Investment Rating - The investment rating for China Uranium Industry is "Buy" based on its strong market position and growth potential in the domestic natural uranium sector [1][5][28]. Core Insights - China Uranium Industry (001280.SZ) is the only company engaged in domestic natural uranium mining and processing, holding a dominant position in the industry. The company is expected to achieve revenue and net profit of 17.279 billion and 1.458 billion RMB respectively in 2024 [1][5]. - The company benefits from a large nuclear power market and has significant growth potential, supported by favorable government policies promoting nuclear energy development [6][20]. - The company has a stable revenue growth rate of 28.07% from 2022 to 2024, driven by consistent demand from downstream nuclear power plants [7][10]. Summary by Sections Company Overview - China Uranium Industry is a key player in ensuring the supply of natural uranium in China, with 17 mining rights in regions rich in uranium resources. The company ranks among the top ten uranium producers globally, with its Rosin uranium mine being the second-largest open-pit uranium mine in the world [5][24][25]. Business Analysis - The company primarily engages in the mining, sales, and trade of natural uranium and related radioactive minerals. Its revenue from natural uranium sales is projected to grow significantly, with a compound annual growth rate of 28.07% from 2022 to 2024 [7][10][12]. - The company has established long-term agreements with major nuclear power clients, ensuring stable demand for its products [6][10]. Industry Development and Competitive Landscape - The global natural uranium market is expected to expand steadily, driven by the transition to clean energy and increased nuclear power construction. The company is well-positioned to benefit from this growth [20][22]. - The competitive landscape is characterized by a high concentration of production among the top ten uranium producers, with China Uranium Industry being one of the three main suppliers in the domestic market [22][24]. IPO and Fundraising - The company plans to issue 24.818 million shares, raising approximately 4.11 billion RMB to expand its uranium production capacity and improve processing technologies [26][27]. - The IPO will enhance the company's ability to secure domestic uranium supply and support its growth strategy [26][27]. Comparable Company Valuation - The average price-to-earnings (PE) ratio for comparable companies in the industry is 26.21 for 2024, with projected ratios of 18.96 and 15.75 for 2025 and 2026 respectively [28][29].

Core Points - The company announced that its wholly-owned subsidiary, Chifeng Yongjin Mining Co., Ltd., received a mining rights certificate on November 14, 2025 [1] - The mining rights certificate pertains to the Longtoushan Gold Mine located in Chifeng City, covering an area of 2.4278 square kilometers [1] - The mining rights are valid from October 1, 2025, to September 30, 2028, with the main mineral being gold and associated minerals being silver [1] Summary by Sections - **Mining Rights Certificate Information** - Certificate Number: DC1500002013094220131685 [1] - Mining Area: 2.4278 square kilometers [1] - Mining Depth: 410.0000 meters to 1100.0000 meters elevation [1] - Mining Rights Holder: Chifeng Yongjin Mining Co., Ltd. (Unified Social Credit Code: 91150428MAC1QRYT9M) [1] - **Company's Commitment** - The company will continue to monitor the developments regarding the gold mine and will fulfill its information disclosure obligations in accordance with relevant laws and regulations [1]

Summary of Huaxi Nonferrous Conference Call Company Overview - Huaxi Nonferrous is a leading non-ferrous metal company in South China, located in Guangxi. It was listed through a reverse merger with ST Nanhua in 2023. The company is part of the Guangxi Beibu Gulf Port Group and is the only non-ferrous metal listed company under the Guangxi State-owned Assets Supervision and Administration Commission [2][3][4]. Industry Insights - The global tin supply growth is expected to be around 2%, while demand growth is projected at 5%-6%. This indicates a persistent supply-demand imbalance in the coming years, with a projected tin deficit of approximately 13,000 tons in 2025, expanding to 25,000 tons in 2026, and reaching 28,000 tons by 2027 [3][12][13]. - The recent restructuring of tin mines in Indonesia has led to a 50% year-on-year decline in tin ingot exports, reducing global tin supply by about 5,000 tons, equivalent to a 2% decrease in global supply [2][11]. Production Plans and Growth Projections - Huaxi Nonferrous plans to enhance production through both organic growth and external expansion. Key projects include: - Increasing the production capacity of Gaofeng Mine from 300,000 tons/year to 450,000 tons/year. - Expanding the Tongkeng Mine to 3 million tons/year. - Additional expansions at the Fozim Mine [2][5][6]. - By 2028-2029, total tin production is expected to approach 20,000 tons, with equity production around 13,000-14,000 tons. This represents a significant increase from current levels of approximately 7,000 tons total and 5,000 tons equity [2][6]. Price Trends and Market Dynamics - The price of tantalum (T) has been volatile due to export control policies. Following a peak of 260,000 yuan earlier in the year, prices fell to around 180,000-190,000 yuan but are expected to recover to approximately 200,000 yuan due to improved market confidence [7][10]. - The recent delay in the implementation of U.S. export control policies has restored market confidence, leading to a rapid price increase for T products [9]. Valuation and Future Outlook - Huaxi Nonferrous currently has a low market valuation, but with its rich resource reserves and potential for growth, its valuation is expected to increase. A target market capitalization of over 30 billion yuan is projected based on a profit forecast of 2 billion yuan in 2026 and a price-to-earnings ratio of 15 [14]. - The integration of small and scattered enterprises in Guangxi is anticipated to enhance Huaxi Nonferrous's resource reserves, particularly in antimony and other rare metals, further boosting its production capacity and market competitiveness [15]. Key Takeaways - Huaxi Nonferrous is positioned for significant growth in production and market valuation, driven by strategic expansions and favorable market conditions in the non-ferrous metals sector [2][3][14].

