Core Viewpoint - The stock of Shenghe Resources has experienced a significant increase of 94.37% year-to-date, but has recently faced declines in the short term, with a drop of 7.17% over the last five trading days and 15.67% over the last 20 days [1] Financial Performance - For the period from January to September 2025, Shenghe Resources reported a revenue of 10.456 billion yuan, representing a year-on-year growth of 26.87%. The net profit attributable to shareholders reached 788 million yuan, showing a substantial increase of 748.07% compared to the previous year [2] Shareholder Information - As of November 10, 2025, the number of shareholders for Shenghe Resources was 239,700, a slight decrease of 0.08% from the previous period. The average number of circulating shares per shareholder increased by 0.07% to 7,312 shares [2] - The company has distributed a total of 1.039 billion yuan in dividends since its A-share listing, with 561 million yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the sixth largest shareholder with 35.4767 million shares, an increase of 12.0087 million shares from the previous period. The Southern CSI 500 ETF held 20.4321 million shares, a decrease of 353,500 shares, while the Harvest CSI Rare Earth Industry ETF increased its holdings by 795,400 shares to 15.095 million shares [3]

每经AI快讯，11月24日，市场早盘高开回落，三大指数集体翻绿，创业板指跌近1%。沪深两市半日成 交额1.02万亿，较上个交易日缩量2807亿。盘面上热点快速轮动切换，全市场超3200只个股上涨。从板 块来看，商业航天概念集体上涨，上海港湾（605598）、航天动力（600343）等多股涨停。军工板块再 度走强，中船防务（600685）4天2板。地产板块表现活跃，财信发展（000838）3连板，世联行 （002285）2连板。下跌方面，锂矿概念股多数回调，盛新锂能（002240）2连跌停。算力硬件概念快速 回落，工业富联（601138）触及跌停，"易中天"光模块三巨头震荡下跌。板块方面，军工、商业航天、 风电设备等板块涨幅居前，能源金属、海南、燃气等板块跌幅居前。截至收盘，沪指跌0.34%，深成指 跌0.59%，创业板指跌0.77%。 ...

Investment Rating - Industry Rating: Recommended [4] Core Views - The report indicates that the recent U.S. non-farm employment data exceeded expectations, which has suppressed interest rate cut expectations for the year, leading to downward pressure on metal prices [3][20] - Precious metals have seen price declines due to weakened rate cut expectations, with COMEX gold down 0.53% to $4,062.80 per ounce and COMEX silver down 1.47% to $49.66 per ounce [30][46] - The overall outlook for precious metals remains cautious, with geopolitical tensions and global debt concerns driving long-term investment in gold [20][49] Summary by Sections Precious Metals - COMEX gold and silver prices have decreased, with significant changes in ETF holdings, indicating a shift in market sentiment [30][46] - The U.S. job market shows mixed signals, complicating the Federal Reserve's decision-making regarding interest rates [3][9] - The report highlights a potential long-term bullish trend for gold due to rising global debt and inflation concerns [20][49] Base Metals - Base metal prices are under pressure due to reduced rate cut expectations, with copper, aluminum, zinc, and lead all experiencing price declines [8][9] - The supply side is facing challenges, with major copper producers reporting production declines due to operational issues [9][12] - Demand for copper is expected to remain tight in the long term, supported by energy transition policies and infrastructure investments [22] Small Metals - The report notes that magnesium prices are under pressure due to rising costs, while demand remains stable [18] - Molybdenum and vanadium prices are weak, reflecting a challenging market environment for these metals [19] Investment Recommendations - The report suggests a focus on gold and silver stocks, highlighting specific companies that may benefit from rising metal prices [20][50] - For base metals, companies involved in copper production are recommended due to expected supply constraints and long-term demand growth [22]

行 业 研 究 / 行 业 点 评 - 券 研 究 报 告 证券分析师 行 业 及 产 业 有色金属 证 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 马昕晔 A0230511090002 maxy@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 11 月 23 日 降息预期短期压制，板块高景气趋 势不变 看好 ——金属&新材料行业周报20251117-20251121 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数下跌 3.90%，深证成指下跌 5.13%，沪深 300 下跌 3.77%，有色金属（申万）指 ...

