Core Viewpoint - The acquisition of 87% of Congling Energy by Baodi Mining is deemed necessary and commercially reasonable, with fair pricing and a signed impairment compensation agreement, despite no performance commitments being set [1][8]. Transaction Background and Key Details - Baodi Mining plans to acquire 87% of Congling Energy through a combination of issuing shares and cash, achieving full control post-transaction. Prior to this, Baodi Mining held a 13% stake in Congling Energy. The core asset, the mining rights of Ziluoyi North Iron Mine, is valued at 469 million yuan, with a total transaction price of 685 million yuan. This acquisition will increase Baodi Mining's iron ore reserves from 380 million tons to approximately 460 million tons, a 21.75% increase, and enhance iron concentrate production capacity by 23.53% to 1.3622 million tons per year [2]. Financing and Equity Pledge Review - The independent financial advisor confirmed that the 270 million yuan financing provided by Baodi Construction to Congling Energy aligns with industry practices. As of March 31, 2025, the actual financing balance is 131.5 million yuan, with interest calculated at the bank's prevailing loan rate. The total interest accrued from 2023 to 2024 is 5.1303 million yuan. Regarding equity pledges, 38% of Congling Energy's shares were initially pledged to Baodi Construction, later converted to a pledge of 46.4% of the shares held by the actual controller, which was fully released by September 2025, not affecting the control of the target company [3]. Control and Transaction Necessity Analysis - The financial advisor noted that although Baodi Mining had previously appointed directors to participate in operations, Congling Industrial controlled the board and key operational decisions. This transaction is independent of the prior stake acquisition, with distinct timelines, pricing bases, and decision-making processes. Baodi Mining's capacity utilization rates for 2023 and 2024 are projected at 104.93% and 115.33%, respectively, with a sales rate exceeding 86%. The acquisition is expected to alleviate capacity pressure and expand Baodi Mining's presence in southern Xinjiang, aligning with the anticipated demand growth from the steel industry upgrade and the new Tibet Railway construction [4]. Performance Commitment Arrangements and Share Lock-up - The transaction does not include performance commitments due to the nature of the counterparty being a non-listed related party and not involving a change in control, in accordance with regulations. To protect investor interests, a compensation agreement for asset impairment has been signed, allowing Congling Industrial to compensate using 20% of the shares obtained from the transaction in case of impairment. Additionally, Congling Industrial has committed to extending the lock-up period of 10% of the shares obtained from the transaction by 24 months, with a pledge ratio not exceeding 90% during the statutory lock-up period. This arrangement aims to balance transaction security and liquidity [5]. Integration Plan and Risk Considerations - Post-transaction, Baodi Mining will restructure the board of the target company, appointing an executive director and a financial manager to achieve integrated management. The core team of the target company will remain stable, with existing mining capacity plans unchanged at 3.2 million tons per year for open-pit mining and 2.95 million tons per year for underground mining. Despite strong business synergies, the financial advisor cautioned that differences in management styles and corporate cultures could pose integration risks, which have been adequately disclosed in the restructuring report [6]. Valuation Reasonableness and Comparison - The transaction employs an asset-based valuation method, showing a value increase rate of 159.36%, with a price-to-earnings ratio of 9.27 and a price-to-book ratio of 2.81, both lower than the average of comparable transactions (9.69 for P/E and 2.83 for P/B). Key valuation parameters include an average iron concentrate sales price of 739.45 yuan per ton over the past five years and a discount rate of 8.04%, all within reasonable ranges. The mining rights assessment utilizes a resource reserve of 82.6781 million tons, slightly above the 82.6661 million tons reported in 2024, with the difference attributed to accounting standards, confirming the overall fairness of the valuation [7].

Summary of Key Points Core Viewpoint - Mongol Mining (00975.HK) announced a share buyback of 195,000 shares at a cost of HKD 1.92 million on November 25 [1] Company Actions - The company executed a buyback program, indicating a commitment to returning value to shareholders [1] - The total expenditure for the buyback was HKD 1.92 million, reflecting the company's strategy to manage its capital structure [1]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 11 月 25 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 一、行情回顾与后市展望 数据来源：上期所、大商所网站，建信期货研究发展部 11 月 24 日，铁矿石期货主力 2601 合约震荡偏强，开盘后震荡走高，午后有 所回落，收报 790.5 元/吨，涨 0.44%。 | | 表2：11月24日黑色系期货持仓情况（单位：手、%） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前 20 多头 持仓 | 前 20 空头 持仓 | 前 20 多头 持仓变化 | 前 20 空头 持仓变化 ...

