Group 1: Investment Ratings - There is no specific investment rating provided for the industry in the report. Group 2: Core Views - The price of copper may be on the strong side, while the price of zinc may fluctuate within a certain range [2]. - For copper, the concentrate supply remains tight, and smelting profits are on the verge of profit and loss, but smelting output continues to grow at a high rate. Power grid investment shows positive growth, power source investment slows down, automobile production and sales grow positively, home appliance production scheduling shows negative growth, and the real - estate market remains weak. The mine accident in Indonesia is likely to lead to a global copper supply - demand gap, which will support copper prices in the long term [2]. - For zinc, the processing fee of zinc concentrate has declined, and the concentrate supply is in a stage of tightness, but smelting output continues to grow. The inventory of galvanized sheets is generally at a high level. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales grow positively, home appliance production shows negative growth, and the real - estate market remains weak. The overall difference in zinc supply and demand is not obvious, and it may generally fluctuate within a range [2]. Group 3: Data Summaries Copper - Domestic previous - day futures closing price: 86,030 yuan/ton, domestic basis: 65 yuan/ton, previous - day LME 3 - month contract closing price: 10,782 dollars/ton, LME spot premium (CASH - 3M): 24.88 dollars/ton, LME inventory: 155,025 tons, LME inventory daily change: - 2,900 tons [2] Aluminum - Domestic previous - day futures closing price: 21,495 yuan/ton, domestic basis: - 10 yuan/ton, previous - day LME 3 - month contract closing price: 2,813 dollars/ton, LME spot premium (CASH - 3M): - 32.80 dollars/ton, LME inventory: 548,000 tons, LME inventory daily change: 3,925 tons [2] Zinc - Domestic previous - day futures closing price: 22,380 yuan/ton, domestic basis: 25 yuan/ton, previous - day LME 3 - month contract closing price: 3,003 dollars/ton, LME spot premium (CASH - 3M): 140.20 dollars/ton, LME inventory: 47,325 tons, LME inventory daily change: 1,250 tons [2] Nickel - Domestic previous - day futures closing price: 115,250 yuan/ton, domestic basis: - 3,700 yuan/ton, previous - day LME 3 - month contract closing price: 14,730 dollars/ton, LME spot premium (CASH - 3M): - 190.47 dollars/ton, LME inventory: 253,950 tons, LME inventory daily change: - 222 tons [2] Lead - Domestic previous - day futures closing price: 17,200 yuan/ton, domestic basis: - 115 yuan/ton, previous - day LME 3 - month contract closing price: 1,992 dollars/ton, LME spot premium (CASH - 3M): - 28.49 dollars/ton, LME inventory: 262,850 tons, LME inventory daily change: - 1,800 tons [2] Tin - Domestic previous - day futures closing price: 292,030 yuan/ton, domestic basis: 1,250 yuan/ton, previous - day LME 3 - month contract closing price: 37,425 dollars/ton, LME spot premium (CASH - 3M): 113.99 dollars/ton, LME inventory: 3,085 tons, LME inventory daily change: 20 tons [2]

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-11-25 宏观面预期反复但稳定，基本金属震荡 整理 有⾊观点：宏观⾯预期反复但稳定，基本⾦属震荡整理 交易逻辑：美国此前未公布的数据陆续发布，9月非农新增就业高于市场 预期，一度压低12月美联储降息预期并推高美元指数，但周末前威廉姆斯 表态偏鸽派重新提振市场信心，12月美联储降息预期升温，整体来看，宏 观面整体延续预期反复但稳定。原料端延续偏紧局面，并逐步往冶炼端传 导。终端表现分化，11月初汽车销售增速放缓，11-12月空调排产降幅扩 大，基本金属现实供需略偏弱，但预期偏紧。整体来看，中短期，供应扰 动继续支撑基本金属价格，但宏观预期反复及需求一般限制价格上行高 度，基本金属维持震荡整理，可继续关注铜铝锡低吸做多机会；长期，国 内潜在增量刺激政策预期仍在，并且铜铝锡供应扰动问题仍在，供需仍有 趋紧预期，看好铜铝锡价格走势。 铜观点：美联储内部存在分歧，铜价⾼位盘整 氧化铝观点：过剩状态未有明显改善，氧化铝价继续承压 铝观点：库存延续去化，铝价窄幅震荡 铝合⾦观点：仓单延续回升，盘⾯⾼位震荡 锌观点：出⼝窗⼝打开，锌价⾼ ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - After recent continuous declines, the index is expected to stabilize periodically. In the long - term, the policy support for the capital market remains unchanged, and technology growth is still the market's main line. The mid - to - long - term approach for the index is mainly to go long on dips [4]. - In the fourth quarter, the supply - demand pattern of the bond market may improve. The bond market is expected to oscillate and recover under the intertwined background of weak domestic demand recovery and improved inflation expectations, but attention should be paid to the seesaw effect between stocks and bonds and the increasing allocation power [6]. - The expectation of the Fed's loose monetary policy has significantly rebounded, and the overseas interest - rate cut cycle will continue. It