当地时间11月17日，在刚果（金）南部卢阿拉巴省科卢韦齐机场，一架飞机降落时冲出跑道并起火。飞 机损毁严重，但机上包括刚果（金）矿业部长路易·卡班巴·瓦图姆在内的大约20人均安全撤离，暂无人 员伤亡报告。目前，事故原因正在调查中。 卢阿拉巴省一处手工采矿区11月15日发生简易桥梁坍塌事故，造成49人死亡。据称，卡班巴此行就是为 了视察矿难现场。 ...

前10个月云南新能源电池产业增加值同比增长76.7% 中新网昆明11月18日电 (记者 韩帅南)云南省统计局、国家统计局云南调查总队18日发布今年1至10月云 南省经济运行情况。其中，新能源电池、绿色铝、硅光伏云南工业"新三样"增加值同比分别增长 76.7%、10.5%、5.2%，较1至9月分别加快3.7、0.3、2.1个百分点。 1至10月，云南省规模以上工业增加值同比增长3.6%。分三大门类看，采矿业增加值增长8.4%，制造业 增加值增长3.9%，电力、热力、燃气及水生产和供应业增加值增长1.6%。 云南省加力扩围实施提振消费专项行动，促消费政策持续发力显效，消费市场总体平稳，市场规模不断 扩大。1至10月，全省实现社会消费品零售总额10597.72亿元，同比增长3.5%。 同时，云南省持续抓好项目谋划储备和招商引资，稳步推进项目落地和开工建设，加快重大项目建设进 度，稳定房地产开发投资，激发民间投资活力。1至10月，全省固定资产投资同比下降0.5%。分产业 看，第一产业投资增长5.6%，第二产业投资下降0.5%，第三产业投资下降1.3%。 数据还显示，1至9月，云南省规模以上服务业(错月指标)实现营业收 ...

金岭矿业公告，公司2025年前三季度利润分配方案为：以总股本5.95亿股为基数，向截至分红派息公告 确定的股权登记日登记在册的全体股东按每10股派发现金股利0.50元（含税），共计派发现金2976.7万 元。本次利润分配不送红股，不以资本公积金转增股本。 ...

Group 1 - BASF's new 2-Ethylhexanol (2-EH) facility in Zhanjiang has officially commenced production, marking a significant milestone in the integrated base's development [1] - Zhanjiang's GDP growth rate for the first three quarters of this year is 5.0%, ranking third in the province, with industrial added value increasing by 10.4%, the highest growth rate in the province [1] - The industrial sector is a key driver of high-quality development in Zhanjiang, with major projects in green steel, green petrochemicals, green energy, and modern agriculture contributing to this growth [1][2] Group 2 - Zhanjiang's industrial development is transitioning from quantity expansion to quality improvement, with a resilient growth pattern and strong potential [2] - The city has seen significant contributions from the mining sector, with new oil fields coming online and increasing production rates [2] - The city's small-scale industrial sector has also shown growth, with a 6.5% increase in added value in the first three quarters of this year [2] Group 3 - Industrial parks in Zhanjiang are becoming strong engines for development, facilitating the transition to high-value-added products [3] - The industrial parks have reported an 11.9% increase in industrial added value year-on-year, showcasing robust momentum [4] - Zhanjiang's green petrochemical and modern agricultural industries have surpassed a total output value of 100 billion yuan, contributing to a modern industrial system [4] Group 4 - Technological transformation is a key strategy for Zhanjiang's industrial upgrade, with significant investments in industrial upgrades showing a 33.3% increase year-on-year [4] - The new materials sector is also emerging, with a new production base expected to generate an annual output value of 2 billion yuan [4] - Major projects are driving industrial growth, with Zhanjiang positioned to leverage its industrial capabilities for future development [5]

Core Viewpoint - The company is facing legal challenges regarding the revocation of its mining license in Russia, which could significantly impact its financial status despite current operations remaining unaffected [1]. Group 1: Legal and Regulatory Developments - A Russian court upheld the decision to revoke the mining license on November 17, 2025, and the company is seeking legal advice and measures to protect its rights [1]. - The company plans to closely monitor the status of the license and the appeal ruling, with intentions to inform shareholders and potential investors of any relevant developments [1]. Group 2: Financial Implications - As of the announcement date, the revocation and appeal ruling are not expected to have a significant adverse impact on the company's overall daily operations, which include energy commodity trading [1]. - The exploration and evaluation asset value related to the mining license in Russia is approximately HKD 1.423 billion, accounting for about 96% of the company's total assets [1]. - If the license cannot be extended or is legally revoked, the comprehensive mining plan for the Lapichevskaya mine in Russia may be affected, potentially leading to significant adverse financial consequences for the company [1]. Group 3: Trading Resumption - The company has applied for the resumption of trading of its shares on the stock exchange starting from November 18, 2025, at 1:00 PM [2].