Group 1: New Stock Offerings - Two new stocks are available for subscription next week: Jingchuang Electric on November 18 and China Uranium Industry on November 21 [1][5] - China Uranium Industry will become the first uranium stock in A-shares, with a large number of shares issued, potentially leading to a higher winning rate for investors [1][6] Group 2: Jingchuang Electric - Jingchuang Electric's subscription code is 920035, with an issue price of 12.10 yuan per share and a price-to-earnings ratio of 13.47, compared to the industry average of 41.07 [3] - The total number of shares issued is 14.46 million, with 13.01 million available for online subscription, and the maximum subscription limit for investors is 650,700 shares [3] - The company specializes in smart controllers for cold chain equipment, monitoring instruments for pharmaceuticals and food, and has been recognized as a national-level "little giant" enterprise [3] - Jingchuang Electric has entered the supply chain of major refrigeration companies like Panasonic and Haier, collaborating with over 50 international brands [3] - Revenue projections for Jingchuang Electric from 2022 to 2025 show growth from 396 million yuan to 499 million yuan, with net profits increasing from 48.74 million yuan to 58.91 million yuan [3][4] Group 3: China Uranium Industry - China Uranium Industry's subscription code is 001280, with the issue price and earnings ratio yet to be disclosed, but the industry average is 27.73 [6] - The company plans to issue 248.18 million shares, with 52.12 million available for online subscription, and a maximum subscription limit of 52,000 shares [6] - As a key subsidiary of China National Nuclear Corporation, China Uranium Industry is involved in the comprehensive utilization of natural uranium and radioactive co-associated mineral resources [6] - The company holds 19 mining rights and 6 exploration rights, focusing on uranium-rich areas in Xinjiang and Inner Mongolia, and is the only central enterprise with natural uranium mining qualifications in China [6] - Revenue forecasts for China Uranium Industry from 2022 to 2025 indicate growth from 10.535 billion yuan to 19.5-20 billion yuan, with net profits expected to rise from 1.334 billion yuan to 1.6-1.65 billion yuan [6][8]

根据目前发行安排，下周将有2只新股可申购，分别为冷链智能控制"隐形冠军"和A股"铀业第一股"。 拟于下周二（11月18日）申购的精创电气深耕冷链智能装备布局全球市场，公司拥有专业化的冷链物联网产业基地，在中国深圳、南京、上海、徐州，以 及美国、英国、巴西、泰国均设有分子公司，业务遍及全球多个国家和地区。 拟于下周五（11月21日）申购的中国铀业是我国天然铀保障供应的国家队、主力军，也是A股"铀业第一股"。公司是中核集团的重要子企业之一，专业从 事天然铀和放射性共伴生矿产资源综合利用业务。公司掌握丰富的境内外天然铀资源，生产规模行业领先，是全球主要天然铀供应商之一，常年位列全球 前十大天然铀生产商。 中国铀业本次发行股票数量为2.48亿股，网上申购上限为5.2万股，顶格申购需配52万元深市市值。其发行股票数量在今年以来发行新股中排名第六，在深 市主板新股中排名第一，预计将有较高中签率。 展望：下周新股基本面一览 据目前安排，若无变化，下周（11月17日至21日）有2只新股可申购，分别为深市主板1只和北交所1只。 | 股票代码 | 股票简称 网上申购日 申购代码 | | | 发行价 | 首发市盈率 申购上限 | ...

