每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 曾健辉） 每经AI快讯，赣锋锂业（SZ 002460，收盘价：64.14元）11月21日晚间发布公告称，公司第六届第十次 董事会会议于2025年11月21日以现场和通讯表决相结合的方式召开。会议审议了《关于提请召开2025年 第四次临时股东会的议案》等文件。 2025年1至6月份，赣锋锂业的营业收入构成为：有色金属冶炼及压延加工业占比56.78%，锂电池和电 芯及其直接材料占比35.52%，其他占比7.7%。 截至发稿，赣锋锂业市值为1321亿元。 ...

Core Viewpoint - Yunnan Copper announced its strategic focus on "digital transformation, resource expansion, mining optimization, smelting improvement, recycling, and refining of rare metals" to enhance its competitive edge and ensure high-quality development [2] Group 1: Strategic Focus - The company is increasing its efforts in urban mining and the extraction of rare metals [2] - By 2025, the company aims to focus on extreme operational efficiency, targeting a further reduction in main product costs compared to 2024 levels [2] - The company has achieved a competitive cost structure for its main products through years of cost reduction and efficiency improvements [2] Group 2: Profit Contribution and Supply Chain - The company is enhancing the profit contribution from by-products such as sulfuric acid, selenium, tellurium, platinum, palladium, and rhenium to improve overall competitiveness [2] - Increased procurement of urban mining materials is being prioritized to ensure raw material supply and mitigate challenges posed by processing fees [2]

Core Viewpoint - The company Zhongjin Lingnan announced its main products, which include lead ingots, zinc ingots, zinc alloys, cathode copper, silver, gold, crude copper, gallium, germanium concentrate, industrial sulfuric acid, and sulfur [1] Product Overview - Lead metal is primarily used in lead-acid batteries, lead materials, and lead alloys, with additional applications in lead oxide, lead salts, and cables [1] - Zinc metal is mainly utilized in galvanizing, die-casting alloys, zinc oxide, brass, and batteries [1]

Core Viewpoint - Zhongjin Lingnan announced on November 21 that cathode copper has a wide range of applications across various industries, including electronics, machinery, construction, chemical, aerospace, and food industries [1] Group 1: Product Applications - The company highlighted that cathode copper is utilized in multiple sectors such as electronic industry, mechanical industry, construction industry, chemical industry, aerospace industry, and food industry [1] - Other products from the company include aluminum doors and windows, aluminum profiles, battery zinc powder, flake zinc powder, punched nickel-plated steel strips, composite metal materials, bimetallic components, and electrical contact materials, which are widely used in construction projects, automotive parts, rail transit, and battery materials [1]

有色商品日报 有色商品日报（2025 年 11 月 21 日） 一、研究观点 | 品 种 | 点评 | | --- | --- | | | 隔夜内外铜价震荡偏弱，国内精炼铜现货进口维系亏损。宏观方面，美国 9 月非农就 | | | 业人口增长 11.9 万人，大幅超出预期值 5.1 万，但 7 月和 8 月非农就业人数合计下修 | | | 3.3 万人，美国 9 月失业率 4.4%，高于预期和前值 4.3%，为 2021 年 10 月以来最高。截 | | | 至 11 月 15 日当周，美国首申失业金人数降至 22 万人，低于预期值 22.7 万人，但续请 | | | 失业金人数攀升至记录四年来高位。基本面方面，铜价高位偏弱，下游接受度有所提 | | 铜 | 升，需求呈现缓慢回暖态势。库存方面，LME 库存增加 50 吨至 157925 吨；Comex 铜 | | | 库存增加 6200 吨至 361528 吨；SHFE 铜仓单下降 3369 吨至 54983 吨；BC 铜仓单下降 | | | 6329 吨至 6202 吨。内外股市的不稳定性降低了铜价大幅高走的信心。另外，从全球显 | | | 性库存整体依然 ...

