Market Overview - The small metals sector increased by 2.99% on November 13, with Zhongmin Resources leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Key Stocks Performance - Zhongmin Resources (002738) closed at 64.53, up 9.74% with a trading volume of 494,600 shares and a transaction value of 3.14 billion [1] - Huaxi Nonferrous (600301) closed at 36.44, up 8.55% with a trading volume of 314,200 shares and a transaction value of 1.13 billion [1] - Other notable performers include Cuoxiao Co. (000960) up 6.31%, Zhangyuan Tungsten (002378) up 4.26%, and Dongfang Silver (000962) up 4.25% [1] Capital Flow Analysis - The small metals sector saw a net inflow of 999.1 million from main funds, while retail funds experienced a net outflow of 710 million [2] - The main funds' net inflow for North Rare Earth (600111) was 343 million, while retail funds had a net outflow of 240 million [3] - Xiamen Tungsten (600549) had a net inflow of 176 million from main funds, with retail funds seeing a net outflow of 202 million [3]

数据宝统计，截至14:15，中矿资源成交额28.10亿元，创2024年11月13日以来新高。最新股价上涨 7.99%，换手率6.23%。上一交易日该股全天成交额为12.78亿元。（数据宝） （文章来源：证券时报网） ...

Core Viewpoint - The report from Ping An Securities highlights that Zhongmin Resources achieved a net profit attributable to shareholders of 115 million yuan in Q3 2025, representing a year-on-year increase of 58.18%. However, the cumulative net profit for the first three quarters was 204 million yuan, reflecting a year-on-year decrease of 62.58% [1] Group 1: Financial Performance - In Q3 2025, the company experienced a quarter-on-quarter improvement in performance, with copper and polymetallic projects nearing implementation [1] - The average price of lithium carbonate increased by 11.95% quarter-on-quarter to 73,000 yuan per ton, contributing to improved profitability [1] - The gross profit margin for Q3 reached 23.24%, up 9.12 percentage points quarter-on-quarter, while the net profit margin was 6.88%, marking a turnaround to profitability [1] Group 2: Business Outlook - The company maintains a global advantage in cesium and rubidium businesses, while its polymetallic layout is expected to create new growth points [1] - The company's future growth potential is bolstered by its copper and gallium-indium layouts [1] - The marginal improvement in the supply-demand structure of lithium carbonate suggests that the profitability of the lithium segment may continue to recover [1] Group 3: Profit Forecast - The company has adjusted its net profit forecasts for 2025-2027 to 431 million, 1.148 billion, and 2.359 billion yuan, respectively, down from previous estimates of 1.099 billion, 1.654 billion, and 2.689 billion yuan [1] - Corresponding price-to-earnings ratios are projected at 98.4, 37.0, and 18.0 times [1] - The company maintains a "recommended" rating based on these forecasts [1]

（文章来源：每日经济新闻） 每经AI快讯，11月13日，中矿资源盘中涨停，涨幅10.0%，成交额超15亿元。 ...

Group 1 - The core viewpoint of the news highlights a significant surge in the rare metals sector, with the China Rare Metals Theme Index rising by 5.31% and several key stocks reaching their daily limit up [1] - The rare metals ETF fund has shown strong performance, with a 5.21% increase and a trading volume of 17.57 million yuan, indicating robust market interest [1] - Recent price increases in upstream lithium battery materials, such as battery-grade lithium carbonate and cobalt, are driving market optimism, with prices rising by 15.65% and 17.69% respectively since early October 2025 [1] Group 2 - The supply-demand structure for lithium carbonate is marginally improving, with a 11.95% increase in average prices in Q3 2025, leading to a recovery in profitability for related companies [2] - Key companies in the rare metals sector include Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium, with the top ten stocks accounting for 60% of the index [2] - The performance of the top ten stocks shows significant gains, with Northern Rare Earth up by 3.16% and Ganfeng Lithium up by 7.10%, reflecting strong market dynamics [4]

Group 1 - The price of lithium hexafluorophosphate has rebounded strongly, rising from below 50,000 yuan/ton in July to over 120,000 yuan/ton by early November 2025, indicating potential for further increases in the short term [1] - Demand from the electric vehicle and energy storage industries has significantly boosted electrolyte procurement, while supply constraints due to previous capacity reductions have led to a tight overall supply situation, suggesting a recovery in industry profitability [1][2] - The overall revenue of the lithium battery supply chain reached 636.19 billion yuan in the first three quarters of 2025, a year-on-year increase of 16.12%, with net profit rising by 40.37% compared to the same period last year [1] Group 2 - In October 2025, China's new energy vehicle sales reached 1.715 million units, a year-on-year increase of 19.93%, with the monthly sales share surpassing 50% for the first time [2] - The price of battery-grade lithium carbonate increased by 15.65% since early October, reflecting a generally upward trend in raw material prices, which presents investment opportunities in the lithium battery sector [2] - The recent price increase of lithium hexafluorophosphate is primarily due to a mismatch between supply and demand, with a surge in downstream market demand and a contraction in supply from small and medium enterprises exiting the market [2] Group 3 - As of November 13, 2025, the CSI Rare Metals Theme Index rose by 5.20%, with the Rare Metals ETF (159608) increasing by 5.04%, and a cumulative increase of 28.53% over the past three months [3] - The top ten weighted stocks in the Rare Metals ETF account for 60% of the index, with significant gains from companies like Tianhua New Energy and Rongjie Co., indicating strong performance in the sector [3] - The Rare Metals ETF closely tracks the CSI Rare Metals Theme Index, which includes up to 50 listed companies involved in the mining, smelting, and processing of rare metals, reflecting the overall performance of the rare metals sector [3]