is recommended to go long on precious metals on dips [8]. - Various metals and other commodities have different outlooks. For example, copper and aluminum prices have strong support, while zinc and lead prices are expected to be weak in the short term. Different operation suggestions are given for each commodity [11][13][16][17]. Summaries by Related Catalogs Macro - financial Category Stock Index - **Market Information**: The President of China had a phone call with the US President; the central bank conducted 100 billion yuan of MLF operations; the net subscription of Hang Seng Technology ETF exceeded 25 billion shares since November; Industrial Foshan stated it did not lower its Q4 profit target [2]. - **Basis Ratio**: Different basis ratios are provided for IF, IC, IM, and IH contracts [3]. - **Strategy View**: The index is expected to stabilize periodically, and the mid - to - long - term approach is to go long on dips [4]. Treasury Bonds - **Market Information**: On Monday, the prices of TL, T, TF, and TS contracts changed; the central bank conducted 100 billion yuan of MLF operations and issued 45 billion yuan of central bank bills in Hong Kong; the central bank conducted 33.87 billion yuan of 7 - day reverse repurchase operations, with a net injection of 5.57 billion yuan [5]. - **Strategy View**: The supply - demand pattern of the bond market may improve in Q4. The bond market is expected to oscillate and recover, but attention should be paid to the seesaw effect between stocks and bonds and the increasing allocation power [6]. Precious Metals - **Market Information**: Shanghai gold and silver prices rose; COMEX gold and silver prices are provided; the US 10 - year Treasury yield and the US dollar index are given; Fed officials' dovish statements drove the prices of precious metals to stabilize and rebound [7]. - **Strategy View**: The expectation of the Fed's loose monetary policy has rebounded. It is recommended to go long on precious metals on dips [8]. Non - ferrous Metals Category Copper - **Market Information**: After the Sino - US leaders' dialogue, copper prices oscillated slightly higher. LME copper inventory increased, and domestic copper inventory and spot premiums changed [10]. - **Strategy View**: The Fed's possible interest - rate cut and the Sino - US dialogue ease geopolitical risks. The supply of copper raw materials is tight, and domestic downstream demand is strong, so copper prices have strong support [11]. Aluminum - **Market Information**: Aluminum prices oscillated narrowly. Domestic and LME aluminum inventories changed, and the trading sentiment was mainly wait - and - see [12]. - **Strategy View**: The global visible inventory of aluminum ingots is relatively low, and there are supply - disruption expectations. Aluminum prices are expected to strengthen after oscillating [13]. Zinc - **Market Information**: Zinc prices changed slightly. Domestic and LME zinc inventories, basis, and other data are provided [14][15]. - **Strategy View**: Zinc ore supply is tight in the short term but may ease later. The zinc industry is in an over - supply cycle, and zinc prices are expected to be weak in the short term [16]. Lead - **Market Information**: Lead prices fell slightly. Domestic and LME lead inventories, basis, and other data are provided [17]. - **Strategy View**: The supply of lead ingots is relatively loose, and lead prices are expected to be weak in the short term [17]. Nickel - **Market Information**: Nickel prices rebounded significantly. Spot premiums, nickel ore prices, and nickel - iron prices are provided [18]. - **Strategy View**: The short - term pressure on nickel fundamentals is obvious, and prices may continue to be under pressure. It is not recommended to chase short or bottom - fish [19]. Tin - **Market Information**: Tin prices rose. Supply, demand, and inventory data are provided, and there are some risk factors such as the situation in Congo (Kinshasa) [21]. - **Strategy View**: The short - term supply - demand of tin is in a tight balance. Tin prices are expected to oscillate, and it is recommended to wait and see [22]. Lithium Carbonate - **Market Information**: Lithium carbonate prices fell. Spot and futures prices and other data are provided [23]. - **Strategy View**: The contradiction in lithium carbonate positions has eased. Lithium prices are expected to be weak, but the bottom - running range may rise. Attention should be paid to Q1 cell production and market sentiment [24]. Alumina - **Market Information**: Alumina prices rose. Spot prices, basis, and inventory data are provided [25][26]. - **Strategy View**: Overseas ore supply may increase, and the alumina industry has over - capacity. It is recommended to wait and see in the short term [27]. Stainless Steel - **Market Information**: Stainless steel prices rose slightly. Spot prices, raw material prices, and inventory data are provided [28]. - **Strategy View**: The stainless steel market has an over - supply situation, and prices are expected to continue to decline weakly [28]. Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices stabilized. Futures prices, inventory, and other data are provided [29]. - **Strategy View**: Cast aluminum alloy prices have support at the cost end, and prices are expected to oscillate in the short term [30]. Black Building Materials Category Steel - **Market Information**: Steel prices rose slightly. Futures prices, spot prices, and inventory data are provided [32]. - **Strategy View**: The supply - demand of rebar is both increasing, and the inventory of hot - rolled coils is still high. Steel prices are expected to oscillate weakly in the short term but may improve later [33]. Iron Ore - **Market Information**: Iron ore prices rose. Futures prices, spot prices, and inventory data are provided [34]. - **Strategy View**: The supply of iron ore is strong, and the demand is stable. Iron ore prices are expected to operate within an oscillating range [35]. Glass and Soda Ash - **Market Information**: Glass prices rose, and soda ash prices also rose. Spot prices, inventory, and position data are provided [36][38]. - **Strategy View**: Glass supply - demand may improve in December, but the current supply - demand is still imbalanced. Soda ash supply pressure is high, but demand has improved marginally. Both are expected to oscillate [37][39]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon prices rose slightly, and ferrosilicon prices fell slightly. Spot prices, basis, and other data are provided [40]. - **Strategy View**: The price of ferrous alloys has declined due to market sentiment and other factors. It is recommended to pay attention to the inflection point of market sentiment. Manganese silicon may follow the black - sector market, and the operability of ferrosilicon is low [43][45]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices fell slightly, and polysilicon prices also fell slightly. Spot prices, inventory, and other data are provided [46][48]. - **Strategy View**: Industrial silicon prices are expected to oscillate, and polysilicon prices are expected to oscillate within a wide range. Attention should be paid to relevant information such as platform - company progress [47][49]. Energy and Chemicals Category Rubber - **Market Information**: Rubber prices oscillated and rebounded. There are factors such as heavy rainfall in Thailand and concentrated expiration of Shanghai Exchange's natural - rubber warehouse receipts [51]. - **Strategy View**: It is recommended to have a bullish short - term trading strategy with a stop - loss and partially build a hedging position [56]. Crude Oil - **Market Information**: Crude oil and refined - oil prices fell. European ARA's weekly data on refined - oil inventory is provided [57]. - **Strategy View**: It is not advisable to be overly bearish on oil prices in the short term. It is recommended to wait and see and test OPEC's export - price - support intention [58]. Methanol - **Market Information**: Methanol prices rose. Spot prices, basis, and other data are provided [59]. - **Strategy View**: The positive factors from Iran's plant shutdown are being realized, but the near - term high - inventory situation remains. It is recommended to wait and see [59]. Urea - **Market Information**: Urea prices oscillated and rebounded. Spot prices, basis, and other data are provided [60]. - **Strategy View**: Urea prices are expected to oscillate and build a bottom. It is recommended to go long on dips at low prices [60]. Pure Benzene and Styrene - **Market Information**: Pure - benzene prices were stable, and styrene prices fell. Spot prices, basis, and other data are provided [61]. - **Strategy View**: The supply of styrene is under pressure, but the port inventory is decreasing. Styrene prices may stop falling periodically [62]. PVC - **Market Information**: PVC prices rose. Futures prices, spot prices, basis, and other data