Core Viewpoint - The Ministry of Natural Resources has released the 2025 edition of the directory for advanced applicable technologies for mineral resource conservation and comprehensive utilization, which includes 376 technologies, marking a significant update from the 2022 edition [1][2]. Group 1: Technology Updates - The 2025 edition includes 376 technologies, with 186 newly added compared to the 2022 version, resulting in a total increase of over 18% and an update rate of nearly 60% [1]. - The directory encompasses various categories: 49 comprehensive exploration technologies, 94 efficient mining technologies, 65 efficient mineral processing technologies, 75 comprehensive utilization technologies, 39 green low-carbon technologies, and 54 digital and intelligent technologies [1]. Group 2: Historical Context and Impact - The system for publishing the directory was established in 2012, with updates occurring every three years since 2019, resulting in a total of 1,387 advanced applicable technologies selected across nine batches [2]. - The evaluation of the 2022 edition showed that 44 exploration technologies were applied in 1,119 projects, leading to the discovery of significant mineral resources, including 780 million tons of oil and 580 million cubic meters of natural gas [2]. - The application of 251 mining and comprehensive utilization technologies improved average recovery rates by 9 percentage points and increased the comprehensive utilization rate of associated minerals by 15 percentage points, effectively activating 2.1 billion tons of solid minerals and 260 million tons of oil [2].

Core Viewpoint - The company Meiyan Jixiang's wholly-owned subsidiary, Meiyan Mining, has received a notice from the Ministry of Natural Resources regarding the acceptance of its resource reserve verification report for the antimony-silver mine in Songxi Mining Area, Meixian District, Meizhou City, Guangdong Province [1] Group 1 - The application materials for the non-oil and gas mineral resource reserve review are complete and meet legal requirements [1] - The application will undergo further evaluation by the Mineral Resource Reserve Review Center of the Ministry of Natural Resources [1] - There is uncertainty regarding whether the application will pass the review and the timeline for final approval [1]

恒指涨0.69%，恒生科技指数涨1.2%。科网股延续反弹，百度集团、小米集团涨逾4%；有色行业表现不 俗，中广核矿业涨逾3%；龙蟠科技盘中大涨60%，获超450亿元磷酸铁锂大单；汇量科技午后跳水收跌 10%，Q3业绩由盈转亏。 ...

格隆汇11月25日丨西藏矿业(000762.SZ)在投资者互动平台表示，扎布耶二期9月底已正式生产，冬季基 本可不停产。 ...

Group 1 - The new chairman of the Export-Import Bank of the United States, John Gavano, announced a commitment of $100 billion to ensure the security of the U.S. supply chain for critical minerals, nuclear energy, and liquefied natural gas [1] - The initial transactions will involve projects in Egypt, Pakistan, and Europe, focusing on delivering U.S. energy globally and addressing over-reliance on critical mineral supply chains [1] - The bank's early transactions include a $4 billion credit insurance guarantee for Hartree Partners' natural gas delivery to Egypt and a $1.25 billion loan for Barrick Gold's development of the Reko Diq copper-gold mine in Pakistan [1] Group 2 - In the 12 months ending September 30, the bank approved new transactions totaling $8.7 billion, excluding a previously approved $4.7 billion loan for TotalEnergies' liquefied natural gas project in Mozambique [1] - The Export-Import Bank is increasingly focusing on supporting liquefied natural gas exports and energy security, marking a shift in its priorities under the Biden administration [1] - The bank's support for green energy projects reached $1.6 billion in 2024, a 74% increase from 2023 [1] Group 3 - Nuclear energy will be a focal point for the new leadership, with active discussions on several nuclear power projects in Southeast Europe, where U.S. companies like Westinghouse Electric are seeking to invest [2]

Core Viewpoint - The company is actively advancing its exploration work in the BMB potash mining area in the Republic of Congo, aiming to establish the structural characteristics of the mineral layers for future development [2]. Group 1 - The company has confirmed that drilling and geophysical exploration in the BMB potash mining area is proceeding as planned [2]. - The company is committed to its strategy of expanding into potash mining and will disclose any substantial progress in the project in a timely manner [2].

来源：新浪基金∞工作室 11月25日，万家中证港股通央企红利ETF（159333）收盘涨0.61%，成交额1682.95万元。 港股央企红利ETF（159333）成立于2024年8月21日，基金全称为万家中证港股通央企红利交易型开放 式指数证券投资基金，基金简称为万家中证港股通央企红利ETF。该基金管理费率每年0.50%，托管费 率每年0.10%。港股央企红利ETF（159333）业绩比较基准为中证港股通央企红利指数收益率(经估值汇 率调整)。 规模方面，截止11月24日，港股央企红利ETF（159333）最新份额为3.34亿份，最新规模为4.89亿元。 回顾2024年12月31日，港股央企红利ETF（159333）份额为4.31亿份，规模为5.14亿元。即该基金今年 以来份额减少22.51%，规模减少4.83%。 流动性方面，截止11月25日，港股央企红利ETF（159333）近20个交易日累计成交金额4.19亿元，日均 成交金额2092.86万元；今年以来，217个交易日，累计成交金额81.86亿元，日均成交金额3772.52万 元。 港股央企红利ETF（159333）现任基金经理为杨坤。杨坤自2024年 ...