证券日报网讯 12月9日晚间，中矿资源发布公告称，公司第六届董事会第二十次会议审议通过《关于募 投项目结项并将节余募集资金永久补充流动资金的议案》，同意将募投项目结项并将节余募集资金8， 396.50万元永久补充流动资金，同时在节余募集资金永久补充流动资金后，注销相关募集资金专用账 户，相关募集资金三方监管协议予以终止。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the articles indicates a positive trend in the non-ferrous metal industry, driven by expectations of monetary policy changes from the Federal Reserve, which may lead to increased prices for metals like copper and aluminum [1][2]. - As of December 10, 2025, the non-ferrous metal industry index (399395) rose by 0.74%, with significant gains in stocks such as Yunnan Zhenye (6.35%) and Guocheng Mining (6.28%) [1]. - The non-ferrous ETF fund (159880) also saw an increase of 0.34%, reflecting the overall positive sentiment in the market [1]. Group 2 - According to Guokai Securities, the refined copper market is expected to face a supply tightness in 2026, leading to a bullish outlook for copper prices, especially if the Federal Reserve implements a significant easing policy [2]. - The forecast for aluminum indicates considerable uncertainty in supply-demand balance, but financial factors may dominate, with expectations that aluminum prices could exceed $3,000 per ton in London and 23,000 yuan per ton in Shanghai in 2026 [2]. - The top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, highlighting the concentration of market performance among these key players [3].

方正证券承销保荐有限责任公司 关于中矿资源集团股份有限公司募投项目结项 并将节会募集资金永久补充流动资金的核查意见 方正证券承销保荐有限责任公司(以下简称"方正承销保荐"或"保荐机构") 作为中矿资源集团股份有限公司(以下简称"中矿资源"或"公司")2022年度 非公开发行股票的保荐机构,根据《上市公司募集资金监管规则》和《深圳证券 交易所上市公司自律监管指引第 1 号 -- 主板上市公司规范运作》等有关规定, 对中矿资源募投项目结项并将节余募集资金永久补充流动资金事项进行了认真、 审慎核查,具体情况如下: 一、募集资金基本情况 经中国证券监督管理委员会《关于核准中矿资源集团股份有限公司非公开发 行股票的批复》(证监许可 2022[0315]号)核准,公司采用向特定对象非公开发 行方式发行人民币普通股（A 股）47,326,076 股,发行价格为每股 63.39 元。截 至 2023 年 3 月 31 日,公司实际已向特定对象非公开发行人民币普通股 (A 股) 47,326,076 股,募集资金总额 2,999,999,957.64 元,扣除承销费、保荐费、审计 费、律师费、信息披露等发行费用(不含税)合计 ...

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-053 号 中矿资源集团股份有限公司 关于募投项目结项并将节余募集资金永久补充流动资金的公告 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，没有虚假记载、 误导性陈述或重大遗漏。 中矿资源集团股份有限公司（以下简称"公司""本公司"或"中矿资源"）于 2025 年 12 月 9 日召开第六届董事会第二十次会议，审议通过了《关于募投项目结项并将节 余募集资金永久补充流动资金的议案》。鉴于公司 2022 年度非公开发行股票募集资金 投资项目已全部建设完成并达到可使用状态，为有效发挥资金使用效率，经审议，同意 公司对募投项目结项并将节余募集资金 8,396.50 万元（实际金额以资金转出当日余额为 准）永久补充流动资金，同时在节余募集资金永久补充流动资金后，注销相关募集资金 专用账户，相关募集资金三方监管协议予以终止。 根据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，上述事项无需提交公司股东会审议。现将 具体情况公告如下： 公司本次募集资金扣除发行 ...

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-052 号 中矿资源集团股份有限公司 第六届董事会第二十次会议决议公告 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。 1 中矿资源集团股份有限公司 引第 1 号——主板上市公司规范运作》等相关规定，该事项为公司董事会审批权 限，无需提交股东会审议。 一、董事会会议召开情况 中矿资源集团股份有限公司（以下简称"公司"或"本公司"）第六届董事 会第二十次会议于 2025 年 12 月 9 日在公司会议室以现场结合视频方式召开，会 议通知于 2025 年 12 月 5 日通过邮件及书面形式发出。本次会议应出席董事 9 名，实际出席董事 9 名（其中：董事欧学钢先生、魏云峰先生、吴志华先生、汪 芳淼先生、吴淦国先生、易冬女士以视频的方式参会，其余董事在公司会议室参 会）。本次会议由公司董事长王平卫先生主持，公司高级管理人员列席了本次会 议。本次会议的召集、召开符合《中华人民共和国公司法》和《中矿资源集团股 份有限公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 1. ...

Group 1 - The company Zhongmin Resources (SZ 002738) announced that as of the date of the announcement, the total amount of guarantees provided by the company and its subsidiaries is RMB 4.81 billion, accounting for 39.49% of the audited net assets attributable to shareholders of the listed company as of December 31, 2024 [1] - The actual amount of guarantees that have occurred is approximately RMB 2.316 billion, which represents 19.01% of the audited net assets attributable to shareholders of the listed company as of December 31, 2024 [1] - As of the time of reporting, Zhongmin Resources has a market capitalization of RMB 47.5 billion [1] Group 2 - For the first half of 2025, the revenue composition of Zhongmin Resources is as follows: 40.01% from lithium battery new energy raw material development and utilization, 21.67% from rare light metal (cesium and rubidium) resource development and utilization, 21.11% from other business income, 16.83% from trade, and 0.38% from solid mineral exploration technical services [1]

