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]

"Doctor Copper" is once again sending bullish signals! Driven by frequent disruptions in global copper mining production and a surge in demand spurred by the new energy industry, UBS Group AG, an international investment bank, explicitly stated in its latest report that copper prices are set to embark on a new round of upward movement by 2026. The continuously widening market supply gap is emerging as the core rationale supporting the rise in copper prices. This assessment not only injects confidence into t ...

Core Insights - Yuntu Holdings announced its decision to acquire a 49% stake in Sichuan Mabianshenglong Mining Co., Ltd. through a capital increase and expansion approach, focusing on the development of the Erba Phosphate Lead-Zinc Mine in Sichuan [2] Group 1 - The acquisition was approved by the company's seventh board of directors during its third meeting [2] - Shenglong Mining successfully obtained the mining rights and related assets of the Erba Mine through judicial auction on September 16, 2025 [2] - The transfer of mining rights has been officially registered, and the company has received the mining rights certificate from the Sichuan Provincial Department of Natural Resources [2] Group 2 - Shenglong Mining will expedite the handover of the mine and related assets, and will begin the approval process for resuming operations [2] - The company aims to commence formal production at the mine as soon as possible [2]

新《中华人民共和国矿产资源法》施行以来,滨州市自然资源和规划局按照省自然资源厅统一部署要求, 迅速推进政策落地。通过更新调整政务服务事项、升级改造矿业权审批系统,优化申报流程、强化部门 联动、提升服务效能,推动新旧制度无缝衔接。此次发证不仅是全市的首次实践,也是全省范围内"权证分 离"较早落地的案例。"首证"的颁发,强化了对矿业权人合法权益的保护,有助于进一步增强矿业权人安全 感、获得感,也是我局以优质高效的服务助力经济社会高质量发展的生动体现。 通讯员颜慧钟瑶滨州报道 新修订的《中华人民共和国矿产资源法》对矿业权管理制度进行重构,实行矿业权物权登记与矿产资源 勘查开采行为许可相分离的制度,不仅结束了"一证载两权"的历史,也在法律层面明确了矿业权作为用益 物权的权利属性,为权证分离改革提供了法理依据。 11月21日,滨州市自然资源和规划局向新蕴能源科技(滨州)有限公司颁发全市首本不动产权证书(采矿 权)。 不动产权证书(采矿权)的颁发,是落实新《中华人民共和国矿产资源法》、实现矿业权登记由"审批登 记"到"物权登记"的根本性转变,是更好维护矿业权人合法权益、推动矿产资源管理法治化、促进矿业权 高质量发展的生动 ...

Core Viewpoint - The company, Meiyan Qixiang (600868.SH), announced that its wholly-owned subsidiary, Meiyan Mining, has received a "Notice of Acceptance" from the Ministry of Natural Resources regarding the application for the review and filing of the non-oil and gas mineral resource reserve verification report [1] Group 1 - The acceptance of the application indicates progress in the company's efforts to assess its mineral resource reserves [1] - There is uncertainty regarding the evaluation results, subsequent approval processes, and potential policy changes [1] - The company will fulfill its information disclosure obligations in a timely manner based on the progress of the situation [1]

Core Viewpoint - Meiyan Jixiang's wholly-owned subsidiary, Meiyan Mining, has received a notice from the Ministry of Natural Resources regarding the acceptance of its application for the review and filing of non-oil and gas mineral resource reserves [1] Group 1 - The acceptance notice pertains to the verification report for non-oil and gas mineral resources [1] - The company acknowledges the uncertainty surrounding the review results, subsequent approval processes, and potential policy changes [1] - The company commits to timely information disclosure based on the progress of the review [1]

融捷股份（002192.SZ）11月26日在投资者互动平台表示，公司生产经营工作按计划有序开展中，相关 生产经营信息请关注公司定期报告；公司位于四川省甘孜州的矿山一直正常生产经营中。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司目前产销如何？还有前几年川西甘孜州的矿怎么 样了？有进展么？ ...

Group 1: Market Overview - The domestic futures market for non-ferrous metals showed significant gains, with copper futures experiencing a slight increase of 0.19%, reaching 86,580.00 CNY/ton [1] - Recent dovish signals from multiple key Federal Reserve officials have heightened market expectations for interest rate cuts, although delays in economic data releases due to a government shutdown have increased short-term volatility risks [1] Group 2: Supply Dynamics - A fatal landslide at Freeport McMoRan's Grasberg mine in Indonesia, the world's second-largest copper mine, has led to a production halt, resulting in a projected 35% decrease in copper and gold output by 2026 compared to previous expectations [1] - Copper production in September and October saw a significant reduction due to a shortage of anode plates [1] Group 3: Demand Trends - Demand remains mixed across traditional and emerging sectors, with real estate and home appliances showing weakness, while electricity, photovoltaics, new energy vehicles, and AI sectors provide strong support, offsetting declines in traditional sectors [1] Group 4: Future Outlook - The probability of a rate cut by the Federal Reserve in December has risen to over 80%, and improved dialogue between U.S. and Chinese leaders has eased geopolitical risks [2] - Supply of copper raw materials remains tight, with domestic smelting maintenance decreasing marginally, while downstream operating rates remain strong, suggesting limited inventory pressure [2] - Copper prices are expected to fluctuate with a bias towards strength, with the reference range for the main copper futures contract set between 85,800 and 87,000 CNY/ton [2]