Group 1 - The core argument of the article is that the crises faced by the Ming Dynasty in its later years were closely linked to climate change and the resulting rise in prices [2][5] - The author, Canadian sinologist Zhu Zhengmin, examines the historical context of the Ming and early Qing dynasties through the lens of natural history and global history, focusing on the impact of climate on agricultural stability [2][5] - The period known as the "Little Ice Age," which began around the 14th century and peaked in the 17th century, led to intermittent droughts that devastated agriculture, particularly in North China, causing food prices to soar [2][3] Group 2 - Zhu Zhengmin challenges the traditional view that the fall of the Ming Dynasty was primarily due to political strife, government incompetence, and peasant uprisings, suggesting instead that specific climatic factors should be considered [5] - He utilized data from over 3,000 local gazetteers, extracting 777 records related to famine prices, to substantiate his narrative of the Ming Dynasty's collapse [5] - The author argues that the influx of silver, often cited as a cause for inflation, was insufficient to impact prices significantly, with climate being the primary driver of rising grain prices [3]

格隆汇12月11日丨中国铀业(001280.SZ)在投资者互动平台表示，公司已取得位于纳米比亚编号ML-177 的采矿权证，正在进行相关研究并视研究结果决定是否进行欢乐谷项目开发。 ...

（原标题：刚果（金）出台钴出口条件，需预付10%采矿特许权使用费） 12月5日消息，据路透社报道，11月26日，刚矿业部和财政部发布联合公告，规定了新的钴出口条 件，包括强制配额审查、联合抽样、批次称重和封存，以及由刚战略矿产市场监管局（ARECOMS）签 发新的配额核查证书（AVQ）等，配额核查证书须与出口文件一同提交，并附上由多个机构签发的证 书清单，上述规定即刻生效。根据政府公告，钴出口商需在提交原产地和销售申报后48小时内，预付配 额10%的采矿特许权使用费，并在海关放行前取得"放行收据"。所有矿产运输均需接受实地检查，并接 受多机构监督。 虽然钴出口禁令已于10月15日解除，但截至该公告发布前，钴出口并未恢复。 ...

Core Viewpoint - Legal experts warn that foreign mining companies are extracting Liberia's mineral resources at very low returns due to significant loopholes in laws and agreements, leading to potential revenue losses amounting to billions of dollars for the country [1] Group 1: Revenue and Contributions - Mittal Liberia generated over $1.2 billion in revenue from 2009 to 2022, with the government receiving only $138 million, approximately 11% of the total [1] - B2Gold exported gold worth $576 million, contributing only 26.12% to national revenue [1] Group 2: Root Causes - The issues stem from unfavorable terms in concession agreements, lack of robust regulations in areas like carbon credits, weak oversight of A/B class mining licenses, and insufficient accountability of the judicial system towards multinational companies [1] Group 3: Historical Context and Recommendations - Liberia has been trapped in a "resource curse" cycle since the 1950s, exporting raw materials while profits flow out, leaving local communities without benefits [1] - Experts urge the legal community to take immediate action to address these loopholes, renegotiate agreements, and ensure at least 20% local ownership and value localization to reverse the ongoing extraction of mineral wealth and the country's poverty [1]

Group 1 - The company is currently in the process of obtaining construction permits for its expansion project, which aims to increase annual mining and selection capacity to 8.25 million tons [2] - Once the construction permit is obtained, the company will commence construction of the expansion project [2]

通胀还能持续回升吗？ —— 11 月物价数据解读 2025 证 12 证 10 证 分析师 张迪 证010-8092 -7737 证zha n gdi_yj@chinastock.com.cn 证证证证证证证证S0130524060001 吕雷 证010-8092 -7780 证lvlei_yj@chinastock.com.cn 证证证证证证证证S0130524080002 研究助理：薄一程 www.chinastock.com.cn 证证证证证证 证证证证证证证证证证证证证证证证证证证证证证证证证证 1 宏观动态报告 ⚫ 1 1 月份 CPI 环比 微跌 0.1 %（前值 0.2%），同比上涨 0.7%（前值 0.2 %）， 其中翘尾因素较上月改善约 0.6 个百分点 。整体来看 翘尾因素叠加食品拖累 减弱是 CPI 回升主因 。证证证证证证证证 0.3% 证证证 0.7% 证证证证证证证 证证证证 -0.4% 证证证证证 2.9% (证证-4.4% )证证证 CPI 证证证证证 0.54 证 证证证证证证证证证证证 证证 0.2%证证证 -0.1% 证证证证证证证证证证证 0.1% 证 核心 CPI 环 ...

