其中，辽宁省成功探明的大东沟金矿，是国内首个千吨级、低品位超大型金矿床，金矿探明量 1444.49吨，成为新中国成立以来发现的规模最大单体金矿床。 自然资源部表示，2026年，我国将继续开展新一轮找矿突破战略行动，加强基础地质调查，健全找 矿突破支持政策，促进战略性矿产增储上产。同时，关志鸥介绍，我国还将持续推进绿色勘查及绿色矿 山建设，组织开展探矿权人"圈而不探"专项整治行动，严厉打击违法开采战略性矿产资源行为。 关志鸥："十五五"时期，我们要完善战略性矿产资源的探、产、供、储、销统筹和衔接体系，强化 战略性矿产资源的安全风险监测预警，优化战略性矿产资源目录，制定提高勘探、开发、储备能力的方 案，持续推进战略性矿产资源增储上产。 自然资源部部长关志鸥：新发现10个大型油田、19个大型气田，铀、铜、金、锂、钾盐资源量大幅 增长。辽宁大东沟金矿、湖南鸡脚山锂矿、内蒙古白云鄂博稀土矿取得新成果。 央广网北京1月8日消息（记者王泽华）据中央广播电视总台中国之声《新闻和报纸摘要》报 道，"十四五"期间，我国新一轮找矿突破战略行动取得新成效，全面完成"十四五"找矿目标。 "十四五"期间，我国聚焦重点矿种，编制"一矿一策 ...

其核心内容包括加大对战略性矿产资源勘查、开采等环节的支持，提升资源安全保障水平；明确探矿 权、采矿权有偿取得，且矿业权需通过招拍挂等竞争性方式出让，并纳入统一公共资源交易平台体系。 2.我国探明国内首个千吨级金矿 11月14日，自然资源部公布重大找矿成果，辽宁地矿集团第五地质大队在盖州市探明国内首个千吨级低 品位超大型金矿床——大东沟金矿，金金属量1444.49吨。 3.第二十七届中国国际矿业大会召开 中新网北京12月30日电 中国矿业联合会30日在北京发布2025中国矿业十大新闻。 1.新修订的《中华人民共和国矿产资源法》7月1日起施行 7.自然资源部明确矿业权出让底价规则 12月2日，自然资源部办公厅发布通知，明确矿业权出让底价相关事项，适用于招标出让等多种情形。 底价需遵循市场规律，不得低于出让起始价，可通过评估、询价等方式确定，且交易结束前须保密不 变。 8.中国锂储量跃居世界第二 10月23日，2025(第二十七届)中国国际矿业大会在天津举行，吸引40余个国家专业人士参会。 4.青藏高原新发现铜矿资源量2000余万吨 我国在青藏高原新发现铜矿资源量2000余万吨，形成四个千万吨级铜矿资源基地，预测潜 ...

智通财经APP获悉，12月23日，洛阳盛龙矿业集团股份有限公司(简称：盛龙股份)深交所主板IPO通过上市委会议。保荐机构为国投证券，拟募资 15.3亿元。 招股书显示，盛龙股份是国内领先的大型钼业公司，致力于有色金属矿产资源的综合开发利用，报告期内主要从事重要战略资源钼相关产品的生 产、加工、销售业务，主要产品为钼精矿和钼铁。公司是支撑我国钼产业链安全稳定运行的基石，是国家战略性矿产资源生产供应的有力保障者、 是维护国家产业安全使命担当的积极践行者，公司 2024 年末保有钼金属量及 2024 年钼金属产量在国内占比均达到 9%以上，充分发挥原材料供给 的关键作用，积极改善钼资源供需的偏紧状况，有效促进钼产业链的持续向好发展。 公司深度融入国内钼产业链，公司下属龙宇钼业是河南省重点产业链 -钨钼钛镁产业链重点依托单位，在钼产业链重要环节拥有多项自主研发核心 技术，参与多个行业标准制定，采选回收率等多项核心指标位居行业前列，公司通过提升矿产资源开发效率、综合利用水平和培育发展矿业新质生 产力，积极推动钼产业链高质量发展。 盛龙股份的主营业务的生产能力突出，根据美国地质调查局（USGS）数据显示， 2024 年我 ...