Key Points - Rongbai Technology has signed a cooperation agreement with CATL, becoming its primary supplier of sodium battery cathode materials, with a commitment to supply at least 60% of CATL's total procurement volume if certain conditions are met [4] - Maihe Co.'s chairman and actual controller has been placed under investigation, with the general manager taking over the chairman's responsibilities [5] - Fudan Microelectronics will see Guosheng Investment become its largest shareholder after acquiring 12.99% of its shares [6][7] - Guolian Minsheng has received approval for stock option market-making business from the China Securities Regulatory Commission [8] - Luoping Zinc & Electric's subsidiary has received approval to resume production at its lead-zinc mine [9] - Heshun Petroleum's actual controller plans to transfer 6% of the company's shares through an agreement, with no change in control expected [10] - Furi Co. has stated that it currently has no plans for capacity expansion despite stock price fluctuations [11] - Joyoung Co. clarified that it operates in the small home appliance sector and does not engage in food and beverage production [12] - Huaxia Happiness reported abnormal stock trading but confirmed no undisclosed major events aside from a pre-restructuring notice [13] - Zhongsheng Pharmaceutical is advancing several clinical trials, but the outcomes remain uncertain [14] - Pingtan Development noted that its stock price has risen sharply without significant changes in fundamentals, indicating potential market overreaction [15] Shareholding Changes - Chahua Co.'s major shareholder plans to reduce its stake by up to 3% [16] - Qianli Technology's shareholder intends to reduce its stake by up to 2% [17] - Gaoling Information's shareholders plan to collectively reduce their stake by up to 1.5% [18] - Guochuang High-tech's major shareholder plans to reduce its stake by up to 1% [19] - China Aluminum's director plans to reduce a very small percentage of shares [20] - Shikong Technology plans to reduce up to 0.29% of its repurchased shares [21] - Xinong Co.'s director plans to reduce up to 0.1925% of shares [22] - Yifeng Pharmacy's vice presidents plan to reduce a total of 213,900 shares [23] Major Contracts - Samsung Medical's subsidiary is expected to win a procurement project from the State Grid worth approximately 168.12 million yuan [24]

Core Viewpoint - The announcement by Hengstar Technology regarding the acquisition of mining rights for the Longtoushan Gold Mine indicates a strategic move to enhance its resource portfolio and operational capabilities in the mining sector [1] Company Summary - Hengstar Technology's wholly-owned subsidiary, Chifeng Yongjin Mining Co., Ltd., received a mining rights certificate from the Chifeng Natural Resources Bureau on November 14, 2025 [1] - The certificate pertains to the Longtoushan Gold Mine, covering an area of 2.4278 square kilometers with a mining depth ranging from 410.0000 meters to 1100.0000 meters [1] - The primary mineral extracted will be gold, with silver as a by-product, and the rights are valid from October 1, 2025, to September 30, 2028 [1] Industry Summary - The acquisition of mining rights reflects ongoing developments in the mining industry, particularly in gold and silver extraction, which may influence market dynamics and investment opportunities [1]

Investment Rating - The report assigns a rating of "Neutral" to China Uranium Industry, with an AHP score of 2.12, placing it in the 28.7% percentile of the non-innovative system AHP model [10][11]. Core Insights - China Uranium Industry is a core enterprise in domestic natural uranium mining, with ongoing overseas capacity expansion. The company has exclusive uranium mining and refining qualifications and has been actively expanding its global footprint, particularly in Namibia and Central Asia [4][12]. - The company is leveraging green technologies to enhance its main business through comprehensive utilization of radioactive co-associated mineral resources, which aligns with the dual carbon policy and the growing demand for upstream raw materials [17][18]. - Global uranium resources are scarce and have high barriers to entry, with China's nuclear power penetration still relatively low, indicating significant growth potential in the nuclear energy sector [21][22]. - The company benefits from long-term supply agreements with its largest customer, China National Nuclear Corporation (CNNC), and is positioned to gain from rising uranium prices due to increasing demand for nuclear energy [23][24]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for China Uranium Industry is 2.12, with expected allocation ratios for offline investors being 0.0307% for Class A and 0.0266% for Class B under a neutral scenario [10][11]. Fundamental Highlights and Features - China Uranium Industry is the core enterprise for natural uranium mining in China, with a focus on expanding overseas production capacity. The company has significant mining rights and has been a major supplier of natural uranium globally [12][14]. - The company has initiated projects for the comprehensive utilization of radioactive co-associated mineral resources, achieving significant recovery of strategic metals [17][18]. Comparable Company Financial Metrics - The company has shown strong revenue growth, with a CAGR of 28.07% from 2022 to 2024, and a net profit CAGR of 4.57% during the same period. The revenue for 2025 is projected to be between 195.00 billion to 200.00 billion yuan [23][24]. Fundraising Projects and Development Vision - The company plans to raise approximately 4.11 billion yuan through the issuance of new shares, which will be allocated to various uranium production projects and comprehensive utilization projects [37][38].

