Group 1 - During the "14th Five-Year Plan" period, China has focused on technological advancements in deep earth, deep sea, and polar regions, achieving significant milestones in large equipment and platform construction [1] - The "Lutian-1" satellite, a domestically developed L-band differential interferometric SAR satellite, represents a breakthrough in China's radar interferometry technology, enabling monthly nationwide data acquisition for deformation monitoring [1] - The Ministry of Natural Resources has reported over 500,000 scenes of data distributed nationwide, which are widely applied in geological disaster risk identification [1] Group 2 - Innovations in mining technology have addressed challenges in Tibet, leading to the development of a large-scale filling process that minimizes ecological damage during resource extraction [2] - The Mining and Metallurgy Technology Group has improved the recovery rates of germanium from coal and other metals, achieving over 80% recovery from coal and a 10% average increase in recovery rates for gallium, indium, and germanium during smelting processes [2] - Key technologies for the design, manufacturing, and installation of subsea pipelines have been successfully applied in major domestic and international projects, including the first commercial application of a large-diameter bimetallic composite pipe [2] Group 3 - The "Deep Sea One" vessel, along with the "Jiaolong" manned submersible, completed China's first Arctic dive, establishing China as the first country to conduct routine manned submersible operations in densely ice-covered Arctic regions [3] - The Ministry of Natural Resources plans to strengthen original innovation and tackle key challenges during the "15th Five-Year Plan" period, focusing on major national scientific projects and establishing joint funds for marine and land research [3]

中核江西矿业有限公司成立于2019年10月，法定代表人为金伟，经营范围含矿山开发建设及退役治理、 地质灾害治理施工及废物处置、环境工程的开发建设及运营、物业管理、酒店餐饮企业管理和房地产开 发等。股东信息显示，该公司现由中核铀业有限责任公司、核工业江西矿冶局分别持股51%、49%。 天眼查工商信息显示，近日，中核江西矿业有限公司发生工商变更，新增核工业江西矿冶局为股东，注 册资本由3亿人民币增至10亿人民币，增幅约233%，同时，多位高管发生变更。 来源：中国能源网 ...

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and sector performances, particularly in consumer electronics and HBM concepts, while noting the decline in AI applications and certain real estate stocks [3]. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index initially surged over 2% before settling at a 0.56% gain [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, a decrease of 466 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - The consumer electronics sector saw a rise of 2.28%, while the HBM concept led the gains with a 2.62% increase [4]. - The solid-state battery concept also performed well, contributing to the overall positive sentiment in the market [3]. - The AI application sector continued to show weakness, indicating potential challenges in this area [3]. Notable Stocks - In the pork concept sector, stocks like Jin Xin Nong and Tian Yu Bio experienced significant gains, with Jin Xin Nong hitting the daily limit [5]. - Semiconductor stocks such as Huahong Semiconductor and SMIC saw increases of over 5% and 3%, respectively, reflecting strong performance in the tech sector [6]. - New Energy and AI concept stocks also showed strength, with New Yi Sheng rising by 7% and Yangguang Electric Power increasing by nearly 5% [7]. Additional Market Insights - The Hong Kong stock market opened with a slight increase, with the Hang Seng Technology Index expanding its gains [12]. - The People's Bank of China conducted a reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, indicating ongoing liquidity management [13]. - The Chinese yuan appreciated against the US dollar, reaching its highest level since October 2024 [14].

Core Points - The company has received a notice from the Ministry of Natural Resources regarding the acceptance of the resource reserve verification report for the antimony-silver mine in Meizhou City, Guangdong Province [1] - The resource declaration process will involve several steps, including review, filing, and application for mining license renewal, which adds complexity to the approval process [1][2] - There are uncertainties related to the review results, subsequent approval stages, and potential policy changes that could impact the mining industry [2][3] Summary by Categories - **Company Developments** - The company's subsidiary, Meizhou Meiyan Mining Co., has had its resource reserve verification report accepted by the Ministry of Natural Resources [1] - The company will disclose information based on actual progress in the approval process [4] - **Industry Context** - The resource declaration process includes multiple stages such as review and license renewal, which may lead to uncertainties in timelines and outcomes [2] - Potential risks from changes in regulatory, environmental, and tax policies affecting the mining sector [3]

