（文章来源：证券时报网） 数据宝统计，截至14:00，国城矿业成交额11.63亿元，创2020年10月14日以来新高。最新股价上涨 9.97%，换手率4.32%。上一交易日该股全天成交额为10.64亿元。（数据宝） ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The expectation of the US government reopening and the easing of trade tensions boost market sentiment. The copper price is expected to continue to fluctuate strongly in the short - term, aluminum may further rise, casting aluminum alloy prices will follow aluminum prices, lead and zinc will run strongly in the short - term but with limited upside, tin will be in a tight - balance state and prices are expected to be strong, nickel should be observed in the short - term, and stainless steel will maintain a weak trend [2][3][6][10][13][15][17][20][30]. 3. Summary by Metals Copper - **Market Information**: The US government's expected reopening and policy easing expectations pushed up precious metals, but the sharp drop in crude oil prices caused copper prices to fall back after rising. LME copper 3M contract rose 0.53% to $10,897/ton, and SHFE copper main contract closed at 87,410 yuan/ton. LME copper inventory remained flat, and domestic SHFE warehouse receipts increased. Spot premiums and discounts varied in different regions, and the import loss of domestic copper was about 700 yuan/ton [2]. - **Strategy View**: The expectation of the US government reopening and the easing of trade tensions boost market sentiment. Although some copper mines have resumed production, the supply of copper mines remains tight, and refined copper supply is expected to tighten marginally, providing strong support for copper prices. Short - term copper prices may continue to fluctuate strongly. The operating range of SHFE copper main contract is 86,500 - 88,000 yuan/ton, and that of LME copper 3M is 10,820 - 11,000 dollars/ton [3]. Aluminum - **Market Information**: Aluminum prices continued to be strong but fell back after rising due to the sharp drop in crude oil prices. LME aluminum rose 0.23% to $2,886/ton, and SHFE aluminum main contract closed at 21,950 yuan/ton. SHFE weighted contract positions increased significantly, and domestic inventories changed slightly. The processing fee of aluminum rods fluctuated and declined, and the market receiving atmosphere was average [5]. - **Strategy View**: Overseas aluminum plant shutdowns or production cuts have raised supply concerns, and domestic inventories are still low. Against the background of the expected easing of global trade tensions and the implementation of the Fed's interest rate cut, supply - side disturbances and the improvement of domestic export expectations may push aluminum prices higher. Pay attention to the support of domestic inventories for prices. The operating range of SHFE aluminum main contract is 21,820 - 22,200 yuan/ton, and that of LME aluminum 3M is 2,840 - 2,910 dollars/ton [6]. Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices strengthened, with the main AD2601 contract rising 0.97% to 21,245 yuan/ton. Positions increased, and the volume of transactions expanded. The price difference between AL2601 and AD2601 contracts widened slightly. The average price of domestic mainstream ADC12 increased, and the inventory of domestic recycled aluminum alloy ingots increased [9]. - **Strategy View**: The cost - side price of cast aluminum alloy has strong support, while the demand - side performance is relatively average. Short - term prices are expected to follow the trend of aluminum prices [10]. Lead - **Market Information**: On Wednesday, the SHFE lead index rose 1.26% to 17,664 yuan/ton, and the total unilateral trading positions were 127,400 lots. LME lead 3S rose to $2,072.5/ton. The average price of SMM1 lead ingots was 17,325 yuan/ton, and the refined - scrap price difference was 50 yuan/ton. SHFE lead ingot futures inventory was 24,700 tons, and LME lead ingot inventory was 226,700 tons [12]. - **Strategy View**: The smelting profit of primary and recycled lead is good, and the smelter's operating rate is relatively high, but the shortage of raw materials limits the output of lead ingots. The domestic social inventory of lead ingots has bottomed out and rebounded but is still at a relatively low level. LME lead has continued to reduce inventory, and the price difference between months has strengthened. The tightening of the near - end and the shortage of raw materials push lead prices to run strongly. SHFE lead is expected to fluctuate strongly in the short - term [13]. Zinc - **Market Information**: On Wednesday, the SHFE zinc index rose 0.05% to 22,704 yuan/ton, and the total unilateral trading positions were 227,400 lots. LME zinc 3S fell to $3,065.5/ton. The average price of SMM0 zinc ingots was 22,610 yuan/ton, and the basis in different regions varied. SHFE zinc ingot futures inventory was 70,900 tons, and LME zinc ingot inventory was 35,300 tons. Domestic social inventory decreased slightly [14]. - **Strategy View**: The TC of zinc concentrates continued to decline, the profit of zinc smelting was under pressure, and the operating rate decreased marginally. The accumulation of domestic zinc ingot social inventory slowed down. Some short - position holders of SHFE zinc turned to net long positions. The registered warehouse receipts of LME zinc increased slightly, and the overseas structural risk eased. The decline in zinc smelting operations and some zinc ingot exports tightened the spot market, pushing SHFE zinc to run strongly in the short - term, but the upside of zinc prices in the surplus cycle is relatively limited [15]. Tin - **Market Information**: On November 12, 2025, the closing price of SHFE tin main contract was 298,050 yuan/ton, up 1.92%. The registered warehouse receipts of SHFE futures decreased by 126 tons. The price of 40% tin concentrate in Yunnan rose to 279,000 yuan/ton. After the seasonal maintenance of large smelters in Yunnan ended, the operating rate of tin ingot smelters in Yunnan and Jiangxi rebounded but was still at a historical low due to the shortage of tin ore supply. Although the mining license in Myanmar's Wa State was approved, the tin ore export volume was still far below the normal level. The consumption in traditional fields was weak, but the long - term demand from emerging fields provided support for tin prices, and the operating rate of tin solder enterprises in October showed a slight recovery [16]. - **Strategy View**: The short - term supply and demand of tin are in a tight - balance state, and prices are expected to fluctuate strongly. It is recommended to go long at low prices. The operating range of domestic main contract is 290,000 - 300,000 yuan/ton, and that of overseas LME tin is 37,000 - 39,000 dollars/ton [17][18]. Nickel - **Market Information**: On Wednesday, nickel prices fluctuated and fell, with the closing price of SHFE nickel main contract at 118,710 yuan/ton, down 0.56%. The spot premiums of various brands were stable. The price of nickel ore was stable and strong, while the price of nickel iron accelerated to decline [19]. - **Strategy View**: Recently, the inventory pressure of refined nickel is still significant, and the weak nickel iron price drags down nickel prices. If the inventory of refined nickel continues to increase, it is difficult for nickel prices to rise significantly. However, in the medium - and long - term, the global fiscal and monetary easing cycle will support nickel prices, and nickel prices may confirm the bottom earlier than the fundamentals. It is recommended to observe in the short - term. If the decline of nickel prices is sufficient (115,000 - 118,000 yuan/ton) or the risk preference is high, long positions can be gradually established. The operating range of SHFE nickel main contract is 115,000 - 128,000 yuan/ton, and that of LME nickel 3M is 14,500 - 16,500 dollars/ton [20]. Lithium Carbonate - **Market Information**: The MMLC spot index of lithium carbonate closed at 85,843 yuan, down 0.23%. The average price of battery - grade lithium carbonate decreased by 200 yuan, and that of industrial - grade lithium carbonate decreased by 0.24%. The closing price of LC2601 contract was 86,580 yuan, up 0.05%. The average premium of battery - grade lithium carbonate in the trading market was - 250 yuan [22]. - **Strategy View**: The demand has reached a new high, and the spot is strong. Lithium carbonate fluctuates at a high level. As the peak season is in the middle and late stages, the continuity of downstream raw material demand may be limited. If there is no continuous driving force, pay attention to the selling pressure at high levels. It is recommended to pay attention to the production schedule of lithium - battery materials in December and the changes in the equity market atmosphere. The operating range of LC2601 contract is 84,000 - 89,200 yuan/ton [23][24]. Alumina - **Market Information**: On November 12, 2025, the alumina index rose 0.25% to 2,842 yuan/ton, and the total unilateral trading positions increased by 10,000 to 559,000 lots. The spot price in Shandong was 2,780 yuan/ton, at a discount of 7 yuan/ton to the 12 - contract. The FOB price in Australia remained at $320/ton, and the import loss was - 44 yuan/ton. The futures warehouse receipts were 253,700 tons, unchanged from the previous day. The CIF prices of ore in Guinea and Australia remained stable [26]. - **Strategy View**: The shipment of overseas ore will gradually recover after the rainy season, and the ore price is expected to decline. The over - capacity pattern of the alumina smelting end is difficult to change in the short - term, and the inventory accumulation trend continues. However, the current price is close to the cost line of most manufacturers, and the expectation of subsequent production cuts is strengthened. Moreover, the overall non - ferrous sector is strong, so the cost - performance of short - selling is not high. It is recommended to observe in the short - term. The operating range of the domestic main contract AO2601 is 2,600 - 2,900 yuan/ton, and attention should be paid to supply - side policies, Guinea's ore policies, and the Fed's monetary policy [27]. Stainless Steel - **Market Information**: On Wednesday, the stainless steel main contract closed at 12,425 yuan/ton, down 0.32%. The unilateral positions increased by 12,203 to 205,700 lots. The spot prices in Foshan and Wuxi markets changed slightly. The prices of raw materials such as high - nickel iron and high - carbon ferrochrome decreased. The futures inventory decreased by 1,566 to 72,091 tons, and the social inventory decreased to 1.034 million tons, with the 300 - series inventory decreasing by 1.90% [29]. - **Strategy View**: The stainless steel market continues to show a weak and fluctuating trend, mainly affected by the double pressure of oversupply and weak demand. Although the production schedule of steel mills in November has shrunk slightly, the overall output is still at a high level, and the market supply pressure has not been significantly relieved. Terminal purchases are mainly for rigid demand, and the trading volume in the trading link is continuously low, and the market activity is not high. The inventory pressure accumulated in the early stage is gradually released, and the inventory - reduction speed slows down, further strengthening the market's wait - and - see sentiment. Stainless steel prices are expected to remain weak in the short - term [30].

