Core Viewpoint - Yunnan Jinxun Resources Co., Ltd. (金浔资源) was listed on the Hong Kong Stock Exchange on January 9, with a closing price of HKD 37.80, reflecting a 26% increase from the issue price of HKD 30.00 [1][2]. Group 1: Company Overview - Jinxun Resources primarily engages in the non-ferrous metal business, focusing on products such as cathode copper and copper concentrate, and trades with other metal trading companies and producers [1]. - The total number of shares issued in the IPO was 36,765,600, with 3,676,600 shares allocated for public offering in Hong Kong and 33,089,000 shares for international offering [2]. Group 2: Financial Details - The total proceeds from the IPO amounted to HKD 1,102.97 million, with net proceeds of HKD 1,042.60 million after deducting estimated listing expenses of HKD 60.37 million [2][3]. - Approximately 80% of the net proceeds (HKD 834.1 million) will be used to expand core business operations, including enhancing the capacity of the copper smelting plant in the Democratic Republic of Congo and increasing the production of cobalt hydroxide [3]. Group 3: Key Investors - Major cornerstone investors include Glencore International AG, Stoneylake Global Alpha Fund, and several other asset management firms [5]. Group 4: Financial Performance - Jinxun Resources' projected revenues for 2022, 2023, and 2024 are RMB 637.3 million, RMB 675.7 million, and RMB 1,769.8 million, respectively, with net profits of RMB 83.5 million, RMB 29.1 million, and RMB 202.4 million [6][7]. - The company expects to generate significant cash flow from operating activities, with net cash flow projected at RMB 202.18 million for 2022 and RMB 292.56 million for 2024 [8].

Group 1: CPI Analysis - In December 2025, the Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.8% year-on-year, marking the highest level since March 2023 with a 0.1 percentage point increase from November [1] - The core CPI rose by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [5] - The increase in CPI was primarily driven by rising prices of industrial consumer goods, excluding energy, and a significant rise in food prices, particularly fresh fruits and seafood [4][6] Group 2: PPI Analysis - The Producer Price Index (PPI) fell by 1.9% year-on-year in December 2025, but the decline was less severe than in November, with a 0.3 percentage point narrowing of the drop [3][7] - Month-on-month, the PPI increased for three consecutive months, indicating a strengthening trend [3] - Factors contributing to the PPI increase include seasonal demand improvements and rising prices in the non-ferrous metals sector, which have been supported by anti-involution measures [7][8] Group 3: Sector-Specific Insights - The prices in the non-ferrous metal mining sector have been rising for 22 consecutive months, driven by both international demand for key metals and domestic growth in high-end manufacturing sectors such as lithium batteries and photovoltaic equipment [9] - The government's policy to stabilize growth in the non-ferrous metal industry aims for an average annual increase of 5% in value-added output from 2025 to 2026 [9]

Core Viewpoint - The company has successfully completed the repair work at the Qianbixi Southeast mine, with production resuming on January 1, 2026, and is expected to meet production targets for copper output in 2026 [1] Production Forecast - The company anticipates a total copper production of approximately 484,000 tons in 2026, which includes 134,000 tons of cathode copper and 350,000 tons of crude/anode copper, including copper product processing services [1] - The expected copper production from its own mines is around 155,000 tons for the year [1] By-Product Production - The company projects to produce approximately 900,000 tons of sulfuric acid in 2026 [1] - The expected production of liquid sulfur dioxide is around 100,000 tons [1] - The company plans to produce about 600 tons of cobalt hydroxide containing cobalt [1] Impact of Maintenance - The planned maintenance shutdowns at the Qianbixi copper smelting and Luabala copper smelting operations are expected to lead to a decrease in crude/anode copper production [1]

