Group 1 - The company announced that Honglin Mining received approval from the Muli County Emergency Management Bureau for a three-month extension of trial production at the Caiyuanzi Copper-Gold Mine, from December 10, 2025, to March 10, 2026 [1] - The approval includes requirements for strict adherence to national regulations and safety measures during the trial production period [1] - The company holds a 53% stake in Honglin Mining, which is a subsidiary, and the mine has a total identified resource of 6.056 million tons of ore, with gold resources of 17,049 kilograms and copper resources of 29,015 tons [2] Group 2 - The mining license for the Caiyuanzi Copper-Gold Mine is valid from November 25, 2019, to November 25, 2033, with an annual production capacity of 396,000 tons [2] - The average grade of gold is 2.82 grams per ton, and the average grade of copper is 0.48% for the identified resources [2] - The company stated that the trial production extension will not have a significant impact on its current operating performance, but the timeline for formal production remains uncertain [2]

盛达资源(000603.SZ)公告称，公司控股子公司四川鸿林矿业有限公司收到木里藏族自治县应急管理局 下发的《木里县应急管理局关于同意四川鸿林矿业有限公司菜园子铜金矿矿山试生产延期的批复》，同 意鸿林矿业试生产延期3个月，至2025年12月10日至2026年3月10日。鸿林矿业是盛达资源的控股子公 司，拥有丰富的金、铜矿产资源。试运行延期期间将同步按规定办理安全生产许可证，矿山正式投产的 时间存在不确定性，对公司未来业绩的影响存在不确定性。 ...

公司持有鸿林矿业53%的股份，鸿林矿业是公司的控股子公司。鸿林矿业工业矿体累计查明资源量（探 明+控制+推断）矿石量605.6万吨，金金属资源量17,049千克，平均品位2.82克/吨；铜金属资源量29,015 吨，平均品位0.48%。低品位矿资源量（探明+控制+推断）矿石量39.4万吨，金金属资源量120千克，平 均品位0.30克/吨；铜金属资源量1,164吨，平均品位0.30%。鸿林矿业菜园子铜金矿采矿许可证有效期限 自2019年11月25日至2033年11月25日，证载开采矿种包括金矿、铜矿，生产规模39.60万吨/年，矿区面 积0.68平方公里，开采深度由3162米至2202米标高共由14个拐点圈定。本次木里县应急管理局同意鸿林 矿业试生产延期不会对公司当期经营业绩产生重大影响，鸿林矿业试运行延期期间将同步按规定办理安 全生产许可证，取得安全生产许可证后方可正式投产，矿山正式投产的时间存在不确定性，对公司未来 业绩的影响存在不确定性，敬请广大投资者注意投资风险。 格隆汇12月10日丨盛达资源(000603.SZ)公布，近日，鸿林矿业收到木里县应急管理局下发的《木里县 应急管理局关于同意四川鸿林矿业有限 ...

