1. Report Industry Investment Ratings - **Thread Steel**: ★★★ (indicating a more distinct uptrend and a relatively appropriate investment opportunity currently) [1] - **Hot - Rolled Coil**: ★★★ [1] - **Iron Ore**: ☆☆☆ (suggesting a short - term balance between long and short trends, with poor operability on the current market, and it's advisable to wait and see) [1] - **Coke**: ★★★ [1] - **Coking Coal**: ★☆☆ (representing a bearish bias, with a driving force for price decline but poor operability on the market) [1] - **Silicon Manganese**: ★☆☆ [1] - **Silicon Iron**: ★☆☆ [1] 2. Core Views of the Report - The overall demand for steel is weak, and the cost support is loosening. The steel market is under short - term pressure, and it's necessary to pay attention to whether favorable policies will be introduced in the real estate sector [2]. - The fundamentals of iron ore are gradually becoming looser, and the market is expected to fluctuate [3]. - The prices of coke and coking coal are likely to fluctuate weakly due to sufficient carbon element supply and strong raw material price - squeezing sentiment from steel mills [4][6]. - The bottom - support expectations for silicon manganese and silicon iron have shifted downward, and the prices are under pressure [7][8]. 3. Summary by Related Catalogs Steel - **Market Performance**: The steel market continued to decline today. The apparent demand for thread steel improved this week, production increased, and inventory decreased. The demand for hot - rolled coil recovered, production increased slightly, and inventory started to decline [2]. - **Supply and Demand Situation**: The downstream carrying capacity is insufficient, and steel mills are generally in a loss state. There is a high possibility of further blast furnace production cuts in the future, and the supply pressure will gradually ease. Domestic demand is still weak, and steel exports have declined from the high level [2]. Iron Ore - **Supply**: Global shipments are strong, and the shipments in the fourth quarter are expected to remain at a high level. The domestic arrival volume has declined, and port inventory is in an accumulating trend [3]. - **Demand**: The apparent demand for steel has rebounded, but it has entered the off - season, and steel mills' profitability is poor. The molten iron is in a seasonal production - cut trend, and there is still room for further decline in the future [3]. Coke - **Production and Inventory**: Coke production decreased slightly, and inventory decreased slightly. Downstream customers are purchasing on - demand, and traders' purchasing意愿 is general [4]. - **Price Outlook**: The coke market is expected to fluctuate weakly due to sufficient carbon element supply and strong price - squeezing sentiment from steel mills [4]. Coking Coal - **Production and Inventory**: Coking coal production increased slightly, and total inventory increased slightly. The terminal inventory increased slightly, and the production - end inventory increased slightly [6]. - **Price Outlook**: The coking coal market is expected to fluctuate weakly due to the high expectation of coal mine supply guarantee and strong price - squeezing sentiment from steel mills [6]. Silicon Manganese - **Cost and Inventory**: There are expectations of a decline in power costs and chemical coke prices. Manganese ore inventory increased slightly, and silicon manganese inventory is slowly accumulating [7]. - **Supply and Demand**: Silicon manganese production decreased slightly but remains at a high level. The demand for molten iron has rebounded to a high level [7]. Silicon Iron - **Cost and Inventory**: There are expectations of a decline in power costs and blue - carbon prices. Silicon iron supply remains at a high level, and on - balance inventory is continuously decreasing [8]. - **Demand**: The demand for molten iron has rebounded to a high level, export demand has increased to about 40,000 tons, and the production of magnesium metal has increased [8].

MONGOL MINING(00975)发布公告，于2025年11月20日，该公司斥资100.62万港元回购10.2万股股份， 每股回购价9.83-9.88港元。 ...

海南矿业（601969）(601969.SH)公告，公司股东海钢集团拟通过集中竞价交易方式减持公司股份不超 过1500万股，即不超过公司总股本的0.75%。 ...

智通财经APP讯，MONGOL MINING(00975)发布公告，于2025年11月20日，该公司斥资100.62万港元 回购10.2万股股份，每股回购价9.83-9.88港元。 ...

格隆汇11月20日丨海南矿业(601969.SH)公布，因自身发展资金需求，海钢集团拟于本公告披露之日起 满15个交易日后的3个月内，通过集中竞价交易方式减持公司股份不超过1500万股，即不超过公司总股 本的0.75%。 ...

Core Viewpoint - Gansu Province has made significant progress in mineral resource exploration and development during the "14th Five-Year Plan" period, discovering 35 new large and medium-sized mineral sites while establishing 189 green mines to balance resource development with environmental protection [1][4]. Group 1: Mineral Resource Exploration - Gansu has discovered a total of 151 types of minerals, with confirmed resource reserves for 105 types, including nickel and cobalt, which rank among the top in the country [2]. - The province has invested 4.71 billion yuan in the new round of mineral exploration breakthrough strategic actions, focusing on key mineral areas and strategic minerals [2][4]. - The geological survey coverage for mineral resources has reached 45.93%, an increase of 8.86 percentage points since the end of 2020, indicating improved exploration accuracy [4]. Group 2: Environmental Protection and Sustainable Development - Gansu has implemented a series of policies to ensure high-quality development in mineral resource exploration, including the establishment of a green mine construction standard system covering six types of minerals [4][6]. - The province has built 189 green mines, promoting a cycle of "extraction without destruction" and "protection during development" [6].

