新华财经北京11月24日电在南非约翰内斯堡举行的二十国集团（G20)峰会期间，印度总理莫迪与加拿大总理卡尼23日举行双边会谈，两国同意重启此前停 滞的贸易协定谈判。 印度总理办公室23日发表声明说，两国领导人同意启动《全面经济伙伴关系协定》(CEPA)谈判，目标是到2030年实现双边贸易额达到500亿美元，比当前水 平翻一番。双方确认将延续和扩大两国在民用核能领域的长期合作，包括正在讨论中的长期铀供应安排议题。 按路透社说法，印加此番重启贸易谈判显示两国关系回暖。 两国自2010年以来一直在断断续续地开展CEPA谈判。2023年9月，时任加拿大总理特鲁多公开指认印度政府涉嫌参与暗杀加拿大籍锡克教领袖哈迪普·辛格· 尼贾尔，印方予以否认。两国龃龉随后升级并互相驱逐对方外交官，印度还一度暂停向加方人员发放签证，双边关系恶化。加拿大当月宣布暂停与印度的贸 易协定谈判。 尽管存在外交争端，印加双边贸易此后仍保持增长，只是就印度的经济体量而言，双方贸易规模仍相对较小。数据显示，2024年双方货物与服务贸易总额约 310亿加元（约合220亿美元），其中加方对印服务出口额达160亿加元（114亿美元），顺差明显。 加拿大今 ...

Core Viewpoint - The Ministry of Finance has issued a notice clarifying the execution standards for resource tax policies, specifically regarding the taxation of various mineral products, including light and heavy rare earths, condensate oil, and other mineral resources [1][2]. Taxation Policy - Taxpayers extracting light rare earth ores that undergo initial processing to produce mineral-type rare earth concentrates will be taxed according to light rare earth mining products [6]. - Taxpayers extracting ion-type rare earth ores and producing rare earth solutions, carbonates, and oxalates through ion exchange and other processes will be taxed according to medium and heavy rare earth mining products [6]. - Condensate oil extracted from gas fields will be taxed under the crude oil tax category [3][4]. Exemptions and Special Cases - Certain entities, such as administrative and judicial bodies, are exempt from paying resource tax on confiscated taxable products [2]. - Construction projects extracting sand, clay, and other minerals for direct use in the project are also exempt from resource tax [2]. Tax Calculation Basis - The tax basis for resource tax will be determined based on the sales amount excluding VAT for taxable products sold or self-used in continuous production of non-taxable products [7][8]. Related Transactions - If a taxpayer sells taxable products to an affiliated unit at a price significantly lower than the price charged to non-affiliated units without justification, tax authorities may adjust the taxable sales amount accordingly [9][10]. Implementation Timeline - The new tax policies will take effect on December 1, 2025, and will apply to previously unprocessed matters according to the new regulations [18].

Core Viewpoint - The article discusses the release of the evaluation index system for world-class enterprises in 16 industries by state-owned enterprises, highlighting the progress and assessment of central enterprises in building world-class standards [1]. Group 1: Evaluation Index System - The first batch of 11 industry evaluation index systems was released in November 2024, followed by a second batch of 5 in November 2025, covering 16 industries including power grid, oil and gas exploration, and telecommunications [1]. - The evaluation index system aims to assess the construction of world-class enterprises based on data from the year 2024 [1]. Group 2: Assessment Results - Among the 45 central enterprises evaluated, 13, including China National Petroleum, China Petroleum & Chemical, and State Grid, ranked in the top tier of their respective industries [1]. - The overall results indicate that central enterprises are making solid progress in building world-class standards [1]. Group 3: Key Evaluation Metrics - The evaluation metrics include various dimensions such as competitiveness, innovation, control, influence, and risk management, with specific indicators for each dimension [2][4][5]. - Key indicators include total revenue, total assets, profit margins, and R&D investment intensity, which are essential for assessing the performance and competitiveness of enterprises [2][3][4][5].