Group 1: CPI Analysis - In November 2025, the CPI increased by 0.7% year-on-year, up from 0.2% in the previous month, aligning with market expectations[2] - The main driver for the CPI increase was the turnaround in food prices, particularly fresh vegetable prices, which rose by 14.5% year-on-year, compared to a decline of 7.3% in the previous month[4][5] - Core CPI remained stable at 1.2% year-on-year, with gold prices contributing significantly to this stability, while service prices showed a slowdown due to seasonal demand[6] Group 2: PPI Analysis - The PPI decreased by 2.2% year-on-year in November, slightly worse than the previous month's decline of 2.1%, primarily due to a high base effect from the previous year[8] - PPI showed a month-on-month increase of 0.1%, marking the second consecutive month of growth, driven by rising prices in the coal and non-ferrous metal sectors[8][9] - The "anti-involution" effect is evident as downstream consumer goods prices stabilize, while upstream coal and metal prices continue to rise[11] Group 3: Future Outlook - The CPI is expected to maintain its upward trend in December, supported by low base effects and rising food prices, with a projected average CPI growth rate of 0.7% for the coming year[10] - The PPI's year-on-year decline is anticipated to narrow, influenced by global manufacturing recovery and domestic supply-demand adjustments, although the timing for a return to positive growth remains uncertain[11] - The recovery of domestic demand and the potential for a rebound in pork prices are critical factors that could influence CPI trends in the upcoming months[10]

Group 1 - In November, China's Producer Price Index (PPI) increased by 0.1% month-on-month, marking the second consecutive month of growth [1] - Seasonal demand in certain domestic industries, particularly coal and gas, contributed to the price increase, with coal mining and washing prices rising by 4.1% and gas production and supply prices increasing by 0.7% [1] - The PPI year-on-year decreased by 2.2%, with the decline rate widening by 0.1 percentage points compared to the previous month, influenced by a high comparison base from the previous year [1] Group 2 - The reduction in year-on-year price declines for certain industries indicates the effectiveness of measures against "involution" competition, with coal mining and washing, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing seeing narrowed declines [2] - Emerging industries are driving price increases, with external storage devices and components prices rising by 13.9% year-on-year, graphite and carbon product manufacturing prices increasing by 3.8%, and integrated circuit manufacturing prices up by 1.7% [2]

11月份，居民消费持续恢复，居民消费价格指数（CPI）环比略降0.1%，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%。受国内部分行业供需结构优化、国际大宗商品价格传导等因素影响， 工业生产者出厂价格指数（PPI）环比上涨0.1%，同比下降2.2%。 一、CPI同比涨幅扩大，核心CPI上涨1.2% CPI环比下降0.1%，主要受服务价格季节性下降影响。服务价格下降0.4%，影响CPI环比下降约0.16个 百分点。其中，节后出行需求季节性回落，宾馆住宿、飞机票、旅行社收费和交通工具租赁费价格分别 下降10.4%、10.2%、6.2%和3.6%，合计影响CPI环比下降约0.13个百分点；房屋租赁进入淡季，房租价 格下降0.2%。受国际油价变动影响，国内汽油价格下降2.2%，影响CPI环比下降约0.07个百分点。扣除 能源的工业消费品价格上涨0.3%，其中受国际金价变动影响国内金饰品价格上涨7.3%，受冬装换季上 新影响服装价格上涨0.8%。食品价格上涨0.5%，高于季节性水平0.9个百分点，主要是鲜菜价格上涨影 响。部分地区降雨降温影响鲜菜生产储运，鲜菜价格上涨7.2%，远高于平均下降3.2% ...

Core Insights - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year, marking the highest growth since March 2024, primarily driven by a reversal in food prices from decline to increase [2][4] - The Producer Price Index (PPI) rose by 0.1% month-on-month, marking the second consecutive month of increase, while year-on-year, it decreased by 2.2% [5][8] CPI Analysis - The CPI's year-on-year increase of 0.7% reflects a 0.5 percentage point rise from the previous month, largely due to food prices shifting from a 2.9% decline to a 0.2% increase [2][4] - Fresh vegetable prices saw a significant turnaround, increasing by 14.5% year-on-year after nine months of decline, while pork and poultry prices decreased by 15.0% and 0.6%, respectively, with the rate of decline narrowing [4] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months [4] PPI Analysis - The PPI's month-on-month increase of 0.1% is attributed to seasonal demand increases in certain domestic industries, such as coal and gas, with coal mining prices rising by 4.1% [5][7] - Year-on-year, the PPI's decline of 2.2% is influenced