Core Viewpoint - Xizang Zhufeng (600338) reported significant growth in both revenue and net profit for the first three quarters of 2025, indicating strong operational performance and potential investment opportunities [1] Financial Performance - The company achieved a revenue of approximately 1.72 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 46.08% [1] - The net profit attributable to shareholders reached approximately 436.53 million yuan, showing a remarkable year-on-year growth of 99.13% [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Lead Market**: The lead market shows a situation of both supply and demand increasing. However, refinery operations are below expectations due to factors such as raw materials, leading to tight spot circulation and extremely low social inventories. The lead price has strongly rallied, breaking through the 17,300 yuan/ton resistance level. There is a need to be vigilant about the possibility of the lead price falling after a sharp rise [1]. - **Zinc Market**: The macro - sentiment has improved, and the domestic mine supply situation has tightened, making the domestic TC (Treatment and Refining Charges) more likely to fall than rise. The zinc price has received some support at the bottom and has rebounded in a volatile manner. Attention should be paid to overseas structural risks as the LME 0 - 3 back structure deepens with the continuous decline of LME zinc inventories [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Indicators**: On October 24, 2025, the average price of SMM1 lead ingots was 17,125 yuan/ton, up 0.74%; the closing price of the main futures contract of Shanghai lead was 17,615 yuan/ton, up 2.65%. The trading volume of the active futures contract increased by 155.10% to 74,008 lots, while the open interest decreased by 12.28% to 23,288 lots. The LME inventory remained unchanged at 239,750 tons, and the Shanghai lead warehouse receipt inventory decreased by 4.98% to 23,734 tons [1]. - **Supply and Demand**: In terms of supply, there is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some refineries have maintenance plans, and the operation of primary lead has small fluctuations. For secondary lead, refineries that had previous maintenance have gradually resumed production, increasing supply. On the demand side, the terminal market has improved, and the operation of lead - acid battery enterprises is good, increasing demand [1]. - **Industry News**: According to the rules of the electric bicycle trade - in activity in Qingyuan City, Guangdong Province in 2025, individual consumers can get a one - time subsidy of 500 yuan when they trade in old electric bicycles (including batteries) for new ones priced at 1,500 yuan or more. Starting from October 29, 2025, subsidy qualification vouchers will be publicly distributed through the "Yuehuanxin" platform on the Cloud Flash Pay APP. On October 22, the LME 0 - 3 lead was at a discount of 39.73 dollars/ton, and the open interest decreased by 963 lots to 152,853 lots [1]. Zinc - **Price and Market Indicators**: On October 24, 2025, the average price of SMM1 zinc ingots was 22,030 yuan/ton, up 0.92%; the closing price of the main futures contract of Shanghai zinc was 22,345 yuan/ton, up 1.57%. The trading volume of the active futures contract increased by 60.71% to 164,360 lots, while the open interest decreased by 5.99% to 124,740 lots. The LME inventory remained unchanged at 34,700 tons, and the Shanghai zinc warehouse receipt inventory increased by 0.49% to 65,529 tons [1]. - **Supply and Demand**: In terms of supply, refineries have sufficient raw material inventories, and zinc ore processing fees have continued to rise. Refineries mainly purchase domestic ores, and the domestic TC in October may still decline. Refinery profits and production enthusiasm have improved, and the monthly output is expected to remain at around 600,000 tons. On the demand side, there is no significant improvement, but with the continuous deterioration of the Shanghai - London ratio, the zinc ingot export window is expected to open [1]. - **Industry News**: On October 22, Boliden announced its Q3 2025 results. The overall output of its lead - zinc concentrate increased quarter - on - quarter. However, the output of the Tara mine climbed slower than expected due to seasonal factors, lower - than - expected mine development progress, and an unplanned power outage. Boliden reduced its annual planned grinding volume from 1.8 million tons to 1.6 million tons. SMM expects the annual zinc concentrate output to be reduced by about 0.5 - 10,000 metric tons and the lead concentrate output to be reduced by about 2,000 metric tons. In the smelting segment, the refined zinc output of the Odda smelter decreased quarter - on - quarter, and SMM expects its actual output in 2025 to be about 170,000 - 180,000 tons. On October 22, the LME 0 - 3 zinc was at a premium of 338.74 dollars/ton, and the open interest decreased by 2,424 lots to 221,589 lots [1]. 4. Trading Strategies - **Lead**: Consider lightly shorting at high prices [1]. - **Zinc**: Temporarily adopt a wait - and - see approach [1].

