公司表示，本次交易完成后，上市公司在现有以锌精矿、铅精矿、铜精矿等为主要产品的有色金属布局基础上，增加钼精 矿采选业务。钼作为全球重要的不可再生的稀缺性战略资源，以其独特的物理化学性能通过含钼不锈钢、含钼合金钢、钼金属 及钼化工产品等形态最终可应用于包括钢铁行业、石油化工、建筑工程、汽车与交通运输、船舶及海洋工程、医疗制药、农业 等传统行业。在国家推动新质生产力发展的背景下，钼的下游需求持续增长，应用领域也进一步拓展到国防军工、航空航天、 电力及新能源、高端装备制造、电子电器等众多战略性新兴行业，钼的应用领域不断拓展，战略性地位不断提升。本次交易完 成后，上市公司将进一步实现资源多元化，降低有色金属行业周期轮换造成的影响，减少对铅锌金属的依赖，增强上市公司的 抗风险能力。 （编辑 汪世军） 公告显示，截至本报告书出具日，上市公司已向国城控股集团有限公司（以下简称"国城集团"）支付完毕全部对价31.68亿 元。同时，内蒙古国城实业有限公司（以下简称"国城实业"）60%股权已办理完毕变更登记手续。交易完成后，国城实业正式 成为国城矿业的控股子公司，纳入合并报表范围。 矿产资源是有色金属矿采选企业经营发展的基石，丰 ...

伊通地区金矿找矿再获突破。去年伊通后柳河子金矿勘查取得突破性进展，该矿床已查明金资源量22 吨。此后，吉林省地矿局乘势而上、持续深耕，在其周边二道岭地区又成功探明一处大型金矿床，资源 量达38吨。目前，两处矿床勘查深度未超过500米，且矿体走向和斜深均未封闭。2025年，吉林省地矿 局在该区域外围新发现多条金矿体，经进一步工作，该区域金资源量将突破100吨。为把伊通地区打造 成为吉林省又一重要金矿矿集区奠定了基础，为全省矿产资源保障、相关产业升级及经济高质量发展提 供坚实支撑。 集安地区晶质石墨矿找矿取得新成果。晶质石墨作为吉林省优势矿种，是新能源、电子信息等多领域核 心原材料。近年来，吉林省地矿局聚焦集安地区开展系统性找矿，成功圈定一条长约29公里、宽约20公 里晶质石墨成矿带，截至目前，吉林省地矿局在该成矿带内，累计提交12处优质矿产地，查明资源储量 829万吨，潜在经济价值达540亿元，资源规模和矿石品级均居全省前列。2025年，吉林省地矿局在该区 域部署3个专项勘查项目，可再增加2-3处矿产地，推动资源总规模向千万吨级跨越，以此为基础省地矿 局正持续深化勘查，全力打造集安千万吨级石墨矿集区，为全省石墨 ...

Core Insights - Jilin Province has made significant geological exploration achievements during the 14th Five-Year Plan period, discovering 47 mineral sites for further evaluation and submitting 27 large and medium-sized mineral sites [1][3]. Group 1: Gold Mining in Yitong - The Yitong region has seen breakthroughs in gold mining, with the discovery of a gold resource of 22 tons at the Houliuhezi gold mine and an additional large gold deposit in the Erdaoling area with a resource amount of 38 tons [3]. - The exploration depth of both deposits is under 500 meters, and the mineral bodies are not yet fully closed off, indicating potential for further discoveries [3]. - By 2025, the gold resource in this area is expected to exceed 100 tons, establishing Yitong as a significant gold mining district in Jilin Province, supporting resource security and economic development [3]. Group 2: Graphite Mining in Jichan - Jichan has achieved new results in crystalline graphite mining, a key raw material for various sectors including new energy and electronics [5]. - A mineralization belt approximately 29 kilometers long and 20 kilometers wide has been identified, with 12 quality mineral sites and a resource reserve of 8.29 million tons, valued at 54 billion yuan [5]. - By 2025, three specialized exploration projects are planned to potentially add 2-3 more mineral sites, aiming to elevate the total resource scale to the tens of millions of tons level [5]. Group 3: Multi-Metal Mining in Huadian - Significant discoveries have been made in the Huadian region, where a mineral body containing copper, nickel, cobalt, gold, platinum, and palladium has been found, with average grades exceeding typical industrial standards [7]. - The region has a large scale and multiple similar rock bodies, indicating substantial exploration potential [7]. - The discovered minerals are critical for various industries, and the mining of these deposits can achieve comprehensive recovery of multiple minerals, supporting industrial resource needs while minimizing ecological damage [7].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) plans to sell core assets worth 60.676 billion yuan to its controlling shareholder, China Minmetals Group, raising concerns over asset value imbalance and unclear strategic transformation [1] Group 1: Asset Sale Details - The total sale price of 60.676 billion yuan includes the sale of China MCC's subsidiaries such as China MCC Real Estate, China MCC Copper Zinc, and Ruimu Management [1] - The evaluation of the assets shows a significant disparity in value, with some assets having an evaluation increase rate ranging from -45.18% to 419,666.17%, raising questions about the fairness of the transaction [1][2] Group 2: Financial Performance of Real Estate Business - China MCC Real Estate, which is responsible for the company's real estate operations, has become a "profit black hole," with a projected net loss of 4.9 billion yuan in 2024 and an even larger loss of 25.3 billion yuan in the first seven months of 2025 [3][5] - The real estate segment contributed only 3.4% to the overall revenue in 2024, with a gross margin of just 3.92%, significantly lower than the company's overall profitability [3][4] Group 3: Mining Assets and Their Importance - The mining assets being sold, including China MCC Copper Zinc and Huaye Duda, are crucial for profitability, contributing 10.4% to the total profit in the first half of 2025 despite only accounting for 1.2% of revenue [7] - The mining operations have seen significant increases in evaluation rates, with China MCC Copper Zinc at 182.99%, China MCC Jinji at 183.51%, and Huaye Duda at 789.57%, indicating their strong profit potential [7] Group 4: Controversy Over Asset Evaluation - The lack of transparency in the asset evaluation process has raised concerns among investors, particularly regarding the assumptions and parameters used in the evaluation methods [9] - The sale of the Aynak copper mine project, a significant asset with an estimated economic value exceeding 2 trillion yuan, has become a focal point of contention among long-term investors [10][11] Group 5: Future Outlook and Investor Concerns - The company faces significant pressure to clarify the reasons for divesting valuable mining assets and to outline a clear development plan post-sale to address potential profit gaps [12] - The stock price of China MCC has been declining, reflecting market skepticism about the company's future profitability following the asset sale [13]