by high comparison bases from the previous year, with various macroeconomic policies showing positive effects on prices [8] - Prices in emerging industries, such as new materials and intelligent manufacturing, have increased, with specific categories like external storage devices rising by 13.9% year-on-year [8]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - Overseas, before the December FOMC, employment data showed a structural divergence. The "small non - farm" ADP improved marginally, while the overall labor market continued to cool according to the October JOLTS data. The 10 - year US Treasury yield rose, the US dollar index returned to 99.2, and the prices of different commodities showed various trends. In China, the economy is expected to continue to improve in the "15th Five - Year Plan" period, and more active macro - policies will be implemented. The A - share market is expected to fluctuate in the short term, and the bond market's short - term adjustment may be coming to an end [2][3] - Silver soared above $60 due to supply constraints and is expected to remain strong, but there is a risk of a pullback after the Fed's interest - rate decision. Copper prices fell due to concerns about the economic outlook and high prices, and are expected to oscillate. Aluminum prices adjusted due to the expected hawkish interest - rate cut. Alumina prices are expected to decline due to supply overcapacity. Cast aluminum is in a state of oscillatory adjustment due to weakening supply and demand. Zinc prices are oscillating and waiting for the interest - rate meeting's guidance. Lead prices are adjusting with limited downward space. Tin prices are expected to make a small - scale high - level adjustment. Industrial silicon prices are falling due to poor demand. Steel prices are expected to oscillate weakly due to weak supply and demand and falling costs. Iron ore prices are under pressure due to high inventories. Coking coal and coke prices are continuing to weaken due to high imports and weak demand. Bean and rapeseed meal prices are expected to oscillate weakly due to Argentina's tariff cuts and other factors. Palm oil prices are expected to oscillate within a range waiting for the MPOB report [4][6][8][10][11][12][15][16][17][19][20][21][23][25] Group 3: Summaries According to Relevant Catalogs Macroeconomics - Overseas: Before the December FOMC, the "small non - farm" ADP showed short - term stabilization, with an average weekly increase of 4,750 private - sector jobs in the four weeks up to November 22. However, the October JOLTS data indicated that the overall labor market continued to cool, with job vacancies rising to a five - month high, a more than 4% decline in recruitment, layoffs reaching 1.85 million (the highest since early 2023), and the voluntary resignation rate dropping to a five - year low. The 10 - year US Treasury yield rose to 4.18%, the US dollar index returned to 99.2, the US stock market fluctuated and diverged, gold closed up, silver rose above $60, copper prices fell 1.3%, and crude oil continued to weaken [2] - Domestic: China will implement more active macro - policies in the "15th Five - Year Plan" period to ensure a reasonable economic growth rate. The A - share market adjusted with shrinking volume on Tuesday, and is expected to oscillate in the short term. The bond market recovered slightly, and the short - term adjustment may be ending. Attention should be paid to November's price and financial data and the Central Economic Work Conference [3] Precious Metals - Silver prices soared above $60, driving up the prices of other precious metals. The World Silver Association predicts that industrial demand will continue to grow until 2030. Silver prices are supported by low supply, falling global inventories, expectations of a Fed rate cut, and being included in the US critical minerals list. Traders expect an 89.6% probability of a 25 - basis - point rate cut this week. The current bullish sentiment towards silver among funds remains strong, but there is a risk of a pullback after the Fed's interest - rate decision [4][5] Copper - On Tuesday, the main contract of Shanghai copper tested the 91,000 - yuan level, and LME copper fell from a high. The spot market for electrolytic copper had light trading. Trump's remarks on the Fed's rate - cut decision and tariff policies, along