Core Viewpoint - Jinling Mining reported that as of November 20, 2025, the number of registered shareholders is 35,682, including credit accounts combined in the register [2] Summary by Category - **Company Information** - Jinling Mining has a total of 35,682 registered shareholders as of November 20, 2025, which includes credit accounts [2]

Core Insights - BHP's attempt to acquire Anglo American has officially failed, marking the end of a brief and dramatic bidding war [1] - The decision comes as Anglo American's board rejected BHP's latest proposal, favoring its ongoing merger with Teck Resources instead [1] - The failed acquisition attempt highlights the mining industry's increasing demand for high-quality copper assets amid a tightening supply [1][3] Group 1: Acquisition Attempt - BHP's move to propose an acquisition was seen as a strategic last-ditch effort before the shareholder vote on the Anglo American-Teck merger scheduled for December 9 [2] - Analysts described BHP's bid as a "final roll of the dice" aimed at acquiring coveted South American copper assets [2] - The swift withdrawal from the bidding process indicates BHP's reluctance to engage in a costly competitive bidding war [3] Group 2: Strategic Importance of Copper - The core of the acquisition battle revolves around the competition for copper assets, which are viewed as critical for future growth [3] - Copper is essential for infrastructure related to energy transition, including electric grids and renewable energy equipment, increasing its strategic value [3] - If the merger between Anglo American and Teck Resources is successful, it would create a new giant in the copper production sector with a market value exceeding $60 billion [1][3] Group 3: Complexity of Anglo American - Anglo American's diverse asset portfolio, which includes diamonds and platinum, complicates its attractiveness as a pure copper acquisition target [5] - BHP's previous attempts to acquire Anglo American were also thwarted due to the complexity of its asset structure [5] - Following BHP's exit, the path for Anglo American and Teck Resources' merger appears clearer, with BHP now focusing on its internal growth strategy [5]

研究报告 铁矿周报 华龙期货投资咨询部 投资咨询业务资格： 证监许可【2012】1087 号 黑色板块研究员：魏云 期货从业资格证号：F3024460 投资咨询资格证号：Z0013724 电话：17752110915 邮箱：497976013@qq.com *特别声明：本报告基于公开信息编制而成，报告对这些信息的准确性及完整性不作任何保证。本文中 的操作建议为研究人员利用相关公开信息的分析得出，仅供投资者参考，据此入市风险自负。 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 基本面： 据 Mysteel，上周 247 家钢厂高炉开工率 82.19%，环比减少 0.62%，同比增加 0.26%；日均铁水产量 236.28 万吨，环比减少 0.60 万吨， 同比增加0.48万吨，钢厂盈利率37.66%，环比减少1.30%，同比减少16.89%， 全国 45 个港口进口铁矿库存总量 1.5 亿吨，环比下降 75.06 万吨；日均疏 港量 329.92 万吨，增 2.97 万吨。 报告日期：2025 年 11 月 24 日星期一 后市展望：全球铁矿发运量回升，港口库存在此前大幅上升后，上 ...

公司发布的三季报数据显示，前三季公司共实现营业收入12.47亿元，同比增长12.98%，实现净利润 2.20亿元，同比增长47.09%，基本每股收益为0.3703元，加权平均净资产收益率6.42%。（数据宝） 金岭矿业11月24日披露，截至11月20日公司股东户数为35682户，较上期（11月10日）减少3288户，环 比降幅为8.44%。这已是该公司股东户数连续第2期下降。 （文章来源：证券时报网） 融资融券数据显示，该股最新（11月21日）两融余额为1.68亿元，其中，融资余额为1.68亿元，本期筹 码集中以来融资余额合计增加320.53万元，增幅为1.94%。 证券时报·数据宝统计，截至发稿，金岭矿业最新股价为9.09元，上涨1.00%，本期筹码集中以来股价累 计下跌10.18%。具体到各交易日，5次上涨，5次下跌。 ...

