Group 1 - Company Xingxing Technology (002132.SZ) announced that its wholly-owned subsidiary, Chifeng Yongjin Mining Co., Ltd., received the "Real Estate Property Certificate (Mining Rights)" from the Chifeng Natural Resources Bureau on November 14, 2025 [1] - The mining rights certificate pertains to the Longtoushan Gold Mine, located in Chifeng City, Kalqin Banner, covering an area of 2.4278 square kilometers [2] - The mining rights are valid from October 1, 2025, to September 30, 2028, with the main mineral being gold and associated minerals including silver [2]

A股打新投资者注意啦！ 根据目前发行安排，下周有2只新股可申购。 具体来看，11月18日可申购北交所新股精创电气，11月21日可申购深交所主板新股中国铀业。 数据显示，在2025年以来发行的A股新股中，中国铀业的发行总数、网上发行数量分别排名第六和第十 一。即投资者若参与申购中国铀业，中签概率较高。 | 证券简称 | 发行总数(亿股) 网上发行(亿股) | | | --- | --- | --- | | 华申新能 | 49. 69 | 21. 95 | | 西安奕材 | 5. 38 | 0. 81 | | 南网数字 | 4.77 | 0. 98 | | 屹唐股份 | 2. 96 | 0. 63 | | 联合动力 | 2. 89 | 0. 81 | | 中国锦业 | 2. 48 | 0. 52 | | | 图为:2025年以来,A股发行总数排名前六的新股 | | | 来源:东财Choice | | | 精创电气是国家级专精特新"小巨人"企业 精创电气的申购代码是920035，发行价为12.10元/股，发行市盈率为13.47倍，参考行业市盈率为41.07 倍。 精创电气此次发行总数为1446万股，其中网上发行数量 ...

Core Viewpoint - The company Stellar Technology (002132) announced that its wholly-owned subsidiary, Chifeng Yongjin Mining Co., Ltd., received a mining rights certificate for the Longtoushan Gold Mine, indicating a significant development in its mining operations [1] Group 1 - The mining rights certificate was issued by the Chifeng Natural Resources Bureau on November 14, 2025 [1] - The area of the Longtoushan Gold Mine is 2.4278 square kilometers, primarily focused on gold mining with silver as a byproduct [1] - The rights for the mining operation are valid from October 1, 2025, to September 30, 2028 [1]

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 [2][3] - China Uranium Industry ranks sixth in total issuance and eleventh in online issuance among new A-shares since 2025, indicating a higher probability of winning the subscription [3] Group 2: Jingchuang Electric - Jingchuang Electric is recognized as a national-level "specialized and innovative" small giant enterprise, focusing on smart control devices for cold chain equipment and IoT solutions [5][8] - The total issuance of Jingchuang Electric is 14.46 million shares, with an online issuance of 13.01 million shares, and the maximum subscription limit for investors is 650,700 shares [6][7] - The company expects its revenue for 2025 to be between 524 million and 574 million yuan, with a net profit forecast of 58.91 million to 64.80 million yuan [10][11] Group 3: China Uranium Industry - China Uranium Industry holds a dominant position in the domestic natural uranium industry and is a key subsidiary of China National Nuclear Corporation [12][14] - The company plans to issue 248 million shares, with 52.12 million shares available for online subscription, and the maximum subscription limit is 52,000 shares [13] - Revenue for China Uranium Industry is projected to be between 19.5 billion and 20 billion yuan for 2025, reflecting a year-on-year growth of 12.86% to 15.75% [16][17]

