Core Viewpoint - The stock of Shenghe Resources has experienced a significant increase of 94.37% year-to-date, but has recently faced declines in the short term, with a drop of 7.17% over the last five trading days and 15.67% over the last 20 days [1] Financial Performance - For the period from January to September 2025, Shenghe Resources reported a revenue of 10.456 billion yuan, representing a year-on-year growth of 26.87%. The net profit attributable to shareholders reached 788 million yuan, showing a substantial increase of 748.07% compared to the previous year [2] Shareholder Information - As of November 10, 2025, the number of shareholders for Shenghe Resources was 239,700, a slight decrease of 0.08% from the previous period. The average number of circulating shares per shareholder increased by 0.07% to 7,312 shares [2] - The company has distributed a total of 1.039 billion yuan in dividends since its A-share listing, with 561 million yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the sixth largest shareholder with 35.4767 million shares, an increase of 12.0087 million shares from the previous period. The Southern CSI 500 ETF held 20.4321 million shares, a decrease of 353,500 shares, while the Harvest CSI Rare Earth Industry ETF increased its holdings by 795,400 shares to 15.095 million shares [3]

Group 1 - The rare metals sector is experiencing a pullback as of November 21, 2025, with the China Securities Rare Metals Theme Index declining, led by Tianhua New Energy and followed by Jiangte Electric, Ganfeng Lithium, Tibet Mining, and Shengxin Lithium [1] - Lithium carbonate prices have surged due to significant demand growth in downstream sectors such as energy storage and power batteries, with futures contracts recently surpassing 100,000 yuan/ton, reaching as high as 102,200 yuan/ton on November 20 [1] - The Democratic Republic of Congo has announced a suspension of cobalt exports to address oversupply in the international market, resulting in cobalt prices rising to around 400,000 yuan/ton, aligning with the government's expectations [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Securities Rare Metals Theme Index include Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and others, collectively accounting for 60% of the index [2] - The Rare Metals ETF (562800) tracks the China Securities Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]

Core Viewpoint - Baosteel Co., Ltd. experienced a decline in stock price, with a drop of 2.37% on November 21, 2023, closing at 2.47 CNY per share, amidst significant trading activity and net outflow of funds [1] Financial Performance - For the period from January to September 2025, Baosteel reported operating revenue of 48.08 billion CNY, a year-on-year decrease of 3.58%, while net profit attributable to shareholders increased by 145.03% to 233 million CNY [2] - The company has cumulatively distributed 4.487 billion CNY in dividends since its A-share listing, with 90.577 million CNY distributed over the past three years [3] Stock Market Activity - Baosteel's stock has increased by 32.94% year-to-date, but has seen a decline of 6.79% over the last five trading days, 6.08% over the last 20 days, and 7.84% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on July 30, where it recorded a net purchase of 374 million CNY [1] Shareholder Structure - As of September 30, 2025, Baosteel had 914,300 shareholders, a decrease of 1.96% from the previous period, with an average of 34,323 circulating shares per shareholder, an increase of 2.00% [2] - Major shareholders include China Securities Finance Corporation, holding 767 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 574 million shares [3]

Core Viewpoint - Jinmoly Co., Ltd. has experienced a stock price decline of 2.02% on November 21, with a current price of 14.05 CNY per share, despite a year-to-date increase of 45.45% [1] Financial Performance - For the period from January to September 2025, Jinmoly Co., Ltd. achieved a revenue of 10.885 billion CNY, representing a year-on-year growth of 7.80%, and a net profit attributable to shareholders of 2.286 billion CNY, up 4.17% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 10.336 billion CNY, with 3.549 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 10.65% to 82,400, while the average circulating shares per person decreased by 9.63% to 39,134 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 76.3054 million shares, a decrease of 12.6515 million shares from the previous period [3] - New entrants among the top ten circulating shareholders include Southern CSI Nonferrous Metals ETF Initiated Link A, holding 7.8797 million shares [3] Business Overview - Jinmoly Co., Ltd. primarily engages in molybdenum mining, smelting, deep processing, and the production and sale of molybdenum chemical and metal products, with mining and processing accounting for 90.14% of its main business revenue [1] - The company is classified under the non-ferrous metals industry, specifically in the small metals sector, with involvement in various concept sectors including scarce resources and aerospace military [1]

