来源：智通财经 12月11日早间，智汇矿业在港交所公告，公司拟全球发售121,952,000股H股，香港发售股份12,196,000 股H股，国际发售股份109,756,000股H股；发售价不超每股4.51港元；预期股份将于2025年12月19日开 始在香港联交所买卖。 ...

Core Viewpoint - The company, Zhihui Mining, is set to launch an initial public offering (IPO) of 122 million H-shares, with a price range of HKD 4.1 to HKD 4.51 per share, aiming to raise approximately HKD 471 million for business enhancements and operational capabilities [1][3]. Group 1: IPO Details - The IPO will take place from December 11 to December 16, 2025, with shares expected to start trading on December 19, 2025 [1]. - The offering consists of approximately 10% for public sale in Hong Kong and 90% for international investors [1]. - The company has secured cornerstone investment agreements, with investors committing to purchase shares at the maximum price of HKD 4.51, totaling around HKD 224 million [2]. Group 2: Use of Proceeds - The net proceeds from the IPO are estimated to be around HKD 471 million, which will be allocated as follows: - Approximately 29.2% for enhancing mining capabilities - Approximately 23.4% for increasing exploration investments within Tibet mining rights - Approximately 18.7% for improving ore processing and optimizing concentrate production - Approximately 14.0% for investing in and acquiring growth potential assets - Approximately 7.7% for working capital and general corporate purposes before 2030 - Approximately 7.0% for repaying bank loans before 2026 [3]. Group 3: Financial Performance - The company's total revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the seven months ending July 31, 2025, were approximately RMB 482 million, RMB 546 million, RMB 301 million, and RMB 257 million, respectively [4]. - Gross profit figures for the same periods were approximately RMB 175 million, RMB 218 million, RMB 105 million, and RMB 85.7 million, with corresponding gross profit margins of about 36.2%, 39.9%, 34.7%, and 33.4% [4]. - Net profit for the respective periods was approximately RMB 118 million, RMB 155 million, RMB 55.9 million, and RMB 51.7 million, with net profit margins of approximately 24.4%, 28.3%, 18.5%, and 20.2% [4].

前十月，俄对欧洲国家出口额下降14.9%至约478亿美元；进口额下降4.4%至约581亿美元。同期与亚洲 国家的贸易往来中，俄出口额下降1.6%，约为2639亿美元；进口额下降2.9%，为约1494亿美元。 从出口商品结构来看，统计期内，矿产品在俄罗斯出口总额中占据首位，出口额为约1866亿美元，同比 下降14.7%。金属及金属制品出口额增长19.3%，为约604亿美元；农产品出口额约315亿美元，同比下 降10.3%。 （文章来源：新华财经） 新华财经莫斯科12月11日电（记者包诺敏）据俄罗斯海关数据，2025年1月至10月，俄罗斯外贸顺差同 比下降7.75%，至1154亿美元。 报告期内，俄出口额减少152亿美元，约为3398亿美元；进口额减少55亿美元，约为2244亿美元。1-10 月，俄贸易总额与去年同期相比下降3.54%，为约5642亿美元。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算 有限公司（「香港結算」）對本公告的內容概不負責，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依賴該等內容 而引致的任何損失承擔任何責任。 除本公告另有界定者外，本公告所用詞彙與西藏智匯礦業股份有限公司（「本公司」） 所刊發日期為2025年12月11日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。本公告並 非招股章程。有意投資者於決定是否投資於發售股份前，務請細閱招股章程以瞭解 下文所述有關本公司及全球發售的詳細資料。任何有關發售股份的投資決定應僅依 據招股章程所提供的資料作出。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞 特區）發佈、刊發或派發。本公告並非且不旨在構成或組成在美國或任何其他司法 權區要約出售任何證券或招攬購買或認購任何證券的一部分。發售股份不曾亦不會 根據1933年美國證券法（經不時修訂）（「美國證券法」）或美國任何州或其他司法權區 的證券法進行登記，且不得於美國境內提呈發售 ...