Report Industry Investment Ratings - Not provided in the documents Core Views - This week, copper prices fluctuated within a narrow range. Supported by the precious metals market, copper prices were strong in the first half of the week and adjusted on Friday. The downstream price - fixing volume rebounded significantly. The market has both liquidity easing expectations and AI bubble risks. The price around 85,000 may be the psychological price for downstream price - fixing [1]. - Overseas production halt news and expectations boosted the domestic aluminum price, making it stronger than the overseas price. Short - term profit - taking led to a correction in the Shanghai aluminum futures. Aluminum ingots continued to accumulate inventory, while aluminum rods, sheets, and foils slightly reduced inventory. The downstream consumption was acceptable, and the acceptance of high prices increased. It may show a volatile trend in the short term [2]. - Zinc prices fluctuated this week. The domestic and imported TC decreased further. The domestic zinc ore supply will be tight from the fourth quarter to the first quarter of next year. The processing fee has dropped significantly, but the smelter's profit is still acceptable. The demand is seasonally weak domestically, while overseas, European demand is average and Middle - East demand has high growth. The domestic social inventory fluctuates, and the overseas LME inventory is oscillating at a low level. The export window has opened. The price may not fall deeply, and it is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and consider the positive arbitrage opportunity of 01 - 03 for the month - spread [5]. - Nickel's short - term fundamental situation is weak. The price of nickel sulfate is relatively stable, the output of pure nickel decreased slightly, the demand is weak, and the inventory at home and abroad continued to increase. There are continuous disturbances in the Indonesian nickel ore market, and the policy side has the motivation to support prices. It is recommended to consider short - selling opportunities [6]. - The fundamentals of stainless steel remain weak. The steel mill's production in October increased slightly month - on - month, the demand is mainly for rigid needs, the prices of nickel iron and chrome iron are stable, and the inventory remains at a high level. The Indonesian policy side has the motivation to support prices. It is recommended to consider short - selling opportunities [7]. - Lead prices fluctuated at a high level this week. The supply of recycled lead increased, and the social inventory accumulated. The demand for batteries may weaken. It is expected that lead prices will fluctuate within a narrow range next week, and it is recommended to wait and see the resumption of recycled lead production and the increase in warehouse receipts [9]. - The center of tin prices rose this week. The supply has been marginally restored, but there are still uncertainties overseas. The demand is mainly rigid. In the short term, it follows the macro - sentiment, and in the long - term, it is recommended to hold near the cost line or use it as a long - position in the non - ferrous metals portfolio [11]. - The price of industrial silicon is expected to fluctuate in the short term and oscillate at the bottom of the cycle in the long - term. The supply and demand in the fourth quarter are expected to be in a balanced and slightly loose state [15]. - The price of lithium carbonate is running strongly. The raw material supply is tight, the upstream inventory has decreased significantly, and the downstream inventory is relatively sufficient. The trading is light, and the basis has weakened slightly. In the long - term, the pattern may change in the next 1 - 2 years if the energy storage demand remains high and the power demand is stable [17]. Summary by Metal Copper - This week, copper prices fluctuated within a narrow range. The downstream price - fixing volume rebounded significantly. The market has both liquidity easing expectations and AI bubble risks. The price around 85,000 may be the psychological price for downstream price - fixing [1]. Aluminum - Overseas production halt news and expectations boosted the domestic aluminum price, making it stronger than the overseas price. Short - term profit - taking led to a correction in the Shanghai aluminum futures. Aluminum ingots continued to accumulate inventory, while aluminum rods, sheets, and foils slightly reduced inventory. The downstream consumption was acceptable, and the acceptance of high prices increased. It may show a volatile trend in the short term [2]. Zinc - Zinc prices fluctuated this week. The domestic and imported TC decreased further. The domestic zinc ore supply will be tight from the fourth quarter to the first quarter of next year. The processing fee has dropped significantly, but the smelter's profit is still acceptable. The demand is seasonally weak domestically, while overseas, European demand is average and Middle - East demand has high growth. The domestic social inventory fluctuates, and the overseas LME inventory is oscillating at a low level. The export window has opened. The price may not fall deeply, and it is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities, and consider the positive arbitrage opportunity of 01 - 03 for the month - spread [5]. Nickel - Nickel's short - term fundamental situation is weak. The price of nickel sulfate is relatively stable, the output of pure nickel decreased slightly, the demand is weak, and the inventory at home and abroad continued to increase. There are continuous disturbances in the Indonesian nickel ore market, and the policy side has the motivation to support prices. It is recommended to consider short - selling opportunities [6]. Stainless Steel - The fundamentals of stainless steel remain weak. The steel mill's production in October increased slightly month - on - month, the demand is mainly for rigid needs, the prices of nickel iron and chrome iron are stable, and the inventory remains at a high level. The Indonesian policy side has the motivation to support prices. It is recommended to consider short - selling opportunities [7]. Lead - Lead prices fluctuated at a high level this week. The supply of recycled lead increased, and the social inventory accumulated. The demand for batteries may weaken. It is expected that lead prices will fluctuate within a narrow range next week, and it is recommended to wait and see the resumption of recycled lead production and the increase in warehouse receipts [9]. Tin - The center of tin prices rose this week. The supply has been marginally restored, but there are still uncertainties overseas. The demand is mainly rigid. In the short term, it follows the macro - sentiment, and in the long - term, it is recommended to hold near the cost line or use it as a long - position in the non - ferrous metals portfolio [11]. Industrial Silicon - The price of industrial silicon is expected to fluctuate in the short term and oscillate at the bottom of the cycle in the long - term. The supply and demand in the fourth quarter are expected to be in a balanced and slightly loose state [15]. Lithium Carbonate - The price of lithium carbonate is running strongly. The raw material supply is tight, the upstream inventory has decreased significantly, and the downstream inventory is relatively sufficient. The trading is light, and the basis has weakened slightly. In the long - term, the pattern may change in the next 1 - 2 years if the energy storage demand remains high and the power demand is stable [17].

