6 证券研究报告 点评报告 2025 年 12 月 19 日 晨会纪要 第一创业证券研究所 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件： 分析师：刘笑瑜 12 月 18 日（星期四）晚 9 点半，美国劳工部统计局公布 11 月 CPI 数据。 证书编号：S1080525070001 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变 化，而不如预期的可能。 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 请务必阅读正文后免责条款部分 第 1 页 共 3 页 晨会纪要 评论： 11 月美国未季调 CPI 同比为 2.7%，预期 3.1%,从 11 月核心 CPI 来看，未季调同比 为 2.6%，预期为 3.0%。 美国劳工部并未公布 11 月环比及分项数据，以及 10 月通胀数据。但仅从上述两 个数据上看，11 月美国 CPI 数据低于预期，创 2021 年初以来的新低，显示美国通 胀压力减轻。据 CME"美联储观察"：美联储明年 1 月维持利率不变的概率下降为 73.4%，降息 25 个基点的概率上升至为 26.6%。 市场表现积极：美股 ...

Core Viewpoint - The article discusses the recent activities of Duan Liping, the brother of the well-known investor Duan Yongping, highlighting his increasing presence in the capital market and investments in companies like Guocheng Mining, which has seen significant stock price increases due to favorable market conditions and strategic asset acquisitions [6][7][10]. Group 1: Duan Liping's Investment Activities - Duan Liping has been actively involved in the capital market, particularly with Guocheng Mining, which has experienced a stock price surge of approximately 127% from 13.63 CNY to a peak of 31.04 CNY per share [10]. - Guocheng Mining's recent announcements, including a major asset restructuring involving a 60% stake in Guocheng Industry, have contributed to its stock performance. The core asset is a significant molybdenum mine, which is crucial for various industries [10][11]. - As of the end of Q3 2025, Duan Liping holds a 0.56% stake in Guocheng Mining, ranking as the ninth largest circulating shareholder, alongside his spouse and another individual, collectively holding 1.64% of the company [12]. Group 2: Family Background and Business Connections - Duan Liping, born in 1957, has maintained a lower profile compared to his brother Duan Yongping, who has largely withdrawn from direct business involvement since moving to the U.S. in 2002 [15][16]. - Despite Duan Yongping's withdrawal, Duan Liping remains active in the business sector, holding positions in various companies related to the BuBuGao group, including Jiangsu BubuGao Real Estate and Guizhou BubuGao Liquor [21][22]. - The article highlights the familial ties and business collaborations between Duan Liping and other prominent figures in the industry, indicating a network of influence and shared interests within the BuBuGao ecosystem [19][21]. Group 3: Market Dynamics and Strategic Moves - The article notes that Duan Liping and his associates have strategically acquired control of LiYuan Co., a company facing operational challenges, for a relatively low price of 3.8 million CNY, indicating a calculated move to enter the automotive parts sector [22][23]. - The previous owners of LiYuan Co. were motivated to sell due to ongoing financial difficulties, including significant losses and legal issues, which made the sale a pragmatic decision [22][23]. - The acquisition reflects a broader trend in the market where established players are seeking opportunities in emerging sectors, such as the automotive industry, amidst changing economic conditions [23].

Core Insights - The article discusses the recent activities and investments of Duan Liping, the elder brother of Duan Yongping, highlighting his increasing presence in the capital market and his strategic investments in the mining sector, particularly in non-ferrous metals [4][5][7]. Group 1: Duan Liping's Background and Investments - Duan Liping, born in 1957, is actively involved in the capital market and has been increasing his investments in companies like Guocheng Mining, which has seen a significant stock price increase of approximately 127% from 13.63 CNY to 31.04 CNY per share within a month [4][5][7]. - Guocheng Mining's recent announcements, including a major asset restructuring involving a 60% stake in Guocheng Industry, which owns a significant molybdenum mine, have contributed to its stock performance [7][10]. - Duan Liping holds a 0.56% stake in Guocheng Mining, ranking as the ninth largest circulating shareholder, alongside his wife Wang Xiaomei and Liao Yannan, who are also significant shareholders [8][10]. Group 2: Market Dynamics and Stock Performance - The article notes a broader trend in the non-ferrous metals market, where rising prices of gold and silver have positively impacted related stocks, including Guocheng Mining [5][7]. - The combined holdings of Duan Liping, Wang Xiaomei, and Liao Yannan in Guocheng Mining have increased in value significantly, with their shares worth approximately 4.43 billion CNY after a recent stock price adjustment [10][11]. Group 3: Strategic Collaborations and Acquisitions - Duan Liping has collaborated with other prominent figures in the industry, such as Zhang Yuan, to acquire control of listed companies like Liyuan Co., which was purchased for 38 million CNY, indicating a strategic move into the automotive parts sector [20][21]. - The acquisition of Liyuan Co. is seen as a calculated entry into a lucrative market, focusing on aluminum components for the automotive industry, which is currently a hot sector [21][22].