智通财经APP获悉，香港联交所最新数据显示，11月24日，贝莱德增持资金矿业(02899)1040.3464万股，每股作价30.4861港元，总金额约为3.17亿港元。增 持后最新持股数目约为4.79亿股，持股比例为8%。 ...

Core Viewpoint - Zijin Mining announced the convening of its 18th temporary board meeting for 2025, focusing on the revision of the board meeting rules and other documents [1] Financial Performance - For the first half of 2025, Zijin Mining's revenue composition was as follows: Smelting products accounted for 60.94%, mining products for 36.48%, other products for 16.83%, trade for 8.02%, and internal offsets at -22.26% [1] Market Capitalization - As of the report, Zijin Mining's market capitalization stood at 759.6 billion yuan [1]

Core Insights - Silver is significantly outperforming gold, indicating a potential second phase of the commodity bull market, with spot silver rising over 85% in 2025 from under $30 to over $54 per ounce [1] Supply and Demand Dynamics - The rally in silver prices is driven by tight inventories, persistent investor flows, and a structural supply deficit, with projections of silver reaching $60 next year [3] - Industrial demand for silver rose to 689 million ounces in 2024, with photovoltaic applications accounting for 244 million ounces, a more than 150% increase from 2020 [5] - The Silver Institute anticipates a fifth consecutive annual supply deficit of approximately 95 million ounces, despite weak demand for jewelry and silverware [6] - Over 70% of mined silver is a byproduct of other metal production, limiting the ability of producers to respond quickly to price increases [7] Technical Analysis - Silver's price patterns exhibit significant technical formations, including a cup-and-handle pattern, suggesting potential further price increases in 2025 [11]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2025 年 11 月 28 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪回暖，钢矿震荡企稳 核心观点 螺纹钢：主力期价震荡走高，录得 0.71%日涨幅，移仓换月中，量仓收 缩。现阶段，供需双弱局面下基本面表现尚可，库存延续去化，但需求 季节性走弱，现实格局依然偏弱，钢价继续承压，相对利好则是估值偏 低，短期走势延续低位震荡运行态势，关注需求表现情况。 热轧卷板：主力期价震荡运行，录得 0.27%日涨幅，移仓换月中，量仓 收缩。目前来看，热卷供应压力未退，而需求有所走弱，基本面表现偏 弱， ...

Core Insights - The article highlights the positive trend in the IPO markets of mainland China and Hong Kong, with significant growth in both the number of IPOs and the amount raised, accounting for 16% and 33% of global totals respectively [2][9] - A-share IPOs are expected to exceed 100 companies in 2025, raising over 1,100 million RMB, driven by a focus on technology and innovation [3][8] - The average fundraising amount for IPOs in 2025 is projected to rise to 10.31 million RMB, a 53% increase from 2024, with a notable concentration in the 10-50 million RMB range [4][6] A-share Market Insights - The top ten A-share IPOs in 2025 raised a total of 464 million RMB, representing 42% of the total annual fundraising, with a year-on-year increase of 146% [6] - The industrial, technology, and materials sectors dominate the A-share IPO landscape, accounting for 86% of the total number of IPOs and 78% of total fundraising [8] - The A-share IPO market has shifted from quantity-driven to quality-focused, emphasizing technological innovation and regulatory inclusivity [9] Hong Kong Market Insights - The Hong Kong IPO market is experiencing a strong recovery, with fundraising surpassing 2,000 million HKD, marking the second-highest level in five years [9][10] - The introduction of new IPO pricing and allocation regulations has led to a significant increase in average returns, reaching 38%, with a record low first-day share price drop rate of 24% [9][10] - Over 300 companies are actively seeking to list in Hong Kong, indicating robust market activity and a shift towards a dual-driven investment structure involving both domestic and international capital [10]