Summary of Shengton Mining Conference Call Company Overview - Shengton Mining's core assets are concentrated in the Democratic Republic of Congo (DRC), including the Karongwe Copper-Cobalt Mine and newly acquired high-grade open-pit gold mine, as well as an Indonesian high-nickel production base. The company implements a global strategy of "controlling resources and expanding materials" to optimize revenue structure, with copper business being the main profit contributor [2][5][6]. Key Points and Arguments Resource Potential - The Karongwe Copper-Cobalt Mine has fully commenced production, achieving over 60,000 tons in 2023, with significant exploration potential in surrounding areas exceeding 300 square kilometers [2][10]. - The company holds a key copper mining exploration right near major mining areas, indicating substantial future resource potential [3]. - Optimistic outlook for cobalt prices, expected to exceed 500,000 RMB/ton by 2026, with a quota of 1,680 tons secured [3][5]. - New gold mine acquisition in DRC expected to yield 6-7 tons of gold annually at a cost of $300-$350 per ounce [2][16]. Financial Performance - Since 2022, Shengton has been optimizing its revenue structure by gradually divesting from trading businesses, leading to improved financial stability [7][8]. - Approximately 70%-80% of gross profit now comes from copper business, with significant improvements in cash flow, exceeding 3 billion RMB in the first three quarters of the year [8]. - The company anticipates substantial profit growth, potentially reaching 5-6 billion RMB in the future, driven by gold mining operations [4][21]. Strategic Developments - The company plans to acquire 84.68% equity in a Canadian-listed company for 1.35 billion RMB, enhancing its gold reserves and mining capabilities [16]. - The development strategy since 2016 has focused on global expansion and energy metals, with core assets primarily in DRC and smaller operations in China [6]. Operational Risks - Despite geopolitical risks in DRC, the company’s projects are located far from conflict zones, with stable operations in nearby mining areas [2][19]. - Transportation logistics are manageable, with plans for both land and air transport to ensure product delivery [20]. Additional Important Insights - Domestic mining assets are expected to improve significantly, with new projects in Dali and Guizhou projected to contribute additional copper and gold production [4][14]. - The nickel segment, while currently underperforming due to price fluctuations, has potential for profitability during favorable market conditions [12]. - The zinc smelting business is operating at full capacity but has faced some losses due to declining processing fees, though recovery is anticipated [15]. Conclusion - Shengton Mining is positioned for significant growth with a robust portfolio of mining assets, strategic acquisitions, and a focus on optimizing its operational efficiency. The company’s future profit potential appears strong, making it a compelling investment opportunity [21][22].

Group 1 - The article emphasizes that Canada is an attractive option for Chinese companies seeking overseas financing, especially given the increasing competition in the US capital markets [2] - It outlines ten core questions regarding the Canadian capital market to provide clear guidance for companies looking to go public [2] Group 2 - The main stock exchanges in Canada include the Toronto Stock Exchange (TSX), which has a main board for larger, mature companies and a venture board (TSXV) for smaller, growth-oriented firms [4] - The Canadian Securities Exchange (CSE) also offers listing services for small and micro enterprises, creating a multi-tiered capital market system [4] Group 3 - Advantages of financing in Canada include a stable financial services system, access to North American capital integration, and increased fundraising opportunities in the US [5] - The TSX offers two main listing methods: Initial Public Offerings (IPOs) and Capital Pool Company (CPC) listings [6] Group 4 - The CPC model is suitable for shell companies that only hold cash and seek to go public quickly while looking for acquisition targets [7] - Domestic companies can utilize various fundraising methods after listing in Canada, including IPOs, stock issuance, bond issuance, and stock pledges [8] Group 5 - Compared to the US capital markets, the time and cost of listing in Canada are more advantageous, with Canadian listings taking about six months and costing approximately 50% of Nasdaq fees [9] Group 6 - Companies listed in Canada can transfer to the US market using the Multi-Jurisdictional Disclosure System (MJDS), which allows for a quick transfer process within 90 days [10] Group 7 - Industries such as mining and energy have significant advantages in the Canadian capital market, with the TSX being a major global mining capital market [11] - Other sectors like fintech, environmental technology, and biomedicine can achieve high valuations, and even industries like cannabis are permitted to list [11] Group 8 - Domestic mining companies need to prepare various qualifications and financial requirements before