with a predicted 87% probability of a rate cut in the Thursday meeting, suggest that this may be the last hawkish rate cut of the year. Concerns about the economic outlook before the US rate cut and high copper prices in China, combined with weak demand and the strengthening US dollar, led to a decline in copper prices. Copper prices are expected to oscillate in the short term [6][7] Aluminum - On Tuesday, the main contract of Shanghai aluminum closed at 21,825 yuan/ton, down 1.71%. The LME aluminum price also fell. The market expects the Fed to make a third consecutive rate cut, and the better - than - expected labor data strengthens the expectation of a hawkish rate cut. The fundamentals of supply and demand are stable, but the previous upward trend in copper prices that drove up aluminum prices has temporarily ended. Aluminum prices are adjusting at a high level [8][9] Alumina - On Tuesday, the main contract of alumina futures closed at 2,546 yuan/ton, down 1.36%. The supply of alumina continues to be in surplus, and there is no sign of large - scale active production cuts. The expected weak balance between supply and demand means that the weak trend of alumina prices is difficult to change in the short term [10] Cast Aluminum - On Tuesday, the main contract of cast aluminum alloy futures closed at 20,810 yuan/ton, down 1.12%. The decline in the price of scrap aluminum due to the high - level adjustment of Shanghai aluminum affected the cost side. On the consumption side, the volatile aluminum prices made downstream consumption cautious. On the supply side, some enterprises suffered losses due to the rapid rise in aluminum prices, and their production started to decline slightly. Both supply and demand weakened slightly, and cast aluminum is in an oscillatory adjustment state [11] Zinc - On Tuesday, the main contract of Shanghai zinc showed a weak intraday oscillation and a high - opening and low - closing at night. The Swedish mining company Boliden plans to reduce its capital expenditure in 2026 and focus on existing core projects. The market expects a hawkish rate cut by the Fed, and the strengthening US dollar suppresses zinc prices. The downstream is still afraid of high prices, and zinc prices are oscillating and waiting for the guidance of the interest - rate meeting [12][14] Lead - On Tuesday, the main contract of Shanghai lead decreased in position and fell during the day and oscillated downward at night. The decline in market sentiment and the technical adjustment of LME lead led to a follow - up decline in Shanghai lead. The pressure on the supply side has weakened marginally due to increased maintenance of primary and secondary smelters, and the demand for automotive starting batteries is good. The social inventory remains at a low level for the year, providing support for lead prices. It is expected that Shanghai lead will continue to adjust in the short term, but the supply reduction and stable demand limit the adjustment space [15] Tin - On Tuesday, the main contract of Shanghai tin showed a weak intraday oscillation and a narrow - range oscillation at night. The better - than - expected US employment data and the approaching Fed meeting made funds cautious, leading to a reduction in positions and a high - level adjustment of futures prices. The armed conflict in eastern Congo has not eased, but the market has priced in the impact on tin - ore transportation, and production has not been substantially affected. Higher tin prices have further suppressed consumption, and social inventories have continued to increase. Short - term tin prices lack upward momentum and are expected to make a small - scale high - level adjustment waiting for guidance [16] Industrial Silicon - On Tuesday, industrial silicon oscillated weakly. The demand for industrial silicon is weak. On the supply side, Xinjiang maintains an 85% operating rate, production in the southwest has declined significantly during the dry season, and there is no expectation of increased production in Gansu and Inner Mongolia. On the demand side, the market - supporting effect of leading polysilicon enterprises is poor, the production schedule of silicon wafers and battery cells is declining, and the actual demand for centralized - type photovoltaic installations is decreasing. The industrial silicon price is expected