are provided [63]. - **Strategy View**: The domestic PVC market has an over - supply situation, and it is recommended to go short on rallies in the medium term [65]. Ethylene Glycol - **Market Information**: Ethylene - glycol prices rose. Futures prices, spot prices, basis, and other data are provided [66]. - **Strategy View**: The supply - demand of ethylene glycol is expected to be weak in the medium term. It is recommended to go short on rallies [67]. PTA - **Market Information**: PTA prices rose. Futures prices, spot prices, basis, and other data are provided [68]. - **Strategy View**: PTA supply may increase, and demand has limited upward space. PXN has the risk of valuation correction [69]. Para - Xylene - **Market Information**: PX prices rose. Futures prices, spot prices, basis, and other data are provided [71]. - **Strategy View**: PX inventory is expected to accumulate slightly in November. PX has the risk of valuation correction [72]. Polyethylene (PE) - **Market Information**: PE prices rose. Futures prices, spot prices, basis, and other data are provided [73]. - **Strategy View**: PE prices are expected to oscillate at a low level [74]. Polypropylene (PP) - **Market Information**: PP prices rose. Futures prices, spot prices, basis, and other data are provided [75]. - **Strategy View**: PP has a supply - demand imbalance, and the inventory pressure is high. It may be supported in Q1 next year [77]. Agricultural Products Category Live Pigs - **Market Information**: Pig prices mainly fell. Supply and demand data are provided, and it is expected that pig prices will continue to decline [79]. - **Strategy View**: The supply of live pigs is large, and the demand is weak. It is recommended to go short on near - month contracts or conduct reverse arbitrage [80]. Eggs - **Market Information**: Egg prices were stable or rose. Supply and demand are in a stalemate, and egg prices are expected to be stable or rise [81]. - **Strategy View**: Egg prices are expected to oscillate in the short term. It is recommended to pay attention to demand support. In the medium term, it is recommended to wait for rallies to go short [82]. Soybean Meal and Rapeseed Meal - **Market Information**: CBOT soybean prices fell. Domestic soybean - meal prices were stable. Supply and demand data of global soybeans are provided [83]. - **Strategy View**: The import cost of soybeans has a bottom support, and domestic soybean - meal inventory is large. Soybean - meal prices are expected to oscillate [84]. Oils and Fats - **Market Information**: Palm - oil export data is weak, and domestic oil inventory data is provided [85]. - **Strategy View**: Palm - oil prices are under pressure due to high production. It is recommended to view it oscillatingly and turn bullish if production decreases [86]. Sugar - **Market Information**: Sugar prices rebounded slightly. Spot prices, production data of different regions are provided [87][88]. - **Strategy View**: The new - season sugar production is expected to increase, and it is recommended to wait for rallies to go short [89]. Cotton - **Market Information**: Cotton prices rose slightly. Spot prices, inventory, and production data are provided [90][91]. - **Strategy View**: Cotton demand is not too bad after the peak season, and prices are expected to oscillate [92].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Fed officials' dovish stance on the labor market has increased market expectations of a December rate cut, boosting risk - asset sentiment [1][2][10][13] - The conversation between Chinese and US leaders is significant for mitigating local risks and resolving ambiguous issues [2][17] - Various commodities have different market conditions, with some in a state of supply - demand imbalance and others affected by policy and external factors [3][4][5] Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Fed officials Waller and Daly support a December rate cut, increasing market rate - cut expectations and risk appetite [10] - Gold prices are oscillating around $4000, and their trend depends on the Fed's stance. Gold price volatility has increased due to internal Fed differences [10] - Investment advice: Gold prices will continue to oscillate with increased volatility [11] 1.2 Macro Strategy (US Stock Index Futures) - Fed officials Waller and Daly worry about the labor market and support a December rate cut, but official economic data lags, and there is still room for short - term rate - cut expectation games [12][13] - The VIX index remains above 20, and market volatility has not fully subsided, but market sentiment has improved [13] - Investment advice: Adopt a generally bullish approach and wait for market volatility to decrease [14] 1.3 Macro Strategy (Stock Index Futures) - In October, high - tech industry sales revenue increased by 13.6% year - on - year, with high - tech services and manufacturing maintaining double - digit growth [15] - The conversation between Chinese and US leaders and the Fed's dovish signal have boosted global risk assets [17] - Investment advice: Long - position investors can slightly increase their exposure [18] 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted a net injection of 557 billion yuan through reverse repurchase operations. The market still expects real - estate stabilization policies, and bond yields rose slightly [19] - The inter - delivery spread of Treasury bond futures is narrowing. As the policy window approaches the end, the bond market may turn bearish [19][20] - Investment advice: The bond market may turn from oscillation to bearish. Consider short - term short - selling strategies [21] 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - The USDA's weekly export inspection report met expectations, with 799,000 tons of US soybeans inspected for export in the week ending November 20 [22] - Domestic oil - mill soybean meal inventory increased to 1.1515 million tons, and the supply - demand situation remains weak [24][25] - Investment advice: Due to high inventory and cost support, soybean meal futures prices are expected to oscillate [25] 2.2 Black Metals (Rebar/Hot - Rolled Coil) - In October, the national average construction machinery start - up rate was 45.56%, with a 1.4% month - on - month increase [26] - 227 steel enterprises have completed the publicity of ultra - low emission transformation [27] - Steel prices have rebounded slightly, but the fundamentals have limited changes. Steel prices are expected to oscillate in the short term [27] - Investment advice: Adopt an oscillatory approach to steel prices [28] 2.3 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - As of November 21, the total commercial inventory of the three major oils increased by 0.10 million tons month - on - month and 253,000 tons year - on - year [29] - Palm oil is under supply pressure, and soybean oil is affected by palm oil and US soybean oil [31] - Investment advice: Palm oil is expected to continue to decline, and the market is waiting for MPOA's production estimate for November 1 - 20 [31] 2.4 Black Metals (Coking Coal/Coke) - The coking coal market in Lvliang is weak, with production increasing and some coal mines reducing prices [32] - Coke market expectations have weakened due to falling coking coal prices, and demand is also weakening [33] - Investment advice: In the short term, pay attention to downstream replenishment in the coking coal market, and coke will follow the coking coal trend [34] 2.5 Non - ferrous Metals (Lead) - As of November 24, the social inventory of lead ingots decreased, and there was a regional supply shortage [34] - LME lead prices stabilized around the MA60, and domestic lead futures funds' attention declined [35] - Investment advice: For single - side trading, short - position holders should look for opportunities to stop losses at low prices; for arbitrage, adopt a wait - and - see approach [35] 2.6 Non - ferrous Metals (Zinc) - As of November 24, domestic zinc inventory decreased, and LME zinc inventory increased slightly [36] - There is a risk of a medium - term squeeze in LME zinc, and domestic demand has not improved significantly [37] - Investment advice: For single - side trading, adopt a wait - and - see approach; for arbitrage, hold long - short position spreads and short - term domestic - foreign spreads [37] 2.7 Non - ferrous Metals (Nickel) - The acquisition of Anglo American's Brazilian nickel business by MMG is subject to EU review, and the review time is uncertain [38] - An Indonesian MHP project is expected to cut production by 6,000 metal tons in December, which will improve the supply - demand balance to some extent [39] - Investment advice: Short - position holders can gradually stop losses, and consider lightly - weighted long - position entry at low prices [39] 2.8 Non - ferrous Metals (Lithium Carbonate) - Zimbabwe's lithium concentrate shipments in Q3 2025 reached a record high, and these