Group 1: Report Information - Date: November 21, 2025 [3] - Title: Nonferrous Metals Daily Report [1] Group 2: Copper Market Information - LME copper 3M contract closed down 1.08% at $10,686/ton, and SHFE copper main contract closed at 85,920 yuan/ton [3] - LME copper inventory increased by 50 to 157,925 tons, and the cancellation warrant ratio declined [3] - Domestic electrolytic copper social inventory slightly increased, bonded area inventory slightly decreased, and SHFE warehouse receipts decreased by 0.3 to 55,000 tons [3] - Shanghai spot premium over futures declined to 80 yuan/ton, and bargain - hunting buying was fair [3] - Guangdong inventory decreased, and the spot premium over futures was 55 yuan/ton [3] - Domestic copper spot import loss was about 500 yuan/ton, and the refined - scrap spread widened to 2,940 yuan/ton [3] Strategy View - After the US employment data release, the Fed's probability of a rate cut remained low, and the weakening US stocks pressured market sentiment [4] - Copper raw material supply remained tight, and the pressure of inventory accumulation eased marginally, so copper price support was still strong [4] - The operating range reference for SHFE copper main contract: 85,200 - 87,000 yuan/ton; for LME copper 3M: 10,600 - 10,820 dollars/ton [4] Group 3: Aluminum Market Information - LME aluminum closed down 0.28% at $2,806/ton, and SHFE aluminum main contract closed at 21,550 yuan/ton [6] - SHFE aluminum weighted contract open interest decreased by 1.4 to 654,000 lots, and futures warehouse receipts remained flat at 69,000 tons [6] - Domestic aluminum ingot social inventory decreased by 25,000 tons compared to Monday, and remained flat compared to last Thursday [6] - Aluminum bar social inventory decreased by 8,500 tons compared to Monday and 1,500 tons compared to last Thursday [6] - Aluminum bar processing fees declined, and the market traded on demand [6] - East China electrolytic aluminum spot was at a 10 - yuan discount to futures, and trading was warm [6] - LME aluminum inventory decreased by 0.2 to 544,000 tons, and the cancellation warrant ratio rebounded [6] Strategy View - Domestic aluminum ingot inventory decreased marginally, and overseas aluminum inventory remained low, so aluminum price support was strong [7] - Although there were still headwinds in short - term market risk appetite, if domestic inventory could be effectively reduced, aluminum prices were expected to strengthen further after consolidation [7] - The operating range reference for SHFE aluminum main contract: 21,480 - 21,650 yuan/ton; for LME aluminum 3M: 2,780 - 2,830 dollars/ton [7] Group 4: Lead Market Information - On Thursday, SHFE lead index closed down 0.17% at 17,218 yuan/ton, with a total open interest of 82,800 lots in unilateral trading [8] - As of 15:00 on Thursday, LME lead 3S fell 11 to $2,015/ton compared to the previous day, with a total open interest of 161,100 lots [8] - SMM 1 lead ingot average price was 17,125 yuan/ton, and the refined - scrap spread was 25 yuan/ton [8] - SHFE lead ingot futures inventory was 30,600 tons, and the domestic primary basis was - 110 yuan/ton [8] - LME lead ingot inventory was 264,500 tons, and LME lead ingot cancellation warrants were 87,200 tons [8] - The ex - exchange cash - 3S contract basis was - 27.39 dollars/ton, and the 3 - 15 spread was - 78.3 dollars/ton [8] - The domestic social inventory decreased slightly to 36,400 tons [8] Strategy View - Lead ore inventory increased slightly, but lead concentrate TC continued to decline, and domestic lead raw materials were still in short supply [9] - Primary and secondary smelting profits were good, primary smelting operations remained at a high level, and secondary smelting operations continued to rise [9] - Downstream battery enterprises' operations improved marginally, and domestic lead ingot social inventory increased marginally [9] - Last week, lead prices tried to break through the 17,800 - yuan level again, but with the Fed officials' hawkish remarks, the sentiment in precious metals and nonferrous metals ebbed [9] - The net long position of the top 20 in SHFE lead shifted from long to short, and the SHFE lead index