Core Viewpoint - Longgao Co., Ltd. has seen a 5.2% increase in stock price, reaching 38.82 CNY per share, with a total market capitalization of 6.957 billion CNY as of December 2 [1] Company Overview - Longgao Co., Ltd. is located in Longyan City, Fujian Province, and was established on April 25, 2003, with its listing date on April 16, 2021 [1] - The company's main business involves the mining, processing, and sales of kaolin, along with related technology research and development [1] - Revenue composition includes: raw ore 41.94%, comprehensive utilization 31.47%, refined ore 25.56%, and others 1.03% [1] Fund Holdings - According to data, one fund from Chuangjin Hexin holds a significant position in Longgao Co., Ltd. [2] - Chuangjin Hexin Qifu Optimal Stock Initiation A (019338) held 31,000 shares in the third quarter, accounting for 1.47% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a year-to-date return of 45.67%, ranking 611 out of 4206 in its category [2] - The fund manager, Zhang Rong, has a tenure of 10 years and 178 days, with a total fund size of 53.5125 million CNY [2] - Wang Yan, another fund manager, has a tenure of 5 years and 339 days, also managing a fund size of 53.5125 million CNY [2]

2019年-2025年1-10月全国非金属矿采选业出口货值统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：长江材料（001296），力量钻石（301071），索通发展（603612），石英股份（603688）， 坤彩科技（603826），龙高股份（605086），联瑞新材（688300），齐鲁华信（830832），秉扬科技 （836675），天马新材（838971），东方碳素（832175），宁新新材（839719） 相关报告：智研咨询发布的《2026-2032年中国稀有金属矿产行业市场调研分析及未来前景分析报告》 根据国家统计局数据可知：2025年10月全国非金属矿采选业出口货值为2.9亿元，同比增长8%；2025年 1-10月全国非金属矿采选业累计出口货值为25.4亿元，累计同比下降6.4%。 ...

Core Viewpoint - Jin Yan Gao Ling New Materials is set to launch its global offering on November 25, with an expected listing on the Hong Kong Stock Exchange on December 3, 2023, at a price of HKD 7.30 per share, raising between HKD 180 million to HKD 200 million [1]. Group 1: Financial Performance - The company has experienced a significant slowdown in net profit growth, with a projected increase of only 8% in the first half of 2025, contrasting sharply with a compound annual growth rate (CAGR) of 48.6% over the past three years [2]. - Revenue figures for 2022, 2023, and 2024 were approximately CNY 190 million, CNY 205 million, and CNY 267 million, respectively, indicating a CAGR of about 17.4% [2]. Group 2: Product and Market Dynamics - The company's strategy of "exchanging price for volume" has led to a decline in the proportion of high-margin products, with the share of high-margin precision casting sand powder dropping from 98% in 2022 to 63.4% in the first half of 2025 [3]. - The average selling price of precision casting materials has decreased from CNY 1,554 per ton in 2022 to CNY 1,307 per ton in the first five months of 2025, reflecting a discount of over 10% compared to industry forecasts [3]. Group 3: Operational Challenges - The company relies solely on one kaolin mine in Huai Bei, Anhui Province, with a total resource of 18.649 million tons and a remaining mining life of only 16 years, raising concerns about future production capacity [4]. - The combined operating and capital expenditures from 2022 to 2024 were CNY 2.12 billion, CNY 3.83 billion, and CNY 3.30 billion, with future annual expenditures projected at CNY 280 million [4]. Group 4: Investment and Market Perception - The cornerstone investors for the IPO are all industry partners, contributing a total of HKD 76.22 million, which represents 43% of the base issuance scale, indicating a lack of recognition from financial investors [5][6]. - The company's valuation is expected to rise from approximately HKD 437 million to HKD 710 million post-IPO, a nearly 62% increase, despite the slowdown in growth and lack of new growth drivers [6].

