Core Viewpoint - Minmetals Resources (01208) has seen a stock price increase of over 5%, currently trading at HKD 7.29, with a transaction volume of HKD 76.34 million, following the announcement of positive exploration results from the Izok Corridor project in Canada [1] Group 1: Exploration Activities - Minmetals Resources announced regional exploration work during the summer fieldwork seasons of 2024 and 2025 at the Izok Corridor project [1] - The exploration is based at the Izok Lake camp in Nunavut, Canada, and the Ulu camp of Blue Star Gold, utilizing historical geophysical and geological data to identify target areas for field investigation [1] - Encouraging results have confirmed the presence of mineralization in multiple target areas, leading to the identification of subsequent drilling targets and prioritization for further exploration [1] Group 2: Resource Expansion Drilling - The resource expansion drilling conducted by Minmetals Resources in 2025 at High Lake and the eastern part of High Lake has yielded positive results [1] - Drill holes have revealed high-grade mineralization, extending the known mineralization range [1] - Ongoing work aims to update the mineral resource estimate for High Lake and complete the first mineral resource estimate for the eastern part of High Lake [1]

Market Overview - The Hong Kong stock market opened higher on December 1, with the Hang Seng Index reporting 25,945.87 points, an increase of 86.98 points, or 0.34% [1] - The Hang Seng Technology Index also opened higher, reporting 5,617.67 points, with a gain of 0.33% [4] Company News - The Shenzhen Stock Exchange announced an adjustment to the Hong Kong Stock Connect securities list effective December 1, 2025, due to the end of the price stabilization period for Sirus (HK09927) and its A-share listing being active for 10 trading days [3] - Sirus opened over 4% higher today, reaching 120.90 HKD, with a gain of 5.13% [3] Sector Performance - The Hong Kong metals sector showed strong performance, with China Silver Group rising over 12%, Jiangxi Copper gaining over 8%, and other companies like China Nonferrous Mining and Minmetals Resources increasing over 6% [6] - Gold stocks also saw collective gains, with Zijin Mining and China Gold International rising over 5% [6] Strategic Insights - Huatai Securities indicated that the market is nearing a "bad news fully priced in" state, suggesting limited downside potential. They recommend focusing on sectors with improving fundamentals, particularly consumer goods and stable earnings in the pharmaceutical and internet sectors post-Q3 reports [9] - CITIC Securities believes that any short-term market declines could present better buying opportunities, advising a strategy focused on positioning for the year-end market [9] - Industrial and technological advancements are expected to remain priorities in China's high-quality transformation, with a focus on AI and domestic computing power industries benefiting from the "self-reliance in technology" narrative [10]

东方证券指出，降息预期深化背景下，白银再度逼仓凸显贵金属稀缺特性。当前金交所与上期所白银库存 均下降至2015年以来近十年的最低水平，贵金属价格大幅上行背后凸显实物的稀缺性才是根本原因。看好 黄金价格持续上行，维持2025年底冲击4500美元/盎司，2026年有望突破5000美元/盎司的观点，可积极关 注业绩释放较好的矿产金与矿产银公司。 另一方面，冶炼减产预期进一步推升铜价。中国铜原料联合谈判小组（CSPT）于近日再次研究讨论，成 员企业达成以下共识并严格遵守：2026年度降低矿铜产能负荷10%以上，改善铜精矿供需基本面；维护 Benchmark体系，加强与矿山直接合作，坚决抵制贸易商不合理的指数计价模式等。 12月1日，A股白银、铜等金属板块集体大涨，湖南白银、白银有色、江西铜业、兴业银锡等多股涨停， 云南铜业、洛阳钼业、铜陵有色、紫金矿业等涨超7%。矿业ETF（159690）高开高走，截至发稿上涨 4.37%。 消息面上，美联储内部多位官员发声，美国劳动力市场面临的风险已超过通胀。受此影响，CME"美联储 观察"最新数据显示，美联储在12月议息会议降息25个基点的概率已从一周前的约40%飙升至80.9% ...

