Core Viewpoint - *ST Zhengping announced a stock suspension for verification due to a significant price increase of 221.93% from September 1, 2025, to November 18, 2025, which deviates severely from its fundamentals [2][3]. Stock Suspension - The stock will be suspended from trading starting November 19, 2025, for a period not exceeding 10 trading days [2][3]. - This is the third time *ST Zhengping has undergone stock suspension for verification, with previous suspensions followed by continued price surges [3]. Company Performance and Financials - In 2024, *ST Zhengping reported a total revenue of 1.362 billion yuan and a net loss attributable to shareholders of 484 million yuan [5][8]. - For the first three quarters of 2025, the company achieved a revenue of 652 million yuan with a net loss of 99 million yuan [5][8]. - The company has been experiencing continuous losses, with a significant decline in revenue compared to previous years [8]. Business Operations - *ST Zhengping operates in three main sectors: infrastructure construction, cultural tourism and industrial development, and non-ferrous metal mining [7]. - The company is transitioning its infrastructure construction focus towards intelligent computing services and new energy construction [7]. Risks and Warnings - There is a risk of delisting due to an audit report that could not express an opinion for the 2024 annual report, and the company has been placed under risk warnings [6][7]. - The company has also issued multiple risk warning announcements since September 2025, indicating potential irrational market speculation [3][5]. Market Capitalization - As of November 18, 2025, *ST Zhengping's stock price was 8.66 yuan per share, with a total market capitalization of 6.1 billion yuan [9].

Core Viewpoint - The non-ferrous metals industry has become a market focus since 2025, showing outstanding performance with a cumulative increase of 77.71% year-to-date, leading among 31 first-level industries in the Shenwan classification [1] Group 1: Industry Performance - The overall profitability of the non-ferrous metals sector has improved, with a year-on-year growth of 41.43% in net profit attributable to shareholders for the first three quarters of 2025, and a further increase to 50.81% in the third quarter [2][3] - The CSI Non-Ferrous Metals Mining Index has shown even greater elasticity, with net profit growth rates of 49.48% for the first three quarters and 55.62% for the third quarter [3] - The valuation of the CSI Non-Ferrous Metals Mining Index is currently at 24.16 times PE-TTM, positioned at the 39% historical percentile [3] Group 2: Sector Breakdown - All segments of the non-ferrous metals industry, except for energy metals and new metal materials, have achieved net profit growth in the first three quarters, with industrial metals, precious metals, and minor metals showing increases of 34.27%, 57.31%, and 45.49% respectively [3] - Institutional investors have increased their holdings in the non-ferrous metals sector, with public funds' holding ratio rising to 5.69% in Q3 2025, marking a 1.43% increase from the previous quarter and the highest level since 2021 [5] Group 3: Future Outlook - The industry is expected to benefit from a new cycle in global resources, with a positive outlook on copper, aluminum, and precious metals. Copper and aluminum prices have increased by 5.90% and 5.64% year-on-year in Q3 2025 [8] - Gold prices have surged by 39.88% year-on-year in Q3 2025, with central banks globally purchasing over 1,045 tons of gold in 2024, continuing a trend of high demand [8] - The lithium industry is seeing an improved supply-demand balance, while cobalt prices are expected to rise due to supply constraints from the Democratic Republic of Congo [10]

