Group 1: Global Political and Economic Context - The global political order is undergoing significant changes, with geopolitical tensions and trade disputes reshaping international trade and industrial division[1] - Key raw materials are increasingly viewed as national security assets, prompting proactive policy measures from governments to secure and control these resources[1] - China's "dual carbon" strategy emphasizes a green transition and energy security, integrating resource, energy, and industrial chain considerations[1] Group 2: Mining Industry Characteristics - The external environment for mining companies is characterized by increased "security" and "policy" focus on critical minerals, with stronger geopolitical attributes in trade, investment, and technology[2] - Supply chains are becoming more regionalized and resilient, with redundancy and compliance becoming core constraints[2] - Green and low-carbon practices, along with ESG considerations, are becoming standard throughout the mining lifecycle, making permits and carbon footprints critical variables for project success[2] Group 3: Strategic Recommendations for Mining Companies - Companies must diversify their resource acquisition and product sales across different regions and customer bases to manage risks in an era of trade restrictions[3] - Vertical integration and full value chain control are rewarded in the new order, encouraging participation across mining, refining, and key component manufacturing[3] - Increased investment in innovation and material substitution is essential, with a focus on R&D in mining and processing technologies[3] Group 4: Demand and Supply Dynamics - Demand for critical minerals is surging, driven by energy transition, digital expansion, and high-end manufacturing, with lithium and rare earth elements being particularly crucial[32] - According to the International Energy Agency, lithium demand is expected to grow by approximately 90% over the next two decades, while nickel and cobalt demand will increase by 60%-70%[37] - The supply side faces significant pressure due to the mismatch between rapid demand growth and the long lead times required for project development[36]

近期，南非财政状况出现利好。11月，南非财政部长埃诺赫·戈东瓜纳发布中期预算报告称政府收入好 于预期。同期，标普全球评级公司二十年来首次上调南非信用评级展望，增强了外界对南非经济管理的 信心。 然而，分析人士提醒，南非经济仍处于"低增长"。当地媒体网站"ENCA"刊文指，0.5%的季度增速虽体 现经济韧性，但不足以改善就业、收入和生活水平等关键指标。南非近年来人口增长约1.1%–1.3%，持 续快于经济增速，这意味着人均收入实际下降。(完) （文章来源：中国新闻网） 中新社约翰内斯堡12月2日电 (记者孙翔)南非统计局2日发布数据，2025年第三季度国内生产总值(GDP) 环比增长0.5%。虽低于第二季度修正后的0.9%，仍是南非连续第四个季度实现经济扩张。 统计数据显示，在生产(供给)侧十个行业中，有九个在三季度实现增长，其中采矿业和农业增速显著， 分别增长2.3%和1.1%。电力、天然气和供水行业产出下降2.5%，成为唯一拖累整体增长的板块。 南非统计局副总干事乔·德比尔(Joe de Beer)表示，本季度"增长较为广泛"，多个行业同步改善反映出经 济基础有所巩固。一个积极信号是，固定资本形成总额增长1 ...

海南矿业公告称，公司于2025年3月12日股东大会通过以集中竞价交易方式回购股份的议案，预计回购 金额7500万元至1.5亿元，回购期限自股东大会审议通过之日起不超12个月。因权益分派及董事会审 议，回购价格上限从10.12元/股调整至14.26元/股。截至2025年11月30日，公司累计回购股份346,600 股，占总股本0.017%，已支付资金342.96万元，回购价格区间为7.91元/股至11.91元/股。 ...

