报告期内，集团收益增加29.7%至5.09亿港元，集团毛溢利为1.23亿港元(截至2023年6月30日止六个月： 毛溢利8935.3万港元)。毛溢利增加乃由于期内(i)锡产量增加及(ii)平均价格上升。 期内，集团继续在雷尼森地下矿进行勘探工作，以发掘蕴藏的锡资源。集团继续勘探Bell 50区域，而正 在进行的钻探工作亦证实含有高品位矿石的Area 5区域延伸至Bell 50区域。截至2024年6月30日，雷尼 森地下矿探明、控制及推断资源总量为2015万公吨，锡品味高达1.45%。已调动一台额外的地下钻孔机 到现场钻探延伸目标。延伸钻探以及目前的地表 Ringrose 钻探预计将继续带来矿产资源的持续成长。 雷尼森地下矿山中的含锡量增加，使集团有更大的提升产量空间。 格隆汇11月30日丨绿科科技国际(00195.HK)公布2024年中期业绩，截至2024年6月30日止六个月，公司 拥有人士应占期内溢利为1582.3万港元，同比减少22.07%。 ...

[Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 证券研究报告|行业研究报告 [Table_Date] 2025 年 11 月 30 日 [Table_Title] PTANTAM TBK 2025Q3 镍铁产/销量分别环比下 降 7%、增长 162%至 4,242 吨、2,419 吨，镍矿石 产/销量分别环比下降 23%、下降 30%至 345 万湿 吨、306 万湿吨 ►分业务生产经营情况 1、镍铁 2025Q3，ANTAM 镍铁产量为 4,242 吨，环比下降 7%， 同比下降 16%。 2025Q3，ANTAM 镍铁销量为 2,419 吨，环比增长 162%，同比下降 50%。 2、镍矿 2025Q3，ANTAM 镍矿石产量为 3,450,567 吨，环比下降 23%，同比增长 11%。 2025Q3，ANTAM 镍矿石销量为 3,062,154 吨，环比下降 30%，同比增长 30%。 3、黄金 2025Q3，ANTAM 黄金产量达到 151 千克，环比下降 27%，同比下降 50%。 2025Q3，ANTAM 黄金产品销量达到 4,804 千克，环比 ...

1.我国已成为首个国内有效发明专利拥有量超过500万件的国家 据光明日报消息，记者从国家知识产权局28日举行的新闻发布会上获悉，目前，我国已经成为世界上首个 国内有效发明专利拥有量超过500万件的国家，PCT国际专利申请量连续6年位居全球第一。专利密集型产业 增加值达到16.87万亿元，占GDP的比重提升到13.04%；全球前5000个品牌中我国品牌价值达1.81万亿美 元，位居全球第二；地理标志产品直接产值接近9700亿元，保持良好增长势头。 点评：知识产权强国建设迈上新台阶。 2.电影《疯狂动物城2》单日票房破6亿 据灯塔专业版，《疯狂动物城2》单日票房已突破6亿。 3.蓝箭航天朱雀三号暂缓首飞 《科创板日报》29日讯，《科创板日报》记者获悉，北京蓝箭航天"朱雀三号"首飞箭已处于最后准备状态， 原定11月29日首飞，因不可抗力，发射任务临时暂缓。 4.中华慈善总会：六年多来捐赠支出合计482亿余元 11月29日，中华慈善总会在北京召开第六次会员代表大会暨第六届理事会第一次会议。记者从会上了解 到，2019年1月至2025年9月底，中华慈善总会捐赠收入合计493.7亿元，同期捐赠支出合计482.66亿元。 ...

Core Insights - The article discusses the recent activities and investments of Duan Liping, the elder brother of Duan Yongping, highlighting his increasing presence in the capital market and his strategic investments in the mining sector, particularly in non-ferrous metals [4][5][7]. Group 1: Duan Liping's Background and Investments - Duan Liping, born in 1957, is actively involved in the capital market and has been increasing his investments in companies like Guocheng Mining, which has seen a significant stock price increase of approximately 127% from 13.63 CNY to 31.04 CNY per share within a month [4][5][7]. - Guocheng Mining's recent announcements, including a major asset restructuring involving a 60% stake in Guocheng Industry, which owns a significant molybdenum mine, have contributed to its stock performance [7][10]. - Duan Liping holds a 0.56% stake in Guocheng Mining, ranking as the ninth largest circulating shareholder, alongside his wife Wang Xiaomei and Liao Yannan, who are also significant shareholders [8][10]. Group 2: Market Dynamics and Stock Performance - The article notes a broader trend in the non-ferrous metals market, where rising prices of gold and silver have positively impacted related stocks, including Guocheng Mining [5][7]. - The combined holdings of Duan Liping, Wang Xiaomei, and Liao Yannan in Guocheng Mining have increased in value significantly, with their shares worth approximately 4.43 billion CNY after a recent stock price adjustment [10][11]. Group 3: Strategic Collaborations and Acquisitions - Duan Liping has collaborated with other prominent figures in the industry, such as Zhang Yuan, to acquire control of listed companies like Liyuan Co., which was purchased for 38 million CNY, indicating a strategic move into the automotive parts sector [20][21]. - The acquisition of Liyuan Co. is seen as a calculated entry into a lucrative market, focusing on aluminum components for the automotive industry, which is currently a hot sector [21][22].

