Core Viewpoint - The company, WISCO Development (600058.SH), plans to conduct an asset swap with its controlling shareholder, WISCO Co., Ltd., involving the exchange of major assets and liabilities related to its original business for 100% equity stakes in WISCO Mining and Luzhong Mining, which will facilitate a transformation of its main business towards iron ore mining and processing [1] Group 1 - The company intends to replace its original business-related major assets with iron ore mining and processing assets, enhancing its core operations [1] - The transaction will involve the issuance of shares and cash payments to WISCO Co., Ltd. for the difference in the transaction prices of the assets being swapped [1] - The company aims to integrate high-quality iron ore resources from China Minmetals, promoting industrial upgrades and strengthening its overall capabilities and risk resilience [1]

Core Viewpoint - The company announced a significant asset restructuring plan aimed at transforming its main business and enhancing its operational capabilities through the integration of high-quality iron ore resources from China Minmetals [2] Group 1: Asset Restructuring - The company plans to exchange its main assets and liabilities related to its existing business with 100% equity of Minmetals Mining and a portion of equity from Luzhong Mining [2] - The difference in transaction prices between the assets to be acquired and those to be disposed of will be settled through issuing shares and cash payments to China Minmetals, along with raising matching funds from specific investors [2] Group 2: Business Transformation - The assets being acquired primarily focus on iron ore mining, processing, and the sale of iron concentrate products [2] - This transaction is expected to facilitate the company's transition to a new main business, upgrade its industry standing, and strengthen its overall competitiveness and risk management capabilities [2] Group 3: Stock Resumption - The company's stock is scheduled to resume trading on January 15, 2026 [2]

Core Viewpoint - Baide International (02668) has experienced a significant stock price surge of over 250% in the past three weeks, currently trading at 0.325 HKD with a transaction volume of 4.4552 million HKD [1] Company Overview - Baide International's main business segments include supply chain operations, hotel management and catering services, property investment, and other activities [1] Financial Performance - In the first half of 2025, the group's iron ore mining and processing operations faced downward pressure due to increased steel inventory and strict emission reduction measures, negatively impacting the performance of the iron ore business [1] Legal Issues - Recently, Baide International announced that a subsidiary has lost a final court ruling and is required to repay nearly 300 million HKD in principal and interest, with the company bearing joint liability [1] - Following the civil judgment, the group will continue to seek legal advice and explore any feasible options [1] - The management is in discussions with banks to reach an amicable resolution regarding issues arising from the default, including repayment arrangements and other potential alternatives [1]

Core Viewpoint - Baide International (02668) has experienced a significant stock price surge of over 250% in the past three weeks, with a current trading price of HKD 0.325 and a trading volume of HKD 4.4552 million [1] Group 1: Business Overview - Baide International's main business segments include supply chain operations, hotel management and catering services, property investment, and other activities [1] - The company's iron ore mining and processing operations faced downward pressure in the first half of 2025, impacted by increased steel inventory and strict emission reduction measures, negatively affecting iron ore demand [1] Group 2: Legal and Financial Issues - Recently, Baide International announced that a subsidiary lost a final judgment requiring repayment of nearly HKD 300 million, with the company bearing joint liability [1] - In light of the civil judgment, the group will continue to seek legal advice and explore feasible options, while management is negotiating with banks to reach amicable solutions regarding issues arising from the default, including repayment arrangements and other potential alternatives [1]