记者张阿凤济南报道 绿色矿山建设要求 纳入新建矿山出让合同 山东是矿产资源大省。赵晓晖介绍,全省自然资源系统扎实履行"两统一"职责,土地、矿产、森林、海洋 等各类自然资源利用效率稳步提升。在矿业领域,山东将绿色发展理念贯穿于矿产资源规划、勘查、开 发利用与保护全过程。 山东省自然资源厅副厅长徐阳在回答记者提问时介绍,山东在落实国家绿色矿山标准体系基础上,出台了 绿色矿山管理办法、绿色勘查技术要求和7项省级地方规范,"将绿色矿山建设要求纳入新建矿山采矿权 出让合同",并建立退出机制。 目前,山东大、中、小型绿色矿山建成率分别达到93%、90%、86%,山东黄金（600547）集团荣获全国首 家"中国绿色矿业集团"称号。 智能化、绿色化成为山东矿山转型的核心驱动力。徐阳介绍:"山东宏河百利矿业有限公司凫山矿,率先引 进纯电动无人驾驶矿车,打造全国首个'5G+绿电+纯电动+无人驾驶'零碳矿山。"该矿无人驾驶运营里程 已达21.5万公里,累计减排碳1600余吨,每年节省成本近800万元。 金鼎矿业通过应用物联网、大数据和智能技术,建设三维可视化安全生产集中管控平台,使回采率从78% 提高至90%,贫化率由18%下降为 ...

说实话，看到这新闻的时候，我差点没笑出声来。30亿欧元，放在普通人眼里那是天文数字，可要是放在大国博弈和产业链重构这个层面上，那简直就是杯 水车薪。 但这事儿最讽刺的地方在于它释放出来的信号，那就是：欧洲那帮精英老爷们，终于不得不捏着鼻子承认，过去三十年他们在资源战略上，简直就是犯了一 个天大的错误！ 大家好，欢迎来到今天的深度观察。最近，欧盟委员会突然搞了个大动作，宣布要紧急拿出30亿欧元，说是为了解决他们心头的一块大病——关键原材料的 依赖问题。 这事儿听起来挺热闹，但仔细一琢磨，里头全是心酸和无奈。咱们今天就来扒一扒，这30亿欧元到底能不能救得了欧洲的急，以及这背后隐藏的，欧洲长达 三十年的战略大败局。 欧盟这次是急眼了，把这笔钱作为那个去年生效的《关键原材料法案》的启动资金。 他们说是到2030年，欧盟自己用的战略原材料，至少10%得是自己地里挖出来的，40%得是自己工厂加工的，还有25%得是回收来的。 最狠的一条是，对任何一个"单一第三国"的依赖不能超过65%。各位听听，这"单一第三国"是谁，还需要我点名吗？这不明摆着就是冲着中国来的嘛！ 要把这事儿说明白，咱们得把时间轴往回拉，拉到上世纪80年代。 ...

Core Viewpoint - The silver sector is experiencing a strong performance, with several companies in the industry showing significant stock price increases. Company Summaries - **Shengda Resources (000603.SZ)**: Latest stock price is 30.37 CNY with a daily increase of +5.86%. It is a leading silver company controlling six mining subsidiaries, with high gross margins among listed companies [1]. - **Silver Industry (601212.SH)**: Latest stock price is 5.19 CNY with a daily increase of +4.43%. It operates a comprehensive production base for various non-ferrous metals [1]. - **Guocheng Mining (000688.SZ)**: Latest stock price is 23.58 CNY with a daily increase of +4.29%. The mines are located in Inner Mongolia, a major lead-zinc mining area [1]. - **Xingye Silver Tin (000426.SZ)**: Latest stock price is 35.27 CNY with a daily increase of +4.04%. Its subsidiary, Yinman Mining, is one of the largest silver-producing mines in China with high silver content [1]. - **Hunan Silver (002716.SZ)**: Latest stock price is 6.49 CNY with a daily increase of +3.84%. It is an important base for silver production and export in China, forming a complete industrial chain from "rich silver copper ore—silver—deep processing" [1]. - **Shanjin International (000975.SZ)**: Latest stock price is 22.29 CNY with a daily increase of +3.48%. Its subsidiary, Yulong Mining, is one of the largest single silver mines in China with high gross margins [1]. - **Zhuye Group (600961.SH)**: Latest stock price is 14.82 CNY with a daily increase of +2.70%. The main smelting products include silver [1]. - **Yuguang Gold Lead (600531.SH)**: Latest stock price is 11.17 CNY with a daily increase of +2.10%. It is a leading domestic silver producer, primarily engaged in the smelting and sales of silver and other non-ferrous metals, with silver ingots as the main product [2].

