Group 1: CPI Analysis - In November, the CPI increased by 0.7% year-on-year, the highest level since March 2024, with an increase of 0.5 percentage points from the previous month [1] - The rise in CPI was primarily driven by a significant increase in vegetable prices, which turned from a decline of 2.9% in October to an increase of 0.2% in November, contributing positively to the CPI [2] - Core CPI, excluding food and energy, rose by 1.2% year-on-year in November, indicating a continued upward trend [2][3] Group 2: PPI Analysis - The PPI increased by 0.1% month-on-month in November, marking the second consecutive month of growth, attributed to seasonal demand increases and rising prices in certain industries [4] - Year-on-year, the PPI decreased by 2.2%, with the decline rate widening by 0.1 percentage points compared to the previous month, influenced by high comparison bases from the previous year [4][5] - The prices in key industries such as coal mining and photovoltaic equipment manufacturing showed a narrowing decline, indicating improvements in market competition and capacity management [5] Group 3: Future Outlook - The economic outlook suggests that core CPI will continue to rise steadily, supported by coordinated policy efforts to boost consumption and improve living standards [3][6] - The PPI is expected to decline by approximately 0.5% year-on-year in 2026, with a significant narrowing of the decline, driven by ongoing "anti-involution" policies and the rapid development of emerging industries [6]

Core Viewpoint - The company has secured its raw material supply chain through the acquisition of Taboca Mining Company in Brazil, ensuring stable procurement of key materials for its production processes [1] Group 1: Acquisition and Supply Chain - The actual controller of the company, China Nonferrous Mining Group Co., Ltd., has completed a binding equity acquisition of Taboca Mining Company [1] - Taboca Mining Company owns an operational polymetallic mine, a tin smelting plant, a tantalum-niobium alloy smelting plant, and a hydropower station in the Amazon region of Brazil [1] - The company has signed a procurement contract with Taboca Mining Company for approximately 3,000 tons of tantalum-niobium alloy raw materials, with an estimated procurement amount of 540 million RMB, which provides strong assurance for the stability and controllability of the tantalum-niobium ore supply chain [1] Group 2: Production and Upgrading - The company possesses a complete production line from ore wet smelting to tantalum-niobium product processing, ensuring full supply chain security from raw materials to finished products [1] - Continuous upgrades and transformations are being made towards high-end products across the entire supply chain [1]

Core Viewpoint - The company has secured its raw material supply chain through the acquisition of Taboca Mining Company in Brazil, ensuring stable procurement of tantalum and niobium alloy materials, which enhances its production capabilities and supply chain control [1] Group 1: Acquisition and Supply Chain - The actual controller of the company, China Nonferrous Mining Group Co., Ltd., has completed a binding equity acquisition of Taboca Mining Company [1] - Taboca Mining Company owns a producing polymetallic mine, a tin smelting plant, a tantalum-niobium alloy smelting plant, and a hydropower station [1] - The company signed a procurement contract with Taboca Mining Company for approximately 3,000 tons of tantalum-niobium alloy raw materials, with an estimated procurement amount of 540 million RMB [1] Group 2: Production and Upgrades - The company possesses a complete production line from ore wet smelting to tantalum-niobium product processing, ensuring full supply chain security [1] - Continuous upgrades and transformations are being made towards high-end product breakthroughs across the entire supply chain [1]

格隆汇12月11日｜华锡有色公告称，12月11日其第九届董事会第二十三次会议（临时）审议通过议案， 增加华锡有色为主体开展期货套期保值业务，交易品种为锡，交易场所为上海期货交易所。任一时点保 证金最高不超3240万元，任一交易日最高合约价值不超1.35亿元，资金可循环使用，来源为自有资金。 授权期限自董事会审议通过之日起12个月内有效。同时公司提示开展套保业务存在市场、资金和交易等 风险并给出控制措施。 ...

紫金矿业（601899）(02899)发布公告，若干董事及高级管理人员已于2023年股票期权激励计划的第一 个行权期内行使其股票期权而发行225万股。有关股份于2025年12月10日发行，本公司2025年12月11日 收到相关通知。 ...

格隆汇12月11日丨金徽股份(603132.SH)公布，公司于近日收到绿矿基金发来的《关于减持股份计划时 间届满暨减持结果的告知函》，绿矿基金于2025年9月10日至2025年12月10日期间，通过大宗交易方式 累计减持公司股份1190万股，通过集中竞价交易方式累计减持公司股份859.67万股，合计减持公司股份 2049.67万股，占公司总股本比例为2.10%。截止目前，本次减持计划时间已届满。 ...