Core Viewpoint - Yunnan Tin Company Limited has experienced a significant stock price increase of 74.60% year-to-date, despite a recent decline of 6.91% over the past five trading days [1] Financial Performance - For the period from January to September 2025, Yunnan Tin achieved a revenue of 34.417 billion yuan, representing a year-on-year growth of 17.81%, and a net profit attributable to shareholders of 1.745 billion yuan, which is a 35.99% increase compared to the previous year [2] Stock Market Activity - As of November 20, the stock price of Yunnan Tin was 23.99 yuan per share, with a trading volume of 601 million yuan and a turnover rate of 1.50%, leading to a total market capitalization of 39.483 billion yuan [1] - The company has been listed on the "Dragon and Tiger List" once this year, with the most recent occurrence on October 10 [1] Shareholder Information - As of November 10, the number of shareholders for Yunnan Tin was 82,600, an increase of 0.69% from the previous period, with an average of 19,916 circulating shares per shareholder, a decrease of 0.68% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, holding 34.7514 million shares, an increase of 6.8983 million shares from the previous period [3] Dividend Distribution - Yunnan Tin has distributed a total of 2.15 billion yuan in dividends since its A-share listing, with 1.103 billion yuan distributed over the past three years [3] Business Overview - Yunnan Tin's main business includes the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium, with tin ingots accounting for 43.61% of its main business revenue [1]

Core Viewpoint - The stock of Ningbo Shanshan Co., Ltd. has experienced a decline of 2.01% on November 20, 2023, despite a year-to-date increase of 76.24% [1][2] Company Performance - As of September 30, 2025, Shanshan Co. achieved a revenue of 14.809 billion yuan, representing a year-on-year growth of 11.48%, and a net profit attributable to shareholders of 284 million yuan, showing a significant increase of 1121.72% [2] - The company has cumulatively distributed 3.079 billion yuan in dividends since its A-share listing, with 1.109 billion yuan distributed in the last three years [3] Stock Market Activity - The stock price as of November 20, 2023, is 13.13 yuan per share, with a total market capitalization of 29.535 billion yuan [1] - The stock has seen a net outflow of 71.51 million yuan in major funds, with large orders showing a buy of 1.8 billion yuan and a sell of 2.17 billion yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 19.08% to 179,200, while the average circulating shares per person decreased by 16.02% to 9,804 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with the former reducing its holdings by 2.7619 million shares [3]

Company Overview - Shengda Resources Co., Ltd. is located in Fengtai District, Beijing, and was established on June 22, 1995, with its listing date on August 23, 1996. The company primarily engages in the production and sale of silver-lead concentrate and zinc concentrate, as well as non-ferrous metal trading [2]. - The revenue composition of Shengda Resources includes: lead concentrate (including silver) 46.04%, non-ferrous metal trading 23.91%, zinc concentrate (including silver) 20.44%, renewable metal 5.26%, silver ingots 2.28%, others 1.05%, and gold 1.02% [2]. Financial Performance - For the period from January to September 2025, Shengda Resources achieved operating revenue of 1.652 billion yuan, representing a year-on-year growth of 18.29%. The net profit attributable to the parent company was 323 million yuan, reflecting a year-on-year increase of 61.97% [2]. - Since its A-share listing, Shengda Resources has distributed a total of 1.298 billion yuan in dividends, with 120 million yuan distributed over the past three years [3]. Stock Performance - As of November 20, Shengda Resources' stock price decreased by 2.06%, trading at 23.77 yuan per share, with a total market capitalization of 16.401 billion yuan. The stock has increased by 99.92% year-to-date, but has seen a decline of 7.62% over the past five trading days [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on October 14, where it recorded a net buy of -95.6784 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders of Shengda Resources was 39,400, a decrease of 5.63% from the previous period. The average circulating shares per person increased by 5.96% to 16,924 shares [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 16.6334 million shares, a decrease of 8.9271 million shares from the previous period. New shareholders include Huashang New Trend Preferred Mixed Fund, holding 7 million shares [3].