Core Viewpoint - *ST Zhengping's stock has experienced a significant increase of 206.69% from September 1 to November 17, 2025, raising concerns about a disconnect from its fundamental performance and potential market speculation [1][5][8]. Stock Performance - Since its resumption of trading on November 12, 2025, *ST Zhengping has recorded four consecutive daily limit-up sessions [3]. - The stock has achieved a total of 25 limit-up sessions from September 1 to November 17, 2025, excluding periods of suspension [5]. Financial Performance - For the first three quarters of 2025, *ST Zhengping reported total revenue of 6.52 billion CNY, a year-on-year decrease of 20.92% [8]. - The company incurred a net loss attributable to shareholders of 997.57 million CNY, compared to a loss of 859.99 million CNY in the same period last year [8]. - The net cash flow from operating activities was -699.64 million CNY, worsening from -877.37 million CNY year-on-year [8]. Risks and Warnings - The company faces multiple risks, including the potential for delisting due to an inability to provide a standard audit opinion for its 2024 annual report [5][7]. - There are concerns regarding non-operational fund occupation and ongoing litigation, with 252 new lawsuits filed in 2025, amounting to 497.65 million CNY, which is 177.73% of the company's net assets as of the third quarter [11]

兴业期货表示，黄金方面，美国亚特兰大联储主席博斯蒂克突然宣布将于明年2预定底退休，其降息主 张偏中性。美联储换届在即，白宫施加影响的概率正在上升。黄金金融属性与货币属性强化的中长期逻 辑未变，维持黄金多头思路。策略上，沪金02合约前多继续持有，新单仍可逢回调加仓。白银方面，中 美两国将白银列入战略金属，储备需求增加。国内上海黄金交易所和上期所白银库存降至历史低位。白 银商品属性得到强化。此外，美联储与白宫关于降息的博弈继续，白银金融、货币属性强化的中长期逻 辑也未发生变化。维持白银多头思路不变。 分析指出，矿业板块的持续走强主要受益于两大核心因素。供给端，全球主要有色金属品种面临矿山品 位下降、资本开支不足等长期约束，而地缘政治因素进一步加剧了供应不确定性。需求端，新能源产业 快速发展带动锂、钴等战略金属需求增长，同时制造业复苏推动小金属需求回升。政策面上，国家对战 略性矿产资源的重视程度不断提升，为行业发展创造了有利环境。 11月13日，有色矿业板块盘初放量冲高。截至9时39分，表征板块的矿业ETF(159690)放量涨2.17%，今 年以来累计涨85.01%；成分股兴业银锡、白银有色领涨。 矿业ETF(1 ...

Core Viewpoint - The Guangxi government is launching a two-year special action plan to integrate mining rights and manage "small, scattered, and chaotic" enterprises, aiming to promote high-quality development in the mining sector, particularly in non-ferrous metals [1][2]. Group 1: Mining Rights Integration - The integration will focus on mines that do not meet safety production requirements and have unreasonable development layouts, targeting key metal minerals such as lead, zinc, tin, antimony, tungsten, manganese, and gold [2]. - By the end of 2027, the number of mining rights in Guangxi is expected to decrease from 2,612 to below 1,800, with the proportion of large and medium-sized mines increasing from 61% to over 80% [2]. Group 2: Management of "Small, Scattered, and Chaotic" Enterprises - The plan includes measures such as closure, restructuring, and upgrading of small enterprises, aiming to eliminate those that should be shut down within 3 to 5 months [2]. - By the end of 2027, the goal is to have comprehensive standardization in the production management of mineral processing, smelting, and processing enterprises, increasing the proportion of large and medium-sized enterprises from 43% to 60% [2]. Group 3: Support and Incentives - Guangxi will support enterprises in updating equipment, digital transformation, green low-carbon modifications, product innovation, and upgrading processes and equipment to promote high-end, intelligent, green, large-scale, and park-based development [3]. - A "green channel" for multi-departmental collaborative approval services will be established, and mining rights in integrated areas will be temporarily suspended from transfer and other changes until integration is completed [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The sentiment in the market is boosted by the expectation of the US government reopening and the easing of trade tensions. The copper price is expected to be supported by the tight supply of refined copper, and it may continue to oscillate with a slight upward trend in the short term [4]. - The supply concerns caused by overseas aluminum plant shutdowns or production cuts, combined with low domestic inventories, may drive the aluminum price higher under the backdrop of improved global trade expectations and the implementation of the Fed's interest - rate cut. However, attention should be paid to the support of domestic inventory changes on the price [6]. - The cost of cast aluminum alloy has strong price support, while the demand is relatively weak. Its price is expected to follow the trend of the aluminum price in the short term [9]. - Due to the continuous decline in lead concentrate TC, high smelting profits, and low downstream demand, the domestic social inventory of lead ingots has bottomed out and rebounded, but remains at a relatively low level. The lead price is expected to be strong in the short term [12]. - With the continuous decline in zinc concentrate TC, the zinc smelting profit is under pressure, and the inventory accumulation of domestic zinc ingots has