证券研究报告|行业研究报告 [Table_Date] 2025 年 12 月 8 日 [Table_Title] 第一量子 2025Q3 铜产量同比减少 9.9%至 10.46 万 吨，销量同比增加 6.0%至 11.88 万吨，归属于公 司股东的净利润为-4800 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1）铜 公司 2025Q3 铜产量为 10.46 万吨，同比减少 9.9%，环比增长 14.9%。 2025Q3 净实现金价为 3358 美元/盎司，同比上涨 40.9%，环比 上涨 6.1%。 ►财务业绩情况 2025Q3 销售收入为 13.46 亿美元，同比增长 5.2%，环比增长 9.8%。 公司 2025Q3 铜销量为 11.88 万吨，同比增加 6.0%，环比增加 17.4%。 2025Q3 铜 C1 现金成本为 1.95 美元/磅，同比上涨 24.2%，环 比下跌 2.5%。 2025Q3 铜总维持成本（AISC）为 3.07 美元/磅，同比上涨 26.9%，环比下跌 6.4%。 2025Q3 铜生产总成本为 3 ...

Core Viewpoint - The company Shengda Resources plans to acquire a 60% stake in Yichun Jinshi Mining Co., Ltd. for 500 million yuan to enhance its mineral resource reserves and profitability [1] Group 1: Transaction Details - The acquisition agreement has been recognized by existing shareholders of Jinshi Mining, who have waived their preemptive rights [1] - Upon completion of the transaction, Jinshi Mining will become a subsidiary of Shengda Resources [1] - Jinshi Mining was established in October 2002 with a registered capital of 36.3 million yuan, focusing on the extraction of iron, gold, and copper [1] Group 2: Financial Performance - In 2024, Jinshi Mining reported zero revenue and a net loss of 303,200 yuan; in the first ten months of 2025, it also reported zero revenue and a net loss of 218,900 yuan [1] - As of the first ten months of this year, Jinshi Mining's total assets amounted to 41.94 million yuan, with a net asset value of 34.25 million yuan [1] Group 3: Mining Rights and Resources - The core asset of Jinshi Mining is the exploration rights for the 460 Gaodi Rock Gold Mine in Heilongjiang Province, obtained in November 2008 [1] - The mining area includes three mineralization alteration zones, with the I zone being a copper-molybdenum alteration zone and the II and III zones being gold alteration zones [2] - The estimated resources for the I zone include 996 million tons of ore, 1.5409 million tons of copper, and 461,000 tons of molybdenum, with an average grade of 0.15% copper and 0.046% molybdenum [2] Group 4: Future Outlook - After the transaction, Shengda Resources will consolidate Jinshi Mining into its financial statements, which is expected to positively impact the company's future financial status and operational results once the mine is operational [3]

Group 1 - Midea Group has completed its share repurchase plan, with a total amount reaching the upper limit of 10 billion yuan, repurchasing 135 million shares, accounting for 1.76% of the total share capital [1] - Mu Xi Co., Ltd. announced the results of its online issuance, with a total of 19,331 winning numbers, each allowing the subscription of 500 shares [2] - ST Yishite plans to transfer 418 million shares, representing 17.93% of the total share capital, to Hubei Jingjiang Industrial Investment Group, making it the controlling shareholder [4] Group 2 - China Merchants Heavy Industry plans to invest 258 million yuan in Shenshan Port Investment Company, acquiring a 20% stake [5] - Snowman Group's metal plate fuel cell stack project has passed final acceptance, establishing a solid technical foundation for mass production [6] - Honghua Digital Technology intends to acquire 49% of Shandong Yingkejie for 105 million yuan, making it a wholly-owned subsidiary [7] Group 3 - Tianfu Communication is planning to issue H-shares on the Hong Kong Stock Exchange, with details yet to be finalized [9] - Tianqi Lithium intends to apply for designated delivery warehouse qualifications for lithium hydroxide at the Guangzhou Futures Exchange [10] - Puran Co., Ltd. plans to acquire 49% of Noah Changtian's equity, which will become a wholly-owned subsidiary [11] Group 4 - Aerospace Rainbow is establishing a weather modification technology company with Zhongtian Rocket, with a total investment of 50 million yuan [12] - Yifan Pharmaceutical's products have been included in the 2025 National Medical Insurance Directory, enhancing its market position [13] - Weidi Co., Ltd. plans to acquire controlling stakes in Jiangsu Jiuxing Precision Technology [14] Group 5 - Agricultural Bank announced a cash dividend distribution of approximately 41.823 billion yuan for the first half of 2025 [20] - Cambridge Technology plans to increase capital by 100 million USD in its US subsidiary to expand production capacity [21] - Hunan Silver plans to conduct annual maintenance from December 9, 2025, to January 5, 2026 [22] Group 6 - Kemin Foods reported a 110.77% year-on-year increase in sales revenue from pig sales in November 2025 [23] - Yisheng Co., Ltd. reported a 28.43% year-on-year decrease in sales revenue from white feather broiler chicks in November 2025 [24] - New Tian Green Energy achieved a cumulative power generation of 13.3689 million MWh in the first 11 months of 2025, a year-on-year increase of 8.04% [25] Group 7 - Ankai Bus reported a 57.71% year-on-year increase in cumulative sales in the first 11 months of 2025 [27] - Daqin Railway completed a cargo transportation volume of 37.22 million tons in November 2025, a year-on-year increase of 1.75% [28] - Zhongtong Bus reported a 39.53% year-on-year increase in sales volume in November 2025 [29] Group 8 - Ringxu Electronics reported a 1.97% year-on-year decrease in consolidated operating revenue for the first 11 months of 2025 [31] - Xiangpiaopiao's major shareholder plans to reduce holdings by no more than 0.1% of the company's shares [32] - Zhongzi Technology's shareholder plans to reduce holdings by no more than 3% of the company's shares [33] Group 9 - Goldwind Technology's subsidiary reduced its holdings in Jinli Permanent Magnet, expecting an investment income of approximately 215 million yuan [34] - Hailun Zhe plans to repurchase shares worth 50 million to 100 million yuan [35] - Wentai Technology's major shareholder plans to reduce holdings by no more than 3% of the company's shares [37] Group 10 - Licheng Group signed a procurement agreement with Weijing Intelligent for humanoid robot components, with an estimated contract value of approximately 75 million yuan [40] - Jieshun Technology won the underground parking lot operation management project, expected to generate over 70 million yuan in revenue [42] - Jifutong is a candidate for the China Mobile procurement project, with expected amounts of 411 million yuan and 162 million yuan [43]