展会详情 【展会时间】2027年9月28-30日 迁移至阿德莱德举办的原因如下： · 阿德莱德是澳洲南部首府，工商业中心,也是澳洲的重要的港口城市之一，澳洲很多大型的矿业公司的总部或者办事处设在该市。 【展会地点】阿德莱德 【展会周期】两年一届 【中国官方代理】北京金京诚国际展览有限公司 展会介绍 亚太国际矿业技术及工程机械展览会（AIMEX）由励展博览集团澳大利亚公司主办，创办于1970年，两年一届。该展会是澳洲举办历史最悠久，影响力最 大的矿业行业贸易展会，2027年AIMEX将在南澳的阿德莱德举办，展出面积将超过20000平米，这届展会新增了室外展示区，将展示矿业行业一流的产品和 设备、最新的技术与服务。展会历经多年的国际知名展会以及多渠道的宣传推广吸引了超过14,000名来自石油、天燃气、矿业、工程建筑、电子、电力、电 信、交通运输等相关行业的工程、技术人员及贸易采购商。经过权威调查，有61%的参观商表示有采购意向，83%的参观商表示非常满意，65%参展商表示 会继续参加2027年的AIMEX，有65%的参展商已经连续至少3-4届参加AIMEX。 作为矿业大国，澳大利亚拥有领先的技术和服务为全球采矿业 ...

Core Viewpoint - Vietnam's industrial production index (IIP) experienced a year-on-year growth of 9.3% in the first 11 months of 2025, indicating a robust recovery in industrial activities across the country [1] Group 1: Overall Industrial Growth - The processing and manufacturing sector grew by 10.6%, contributing 8.5 percentage points to the overall IIP growth [1] - Water supply, waste, and wastewater treatment increased by 8.4%, contributing 0.1 percentage points [1] - Electricity production and sales rose by 6.5%, contributing 0.6 percentage points [1] - The mining sector saw a growth of 0.9%, contributing 0.1 percentage points [1] Group 2: Sector-Specific Performance - Notable growth was observed in several key industries, including: - Automobile production increased by 22.0% [1] - Non-metallic mineral products grew by 16.5% [1] - Rubber and plastic products rose by 16.4% [1] - Metal production increased by 15.5% [1] - Clothing production grew by 13.5% [1] - Prefabricated metal products (excluding machinery and equipment) increased by 12.6% [1] Group 3: Regional Performance - Industrial production showed positive trends across all 34 provinces and municipalities, with significant growth in: - Quang Ninh at 33.8% [1] - Phu Tho at 28.8% [1] - Ninh Binh at 23.4% [1] - Thanh Hoa at 17.5% [1] - Bac Ninh and Hai Phong both at 16.9% [1]

Group 1 - The company plans to acquire a 60% stake in Jinshi Mining for a total cash consideration of 500 million yuan, enhancing its mineral resource reserves and profitability [1][2] - The acquisition involves purchasing 31.71% from Dai Hongbo for 264.25 million yuan, 25.53% from Song Heping for 212.75 million yuan, and 2.76% from Liang Zhengbin for 23 million yuan [1] - After the transaction, Jinshi Mining will become a subsidiary of the company, with its core asset being the 460 Gaodi Rock Gold Mine exploration rights [1][2] Group 2 - The 460 Gaodi Rock Gold Mine exploration rights include one copper-molybdenum belt and two gold belts, with the copper-molybdenum belt expected to be converted to mining rights [2] - The transaction aligns with the company's strategic planning, enhancing its quality mineral resource reserves and market competitiveness [2] - The completion of the transaction is not expected to significantly impact the company's normal operations, but will positively affect its future financial status and operational results once the mine is operational [2]

Group 1: Political and Economic Context - Bolivia's new government is signaling a shift towards market openness, welcoming foreign investment, and protecting investments, which could enhance the operational environment for companies like New Pacific Metals [1][2][3] - The new president, Rodrigo Paz, aims to reduce bureaucratic barriers and empower local governments, indicating a potential transformation in Bolivia's political and economic priorities [2][3] Group 2: Mining Industry Potential - Bolivia is one of the largest silver producers globally and possesses significant lithium resources, yet its mining sector has been underdeveloped due to cautious investment policies and lengthy approval processes [2][3] - The political reforms could lead to substantial growth in the mining sector, particularly for companies like New Pacific Metals, which holds two major undeveloped silver projects: "Silver Sand" and "Carangas" [1][4] Group 3: New Pacific Metals' Opportunities - New Pacific Metals controls two significant undeveloped open-pit silver projects, with the potential combined annual production of 591 tons (19 million ounces) of silver, which could surpass many established silver producers [4][5] - The company is positioned to benefit from renewed investor interest in Bolivia's mining sector, especially if the government successfully implements reforms that improve the speed of development approvals and regulatory consistency [5]