1. Report Industry Investment Rating - The mid - term outlook for the industry is "Oscillation" [8] 2. Core Viewpoints of the Report - The construction industry is in the off - season, with limited bright spots in the fundamentals of the black building materials sector, and prices are under pressure. However, with the upcoming Central Economic Work Conference, there may be positive macro and policy news, and attention should be paid to potential phased upward opportunities driven by improved macro sentiment [3][7] 3. Summary by Relevant Categories Iron Element - Overseas mine shipments decreased significantly on a month - on - month basis, with reduced shipments from Australia and Brazil and increased shipments from non - mainstream regions. Port inventories decreased slightly on a month - on - month basis. Iron water is expected to continue a slight downward trend, but there is still an expectation for iron ore restocking demand, and iron ore prices are firm. Scrap steel supply increases while demand remains stable, with limited price decline space, and prices are expected to oscillate [4] Carbon Element - After profit restoration and environmental protection relaxation, coke supply has stabilized. In the short term, steel mills' rigid demand support remains, but the cost support for spot goods continues to weaken, and the expectation of price cuts in the market is rising. Coke futures are expected to oscillate following coking coal. Domestic coking coal supply remains low, with no obvious weakening in fundamentals. After the spot price correction, there is still an expectation for downstream winter restocking. The near - term contracts of coking coal futures are suppressed by delivery, while the far - term contracts are expected to oscillate strongly [4] Alloys - Manganese silicon has cost support, but the market supply - demand is loose, and prices are expected to run at a low level around the cost. Silicon iron also has cost support, but supply - demand is also loose, and prices are expected to run at a low level around the cost [7] Glass and Soda Ash - Glass supply has potential disruptions, but high inventory restricts price increases. If there is no further cold - repair by the end of the year, prices are expected to oscillate weakly; otherwise, prices may rise. Soda ash prices are near the cost, with obvious bottom support, but the oversupply situation restricts price increases. In the short term, prices are expected to oscillate, and in the long term, the price center will continue to decline [7] Specific Product Analysis - **Steel**: In the off - season, fundamentals are lackluster, and the futures market is under pressure. Spot market trading is weak. Steel mills' profit margins continue to decline, and production is expected to decrease. Construction site funds are in short supply, and demand is weakening. Although inventory is decreasing, it is still higher than the same period last year. The market is expected to oscillate at a low level in the short term [9] - **Iron Ore**: Iron water production is decreasing, but ore prices are still resilient. Overseas mine shipments have decreased, and port arrivals have increased. Iron water is expected to continue a slight downward trend, but there is an expectation for restocking demand. Ore prices are expected to oscillate strongly in the short term [9] - **Scrap Steel**: The profit of electric furnaces has improved, and daily consumption has slightly increased. Supply has increased slightly, demand is stable, and prices are expected to oscillate [11] - **Coke**: Costs are continuously decreasing, and the expectation of price cuts is strong. Supply has stabilized after profit restoration and environmental protection relaxation, and inventory is decreasing. However, the cost support for spot goods is weakening, and the market is expected to oscillate following coking coal [12] - **Coking Coal**: Coal mines continue to accumulate inventory, and pressure on the futures market remains. Domestic supply remains low, and there is an expectation for downstream restocking after the price correction. The near - term contracts are expected to oscillate, and the far - term contracts are expected to oscillate strongly [13] - **Glass**: The uncertainty of cold - repair remains, and the improvement of actual supply - demand is limited. Supply is expected to decrease, but high inventory restricts price increases. If there is no further cold - repair by the end of the year, prices are expected to oscillate weakly; otherwise, prices may rise [14] - **Soda Ash**: Production remains flat on a month - on - month basis, and spot trading is weak. Prices are near the cost, with obvious bottom support, but the oversupply situation restricts price increases. In the short term, prices are expected to oscillate, and in the long term, the price center will continue to decline [14] - **Manganese Silicon**: The inventory pressure is difficult to relieve, and the futures market oscillates at a low level. Cost support remains, but the market supply - demand is loose, and prices are expected to run at a low level [16] - **Silicon Iron**: Market confidence is insufficient, and futures prices are running weakly. Cost support is strong, but supply - demand is loose, and prices are expected to run at a low level [17]

澳大利亚标普/澳交所200指数上涨0.2%至8,626.70，有望连续第四个交易日上涨。矿业股和银行股对基 准股指的上涨贡献最大。新西兰S&P/NZX 50指数上涨0.2%至13,586.46点。 来源：环球市场播报 ...

