Core Insights - The exploration project for the Dongbeizhai gold mine in Songpan County, Sichuan Province, has been approved, revealing an additional gold resource of 28.24 tons, bringing the total confirmed gold resources to 81.06 tons, categorizing it as a super-large mine with an average gold grade of 3.75 grams per ton [1] - The total confirmed gold resources are estimated to be approximately 260 million ounces, valued at over 76 billion RMB based on current gold prices [1] Company Overview - The exploration rights for the Dongbeizhai gold mine are held by Songpan County Zijin Industry and Trade Co., Ltd., which has a mining area of 4.8605 square kilometers, with the certificate valid from August 9, 2023, to August 9, 2028 [1][2] - Songpan County Zijin Industry and Trade Co., Ltd. was established in 2005 with a registered capital of 180 million RMB. The company has multiple shareholders, including Aba State Guoxin Mineral Resources Development Co., Ltd. (30%), Zijin Mining Group Co., Ltd. (23.8%), and others [2][3] Industry Context - Zijin Mining Group is recognized as the leading gold company globally in the Forbes 2025 Global 2000 list, based on various metrics such as revenue, profit, assets, and market capitalization [3] - The company has significant mineral resource reserves, including over 1.1 million tons of copper and 3,973 tons of gold, positioning it as a major player in the metal mining industry [4] - Recent market trends indicate a rise in gold prices, with international gold prices increasing significantly, and domestic gold prices also showing a substantial rise, reflecting a broader trend in the precious metals market [4]

Group 1 - The former deputy general manager of Yunnan Tin Company Limited, Xie Mingyue, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Yunnan Provincial Commission for Discipline Inspection and Supervision [1]

星展发表研究报告，预期五矿资源2024至27年间盈利年均复合增长率将达75%，预期到2027年铜及黄金 的销量年均复合增长分别为10%及6%，加上Las Bambas矿区营运正常化，将提供支持。该行预期铜是 明年唯一面临供应短缺的金属，因能源转型带动需求稳定增长，加上矿产铜供应紧缩；上调2025及26年 铜价预测3%，料分别达每吨9600美元及9900美元，将同期盈利预测分别上调12%及19%；目标价由6.8 港元上调至9.1港元，维持"买入"评级。 ...

Core Viewpoint - DBS expects Minmetals Resources (01208) to achieve an average annual compound growth rate of 75% in profits from 2024 to 2027, driven by increased sales of copper and gold, alongside the normalization of operations at the Las Bambas mine [1] Group 1: Profit Growth Expectations - The average annual compound growth rate of profits for Minmetals Resources is projected to be 75% from 2024 to 2027 [1] - Sales of copper and gold are expected to grow at compound annual growth rates of 10% and 6%, respectively, by 2027 [1] Group 2: Market Conditions and Price Predictions - Copper is anticipated to be the only metal facing a supply shortage next year due to stable demand growth driven by energy transition and tightening copper supply [1] - Price forecasts for copper have been raised by 3% for 2025 and 2026, expected to reach $9,600 and $9,900 per ton, respectively [1] Group 3: Earnings Forecast Adjustments - Earnings forecasts for Minmetals Resources have been increased by 12% and 19% for 2025 and 2026, respectively [1] - The target price for Minmetals Resources has been raised from HKD 6.8 to HKD 9.1, maintaining a "Buy" rating [1]

Core Viewpoint - DBS expects Minmetals Resources (01208) to achieve an average annual compound growth rate of 75% in profits from 2024 to 2027, driven by increased sales of copper and gold, alongside the normalization of operations at the Las Bambas mine [1] Group 1: Profit Growth and Sales Forecast - The average annual compound growth rate of profits for Minmetals Resources is projected to be 75% from 2024 to 2027 [1] - Sales of copper and gold are expected to grow at compound annual growth rates of 10% and 6%, respectively, by 2027 [1] Group 2: Market Conditions and Price Predictions - Copper is anticipated to be the only metal facing a supply shortage next year due to stable demand driven by energy transition and tightening copper supply [1] - Price forecasts for copper have been raised by 3% for 2025 and 2026, expected to reach $9,600 and $9,900 per ton, respectively [1] Group 3: Earnings Adjustments and Target Price - Earnings forecasts for Minmetals Resources have been increased by 12% and 19% for 2025 and 2026, respectively [1] - The target price for Minmetals Resources has been raised from HKD 6.8 to HKD 9.1, maintaining a "Buy" rating [1]

