罗平锌电（002114）(002114.SZ)公告，公司全资子公司普定县德荣矿业有限公司金坡铅锌矿复产。 2025年11月15日，普定县应急管理局出具了《关于同意普定县德荣矿业有限公司金坡铅锌矿恢复生产的 批复》。通知称：金坡铅锌矿复产申请已收悉，经查，该矿山已办理安全生产许可证延期，制定复工复 产工作方案，落实各项安全措施，达到恢复生产条件。 ...

Core Viewpoint - The announcement indicates that the Jinpo Lead-Zinc Mine operated by Puding County Derong Mining Co., Ltd. has received approval to resume production after meeting safety and regulatory requirements [1] Group 1: Production Resumption - The Puding County Emergency Management Bureau has approved the resumption of production at the Jinpo Lead-Zinc Mine, confirming that the mine has obtained an extension for its safety production license [1] - The mine has developed a work plan for resuming operations and has implemented necessary safety measures to meet the conditions for production resumption [1] Group 2: Safety Management - The approval emphasizes the importance of adhering to safety production responsibilities and enhancing risk identification and management on-site to ensure operational safety [1] - The Puding County Emergency Management Bureau has also communicated with the local police department regarding the supply of explosives needed for the mine's operations, indicating that all safety protocols have been followed [1]

Core Viewpoint - The announcement indicates that the company, Luoping Zinc & Electricity, has received approval to resume production at its Jinpo Lead-Zinc Mine, following the completion of necessary safety measures and the extension of its production permit [1] Group 1 - The emergency management bureau of Puding County issued a notice on November 15, granting permission for the resumption of production at the Jinpo Lead-Zinc Mine [1] - The mine has completed the extension of its safety production permit and developed a work plan for resuming operations [1] - The company has implemented various safety measures to meet the conditions required for resuming production [1]

罗平锌电公告，普定县应急管理局11月15日出具了《关于同意普定县德荣矿业有限公司金坡铅锌矿恢复 生产的批复》。通知称：金坡铅锌矿复产申请已收悉，经查，该矿山已办理安全生产许可证延期，制定 复工复产工作方案，落实各项安全措施，达到恢复生产条件，同意普定县德荣矿业有限公司金坡铅锌矿 恢复生产。 (本文来自第一财经) ...

Core Viewpoint - The company announced the resumption of production at its wholly-owned subsidiary, Puding County Derong Mining Co., Ltd., after obtaining necessary permits following a temporary shutdown due to the expiration of its mining license [1] Group 1: Licensing and Production Resumption - The Jinpo Lead-Zinc Mine was temporarily shut down due to the expiration of its mining license, which was set to expire on December 28, 2024 [1] - A new mining license was obtained on September 26, 2025, and a new safety production license was acquired on November 3, 2025 [1] - The Puding County Emergency Management Bureau approved the resumption of production on November 15, 2025, and requested the supply of explosives from the Public Security Bureau as per regulations [1]

Core Viewpoint - Chihong Zn & Ge Co., Ltd. has transformed from a small mining operation into a leading enterprise in the global lead-zinc smelting and comprehensive recycling industry, focusing on resource security and technological innovation to drive sustainable growth [2][3][4]. Group 1: Resource Management - The company emphasizes the importance of resource management, stating that resource security is a strategic priority, with a resource reserve system established across multiple provinces in China [3][4]. - Chihong Zn & Ge aims to ensure sustainable resource accumulation by integrating resource consolidation and technological upgrades, while also exploring external high-quality resources [3][4]. Group 2: Technological Innovation - The company is committed to technological innovation, focusing on four key areas: technological advancement, resource security, green low-carbon practices, and high-end transformation [4][5]. - Chihong Zn & Ge has implemented intelligent mining technologies, reducing the need for manual labor and enhancing operational efficiency through remote control and automation [5][6]. Group 3: Environmental Sustainability - The company is dedicated to breaking the traditional perception of mining as environmentally damaging, promoting a "green development" philosophy through innovative technologies that create a low-carbon, circular production system [7][8]. - Chihong Zn & Ge has established seven green mines and six green factories, achieving a 100% green mine completion rate, and its products have been recognized for their energy efficiency [7][8]. Group 4: Industry Leadership - The company has developed a new flotation process that significantly improves zinc recovery rates to 96.37%, setting a benchmark in the industry for efficiency and sustainability [8]. - Chihong Zn & Ge is on a path to becoming a world-class lead-zinc-germanium enterprise, driven by its commitment to green innovation and ecological protection [8].