每经AI快讯，四川黄金（SZ 001337，收盘价：27.37元）12月11日晚间发布公告称，截至本公告日，北 京金阳累计质押股数约为2687万股，占其所持股份比例为64.72%。 截至发稿，四川黄金市值为115亿元。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 王瀚黎） 2025年1至6月份，四川黄金的营业收入构成为：有色金属矿采选业占比100.0%。 ...

发布时间：2025-12-11 证券研究报告：宏观报告 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《全球流动性处于何种水平？---数量 篇》 - 2025.12.8 宏观研究 目录 鲜菜鲜果涨价支撑食品改善，服务价格相对稳固 核心观点 CPI 同比增速连续三个月呈现修复态势，虽然存在基数走低的影 响，但剔除基数效应，从两年复合增速来看，CPI 同比增速仍呈现边 际改善。（1）从结构来看，食品项价格边际改善明显，成为当月 CPI 价格改善的主要原因，其中，鲜菜和鲜果是主要贡献，两个分项对当 月食品项价格同比增速改善贡献度达到 54.29%，背后是低温阴雨+冷 冻灾害影响，短期供应不足，推升价格上涨，与此同时，因牛羊存栏 量下滑，出栏供给偏紧，2025 年下半年供给进入收缩通道，牛羊肉价 格同比增速保持稳定上涨；（2）从非食品分项价格来看，服务消费价 格保持相对坚挺，如教育文化和娱乐、医疗保健、家庭服务、 ...

集团是一家矿业公司，专注集团在中国西藏的锌、铅及铜探矿、采矿、精矿生产及销售业务。根据上海 有色网的资料，以2024年西藏锌精矿、铅精矿及铜精矿的平均年产量计，集团分别排名第五位、第四位 及第五位。 集团估计将从全球发售中获得所得款项净额约4.71亿港元，经扣除集团就全球发售应付的包销佣金及其 他估计开支并假设发售价为每股H股4.30港元（即指示性发售价范围的中位数）。董事拟将全球发售所 得款项净额用于以下用途，特别是全面提升集团于业务运营链中的能力，即开采、勘探及生产的过程： 1．所得款项净额约29.2%，将用于全面提升采矿能力。2．所得款项净额约23.4%，将用于增加集团在 西藏采矿权范围内的探矿投资。3．所得款项净额约18.7%，将用于提升选矿生产能力及优化精矿生产 能力。4．所得款项净额约14.0%，将用于投资及收购具有增长潜力的资产。5．所得款项净额约7.7%， 将于2030年之前用作营运资金及其他一般企业用途。 7．所得款项净额约7.0%，将于2026年之前用作偿 还银行贷款。 责任编辑：卢昱君 智汇矿业（02546）于2025年12月11日-2025年12月16日招股，公司拟全球发售1.22亿股 ...

集团已订立基石投资协议，据此基石投资者已同意，在若干条件规限下，彼等会或促使彼等的指定实体 以发售价认购按发售价4.51港元(即最高发售价)可购得总金额约2.24亿港元的有关数目发售股份。倘发 售价为4.30港元(即指示性发售价范围的中位数)，基石投资者将予认购的发售股份总数为5060.3万股股 份。基石投资者包括斯派柯国际有限公司("斯派柯"，由招金矿业(1818.HK)全资拥有)、大湾区共同家园 投资。 格隆汇12月11日丨智汇矿业(02546.HK)发布公告，公司拟全球发售约1.22亿股H股，中国香港发售股份 1219.6万股，国际发售股份约1.10亿股(以上可予重新分配)；2025年12月11日至12月16日招股，预期定 价日为12月17日；发售价将为每股发售股份4.10-4.51港元，H股的每手买卖单位将为1000股，国金证券 (香港)及迈时资本为联席保荐人；预期股份将于2025年12月19日开始在联交所买卖。 集团是一家矿业公司，专注集团在中国西藏的锌、铅及铜的探矿、采矿、精矿生产及销售业务。根据上 海有色网的资料，以2024年西藏锌精矿、铅精矿及铜精矿的平均年产量计，集团分别排名第五位、第四 位 ...