数据引发市场对印度经济增长动能持续性的担忧，尽管此前截至9月的季度经济增速超预期，制造业和 消费需求能否在外部压力下保持韧性成为焦点。 印度10月工业产出增速急剧放缓至0.4%，创下14个月以来最低水平，凸显这一亚洲第三大经济体正面 临明显的增长压力。 这一疲弱数据出现在关键时点。10月恰逢印度政府推出商品及服务税（GST）削减措施以刺激国内消 费，并应对美国对印度商品加征50%关税的冲击。分析师预计，强劲的消费需求将在一定程度上抵消出 口疲软的负面影响。 三大核心行业全面放缓 10月工业生产数据全面恶化。 数据显示，制造业虽然保持正增长，但1.8%的增速较9月的4.8%大幅回落。采矿业和电力生产则双双陷 入负增长，分别下滑1.8%和6.9%。 IIP数据追踪工业产品篮子的短期产出变化。钢铁、水泥、电力和化肥等八大核心行业占该指数权重的 40%。 12月1日，印度统计和计划执行部公布的工业生产指数（IIP）数据显示，10月增速不仅远低于9月的 4%，也低于经济学家预期的3.1%。 制造业产出增速从9月的4.8%降至1.8%，而采矿业和电力生产则分别下降1.8%和6.9%。官方将增长放缓 归因于排灯节等节庆假期 ...