Group 1 - The core point of the announcement is the resolution of the second extraordinary general meeting of shareholders held by Western Mining Co., Ltd. on November 12, 2025, with no resolutions being rejected [1][2]. - The meeting was held at the Western Mining Haiku Business Center in Xining, Qinghai Province, and included both ordinary and preferred shareholders [2][3]. - The meeting was convened by the eighth board of directors and chaired by Vice Chairman Zhong Yongsheng, with a combination of on-site and online voting methods [3][4]. Group 2 - One of the key resolutions passed was regarding the company's subsidiary, Tibet Yulong Copper Co., Ltd., successfully bidding for the exploration rights of the Chating polymetallic mine in Xuanzhou District, Anhui Province [3]. - The legal opinion provided by the Qinghai Shuren Law Firm confirmed that the meeting's procedures, attendance, and voting conformed to the relevant laws and regulations [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002716 证券简称：湖南白银 公告编号：2025-085 湖南白银股份有限公司 关于子公司停产检修的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 湖南白银股份有限公司董事会 2025年11月13日 二、本次停产检修对公司的影响 宝山矿业年初预算及生产计划已考虑本次停产检修事宜，本次停产检修对宝山矿业全年生产计划无影 响。公司将根据相关规定持续关注本次停产检修的进展情况，及时履行信息披露义务，敬请广大投资者 注意投资风险。 三、备查文件 《关于宝山矿业2025年终停产检修的报告》 特此公告。 湖南白银股份有限公司（以下简称"公司"）于2025年11月11日收到全资子公司湖南宝山有色金属矿业有 限责任公司（以下简称"宝山矿业"）的《关于宝山矿业2025年终停产检修的报告》，现将有关情况披露 如下： 一、本次停产检修的原因及时间 为做好2025年终设备设施检修，确保2026年安全生产顺利开展，经宝山矿业研究决定，2025年终检修时 间为2025年11月11日开始，检修时长暂定20天，预计11月30日完 ...