Group 1 - The metal lead concept increased by 4.27%, ranking fourth among concept sectors, with 33 stocks rising, including Xingye Yinxin, Guocheng Mining, and Dazhong Mining hitting the daily limit [1] - Leading gainers in the metal lead sector included Huaxi Nonferrous, Shengda Resources, and Yuguang Gold Lead, which rose by 8.55%, 7.97%, and 7.54% respectively [1] - The sector saw a net inflow of 3.064 billion yuan from main funds, with 29 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top net inflow stock was Zijin Mining, with a net inflow of 682 million yuan, followed by Shengtun Mining, Xingye Yinxin, and Hebang Biological, with net inflows of 610 million yuan, 563 million yuan, and 291 million yuan respectively [2] - In terms of net inflow ratios, Shengtun Mining, Jinhui Co., and Hebang Biological led with ratios of 20.05%, 17.15%, and 17.01% respectively [3] - The overall performance of the metal lead sector was strong, with significant contributions from various companies, indicating a positive market sentiment [2][3]

Group 1 - The core point of the article is that Jin Hui Co., Ltd. announced the convening of its 18th board meeting on November 10, 2025, to discuss governance system revisions [1] - For the year 2024, the revenue composition of Jin Hui Co., Ltd. is as follows: 99.86% from lead-zinc non-ferrous metals, 0.1% from other businesses, and 0.04% from other sources [1] - As of the report date, the market capitalization of Jin Hui Co., Ltd. is 13.5 billion yuan [1]

Core Insights - The company has successfully developed a new type of lead-silver collector and zinc inhibitor, significantly improving the recovery efficiency of precious metals from lead concentrates, providing a replicable technical model for the efficient development of similar complex polymetallic mines in China [1][4][5] Group 1: Project Overview - The project, part of Qinghai Province's key research and transformation plan, aims to address the challenges of lead-zinc ore mining, which has become increasingly difficult due to the depletion of resources and the complexity of ore composition [4] - The project team developed a new lead-silver collector (A11) that enhances the selective recovery of lead, gold, and silver minerals, and a zinc inhibitor (T18) that effectively suppresses the flotation behavior of zinc minerals [4][5] Group 2: Results and Impact - The application of the new technologies at the Xitieshan branch of Western Mining Co. resulted in an increase in processing capacity from 1.32 million tons per year to 1.5 million tons per year [4] - The recovery rates for lead and zinc reached 92.76% and 95.66%, respectively, while the recovery rates for gold and silver improved by 4.65% and 2.73%, leading to an additional annual output value of 19 million yuan [4]