Report Information - Report Title: Huaxian Futures Macroeconomic Monthly Report - The Downward Trend of the Real Estate Sector Accelerates, Pay Attention to Policy Stimulus at the End of the Year [1] - Author: Shi Shuyu - Date: 2025-11-30 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - From January to October 2025, the profits and revenues of industrial enterprises above designated size increased year-on-year, but the growth rate slowed down, and the profit in October decreased year-on-year. Different industries showed varying degrees of profit changes [8]. - In October 2025, the CPI rose slightly, and is expected to maintain a moderate upward trend. Food prices decreased, while non - food prices increased [8]. - In October 2025, the electricity consumption of the whole society reached a new monthly high, with significant growth in the electricity consumption of various industries [10]. - In October 2025, the fiscal revenue increased year-on-year, while the fiscal expenditure decreased year-on-year, with significant declines in some expenditure items [10]. - In October 2025, the prices of second - hand and new residential properties in first, second, and third - tier cities showed different degrees of decline [10]. - From January to October 2025, the decline in fixed - asset investment (excluding rural households) expanded, and the decline in real estate development investment, new construction, and sales also deepened [13]. 3. Summary by Relevant Catalogs 3.1 Monthly Viewpoint - **Industrial Enterprises**: From January to October 2025, the total profit of industrial enterprises above designated size was 5950.29 billion yuan, a year - on - year increase of 1.9% (previous value 3.2%); the operating revenue was 113.37 trillion yuan, a year - on - year increase of 1.8% (previous value 2.4%). In October, the profit decreased by 5.5% year-on-year[8]. - **CPI**: In October 2025, the national CPI increased by 0.2% year - on - year. Food prices decreased by 2.9%, non - food prices increased by 0.9%, consumer prices decreased by 0.2%, and service prices increased by 0.8%. From January to October, the average CPI decreased by 0.1% compared with the same period last year[8]. - **Electricity Consumption**: In October 2025, the electricity consumption of the whole society was 857.2 billion kWh, a year - on - year increase of 10.4%. From January to October, the cumulative electricity consumption was 8624.6 billion kWh, a year - on - year increase of 5.1%[10]. - **Fiscal Revenue and Expenditure**: From January to October 2025, the cumulative general fiscal revenue was 18.65 trillion yuan, a year - on - year increase of 0.8%. In October, the general fiscal revenue was 2.26 trillion yuan, a year - on - year increase of 3.16%. From January to October, the cumulative general fiscal expenditure was 22.58 trillion yuan, a year - on - year increase of 2%. In October, the general fiscal expenditure was 1.78 trillion yuan, a year - on - year decrease of 9.78%[10]. - **Real Estate Market**: In October 2025, the prices of second - hand and new residential properties in first, second, and third - tier cities showed different degrees of decline[10]. - **Fixed - Asset Investment**: From January to October 2025, the national fixed - asset investment (excluding rural households) was 40891.4 billion yuan, a year - on - year decrease of 1.7%. The decline in real estate development investment, new construction, and sales also deepened[13]. 3.2 National Economic Accounting - The report presents the quarterly year - on - year growth rates of GDP and its various components from 2023 to 2025, including agriculture, forestry, animal husbandry, fishery, industry, construction, and services[16]. - It also shows the contribution rates of various industries to GDP and the pulling effects on GDP growth[21]. 3.3 Industry Analysis - **Industrial Growth**: The growth rate of industrial added value of industries above designated size showed fluctuations. Different industries had different growth rates, such as coal mining and non - metallic mineral products industries showing varying performances[32]. - **Industrial Output**: The report provides the production data of major industrial products from 2024 to 2025, such as crude oil, coal, and steel[34]. - **Industry Electricity Consumption**: The electricity consumption of different industries showed different growth trends. Some industries, such as the textile and clothing industry, had relatively high growth rates in electricity consumption[43]. - **Industrial Enterprise Profits**: From January to October 2025, the total profit of industrial enterprises above designated size increased year - on - year, but the growth rate slowed down. Different industries had different profit situations, with some industries showing growth and others showing decline[46]. - **Industrial Enterprise Inventory**: As of the end of September 2025, the inventory of finished products of industrial enterprises above designated size increased by 2.8%. The inventory situation of different industries also varied[58]. 3.4 Price Index - **CPI**: In October 2025, the CPI increased by 0.2% year - on - year. Different CPI components showed different price changes, such as food prices decreasing and non - food prices increasing[64]. - **PPI**: In October 2025, the national PPI decreased by 2.1% year - on - year, and the decline narrowed compared with the previous month. The prices of production materials and living materials also showed different changes[71].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week, domestic commodities rebounded with fluctuations, and most varieties in the industrial and agricultural product sectors rebounded. The market's expectation of a December interest rate cut significantly increased, Sino-US relations continued to ease, and geopolitical situations had an impact on international oil prices [3]. - Commodities will maintain a volatile range with differentiated trends among varieties. Currently, macro factors are mixed, and there are uncertainties regarding the December interest rate cut, the domestic economic slowdown, and geopolitical changes [3]. Summary by Relevant Catalogs PART ONE: Main Views - **Review**: Domestic commodities rebounded with fluctuations this week. The expectation of a December interest rate cut rose, Sino-US relations improved, and geopolitical situations affected oil prices [3]. - **Overseas**: Fed officials' dovish remarks increased the probability of a December interest rate cut from 43% to 80%. The US economy shows "K-shaped differentiation," and consumer spending may weaken in Q4. There are developments in the Ukraine peace plan, which affected oil prices [3]. - **Domestic**: From January to October, the profits of industrial enterprises above designated size increased by 1.9% year-on-year, with different growth rates in different sectors. China's foreign direct investment maintained resilient growth from January to October [3]. - **Commodity Views**: Commodities will maintain a volatile range due to mixed macro factors, including interest rate cut uncertainty, domestic economic slowdown, and geopolitical changes [3]. PART TWO: Overseas Situation Analysis - Fed officials' remarks increased the market's expectation of a December interest rate cut. The US economic activity changed little, consumer spending weakened, and there were developments in the Ukraine peace plan affecting oil prices [3]. PART THREE: Domestic Situation Analysis - From January to October, the profits of industrial enterprises above designated size increased by 1.9% year-on-year, with different growth rates in different sectors. China's foreign direct investment maintained resilient growth from January to October [3][21][25]. PART FOUR: High-Frequency Data Tracking - Data on开工率 of polyester产业链 and高炉开工率, prices of POY and PTA, and agricultural product prices are presented, showing certain trends and changes [34][41][43].