Core Viewpoint - The global iron ore market is entering a new growth cycle, with production expected to increase from 2.4 billion tons to 2.5 billion tons over the next five years, driven by new capacity from the Guinea Simandou project and a more relaxed supply-demand balance [1][8]. Group 1: Iron Ore Supply Dynamics - The Guinea Simandou project is projected to significantly contribute to global iron ore supply, with its production capacity expected to reach 200 million tons by 2030 [7][8]. - The supply structure is shifting towards a multi-polar model, with Australia, Brazil, and Africa becoming key players in iron ore supply [2][8]. - The production capacity of major mining companies is on the rise, with capital expenditures for Rio Tinto, BHP, Vale, and FMG showing consistent growth [3][4][5]. Group 2: Capital Expenditure Trends - Vale's capital expenditure is expected to rise from 25.84 billion yuan in 2019 to 47 billion yuan by the end of 2024, with a compound annual growth rate of 12.7% [3]. - Rio Tinto's capital expenditure is projected to grow from 20.89 billion yuan in 2016 to 70.14 billion yuan in 2024, with a compound annual growth rate of 11.3% [4]. - FMG's capital expenditure is anticipated to increase from 2.39 billion yuan in 2016 to 27.05 billion yuan by 2025, reflecting a compound annual growth rate of 30.9% [5]. Group 3: Domestic and International Demand - Domestic iron ore production in China is expected to stabilize around 1 billion tons, influenced by stricter safety and environmental regulations [10][14]. - The steel industry in China is showing signs of recovery, with profits rebounding after a significant decline, which may lead to increased production [11][12]. - Emerging economies, particularly in Asia and Africa, are experiencing robust steel demand due to ongoing infrastructure investments, contrasting with declining production in developed economies [13]. Group 4: Price Trends and Market Outlook - The iron ore price is expected to gradually decline as the market transitions from a phase of quantitative to qualitative changes in supply and demand [1][14]. - The average iron ore price is projected to stabilize around 750 yuan per ton, with fluctuations expected to increase compared to the previous two years [2][14].

（文章来源：每日经济新闻） 金岭矿业（000655.SZ）1月8日在投资者互动平台表示，彭集矿业属于拟建矿山，如涉及公司需要信息 披露事项，公司将严格按照法律法规及时履行信息披露义务。 每经AI快讯，有投资者在投资者互动平台提问：彭集铁矿资金到位、正式启动，被列入了山钢集团 2025年十大新闻，但金岭矿业股份公司却没有参与这个铁矿，请问具体原因是什么？大股东回避同业竞 争的具体安排是什么？ ...

Core Viewpoint - The company is actively seeking high-quality raw materials and promoting differentiated product sales while ensuring that exploration at the Dazhang Iron Mine is progressing as planned [1] Group 1 - The company is focused on sourcing quality raw materials to enhance its product offerings [1] - The exploration activities at the Dazhang Iron Mine are proceeding according to schedule [1] - The company will provide updates on the progress of Jingan Mining and will fulfill its information disclosure obligations for any significant matters [1]

一、简评 1、国内 47 港到货量为 2824.70 万吨，环比增 96.90 万吨，再度回升且位于相对高位；其中澳矿、巴 西矿分别增 72.10、70.60 万吨，非澳巴矿环比降 45.70 万吨，高位有所回落。 2、海外矿石发运高位回落，全球矿石发运总量为 3213.70 万吨，环比减 463.42 万吨，年末冲量结束 后如期回落。其中主流矿商多数减量，四大矿商合计减 272.34 万吨万吨；细分地区看澳矿、巴西矿、非 澳巴矿分别降 174.12、142.68、146.62 万吨，均迎来明显减量。 期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 3、按船期推算国内港口澳巴矿到货量趋稳，而矿商发运在回落，供应有所收缩，关注持续性。 铁矿石到货、发运周度数据（2026 年第 1 周） 二、矿石到货与发运数据 | | | | | | 铁矿石周度到货和发运数据 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 本期值 | 上期值 | 周度变化 | 周度变 ...