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several companies as key investment opportunities [6][7]. Core Views - The report emphasizes that the end of the U.S. government shutdown and improving liquidity will support price performance in the metals market. It notes that macroeconomic factors, including weak economic data and interest rate cut expectations, will continue to influence metal prices positively [2][4]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index fell by 0.18%, while the SW Nonferrous Index rose by 0.20% during the week [3]. - Precious metals like gold and silver saw significant increases, with gold up by 1.91% and silver by 4.51% [3]. 2. Base Metals 2.1 Industrial Metals - Copper prices are supported by a decline in the U.S. consumer confidence index and expectations of interest rate cuts, despite a decrease in import volumes due to operational inefficiencies at Tanzanian ports [4][48]. - Aluminum production capacity remained stable, with domestic supply holding firm. However, demand is expected to weaken as the market transitions from peak to off-peak seasons [4][27]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and China Aluminum for investment [4]. 2.2 Energy Metals - The report is optimistic about energy metals, particularly lithium and cobalt, due to sustained demand from the energy storage sector and electric vehicles. Cobalt prices are expected to rise due to supply shortages [5]. - Key companies recommended include Huayou Cobalt and Tianqi Lithium [5]. 2.3 Precious Metals - The report anticipates continued upward movement in gold and silver prices, driven by central bank purchases and weakening U.S. dollar credit. It highlights geopolitical tensions as a significant factor influencing precious metal prices [5][80]. - Recommended companies in this sector include Western Gold and Shandong Gold [5]. 3. Price and Inventory Changes - The report provides detailed price changes for various metals, noting that aluminum prices are expected to range between 21,700 and 22,400 CNY/ton, while copper is projected to fluctuate between 86,000 and 89,000 CNY/ton [28][49]. - Inventory levels for aluminum and copper have shown mixed trends, with some increases in LME stocks for zinc and lead [14][50]. 4. Company Earnings Forecasts - The report includes earnings per share (EPS) forecasts for several companies, with Zijin Mining projected to have an EPS of 1.21 CNY in 2024, and Huayou Cobalt expected to reach 2.50 CNY [6].

Group 1 - The core viewpoint of the article highlights the growth in the non-ferrous metal mining and selection industry in China, with an increase in the number of enterprises from the previous year [1] - As of January to September 2025, there are 1,372 enterprises in the non-ferrous metal mining and selection industry, representing a year-on-year increase of 44 enterprises, or 3.31% [1] - The proportion of non-ferrous metal mining and selection enterprises accounts for 0.26% of the total industrial enterprises [1] Group 2 - The report referenced is the "2026-2032 China Non-Ferrous Metal Industry Market Development Status and Competitive Landscape Forecast Report" published by Zhiyan Consulting [1] - The data regarding the number of enterprises is based on large-scale industrial enterprises, with the threshold for classification raised from an annual main business income of 5 million to 20 million yuan since 2011 [1] - Zhiyan Consulting is recognized as a leading industry consulting agency in China, providing comprehensive industry research reports and customized services [1]

Core Viewpoint - China Nonferrous Mining (01258) reported a serious incident at its subsidiary, China Nonferrous Africa Mining, where a shaft wall suffered damage, resulting in one casualty. The company has taken immediate action to address safety concerns and repair the affected areas [1] Group 1: Incident Details - On June 30, a wall of the shaft at the Qianbixi Southeast mine experienced damage, leading to a temporary suspension of operations [1] - The company conducted an expert assessment and found that the shaft walls had been eroded over time due to water infiltration, despite previous remediation efforts [1] Group 2: Remediation Actions - To ensure long-term safety, the company initiated comprehensive repair work on the shaft walls, including the installation of a new composite wall structure using 20 channel steel and C30 concrete [1] - Repair work on the secondary shaft has been completed, while repairs on the main shaft are ongoing, with an expected completion date in mid-December [1] Group 3: Production Impact - Due to the temporary suspension of operations at the Qianbixi Southeast mine, the company has adjusted its copper production forecast for 2025 from 160,000 tons to 140,000 tons [1]

Core Viewpoint - China Nonferrous Mining (01258.HK) reported a serious incident at its subsidiary, which resulted in a temporary suspension of operations and adjustments to its production plans for 2025 [1] Group 1: Incident Details - On June 30, a wall failure occurred in the shaft of the Qianbixi Southeast mine, leading to one casualty [1] - Following the incident, the company immediately suspended operations and conducted expert evaluations on-site [1] - Investigations revealed that the shaft walls were damaged due to long-term erosion from water layers, despite prior reinforcement efforts [1] Group 2: Remediation Efforts - The company has initiated comprehensive repair work on the shaft walls to ensure long-term safety [1] - A specific reinforcement plan was developed, including the installation of dense steel rings and filling with C30 concrete to create a composite wall structure [1] - Repair work on the secondary shaft has been completed, while repairs on the main shaft are ongoing, expected to finish by mid-December [1] Group 3: Production Impact - Due to the temporary suspension of the Qianbixi Southeast mine, the company has revised its copper production forecast for 2025 from 160,000 tons to 140,000 tons [1]