Core Viewpoint - The article discusses the investment activities and market presence of Duan Yongping and his brother Duan Liping, highlighting their roles in the capital market and their connections to the Budweiser Group and other companies in the A-share market [4][6][12]. Group 1: Investment Activities - Duan Liping has been actively investing in the stock market, particularly in Guocheng Mining, which has seen a significant price increase of approximately 127% from 13.63 CNY to 31.04 CNY per share within a month [8][11]. - Guocheng Mining's recent asset restructuring involves acquiring a 60% stake in Guocheng Industrial, which owns a significant molybdenum mine, enhancing its core asset portfolio [8][9]. - Duan Liping and his wife, Wang Xiaomei, along with Liao Yannan, have gradually increased their holdings in Guocheng Mining, collectively owning 1.64% of the company, with a market value that surged to approximately 5.73 billion CNY during the stock price rally [11][12]. Group 2: Family Background and Business Involvement - Duan Yongping, known as the "Chinese Buffett," has distanced himself from direct business operations since moving to the U.S. in 2002, while Duan Liping remains active in the domestic market [4][12][15]. - Duan Liping has a strong academic background in water resources economics and has held various managerial positions in companies related to the Budweiser Group, indicating his ongoing involvement in the business sector [14][15]. - Despite Duan Yongping's withdrawal from operational roles, the Duan family continues to maintain a presence in the business landscape, with Duan Liping actively participating in ventures related to the Budweiser Group [16]. Group 3: Strategic Acquisitions - Duan Liping has collaborated with Zhang Yuan, a prominent figure in the Budweiser Group, to acquire control of Liyuan Co., Ltd. for 38 million CNY, indicating a strategic move into the automotive parts sector [19][20]. - The acquisition of Liyuan Co. comes amid the company's operational struggles, allowing the new owners to capitalize on the opportunity to pivot towards the automotive industry, which is currently a hot market [20][21]. - The transaction reflects a broader trend of strategic repositioning within the market, where new players seek to leverage existing assets for growth in emerging sectors [21].

Core Insights - The iron ore market is experiencing slight price fluctuations, with current prices for major varieties around 800 CNY for 60.8% PB powder and 790-795 CNY for Mac powder [1] - The overall demand for steel in China is declining, which is expected to influence mid-term iron ore prices negatively [4] Price Summary - As of November 28, 2025, the main iron ore prices at various ports are as follows: - Jiangyin Port: 766 CNY for Indian powder ore, 825 CNY for Australian PB powder, 866 CNY for Brazilian coarse powder [1] - Caofeidian Port: 766 CNY for Indian powder ore, 813 CNY for Australian PB powder, 847 CNY for Brazilian coarse powder [1] - Tianjin Port: 722 CNY for Indian powder ore, 806 CNY for Australian PB powder, 851 CNY for Brazilian coarse powder [1] - Qingdao Port: 746 CNY for Indian powder ore, 799 CNY for Australian PB powder, 844 CNY for Brazilian coarse powder [1] - Rizhao Port: 746 CNY for Indian powder ore, 799 CNY for Australian PB powder, 844 CNY for Brazilian coarse powder [1] Futures Market - On November 28, the main iron ore futures contract closed at 794.0 CNY per ton, with a daily trading volume of 252,881 contracts [2] Inventory and Production Data - As of November 28, the inventory of imported iron ore at 47 ports increased by 1.06% to 159.01 million tons, the highest level in four years [3] - The profit margin for 247 steel mills decreased to 35.06%, the lowest since October of the previous year, down 16.89 percentage points year-on-year [3] - The average daily iron water output decreased by 16,000 tons to 234.68 million tons, while the average daily port discharge volume increased to 3.44 million tons, the highest since October [3] Market Analysis - According to a report from Galaxy Futures, the current decline in domestic steel demand is expected to dominate the mid-term iron ore prices, with a continued increase in domestic iron element inventory [4]

Group 1 - The core viewpoint of the articles indicates a positive outlook for the non-ferrous metals industry, with expectations of price increases and improved profitability driven by macroeconomic factors and supply chain dynamics [1][2][3] - The mining ETF (159690) has shown significant gains, reflecting the strong performance of constituent stocks such as Shengxin Lithium Energy and Zhongmin Resources, which are benefiting from the rising prices of non-ferrous metals [1] - The report from Galaxy Securities suggests that after a bottoming out in 2024, the industry will enter a new upward cycle in 2025, supported by macroeconomic recovery and liquidity easing from the Federal Reserve [1] Group 2 - In the industrial metals sector, copper supply constraints are expected to persist due to limited new projects and production disruptions, while demand is bolstered by traditional and new applications [2] - The cobalt market is anticipated to see upward price elasticity due to supply management policies in the Democratic Republic of Congo and increasing demand from electric vehicles and military reserves [2] - The rare metals sector, particularly rare earths, is projected to benefit from stable demand and enhanced strategic value, with domestic supply controls likely to strengthen the industry's global position [3] Group 3 - The mining ETF is described as a "non-ferrous amplifier," providing leveraged exposure to rising commodity prices, with a significant allocation to key resources like gold, silver, copper, lithium, and rare earths [3] - The ETF's performance is expected to be robust as global manufacturing stabilizes and demand from emerging industries such as renewable energy and artificial intelligence continues to grow [3]