Core Insights - The A-share market has seen a strong performance in lithium mining stocks, with several companies hitting the daily limit up [1] Group 1: Stock Performance - Yahua Group, Guocheng Mining, Yongxing Materials, Rongjie Co., and Dazhong Mining all reached the daily limit up of 10% [1] - Tibet Summit, Zhongmin Resources, and Shengxin Lithium Energy approached the daily limit up, with increases of 9.81%, 9.66%, and 9.50% respectively [1] - Hainan Mining, Yiwei Lithium Energy, Defang Nano, and Tibet Mining saw increases exceeding 7% [1] Group 2: Market Capitalization and Year-to-Date Performance - Yahua Group has a market capitalization of 25.4 billion and a year-to-date increase of 89.38% [2] - Guocheng Mining has a market capitalization of 27.4 billion and a year-to-date increase of 105.13% [2] - Yongxing Materials has a market capitalization of 29.1 billion and a year-to-date increase of 46.49% [2] - Rongjie Co. has a market capitalization of 13.7 billion and a year-to-date increase of 66.76% [2] - Dazhong Mining has a market capitalization of 38.5 billion and a year-to-date increase of 200.94% [2]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company reported a quarter-on-quarter improvement in performance, with significant upcoming projects in copper and multi-metal sectors [5][8] - The lithium salt price has increased, leading to improved profitability, with Q3 sales gross margin reaching 23.24%, up 9.12 percentage points [8] - The company is enhancing its lithium salt production capacity and progressing with copper and multi-metal projects, which are expected to drive future growth [8] Summary by Sections Financial Performance - In Q3 2025, the company achieved total revenue of 1.55 billion yuan, a year-on-year increase of 35.19%, and a net profit of 115 million yuan, up 58.18% year-on-year [5] - For the first three quarters, total revenue reached 4.82 billion yuan, a year-on-year increase of 34.99%, while net profit was 204 million yuan, down 62.58% year-on-year [5] Future Projections - Revenue projections for 2025-2027 are adjusted to 4.31 billion, 11.48 billion, and 23.59 billion yuan, respectively [8] - Corresponding P/E ratios are projected at 98.4, 37.0, and 18.0 times for the same period [8] Operational Developments - The company is upgrading its lithium salt production line and plans to increase its annual production capacity to 71,000 tons [8] - The Kitumba copper mine project is progressing as planned, with initial design and construction phases underway [8] - The Tsumeb multi-metal recycling project is also advancing, with the installation of key processing equipment [8]

Core Insights - The small metals sector experienced a decline of 1.14% on November 12, with Dongfang Tantalum leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Small Metals Sector Performance - Notable gainers included: - Huaxi Nonferrous (600301) with a closing price of 33.57, up 5.43% and a trading volume of 180,700 shares, totaling 600 million yuan [1] - Aluminum Co. of China (000960) closed at 24.24, up 4.21% with a trading volume of 532,300 shares, totaling 1.278 billion yuan [1] - Zhongtung High-tech (000657) closed at 22.76, up 2.06% with a trading volume of 1.2753 million shares, totaling 2.917 billion yuan [1] - Decliners included: - Dongfang Silver Industry (000962) down 5.55% to 26.38 with a trading volume of 347,100 shares [2] - Shenghe Resources (600392) down 3.95% to 20.92 with a trading volume of 568,600 shares [2] - Dongfang Cuo Industry (002167) down 3.68% to 13.36 with a trading volume of 396,400 shares [2] Capital Flow Analysis - The small metals sector saw a net outflow of 688 million yuan from major funds, while retail investors contributed a net inflow of 775 million yuan [2] - Key stocks with significant capital flow included: - Zhongtung High-tech (000657) with a net inflow of 168 million yuan from major funds [3] - Aluminum Co. of China (000960) with a net inflow of 115 million yuan from major funds [3] - Huaxi Nonferrous (600301) with a net inflow of 17.93 million yuan from major funds [3]

分红方面，中矿资源A股上市后累计派现17.28亿元。近三年，累计派现15.92亿元。 机构持仓方面，截止2025年9月30日，中矿资源十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1739.65万股，相比上期增加98.88万股。南方中证500ETF（510500）位居第四大流通股 东，持股1052.36万股，相比上期减少21.70万股。东方新能源汽车主题混合（400015）位居第五大流通 股东，持股966.44万股，相比上期减少143.91万股。南方中证申万有色金属ETF发起联接A（004432）位 居第九大流通股东，持股586.38万股，为新进股东。 资料显示，中矿资源集团股份有限公司位于北京市丰台区金泽路161号院1号楼-4至43层101内35层08， 成立日期1999年6月2日，上市日期2014年12月30日，公司主营业务涉及稀有轻金属(锂、铯、铷)资源开 发与利用、地质勘查技术服务与矿权投资、国际矿产品贸易和国际工程。主营业务收入构成为：销售商 品71.26%，其他18.70%，经营租赁9.22%，提供服务0.82%。 中矿资源所属申万行业为：有色金属-小金属-其他小金属。所属概念板块 ...