【案例五】2025年10月，山西省泽州县公安局接到县自然资源局移交的非法开采煤炭线索。经调查，李 某青等人涉嫌非法开采煤炭。县公安局对该非法开采行为进行立案侦查，现已对李某青等5名涉案人员 采取刑事强制措施。案件已移送审查起诉。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 国务院安委会办公室公布一批打击盗采矿产资源典型案例 中新网11月25日电 据国家应急管理部网站消息，为持续深化开展废弃矿洞排查封堵整治、严厉打击盗 采盗挖行为，充分发挥典型案例的警示教育作用，有效遏制盗采亡人事件发生，切实维护人民群众生命 财产安全，近日，国务院安委会办公室公布一批打击盗采矿产资源典型案例。 【案例一】2025年3月，贵州省清镇市公安局接到市自然资源局移交的非法开采铝土矿线索。经调查， 清镇市王某等2人涉嫌非法开采铝土矿。市公安局对该非法开采行为进行立案侦查，现已对王某等2名涉 案人员采取刑事强制措施。案件正在进一步侦办中。 【案例二】2025年4月，广西壮族自治区钟山县自然资源局、县公安局在检查中当场抓获潘某彩、潘某 甲、潘某乙3人在石龙镇洋桥村非法运输盗采矿产资源。县公安局对该非法行为进行立案侦查，潘某彩 ...

【本刊讯】近日，中国上市公司协会（以下简称"中上协"）公布了"2025上市公司董事会最佳实践案例征集活动"评选结果。深圳市 中金岭南有色金属股份有限公司（以下简称"中金岭南"）凭借规范高效的治理实践与董事会履职成效，获评"2025年度上市公司董 事会最佳实践案例"。 上市公司董事会最佳实践 类誉证书 深圳市中金岭南有色金属股份有限公司: 荣获2025年度上市公司董事会最佳实践案例, 特发此证。 董事会建设是资本市场基础制度建设的核心环节，对提升上市公司质量、防范金融风险、增强投资者信心具有关键作用。此次中金 岭南获评"最佳实践案例"，充分体现了资本市场对中金岭南董事会专业能力、规范运作与治理实效的高度认可。 来源：市场资讯 近年来，中金岭南深入贯彻党的二十大和二十届历次全会精神，积极适应国企改革的新形势新要求，持续建强建优董事会，形成了 具有自身特色的董事会实践与模式。一是抓好顶层设计，紧盯构建中国特色现代企业制度目标，完善公司治理"责权、流程、方 法"设计，董事会制度体系更加健全、功能作用发挥更加有力。二是构建多元化董事会，科学配置董事会专门委员会，目前公司董 事会成员涵盖矿山、财务、经管、法律等领域，外部 ...

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]

Core Viewpoint - Huaxi Nonferrous reached the daily limit with a price of 40.67 yuan, reflecting a 9.55% increase and a total market capitalization of 25.619 billion yuan, driven by policy benefits, resource integration, and business expansion [1][2]. Group 1: Policy and Resource Integration - The recent intensive introduction of key metal industry policies in Guangxi benefits Huaxi Nonferrous, as its main mines are located in the Nandan experimental zone, allowing the company to fully enjoy policy dividends [2]. - The integration of mining rights in the region enhances the company's resource control, with clear expansion potential for its copper pit and Gaofeng mines, providing resource security for future development [2]. Group 2: Business Transformation and Financial Performance - The company has made significant progress in business transformation, with successful asset injections from Wujin Company and Laiye Company [2]. - Revenue from non-ferrous metal deep processing has surged by 208%, rapidly expanding the business scale and becoming a new growth point [2]. - The production of antimony ingots and indium ingots has been achieved, with antimony ingot gross margin reaching 60.9% [2]. - The company capitalized on market opportunities, resulting in a 16.32% year-on-year increase in operating income due to rising sales and prices of non-ferrous metal products [2]. Group 3: Financial and Governance Initiatives - The company demonstrated strong shareholder support by passing a loss compensation proposal with a 99.96% approval rate [2]. - Successful completion of 599 million yuan in financing provides ample financial support for the company [2]. Group 4: Market and Technical Analysis - Data from Dongfang Caifu indicates a capital inflow into the non-ferrous metal sector on November 25, 2025, with many related stocks performing actively, contributing to Huaxi Nonferrous's limit-up effect [2]. - Technical indicators suggest that if there is a significant net buying from large orders and a notable presence of institutional investors, it reflects positive sentiment towards the company's transformation [2].