Core Viewpoint - The report highlights the escalating conflict between the United States and Venezuela, focusing on Venezuela's natural resources and export situation [2]. Group 1: Population and Geography - Venezuela is located in the northern part of South America, covering an area of 916,400 square kilometers, with an estimated population of approximately 28.4 million in 2024 [3][10]. - The country shares borders with Guyana to the east, Brazil to the south, Colombia to the west, and has a northern coastline along the Caribbean Sea. Major ports include Cabello Port, La Guaira Port, and Maracaibo Port, with José Port and Maracaibo Port being the main oil export ports [3][10]. Group 2: Political and Military Overview - Venezuela operates under a presidential system, with the president serving as the head of state, government, and armed forces for a term of six years without term limits [4][13]. - The country has approximately 200,000 active military personnel and around 8 million militia reservists [4][14]. Group 3: Major Natural Resources - Venezuela holds the world's largest proven oil reserves, estimated at about 300 billion barrels, accounting for approximately 17% of global reserves [5][14]. - The country ranks eighth globally in proven natural gas reserves, with about 201 trillion cubic feet, representing around 2.9% of the world's total [5][17]. - The official gold reserves are approximately 53 tons, with an additional 31 tons held in the Bank of England since 2018. However, estimates of untapped gold reserves vary significantly [5][21]. - Iron ore reserves are reported to be between 2.2 billion to 4 billion tons, constituting about 1-2% of global reserves, though the U.S. Geological Survey does not include Venezuela's iron ore data [6][24]. - Other mineral resources include bauxite (34.8 billion tons), titanium (39 million tons), diamonds (4.1 billion carats), coal (730 million tons), and nickel (490,000 tons), with respective global shares of approximately 4.4%, 7%, 0.1%, 0.4% [6][26]. - Venezuela has abundant hydropower and forest resources, with a forest coverage rate of about 52%, significantly higher than the global average of 32% [7][27]. Group 4: Major Export Situation - The primary export destinations for Venezuela are the United States, China, and Spain, with total exports in 2023 amounting to approximately $7.63 billion. Exports to the U.S., China, and Spain were about $3.81 billion, $740 million, and $670 million, respectively [8][28]. - Key export products include oil and its derivatives (60% of total exports), basic metals (iron and aluminum), and nitrogen fertilizers [8][28]. - As of November 2025, Venezuela's oil production is projected to be around 934,000 barrels per day, with an estimated export volume of 656,000 barrels per day in 2024 [8][31].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The iron ore price is expected to mainly move in a volatile manner with limited upside and downside space. The upward space of the ore price is constrained by high inventory and expectations of loose supply, while the downside is supported by restocking expectations. The main factors to watch in the future are the restocking of steel mills and the rhythm of hot metal production [11][14]. Summary by Directory 1. Monthly Assessment and Strategy Recommendation - **Supply**: In December, the weekly average of global iron ore shipments was 3,525.68 million tons, a month-on-month increase of 228.93 million tons. The weekly average of Australian shipments to China via 19 ports was 1,645.45 million tons, an increase of 69.65 million tons from the previous month. The weekly average of Brazilian shipments was 844.35 million tons, an increase of 20.32 million tons. The weekly average of arrivals at 45 ports was 2,613.00 million tons, a month-on-month decrease of 18.63 million tons. In January, it is expected that the arrivals will continue to increase, but the shipments will decline month-on-month as it turns to the traditional off-season for mine shipments [11][13]. - **Demand**: The estimated daily average domestic hot metal production in December was 228.22 million tons, a decrease of 6.95 million tons from the previous month. With the end of some blast furnace overhauls, the hot metal production may increase slightly [11][13]. - **Inventory**: At the end of December, the inventory of imported iron ore at 45 ports nationwide was 15,929.06 million tons, an increase of 718.94 million tons from the end of the previous month. The weekly average of daily ore removal volume at 45 ports was 316.54 million tons, a decrease of 10.56 million tons from the previous month. The weekly average of daily consumption of imported iron ore by steel mills was 282.24 million tons, a decrease of 8.38 million tons from the previous month. Port inventories continued to accumulate and were at a high level in the same period of history, while steel mills' imported ore inventories were at a low level in the same period, with some restocking demand [11][13]. 