华鑫证券研报指出，金诚信2025年前三季度实现归母净利润17.53亿元，同比+60.37%；Q3实现归母净 利润6.42亿元，同比+33.68%。铜矿产销量再进一步，助力营收净利高增。矿山服务业务方面Q3环比整 体回稳：Q1营收下降，Q2整体好转，Q3企稳回温。近三季度矿服营收下滑，主要因为公司2024年7月 正式完成对Lubambe铜矿的收购，原鲁班比矿服项目为Lubambe铜矿提供采矿运营管理服务，现已转为 内部管理单位，相应减少了矿山服务业务收入。公司铜磷资源开发板块延续高增，铜矿项目持续放量， 铜价中枢进一步上移。因此维持"买入"投资评级。 ...

Group 1 - The company, Huayu Mining, confirmed that its business operations comply with national industry policy requirements [1] - The company's main domestic products are zinc concentrate and lead-antimony concentrate (including silver) [1] - The primary customers of the company are large downstream smelting enterprises and traders [1]

Core Viewpoint - The State Council's Work Safety Committee Office has published a series of typical cases to combat illegal mining activities, aiming to enhance public safety and prevent accidents related to illegal mining [1][2]. Group 1: Case Summaries - Case 1: In March 2025, two individuals were investigated for illegal bauxite mining in Qingzhen City, Guizhou Province, with criminal measures taken against them [1]. - Case 2: In April 2025, three individuals were caught illegally transporting mined resources in Guangxi Zhuang Autonomous Region, leading to the seizure of 9.55 tons of antimony ore and subsequent criminal convictions [1]. - Case 3: In April 2025, multiple criminal gangs were found illegally mining limestone in Fuxin County, Liaoning Province, resulting in criminal measures against ten individuals [2]. - Case 4: In October 2025, two individuals were investigated for illegal mining of natural quartz sand in Inner Mongolia without the necessary permits [2]. - Case 5: In October 2025, five individuals were implicated in illegal coal mining in Zezhou County, Shanxi Province, with the case sent for prosecution [2].

Core Viewpoint - Shenzhen Zhongjin Lingnan Nonfemet Company Limited has been recognized as the "Best Practice Case of the Board of Directors for Listed Companies in 2025" due to its effective governance practices and board performance [1][3]. Group 1: Board of Directors Best Practices - The recognition of Zhongjin Lingnan reflects the capital market's high regard for its board's professional capabilities, standardized operations, and governance effectiveness [3]. - The company has implemented a top-level design focusing on building a modern enterprise system with Chinese characteristics, enhancing its governance structure [4]. - Zhongjin Lingnan has established a diversified board, with over 62% of external directors, and has effectively configured its specialized committees [4]. Group 2: Governance and Compliance - The company actively explores differentiated delegation management and has established a closed-loop management mechanism for board decision-making [4]. - Independent director reforms have been prioritized, ensuring the selection of qualified independent directors and enhancing their roles in decision-making, supervision, and consultation [4]. - Zhongjin Lingnan strictly fulfills its information disclosure obligations, ensuring that disclosures are legal, transparent, and accurate [4]. Group 3: ESG Commitment - The company is committed to ESG principles, focusing on green and circular development, and has been recognized in the "Pioneer 100 ESG Listed Companies in China" list [4]. - Zhongjin Lingnan aims to continuously innovate and optimize its governance system while focusing on high-quality development [5].

Group 1 - The metal zinc concept increased by 3.07%, ranking 6th among concept sectors, with 35 stocks rising, including Huaxi Nonferrous and Luoping Zinc Electric hitting the daily limit [1] - Major gainers in the zinc sector included Shengtun Mining, Guocheng Mining, and Shengda Resources, which rose by 7.59%, 6.04%, and 5.48% respectively [1] - The zinc concept sector saw a net inflow of 712 million yuan from main funds, with 24 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow [1] Group 2 - The top stocks by net inflow ratio included Luoping Zinc Electric, Shengtun Mining, and Xiyang Mining, with net inflow ratios of 52.90%, 10.27%, and 7.40% respectively [2] - Shengtun Mining led the net inflow with 211.55 million yuan, followed by Huayu Mining and Dazhong Mining with net inflows of 88.49 million yuan and 87.83 million yuan respectively [2] - The trading volume and turnover rates for key stocks in the zinc sector were highlighted, with Shengtun Mining having a turnover rate of 5.64% [2]