Group 1 - The metal lead concept declined by 1.77%, ranking among the top declines in the concept sector, with companies like Hunan Silver, Wolong New Energy, and Silver Industry showing significant drops [1][2] - Among the concept stocks, 6 stocks experienced price increases, with Weiling Co., Shengtun Mining, and Luoping Zinc Electric rising by 2.05%, 0.96%, and 0.78% respectively [1][2] - The metal lead concept saw a net outflow of 1.076 billion yuan from main funds today, with 29 stocks experiencing outflows, and 6 stocks seeing outflows exceeding 50 million yuan [2][3] Group 2 - The top net outflow stock was Zijin Mining, with a net outflow of 287 million yuan, followed by Hunan Silver, Huayu Mining, and Wolong New Energy with outflows of 100 million yuan, 80.57 million yuan, and 75.99 million yuan respectively [2][3] - The stocks with the highest net inflow included Weiling Co., Guocheng Mining, and Smart Agriculture, with net inflows of 13.82 million yuan, 9.19 million yuan, and 7.48 million yuan respectively [2][3] - The trading volume for Zijin Mining was 1.53%, while Hunan Silver had a turnover rate of 10.21% [3]

Group 1 - The metal lead sector experienced a decline of 1.99%, ranking among the top losers in the concept sector, with companies like Hunan Silver and Silver Nonferrous hitting the daily limit down [1] - Among the stocks in the metal lead sector, six stocks saw price increases, with Wolong New Energy leading at a rise of 10.00% [1] - The main capital outflow from the metal lead sector today was 2.183 billion yuan, with 23 stocks experiencing net outflows, and eight stocks seeing outflows exceeding 100 million yuan [2] Group 2 - The top net capital outflows were led by Silver Nonferrous with a net outflow of 500 million yuan, followed by Zijin Mining and Xingye Silver Tin with outflows of 482 million yuan and 384 million yuan respectively [2] - The stocks with the highest net capital inflows included Wolong New Energy, China Metallurgical Group, and Zhongjin Lingnan, with inflows of 160 million yuan, 45.94 million yuan, and 43.88 million yuan respectively [2] - The trading performance of the metal lead sector showed significant volatility, with major companies like Hunan Silver and Hengbang Co. experiencing declines of 9.95% and 6.63% respectively [3]