展望后市，在地缘局势反复、美联储政策预期摇摆以及市场流动性环境多变的背景下，贵金属预计延续震荡 偏强走势。技术面上，黄金若能有效站稳4250美元/盎司，下一目标或看向4350美元附近；白银在连续冲高后 需警惕技术性回调，若能企稳于57美元/盎司上方，则上行趋势仍将延续。操作上建议以回调后分批布局多单 为主，重点关注美联储主席提名进展、欧美政策信号及地缘局势演变。 据了解，矿业ETF(159690)可被形象地理解为"有色放大器"，因为它通过集中投资上游资源龙头，在有色金属 价格上涨时，其净值涨幅往往能数倍于商品本身，展现出显著的杠杆效应。作为聚焦上游资源领域的投资工 具，充分受益于当前商品价格上涨周期。该ETF覆盖金银铜锂稀土等多种战略性资源，前三大权重品种占比 近六成，在资源品涨价周期中展现出较强的价格弹性。随着全球制造业周期企稳回升，以及新能源、人工智 能等新兴产业对上游资源的需求持续增长，矿业板块的中长期投资价值值得关注。 12月1日，有色矿业再度异动拉升。截至9时45分，表征板块的矿业ETF(159690)放量涨3.74%，盘中冲击三连 升。湖南白银、白银有色领涨。 国信期货分析指出，上周五晚间，美元指 ...

Group 1: Silver Price Surge - Silver prices have reached a historic high, surpassing $57 per ounce, driven by supply constraints and expectations of a 25 basis point rate cut by the Federal Reserve in December [2] - The price increase of nearly 6% on the day reflects ongoing concerns about a tight global supply of silver, despite a record influx of 54 million ounces into London [2][3] - The one-month silver borrowing cost remains significantly elevated, indicating persistent supply tightness in the market [2] Group 2: Market Dynamics and Trade Risks - The U.S. Geological Survey has listed silver as a "critical mineral," which may lead to potential tariff discussions, adding a layer of trade risk to the silver market [3] - Since early October, 75 million ounces of silver have exited New York Comex warehouses, raising concerns about potential price spikes and causing traders to be cautious about shipping silver overseas [3] Group 3: Company Insights - China Silver Group (00815) reported a 20.97% decline in total revenue to 4.319 billion yuan and a 31.5% drop in net profit to 9.966 million yuan for 2024, indicating challenges in the silver production sector [4] - Zijin Mining (02899) has shown strong growth with a 5.55% increase in revenue to 78.928 billion yuan and a 62.39% rise in net profit to approximately 10.167 billion yuan, benefiting from rising prices of metals [4] - Jiangxi Copper (00358) maintains a stable silver production as a byproduct of copper and gold refining, with potential for additional revenue if silver prices continue to rise [4]

Jefferies分析师报告称，矿业"重获青睐"。过去一周，矿业公司股票大幅跑赢大盘，因投资者押注美联 储将在即将召开的会议上降息。Jefferies的分析师表示："这可能是2026年将要发生的事情的预演，因为 美联储主席鲍威尔的继任者可能会支持更大幅度的降息。"他们表示，此举将成为矿商的看涨驱动因 素，因为降息往往会支持经济增长。这些分析师表示，过去一个月，买方对矿商的平均预期出现了"重 大的积极转变"。在悉尼市场，必和必拓和力拓分别上涨0.9%和0.3%。 ...

近期，全球市场出现一个诡异现象：黄金、白银、铜等金属价格同步飙升。 黄金突破4400美元/盎司，白银年内涨幅超150%，铜价站上8.7万元/吨。 这些冰 冷的数字背后，揭示了一个残酷现实，全球主权货币的购买力正加速贬值。 这场金属狂欢并非偶然。 2025年以来，美联储降息周期启动，美国债务规模突破38万亿美元，美元信用根基动摇。 与此同时，AI革命、新能源转型催生对有色金属的海量需求，而全球矿山供应却因资源枯竭和政策限制步步收紧。 当纸币的"魔力"逐渐消失，硬通货的价 值正在回归。 2025年9月，美联储宣布降息25个基点，全球流动性闸门再度打开。 美元指数应声下跌，随后美国政府因预算僵局陷入停摆，美元却意外反弹至100关口。 这种反常现象背后，是市场对美元信用的双重情绪，短期避险依赖与长期信任衰减。 美元作为全球货币体系的"锚"，其信用下滑直接体现为金属价格的飙升。 国际货币基金组织数据显示，美元在全球外汇储备占比降至58%，创25年新低。 各国央行正疯狂囤积黄金，中国央行连续11个月增持黄金，储备量达7406万盎司。 美国财政赤字占GDP比重突破7%，债务规模如雪球般滚至38万亿美元。 这些数字意味着，美 ...