Company Overview - Longyan Kaolin Co., Ltd. is located in Longyan City, Fujian Province, and was established on April 25, 2003. The company was listed on April 16, 2021. Its main business involves the mining, processing, and sales of kaolin, along with related technology research and development [1] - The revenue composition of the company is as follows: raw ore 41.94%, comprehensive utilization 31.47%, refined ore 25.56%, and others 1.03% [1] Stock Performance - On November 28, Longyan Kaolin's stock rose by 5.15%, reaching a price of 32.49 yuan per share, with a trading volume of 42.359 million yuan and a turnover rate of 0.75%. The total market capitalization is 5.822 billion yuan [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Chuangjin Hexin holds a significant position in Longyan Kaolin. The Chuangjin Hexin Qifu Preferred Stock A Fund (019338) held 31,000 shares in the third quarter, accounting for 1.47% of the fund's net value, ranking as the tenth largest heavy stock [2] - The fund has a current scale of 20.1917 million yuan and has achieved a year-to-date return of 44.07%, ranking 569 out of 4206 in its category. Over the past year, the return is 43.23%, ranking 486 out of 4008, and since its inception, the return is 46.87% [2] Fund Manager Information - The fund managers of Chuangjin Hexin Qifu Preferred Stock A are Zhang Rong and Wang Yan. Zhang Rong has a cumulative tenure of 10 years and 174 days, with the fund's total asset size at 53.5125 million yuan. The best return during his tenure is 53.72%, while the worst is -31.64% [3] - Wang Yan has a cumulative tenure of 5 years and 335 days, with the same fund asset size of 53.5125 million yuan. The best return during her tenure is 45.71%, and the worst is -17.71% [3]

近日，安徽宣城公告资源交易中心发布宣州区南湖村刺山矿区建筑石料用灰岩花岗斑岩矿800万吨/年建设项目招标公告，招标人是宣城市宣州区国投第二 矿业有限公司，项目招标范围包括项目的设计、采购、施工、生产开拓与开采加工及运营。 据悉，安徽宣城宣州区国投第二矿业有限公司以14.65亿元的高价竞得该采矿权全矿采矿权范围内建筑石料用灰岩花岗斑岩矿资源量为1.52亿吨，年生产能 力为800万吨，矿山计算服务年限18.4年，项目投资金额23.8亿元。 安徽宣城宣州区国投第二矿业有限公司为宣城市宣州区国有资本运营集团有限公司（简称宣州区国资集团）的全资子公司。该集团旗下拥有国投置业、国 投港务、国投砂石等7家全资子公司，以及4家控股和10家参股企业，业务版图广泛，涵盖产业园区投资、房地产开发、工程建设施工等多个领域。 值得一提的是，2021年4月，宣州区国资集团的另一全资子公司——宣州区国有矿投，曾以13亿元的高价竞得安徽省宣城市宣州区青峰山-枣子沟一带的建 筑石料用灰岩矿采矿权。该矿区坐落于宣城市宣州区周王镇和新田镇，拥有丰富的建筑石料用灰岩资源，储量高达2.14亿吨，年生产规模达到1000万吨， 出让年限为22.03年（包 ...

为确保工作有序推进，《通知》明确了严谨规范的调整流程。首先由省级主管部门组织排查并形成 清单，指导采矿权人提出申请；随后，由专业机构组织专家进行现场踏勘与可行性论证，并征求发展改 革、应急管理、生态环境等相关部门的意见；最终，根据资源储量核实结果，分类办理采矿。 在保障措施方面，省自然资源厅将会同有关部门，通过推广典型经验、加强政策衔接、厘清部门职 责、强化督导检查等方式，全力保障调整工作落到实处、取得实效。 "此项工作的推行，是陕西统筹发展与安全、推动矿业领域高质量发展的关键举措。预计通过矿区 范围的优化调整和开采方式的根本性转变，将有效实现安全生产水平提升、矿产资源充分利用、生态环 境显著改善、土地复垦效益倍增的综合性目标，为谱写陕西新篇、争做西部示范提供坚实的资源保障与 生态支撑。"省自然资源厅相关负责人表示。（记者：李欣泽 通讯员：张劼） 11月20日，记者从省自然资源厅获悉：为深入贯彻落实国家关于矿山安全生产的决策部署，从根本 上解决因历史性"山脊划界"带来的安全、生态与资源利用问题，近日，省自然资源厅会同省发展和改革 委员会、省应急管理厅，联合印发了《关于开展以山脊划界非金属露天矿山矿区范围调整变 ...

Core Viewpoint - The State Council's Work Safety Committee Office has published a series of typical cases to combat illegal mining activities, aiming to enhance public safety and prevent accidents related to illegal mining [1][2]. Group 1: Case Summaries - Case 1: In March 2025, two individuals were investigated for illegal bauxite mining in Qingzhen City, Guizhou Province, with criminal measures taken against them [1]. - Case 2: In April 2025, three individuals were caught illegally transporting mined resources in Guangxi Zhuang Autonomous Region, leading to the seizure of 9.55 tons of antimony ore and subsequent criminal convictions [1]. - Case 3: In April 2025, multiple criminal gangs were found illegally mining limestone in Fuxin County, Liaoning Province, resulting in criminal measures against ten individuals [2]. - Case 4: In October 2025, two individuals were investigated for illegal mining of natural quartz sand in Inner Mongolia without the necessary permits [2]. - Case 5: In October 2025, five individuals were implicated in illegal coal mining in Zezhou County, Shanxi Province, with the case sent for prosecution [2].