Core Viewpoint - The company, Chuanfa Longmang, is positioned as a key player in the mining and chemical industry in Sichuan, leveraging its control over various scarce resources such as phosphate, lithium, vanadium-titanium, iron, and lead-zinc mines [1] Group 1: Resource Holdings - The company holds significant phosphate resources through its controlling shareholder, Sichuan Development (Holding) Company, which has injected upstream phosphate resources from Tianrui Mining in 2022 and plans to inject lithium spodumene resources from Simanzogou in 2024 [1] - The company has acquired a 10% stake in Tian Sheng Mining, a wholly-owned subsidiary of its controlling shareholder, which includes a stake in the Xiaogou Phosphate Mine with a total identified phosphate resource of 401 million tons and a designed production capacity of 5.5 million tons per year [1] - The company also has indirect holdings in the Laohudong Phosphate Mine, which has a total resource of approximately 370 million tons and a designed capacity of 5 million tons per year, marking it as one of the few high-quality phosphate mines in the country [1] Group 2: Future Plans and Support - The controlling shareholder is committed to continuing support for the company in acquiring high-quality resources and enhancing the industrial chain to solidify its integrated advantages [1] - The company will adhere to legal and regulatory requirements for information disclosure regarding any future relevant matters [1]

Core Viewpoint - Silver prices are facing a critical test at the $60 per ounce level, which is seen as a pivotal point for potential further gains or resistance in the market [2][3]. Price Movement - Silver has reached multiple historical highs in the past two months, with a 100% increase since 2025 [2]. - The last time silver prices reached such highs was over 45 years ago, indicating a significant market shift [2]. Market Analysis - Analysts suggest that if silver can maintain above $60, it may lead to a more substantial upward trend [2]. - The price surge is attributed to a long-standing supply deficit and increased demand from solar and electric vehicle industries [2][4]. Supply and Demand Dynamics - The global silver supply has been below demand for five consecutive years, with a reported 8.8% decline in silver production from 2016 to 2024, while demand has grown by 17% [4]. - Demand from the solar industry alone has surged by 143%, contributing to the supply-demand imbalance [4]. Investor Sentiment - There is a growing recognition among investors regarding the investment opportunities in the silver market, particularly as the dollar weakens and expectations rise for further Federal Reserve rate cuts [4]. - The influx of funds into silver-tracking ETFs indicates increased investor interest [4]. Cautionary Notes - Analysts warn that silver trading may be highly volatile and not suitable for risk-averse or over-leveraged investors [5]. - Despite the potential for silver prices to reach $100 per ounce, significant corrections may occur during this process [5].

摘要 特许权使用费争议与复杂核查流程延缓出口，国内冶炼体系承压，价格和供应链不确定性上升。 作为全球最大的钴供应国， 刚果（金） 正在以更强势且复杂的方式重塑出口体系。 自今年 10 月以配额制取代出口禁令以来，新规要求企业在发运前预缴 10% 销售价值的特许权使用费，并增加核查和审批流程。 刚果（金）此前的出口禁令曾将钴价压至每磅 10 美元的九年低点。目前钴价直逼 25 美元 / 磅，半年涨幅 150% 。 企业和贸易商普遍反映，市场买方充足，但可实际落地的现货供应有限，流动性明显下降。 有数据指出， 中国 2024 年累计进口 62 万吨，其中来自刚果（金）的占比高达 98.6% 。出口延迟导致国内冶炼体系承压 。 钴中间品库存从年初的 2 、 3 个月降至不足 1 个月，电钴月产量从 4800 吨降至不足 300 吨。业内认为，如果出口无法在 明年 年一季度恢复， 供应紧张可能向材料端传导，尤其在四钴与钴酸锂环节。 除了短期价格和供应压力，行业还在关注长周期的结构性影响。钴仍是高镍三元电池稳定剂，消费电子电池主要以钴酸锂为主。而政策不确定性和价 格波动可能迫使锂电产业链加速推进低钴或无钴技术，这在未来 ...