公司具备显著资源增储潜力，三座矿山合计证载产能428万吨/年。 公司已制定市值管理制度，正推进公积金弥补亏损以创造分红条件。 广西华锡有色金属股份有限公司于2025年11月17日召开2025年第五次临时股东会，审议通过了《关于使 用公积金弥补亏损的议案》。会议由董事会召集，董事长张小宁主持，采用现场与网络投票结合方式召 开，出席股东所持表决权股份占公司有表决权股份总数的71.9412%。议案获得出席会议股东所持表决 权二分之一以上通过，表决结果为同意454,880,966股，反对183,000股，弃权12,800股。国浩律师（南 宁）事务所对本次会议进行了见证并出具法律意见书，认为会议召集、召开程序及表决结果合法有效。 机构调研要点 公司积极参与南丹试验区建设，2025年前三季度实现营业收入41.38亿元，净利润4.94亿元，主要产品产 量按计划推进，将通过优化生产、成本管控等措施力争完成年度目标。 截至2025年11月21日收盘，华锡有色（600301）报收于34.95元，较上周的37.17元下跌5.97%。本周， 华锡有色11月20日盘中最高价报37.66元。11月18日盘中最低价报33.9元。华锡有色当 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002978 安宁股份 | | 1837.27万 | 5.48% | 1109.91万 | 3.31% | -2947.18万 | -8.78% | | 000960 铝亚股份 | | 1573.04万 | 1.42% | 1443.22万 | 1.30% | -3016.27万 | -2.72% | | 301026 浩通科技 | | -159.34万 | -1.52% | 1322.31万 | 12.64% | -- -1162.98万 | -11.12% | | 920068 天工股份 | | -331.51万 | -6.35% | -332.76万 | -6.37% | 35.85万 | 0.69% | | 688750 金天钛业 | | -350.74万 | -3.80% | -602.48万 | -6.53% | 953.22万 | 10.34% | | 6 ...

Market Overview - The US and Asia-Pacific stock markets experienced a collective decline, with the A-share market also seeing significant drops. The Shanghai Composite Index fell by 2.45% to 3834 points, the Shenzhen Component Index dropped by 3.41%, and the ChiNext Index decreased by 4.02% [1] Trading Volume and Market Performance - The total market turnover reached 1.98 trillion yuan, an increase of 261 billion yuan compared to the previous trading day, with nearly 5100 stocks declining [1] Sector Performance - Lithium mining and battery sectors faced a wave of limit-downs, with companies like Ganfeng Lithium, Jiangte Motor, and Tianqi Lithium seeing significant declines. The organic silicon sector also fell, with stocks like Yuanxiang New Materials dropping over 10% [1] - The titanium dioxide sector declined, with Guocheng Mining hitting the limit down. Battery stocks generally fell, with companies like Xingyuan Materials dropping over 10% [1] - The fertilizer and phosphorus chemical sectors also saw declines, with Chengxing Shares hitting the limit down. The photovoltaic equipment sector weakened, with Jincheng Shares also hitting the limit down [1] - Conversely, the shipbuilding sector rose against the trend, with Jianglong Shipbuilding increasing by over 14%. The AI application sector saw slight gains, with Kimi and Sora concepts leading the rise, and Yidian Tianxia hitting the limit up [1] Index Performance - The performance of various indices was as follows: - Shanghai Composite Index: 3834.89, down 96.16 points (-2.45%) - Shenzhen Component Index: 12538.07, down 442.75 points (-3.41%) - ChiNext Index: 2920.08, down 122.26 points (-4.02%) - CSI 300: 4453.61, down 111.34 points (-2.44%) - CSI 500: 6817.41, down 244.54 points (-3.46%) [1]