slowed down. The zinc price is expected to be strong in the short term, but the upward space is limited in the surplus cycle [14]. - The short - term supply and demand of tin are in a tight balance, and the price is expected to oscillate strongly. It is recommended to go long on dips [16]. - In the short term, the nickel price is dragged down by the high inventory pressure of refined nickel and the weak nickel - iron price. In the long term, the global fiscal and monetary easing cycle will support the nickel price. It is recommended to wait and see in the short term, and consider gradually establishing long positions if the price drops significantly [18]. - The lithium carbonate price is supported by strong expectations and is expected to see a new high in demand this month with accelerated inventory depletion. Attention should be paid to the selling pressure at high levels [21]. - Overseas alumina ore shipments are gradually recovering after the rainy season, and the alumina smelting capacity is in an over - supply pattern. It is recommended to wait and see in the short term as the current price is close to the cost line of most manufacturers [25]. - The stainless - steel market continues to show a weak oscillating trend, affected by over - supply and weak demand. The price is expected to remain weak in the short term [27][28] 3. Summary by Related Catalogs Copper Market Information - The domestic equity market declined, and the copper price oscillated. The LME 3M copper contract closed down 0.32% at $10,840/ton, and the Shanghai copper main contract closed at 86,770 yuan/ton. LME copper inventory decreased by 25 tons to 136,250 tons, and the domestic SHFE warehouse receipts decreased by 0.1 tons to 43,000 tons [3]. Strategy Viewpoints - The expectation of the US government reopening and the easing of trade tensions boost market sentiment. The supply of refined copper is expected to tighten marginally, providing strong support for the copper price. The short - term copper price may continue to oscillate with a slight upward trend. The operating range of the Shanghai copper main contract is 86,200 - 87,800 yuan/ton, and that of the LME 3M copper is 10,750 - 11,000 dollars/ton [4]. Aluminum Market Information - The aluminum price oscillated at a high level. The LME aluminum closed down 0.03% at $2,879/ton, and the Shanghai aluminum main contract closed at 21,740 yuan/ton. The inventory of domestic three - place aluminum ingots increased slightly, and the inventory of aluminum rods in three places decreased slightly [5]. Strategy Viewpoints - Overseas supply concerns and low domestic inventories may drive the aluminum price higher. The operating range of the Shanghai aluminum main contract is 21,620 - 21,850 yuan/ton, and that of the LME 3M aluminum is 2,860 - 2,910 dollars/ton [6]. Cast Aluminum Alloy Market Information - The price of cast aluminum alloy adjusted downward. The main AD2601 contract fell 0.31% to 21,040 yuan/ton. The inventory of domestic three - place recycled aluminum alloy ingots increased slightly [8]. Strategy Viewpoints - The cost has strong price support, and the demand is relatively weak. The price is expected to follow the trend of the aluminum price in the short term [9]. Lead Market Information - The Shanghai lead index closed down 0.33% at 17,444 yuan/ton, and the LME lead 3S fell $3.5 to $2,050.5/ton. The domestic social inventory of lead ingots increased slightly to 33,900 tons [11]. Strategy Viewpoints - The lead price is expected to be strong in the short term due to factors such as the decline in lead concentrate TC, high smelting profits, and low - level downstream demand [12]. Zinc Market Information - The Shanghai zinc index closed up 0.01% at 22,692 yuan/ton, and the LME zinc 3S fell $5.5 to $3,072.5/ton. The domestic social inventory of zinc ingots decreased slightly to 159,600 tons [13]. Strategy Viewpoints - The zinc price is expected to be strong in the short term, but the upward space is limited in the surplus cycle due to factors such as the decline in zinc concentrate TC and the slowdown of inventory accumulation [14]. Tin Market Information - On November 11, 2025, the Shanghai tin main contract closed up 0.57% at 288,180 yuan/ton. The supply is tight due to the slow resumption of production in Myanmar and the seasonal maintenance of domestic smelters. The demand from