shipments will arrive in China in Q4 [40] - The futures exchange has increased handling fees and restricted daily opening positions, and the market is under pressure [41] - Investment advice: In the short term, consider short - selling at high prices, as the supply - demand balance may change at the end of the year and in Q1 next year [42] 2.9 Non - ferrous Metals (Copper) - Ivanhoe Mines and Qatar cooperate in African mineral exploration, and Tibet Yulong Copper's technical transformation project is put into operation [43][44] - The Fed's dovish stance has a wavering impact on copper prices, and domestic inventory accumulation has slowed down [44] - Investment advice: For single - side trading, copper prices will oscillate at a high level in the short term; for arbitrage, adopt a wait - and - see approach [45] 2.10 Energy Chemicals (Crude Oil) - Russia's Tuapse refinery has resumed operation, and there are uncertainties in the Russia - Ukraine negotiation [46] - Oil prices are oscillating, and in the long term, trade flows may recover, but there is a possibility of short - term supply reduction [47] - Investment advice: Oil prices will maintain an oscillatory trend in the short term [48] 2.11 Energy Chemicals (Asphalt) - As of November 24, asphalt factory and social inventories decreased, but supply is expected to increase [49] - The asphalt market fundamentals are difficult to improve substantially, and it will maintain an oscillatory adjustment in the short term [49] - Investment advice: Asphalt will oscillate in the short term [50] 2.12 Energy Chemicals (Methanol) - On November 24, methanol prices in the Taicang market rose sharply due to news of Iranian plant shutdowns [51][52] - The current price increase is a rebound, and the 01 contract fundamentals will not change significantly [52] - Investment advice: Maintain the view of short - selling after the rebound and wait for a better entry opportunity [52] 2.13 Energy Chemicals (Caustic Soda) - On November 24, the price of liquid caustic soda in Shandong decreased, and downstream demand did not improve [53] - Supply is sufficient, and demand is weak, with no positive support in the future [53] - Investment advice: The caustic soda market will remain weak in the short term, and pay attention to supply reduction due to profit compression [54] 2.14 Energy Chemicals (PVC) - On November 24, the PVC powder market price oscillated strongly, but downstream procurement was inactive [55] - PVC supply is expected to increase, and demand is restricted by the real - estate market, but the export potential pressure has dissipated [56] - Investment advice: Adopt a short - selling approach for near - term contracts and consider long - term layout for far - term contracts [56] 2.15 Energy Chemicals (Urea) - In October 2025, urea imports increased by 10.29% month - on - month, and exports decreased by 12.30% month - on - month [58] - Urea prices are oscillating, and inventory is decreasing. Supply may increase in the short term, and demand is slightly accelerating [59] - Investment advice: The 01 contract will operate in the range of 1560 - 1760 yuan/ton, and inventory data is an important reference [60] 2.16 Energy Chemicals (Styrene) - As of November 24, the pure benzene inventory in East China ports increased, and the supply - demand situation has limited marginal changes [61][62] - The styrene market is affected by overseas markets, and the upward space is limited [62] - Investment advice: The market is under pressure due to overseas oil - blending logic weakening and port inventory accumulation [63] 2.17 Energy Chemicals (Soda Ash) - As of November 24, soda ash factory inventory decreased, and the futures price rose slightly [64] - Soda ash supply is expected to increase, and demand is average. The spot price provides some support [64] - Investment advice: In the short term, there is some support, but in the medium term, adopt a bearish approach and short - sell far - term contracts at high prices [64] 2.18 Energy Chemicals (Float Glass) - On November 24, the price of float glass in the Shahe market decreased slightly, but the futures price rose due to production line shutdown news [65] - Glass valuation is low, and the 01 contract is under pressure, but there is a risk of short - covering rebound [65] - Investment advice: Pay attention to the support around 950 yuan/ton for the 01 contract and the risk of short - covering rebound [65]