Group 1 - The core viewpoint of the news is that Xingye Silver Tin has seen a stock price increase of 5.14%, reaching 31.69 CNY per share, with a trading volume of 773 million CNY and a market capitalization of 56.27 billion CNY [1] - Xingye Silver Tin Mining Co., Ltd. is located in Chifeng City, Inner Mongolia, and was established on August 23, 1996, with its listing date on August 28, 1996 [1] - The company's main business involves the mining and smelting of non-ferrous and ferrous metal resources, with revenue composition as follows: silver 34.80%, tin 30.81%, zinc 19.32%, lead 5.12%, iron 3.34%, antimony 2.90%, copper 2.01%, others 0.72%, gold 0.66%, and bismuth 0.32% [1] Group 2 - From the perspective of fund holdings, Chang'an Fund has one fund heavily invested in Xingye Silver Tin, specifically Chang'an Xinfuyuan Mixed A (001657), which held 1,600 shares in the third quarter, accounting for 0.82% of the fund's net value [2] - The fund manager, Li Kun, has been in position for 355 days, with the fund's total asset size at 1.894 billion CNY and a best return of 4.93% during his tenure [2] - The fund has achieved a year-to-date return of 2.13%, ranking 7326 out of 8136 in its category, and a one-year return of 5.36%, ranking 6696 out of 8058 [2]

Market Review - The equity market has steadily risen, leading to a double boost in convertible bond parity valuation [5][20] - AI has been a continuous theme throughout the year, with a mid-year shift towards anti-involution, resulting in phase-specific performances in consumption, pharmaceuticals, and finance [9][20] - The average conversion premium rate of convertible bonds has been analyzed, showing a support for price recovery due to the exit of bottom-tier stocks and the influx of capital [12][20] Trend Analysis - The current bull market is seen as a continuation, with a focus on leveraging subjective advantages to capture changes in performance inflection points [5][20] - The passive investment trend is deepening, with the amount of convertible bonds in products determining market outcomes [16][20] - The relationship between equity and debt markets is crucial, with low interest rates in the bond market and a "small rise" era in the stock market indicating ongoing bullish potential [27][20] Convertible Bond Strategies - Traditional price-based strategies have limited space, with bonds that have a "debt floor" lacking room for growth [15][20] - The "downward adjustment speculation" strategy benefits from issuers lowering conversion prices, enhancing conversion value and bond prices [15][20] - The expansion of convertible bond ETFs and their correlation with market performance highlight the impact of passive investment on market aesthetics [20][20] Investor Behavior - Public funds have become the largest holders of convertible bonds, increasing their holdings significantly, while other institutions have seen declines due to market contraction [43][20] - The shift in investor structure indicates a growing preference for absolute returns, with insurance and brokerage firms reducing their positions during rapid price increases [40][20]

（原标题：穿透持有中金铜业100%股权，中金岭南海外自有矿放量在即） 其中，中金岭南出资18.9亿元，财务投资人合计出资11.1亿元，中金岭南通过中金荣晟控股破产重整投 资主体中金铜业。 此后，中金岭南以现金方式，收购了少数股东持有的部分中金铜业、中金荣晟股权，公司在中金铜业的 股份权益不断增加。 21世纪经济报道记者 董鹏 中金岭南的铜冶炼板块盈利不足的问题，接下来可能会有所改善。 11月23日午后，该公司发布公告，计划以现金方式收购少数股东持有的中金铜业6.78%股权，收购少数 股东持有的中金荣晟10.33%股权。交易完成后，公司穿透持有中金铜业100%股权。 值得注意的是，铜冶炼板块是公司第一大主营业务，但是该业务整体利润率、对上市公司的利润贡献度 较为一般。以今年上半年为例，铜冶炼产品营收占比达到65.69%，同期毛利率则仅有2.39%，远低于公 司的铅锌产品。 不过，随着前述少数股东股权的收购完成，以及上市公司位于多米尼加迈蒙矿的投产，公司铜冶炼业务 的盈利能力有望得到明显改善。 "出于施工安全等方面因素的综合考虑，目前该项目（迈蒙矿）实施进度进行了延后，该延期仅涉及项 目进度调整，不涉及实施主体、 ...