中矿资源集团股份有限公司 证券代码：002738 证券简称：中矿资源 公告编号：2025-051号 中矿资源集团股份有限公司 关于全资子公司为公司提供担保的公告 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，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 中矿资源集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 5 月 15 日召开的 2024 年度股东会审议通过了《关于公司及子公司 2025 年度对外 担保额度预计的议案》，同意公司为合并报表范围内的各级全资及控股子公司（包 含现有及授权期新设立、收购等方式取得的纳入公司合并报表范围内的各级全资 及控股子公司）提供担保；同意合并报表范围内的全资子公司为公司提供担保。 预计 2025 年度前述担保事项累计额度最高不超过人民币 850,000.00 万元（包括 公司与子公司之间、子公司与子公司之间提供的担保金额）。其中，中矿资源（江 西）新材料有限公司（以下简称"江西中矿新材"）为本公司提供的担保额度为 人民币 490,000.00 万元。 公司拟向上海浦东发展银行股份有限公司北京分行（以下简称"浦发银行"） 申请人民币 3 ...

Group 1: Precious Metals - Gold - The weakening of the US dollar credit remains the core logic for gold pricing in 2025, with a notable negative correlation between gold prices and the dollar's share in global foreign exchange reserves [11][12] - The Federal Reserve is expected to continue its rate-cutting cycle into 2026, which may support gold prices, especially with concerns over the independence of monetary policy due to potential changes in leadership [13][15] - The long-term trend of weakening US dollar credit is not expected to change, with the US fiscal deficit projected to reach 6.9% of GDP in 2024, indicating ongoing structural issues in the US fiscal system [16][17] Group 2: Industrial Metals - Supply constraints for copper are expected to intensify, with significant disruptions in overseas copper mining projects leading to a projected decrease in output by over 100,000 tons in 2025 [23][24] - The demand for copper is anticipated to grow significantly due to the rise of AI and data centers, with each MW of installed capacity requiring approximately 27 tons of copper [27][28] - The macroeconomic environment, characterized by a weak dollar and continued rate cuts by the Federal Reserve, is expected to drive copper prices upward [29][31] Group 3: Energy Metals - The supply of lithium and cobalt is expected to improve significantly due to the end of overseas capacity clearances and the implementation of supply constraint policies by major producing countries [33] - The demand for energy metals is projected to benefit from the resilience of battery technologies and the growth of the energy storage sector, leading to a positive supply-demand dynamic [33][34] Group 4: Tin - The supply of tin is tightening due to regulatory changes in Indonesia and ongoing production disruptions in Myanmar, with exports from Indonesia declining by approximately 20% year-on-year [45][46] - The global demand for refined tin is expected to grow, particularly in the electronics sector, driven by high semiconductor sales and the increasing use of tin solder in AI and high-performance computing applications [51]

Core Viewpoint - The A-share market shows a mixed performance with a slight increase in the Shanghai Composite Index, while several stocks are experiencing a death cross between their 5-day and 10-day moving averages, indicating potential bearish trends [1] Group 1: Market Overview - As of 10:30 AM, the Shanghai Composite Index is at 3921.77 points, with a change of 0.49% [1] - The total trading volume of A-shares today is 981.369 billion yuan [1] Group 2: Stocks with Death Cross - A total of 315 A-shares have seen their 5-day moving averages cross below their 10-day moving averages [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - China Merchants Energy (招商轮船) with a distance of -2.04% [1] - Chlor-alkali Chemical (氯碱化工) at -1.69% [1] - Tianci Materials (天赐材料) at -1.47% [1] Group 3: Individual Stock Performance - China Merchants Energy (601872) is down 1.20% with a latest price of 8.22 yuan, which is 6.01% below its 10-day moving average [1] - Chlor-alkali Chemical (600618) has decreased by 2.61%, with a latest price of 12.29 yuan, 4.09% below its 10-day moving average [1] - Tianci Materials (002709) increased by 1.74%, with a latest price of 39.26 yuan, 2.37% below its 10-day moving average [1]

Investment Rating - The report rates the industry as "Positive" [4] Core Insights - The lithium price has shown a strong rebound due to supply constraints and increased demand from the energy storage sector, with battery-grade lithium carbonate prices rising from 61,300 CNY/ton to 85,700 CNY/ton in Q3 2025, marking an 11.92% increase from the previous quarter [12] - The overall revenue of 12 A-share lithium companies reached 39.718 billion CNY in Q3 2025, reflecting a year-on-year increase of 27.01% and a quarter-on-quarter increase of 12% [18] - The net profit attributable to shareholders for these companies surged to 5.328 billion CNY in Q3 2025, a significant year-on-year increase of 110% and a quarter-on-quarter increase of 65% [21] - The average gross margin for the companies was 24.7%, with a net margin of 13.42%, indicating a positive trend in profitability [29] Market Analysis - The lithium supply remains resilient despite production disruptions in regions like Jiangxi, with Q3 2025 lithium salt production reaching 328,500 tons, a year-on-year increase of 17.9% [14] - Global sales of new energy vehicles reached 5.4 million units in Q3 2025, a 23% increase year-on-year, driving demand for lithium [9] - Lithium salt inventory decreased from 150,000 tons to 130,000 tons in Q3 2025, indicating a trend of destocking in the industry [17] Financial Performance - The average cash ratio for the companies was 0.79, with a debt-to-asset ratio of 38.75%, indicating stable debt repayment capabilities [55] - Capital expenditures for the 12 companies totaled 16.943 billion CNY in the first three quarters of 2025, reflecting a year-on-year increase of 15.65% [49] - The four major expenses (sales, management, R&D, and financial costs) totaled 3.26 billion CNY in Q3 2025, with a notable increase in financial expenses [38]