Core Viewpoint - Company Zhongjin Lingnan is enhancing its control over the copper smelting sector through a cash acquisition of minority shareholder equity, aiming for 100% ownership of Zhongjin Copper Industry [1][2][3] Group 1: Acquisition Details - The company plans to use its own funds of 742 million yuan to acquire minority shareholder equity, achieving full control over Zhongjin Copper Industry [1][2] - The acquisition is part of a strategic move initiated in 2023 to enter the core copper smelting sector through the bankruptcy reorganization of related enterprises [2] - The acquisition will occur in two phases, with the first phase involving the purchase of 4.2095% and 10.3333% equity from China Cinda and Zhongjin Rongsheng, respectively [2] Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 48.51 billion yuan, an increase of 11.81% year-on-year, and a net profit attributable to shareholders of 841 million yuan, up 5.18% [1][4] - The company has shown steady revenue growth over the past five years, with revenues nearly doubling from 30.25 billion yuan in 2020 to 65.65 billion yuan in 2024 [4] - As of September 30, 2025, total assets reached 50.48 billion yuan, marking a 10.13% increase from the end of 2024 [5] Group 3: Innovation and R&D - The company has significantly increased its R&D investment, with cumulative R&D expenses reaching 1.266 billion yuan over the past three years [1][5] - As of mid-2025, Zhongjin Lingnan holds a total of 527 patents, including 198 invention patents, and has been involved in numerous national and provincial key technology projects [5] Group 4: Market Position and Strategy - Zhongjin Lingnan operates as a comprehensive player in the non-ferrous metal industry, with core businesses in lead, zinc, and copper mining, smelting, and processing [4] - The company’s diversified product matrix, including precious metals and rare metals, helps mitigate risks associated with price fluctuations of individual products [5] - The acquisition aligns with the company's "one body, two wings" development strategy, aimed at enhancing management efficiency and resource allocation [3]

Core Viewpoint - Innovation Industry Group Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the first private enterprise from Tongliao City to go public, filling a gap in local listings for over a decade [1][2]. Company Overview - Innovation Industry is the twelfth largest electrolytic aluminum producer in China and operates the fourth largest electrolytic aluminum smelting plant in North China, located in Hohhot City [2]. - The company's subsidiary, Inner Mongolia Chuangyuan, is set to receive the national-level green factory honor from the Ministry of Industry and Information Technology in 2024 [2]. Market Performance - On its first trading day, Innovation Industry opened at HKD 15.2, a significant increase of 38.31% from the issue price of HKD 10.99, indicating strong market confidence [1]. - Prior to the listing, the company showed robust market interest, with Futu's dark pool data reporting a closing price of HKD 13.85, up 26.02% from the issue price, resulting in a profit of HKD 1,430 per lot [2]. - The public offering phase saw an impressive oversubscription rate of approximately 447.20 times, with nearly 145,000 valid applications [2]. Economic Impact - The successful listing of Innovation Industry is a key achievement for Tongliao City in promoting industrial transformation and upgrading, as well as facilitating local enterprises' access to international capital markets [2]. - This event not only injects new momentum into the company's development but also showcases the strength and potential of Tongliao enterprises to the global capital market, contributing to the city's goal of building a modern industrial system and a multi-tiered capital market [2].

Economic Overview - High-frequency data indicates that automotive consumption remains strong, benefiting from tax incentives and subsidies, while textile and film consumption is weak[7] - Real estate sales and land market show signs of fatigue, with infrastructure special bonds fully issued but project progress lagging[7] - Exports to South Korea are recovering, while import demand weakens post shopping festival[7] Market Performance - Major global asset prices have declined, with the Hang Seng Index dropping 5.1%, the largest decline among major indices[9] - The S&P 500 Index fell by 1.9%, while the Shanghai Composite Index decreased by 3.9%[9] - The 10-year U.S. Treasury