2. Futures and Spot Market - **Price Spreads**: At the end of December, the PB - Super Special powder spread was 117 yuan/ton, a month-on-month increase of 6.0 yuan/ton. The Carajás - PB powder spread was 82 yuan/ton, a month-on-month decrease of 9.0 yuan/ton. The Carajás - Jinbuba powder spread was 137 yuan/ton, a month-on-month decrease of 10.0 yuan/ton. The ((Carajás + Super Special powder)/2 - PB powder) spread was -17.5 yuan/ton, a month-on-month decrease of 7.5 yuan/ton [19][22]. - **In - furnace Proportion and Scrap Steel**: At the end of December, the pellet in - furnace proportion was 14.69%, an increase of 0.17 percentage points from the end of the previous month. The lump ore in - furnace proportion was 11.98%, a decrease of 0.24 percentage points. The sinter in - furnace proportion was 73.33%, an increase of 0.06 percentage points. The price of Tangshan scrap steel was 2,155 yuan/ton, an increase of 10 yuan/ton from the end of the previous month, and the price of Zhangjiagang scrap steel was 2,080 yuan/ton, unchanged from the end of the previous month [25]. - **Profit**: At the end of December, the profitability rate of steel mills was 37.23%, an increase of 2.17 percentage points from the end of the previous month [28]. 3. Inventory - At the end of December, the inventory of imported iron ore at 45 ports was 15,929.06 million tons, an increase of 718.94 million tons from the end of the previous month. The pellet inventory was 351.56 million tons, an increase of 49.21 million tons. The iron concentrate powder inventory was 1,356.04 million tons, an increase of 71.61 million tons. The lump ore inventory was 2,144.66 million tons, an increase of 165.29 million tons. The Australian ore port inventory was 6,941.26 million tons, an increase of 633.8 million tons, and the Brazilian ore port inventory was 5,669.56 million tons, a decrease of 317.47 million tons. The inventory of imported iron ore in steel mills was 8,860.19 million tons, a decrease of 82.29 million tons [35][41][43]. 4. Supply Side - **Overseas Shipments**: In December, the weekly average of Australian shipments to China via 19 ports was 1,645.45 million tons, an increase of 69.65 million tons from the previous month. The weekly average of Brazilian shipments was 844.35 million tons, an increase of 20.32 million tons. The weekly average of Rio Tinto's shipments was 746.83 million tons, a month-on-month increase of 142.20 million tons. The weekly average of BHP's shipments was 575.30 million tons, a month-on-month decrease of 11.90 million tons. The weekly average of Vale's shipments was 602.53 million tons, a month-on-month increase of 7.40 million tons. The weekly average of FMG's shipments was 392.35 million tons, a month-on-month decrease of 3.07 million tons [49][52][55]. - **Arrivals and Imports**: In December, the weekly average of arrivals at 45 ports was 2,613.00 million tons, a month-on-month decrease of 18.63 million tons. In November, China's non - Australian and non - Brazilian iron ore imports were 1,900.41 million tons, a month-on-month decrease of 84.50 million tons [58]. - **Domestic Mines**: At the end of December, the capacity utilization rate of domestic mines was 55.53%, a decrease of 5.24 percentage points from the end of the previous month. The daily average output of iron concentrate powder from domestic mines was 43.39 million tons, a decrease of 4.09 million tons from the end of the previous month [61]. 5. Demand Side - **Hot Metal Production**: The estimated domestic hot metal production in December was 7,074.96 million tons, with a daily average of 228.22 million tons, a decrease of 6.95 million tons from the previous month. At the end of December, the blast furnace capacity utilization rate was 84.94%, a decrease of 3.04 percentage points from the end of the previous month [66]. - **Ore Removal and Consumption**: In December, the weekly average of 45 - port iron ore daily ore removal volume was 316.54 million tons, a decrease of 10.56 million tons from the previous month. The weekly average of daily consumption of imported iron ore by steel mills was 282.24 million tons, a decrease of 8.38 million tons from the previous month [69]. 6. Basis - As of December 31, the calculated basis of the iron ore IOC6 main contract was 52.61 yuan/ton, and the basis rate was 6.25% [74].