Group 1: IPO Approvals and Registrations - During the week of January 5 to January 11, two companies were approved for listing, four submitted registration, and two registrations became effective on the Shanghai and Shenzhen Stock Exchanges [1] - The two companies approved for listing are Zhoushan Chenguang Electric Machine Co., Ltd. and Guangdong Banzhe Chuangke Electric Co., Ltd., both of which had their applications accepted in June 2025 and were approved in early January 2026 [1] Group 2: Company Performance and Governance Concerns - Chenguang Electric was questioned about its performance stability and internal governance, specifically regarding its core competitiveness compared to major competitors, customer cooperation stability risks, and measures to address potential declining gross margins [1] - Banzhe Chuangke faced inquiries about the authenticity and sustainability of its profit growth, particularly the significant increase in net profit and the inconsistency between net profit and revenue growth [1] Group 3: Registration Details of Other Companies - Among the four companies that submitted registration, two are applying to the Shenzhen Stock Exchange: Beijing Weitongli Electric Co., Ltd. and Nanchang Sanrui Intelligent Technology Co., Ltd. (Sanrui Intelligent) [2] - Sanrui Intelligent's main business involves the R&D, production, and sales of drone electric power systems and robotic power systems, with sales to its top five customers accounting for 18.30% to 33.09% of its main business revenue from 2022 to the first half of 2025 [2] Group 4: Customer Relationship Concerns - Sanrui Intelligent's first major customer, Nanchang Linglai Technology Co., Ltd., raised concerns due to its small registered capital of 100,000 RMB and limited employee count, questioning its ability to generate over 100 million RMB in sales [2] - There are also issues regarding shared addresses and email accounts among Sanrui Intelligent's subsidiaries and its customers, indicating potential governance and operational risks [3] Group 5: Additional Companies Registered - Two other companies that registered successfully are Luoyang Shenglong Mining Group Co., Ltd. and Gude Electric Material System (Suzhou) Co., Ltd. [7] - Shenglong Mining highlighted risks related to a lack of product diversification, as its revenue primarily comes from molybdenum products, making it vulnerable to price fluctuations [7] - Gude Electric Material reported a decline in gross margin for the first half of 2025, attributed to fluctuations in terminal vehicle sales and changes in tariff policies affecting its high-margin export sales [7]

三、公众提出意见的方式和途径 公示期间，可通过下述联系方式反馈意见或建议 公示时间：自公示之日起10个工作日内 四、联系方式 转自：贵州日报 一、查阅方式 报告书下载地址：https://pan.baidu.com/s/1Xr_eckyIhXqtoxYQ_q4s3A?pwd=u912 二、征求意见范围 关心本项目的公民、法人和组织 联 系 人：何矿 联系电话：0859-82370298 环评单位：贵州中贵环保设计咨询有限公司 联 系 人：杨工 联系电话：0851-85727677 （《修文县龙场镇歇气坡铝铁矿（改建） 环境影响报告书（征求意见稿）公示》由贵阳日报为您提 供，转载请注明来源，未经书面授权许可，不得转载或镜像。） 建设单位名称：贵州楚俊铝业有限公司 ...

Core Viewpoint - Rio Tinto and Glencore are in preliminary talks for a potential mega-merger, aiming to create a diversified mining giant amid rising demand for key minerals [2] Group 1: Company Overview - Rio Tinto confirmed the possibility of merging part or all of its business with Glencore, with a deadline to submit a formal offer by February 5 [2] - Rio Tinto is a major iron ore producer, expected to produce 298.1 million tons in 2024, accounting for 12% of global supply [3] - Rio Tinto ranks seventh in global copper production with an output of 649,720 tons in 2024 [4] - Glencore is the fourth-largest copper producer, with an estimated production of around 1 million tons in 2024 [6] - Glencore is also a significant producer of cobalt, ranking second globally with a production of 32,712 tons in 2024 [7] Group 2: Market Position and Synergies - The merger would position the combined entity as a leader in the global copper market, with a total copper output of approximately 1.7 million tons in 2024, surpassing BHP and Codelco [9] - Rio Tinto holds a 30% stake in the Escondida mine, the largest copper mine globally, which is expected to produce 5.5% of the world's copper in 2024 [9] - Glencore owns 44% of the Collahuasi mine, the third-largest copper mine in 2024 [9] Group 3: Copper Market Outlook - The potential merger coincides with a growing global demand for copper, projected to reach a supply gap of 10 million tons by 2040, with demand increasing by 50% to 42 million tons [10] - The copper market is experiencing tight conditions, as indicated by the recent surge in copper prices, with LME copper reaching a high of $13,240.98 per ton on January 6 [12]

❖ 2025 年通胀回眸 1、CPI：全年同比上涨 0.8%，核心消费品、服务和生鲜价格共同改善。对 CPI 同比的拉动率自高到低排列依次是：核心消费品（0.63pct）＞生鲜（0.4pct） ＞服务（0.25pct）＞畜肉（-0.19pct）＞能源（-0.3pct）。 （1）核心消费品：金价贡献一半涨幅，促消费政策下家用器具、家庭日用杂 品价格逐步改善。 （2）服务：出行为主的服务消费场景对价格仍有支撑，旺季和淡季受价格脉 冲性的影响仍在放大。 （3）畜肉："规模化"养殖下生猪产能去化仍偏慢，终端需求疲软，价格缓慢 下行。 （4）生鲜：极端天气影响农产品生产储运，供给收紧推动价格上行。 证 券 研 究 报 告 【债券日报】 2025 年通胀回眸 ——12 月通胀数据解读 （5）能源：贸易摩擦导致需求偏弱，价格步入下降通道。 2、PPI：全年降幅收窄至-1.9%，反内卷政策后价格从上游到中下游逐步修复 7 月"反内卷"政策落地后：各分项对 CPI 同比的拉动率变动自高到低排列依 次是加工（0.73pct）＞原材料（0.58pct）＞采掘（0.38pct）＞一般日用品（0.04pct） ＞食品类（0.03pct ...