Report Industry Investment Rating - Not provided Core Views - For lead, due to high lead prices, downstream purchasing enthusiasm has weakened. Meanwhile, refinery profits are good, and the import window is open, so the tight supply situation has improved. Lead prices are under significant upward pressure and may oscillate downward [1] - For zinc, considering the weak domestic end - market and the Fed's hawkish remarks on interest rate cuts, there is a certain suppression on the upside of zinc prices. The LME zinc back structure has weakened, and the overseas structural risk has decreased. Zinc prices lack continuous upward momentum. In the medium - term, the mining end will tighten in the fourth quarter, and TC is likely to fall, which will support zinc prices. One can wait for opportunities to go long after a short - term correction [1] Summary by Related Catalogs Lead Price and Market Data - On November 7, 2025, the average price of SMM1 lead ingots was 17,225 yuan/ton, down 0.58% from the previous day; the closing price of the futures main contract was 17,430 yuan/ton, down 0.26% from the previous day; the Shanghai lead basis was - 205 yuan/ton, down 55 yuan; the LME 0 - 3 lead premium was - 30.22 dollars/ton, down 5.82 dollars; the trading volume of the futures active contract was 44,172 lots, down 4.83%; the open interest was 62,498 lots, down 4.87%; the LME inventory was 205,500 tons; the Shanghai lead warehouse receipt inventory was 21,903 tons, up 0.92%; the LME 3 - month lead futures closing price (electronic trading) was 2,019.50 dollars/ton; the Shanghai - London lead price ratio was 8.63, down 0.26% [1] Fundamental Information - There is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall, not substantially affecting refinery operations. Some refineries have maintenance plans, and the operation of primary lead has small fluctuations. For secondary lead, refineries that had maintenance are gradually resuming, increasing supply. On the demand side, the terminal market has improved, and lead - acid battery enterprises are operating well, increasing demand [1] News - After the northern region enters the centralized heating period, air pollution pressure increases. Some recycling enterprises in North China have updated their logistics fleets to "National VI" standard vehicles, believing that transportation controls will not substantially affect the recycling and sales of waste lead - acid batteries. On November 5, the [LME0 - 3 lead] was at a discount of 30.22 dollars/ton, and the open interest decreased by 1,565 lots to 149,952 lots [1] Investment Strategy - Hold previous short positions [1] Zinc Price and Market Data - On November 7, 2025, the average price of SMM1 zinc ingots was 22,430 yuan/ton, unchanged from the previous day; the closing price of the futures main contract was 22,675 yuan/ton, up 0.11% from the previous day; the Shanghai zinc basis was - 245 yuan/ton, down 25 yuan; the Shanghai zinc ingot premium was - 55 yuan/ton, up 20 yuan; the Tianjin zinc ingot premium was - 95 yuan/ton, unchanged; the Guangdong zinc ingot premium was - 95 yuan/ton, unchanged; the LME 0 - 3 zinc premium was 98.23 dollars/ton, down 40.55 dollars; the trading volume of the futures active contract was 100,028 lots, down 0.80%; the open interest was 113,005 lots, up 0.47%; the LME inventory was 34,100 tons; the Shanghai zinc warehouse receipt inventory was 68,022 tons, down 0.59%; the LME 3 - month zinc futures closing price (electronic trading) was 3,054.50 dollars/ton; the Shanghai - London zinc price ratio was 7.42, up 0.11% [1] Fundamental Information - Refineries have sufficient raw material inventories, and zinc ore processing fees are rising. Last week, the domestic zinc concentrate processing fee decreased to 2,850 yuan/metal ton, and the imported zinc ore processing fee index decreased to 102.54 dollars/dry ton. Affected by the low internal - external price ratio, domestic mines have an advantage, and refineries mainly purchase domestic ores. In October, the domestic TC may still decline. On the supply side, refinery profits and production enthusiasm have improved, and the monthly output is expected to be around 600,000 tons. On the demand side, there is no significant improvement, but with the continuous deterioration of the Shanghai - London ratio, the zinc ingot export window is expected to open [1] News - Gold Resource disclosed its Q3 2025 output, with a zinc ore metal output of 784 tons, a year - on - year decrease of 55%. The Q3 output was affected by the shortage of key mining equipment supply and the lack of production faces. New production faces were put into use at the end of Q3. On November 5, the [LME0 - 3 zinc] was at a premium of 98.23 dollars/ton, and the open interest increased by 1,503 lots to 228,618 lots [1] Investment Strategy - Wait for opportunities to go long after a short - term correction [1]