每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 2025年1至6月份，洛阳钼业的营业收入构成为：矿产贸易占比86.87%，矿山采掘及加工占比41.58%， 其他业务占比0.11%，内部交易抵销占比-28.56%。 截至发稿，洛阳钼业市值为3999亿元。 每经AI快讯，洛阳钼业（SH 603993，收盘价：18.69元）12月8日晚间发布公告称，公司第七届第七次 董事会临时会议于2025年12月8日以现场结合传阅方式召开。会议审议了《关于调整公司第七届董事会 专门委员会成员的议案》等文件。 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Views - Gold prices are expected to remain stable at high levels, with a downward trend continuing as the market awaits the December FOMC results. Concerns about the independence of the Federal Reserve are ongoing, and China's central bank continues to increase its gold reserves [4][9] - Copper prices are on an upward trajectory, driven by supply constraints in non-US regions. The LME copper price reached a new high of $11,665 per ton, with significant warehouse cancellations raising concerns about potential supply shortages [10][11] Summary by Sections Weekly Research Views - Gold: The Federal Reserve's silence and mixed economic data have led to fluctuations in gold prices. The probability of a rate cut in December remains high at 80-90% [9] - Copper: The LME copper price has surged, with significant warehouse cancellations indicating potential supply issues. The market is expected to maintain a bullish sentiment towards copper stocks [10] Sector Performance - The non-ferrous metals index increased by 5.07%, outperforming the broader market by 4.70%. The top-performing sectors included copper, aluminum, and nickel [11][12] Metal Prices and Inventories - Prices for basic metals have generally risen, with SHFE copper up 4.99% to 91,560 yuan per ton, and LME copper up 2.33% to $11,450 per ton. Inventory levels show a mixed trend, with LME copper inventory increasing by 2.0% while SHFE copper inventory decreased by 9.2% [25][31]

每经AI快讯，山金国际（SZ 000975，收盘价：21.88元）12月8日晚间发布公告称，为满足公司及下属 子公司日常经营和业务发展需要，提高公司融资决策效率，公司拟为合并报表范围内的全资及控股子公 司提供担保，预计担保总额度为42.9亿元，其中为资产负债率低于70%的子公司提供担保的额度不超过 39.3亿元，为资产负债率70%以上的子公司提供担保的额度不超过3.6亿元。担保额度的有效期为2026年 1月1日至2026年12月31日。如单笔担保的存续期超过了决议的有效期，则决议的有效期自动顺延至单笔 担保终止时止，具体的担保期限以最终签订的合同约定为准。在担保额度有效期内，担保总额度可循环 使用，但公司在任一时点的实际对外担保余额不超过42.9亿元。上述担保额度可在子公司之间进行担保 额度调剂。上述担保无反担保。担保方式包括但不限于连带责任担保等。 （记者 王晓波） 本次担保后，公司及控股子公司的担保额度总金额为46.3亿元。截至公告披露日，公司及控股子公司对 外担保总余额为3.4亿元，占公司最近一期经审计净资产的2.62%。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致 ...