Group 1 - The latest data from the National Bureau of Statistics indicates that the domestic CPI rose by 0.8% year-on-year in December 2025, surpassing the previous value of 0.7%, with a month-on-month increase of 0.2%, marking a near three-year high [1] - The month-on-month increase in CPI is primarily driven by rising prices of industrial consumer goods excluding energy, which increased by 0.6%, contributing approximately 0.16 percentage points to the CPI increase [1] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months, indicating a positive trend [1] Group 2 - The main factors affecting CPI include energy and automobile prices, with energy prices decreasing by 0.5% month-on-month and gasoline prices down by 1.2% [2] - PPI showed an expanding month-on-month increase and a narrowing year-on-year decline, with positive factors stemming from industry capacity governance and market competition order improvements [2] - International commodity prices, particularly for non-ferrous metals, have positively impacted domestic PPI levels, while the decline in international oil prices has negatively affected domestic oil extraction and refining prices [3] Group 3 - The current price recovery is a direct result of the demand-side expansion and supply-side governance policies in 2025, characterized by structural features and policy-driven characteristics [3] - The transition from short-term policy-driven effects to sustainable market-driven growth is a key task for 2026, with strong price expectations playing a crucial role in boosting investment and consumption [3] - Continued efforts to expand domestic demand and improve supply-demand relationships are essential for stabilizing the real estate market and stimulating stock market vitality, promoting a virtuous cycle in the Chinese economy [4]

Group 1 - The core viewpoint of the articles indicates a positive trend in price recovery for 2025, with CPI and PPI showing simultaneous growth, suggesting a foundation for price warming in 2026 [1][2][3] - CPI increased by 0.8% year-on-year, surpassing the previous value of 0.7%, and the month-on-month CPI rose by 0.2%, marking a three-year high [1] - The rise in CPI is primarily driven by the increase in industrial consumer goods prices, excluding energy, which rose by 0.6%, contributing approximately 0.16 percentage points to the CPI increase [1] Group 2 - PPI showed a month-on-month increase of 0.2%, marking three consecutive months of growth, with the growth rate expanding by 0.1 percentage points compared to the previous month [1][2] - The improvement in PPI is attributed to industry capacity governance and market competition order, which have positively influenced supply-demand structures, leading to price increases in certain sectors [2][3] - International commodity prices, particularly in non-ferrous metals, have positively impacted domestic PPI levels, while the decline in international oil prices has negatively affected domestic oil extraction and refining prices [3] Group 3 - The current price recovery is a direct result of coordinated demand-side expansion and supply-side governance policies, with structural characteristics and policy-driven features [3] - The sustainability of this price recovery and its transmission to broader investment and consumption expectations will determine whether the economy can enter a virtuous cycle in 2026 [3] - Continued efforts to expand domestic demand and improve supply-demand relationships are essential for stabilizing the real estate market and stimulating the stock market, which will facilitate smoother transmission from PPI to CPI [4]

CPI环比由上月下降0.1%转为上涨0.2%，环比上涨主要受除能源外的工业消费品价格上涨影响。扣除能 源的工业消费品价格上涨0.6%，影响CPI环比上涨约0.16个百分点。其中，提振消费政策效果持续显 现，叠加元旦临近，居民购物娱乐需求增加，通信工具、母婴用品、文娱耐用消费品、家用器具价格均 有上涨，涨幅在1.4%-3.0%之间；受国际金价上行影响，国内金饰品价格上涨5.6%。能源价格下降 0.5%，其中受国际油价变动影响，国内汽油价格下降1.2%，影响CPI环比下降约0.04个百分点。食品价 格上涨0.3%，影响CPI环比上涨约0.05个百分点。其中，节前消费需求增加，鲜果和虾蟹类价格分别上 涨2.6%和2.5%；天气条件相对较好，鲜菜价格上涨0.8%，涨幅低于季节性水平3.3个百分点；生猪产能 较为充足，猪肉价格下降1.7%。 CPI同比上涨0.8%，涨幅比上月扩大0.1个百分点，回升至2023年3月份以来最高，同比涨幅扩大主要是 食品价格涨幅扩大拉动。食品价格上涨1.1%，涨幅比上月扩大0.9个百分点，对CPI同比的上拉影响比上 月增加约0.17个百分点。食品中，鲜菜和鲜果价格涨幅分别扩大至18.2%和 ...