Core Viewpoint - Jinwei Mining Co., Ltd. has successfully integrated green development with resource extraction, showcasing a model for high-quality development in the Chinese mining industry [2][10]. Group 1: Capital Empowerment - The company has utilized its listing on the Shanghai Stock Exchange as a key engine for growth, enabling strategic resource integration and capacity expansion [3][4]. - Jinwei Mining aims to establish the Jianglu mining area as a second national-level green mining benchmark, with an expected annual extraction capacity of several million tons of lead and zinc ore [4][5]. - Since its listing, the company has increased its mining rights from 2 to 4 and exploration rights from 2 to 6, enhancing its resource reserve system [4][5]. Group 2: Technological Innovation - The company employs advanced mining techniques, including in-situ crushing and dust suppression technologies, to minimize environmental impact [6][7]. - Jinwei Mining's flotation process utilizes innovative "potential control" technology, achieving a higher recovery rate of valuable elements compared to industry averages [6][7]. - The company has established partnerships with renowned universities for research and development, resulting in over 60 projects and more than 20 authorized patents [7]. Group 3: ESG Governance - Jinwei Mining integrates ESG principles into its operations, focusing on employee welfare and community development [8][9]. - The company has built over 2,000 well-furnished apartments for employees and established a high-standard kindergarten, enhancing the quality of life for its workforce [8]. - Jinwei Mining has received multiple accolades for its ESG practices, including an A rating from Wind ESG and recognition as one of China's top 100 listed companies in ESG [8][9]. Group 4: Future Outlook - The company aims to become a global leader in the mining industry, emphasizing resource security, technological excellence, environmental friendliness, and social harmony [10].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The lead market is experiencing wide - range fluctuations. The cost side supports the lead price, but the supply is gradually recovering while the demand fails to meet expectations, increasing the pressure for the lead price to fall after a rise [2][67][68] Group 3: Summary According to the Table of Contents 1. Lead Market Review - In September, the main contract price of Shanghai lead futures fluctuated greatly. It rose above 17,000 yuan/ton mid - month due to pre - holiday stocking but fell at the end of the month, with a monthly increase of 0.36%. The center of the London lead price shifted slightly upward, with a monthly decrease of 0.55% [7] 2. Lead Fundamental Analysis 2.1 Lead Ore Supply Situation - **Global lead concentrate supply is slowly recovering**: From January to July 2025, the global lead concentrate output was 257.5 tons, with a year - on - year increase of 1.75%. Overseas output is expected to increase by about 100,000 tons, and domestic output is expected to increase by about 70,000 tons [9][10] - **Lead concentrate processing fees remain low, and the demand for silver concentrate imports is increasing**: In October, domestic and imported lead concentrate processing fees decreased. The import volume of lead concentrate and silver concentrate increased in August. The demand for silver concentrate imports is expected to remain high [15][16] 2.2 Refined Lead Supply Situation - **Global refined lead supply growth is slow**: From January to July 2025, global refined lead output was 7.702 million tons, with a year - on - year increase of 2.2%. The annual output is expected to be 13.272 million tons, with a year - on - year increase of 0.6% [18] - **Repairing smelters resume production, and electrolytic lead output recovers in October**: In September, electrolytic lead output was 327,800 tons, and it is expected to reach 335,000 tons in October [23] - **The price adjustment space of waste batteries is limited, and the improvement of smelter profits is beneficial to supply recovery**: In September, the price of waste batteries stopped falling and stabilized. The output of secondary refined lead in September was 236,800 tons, and it is expected to reach 256,100 tons in October [28][29] 2.3 Refined Lead Demand Situation - **Global refined lead demand situation**: From January to July 2025, global refined lead consumption was 7.676 million tons, with a year - on - year increase of 2.46%. The annual demand is expected to reach 13.19 million tons, with a surplus of 82,000 tons [39] - **Lead battery operation is stable, and the peak consumption season is weak**: In September, the operating rate of lead battery enterprises was slightly better year - on - year but still did not meet expectations. After the holiday, the operating rate will gradually return to the pre - holiday level [42][43] - **The Shanghai - London ratio is favorable for lead product imports, and high overseas tariffs and anti - dumping measures suppress battery exports**: In August, the export volume of refined lead increased, but it is expected to remain low in September. The import volume of refined lead increased, and the export of batteries was under pressure [44][45] - **The terminal sector demand growth is slow, and sector performance is differentiated**: The demand for lead batteries in the automotive and electric bicycle sectors is relatively stable, and the demand in the energy storage sector is expected to grow [57][58][60] 2.4 Global Visible Inventory Drops from a High Level - In September, LME inventory continued to decline from a high level, and social inventory also dropped from a high level. However, inventory is expected to increase again due to the supply - demand mismatch [63][66] 3. Summary and Outlook for the Future - The lead ore shortage situation is difficult to ease in the fourth quarter, supporting the lead price. The supply of electrolytic lead and secondary lead is expected to increase in October, but the demand is less than expected. Overall, the lead price is under increasing pressure to fall after a rise [67][68]