listing on the TSX, and it is advisable to collaborate with experienced firms like Huayi Capital for guidance [12] Group 9 - Huayi Capital offers tailored listing advisory services for companies looking to enter the Canadian market, leveraging local resources and expertise to create efficient and cost-effective listing strategies [13]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The progress of the Russia-Ukraine solution proposed by the US is limited, with short - term market risk appetite stabilizing and the US dollar showing a volatile trend [2][15]. - The expectation of the Fed's interest rate cut is fermenting, the market sentiment is stabilizing, but concerns about the AI bubble remain. The US stock market rebounds, but the technology sector lags in gains [3]. - Although the A - share market has experienced a significant correction, it is expected to stabilize the decline in the future due to the easing of US liquidity expectations, support for AI performance, and China's policy support for the stock market [4]. - The prices of various commodities show different trends. For example, steel prices are expected to fluctuate in the short term; oil prices continue to decline; and the prices of some agricultural products are affected by factors such as production volume and policy [5][6]. Summaries by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - New York Fed President Williams said there is room for an interest rate cut in December, and the Russian central bank sold some physical gold reserves. Short - term gold prices are expected to continue to fluctuate, with a risk of decline [11]. - Investment advice: Be cautious of the risk of decline in the short - term volatile gold market [12]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US is reported to be ready to take action against Venezuela, and the European leaders think the US's Russia - Ukraine peace plan needs improvement. The US - Ukraine Geneva talks are considered "fruitful", but the Russia - Ukraine solution has limited progress, and the US dollar is expected to fluctuate in the short term [13][14][15]. - Investment advice: The US dollar index is expected to fluctuate in the short term [16]. 1.3 Macro Strategy (US Stock Index Futures) - Fed officials have different views on the December interest rate cut. The US service industry growth accelerated in November, while the manufacturing industry slowed down. The market's expectation of an interest rate cut has increased, and the US stock market is expected to fluctuate upward after the market volatility decreases [17][18]. - Investment advice: Be less pessimistic about the US stock market at the end of the year, and wait for the market volatility to decrease [19]. 1.4 Macro Strategy (Stock Index Futures) - The Trump administration may approve Nvidia's sales of some AI chips to China, and the Ministry of Housing and Urban - Rural Development held a national urban renewal work promotion meeting. The A - share market is expected to stabilize the decline [20][21]. - Investment advice: There may be a small rebound in the short term, but a trend - following opportunity requires more policy changes [22]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 375 - billion - yuan 7 - day reverse repurchase operation. The bond market is affected by factors such as the redemption pressure of structured products and concerns about the stock market rebound. The bond market is expected to turn from volatile to bearish, and short - term short - selling strategies are recommended [23][24]. - Investment advice: The bond market may turn bearish, and short - term short - selling strategies can be considered [25]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Meal) - The soybean crushing volume of domestic oil mills last week was 2.3344 million tons, and it is expected to slightly decrease this week. The supply of soybean meal is sufficient, and the cost and supply - demand situation jointly affect the price. - Investment advice: The soybean meal market is currently "supported by cost and suppressed by supply - demand", and continue to pay attention to China's soybean procurement and South American production expectations [26]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The US Department of Energy reorganized to prioritize fossil fuels and nuclear energy. From November 1 to 20, the production of Malaysian palm oil increased by 10.32% month - on - month. - Investment advice: For palm oil, wait and see on the long - short side and consider 1 - 5 reverse spread opportunities; for rapeseed oil, the overall trend is expected to be weakly volatile [27][28][29]. 2.3 Agricultural Products (Sugar) - In October 2025, China's imports of syrup and premixed powder decreased year - on - year. Indian sugar mills are gradually starting to crush, and the NFCSF urges the Indian government to raise the minimum sugar selling price. - Investment advice: Do not be optimistic about the downside space of ICE raw sugar and Zhengzhou sugar's January contract, and be cautious about short - selling [30][33][34]. 