截至2025年12月8日 13:57，中证细分有色金属产业主题指数(000811)上涨0.50%，成分股中矿资源(002738)上涨6.64%，雅化集团(002497)上涨6.48%，国城矿 业(000688)上涨6.20%，盛新锂能(002240)上涨5.74%，赣锋锂业(002460)上涨5.45%。有色50ETF(159652)上涨0.64%， 冲击4连涨。最新价报1.57元。拉长时 间看，截至2025年12月5日，有色50ETF近1周累计上涨4.70%，涨幅排名可比基金1/2。（以上所列股票仅为指数成份股，无特定推荐之意） 流动性方面，有色50ETF盘中换手3.73%，成交1.27亿元。拉长时间看，截至12月5日，有色50ETF近1周日均成交1.80亿元。 值得一提的是，有色50ETF(159652)盘中获资金积极加仓，截至目前，该基金盘中已获净申购3000万份，按盘中成交均价估算，净申购金额已超4600万元。 东方证券认为，工业金属的超级周期或已来临，重点关注铜铝金板块。降息周期里供需偏紧的实物资产，即使是较小的供需缺口也有望产生较大的价格弹 性。上周铜、铝等金属价格明显上涨，尤其是周五晚LME 铜 ...

Core Viewpoint - The article discusses the recent activities of Duan Liping, the brother of the well-known investor Duan Yongping, highlighting his increasing presence in the capital market and investments in companies like Guocheng Mining, which has seen significant stock price increases due to favorable market conditions and strategic asset acquisitions [6][7][10]. Group 1: Duan Liping's Investment Activities - Duan Liping has been actively involved in the capital market, particularly with Guocheng Mining, which has experienced a stock price surge of approximately 127% from 13.63 CNY to a peak of 31.04 CNY per share [10]. - Guocheng Mining's recent announcements, including a major asset restructuring involving a 60% stake in Guocheng Industry, have contributed to its stock performance. The core asset is a significant molybdenum mine, which is crucial for various industries [10][11]. - As of the end of Q3 2025, Duan Liping holds a 0.56% stake in Guocheng Mining, ranking as the ninth largest circulating shareholder, alongside his spouse and another individual, collectively holding 1.64% of the company [12]. Group 2: Family Background and Business Connections - Duan Liping, born in 1957, has maintained a lower profile compared to his brother Duan Yongping, who has largely withdrawn from direct business involvement since moving to the U.S. in 2002 [15][16]. - Despite Duan Yongping's withdrawal, Duan Liping remains active in the business sector, holding positions in various companies related to the BuBuGao group, including Jiangsu BubuGao Real Estate and Guizhou BubuGao Liquor [21][22]. - The article highlights the familial ties and business collaborations between Duan Liping and other prominent figures in the industry, indicating a network of influence and shared interests within the BuBuGao ecosystem [19][21]. Group 3: Market Dynamics and Strategic Moves - The article notes that Duan Liping and his associates have strategically acquired control of LiYuan Co., a company facing operational challenges, for a relatively low price of 3.8 million CNY, indicating a calculated move to enter the automotive parts sector [22][23]. - The previous owners of LiYuan Co. were motivated to sell due to ongoing financial difficulties, including significant losses and legal issues, which made the sale a pragmatic decision [22][23]. - The acquisition reflects a broader trend in the market where established players are seeking opportunities in emerging sectors, such as the automotive industry, amidst changing economic conditions [23].

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 【套利建议】全球第二大铜矿遭遇不可抗力，将改变未来较长时间 的铜供应曲线。美联储开启新一轮降息和扩表周期，铜合约间预计 逐步转向Contango结构。可考虑铜2602和2603合约间的反套机会 【期权建议】 期权策略上可考虑买入近月轻度虚值看涨期权。 铝产业链： 成文时间：2025年12月06日星期六 更多精彩内容请关注方正中期官方微信 期货研究院 有色金属周度策略 Metal Futures Weekly St ...

Market Sentiment - The current market sentiment score is 74, indicating a "relatively hot" market condition, with a tendency for the market to enter a consolidation phase as sentiment becomes cautious [4][6]. Hot Themes Tracking - **Non-ferrous Metals**: Demand expectations are boosted by potential US interest rate cuts, with copper prices rising due to financial attributes and supply constraints. Key stocks include Zijin Mining (601899) and China Aluminum (601600) [4]. - **Banking Sector**: Bank stocks offer high dividend yields, with the China Securities Bank Index yielding 6.02%, significantly above the 10-year government bond yield. This makes bank stocks attractive for long-term investors during economic slowdowns. Relevant stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [4]. - **AI Mobile Phones**: ZTE has released a limited version of the Nubia M153 smartphone featuring the "Doubao Phone Assistant," aimed at developers and tech enthusiasts. This assistant operates at a system level, allowing for complex command execution. Related stocks include ZTE Corporation (000063) and Guanghetong (300638) [4]. Capital Flow Analysis - **Net Inflow**: The top stocks by net inflow include C-More-U (688795.SH) with 171,088.72 million, followed by BOE Technology Group (000725.SZ) with 91,808.23 million [7]. - **Net Outflow**: The stocks with the highest net outflow include Heertai (002402.SZ) with -192,121.31 million and Sanhua Intelligent Control (002050.SZ) with -100,152.71 million [9]. - **Industry Net Inflow**: The non-ferrous metals industry leads with a net inflow of 105,095 million, followed by the computer sector with 94,326 million [13]. Investment Strategy Recommendations - In a "relatively hot" market, it is advisable to moderately increase investments while being cautious of potential overheating risks [16].