1. Macroeconomic Data Overview - GDP growth rate in Q3 2025 was 4.8% year-on-year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In October 2025, the manufacturing PMI was 49.0%, down from 49.8% in the previous month and 50.1% in the same period last year [1] - The non-manufacturing PMI for business activities in October 2025 was 50.1%, up from 50.0% in the previous month but down from 50.2% in the same period last year [1] - The incremental social financing scale in October 2025 was 816.1 billion yuan, down from 3.5299 trillion yuan in the previous month and 1.412 trillion yuan in the same period last year [1] - In October 2025, the year-on-year growth rates of M0, M1, and M2 were 10.6%, 6.2%, and 8.2% respectively, showing a downward trend compared to the previous month [1] - New RMB loans in October 2025 were 220 billion yuan, down from 1.29 trillion yuan in the previous month and 500 billion yuan in the same period last year [1] - In October 2025, the year-on-year growth rates of CPI and PPI were 0.2% and -2.1% respectively [1] - The cumulative year-on-year growth rate of fixed asset investment (excluding rural households) from January to October 2025 was -1.7%, showing a decline [1] - The cumulative year-on-year growth rate of total retail sales of consumer goods from January to October 2025 was 4.28%, slightly down from the previous month but up from the same period last year [1] - In October 2025, the year-on-year growth rates of export and import values were -1.1% and 1.0% respectively, showing a significant change compared to the previous month [1] 2. Commodity Investment Reference Comprehensive - On the evening of November 24th, Chinese President Xi Jinping had a phone call with US President Trump, emphasizing the importance of Sino-US cooperation and clarifying China's stance on the Taiwan issue [2] - The National Development and Reform Commission issued a notice on the special management measures for central budgetary investment in rural revitalization, with different investment amounts allocated according to the rural population of each county [3] - Li Muchun, a member of the Party Committee and Deputy General Manager of the Guangzhou Futures Exchange, announced three key development directions, including enriching the variety system, strengthening market services and training, and promoting high-level opening-up [3] - On November 24th, 43 domestic commodity varieties had positive basis, while 24 had negative basis. Among them, Shanghai nickel, Zhengzhou cotton, and cast aluminum alloy had the largest basis, while butadiene rubber, apples, and strong wheat had the smallest [4][5] - San Francisco Fed President Daly supported a rate cut in December, and Fed Governor Waller's remarks alleviated market concerns about inflation, jointly boosting market expectations of a Fed policy shift [5] Metals - The Shenzhen Financial Commission warned the public about illegal gold investment activities [6] - On November 24th, international precious metal futures generally closed higher due to the Fed's monetary policy signals [6] - The Thai central bank plans to tighten gold trading reporting regulations [6] - According to LME inventory data on November 21st, lead and copper inventories increased, while aluminum, nickel, and tin inventories decreased [7][8] - Bank of America predicted that the gold price could reach $5000 per ounce by 2026 [8] - As of November 24th, the holdings of the SPDR Gold Trust increased by 0.03% [8] Coking Coal, Steel, and Minerals - As of mid-November, the prices of coke and coking coal increased month-on-month [9] - The fourth round of coke price hikes was implemented, squeezing steel mills' profits. Coke prices may face downward pressure at the end of the month or early December [9] - The US Commerce Secretary demanded that the EU change digital regulations to reduce steel and aluminum tariffs, but the EU refused [9] - From April to October, India's finished steel imports decreased year-on-year, and steel prices faced downward pressure in October [9] - BHP's acquisition offer for Anglo American Resources indicates intensifying competition in the global copper mining market [9] Energy and Chemicals - From November 10th to 21st, international oil prices fluctuated downward, and domestic gasoline and diesel prices were lowered on November 24th [10][11] - As of the end of October 2025, the cumulative proven geological reserves of coalbed methane in China exceeded 700 billion cubic meters [11] - As of the end of October, China's total installed power generation capacity was 3.75 billion kilowatts, with significant growth in solar and wind power [11] - Goldman Sachs predicted a decline in Dutch TTF natural gas prices from 2026 to 2027 and recommended shorting the Q3 2027 futures [11] - JPMorgan maintained its 2026 