Core Viewpoint - The company, Shengda Resources, is executing its strategic acquisition plan by acquiring a 60% stake in Yichun Jinshi Mining Co., Ltd. for 500 million yuan, aiming to enhance its mineral resource reserves [1][2]. Acquisition Details - Shengda Resources plans to acquire the 60% stake in Jinshi Mining for 500 million yuan, with the total valuation of Jinshi Mining estimated at 833 million yuan, reflecting a premium of 2332.43% over its net asset value [2][3]. - Jinshi Mining's core asset is the 460 Gaodi Rock Gold Mine exploration rights, which includes confirmed copper and molybdenum resources [3][4]. Company Growth and Strategy - The company has been actively increasing its resource reserves through acquisitions, having previously acquired stakes in Guizhou Dingshengxin, Honglin Mining, and Jinshan Mining [1][4]. - Shengda Resources currently operates seven mining subsidiaries, with confirmed silver reserves of approximately 12,000 tons and gold reserves of about 34 tons [6][7]. Financial Performance - Shengda Resources has shown a recovery in its financial performance, with a net profit of 390 million yuan in 2024, a year-on-year increase of 163.56% [8]. - For the first three quarters of 2025, the company reported a net profit of 323 million yuan, reflecting a growth of approximately 62% [8][9]. Market Position - The company is positioned to become a leading player in the domestic lead and zinc reserves market following the completion of its acquisitions [6]. - The company's stock price has significantly increased, with a rise of 155.42% from early 2025 to December 10, 2025 [9].

[Table_Date] 2025 年 12 月 11 日 [Table_Title] 通胀修复，从 PPI 切换至 CPI 证券研究报告|宏观点评报告 11 月 CPI 同比 0.7%，与预期持平，前月 0.2%。CPI 环比-0.1%，前月 0.2%。 剔除食品和能源的核心 CPI 同比 1.2%，前值 1.2%。核心 CPI 环比-0.1%，前月 0.2%。 PPI 同比-2.2%，低于预期的-2.0%，前月-2.1%。PPI 环比 0.1%，前月 0.1%。如何看待 11 月通胀数据？ CPI 环比符合季节性特征，翘尾支撑同比反弹。11 月 CPI环比-0.1%，略好于 2021-2024 年同期均值-0.2% （下文季节性对比均基于此口径），仍不及 2015-2019 年同期均值（0%）。同比方面，翘尾因素回升 0.6 个百分 点，推动 CPI同比回升 0.5pct 至 0.7%，创下年内新高。拆分来看： 一是食品环比上涨 0.5%，显著强于季节性（-0.5%），为主要拉动项。究其原因，受北方降温及南方暴雨的 双重供给冲击，鲜菜价格环比大涨 7.2%，显著高于往年季节性（-4.7%），单项拉动 CP ...

