outflow of 60.43 million yuan from institutional investors, while retail investors contributed a net inflow of 58.24 million yuan [2]

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-105 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 关于提前赎回"恒邦转债"的第二十一次提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1."恒邦转债"赎回价格：100.28 元/张（含当期应计利息，当期年利率为 0.6%， 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 10 月 17 日 3.停止交易日：2025 年 11 月 25 日 4.赎回登记日：2025 年 11 月 27 日 5.停止转股日：2025 年 11 月 28 日 6.赎回日：2025 年 11 月 28 日 7.赎回资金到账日（到达中登公司账户）：2025 年 12 月 3 日 8.投资者赎回款到账日：2025 年 12 月 5 日 9.赎回类别：全部赎回 10.最后一个交易日可转债简称：Z 邦转债 ...

证券日报网讯 11月14日晚间，恒邦股份发布公告称，公司于2025年11月14日召开了第九届董事会第三 十六次会议，审议通过了《关于补选独立董事的议案》，同意提名钟美瑞先生为第九届董事会独立董事 候选人，同时担任公司董事会提名委员会委员、战略委员会委员，陈志武先生为第九届董事会独立董事 候选人，同时担任公司董事会审计委员会委员、薪酬与考核委员会委员、提名委员会委员，钟美瑞先 生、陈志武先生经股东大会同意选举为独立董事后，任期与本届董事会任期一致。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Hengbang Co., Ltd. held its 36th meeting of the 9th Board of Directors on November 14, 2025, to review the proposal for amending the "Board Meeting Rules" [1] - For the first half of 2025, Hengbang's revenue composition was as follows: precious metal smelting accounted for 72.22%, precious metal mining for 21.98%, mineral powder sales for 2.85%, non-ferrous metal trading for 1.57%, and chemical production for 1.09% [1] - As of the report date, Hengbang's market capitalization was 15.6 billion yuan [1]

山东恒邦冶炼股份有限公司 股东大会议事规则 山东恒邦冶炼股份有限公司 股东大会议事规则 第一章 总 则 第一条 为维护公司、股东和债权人的合法权益，规范公司股东大会会议，根据 《中华人民共和国公司法》（以下简称《公司法》）《中华人民共和国证券法》（以 下简称《证券法》）《深圳证券交易所股票上市规则》和《山东恒邦冶炼股份有限 公司章程》的规定，制订本议事规则。 公司应当严格按照法律、行政法规、规章及公司章程的相关规定召开股东大会， 保证股东能够依法行使权利。公司董事会应当切实履行职责，认真、按时组织股东 大会。公司全体董事应当勤勉尽责，确保股东大会正常召开和依法行使职权。股东 大会应当在《公司法》和公司章程规定的范围内行使职权。 （六）法律、行政法规、部门规章或公司章程规定的其他情形。 第四条 召开股东大会的地点为：公司住所地或召集股东大会会议通知中指定 的其它地方。 股东大会将设置会场，以现场会议形式召开。会议召集人认为必要时或有关法 律、行政法规强制性规定以及公司章程规定的情形发生时，公司应当提供网络或其 他方式为股东参加股东大会提供便利。股东通过上述方式参加股东大会的，视为出 第二章 股东大会的召集 第二 ...