oil price forecast, with a target of $58 for Brent crude and $54 for WTI crude [11] Agricultural Products - In 2025, the domestic pig market was sluggish, with prices declining and supply increasing due to higher sow存栏 and production efficiency. Terminal demand was weak, and secondary fattening decreased [12] - From January to October, Russia's corn exports to China increased significantly, and in September, Russian corn accounted for about 34% of China's total corn imports [12] 3. Financial News Compilation Open Market - On November 24th, the central bank conducted 338.7 billion yuan of 7-day reverse repurchase operations, with a net investment of 55.7 billion yuan [14] - The central bank announced a 1 trillion yuan MLF operation on November 25th, with a net investment of 100 billion yuan for the month [14] - The central bank issued 45 billion yuan of RMB central bank bills in Hong Kong [14] - The Ministry of Finance and the central bank conducted treasury cash management commercial bank time deposit tenders, with a total winning amount of 200 billion yuan [15] Key News - President Xi Jinping emphasized the importance of Sino-US cooperation in a phone call with US President Trump [16] - China's Ministry of Foreign Affairs responded to Japan's proposal for a China-Japan-South Korea leaders' meeting, citing issues with the current conditions [16][17] - Chinese Vice Premier He Lifeng held a video call with French Minister of Economy, Finance, Industry, Energy, and Digital Sovereignty, expressing willingness to deepen economic and financial cooperation [17] - The National Development and Reform Commission issued a notice on central budgetary investment in rural revitalization [17] - In the first three quarters of this year, China's total foreign direct investment increased by 4.4% year-on-year, with investment in 151 countries and regions [18] - In October, China's new productive forces continued to grow, with high-tech industries showing double-digit growth [18] - As of the end of October, China's total installed power generation capacity increased by 17.3% year-on-year [18] - The Inner Mongolia Autonomous Region plans to resolve hidden debts and other risks [19] - The issuance of interbank science and technology innovation bonds exceeded 530 billion yuan, with increased participation from private enterprises [20] - The use of risk-sharing tools for science and technology innovation bonds is expanding, and new bonds are about to be issued [20] - The Shanghai Bill Exchange's comprehensive service platform was launched, and the first bill discounting business was completed [20] - Four private equity investment institutions plan to issue 930 million yuan of science and technology innovation bonds [21] - Inner Mongolia will issue 10.4 billion yuan of refinancing bonds on December 1st [21] - Fed Governor Waller and San Francisco Fed President Daly supported a rate cut in December [21] - Several companies had major bond events, including overdue debts, management changes, and regulatory measures [21][22] - Moody's and Fitch issued credit ratings for multiple companies [22] Bond Market Summary - China's bond market fluctuated narrowly, with bond futures rising and the money market easing [23] - Some bonds in the exchange market rose, while others fell. The real estate bond and high-yield urban investment bond indices increased slightly [23] - The CSI Convertible Bond Index rose by 0.22%, and some convertible bonds had significant price changes [24][25] - Money market interest rates showed mixed trends, with some rising and some falling [25] - Treasury bond and financial bond auctions had different winning yields and multiples [26] - European and US bond yields generally declined [27][28] Foreign Exchange Market - The onshore RMB against the US dollar rose by 47 points, and the central parity rate was raised by 28 points [29] - The US dollar index rose slightly, and most non-US currencies had mixed performance [29] Research Report Highlights - Yangtze River Fixed Income believed that the bond market may decline due to "fixed income +" fund redemptions but could rebound with rate cut expectations [30] - Xingzheng Fixed Income suggested focusing on credit bond liquidity and medium-term credit bonds [30] - Xingzheng Fixed Income analyzed the situation of treasury bond futures and provided trading strategies [30] - Huatai Fixed Income attributed the weak bond market to multiple factors and recommended trading strategies [31][32] - Huatai Fixed Income was cautious about convertible bonds in the short term and had a positive outlook in the medium term [32] - CITIC Securities analyzed the reasons for the simultaneous decline of stocks and bonds and predicted the range of the 10-year treasury bond yield [32] - CICC believed that the trend of household