Core Viewpoint - Longyang Shenglong Mining Group Co., Ltd. (referred to as "Shenglong Co.") is preparing for its IPO, focusing on the comprehensive development and utilization of non-ferrous metal mineral resources, particularly in molybdenum-related products [1] Financial Performance - In the first half of 2025, Shenglong Co. achieved an operating income of approximately 2.289 billion yuan and a net profit attributable to shareholders of about 604 million yuan [1] - Historical financial data shows that from 2022 to 2024, the company reported operating incomes of approximately 1.911 billion yuan, 1.957 billion yuan, and 2.864 billion yuan, with corresponding net profits of about 344 million yuan, 619 million yuan, and 757 million yuan [1] IPO Details - Shenglong Co. received acceptance for its IPO on May 21, 2025, and entered the inquiry phase on June 8 of the same year [1] - The company aims to raise approximately 1.53 billion yuan through the IPO, which will be allocated to various projects including the mining project in Song County, Henan Province, a mining technology research and development center, working capital, and repayment of bank loans [1]

Group 1 - Rongbai Technology signed a cooperation agreement with CATL, making Rongbai the primary supplier of sodium battery cathode powder, with a commitment to purchase at least 60% of its total procurement volume annually, potentially reaching 500,000 tons [3] - Meihe Co.'s controlling shareholder and chairman Wang Jinping is under investigation and has been placed under detention, with the general manager Zhang Kaixu taking over the chairman's responsibilities [4] - Fudan Microelectronics announced that Guosheng Investment plans to acquire 12.99% of its shares from Fuxin Fangao, making Guosheng the largest shareholder post-transfer [5] Group 2 - Guolian Minsheng received approval for stock option market-making business from the China Securities Regulatory Commission [6] - Luoping Zinc Electric's subsidiary has received approval to resume production at the Jinpo lead-zinc mine, having met safety and operational requirements [7] - Heshun Petroleum's actual controller and associates plan to transfer 6% of the company's shares through an agreement, maintaining control post-transfer [8] Group 3 - Furi Co. stated that there are currently no expansion plans for its new energy sector, amid stock price volatility and potential irrational speculation [9] - Joyoung Co. clarified that it operates in the small home appliance sector and does not engage in food and beverage production, despite recent market speculation [10][11] - Huaxia Happiness reported abnormal stock trading but confirmed no undisclosed significant matters aside from its pre-restructuring announcement [12] Group 4 - Zhongsheng Pharmaceutical is advancing several clinical trials for its innovative drugs, but the outcomes remain uncertain, including the approval and market competition for its products [13] - Pingtan Development noted that its stock price has risen sharply without significant changes in fundamentals, indicating potential market overreaction [14] Group 5 - Chahua Co. announced that its major shareholder plans to reduce its stake by up to 3% within three months [16] - Qianli Technology's major shareholder intends to reduce its stake by up to 2% through a targeted sale [17] - Gaoling Information's shareholders plan to collectively reduce their holdings by up to 1.5% due to funding needs [18] Group 6 - Guochuang High-tech's major shareholder plans to reduce its stake by up to 1% within three months [19][20] - China Aluminum's director plans to sell a minimal stake of 0.00034% due to personal funding needs [21] - Shikong Technology plans to reduce its repurchased shares by up to 0.29% [22] Group 7 - Xinong Co.'s director plans to reduce his stake by up to 0.1925% due to personal funding needs [23] - Yifeng Pharmacy's vice presidents plan to collectively reduce their holdings by up to 213,900 shares due to personal funding needs [24] Group 8 - Samsung Medical's subsidiary is expected to win a procurement project from the State Grid, with an estimated total bid amount of approximately 168.12 million yuan [26]