Core Viewpoint - Hunan Gold's stock price has shown significant growth this year, with a year-to-date increase of 92.15%, despite a recent slight decline in the last five trading days [1] Group 1: Stock Performance - As of November 20, Hunan Gold's stock price rose by 2.14% to 22.91 CNY per share, with a trading volume of 336 million CNY and a turnover rate of 0.95%, resulting in a total market capitalization of 35.8 billion CNY [1] - The stock has experienced a 1.50% decline over the last five trading days, a 12.97% increase over the last 20 days, and a 16.47% increase over the last 60 days [1] - Hunan Gold has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on April 21, where it recorded a net buy of -29.8963 million CNY [1] Group 2: Company Overview - Hunan Gold, established on December 26, 2000, and listed on August 16, 2007, is primarily engaged in the mining and processing of gold, antimony, tungsten, and other non-ferrous metals [2] - The company's main revenue sources include gold (94.68%), antimony oxide (2.09%), refined antimony (1.53%), and other products [2] - As of September 30, the number of shareholders increased by 14.70% to 118,300, while the average circulating shares per person decreased by 12.81% to 13,211 shares [2] Group 3: Financial Performance - For the period from January to September 2025, Hunan Gold achieved a revenue of 41.194 billion CNY, representing a year-on-year growth of 96.26%, and a net profit attributable to shareholders of 1.029 billion CNY, up 54.28% year-on-year [2] Group 4: Dividend Distribution - Hunan Gold has distributed a total of 1.228 billion CNY in dividends since its A-share listing, with 553 million CNY distributed over the past three years [3] Group 5: Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 30.0837 million shares, an increase of 1.8283 million shares from the previous period [4] - The third-largest circulating shareholder is the Gold ETF (517520), which is a new shareholder holding 17.9704 million shares [4] - Other notable institutional shareholders include Southern CSI 500 ETF and various mixed funds, with some experiencing changes in their holdings [4]

Core Viewpoint - HeSteel Co., Ltd. has experienced a stock price decline of 2.04% on November 19, with a current price of 2.40 CNY per share and a total market capitalization of 24.809 billion CNY. The company has seen a year-to-date stock price increase of 10.09% but a decline of 5.88% over the last five trading days [1]. Financial Performance - For the period from January to September 2025, HeSteel achieved a revenue of 96.542 billion CNY, representing a year-on-year growth of 8.05%. The net profit attributable to shareholders was 0.823 billion CNY, marking a significant increase of 44.71% compared to the previous year [2]. - The company has distributed a total of 13.726 billion CNY in dividends since its A-share listing, with 1.137 billion CNY distributed over the last three years [3]. Shareholder Information - As of November 10, 2025, HeSteel had 230,900 shareholders, a slight decrease of 0.01% from the previous period. The average number of circulating shares per shareholder increased by 0.01% to 44,756 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 92.155 million shares, an increase of 8.528 million shares from the previous period. Additionally, the Southern CSI 500 ETF and Guotai CSI Steel ETF are among the top shareholders, with varying changes in their holdings [3]. Business Overview - HeSteel, established on January 18, 1997, and listed on April 16, 1997, is primarily engaged in black metal smelting and rolling processing, with its main revenue sources being plate products (70.92%), gases, water, and electricity (9.84%), and other steel products [1]. - The company operates within the steel industry, specifically in the sub-sector of general steel and plate products, and is associated with various concept sectors including minor metals, electrolyte solutions, vanadium batteries, venture capital, and nuclear fusion [1].

Core Insights - China Rare Earth's stock price increased by 2.11% to 47.88 CNY per share, with a total market capitalization of 50.81 billion CNY as of November 19 [1] - The company has seen a year-to-date stock price increase of 70.70%, with a recent 5-day increase of 2.84% and a 20-day decrease of 12.40% [1] - For the period from January to September 2025, China Rare Earth reported a revenue of 2.494 billion CNY, a year-on-year growth of 27.73%, and a net profit of 192 million CNY, reflecting a significant increase of 194.67% [2] Financial Performance - The company has made cumulative cash distributions of 346 million CNY since its A-share listing, with 124 million CNY distributed over the last three years [3] - As of November 10, the number of shareholders increased to 254,200, while the average circulating shares per person decreased by 2.09% to 4,174 shares [2] Shareholder Composition - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 9.47 million shares to 29.0694 million shares [3] - New entrants among the top shareholders include the Harvest CSI Rare Earth Industry ETF and the Southern CSI Nonferrous Metals ETF, holding 7.9975 million shares and 6.0353 million shares, respectively [3]