emerging fields provides support for the tin price [15]. Strategy Viewpoints - The short - term supply and demand of tin are in a tight balance, and the price is expected to oscillate strongly. It is recommended to go long on dips. The operating range of the domestic main contract is 270,000 - 295,000 yuan/ton, and that of the overseas LME tin is 35,500 - 37,500 dollars/ton [16][17] Nickel Market Information - The nickel price oscillated at a low level. The Shanghai nickel main contract closed down 0.25% at 119,290 yuan/ton. The nickel - iron price continued to decline [18]. Strategy Viewpoints - In the short term, the nickel price is dragged down by high inventory pressure and weak nickel - iron price. In the long term, it is supported by the global fiscal and monetary easing cycle. It is recommended to wait and see in the short term, and consider gradually establishing long positions if the price drops significantly. The operating range of the Shanghai nickel main contract is 115,000 - 128,000 yuan/ton, and that of the LME 3M nickel is 14,500 - 16,500 dollars/ton [18] Lithium Carbonate Market Information - The MMLC lithium carbonate spot index closed up 1.62% at 86,043 yuan. The LC2601 contract closed down 0.80% at 86,540 yuan [20]. Strategy Viewpoints - The lithium carbonate price is supported by strong expectations, and the demand is expected to reach a new high this month with accelerated inventory depletion. Attention should be paid to the selling pressure at high levels. The operating range of the Guangzhou Futures Exchange lithium carbonate 2601 contract is 85,000 - 89,800 yuan/ton [21][22] Alumina Market Information - On November 11, 2025, the alumina index closed down 0.39% at 2,835 yuan/ton. The overseas MYSTEEL Australia FOB price remained at $320/ton, and the import loss was 45 yuan/ton [24]. Strategy Viewpoints - Overseas alumina ore shipments are gradually recovering after the rainy season, and the alumina smelting capacity is in an over - supply pattern. It is recommended to wait and see in the short term as the current price is close to the cost line of most manufacturers. The operating range of the domestic main contract AO2601 is 2,600 - 2,900 yuan/ton [25] Stainless Steel Market Information - The stainless - steel main contract closed down 1.11% at 12,465 yuan/ton. The social inventory decreased to 1,034,000 tons, with the 300 - series inventory decreasing by 1.90% [27]. Strategy Viewpoints - The stainless - steel market continues to show a weak oscillating trend, affected by over - supply and weak demand. The price is expected to remain weak in the short term [27][28]

Core Viewpoint - *ST Zhengping has completed its stock trading review and will resume trading on November 12, 2025, after a significant stock price increase of 152.42% from September 1 to October 28, 2025, indicating potential market overheating and irrational speculation risks [2][3]. Group 1: Stock Trading and Review - The stock of *ST Zhengping was suspended from trading for review due to concerns over excessive price increases and potential risks [2][3]. - The review confirmed that non-operating fund occupation has been fully repaid, but the company faces significant uncertainties regarding its mineral resource mining capabilities and risks of delisting [3][4]. Group 2: Financial Performance - For the year 2024, *ST Zhengping reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan, with a net loss of 990 million yuan for the first three quarters of 2025 [7]. - The company has been actively expanding into new business areas such as renewable energy construction and intelligent computing services to foster new growth points [7]. Group 3: Mining Operations and Risks - The company has received a mining license but lacks sufficient mining capacity, requiring significant investment for future development, which is uncertain due to financial constraints [6][7]. - As of June 30, 2025, the company had 102 million yuan in cash, with 81.6642 million yuan restricted, and a high debt ratio of 92.22% [6]. Group 4: New Business Ventures - *ST Zhengping has established a partnership with Hangzhou Bingtai Technology Co., focusing on data software development and computing services [8][10]. - The company is working on collaborative projects with local governments to develop intelligent computing and renewable energy initiatives [7].