| 铅锌日评20251010：震荡整理 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/10/10 指标 单位 今值 | | | | | 变动 近期趋势 | | | | 元/吨 16,800.00 SMM1#铅锭平均价格 | | | | | 0.00% | | | | 期货主力合约收盘价 元/吨 17,115.00 | 沪铅期现价格 | | | | 1.03% | | | | 元/吨 -315.00 沪铅基差 | | | | | -175.00 | | | | 升贴水-上海 元/吨 -10.00 | | | | | -10.00 | | | | 升贴水-LME 0-3 美元/吨 -29.64 升贴水-LME 3-15 美元/吨 -68.30 | | | | | 7.66 5.90 | | | | 沪铅近月-沪铅连一 元/吨 -15.00 | 价差 | | | | 500.00 | | | | 元/吨 沪铅连一-沪铅连二 -20.00 | | | | | 25.00 | | | | 铅 沪铅连二-沪铅连三 元/吨 ...

Group 1 - The metal lead concept increased by 3.61%, ranking second among concept sectors, with 29 stocks rising, including Shengtun Mining, China Metallurgical Group, and Xiyu Co., which hit the daily limit [1][2] - Notable gainers in the lead sector included Huaxi Nonferrous, Yuguang Gold Lead, and China Nonferrous, which rose by 9.98%, 6.92%, and 5.44% respectively [1][2] - The sector saw a net inflow of 230 million yuan, with 13 stocks receiving net inflows, and 9 stocks exceeding 10 million yuan in net inflow, led by Xiyu Co. with a net inflow of 440 million yuan [2][3] Group 2 - The leading stocks in terms of net inflow ratio were Xiyu Co., China Metallurgical Group, and Shengtun Mining, with net inflow ratios of 37.94%, 23.86%, and 7.66% respectively [3] - The trading performance of key stocks showed significant increases, with Xiyu Co. up by 9.98% and China Metallurgical Group by 10.00%, indicating strong market interest [3][4] - The overall market sentiment for the lead sector appears positive, as evidenced by the substantial net inflows and price increases among leading companies [2][3]

Group 1 - The metal lead concept increased by 3.61%, ranking third among concept sectors, with 32 stocks rising, including notable gainers such as Wolong New Energy, Shengda Resources, and Xingye Silver Tin, which hit the daily limit [1] - The leading stocks in the metal lead sector included Tibet Zhufeng, Shanjin International, and Zijin Mining, which rose by 6.13%, 5.98%, and 5.00% respectively [1] Group 2 - The metal lead sector saw a net inflow of 1.244 billion yuan, with 21 stocks receiving net inflows, and 10 stocks attracting over 50 million yuan in net inflows [2] - Zijin Mining led the net inflow with 428 million yuan, followed by Wolong New Energy, Hunan Gold, and Chifeng Gold with net inflows of 170 million yuan, 128 million yuan, and 127 million yuan respectively [2] Group 3 - In terms of net inflow ratios, Wolong New Energy, Hunan Gold, and China Metallurgical Group had the highest ratios at 34.68%, 11.01%, and 10.04% respectively [3] - The top stocks by net inflow in the metal lead sector included Zijin Mining, Wolong New Energy, Hunan Gold, and Chifeng Gold, with respective daily price changes of 5.00%, 10.06%, 2.01%, and 3.20% [3][4]

Core Viewpoint - The company announced that its wholly-owned subsidiary, Puding County Derong Mining Co., Ltd., has a mining license for the Jinpo Lead-Zinc Mine expiring on December 25, 2024, after which all mining activities will cease until a new license is obtained [1] Group 1 - The Jinpo Lead-Zinc Mine's mining license will expire on December 25, 2024, leading to a halt in mining activities [1] - A new mining license was obtained from the Anshun Natural Resources Bureau on September 26, 2025 [1] - The Jinpo Lead-Zinc Mine also received a property certificate (mining rights) from the Anshun Natural Resources Bureau on the same date [1]