Core Viewpoint - Fitch Solutions' BMI forecasts that iron ore prices will stabilize at an average of $95 per ton in 2026, slightly lower than the $97 per ton in 2023, due to increased supply from Guinea's Simandou project and weak domestic demand in mainland China [3][6]. Supply and Demand - Major miners' iron ore production remains healthy, with most maintaining or slightly increasing their output despite early-year weather impacts [4][5]. - China's domestic demand for steel and iron ore continues to be weak, with the official manufacturing PMI shrinking for the seventh consecutive month to 49 in October, and new home prices declining [3][8]. Long-term Price Outlook - BMI predicts a long-term downward trend in iron ore prices, projecting a decline from an average of $95 per ton in 2026 to $78 per ton by 2034, driven by slowing steel production growth and increased iron ore supply [6][9]. - The shift in China's economic structure from industrial and steel-intensive sectors to services and lower steel intensity infrastructure is expected to negatively impact iron ore demand [7][8]. Market Dynamics - The transition in China's economic growth trajectory is anticipated to suppress growth rates in steel consumption and production, with domestic steel output expected to align more closely with consumption patterns in the coming years [8]. - The global focus is shifting towards green or low-carbon steel, which requires significantly less iron ore compared to traditional blast furnace methods [8]. Risks and Opportunities - Current economic uncertainties present a dual risk for iron ore price forecasts, with potential further declines if China's economic growth continues to underperform expectations [10]. - Conversely, a strong recovery in China's real estate market could drive demand and support iron ore prices, alongside supply constraints from production mines [11].

Core Insights - The Chinese government has launched a large-scale equipment update and consumer goods replacement initiative, focusing on key industries such as steel, non-ferrous metals, petrochemicals, chemicals, building materials, electricity, machinery, aviation, shipping, textiles, and electronics [1] - Various provinces, including Inner Mongolia and Hunan, have developed specific implementation plans to promote industrial equipment updates and technological transformations [2][3] Group 1: Implementation Plans - Inner Mongolia has established a plan to enhance industrial equipment updates, with a focus on advanced equipment, digital transformation, and green upgrades, aiming for a 50% increase in equipment investment by 2027 compared to 2023 [7] - Hunan's plan targets over 2,000 industrial enterprises annually for technology upgrades, with a goal of achieving over 50% of large-scale industrial enterprises undergoing high-end, intelligent, and green transformations by 2027 [4][5] Group 2: Financial and Policy Support - Financial and tax policies are crucial for supporting equipment updates, with local governments optimizing tax processes and providing financial assistance to mining and manufacturing sectors [8][9] - In Inner Mongolia, a demand list for re-loans related to equipment updates has been created, involving 140 projects with a total investment of 634.6 billion yuan and a loan demand of 30.5 billion yuan [8] Group 3: Industry Focus and Goals - The focus on green and intelligent upgrades is emphasized, with Hunan aiming for a digital design tool usage rate of over 90% and a CNC rate of over 75% in key industrial sectors by 2027 [4][7] - Yunnan province is also pushing for digital equipment updates in the industrial sector to enhance production efficiency and promote advanced capacity [6]

桑德能源在摩洛哥推进氦气勘探被视为全球市场关注的新一轮"勘探前 沿"。此举发生在全球高度依赖少数生产国、供应安全问题日益突出的背景 下，也为摩洛哥在能源及关键矿产领域的潜在发展提供了新的机遇。 （原标题：英国矿业公司在摩洛哥开展氦气勘探受到关注） 氦气是工业、科研和医疗等领域不可或缺的关键气体。根据美国地质调查 局（USGS）2023年和2024年的数据，氦气长期合约价格接近每1000立方英尺 400美元，市场对供应中断高度敏感。美国作为历史主要生产国之一，其联邦 氦系统（Federal Helium System）销售量已从2020年的约6100万立方英尺下降 到2022年的2100万立方英尺。USGS数据显示，这一下降趋势自2021年开始显 现，主要与德克萨斯州Cliffside气田的联邦设施频繁故障有关。与此同时， 2022年卡塔尔部分装置停产、阿尔及利亚减产，也进一步削弱了全球供应，使 市场紧张局势加剧。 报道指出，英国桑德能源公司（Sound Energy）目前在摩洛哥运营 Tendrara天然气项目，并正积极推进在摩洛哥具有氦气和天然氢地质潜力区域 的勘探许可申请。桑德能源表示，公司已完成目标勘探 ...