黑德兰港为必和必拓(BHP.US)、福蒂斯丘金属集团等主要矿商处理货物，其发运量是衡量澳大利亚全 国流通情况的重要指标。今年以来，澳大利亚已从黑德兰港出口约4.76亿吨铁矿石，较2024年同期增长 约1%。其中绝大部分运往需求依然保持稳定的中国。中国海关数据显示，10月铁矿石进口量较去年同 期增长约7%。 澳大利亚政府报告预测，这种炼钢原料的出口量未来几年将持续增长，但由于非洲新增供应涌入，价格 可能承压。 智通财经APP获悉，由于中国对铁矿石的需求展现出韧性，澳大利亚主要出口港的铁矿石发运量升至10 月历史最高水平。根据皮尔巴拉港口管理局数据，西澳大利亚黑德兰港上月铁矿石出口量达到4950万 吨，较2024年10月增长近8%，创下自2010年有记录以来同期最高发运量。 ...

彭博新能源财经（BNEF）年度盛会——2025年上海峰会，将于 11月25日至26日 于 上 海 启 幕。 今年，我们即将迎来这场巅峰会议的第十一周年。正值"十四五"规划收官与"十五五"规划 启动的关键年，本届峰会将汇聚全球能源、交通、工业、金融与科技领域的顶尖领袖与决策者， 旨在提供制定成功战略、利用技术变革所需的前沿理念、深刻洞见与高端人脉，共同塑造一个更 清洁、更具竞争力的未来。 我们诚挚邀请您莅临 2025 BNEF 上海峰会，与超700位行业领袖深度交流，共同构建清晰的全 景式能源蓝图，揭晓未来趋势的关键答案，把握新的发展机遇。 #BNEF峰会 分享嘉宾： Anderson Barreto Arruda 巴西矿业与能源部规划与矿业政策司 司长 Augusto Souto Pestana 巴西驻上海总领事 白俊 北京燃气研究院 副院长 陈思捷 上海交通大学 教授 新型电力系统技术 经济研究所所长 陈宗媚 JPMorgan 亚太可持续 执 行董事 Damien Nguyen 惠生清洁能源 CTO 邓明晖 弘正储能 海外事业部总经理 代贤忠 国网能源研究院 电网所 安全与城市电网研究室 主任 董德兰 中国 ...

值得一提的是，经过多年的专业技术积累与市场沉淀，中国铀业现已具备天然铀经营各环节完整高效的 组织体系、队伍体系、能力体系、技术体系，形成了以砂岩铀矿为主体、硬岩铀矿为补充、放射性共伴 生资源综合利用回收天然铀的国内天然铀产能布局。公司积极落实国家"一带一路"倡议，开展海外铀资 源开发业务，重点布局非洲、亚洲等主要产铀区，其中，公司位于纳米比亚的罗辛铀矿2022年产量位列 全球铀矿山第六位。 绿色发展方面，中国铀业还是推动放射性共伴生矿产资源开发利用行业健康可持续发展的领军企业，下 属放射性共伴生矿产资源综合利用项目取得了工信部、生态环境部、国防科工局等主管部门的核准和批 复。 11月20日上午，中国铀业（001280）股份有限公司（以下简称"中国铀业"，股票代码：001280.SZ）首 次公开发行股票并在主板上市网上路演在全景路演举行。 投资者交流环节，问及在放射性共伴生综合利用业务的行业内地位，中国铀业董事、总经理邢拥国介 绍，公司是推动放射性共伴生矿产资源开发利用行业健康可持续发展的领军企业，下属相关项目取得了 工信部、生态环境部、国防科工局等主管部门的核准和批复。公司正在江西赣州试运行国内单体产能最 大 ...

11月20日上午，中国铀业（001280）股份有限公司（以下简称"中国铀业"，股票代码：001280.SZ）首 次公开发行股票并在主板上市网上路演在全景路演举行。 当前，全球能源转型浪潮正为天然铀产业带来历史性发展窗口。世界核协会最新报告显示，全球核电反 应堆对铀的需求到2030年将上涨三分之一至8.6万吨，2040年更将达到15万吨；国内方面，《"十四 五"现代能源体系规划》明确提出到2025年核电运行装机容量达到7000万千瓦左右，2025年4月国务院常 务会议进一步核准浙江三门三期等核电项目，采用我国自主知识产权的"华龙一号"技术，建成后年发电 量将达200亿千瓦时。随着我国核电装机容量持续扩大，天然铀作为核工业"粮食"的战略价值愈发凸 显，而当前全球铀市场供需缺口扩大的格局，更为中国铀业的发展提供了广阔空间。 多重利好之下，中国铀业近年来经营保持着稳健增长的态势。招股书显示，中国铀业具备良好的盈利能 力和健康的财务状况。2022年-2024年，公司实现营收105.35亿元、148.01亿元以及172.79亿元，复合增 长率约28%；对应实现净利润15.20亿元、15.11亿元与17.12亿元。 进入2 ...