deposits moving to the market would support the A-share market [33] Today's Reminders - On November 25th, 220 bonds will be listed, 179 bonds will be issued, 108 bonds will be paid, and 242 bonds will have principal and interest repaid [34] 4. Stock Market News - The A-share market rose slightly, with military, AI, and other concepts performing well, while lithium mines declined. The trading volume reached 1.74 trillion yuan [35] - The Hong Kong Hang Seng Index rose by 1.97%, and the Hang Seng Technology Index soared by 2.78%. Southbound funds had a net purchase of 8.571 billion Hong Kong dollars [35] - As of November 24th, 800 listed companies received significant shareholder increases, with a total increase of 115.821 billion yuan, a year-on-year increase of 44.69% [35]

Core Insights - Sichuan Province has made significant breakthroughs in the exploration of strategic mineral resources, with notable reserves of vanadium and titanium leading the nation, and the Panzhihua-Xichang strategic resource innovation development experimental zone becoming a key global hub for vanadium-titanium new materials [1][2] Group 1: Resource Discovery and Investment - Since the "14th Five-Year Plan," Sichuan has increased funding for mineral exploration, with social capital investment exceeding 2 billion yuan, leading to the discovery of three large graphite mines and six medium to large phosphate mines, along with substantial increases in lithium, rare earth, gold, and oil and gas reserves [1][2] - The provincial geological exploration investment has quadrupled compared to the "13th Five-Year Plan," successfully addressing the issue of zero investment from municipal and county finances, with a total social capital investment of 2.084 billion yuan [2] Group 2: Production and Utilization - The Panzhihua experimental zone produces approximately 80% of the nation's titanium concentrate, 60% of vanadium products, and 20% of hard rock rare earths, establishing itself as the largest vanadium product base and the largest titanium raw material base globally [2] - The comprehensive utilization rates of vanadium and titanium resources have improved to 50% and 35%, respectively, with high-end titanium alloys being supplied in bulk and a 40% market share in domestic high-speed rail steel tracks [2] Group 3: Future Development Plans - The Sichuan Economic and Information Technology Department plans to enhance the vanadium-titanium new materials manufacturing cluster, promote the deep integration of the "vanadium-titanium + steel" industry, and support innovation in key technologies such as intelligent steelmaking and high-end titanium alloy wire [3] - There is a focus on building a strategic base for the supply of important primary products and creating an integrated layout for the entire vanadium-titanium-steel industry chain to strengthen the supply capacity of strategic resources [3]

Core Viewpoint - The portable lithium-potassium analyzer developed by the National Geological Experiment and Testing Center has evolved into its third generation, marking a significant transition from productization to industrialization, addressing the critical need for lithium and potassium resource exploration in China [1][10][20]. Group 1: Product Development and Features - The third-generation portable lithium-potassium analyzer (Li-K Analyzer III) has been showcased at BCEIA2025, attracting significant attention from users [2][4]. - The analyzer has undergone over ten years of development, with the first generation validating the feasibility of its detection technology, and the second generation optimizing stability for field conditions [10][11]. - Key technological breakthroughs in the third generation include improved sensitivity, reduced detection limits, and enhanced analysis efficiency, making it suitable for high-altitude and remote exploration [14][18]. Group 2: Strategic Importance of Lithium and Potassium - Lithium and potassium are critical strategic minerals for China, with lithium being essential for the new energy industry and potassium being vital for agricultural productivity [9][10]. - The domestic self-sufficiency rate for potassium salts is only about 50%, indicating a heavy reliance on imports, which poses risks to food security [9]. Group 3: Applications and Future Prospects - The portable analyzer is expected to play a crucial role in the new round of mineral exploration strategies, with its technology already included in national standards [15][20]. - Beyond geological exploration, the analyzer has potential applications in environmental monitoring and healthcare, such as detecting lithium levels in water and blood [23]. - The commercialization of the analyzer is anticipated by 2026, with confidence in its market performance and long-term development [23].