reduced its open interest by 40,000 lots from the high point, returning to the oscillation range [9] - Lead prices are expected to be weak in the short term [9] Group 5: Zinc Market Information - On Thursday, SHFE zinc index closed down 0.21% at 22,390 yuan/ton, with a total open interest of 199,800 lots in unilateral trading [10] - As of 15:00 on Thursday, LME zinc 3S rose 3.5 to $2,990/ton compared to the previous day, with a total open interest of 218,400 lots [10] - SMM 0 zinc ingot average price was 22,430 yuan/ton, Shanghai basis was 30 yuan/ton, Tianjin basis was - 10 yuan/ton, and Guangdong basis was - 40 yuan/ton [10] - SHFE zinc ingot futures inventory was 73,700 tons, and the domestic Shanghai - area basis was 30 yuan/ton [10] - LME zinc ingot inventory was 45,100 tons, and LME zinc ingot cancellation warrants were 3,500 tons [10] - The ex - exchange cash - 3S contract basis was 152.14 dollars/ton, and the 3 - 15 spread was 35.58 dollars/ton [10] - The domestic social inventory decreased slightly to 152,700 tons [10] Strategy View - Zinc ore inventory increased slightly, but zinc ore was still in short supply during the refineries' winter stockpiling period, and zinc concentrate TC continued to decline [11] - Zinc smelting profits were damaged, and zinc ingot supply decreased marginally [11] - Downstream operating rates remained stable, and the accumulation of domestic zinc ingot social inventory slowed down [11] - In the LME market, zinc ingot warrants increased slowly, and the LME zinc spread declined marginally [11] - With the Fed officials' hawkish remarks last Friday, the sentiment in precious metals and nonferrous metals ebbed, and the net long position of the top 20 in SHFE zinc declined rapidly [11] - Zinc prices are expected to be weak in the short term [11] Group 6: Tin Market Information - On November 20, 2025, the closing price of SHFE tin main contract was 292,030 yuan/ton, down 0.46% from the previous day [12] - Upstream Yunnan 40% tin concentrate was quoted at 279,500 yuan/ton, unchanged from the previous day [12] - After the seasonal maintenance of large smelters in Yunnan ended, the operating rates of tin smelters in Yunnan and Jiangxi provinces rebounded and stabilized, but the overall operating level was still at a historical low [12] - Due to the slow actual resumption of production in Myanmar's Wa State, its tin ore exports were still far below the normal level, unable to effectively make up for the supply gap [12] - In September 2025, China's imported tin concentrate physical volume was 8,714 tons, a significant decline from the previous month [12] - Although the consumption in traditional fields such as consumer electronics and tinplate was weak, the long - term demand expectations from emerging fields such as new - energy vehicles and AI servers supported tin prices [12] - In October, the operating rate of domestic tin solder enterprises showed a slight improvement [12] Strategy View - In the short term, tin supply and demand were in a tight balance, and prices were expected to be mainly in a strong oscillation [13] - It is recommended to buy on dips [13] - The operating range reference for domestic main contract: 285,000 - 300,000 yuan/ton; for overseas LME tin: 36,000 - 38,000 dollars/ton [13] Group 7: Nickel Market Information - On Thursday, nickel prices rose and then fell. The closing price of SHFE nickel main contract at 15:00 was 115,380 yuan/ton, up 0.39% from the previous day [14] - In the spot market, the premium of various brands was stable. The average premium of Russian nickel to the near - month contract was 500 yuan/ton, unchanged from the previous day [14] - The average premium of Jinchuan nickel was 4,100 yuan/ton, up 50 yuan/ton from the previous day [14] - In the cost aspect, the overall trading atmosphere in the nickel ore market was fair this week. The price of 1.6% grade Indonesian domestic red - laterite nickel ore was 52.02 dollars/wet ton, unchanged from the previous day [14] - The price of 1.2% grade Indonesian domestic red - laterite nickel ore was 23 dollars/wet ton, unchanged from the previous day [14] - The price of 1.5% grade nickel ore from the Philippines was 52.7 