2.4 Agricultural Products (Cotton) - In October 2025, China's cotton imports decreased both month - on - month and year - on - year, while cotton yarn imports increased. The US cotton export sign - up continued to rise. - Investment advice: Zhengzhou cotton is expected to fluctuate in the short term, with an estimated range of 13,300 - 13,800 yuan; be cautiously optimistic in the long term and wait for opportunities to go long on dips [35][39][41]. 2.5 Black Metals (Rebar/Hot - Rolled Coil) - In 2025, China's long - product exports to Saudi Arabia almost doubled. In October, the global crude steel production was 143.3 million tons. - Investment advice: Adopt a volatile mindset when dealing with steel prices [42][44][46]. 2.6 Agricultural Products (Corn Starch) - The price difference between corn starch and tapioca starch widened. - Investment advice: The price difference is expected to fluctuate in the short term, and band trading is recommended [47][48][49]. 2.7 Agricultural Products (Corn) - The corn selling progress in Northeast and North China is faster than the same period last year. - Investment advice: Corn prices are expected to remain high and volatile in the short term. Wait and see for the near - month contracts and do not short them for now [50][52]. 2.8 Non - ferrous Metals (Copper) - Vedanta plans to invest $2 billion in Saudi copper and gold resources, and China Non - Ferrous Mining's Qianbixi Southeast Orebody is temporarily shut down. European copper manufacturers warn of a copper shortage. - Investment advice: Copper prices are expected to fluctuate widely in the short term. Consider going long on dips and wait and see for arbitrage [53][55][56]. 2.9 Non - ferrous Metals (Polysilicon) - Two leading silicon wafer companies lowered their quotes. The polysilicon market is affected by factors such as policy and demand. - Investment advice: The futures main contract of polysilicon may operate between 50,000 - 56,000 yuan/ton. Pay attention to range trading opportunities [57][59]. 2.10 Non - ferrous Metals (Industrial Silicon) - The shipments of northern silicon enterprises increased. The export of industrial silicon decreased more than expected. - Investment advice: The industrial silicon market may fluctuate between 8,800 - 9,500 yuan/ton in the short term. Pay attention to range trading opportunities [60][61]. 2.11 Non - ferrous Metals (Lithium Carbonate) - Ruitai New Materials plans to jointly invest 200 million yuan in Terui Lianteng. The futures price limit - down due to regulatory measures. - Investment advice: The short - term futures price may face pressure. Consider short - selling on rallies with a light position [62][64]. 2.12 Non - ferrous Metals (Nickel) - Some nickel intermediate product projects in an Indonesian park are expected to reduce production. - Investment advice: Existing short - positions can gradually take profits, and consider going long on dips with a light position. Evaluate the resource contraction in Indonesia in the medium term [66][67]. 2.13 Non - ferrous Metals (Lead) - The Garpenberg mine in Sweden was approved to expand its environmental permit. The LME lead inventory increased. - Investment advice: Take profits at low levels in the short term for the long - short side; wait and see for arbitrage and cross - market trading [68][69][70]. 2.14 Non - ferrous Metals (Zinc) - The LME 0 - 3 zinc premium is high, and the Garpenberg mine in Sweden was approved to expand its environmental permit. - Investment advice: Wait and see on the long - short side; hold long - spread positions for calendar spread arbitrage and short - spread positions for cross - market arbitrage in the short term [71][72]. 2.15 Energy Chemicals (Carbon Emissions) - On November 21, the closing price of the EUA main contract was 80.41 euros/ton. - Investment advice: The EU carbon price is expected to be strongly volatile in the short term [73][74]. 2.16 Energy Chemicals (Crude Oil) - The number of US oil rigs increased. Oil prices continued to decline. - Investment advice: Pay attention to the prospects of the Russia - Ukraine negotiations. Oil prices are expected to remain weakly volatile in the short term [75][76]. 2.17 Energy Chemicals (Pulp) - The prices of different pulp varieties in the import market showed different trends. - Investment advice: The pulp market is expected to fluctuate in the future [77]. 2.18 Energy Chemicals (Bottle Chips) - The export quotes of bottle chip factories were mostly lowered. - Investment advice: The short - term supply - demand contradiction of bottle chips is not prominent, and the absolute price mainly follows the fluctuations of polyester raw materials [78][81]. 2.19 Energy Chemicals (Soda Ash) - The price of soda ash in the South China market was stable on November 21. - Investment advice: In the short term, the soda ash market has certain support; in the medium term, adopt a bearish mindset and consider short - selling far - month contracts on rallies [82]. 2.20 Energy Chemicals (Float Glass) - The price of float glass in the Shahe market decreased on November 21. - Investment advice: The January contract of float glass is under pressure. Pay attention to the support at 950 yuan/ton and the risk of short - covering rebounds caused by news [83][84].