分析师：石临源 登记编码：S0730525020001 shily@ccnew.com 0371-65585629 铜铝筑基，金银涌动 证券研究报告-行业年度策略 强于大市(维持) 有色金属相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -7% 5% 16% 28% 39% 51% 63% 74% 2024.11 2025.03 2025.07 2025.11 有色金属 沪深300 发布日期：2025 年 11 月 24 日 相关报告 《有色金属行业半年度策略：周期与成长共 舞，稳中求进》 2025-06-20 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 有色金属及新材料 ——有色金属及新材料行业年度策略 风险提示：（1）美联储加息超预期导致金属价格回落；（2）全球经济 衰退超预期导致下游需求不足；（3）矿山产量供给超预期冲击金属价格； （4）功能性金刚石研发进展不及预期；（5）原材料价格大幅波动；（6） 地缘政治冲突因素影响；（7）铜、铝等矿石需求不及预期；（8）制造业 增速不及预期。 第1页 / 共50页 本报告版权属于中原 ...

印尼自由港公司（Freeport Indonesia）首席执行官Tony Wenas周一表示，因泥浆溃涌事故后的恢复工作 仍在进行中，该公司计划在2026年生产47.8万吨阴极铜和26吨黄金，低于其最初计划。 9月8日发生的Grasberg Block Cave矿（GBC）泥浆溃涌事故造成七人死亡。 Wenas表示："我们将继续恢复Grasberg Block矿，目标是在明年第一季度重启运营。" 印尼自由港公司预计，2025年铜销售为53.7万吨，黄金销售为33吨。 （文华综合） 印尼自由港公司已经下修明年的生产计划。该公司最初目标是生产约70万吨铜和45吨黄金。 该公司预计，明年的销售收入为83亿美元，仅略低于之前85亿美元的目标，因该公司预计铜和黄金价格 将走高。 该公司2025年铜销售额预计也将较最初计划低30%，黄金销售减少50%，不过由于铜价上涨，收入可能 仅下降18%。 ...

Core Viewpoint - Guocheng Mining (000688.SZ) has experienced significant stock price declines, with a recent drop of 10.00% to 24.02 CNY, following a previous drop of 9.98% to 26.69 CNY on November 21 [1] Summary by Sections Shareholder Information - As of September 30, 2025, the major shareholders of Guocheng Mining include: - Gansu Jianxin Industrial Group Co., Ltd. with 41.42% shareholding - Guoyu Ronggu Group Co., Ltd. with 28.27% shareholding - Whale Domain Asset Management (Shanghai) Co., Ltd. with 5.06% shareholding [2] Financial Performance - In 2024, Guocheng Mining reported: - Operating revenue of 1.918 billion CNY, a year-on-year increase of 60.37% - Net profit attributable to shareholders of -113 million CNY, compared to a profit of 63 million CNY in the previous year - Net profit excluding non-recurring gains and losses of -90 million CNY, compared to 65 million CNY in the previous year - Net cash flow from operating activities of 226 million CNY, a decrease of 61.08% year-on-year [2] Quarterly Report - In the third quarter of 2025, Guocheng Mining achieved: - Operating revenue of 633 million CNY, a year-on-year increase of 5.07% - Net profit attributable to shareholders of -70 million CNY - Net profit excluding non-recurring gains and losses of -68 million CNY - For the first three quarters of 2025, the company reported: - Operating revenue of 1.718 billion CNY, a year-on-year increase of 24.60% - Net profit attributable to shareholders of 450 million CNY, a significant increase of 765.89% - Net profit excluding non-recurring gains and losses of -203 million CNY - Net cash flow from operating activities of -316 million CNY [3] Company Background - Guocheng Mining, formerly known as Jianxin Mining Co., Ltd., was established in 1978 and is located in the Aba Tibetan and Qiang Autonomous Prefecture of Sichuan Province. The company primarily engages in research and experimental development and has a registered capital of 1.117635447 billion CNY, with paid-in capital of 466.1392 million CNY. The company completed its IPO in 1997 [3]