刚果民主共和国是全球约四分之三钴产量的来源国，对其出口政策的任何变化都将影响全球电动车、电 池及航空航天产业链。为避免市场供应过快恢复导致价格承压，政府原计划自10月16日起实施严格的出 口配额，但实际执行出现延误。 负责监管战略矿物市场的刚果民主共和国战略矿物物质市场监管与控制局(ARECOMS)周三通过电邮表 示，"这一措施的实施出现延迟"。政府部门需要确保ARECOMS完整纳入出口流程，并验证新引入的审 批程序是否可行。 刚果民主共和国(刚果(金))一项旨在控制钴供应的出口禁令虽已在近六周前正式失效，但矿业公司仍未 获准恢复出口。该国政府监管机构表示，钴出口许可的发放尚在等待程序完备，使得已装载钴矿产品的 卡车仍无法开往边境。 在最新的出口配额分配中，去年全球最大钴生产商洛阳钼业获得最大额度，其次是嘉能可(GLNCY.US) 以及欧亚资源集团(Eurasian Resources Group)。拥有手工采矿钴出口垄断权的国有企业Entreprise Generale du Cobalt获得第四名额。除矿企获得的年度配额外，监管机构还预留了占总量约10%的"战略 配额"，并表示这一部分将由ARECOMS自 ...

中国中铁 20251126 摘要 中国中铁前三季度营业总收入同比下降 5.4%，但基建板块贡献最大， 占比 85%。装备制造业收入同比增长 8.7%，资产经营新增合同同比增 长 108.6%，主要因去年同期基数较低，受 PPP 新政影响，未来将更严 格要求项目收益率。 工程建造板块中，铁路新签订单增长近 50%达 2,500 亿，但公路、市 政、城轨和房建均有不同程度下降。房地产策略为以销定产，不增加预 算外投入，城市布局集中在一二线城市，拐点预期尚不明确。 为应对国资委市值管理考核，中国中铁推出中期分红并进行回购注销操 作。公司希望逐步提升分红比例，但受制于现金流，难以大幅提高分红 金额，将努力保证分红比例逐步提升。 海外订单增长 35%，铁路等领域增速显著，具有一定持续性。公司高度 重视海外业务，尤其在铁路和工程承包领域。中吉乌铁路已获得 60 多 亿元合同份额，将继续参与后续招标。 基建板块整体毛利率较低，约为 8.85%，工程建造部分约为 7.6%，铁 路毛利率接近 4.7%。矿产资源业务贡献净利润约 40 亿元，公司积极寻 找成熟标的扩展资源储备。 Q&A 请介绍一下中国中铁在 2025 年前三季度 ...

Group 1 - Shanxi has established 281 green mines, including 75 national-level and 206 provincial-level, ranking among the top in the country for total green mine selections [1] - Since 2022, Shanxi has deepened the market-oriented reform of mining rights, providing key support for coal production and supply through public auctions and the approval of exploration rights [1] - A unified, standardized, efficient, and transparent mining rights trading system has been established, with 20 mining rights for coal, bauxite, and coalbed methane publicly auctioned, generating a total transaction amount of 117.8 billion yuan and expected new coal production capacity of approximately 29.2 million tons per year [1] Group 2 - Shanxi is promoting the integration and rectification of non-coal mines, accelerating the process of "closing small, transforming medium, and building large" [1] - The province has approved non-coal rectification and integration plans for seven cities, significantly reducing the number of mines [1] - Shanxi is actively promoting geothermal energy utilization to facilitate the transition of energy consumption structure towards clean and low-carbon [1][2]

Core Points - Meiyan Jixiang announced that its wholly-owned subsidiary, Meizhou Meiyan Mining Co., Ltd., received an acceptance notice from the Ministry of Natural Resources of the People's Republic of China regarding the resource reserve verification report for the antimony-silver mine in Songxi Mining Area, Meixian District, Meizhou City [2] - The mining resource declaration process will involve several steps, including reserve report review, reserve filing, and application for the renewal of the mining license, which adds complexity to the process [2] Summary by Categories Company Developments - Meiyan Mining has initiated the process for verifying mineral resource reserves, which is a significant step for the company [2] - The acceptance of the application by the Ministry of Natural Resources indicates progress in the company's mining operations [2] Industry Context - The verification and approval process for mineral resources is subject to legal procedures, which introduces uncertainty regarding the final approval outcomes [2] - The mining industry faces potential risks from changes in regulatory policies, environmental regulations, and tax policies that could impact operations [2]