广西实施针对性政策措施 开展矿业权整合和"小散乱"企业综合治理 中新网南宁11月12日电(记者 林艳华)11月12日，广西壮族自治区人民政府新闻办公室举行新闻发布会， 介绍近期部署开展的全区矿业权整合和"小散乱"企业综合治理专项行动相关情况。发布会透露，广西将 实施针对性政策措施，通过激励和约束并举，全力推进矿业权整合和"小散乱"企业综合治理，推动广西 矿业高质量发展。 图为发布会现场。黄千曦 摄 广西生态环境厅副厅长宁耘称，绿水青山和金山银山不是一道选择题，而是一道必答题。广西将从源头 做起，强化规划环评引领，推进矿产资源开发与环境保护源头管控。强化龙头服务，全力服务项目审 批，推动南丹关键金属产业高质量发展；强化协同监管，切实为矿业整合和产业升级提供生态环境执法 保障。 广西应急管理厅副厅长陈捷指出，矿山是高危行业，广西将突出强化预防，从矿山安全准入、安全监管 和升级改造三个方面助推专项行动取得实效。 广西园区办副主任王宗文表示，将以招商引资和规划布局专业园区为抓手，向所有优质企业敞开广西有 色金属关键金属产业高质量发展的大门，加强靶向招商，开展系列招商活动，注重招商成效，全力优化 营商环境，为每一家在广 ...