Group 1 - The gold market is experiencing a paradox where gold prices are soaring, yet the industry is facing significant challenges, with many businesses reporting decreased sales and profits [1][2][5] - In 2025, gold prices have surged over 50%, reaching historical highs, but this has not translated into increased profits for gold-related businesses, as margins are extremely thin [2][9] - Traditional gold retailers, such as Chow Tai Fook, are struggling with a 20.4% drop in revenue and a 44.4% decline in net profit, leading to the closure of over 100 stores [5][7] Group 2 - The mining sector is also facing difficulties despite reporting increased profits; for instance, Shandong Gold's net profit rose over 90%, yet its stock price fell post-announcement due to rising production costs [7][9] - The current gold price surge is driven by structural changes, including significant purchases by central banks, which have increased their gold reserves from approximately 13% in 2022 to about 22% in mid-2025 [11][13] - The pricing logic of gold is shifting from traditional factors to strategic elements such as trust deficits and geopolitical risks, with central banks diversifying their reserves amid global uncertainties [15][16] Group 3 - Future gold price predictions are mixed, with short-term volatility expected, while long-term value as a safe-haven asset remains, supported by expectations of continued interest rate cuts by the Federal Reserve [18][20] - Major financial institutions are forecasting aggressive price targets for gold, with Citigroup predicting $3,500, JPMorgan targeting $4,000, and Goldman Sachs aiming for $4,200 [18][20] - The current economic reality reflects a disconnect between soaring gold prices and the struggles of the physical gold market, highlighting a complex and distorted economic landscape [20]

Core Viewpoint - The industrial enterprise profit growth rate in October has turned negative, indicating a significant decline in profitability compared to the previous month, influenced by revenue fluctuations and rising costs [2][4][18]. Group 1: Profit Data Overview - In October, the profit growth rate for industrial enterprises was -5.5%, a sharp decline from 21.6% in the previous month [2][18]. - The revenue growth rate for October was -3.3%, down from 3.1% in September, highlighting a significant drop in income [4][10]. - The profit margin for October was 5.11%, down from 5.42% in the same month last year, reflecting a decrease of 0.31% [5][18]. Group 2: Revenue and Cost Analysis - The increase in costs was driven by a rise in the expense ratio, which reached 8.46% in October, compared to 8.08% in the same month last year [5][11]. - The decline in revenue was particularly pronounced in the downstream consumption sector, with a revenue growth rate of -13.48% in October [4][10]. - Several industries experienced significant revenue declines, including beverages (-25%), textiles and clothing (-28.4%), and furniture (-22%) [4][10]. Group 3: Industry Performance - The mining sector saw a profit growth rate of -12.04%, while the manufacturing sector's growth rate was -9.2% in October [20]. - The asset growth rate for industrial enterprises was 4.7% in October, which is expected to remain below the GDP growth rate for the year [6][15]. - The equipment manufacturing sector showed a profit growth of 7.8% from January to October, contributing positively to the overall industrial profit [20][21].

（原标题：津巴布韦将实施更严格的环境监管和惩罚机制） 新津巴布韦网11月26日报道，津巴布韦政府宣布，将通过新出台的第二个负责任采矿倡议，对矿业 公司实施更严格的环境监管和惩罚机制。 根据该政策，如果矿业运营者违反环保法规、不进行土地修复或造成环境破坏，将面临取消采矿许 可的处罚。此举旨在保护生态环境，推动矿业可持续发展。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金川集團國際資源有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2362） 有關截至二零二五年九月三十日止九個月最新營運情況 （中文版本）之澄清公告 茲提述金川集團國際資源有限公司（「本公司」）日期為二零二五年十一月二十七日的 公告，內容有關截至二零二五年九月三十日止九個月最新營運情況（「該公告」）。除另 有界定者外，本公告所用詞彙與該公告所界定者具有相同涵義。 繼續暫停買賣 本公司股份已於二零二五年三月二十八日（星期五）上午九時正起暫停於聯交所買 賣，並將繼續暫停買賣，直至另行通知為止。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 金川集團國際資源有限公司 公司秘書 黃德銓 澄清 董事會謹此澄清，由於該公告的中文版本出現不慎文書錯誤，董事會謹此對「分析及 前景」一段作出如下修訂 ...