•12月1日起，所有销售的电动自行车必须符合新的国家标准，旧国标电动自行车将被禁售。 •超卓航科12月1日开市起复牌，公司控股股东拟由李光平、王春晓、李羿含变更为湖北交投资本投资有 限公司，公司实际控制人拟变更为湖北省国资委。 今日提示 •由中国互联网协会主办的2025"人工智能+"产业生态大会，将于12月1日—3日在京举办，为期三天的大 会将搭建政策、技术、需求、成果的综合对接服务平台，助力"人工智能＋"行动落地。 大咖观市 ○12月是布局"春季躁动"好时机 上周A股主要指数悉数反弹，市场热点集中于TMT主线。展望后市，多家券商认为，A股跨年行情已经 具备良好基础，12月是布局"春季躁动"的好时机。 兴业证券认为，前期扰动市场的各类因素，近期已在逐步缓解。首先，海外扰动因素进一步缓和，美联 储表态与经济数据共同推升降息预期，推动全球风险资产共振修复。近期人民币汇率加速升值破7.08关 口，汇率走强与资本市场修复形成共振。往后看，A股跨年行情已经具备良好基础，建议投资者保持多 头思维，继续布局中国资产。 广发证券认为，展望2026年，上市公司盈利边际改善、政策基调积极、市场流动性充裕、外部扰动因素 逐步缓和， ...

Core Viewpoint - The construction of green mines in China has significantly increased the resources of low-grade and associated minerals such as cobalt, rhenium, nickel, and indium through innovative technologies and advanced applicable techniques [1] Group 1: Resource Growth - The implementation of green mining practices has led to a substantial increase in resource quantities, with cobalt and rhenium seeing over 100% growth, and nickel and indium experiencing over 30% growth [1] - The re-evaluation of low-grade and associated resources has transformed "stagnant mines" into "active mines" and "small mines" into "large mines," effectively extending the service life of mining operations [1] Group 2: Technological Advancements - The integration of technologies such as 5G, IoT, and artificial intelligence in mining operations has facilitated the development of digital and intelligent mining, achieving "mining without visible ore" and "unmanned mining" [1] - A number of unmanned mining workfaces have been established, significantly enhancing the efficiency of mineral resource development and utilization [1] Group 3: Green Mining Initiatives - The Ministry of Natural Resources reports positive progress in the construction of green mines, with over 1,000 national-level green mines and more than 4,000 provincial-level green mines established [1] - These initiatives are seen as a vibrant practice in the construction of a beautiful China [1]

9月的坦桑尼亚阳光依然灼热，但在Ngualla山脚下，却上演了一场全球资源博弈的静悄悄胜利。澳大利亚的矿业公司Peak Rare Earths最终同意被中国的盛和 资源收购，交易金额为1.58亿澳元。此次收购让盛和资源掌控了年产3.7万吨钕镨矿石的资源。对于普通人来说，这也许只是一次商业并购，但对美国和欧洲 的政治精英来说，却是一场战略滑铁卢。他们一直期盼的不依赖中国的稀土供应链被现实打得体无完肤。很多人没有意识到，这不仅仅是买下了一座矿山， 而是在买下未来全球制造业的命脉。那么，为什么西方看到了，却始终无法抢占先机呢？ 首先来看这场矿石争夺战的由来。Ngualla矿项目并不是什么新的发现。早在2010年，Peak公司就已经意识到这块土地上埋藏着88.7万吨的高品位稀土矿，主 要是用于制造高性能永磁材料的钕和镨两种关键元素。理论上来说，开采这种资源能够支撑一个国家的电动车和军工产业发展好几年。Peak公司本想自己进 行开发，甚至计划在英国建一个冶炼厂。然而，问题随之而来：冶炼稀土不仅工艺复杂、成本高，而且技术门槛极高。仅凭澳大利亚的资金根本无法支持。 于是，他们曾尝试向美国的海外私人投资公司（OPIC）借款， ...