Group 1 - The discussion at The Year Ahead 2026 summit featured insights from prominent figures in investment and economics, including concerns about the sustainability of AI capital expenditures and potential market bubbles [2][3][4] - There is skepticism regarding the long-term viability of AI investments, with comparisons drawn to past infrastructure investments in China that did not yield sustainable returns [3][16][17] - The panelists expressed a consensus that gold is not a guaranteed investment, with historical precedents indicating potential long-term bear markets for gold due to central bank selling [11][38][39] Group 2 - The panel highlighted the importance of diversifying investments beyond AI, suggesting that commodities and mining stocks may offer better returns than AI-related stocks [7][21][22] - There is a growing belief that the Chinese yuan may gradually replace gold and the US dollar in international reserves, indicating a shift in global economic dynamics [11][39][42] - The discussion emphasized the need for a balanced investment strategy, with recommendations for low-risk assets that provide stability during economic uncertainty [56][57] Group 3 - The panelists noted that the current economic environment is characterized by a mismatch in production relationships, which could continue to exert pressure on the economy [13][15] - The importance of recognizing the cyclical nature of markets was underscored, with suggestions to focus on companies that can thrive even in downturns [26][55] - The potential for significant changes in the market landscape was acknowledged, with a call for investors to remain vigilant and adaptable to evolving conditions [30][31][50]

Core Viewpoints - The discussion highlights concerns about the sustainability of massive capital expenditures in AI, suggesting that while there may be potential for individual successful applications, the overall financial viability remains uncertain [3][5][26] - The panelists express skepticism about the current AI investment boom, likening it to past infrastructure investments in China that ultimately did not yield sustainable returns [4][25][26] - There is a consensus that gold may not be a guaranteed investment, with recent actions by central banks, particularly Russia's selling of gold, signaling potential shifts in the market [7][60][62] Group 1: AI Investment Insights - Li Bei emphasizes that the current level of capital expenditure in AI is unsustainable, questioning whether it can generate significant cash flow returns [3][26] - The panelists agree that AI may not be the primary upward driver in the market moving forward and could instead become a downward drag [5][29] - The difficulty of timing exits in a bubble is highlighted, with references to top traders struggling to navigate market peaks [6][49] Group 2: Gold and Currency Perspectives - The recent selling of gold by the Russian central bank is noted as a significant warning sign for the gold market [7][60] - There is a belief that while dollar-denominated gold may not decline significantly, gold priced in RMB could face downward pressure [67] - The undervaluation of the RMB is discussed, with expectations that it may gradually be recognized in international reserves, potentially replacing gold and USD [61][62] Group 3: Investment Strategies - The panelists suggest avoiding chasing bubble assets and instead focusing on resilient companies that can thrive in challenging economic conditions [8][90] - Recommendations include diversifying into non-US value stocks, commodities, and companies involved in AI development that are undervalued [11][91][94] - The importance of maintaining a balanced investment portfolio that allows for peace of mind during market volatility is emphasized [91][95]

Core Viewpoint - Zijin Mining has announced significant changes in its board of directors, marking a transition from founder-driven leadership to a system-driven approach, as the long-time leader Chen Jinghe steps down due to age and family reasons [2][9]. Group 1: Leadership Transition - Chen Jinghe, the founder and key figure behind Zijin Mining, will not accept nomination for the ninth board of directors due to age and family reasons, despite efforts from the controlling shareholder and board to retain him [2][4]. - The board has proposed to appoint Chen Jinghe as the lifetime honorary chairman and senior advisor, recognizing his contributions and aiming to preserve the company's innovative culture [2][4]. Group 2: Company Performance - Zijin Mining's performance is notable, with copper production accounting for 65% of China's total and gold production for 24% [6]. - The company ranks 267th in the Forbes Global 2000 and 364th in the Fortune Global 500, highlighting its significant market position [6]. Group 3: New Board Candidates - The ninth board of directors' non-independent candidates list includes seven nominees, primarily consisting of long-time associates of Chen Jinghe, indicating a strong internal succession plan [7][8]. - Key candidates include Zou Laichang, the current vice chairman and president, who has extensive experience in management and mining engineering [7][8]. Group 4: Governance Changes - The company plans to abolish the supervisory board and introduce an audit and supervision committee within the board to comply with new corporate laws and regulations [9]. - Seven independent director candidates have been nominated, bringing diverse backgrounds and expertise to the board [9].