Group 1: Inflation Overview - In November 2025, China's CPI increased by 0.7% year-on-year, with a month-on-month decrease of 0.1%[4] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months[4] - Food prices shifted from a decline of 2.9% to a slight increase of 0.2%, contributing positively to the CPI[4] Group 2: PPI and Industrial Prices - The PPI decreased by 2.2% year-on-year, with the decline slightly widening from the previous month's -2.1%[4] - The mining industry saw a month-on-month price increase of 1.7%, while coal mining prices surged by 4.1% due to winter energy demand[3] - Prices in the raw materials sector fell by 2.9% year-on-year, indicating continued supply pressure in some industries[3] Group 3: Sector Performance - Non-food prices rose by 0.8% year-on-year, with household goods prices increasing by 4.9%[4] - The price of fresh vegetables rebounded significantly, rising by 14.5% year-on-year after nine months of decline[4] - Durable goods prices decreased by 3.6% year-on-year, reflecting weak demand in that segment[5] Group 4: Future Outlook - Expectations suggest that food price declines may continue to narrow, potentially lifting CPI further[5] - Industrial product prices are anticipated to stabilize and improve due to ongoing supply-side optimization and marginal demand recovery[5] - Risks include escalating US-China trade tensions and uncertainties regarding the Federal Reserve's interest rate decisions[5]

11月份CPI同比上涨0.7%，涨幅比上月扩大0.5个百分点，为2024年3月份以来最高，同比涨幅扩大主要是食品价格由降转涨拉 动。食品中，鲜菜价格由上月下降转为上涨14.5%，为连续下降9个月后首次转涨，对CPI同比的上拉影响比上月增加约0.49个百分 点；鲜果价格由上月下降转为上涨；牛肉和羊肉价格涨幅均有扩大。此外，服务和扣除能源的工业消费品价格均呈现上涨态势。 国家发展改革委价格监测中心分析预测处经济师 刘南村：从构成CPI的八大类商品和服务价格来看，是"六涨一平一降"的态 势。从主要上涨的品类来看，在"一老一小"等照护服务需求增长的带动下，家庭服务价格有所上涨。在旅游消费需求的带动下，旅 游价格有所上涨。随着居民消费需求呈现多样化、升级化的发展态势，服装等衣着类的价格有所上涨。 央视网消息：12月10日上午，国家统计局发布数据显示，11月份，居民消费持续恢复。 民消费价格指数CPI同比上涨0.7%，扣除食品和能源价格的核心CPI同比上涨1.2%。 国家发展改革委价格监测中心分析预测处经济师 刘南村：从上涨的因素来看，扩大内需和优化供给的协同作用下，部分行业的 出厂价格上涨较多。像有色金属矿采选、有色金 ...

12月10日，国家统计局发布的最新数据显示，11月扣除食品和能源价格的核心CPI同比上涨1.2%，其中金饰品价格同 比涨幅扩大至58.4%。 整体来看，11月份，居民消费价格指数（CPI）环比略降0.1%，同比上涨0.7%。工业生产者出厂价格指数（PPI）环比 上涨0.1%，同比下降2.2%。 从环比看，11月份PPI上涨0.1%，连续两个月上涨。具体而言，一是部分行业需求季节性增加带动其价格上涨。例如 各地"迎峰度冬"开始，煤炭、燃气需求季节性增加，防寒保暖产品进入消费旺季。二是受输入性因素影响国内有色金 属和石油相关行业价格走势分化，有色金属矿采选业价格环比上涨2.6%，石油和天然气开采业价格下降2.4%。 同比涨幅扩大主要是食品价格由降转涨拉动。尤其是鲜菜价格由上月下降7.3%转为上涨14.5%，为连续下降9个月后首 次转涨；鲜果价格由上月下降2.0%转为上涨0.7%；牛肉和羊肉价格分别上涨6.2%和3.7%，涨幅均有扩大；猪肉和禽 肉类价格分别下降15.0%和0.6%，降幅均有收窄。 CPI同比涨幅扩大 此外，11月扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。扩内需政 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 安科高新技术（河南）研究院有限公司，成立于2019年，位于郑州市，是一家以从事软件和信息技术服 务业为主的企业。企业注册资本3000万人民币。通过天眼查大数据分析，安科高新技术（河南）研究院 有限公司共对外投资了2家企业，参与招投标项目121次，财产线索方面有商标信息4条，专利信息21 条，此外企业还拥有行政许可6个。 国家知识产权局信息显示，嵩县山金矿业有限公司、安科高新技术（河南）研究院有限公司取得一项名 为"一种煤水分离设备"的专利，授权公告号CN120771619B，申请日期为2025年9月。 天眼查资料显示，嵩县山金矿业有限公司，成立于2008年，位于洛阳市，是一家以从事有色金属矿采选 业为主的企业。企业注册资本14380万人民币。通过天眼查大数据分析，嵩县山金矿业有限公司共对外 投资了1家企业，参与招投标项目795次，专利信息120条，此外企业还拥有行政许可54个。 来源：市场资讯 ...