Report Summary Industry Investment Rating No information provided. Core Views - The price of Shanghai lead may oscillate and decline due to weak downstream purchasing enthusiasm at high prices, improved supply tightness, and significant upward pressure on lead prices [1]. - Zinc prices lack continuous upward momentum due to weak domestic terminals and hawkish remarks on interest rate cuts by the Federal Reserve. However, in the medium - term, the zinc price may be supported as the mine end tightens in the fourth quarter, and there may be opportunities to go long after a short - term correction [1]. Summary by Directory Information - On November 3, 2025, the Jinpo Lead - Zinc Mine of Puding Derong Mining Co., Ltd., a wholly - owned subsidiary of Yunnan Luoping Zinc & Electricity Co., Ltd., obtained a new "Safety Production License" with a valid period from November 3, 2025, to November 2, 2028, and a permitted lead - zinc underground mining capacity of 200,000 tons/year. The mine has started preparations for resumption of production [1]. - On November 4, the [LME0 - 3 lead] was at a discount of $24.4 per ton with an open interest of 151,517 lots, an increase of 1,388 lots [1]. - Xingye Yinxi released its Q3 2025 report. From January to September 2025, the company produced 5,651.48 tons of tin ore (a 13.12% year - on - year decrease), 212.16 tons of silver ore (an 18.98% increase), 45,783.81 tons of zinc ore (a 1.92% increase), 13,991.67 tons of lead ore (a 2.61% increase), 1,832.67 tons of copper ore (an 18.83% decrease), 1,109.57 tons of antimony ore (a 9.83% decrease), 215,800 tons of iron ore (a 16.42% decrease), 124.57 tons of bismuth ore (an 18.33% increase), and 0.074 tons of gold ore (a 221.74% increase) [1]. - On November 4, the [LME0 - 3 zinc] was at a premium of $138.78 per ton with an open interest of 227,115 lots, an increase of 3,686 lots [1]. Investment Strategy - For lead, continue to hold previous short positions [1]. - For zinc, wait for opportunities to go long after a correction [1]. Transaction Volume and Open Interest - For lead, the trading volume of the active futures contract was 46,416 lots (a 42.05% increase), the open interest was 65,699 lots (a 0.59% decrease), and the volume - to - open - interest ratio was 0.71 (a 42.90% increase) [1]. - For zinc, the trading volume of the active futures contract was 100,837 lots (a 33.02% decrease), the open interest was 112,477 lots (a 3.80% decrease), and the volume - to - open - interest ratio was 0.90 (a 30.37% decrease) [1]. Inventory - The LME lead inventory was 208,600 tons with no change, and the Shanghai lead warrant inventory was 21,704 tons (a 0.27% increase) [1]. - The LME zinc inventory was 34,000 tons with no change, and the Shanghai zinc warrant inventory was 68,423 tons (a 0.33% increase) [1]. Lead and Zinc Price Analysis - For lead, the average price of SMM1 lead ingots was 17,325 yuan/ton (a 0.43% increase), the closing price of the futures main contract was 17,475 yuan/ton (a 0.34% increase), the Shanghai lead basis was - 150 yuan/ton (an increase of 15 yuan/ton), and the Shanghai - London lead price ratio was 8.65 (a 0.34% increase) [1]. - For zinc, the average price of SMM1 zinc ingots was 22,430 yuan/ton (a 0.36% decrease), the closing price of the futures main contract was 22,650 yuan/ton (a 0.09% decrease), the Shanghai zinc basis was - 220 yuan/ton (a decrease of 60 yuan/ton), and the Shanghai - London zinc price ratio was 7.36 (a 0.09% decrease) [1].

Group 1 - The core point of the article is that Luoping Zinc & Electricity announced that its wholly-owned subsidiary, Puding County Derong Mining Co., Ltd., has obtained a new "Safety Production License" for the Jinpo Lead-Zinc Mine from the Guizhou Provincial Emergency Management Department on November 3, 2025 [2] Group 2 - The new safety production license is a significant regulatory approval that may enhance the operational capabilities of the company’s mining activities [2] - This development indicates the company's commitment to maintaining safety standards in its mining operations, which is crucial for long-term sustainability [2] - The acquisition of the license may also positively impact the company's reputation and investor confidence in its operational practices [2]