Group 1: Company Overview - Yunnan Tin Company has a comprehensive industrial structure integrating exploration, selection, smelting, deep processing, and new material research of non-ferrous metals, primarily producing tin ingots, cathode copper, zinc ingots, and indium ingots [2][3] - As of the end of 2024, the company holds tin reserves of 1.76 million tons and indium reserves of 4,821 tons, ranking first globally in both [2][3] - The domestic and global market shares for tin products reached 47.98% and 25.03%, respectively, in 2024 [2] Group 2: Production and Financial Performance - In the first three quarters of 2025, the total production of non-ferrous metals was 271,000 tons, including 67,700 tons of tin, 96,800 tons of copper, and 105,300 tons of zinc [3] - The company achieved a revenue of 34.417 billion yuan, a year-on-year increase of 17.81%, and a net profit attributable to shareholders of 1.745 billion yuan, up 35.99% year-on-year [3] Group 3: Resource Management and Strategic Development - The company emphasizes resource expansion as a long-term development strategy, focusing on enhancing existing resources and securing new reserves, with an investment in geological research and exploration activities [4] - In 2024, the company discovered additional reserves of 17,600 tons of tin and 34,800 tons of copper [4] Group 4: Industry Trends and Challenges - The global supply of tin is tightening due to declining resource quality in traditional production areas and increasing mining costs, with significant policy changes in Southeast Asia affecting supply [5] - Tin is essential in the renewable energy and electronics sectors, with long-term demand expected to remain strong due to advancements in AI and new production technologies [5][6] Group 5: Supply Chain and Resource Utilization - To address the tightening supply of tin, the company is implementing a dual-channel procurement strategy to stabilize and expand raw material sourcing [6] - The company has initiated research on tailings resource recovery, with operational projects aimed at enhancing economic indicators for tailings re-selection [6]

Core Insights - The overall industrial production in China is stable with significant growth in various sectors, indicating a solid advancement towards high-quality development [1] Group 1: Industrial Production Overview - In the first ten months of the year, the industrial added value for large-scale industries increased by 6.1% year-on-year, surpassing the previous year's growth by 0.3 percentage points [1] - In October, the industrial added value grew by 4.9% year-on-year, with a month-on-month increase of 0.17% after seasonal adjustments [1] - Among the three major sectors, manufacturing increased by 4.9%, while mining and electricity, heat, gas, and water production and supply grew by 4.5% and 5.4%, respectively [1] - Out of 41 major industrial categories, 29 experienced year-on-year growth, resulting in a growth coverage of 70.7% [1] - Of the 623 major industrial products tracked, 313 saw an increase in production, representing a growth coverage of 50.2% [1] Group 2: Equipment Manufacturing Sector - The added value of large-scale equipment manufacturing increased by 8.0% year-on-year, accounting for 36.1% of the total industrial output, which is an increase of 1.5 percentage points compared to the entire year of 2024 [2] - All eight industries within equipment manufacturing reported growth, with the automotive and electronics sectors leading at growth rates of 16.8% and 8.9%, contributing 22.8% and 19.3% to the overall industrial growth, respectively [2] - The railway, shipbuilding, and aerospace sectors have maintained double-digit growth since December 2024, with a growth rate of 15.2% in October [2] - High-end equipment products are steadily developing, with production increases of 71.3% for railway locomotives, 21.4% for civil steel ships, and 16.9% for generator sets [2] Group 3: Emerging Industries and Digital Integration - The integration of the real economy and digital economy is deepening, with high-tech manufacturing and digital product manufacturing increasing by 7.2% and 6.7% year-on-year, respectively, both exceeding the overall industrial growth by 2.3 and 1.8 percentage points [3] - Specific sectors such as electronic materials, integrated circuits, and smart vehicle equipment saw substantial growth rates of 35.5%, 33.7%, and 28.4%, respectively [3] - The rapid development of "artificial intelligence+" has led to production increases of 34.0% for servers and 17.7% for integrated circuits; the robotics sector is also thriving, with production of robot reducers and industrial robots increasing by 4.6 times and 17.9%, respectively [3] Group 4: Traditional Industries - The petroleum processing industry saw an 8.1% year-on-year increase in added value, with the biofuel processing sector growing by 19.1%, contributing 1.9 percentage points more than the same period in 2024 [4] - The chemical fiber industry grew by 7.3%, with bio-based materials manufacturing increasing by 26.3%, contributing 13.3 percentage points more than the same period in 2024 [4] - Other traditional industries also showed positive growth, with chemical and coal industries increasing by 7.1% and 6.5%, respectively; non-ferrous and ferrous metal mining grew by 6.2% and 5.9% [4] - The long-term positive conditions and trends for China's industrial economy remain unchanged, although challenges such as insufficient effective demand and pressure on corporate profits persist [4]