Core Viewpoint - The recent discovery of a giant zirconium mine in the Kupei Basin of the Tarim Basin, Xinjiang, may significantly boost China's high-tech military development and reshape the global strategic mineral supply landscape [1] Group 1: Discovery and Characteristics - The newly discovered zirconium deposit is the first super-large scale ancient river-lake zircon sand deposit found in a continental sedimentary basin in China [1] - The potential mineral quantity of zircon in this deposit exceeds 2 million tons, which is four times the current total reserves in China [1] - The deposit features advantages such as large reserves, favorable exploration prospects, low mining and transportation costs, mature beneficiation processes, and abundant associated resources [1][2] Group 2: Strategic Importance - Zirconium alloys are highly valued for their excellent heat resistance, corrosion resistance, and neutron absorption capabilities, making them essential materials for manufacturing hypersonic engine combustion chambers, thermal protection tiles, warhead cones, and guidance components [1] - The control over zircon supply chains has become as crucial as securing rare earth elements amid the global competition for deployable hypersonic glide vehicles and cruise missiles [1] Group 3: Current Resource Landscape - China's zircon resource reserves are approximately 500,000 tons, accounting for less than 0.6% of global reserves, while the country consumes about 53% of the global zircon demand, making it the largest consumer [4] - The reliance on foreign zircon resources is as high as 90%, with Australia holding over 70% of global zircon reserves and being China's largest supplier [4] - Zircon is considered one of China's most critical strategic rare metal minerals, with applications in ceramics, refractory materials, nuclear energy, and military industries [4] Group 4: Implications of the Discovery - The discovery of this new deposit significantly enhances China's zircon resource reserves, helping to alleviate foreign dependency and potentially reshape the domestic zircon supply landscape [5] - This finding also breaks through traditional geological frameworks for zircon deposits, opening new directions for zircon exploration [7] Group 5: Broader Mining Developments - Recent breakthroughs in mineral exploration have been reported, with 38 new mineral sites discovered nationwide in the first half of the year, a 31% increase year-on-year, including 25 medium to large-sized sites [8]

Core Viewpoint - The rise of the new energy industry has made strategic mineral resources, particularly nickel, a new bargaining chip in international competition. Nickel is essential for various applications, especially in the electric vehicle and battery sectors, with demand expected to exceed 60% by 2030 [1][2][3]. Group 1: Nickel Demand and Supply Dynamics - Nickel is primarily used in stainless steel production, with approximately 65% globally and 85% in China dedicated to this application. The demand for nickel in the battery sector has increased from 3% in 2010 to about 13% in 2023 [2]. - By 2030, the demand for nickel in new energy vehicles, energy storage batteries, and aerospace is projected to account for over 60% of total demand, with the market size for high-nickel ternary battery materials expected to exceed 200 billion yuan [1]. - Indonesia is the largest producer of nickel, holding 42% of global reserves, and is expected to produce 2.32 million tons of nickel by 2025, representing a 6.9% increase year-on-year [13][25]. Group 2: Global Nickel Market Trends - The global nickel market has experienced significant price volatility due to changes in supply and demand dynamics, influenced by geopolitical factors and the rapid growth of the electric vehicle industry [9][11]. - The nickel market is currently undergoing a restructuring phase, with strong companies increasing their resource and downstream investments, while weaker firms are likely to be eliminated [11][12]. - Indonesia's policies, including the ban on nickel ore exports, have transformed it from a raw material supplier to a key player in the nickel processing industry, significantly impacting global supply chains [25][36]. Group 3: Future Outlook and Challenges - The future of nickel prices is closely tied to supply-demand relationships, with current oversupply issues expected to persist in the short term. However, long-term trends will depend on the balance between production and consumption [12][65]. - Indonesia's nickel production policies are expected to continue influencing global nickel prices, with potential increases in production costs due to regulatory changes [68][70]. - The nickel industry faces challenges such as declining ore grades and increasing environmental standards, which may affect production costs and market dynamics in the future [69][70].

Core Viewpoint - The successful acquisition of exploration rights for the Fangfan mining area by Changjiang New Materials marks a significant breakthrough in the strategic mineral resources sector, enhancing the company's competitive edge and aligning with national resource security initiatives [1][2]. Group 1 - Changjiang New Materials, through its subsidiary Hubei Changjiang Resources Investment Co., Ltd., won the exploration rights for the gold mine in the Fangfan mining area after intense bidding [1]. - The exploration area covers 14.38 square kilometers with a tenure of 5 years, and preliminary geological surveys indicate a rich deposit of gold, copper, silver, and tungsten, with estimated resources exceeding medium-sized mine scale [1]. - This acquisition strengthens the company's influence in the strategic mineral resources sector and supports its commitment to national resource security and local economic development [1]. Group 2 - Following the acquisition, the company plans to increase investments in the new materials resource sector, expedite exploration efforts, and optimize resource development plans to enhance resource efficiency [2]. - The company will adhere to an ecological priority and green development approach, exploring models for "green exploration—clean development—circular utilization" to promote high-quality development in the mineral resources industry [2]. - Leveraging its resource advantages, the company aims to extend its industrial chain and expand its business footprint, aspiring to become a leading comprehensive service provider in the domestic mineral resources sector [2].