Group 1 - Hong Kong's Hang Seng Index fell by 0.24%, down 61 points, closing at 25,884 points, while the Hang Seng Tech Index rose by 0.11% [1] - Pop Mart (09992) surged over 4%, leading the blue-chip stocks in the Hang Seng Index, supported by government encouragement for trendy toy consumption as the traditional sales season approaches [2] - GAC Group (02238) increased by over 12% following the full delivery of its Aion UT super model and the establishment of a solid-state battery production line [3] Group 2 - Zijin Mining International (02259) rose over 2% as its mining output increased, entering a growth phase in the coming years [4] - Dongyue Group (00189) saw a 4.62% increase, with institutions indicating strong demand for lithium batteries and potential price hikes for PVDF [5] - MicroPort Medical (00853) gained 5% as JPMorgan increased its stake by over HKD 900 million, with Bank of America expressing optimism about its surgical robot business [6] Group 3 - Bole Technology (02592) surged by 12.8% after its core product CBT-009 received patents in Japan and Europe [7] - Cambridge Technology (06166) rose over 4%, with expectations of significant shipments of its 1.6T optical modules in Q1 2026 [8] - Hezhima Intelligent (02533) and Joyson Electronics (00699) both increased by over 4% as they collaborate on a multi-chip platform for robotic domain control products [9] Group 4 - New stock Haiwei Co., Ltd. (09609) debuted with a 15% drop, being the second-largest capacitor film manufacturer in China [10] Group 5 - Food and Beverage ETF (Product Code: 515170) experienced a decline of 1.37% over the past five days, with a PE ratio of 20.73 times and a net redemption of HKD 1.719 million [12] - Gaming ETF (Product Code: 159869) rose by 4.31% over the past five days, with a PE ratio of 36.47 times and a net redemption of HKD 74.789 million [12] - Sci-Tech 50 ETF (Product Code: 588000) fell by 1.21% over the past five days, with a high PE ratio of 147.81 times and a net redemption of HKD 1.54 billion [12]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Terminal demand is at a low level, and iron ore prices are under pressure at high levels [1] 3. Summary by Directory Second Part: Iron Ore Market Data Review - The report presents multiple graphs including the 62% Platts iron ore price, PB powder price, price spreads between different iron ore products, spreads between steel mill cash profits and high - medium - low grade iron ore, and basis differences between the optimal delivery product and different contracts [9][13][16][17] Third Part: Iron Ore Supply and Demand Analysis - **Supply Side** - Import quantity graphs of iron ore from different regions such as Australia, Brazil, and India are shown, as well as global shipment volume graphs of major iron ore producers like VALE, Rio Tinto, BHP, and FMG [23][26][28][30] - A table shows the incremental changes in global seaborne iron ore supply from 2020 - 2026E for major suppliers. For example, in 2025E compared to 2024, FMG's supply is expected to increase by 5 million tons, and in 2026E compared to 2025E, it is expected to increase by another 5 million tons [43] - Domestic refined iron powder production graphs for different regions in China are presented, including national, North China, Northeast China, and East China [50][52] - **Demand Side** - Graphs related to downstream demand are shown, such as real estate new construction area, infrastructure investment growth rate (excluding electricity), 247 steel mill hot metal production, domestic steel demand, construction steel demand, manufacturing steel demand, overseas iron ore consumption, global iron ore consumption, overseas steel demand, and global total steel demand [60][65][67][76][78] - Inventory graphs are presented, including import iron ore port total inventory, import iron ore trade ore total inventory, import iron ore total inventory, and the entire industrial chain iron element total inventory [86][88] Fourth Part: Iron Ore Market Outlook - No specific content provided in the given text