Core Viewpoint - Luoping Zinc & Electric (002114.SZ) announced that its wholly-owned subsidiary, Puding County Derong Mining Co., Ltd., has obtained a new "Safety Production License" issued by the Guizhou Provincial Emergency Management Department, which is a significant step towards resuming operations at the Jinpo Lead-Zinc Mine [1] Group 1 - The Jinpo Lead-Zinc Mine has received the necessary safety production certification, allowing the company to proceed with preparations for resuming production [1] - The subsidiary is actively and orderly carrying out all necessary preparations in accordance with resumption supervision requirements [1] - The company will fulfill its information disclosure obligations promptly after the resumption of operations at the Jinpo Lead-Zinc Mine [1]

Group 1 - The metal lead concept declined by 2.80% as of the close on November 4, ranking among the top declines in the concept sector, with Guocheng Mining hitting the limit down [1] - Within the lead concept sector, major declines were seen in companies such as Xingye Silver Tin, Dazhong Mining, and Tin Industry Co., with increases noted in Zhejiang Fuhua Holdings, Yuehongyuan A, and Luoping Zinc Electric, which rose by 3.10%, 1.15%, and 0.99% respectively [1] - The lead concept sector experienced a net outflow of 2.699 billion yuan from main funds today, with 31 stocks seeing net outflows, and 10 stocks exceeding 100 million yuan in net outflows, led by Zijin Mining with a net outflow of 459 million yuan [2] Group 2 - The top net outflow stocks in the lead concept included Zijin Mining, Xingye Silver Tin, and Baiyin Nonferrous, with net outflows of 459 million yuan, 455 million yuan, and 169 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Zhongjin Lingnan, Hengbang Shares, and Yuehongyuan A, with net inflows of 17.11 million yuan, 2.89 million yuan, and 1.67 million yuan respectively [2] - The trading volume for the lead concept stocks showed significant turnover, with Guocheng Mining experiencing a 10.01% decline and a turnover rate of 2.71% [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - **Lead**: The lead price is under pressure and may oscillate downward due to weakening downstream purchasing enthusiasm at high prices, improved supply tightness, and good refinery profits with an open import window [1]. - **Zinc**: The zinc price has some support at the bottom but limited upward momentum. The domestic mine supply pattern has tightened, and the terminal demand is weak. The Fed's hawkish stance on interest - rate cuts also suppresses the zinc price [1]. 3. Summary by Relevant Catalogs **Lead Market** - **Prices**: The SMM1 lead ingot average price remained flat, and the Shanghai lead futures main - contract closed 0.17% higher than the previous day. The LME3 - month lead futures (electronic) price was unchanged at $2,025/ton, and the Shanghai - London lead price ratio rose 0.17% to 8.60 [1]. - **Supply**: Lead concentrate imports have no expected increase, and processing fees are likely to rise. Some primary lead refineries have maintenance plans, with a slight fluctuation in production. The supply of secondary lead has increased as previously - shut - down refineries resume production [1]. - **Demand**: The terminal market has improved, and lead - acid battery enterprises' operations are stable, with an increase in demand [1]. - **Trading Strategy**: Hold existing short positions [1]. **Zinc Market** - **Prices**: The SMM1 zinc ingot average price rose 0.32%, and the Shanghai zinc futures main - contract rose 0.94%. The Shanghai - London zinc price ratio rose 0.94% to 7.40 [1]. - **Supply**: Refineries have sufficient raw material stocks, and zinc - ore processing fees are rising. Domestic zinc - concentrate processing fees may continue to decline in October. Refinery production is expected to remain around 600,000 tons per month [1]. - **Demand**: There is no significant improvement in demand. The zinc ingot export window may open as the Shanghai - London price ratio deteriorates [1]. - **Trading Strategy**: Adopt a wait - and - see approach [1]. **Other Information** - In Shandong's Binzhou, the subsequent vehicle trade - in subsidy activity will implement a "qualification first, subsidy application later" policy from November 5 to December 31, 2025 [1]. - In Guangdong's Shaoguan, the Phase I mining project for resource integration at the Fankou Lead - Zinc Mine started, with a total investment of 830 million yuan and expected annual revenue increase of over 400 million yuan after reaching full production [1].