Core Viewpoint - Hunan Silver (002716.SZ) announced that its wholly-owned subsidiary, Hunan Baoshan Nonferrous Metals Mining Co., Ltd. (referred to as "Baoshan Mining"), will undergo a scheduled maintenance shutdown for 20 days starting from November 11, 2025, with an expected completion date of November 30, 2025. The maintenance has been accounted for in the annual budget and production plan, and it will not impact the overall production plan for the year [1]. Summary by Categories - **Company Announcement** - Hunan Silver received a report regarding the maintenance shutdown from Baoshan Mining [1]. - The shutdown is scheduled for 20 days, starting from November 11, 2025, and is expected to conclude by November 30, 2025 [1]. - **Production Impact** - The annual budget and production plan for Baoshan Mining have already considered this maintenance shutdown [1]. - The maintenance will not affect the overall production plan for the year [1].

湖南白银晚间公告，全资子公司湖南宝山有色金属矿业有限责任公司将于2025年11月11日开始停产检 修，预计11月30日完成。此次停产检修是为了做好2025年终设备设施检修，确保2026年安全生产顺利开 展。宝山矿业年初预算及生产计划已考虑本次停产检修事宜，本次停产检修对宝山矿业全年生产计划无 影响。 ...

Group 1: Inflation Data - In October, China's CPI increased by 0.2% year-on-year, up by 0.5 percentage points from the previous value[3] - The year-on-year growth rate of food items in CPI recorded a decline of -2.9%, narrowing the drop by 1.5 percentage points compared to the previous value[3] - The core CPI, excluding food and energy, showed a year-on-year growth of 1.2%, an increase of 0.2 percentage points from the previous value[3] Group 2: PPI Trends - The PPI decreased by -2.1% year-on-year in October, improving by 0.2 percentage points from the previous value, with a month-on-month increase of 0.1%[16] - From July to October, the PPI year-on-year declines were -3.6%, -2.9%, -2.3%, and -2.1%, indicating a trend of monthly recovery[4] - The overall industrial product PPI decreased by -2.7% from January to October[16] Group 3: Investment Recommendations - The rise in both CPI and the narrowing decline in PPI suggest a potential need for further stimulus policies to boost domestic demand and sustain inflation recovery[5] - The PPI is expected to continue to recover, supported by policies aimed at reducing internal competition and improving upstream prices[5] - Monitoring marginal changes in indicators such as food prices, oil prices, and coal prices is recommended[5] Group 4: Risks - Risks include potential underperformance in consumer recovery, unexpected economic recession, and unforeseen impacts from tariffs on related industries[20]

盛屯矿业（600711）(600711.SH)发布公告，公司拟通过香港全资子公司宏盛国际资源有限公司(简称"宏 盛国际")新设全资下属公司盛屯黄金控股有限公司。宏盛国际对盛屯黄金控股出资19,995万美元，并以 盛屯黄金控股为投资主体以19,995万美元增资入股公司全资下属公司盛屯黄金国际有限公司。本次增资 完成后，盛屯黄金控股将持有盛屯黄金国际99.975%股权，盛屯黄金国际原股东香港盛屯金属有限公司 (简称"香港盛屯金属")持有0.025%股权。本次增资金额为19,995万美元(按照2025年11月12日汇率折算， 折合人民币约14.23亿元)。宏盛国际、盛屯黄金控股、盛屯黄金国际、香港盛屯金属均为公司全资下属 公司。 本次增资符合公司的发展战略，进一步优化海外子公司的股权结构，推动公司国际化发展进程，为公司 和股东谋取更多的投资回报。 ...

Group 1 - The core point of the article is that Sichuan Gold (SZ 001337) announced the release of 3.1 million shares from pledge by its major shareholder, Beijing Jinyang Mining Investment Co., Ltd. [1] - As of the announcement date, Beijing Jinyang has a total of approximately 27.07 million pledged shares, which accounts for 62.43% of its holdings [1] - The company's market capitalization is reported to be 11.6 billion yuan [1] Group 2 - For the first half of 2025, Sichuan Gold's revenue composition is entirely from the non-ferrous metal mining and selection industry, with a 100% share [1]