dollars/ton, unchanged from last week [14] - The price of domestic high - nickel pig iron continued to fall, with the ex - factory price at 895 yuan/nickel point, down 2 yuan/nickel point from the previous day [14] Strategy View - In the short term, the fundamental pressure on nickel remained significant, but considering that the current profit level of nickel pig iron was at an absolute low, the short - term decline space of nickel prices was expected to be limited [15] - It is necessary to guard against the negative feedback risk caused by the decline in nickel ore prices [15] - In the short term, it is recommended to wait and see. If the nickel pig iron price stabilizes and the nickel price decline is sufficient, consider gradually establishing long positions lightly [15] - The short - term operating range reference for SHFE nickel main contract: 115,000 - 120,000 yuan/ton; for LME nickel 3M contract: 14,500 - 15,000 dollars/ton [15] Group 8: Lithium Carbonate Market Information - The MMLC lithium carbonate spot index closed at 99,011 yuan in the evening session, up 1.71% from the previous working day [17] - The MMLC battery - grade lithium carbonate was quoted at 98,500 - 100,000 yuan, with the average price up 1,700 yuan (+1.74%) from the previous working day [17] - The industrial - grade lithium carbonate was quoted at 97,500 - 98,000 yuan, with the average price up 1.56% from the previous day [17] - The closing price of the LC2601 contract was 98,980 yuan, down 0.32% from the previous closing price [17] - The average premium of battery - grade lithium carbonate in the trading market was - 250 yuan [17] Strategy View - This week, China's lithium carbonate production increased by 2.7% week - on - week to 22,130 tons, with the increment mainly from lithium - spodumene extraction [18] - The weekly inventory reduction narrowed to 118,420 tons, down 2,052 tons (-1.7%) from last week [18] - All links in the industrial chain maintained high operating rates, and strong demand could not be falsified [18] - Continuous price increases may trigger potential disturbances such as supply release and a slowdown in demand growth [18] - Currently, the capital game is intense, and it is necessary to guard against the risk of large price fluctuations [18] - It is recommended to pay attention to changes in the position structure, the atmosphere in the equity market, and the production schedules of lithium - battery materials and cells [18] - The reference operating range for the Guangzhou Futures Exchange's lithium carbonate 2601 contract today: 96,500 - 102,800 yuan/ton [18] Group 9: Alumina Market Information - On November 20, 2025, as of 15:00, the alumina index fell 0.33% to 2,755 yuan/ton, with the unilateral trading total open interest down 0.9 to 574,000 lots from the previous trading day [20] - In terms of the basis, the Shandong spot price fell 5 yuan/ton to 2,775 yuan/ton, at a 70 - yuan premium to the 12 - contract [20] - Overseas, the MYSTEEL Australia FOB remained at 319 dollars/ton, and the import profit and loss was reported at - 39 yuan/ton [20] - In terms of futures inventory, the futures warrants on Thursday were reported at 255,100 tons, down 0.06 to 255,100 tons from the previous trading day [20] - In the ore end, the Guinea CIF price remained at 71.5 dollars/ton, and the Australia CIF price remained at 68 dollars/ton [20] Strategy View - After the rainy season, overseas ore shipments are gradually recovering, and ore prices are expected to oscillate downward [21] - The over - capacity pattern in the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues [21] - However, the current price is close to the cost line of most manufacturers, and the subsequent production - cut expectation is strengthened [21] - And the overall nonferrous sector is trending strongly, so the cost - performance of short - selling is not high [21] - It is recommended to wait and see in the short term [21] - The reference operating range for the domestic main contract AO2601: 2,600 - 2,900 yuan/ton. It is necessary to focus on supply - side policies, Guinea's ore policies, and the Fed's monetary policy [21] Group 10: Stainless Steel Market Information - At 15:00 