Core Points - The company announced a cash dividend distribution of CNY 0.03 per share (including tax) for the first half of 2025 [2][4] - The total cash dividend to be distributed amounts to CNY 151,211,414.49 (including tax) based on a total share capital of 5,040,380,483 shares [4] Distribution Plan - The dividend distribution plan was approved at the company's first extraordinary general meeting on September 11, 2025 [3] - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [4] Implementation Details - Cash dividends for unrestricted circulating shares will be distributed through the clearing system of the China Securities Depository and Clearing Corporation [5] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date at their designated securities business department [5] Taxation Information - For individual shareholders and securities investment funds, dividends are subject to different tax treatments based on the holding period [8] - For shares held for over one year, dividends are exempt from individual income tax; for shares held for one year or less, the actual cash dividend received is CNY 0.03 per share, with tax calculated upon stock transfer [8] - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld, resulting in a net cash dividend of CNY 0.027 per share [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 48.459 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.79%. The net profit attributable to the parent company was 841 million yuan, up 5.18% year-on-year. In Q3 alone, the revenue was 17.370 billion yuan, an increase of 18.65% year-on-year, with a net profit of 282 million yuan, up 9.51% year-on-year [4] - The prices of copper, lead, and zinc in Q3 2025 were 79,900 yuan/ton, 16,900 yuan/ton, and 22,300 yuan/ton, reflecting year-on-year changes of +6%, -7%, and -5% respectively. The production of refined lead and zinc metals in H1 2025 was 125,400 tons, down 10.11% year-on-year, while the smelting output of copper, lead, and zinc was 447,800 tons, up 5.61% year-on-year. The increase in revenue is primarily attributed to the smelting segment, with copper smelting revenue reaching 20.421 billion yuan, a year-on-year increase of 31.33% [5] - The company is accelerating resource accumulation and production at its mining operations, including the large-scale Fankou lead-zinc-silver mine in Asia and several other lead-zinc mines in Guangxi, Australia, and the Dominican Republic. The focus on high-end processing in the smelting segment is expected to enhance product value and optimize profitability [6] Financial Forecast - The company is projected to achieve net profits attributable to the parent company of 1.152 billion yuan, 1.274 billion yuan, and 1.341 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19, 17, and 16 [7] - Key financial indicators for 2025E include revenue of 62.445 billion yuan, a year-on-year growth of 4.3%, and a net profit of 1.152 billion yuan, reflecting a growth of 6.5% year-on-year [9]

Core Viewpoint - Chihong Zn & Ge Co., Ltd. has confirmed that as of June 30, 2025, it holds a registered germanium resource of 593 tons, all of which are by-products from lead-zinc mining [1] Group 1 - The company recovers germanium through lead-zinc smelting by-products, allowing it to share smelting facilities, energy, and environmental treatment systems, thereby reducing unit costs [1] - The company leverages the synergistic advantages of lead-zinc joint smelting to enhance the comprehensive recovery of valuable metals as a key strategy for value chain improvement [1] - Continuous optimization of extraction processes is aimed at achieving both green low-carbon initiatives and economic benefits [1]

Core Insights - The commencement of the Phase I mining project at the Fankou Lead-Zinc Mine by Zhongjin Lingnan is a significant step in responding to the national mineral exploration strategy and promoting high-quality development [1] Group 1: Project Details - The Fankou Lead-Zinc Mine project has identified metal resources including 665,600 tons of zinc, 420.88 tons of silver, 126.16 tons of gallium, and 56.12 tons of germanium [1] - The project will utilize underground mining methods, enhancing production capacity to 1.53 million tons per year, with mining depth extending from +248 meters to -750 meters [1] - The operational lifespan of the mine is projected to be 16 years, with expected annual revenue increases of over 400 million yuan and a profit of approximately 287 million yuan once stable production is achieved [1] Group 2: Strategic Importance - This project is part of Zhongjin Lingnan's efforts to enhance the supply capacity of valuable metals such as lead, zinc, gallium, germanium, and silver, contributing to the goal of building a world-class enterprise [1]

Group 1 - The core viewpoint of the article highlights that Xizang Zhufeng (600338.SH) reported significant growth in its financial performance for the first three quarters of 2025, with total operating revenue reaching 1.724 billion yuan, representing a year-on-year increase of 46.08% [1] - The net profit attributable to shareholders of the parent company was 437 million yuan, showing a remarkable year-on-year growth of 99.13% [1] - The basic earnings per share (EPS) for the company stood at 0.4775 yuan [1]