to oscillate weakly in the short term [17][18] Steel - On Tuesday, steel futures oscillated weakly. The spot market is weak, with poor demand due to the cold wave. The willingness of traders in the Northeast to store steel for the winter is low. The supply and demand of steel are both weak. The reduction in rebar production has accelerated, and the supply - demand relationship has improved, with inventories continuing to decline, strengthening the support for rebar. The supply - demand data of hot - rolled coils has changed little, with a loose supply - demand situation and high - level inventory pressure. Steel prices are expected to oscillate weakly due to weak supply - demand drivers and falling costs [19] Iron Ore - On Tuesday, iron ore futures oscillated and adjusted. As of December 1, the total inventory of imported iron ore at 47 Chinese ports reached 160.2398 million tons, an increase of 1.0829 million tons from the previous Monday. The supply of iron ore is strong and the demand is weak, with continuous inventory increases. This week, the overseas iron - ore arrivals have decreased while shipments have increased, both at high levels, and the port inventory has increased at a high level. On the demand side, steel - mill profits have shrunk, the scale of blast - furnace maintenance has expanded, and pig - iron production has declined. Iron ore prices are expected to oscillate under pressure [20] Coking Coal and Coke - On Tuesday, coking coal and coke futures fell. Mongolian coal imports are at a high level, and port inventories are rising. Domestic mine production is stable, and upstream inventories have increased significantly. Coke - oven operations have increased, but downstream demand is weak, with slow coke sales and increasing inventories. The demand for blast - furnace raw materials is poor as the steel market enters the off - season. Coking coal and coke prices are expected to continue to weaken [21][22] Bean and Rapeseed Meal - On Tuesday, bean and rapeseed meal futures closed down. The December USDA report showed that the US 2025/2026 soybean yield and export demand were not adjusted, with an ending inventory of 290 million bushels. Argentina's soybean production remained at 48.5 million tons, and Brazil's remained at 175 million tons, with a slight increase in the world's soybean ending inventory. Argentina is reducing export tariffs on agricultural products, increasing the export pressure on the international market. The state - reserve will release 512,500 tons of imported soybeans on the 11th. Bean and rapeseed meal prices are expected to oscillate weakly in the short term [23][24] Palm Oil - On Tuesday, palm oil futures closed down. The USDA report shows that the global 2025/26 palm - oil production is expected to be 80.016 million tons, a downward revision of 800,000 tons from the previous month's estimate, and the ending inventory is expected to be 15.206 million tons, a downward revision of 383,000 tons. The MPOB reported that floods have affected palm - oil harvesting and transportation, impacting November's production. The global palm - oil supply and demand remain in a relatively tight balance, with production growth matching demand growth. Palm - oil prices are expected to oscillate within a range in the short term waiting for the MPOB report [25][26]

2025年11月份CPI同比涨幅扩大 核心CPI继续上涨 ——国家统计局城市司首席统计师董莉娟解读2025年11月份CPI和PPI数据 11月份，居民消费持续恢复，居民消费价格指数（CPI）环比略降0.1%，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%。受国内部分行业供需结构优化、国际大宗商品价格传导等因素影响， 工业生产者出厂价格指数（PPI）环比上涨0.1%，同比下降2.2%。 一、CPI同比涨幅扩大，核心CPI上涨1.2% 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。食品价格由上月下降2.9%转为上涨0.2%，对CPI同比的影响由上月下拉0.54个百分 点转为上拉0.04个百分点。食品中，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，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。能源价格下降3.4%，降幅比 ...

二、PPI环比继续上涨，同比降幅略有扩大 PPI环比上涨0.1%，连续两个月上涨。本月PPI环比运行的主要特点：一是国内部分行业需求季节性增加 带动其价格上涨。各地"迎峰度冬"开始，煤炭、燃气需求季节性增加，煤炭开采和洗选业价格环比上涨 4.1%，煤炭加工价格上涨3.4%，燃气生产和供应业价格上涨0.7%。入冬以来，防寒保暖产品进入消费 旺季，毛织造加工价格上涨0.6%，羽绒制品加工价格上涨0.2%。二是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。国际有色金属价格上行带动国内有色金属矿采选业价格环比上涨2.6%， 有色金属冶炼和压延加工业价格上涨2.1%，其中铜冶炼、金冶炼、铝冶炼价格分别上涨2.9%、1.4%和 0.2%。国际油价下行影响国内石油和天然气开采业价格下降2.4%，精炼石油产品制造价格下降2.2%。 PPI同比下降2.2%，降幅比上月扩大0.1个百分点，主要受上年同期对比基数走高影响。我国各项宏观政 策不断显效，价格呈现积极变化。一是综合整治"内卷式"竞争成效显现，相关行业价格同比降幅收窄。 重点行业产能治理持续推进，市场竞争秩序不断优化，煤炭开采和洗选业、光伏设备及元器件制造、锂 ...