Core Viewpoint - *ST Zhengping has completed the stock trading suspension verification and will resume trading on November 12, 2023, despite facing significant uncertainties in mineral resource extraction capabilities and the risk of delisting due to an audit report that cannot express an opinion for the 2024 annual report [1][5]. Group 1: Stock Trading and Performance - *ST Zhengping's stock was suspended from trading on October 29, 2023, after a closing price of 6.79 CNY per share, with a market capitalization of 4.75 billion CNY [1]. - The stock experienced a remarkable increase of over 150% since September, with a cumulative rise of 152.42% from September 1 to October 28, 2023, and achieved 21 trading limit-ups in 29 trading days [4]. - The company has issued 13 risk warning announcements due to abnormal stock trading fluctuations [4]. Group 2: Operational Status and Financial Health - The verification results indicate that the company has cleared non-operating fund occupation, but there are significant uncertainties regarding future development due to insufficient mineral resource extraction capabilities [5]. - For the fiscal year 2024, *ST Zhengping reported an operating income of 1.362 billion CNY and a net loss attributable to shareholders of 484 million CNY [6]. - In the first three quarters of 2025, the company achieved an operating income of 652 million CNY, a year-on-year decrease of 20.92%, with a net loss attributable to shareholders of approximately 99.76 million CNY [6]. Group 3: Delisting Risks - The company is under delisting risk warnings due to limited audit scope and a negative opinion on internal controls for the 2024 annual report, which could lead to termination of listing if issues are not resolved by 2025 [5]. - The stock has been subject to multiple risk warnings, including a change in its trading name to *ST Zhengping due to these financial concerns [5].

Core Viewpoint - *ST Zhengping has completed the stock trading suspension verification and will resume trading on November 12, 2023, despite facing significant uncertainties in future development and risks of delisting due to audit limitations [2][4]. Group 1: Stock Trading and Performance - *ST Zhengping's stock was suspended from trading on October 29, 2023, after a significant price increase, closing at 6.79 yuan per share with a market capitalization of 4.75 billion yuan [2]. - From September 1 to October 28, 2023, the stock price increased by 152.42%, achieving 21 trading limit-ups in 29 trading days [3]. - The company has issued 13 risk warning announcements due to abnormal stock trading activities [3]. Group 2: Financial and Operational Status - The verification results indicate that the company has cleared non-operating fund occupation, but it faces major uncertainties regarding its mineral resource extraction capabilities [4]. - For the fiscal year 2024, *ST Zhengping reported revenues of 1.362 billion yuan and a net loss of 484 million yuan [5]. - In the first three quarters of 2025, the company achieved revenues of 652 million yuan, a year-on-year decrease of 20.92%, with a net loss of approximately 99.76 million yuan [5]. Group 3: Risks and Warnings - The company has been issued a delisting risk warning due to an audit report that could not express an opinion for the 2024 annual report [4][5]. - If the issues related to the non-standard audit opinions are not resolved by 2025, the company's stock may be delisted [5].

Core Viewpoint - *ST Zhengping has resumed trading after completing a stock trading review, stating that its production and operational conditions are normal and no significant changes or undisclosed major events have been found [1] Group 1: Stock Performance and Trading Activity - *ST Zhengping's stock has seen a significant increase of 152.42% from September 1, 2025, to October 28, 2025, with 21 days of trading halts and 5 instances of abnormal trading fluctuations [3] - The company announced a trading suspension starting October 29, 2025, due to rapid stock price increases and potential trading risks, with a maximum suspension period of 10 trading days [3] - The company cautioned that the stock price may be subject to irrational speculation and warned investors of the risks associated with short-term price surges [3] Group 2: Business Operations and Financial Performance - *ST Zhengping is primarily engaged in infrastructure construction, cultural tourism, and non-ferrous metal mining, and is actively expanding into new areas such as renewable energy and intelligent computing services [3] - The company reported a revenue of 1.362 billion yuan and a net loss of 484 million yuan for 2024, with a revenue of 652 million yuan and a net loss of 99 million yuan for the first three quarters of 2025 [4] - The company faces challenges including insufficient mining capacity, risks of delisting, and ongoing financial losses [4] Group 3: Regulatory and Compliance Issues - The company’s subsidiary, Gelmu Shengguang Mining Development Co., Ltd., has obtained a mining license, but there are significant uncertainties regarding future mining operations due to a lack of funds, personnel, and equipment [4] - Due to limited audit scope, *ST Zhengping received an audit report with no opinion for its 2024 annual report, leading to a delisting risk warning for its stock [4] - The company is under additional risk warnings due to negative audit opinions regarding internal controls and significant uncertainties about its ability to continue operations [4]