yield fell by 8 basis points to 4.06%[9] Federal Reserve Insights - The U.S. added 119,000 non-farm jobs in September, significantly exceeding expectations of 51,000[12] - The unemployment rate rose to 4.4%, higher than the expected 4.3%[12] - Federal Reserve officials exhibit significant internal disagreement regarding future monetary policy direction[8] Investment Strategies - ETF inflows have increased significantly to 503 billion, while foreign and financing funds have seen outflows[15] - The market's trading activity has decreased, with average daily turnover dropping to 1.9 trillion[14] - The risk appetite remains low, with the overall market sentiment declining[14] Sector Analysis - The technology sector is expected to benefit from AI advancements, with recommendations for investments in internet and computing sectors[35] - The financial sector is poised for recovery, with a focus on brokerage and insurance stocks[35] - Consumer stocks are seen as undervalued, with potential growth in food and beverage sectors[35]

Group 1 - The core point of the news is that Hongda Co., Ltd. experienced a decline of 5.43% in its stock price, reaching 10.45 yuan per share, with a trading volume of 523 million yuan and a turnover rate of 2.39%, resulting in a total market capitalization of 27.605 billion yuan [1] - Hongda Co., Ltd. is based in Chengdu, Sichuan Province, and was established on June 30, 1994, with its listing date on December 20, 2001. The company's main business includes mining, non-ferrous metal smelting, and the production and sales of phosphate chemical products [1] - The revenue composition of Hongda Co., Ltd. is as follows: zinc metal and by-products account for 45.55%, phosphate ammonium salt series products 33.44%, compound fertilizer products 11.82%, synthetic ammonia 5.16%, and other products and services 3.27% [1] Group 2 - From the perspective of fund holdings, one fund under Chuangjin Hexin has a significant position in Hongda Co., Ltd. The Chuangjin Hexin CSI 1000 Enhanced A Fund (003646) held 108,300 shares in the third quarter, representing 1.28% of the fund's net value, making it the second-largest holding [2] - The Chuangjin Hexin CSI 1000 Enhanced A Fund was established on December 22, 2016, with a latest scale of 39.5541 million. Year-to-date, it has achieved a return of 25.84%, ranking 1429 out of 4208 in its category, and a one-year return of 23.31%, ranking 1304 out of 3981 [2]

Group 1 - The core point of the news is that Hongda Co., Ltd. experienced a decline of 5.43% in its stock price, reaching 10.45 yuan per share, with a trading volume of 521 million yuan and a turnover rate of 2.38%, resulting in a total market capitalization of 27.605 billion yuan [1] - Hongda Co., Ltd. is based in Chengdu, Sichuan Province, and was established on June 30, 1994, with its listing date on December 20, 2001. The company's main business includes mining, non-ferrous metal smelting, and the production and sales of phosphate chemical products [1] - The revenue composition of Hongda Co., Ltd. is as follows: zinc metal and by-products account for 45.55%, phosphate ammonium salt series products 33.44%, compound fertilizer products 11.82%, synthetic ammonia 5.16%, and other products and services 3.27% [1] Group 2 - Among the top ten circulating shareholders of Hongda Co., Ltd., a fund under Penghua Fund ranks as a significant shareholder. The Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) entered the top ten circulating shareholders in the third quarter, holding 23.8222 million shares, which is 1.17% of the circulating shares [2] - The Penghua CSI Sub-Industry Chemical Theme ETF Link A (014942) was established on March 8, 2022, with a latest scale of 728.091 million yuan. This year, it has achieved a return of 24.58%, ranking 1532 out of 4208 in its category; over the past year, it has returned 17.02%, ranking 1994 out of 3981; since its inception, it has incurred a loss of 17.48% [2]

| 02788 创新实业 | | | | --- | --- | --- | | 15.200 ↑ +4.210 +38.31% | | 等待开盘 11/24 09:20 | | * 2 8 9 日 0 | | ● 快捷交易 | | 最高价 15.200 | 开盘价 15.200 | 成交量 5433.7万 | | 最低价 15.200 | 昨收价 10.990 | 成交额 7.39亿 | | 平均价 13.601 | 市空室 M 14.43 | 总市值 304亿 (…) | | 振 幅 -- | 市盈率(静) 13.56 | 总股本 20亿 | | 换手率 2.72% | 市净率 13.868 | 流通值 304亿 | | 52周最高 15.200 | 委 比 -27.76% | 流通股 20亿 | | 52周最低 15.200 | 量 比 -- | 超 主 500股 | | 历史最高 15.200 | 股息ITM -- | 股息率ITM -- | | 历史景低 15.200 | 股息LFY -- | 股息率LFY -- | 创新实业(2788.HK)今日首日在港挂牌上市，高开38.31%，报15.2港元。 ...