on Thursday, the stainless - steel main contract closed at 12,285 yuan/ton, down 0.41% (-50) on the day, with the unilateral open interest up 11,517 to 263,300 lots from the previous trading day [23] - In the spot market, Foshan's Delong 304 cold - rolled coil was quoted at 12,500 yuan/ton, unchanged from the previous day [23] - Wuxi's Hongwang 304 cold - rolled coil was quoted at 12,650 yuan/ton, down 50 from the previous day [23] - Foshan's basis was 15 (+50), and Wuxi's basis was 165 (0) [23] - Foshan's Hongwang 201 was quoted at 8,800 yuan/ton, unchanged from the previous day, and Hongwang's annealed 430 was quoted at 7,750 yuan/ton, unchanged from the previous day [23] - In terms of raw materials, Shandong's high - nickel iron ex - factory price was quoted at 900 yuan/nickel, unchanged from the previous day [23] - Baoding's 304 scrap steel industrial material recycling price was quoted at 8,600 yuan/ton, unchanged from the previous day [23] - The northern main - producing area of high - carbon ferrochrome was quoted at 8,000 yuan/50 - base ton, unchanged from the previous day [23] - The futures inventory was 70,365 tons, down 1,726 from the previous day [23] - According to Steel Union data, the social inventory increased to 1.0717 million tons, up 0.11% month - on - month, of which the 300 - series inventory was 65

一、董事会会议召开情况 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 铜陵有色金属集团股份有限公司（以下简称"公司"）十届二十七次董事会会议于2025年11月20日在安徽 省铜陵市长江西路铜陵有色展示馆二楼会议室召开，会议以现场结合通讯表决方式召开。会前公司董事 会秘书室于2025年11月14日以电子邮件及专人送达的方式通知了全体董事。应出席会议董事6人，出席 现场会议董事3人，3名独立董事（姚禄仕先生、汤书昆先生、尤佳女士）以通讯方式表决。会议由董事 长丁士启先生主持，公司高级管理人员列席了会议。会议符合《公司法》和《公司章程》的有关规定， 形成的决议合法、有效。 经与会董事认真审议，会议通过了以下事项： （一）会议审议通过了《公司关于变更专门委员会委员的议案》。 二、董事会会议审议情况 为进一步提升董事会运行效率，依据《公司章程》相关规定，公司董事会对第十届董事会专门委员会组 成进行相应调整。调整后的专门委员会人员组成具体如下： ■ 表决结果：6票同意；0票反对；0票弃权。 （二）会议审议通过了《公司关于 ...

证券日报网讯 11月20日晚间，江西铜业发布公告称，2025年半年度权益分派方案为A股每股现金红利 0.4元（含税），股权登记日为2025年11月27日，除权（息）日及现金红利发放日均为2025年11月28 日。 （编辑 楚丽君） ...

Core Viewpoint - Recent announcements of share reduction plans by major shareholders of Hunan Silver indicate a strategic move following a significant increase in the company's stock price, which has risen over 100% this year [1][6] Shareholder Reduction Plans - China Great Wall Asset Management Co., Ltd. (Great Wall Asset) plans to reduce its holdings by up to 55 million shares, accounting for 1.95% of Hunan Silver's total share capital, from December 11, 2025, to March 10, 2026 [1][2] - The second largest shareholder, Chenzhou State-owned Capital Holding Group Co., Ltd. (Chenzhou Guokong), announced a plan to reduce its holdings by up to 56.46 million shares, representing 2% of the total share capital, from November 10, 2025, to February 9, 2026 [2][3] Shareholding Background - Both Great Wall Asset and Chenzhou Guokong acquired their shares through Hunan Silver's 2020 restructuring plan, with Chenzhou Guokong holding 210 million shares and Great Wall Asset holding 159 million shares [3][4] - The investment amounts for the restructuring were approximately 266.7 million yuan for Chenzhou Guokong and 146.05 million yuan for Great Wall Asset [4] Financial Performance - As of November 19, 2025, Hunan Silver's closing price was 6.34 yuan, with a market capitalization exceeding 17 billion yuan [5] - Chenzhou Guokong's shares are valued at approximately 1.33 billion yuan, about five times its investment, while Great Wall Asset's shares are valued at around 729 million yuan, also about five times its investment [5] - If both shareholders proceed with their planned reductions at the current price, they would realize cash amounts of approximately 358 million yuan and 348.7 million yuan, respectively [5] Business Overview - Hunan Silver's main business includes the smelting and sales of non-ferrous and precious metals such as silver, electrolytic lead, gold, and copper products [6] - The company has seen rapid growth in performance this year, with a revenue of 8.594 billion yuan for the first three quarters of 2025, a year-on-year increase of 59.56%, and a net profit of 159 million yuan, up 28.44% [6] - The company adjusted its share repurchase price limit from 5 yuan to 8 yuan per share due to the rising stock price [6]