Core Viewpoint - Jinyan Gaoling New Materials (02693.HK) is set to launch its IPO from November 25 to November 28, 2025, with an expected listing date on December 3, 2025, on the Hong Kong Stock Exchange [3][4]. Summary by Sections IPO Details - The company plans to issue 24.3 million H-shares, representing 25% of the total shares post-IPO, with a share price set at HKD 7.30, aiming to raise approximately HKD 177 million [4][5]. - The IPO will adopt Mechanism B, with an initial public offering allocation of 10% and no reallocation mechanism [5]. - The total estimated expenses for the IPO are around HKD 53.1 million, which includes underwriting commissions and other fees [5]. Use of Proceeds - The net proceeds from the IPO are expected to be approximately HKD 124 million, with allocations as follows: - About 70.8% for deep processing projects of mullite-based aluminum-silicon materials - Approximately 20.6% for establishing a research center for silicon-aluminum new materials - Around 0.6% for repaying certain bank loans - About 8.0% for working capital and general corporate purposes [6]. Shareholding Structure - Post-listing, the shareholding structure will be as follows: - Huabei Mining Group (43.03%) - Wanhua Investment (2.06%) - Huabei Investment (29.91%) - H-share shareholders (25%) [6][7]. - The company is integrated across the entire value chain from mining to production and sales, ranking fifth in the Chinese coal series calcined kaolin market with a market share of 5.4% as of 2024 [7].

Core Viewpoint - The company, Jinyan Gaoling New Materials, has officially launched its global offering in Hong Kong, aiming to raise approximately HKD 124.3 million through the issuance of 24.3 million shares at a price of HKD 7.3 per share [3][4]. Group 1: IPO Details - The global offering consists of 24.3 million shares, with 21.87 million shares allocated for international offering and 2.43 million shares for public offering in Hong Kong [3]. - The public offering period is from November 25 to November 28, with the final offer price and allocation results expected to be announced on December 2 [3]. - Trading of the shares on the Hong Kong Stock Exchange is set to commence on December 3, with a minimum investment cost of approximately HKD 3,686.82 for 500 shares [3]. Group 2: Use of Proceeds - Approximately 70.8% of the net proceeds will be allocated to the deep processing project of mullite-based aluminum-silicon materials [3]. - About 20.6% of the funds will be used to establish a research center for silicon-aluminum new materials engineering technology [3]. Group 3: Company Overview - Jinyan Gaoling New Materials specializes in coal-based kaolin, integrating the entire value chain from mining, research and development, processing, to production and sales [4]. - The company’s products include precision casting mullite materials and refractory mullite materials, which are essential for precision casting shells and refractory materials [4]. - As of May 31, 2025, the estimated total resource of the company's Shuli kaolin mine is approximately 18.649 million tons, with an estimated total ore reserve of about 6.062 million tons [4]. Group 4: Financial Performance - The company's revenue for the years 2022 to 2024 and the first five months of 2025 are projected to be RMB 190 million, RMB 205 million, RMB 267 million, and RMB 105 million respectively [4]. - The net profit and total comprehensive income for the same periods are expected to be RMB 24.423 million, RMB 43.617 million, RMB 52.602 million, and RMB 18.032 million, indicating a steady growth in revenue and profit [4].

Core Viewpoint - Jin Yan High Alumina New Materials has initiated an IPO, planning to globally offer 24.3 million H-shares at a price of HKD 7.30 per share, with expected listing on December 3 [1] Group 1: IPO Details - The global offering consists of 10% for public sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option [1] - The company has secured cornerstone investors including Pingmei Hong Kong, Chuangli Hong Kong, Jinyuan Hong Kong, and Degao Mining, collectively subscribing for HKD 76.2193 million of the offered shares [1] Group 2: Fund Utilization - Assuming the over-allotment option is not exercised, the net proceeds from the global offering are approximately HKD 124.3 million [1] - Approximately 70.8% of the proceeds will be allocated to the deep processing project of kaolin-based aluminum-silicon materials, 20.6% for establishing a new materials engineering technology research center, 0.6% for repaying bank loans, and 8.0% for working capital and general corporate purposes [1] Group 3: Company Overview - The company specializes in coal-based kaolin in China, possessing full value chain integration capabilities from mining, R&D, processing to production and sales [1] - Its main products include precision casting kaolin materials and refractory kaolin materials, as well as coke and powder [1] - According to Frost & Sullivan data, the company ranks fifth in the market with a 5.4% market share based on revenue from coal-based calcined kaolin companies in China for 2024 [1]