Core Viewpoint - Jinmoly Co., Ltd. has experienced a stock price decline of 2.02% on November 21, with a current price of 14.05 CNY per share, despite a year-to-date increase of 45.45% [1] Financial Performance - For the period from January to September 2025, Jinmoly Co., Ltd. achieved a revenue of 10.885 billion CNY, representing a year-on-year growth of 7.80%, and a net profit attributable to shareholders of 2.286 billion CNY, up 4.17% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 10.336 billion CNY, with 3.549 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 10.65% to 82,400, while the average circulating shares per person decreased by 9.63% to 39,134 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 76.3054 million shares, a decrease of 12.6515 million shares from the previous period [3] - New entrants among the top ten circulating shareholders include Southern CSI Nonferrous Metals ETF Initiated Link A, holding 7.8797 million shares [3] Business Overview - Jinmoly Co., Ltd. primarily engages in molybdenum mining, smelting, deep processing, and the production and sale of molybdenum chemical and metal products, with mining and processing accounting for 90.14% of its main business revenue [1] - The company is classified under the non-ferrous metals industry, specifically in the small metals sector, with involvement in various concept sectors including scarce resources and aerospace military [1]

行 业 研 究 / 有 色 金 属 / 证 券 研 究 报 告 有色金属行业周报 铜铝需求好转，关注锑市改善 2025 年 11 月 20 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） -10% 6% 22% 38% 54% 70% 2024/11 2025/5 2025/11 有色金属 沪深300 相关研究 《铜铝趋势不改，供需结构或持续改善》 2025.11.10 《金铜趋势不改，铝供需有望持续改善》 2025.11.04 《美联储降息或持续，关注有色金属金融 属性催化》 2025.10.27 《美联储或停止缩表在即，关注行业金融 属性催化》 东方财富证券研究所 证券分析师：李淼 证书编号：S1160524120006 证券分析师：孟宪博 证书编号：S1160525030003 证券分析师：张恒浩 证书编号：S1160525090001 相对指数表现 钢铁：西芒杜正式投产，钢厂盈利有望逐渐改善。当周 SHFE 螺纹钢/SHFE 热 卷收于 3053、3256 元/吨，周环比+0.6%/ +0.3%。当周五大钢材品种供应 834.38 万吨，周环比-22.36 万吨，总库存录得 1477.34 万 ...

Market Overview - The small metals sector increased by 1.12% on November 20, with Guangsheng Nonferrous leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Top Performers - Guangsheng Nonferrous (600259) closed at 56.90, up 6.45% with a trading volume of 302,000 shares and a transaction value of 1.711 billion [1] - Guizhou Research Platinum (600459) closed at 18.20, up 5.02% with a trading volume of 619,300 shares and a transaction value of 1.116 billion [1] - Huaxi Nonferrous (600301) closed at 36.59, up 4.25% with a trading volume of 192,000 shares and a transaction value of 706 million [1] Underperformers - Yunnan Province Industry (002428) closed at 26.52, down 3.88% with a trading volume of 383,300 shares and a transaction value of 1.03 billion [2] - Jintian Titanium Industry (688750) closed at 19.25, down 3.36% with a trading volume of 35,900 shares and a transaction value of 70.72 million [2] - Tin Industry Co. (000960) closed at 24.07, down 1.67% with a trading volume of 289,200 shares and a transaction value of 703 million [2] Capital Flow - The small metals sector saw a net inflow of 630 million from main funds, while retail investors experienced a net outflow of 651 million [2][3] - Main funds showed significant net inflows in Guangsheng Nonferrous (2.00 billion) and North Rare Earth (2.01 billion) [3] Summary of Individual Stocks - Guangsheng Nonferrous had a main fund net inflow of 2.00 billion, with retail investors showing a net outflow of 1.28 billion [3] - North Rare Earth had a main fund net inflow of 2.01 billion, with retail investors showing a net outflow of 1.05 billion [3] - Guizhou Research Platinum had a main fund net inflow of 69.88 million, with retail investors showing a net outflow of 1.21 billion [3]