Core Viewpoint - The company is facing legal challenges regarding the revocation of its mining license in Russia, which may impact its financial status despite current operations remaining unaffected [1]. Group 1: Legal and Regulatory Developments - A Russian court upheld the decision to revoke the mining license on November 17, 2025, and the company is seeking legal advice and measures to protect its rights [1]. - The company plans to monitor the situation closely and will inform shareholders and potential investors of any relevant developments [1]. Group 2: Financial Implications - The revoked mining license and the court's ruling are not expected to significantly impact the company's overall operations, which primarily involve energy commodity trading [1]. - As of March 31, 2025, the value of the exploration and evaluation assets related to the mining license in Russia is approximately HKD 1.423 billion, accounting for about 96% of the company's total assets [1]. - If the license cannot be extended or is legally revoked, the comprehensive mining plan for the Lapichevskaya mine may be affected, potentially leading to significant adverse effects on the company's financial condition [1]. Group 3: Trading Resumption - The company has applied for the resumption of trading of its shares on the stock exchange starting from November 18, 2025, at 1:00 PM [2].

11月17日（周一），刚果矿业部表示，该国已将禁止在受冲突影响的南北基伍省数十个手工采矿点交易 矿物的禁令延长六个月。 （文华综合 ） 这增加了锡、钽和钨全球供应链的合规压力，这些是电子、汽车和航空航天工业的关键原料。 该部周日在社交媒体上发布的命令适用于北基伍省Masisi和南基伍省Kalehe的38个生产钶钽铁矿石、锡 和钨矿的采矿点，这些矿石是锡、钽和钨的原料。 根据11月3日由矿业部长路Louis Watum Kabamba签署的一项命令，该禁令于2月出台，目前仍在实施， 因有证据表明来自矿山的非法供应正在为东部武装提供资金。 ...

Core Insights - Southbound funds increased their holdings in WanGuo Gold Group (03939.HK) by 164,000 shares on November 17, 2025, marking a net increase of 6.4 million shares over the past five trading days [1] - Over the last 20 trading days, there have been 12 days of net increases in holdings, totaling 8.8378 million shares [1] - As of now, southbound funds hold 123 million shares of WanGuo Gold Group, representing 11.13% of the company's total issued ordinary shares [1] Trading Data Summary - On November 17, 2025, total shares held were 123 million, with a change of 164,000 shares, reflecting a change of 0.13% [2] - On November 14, 2025, total shares held remained at 123 million, with a decrease of 80,000 shares, showing a change of -0.06% [2] - On November 13, 2025, total shares held were 123 million, with an increase of 1.484 million shares, indicating a change of 1.22% [2] - On November 12, 2025, total shares held were 122 million, with an increase of 1.596 million shares, reflecting a change of 1.33% [2] - On November 11, 2025, total shares held were 120 million, with an increase of 3.236 million shares, showing a change of 2.77% [2] Company Overview - WanGuo Gold Group, formerly known as WanGuo International Mining Group, is primarily engaged in mining, ore processing, and the sale of refined mineral and gold products [2] - The company operates through two segments: the Yifeng project segment, which processes and sells metal concentrates, and the Solomon project segment, which processes and sells gold concentrates and gold bars [2] - The company's product offerings include copper concentrates, iron concentrates, zinc concentrates, sulfur concentrates, lead concentrates, gold bars, gold concentrates, and by-products of gold and silver [2] - WanGuo Gold Group conducts business in both domestic and international markets [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The trend of China's PPI is determined by the combined effect of weight and price change of each category. The core drivers are upstream resource and basic material industries. Based on two prediction methods, the year-on-year decline of PPI in 2026 will narrow and turn positive in Q2 or Q3 [1][2] Summary by Relevant Catalogs 1. Basic Overview of China's PPI Data - China's PPI only measures industrial product prices, different from the US PPI which also covers services. It uses "dichotomy" and "industry method" classification systems. The PPI trend is mainly led by production materials. Both classification methods determine weights by sales output value, with a base period of 2020 [7][11][13] 2. Composition of PPI Weights and Core Driving Industries - PPI is calculated by weighted average of price indices of surveyed industries. Weights are estimated by "operating income" due to data limitations. Industries with high weights include computer, electrical machinery, etc. But industries with stable prices have limited impact on PPI. Upstream resources and basic materials are core drivers, like coal, oil, etc [16][20] - In October 2025, in PPI production materials, the year-on-year decline of mining was the largest; in PPI living materials, durable consumer goods had the largest decline. The current PPI decline is driven by international factors and supply - demand imbalance in some industries [22][24][26] 3. PPI Trend Calculation - One method is to estimate based on key industries. Assuming stable commodity prices in November 2025, PPI in 2026 will be driven by non - ferrous metals, coal, and black/chemical industries in sequence, and turn positive in Q2. The base effect in 2026 contributes significantly to the year - on - year recovery [28] - The second method is to calculate year - on - year from month - on - month. It is expected that the average monthly - on - monthly PPI in 2026 will be 0.02%, with an annual PPI of - 0.44% and a positive year - on - year reading in Q3 [30]

分析师及联系人 [Table_Author] 赵增辉 马玮健 SAC：S0490524080003 SFC：BVN394 丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 总量有压力，降息空间正在打开 ——10 月经济数据点评 报告要点 [Table_Summary] 今年 10 月经济数据增速在高基数下总体放缓，供需两端同步走弱，工业、投资、消费及出口增 长均减速，汽车、家用电器类商品零售走弱。新旧动能转换持续，服务消费和高端制造保持韧 性，经济修复呈现"传统承压、新兴支撑"特征。量价表现出现背离，后续或难以对工业品价 格形成持续拉动，若"量能"进一步放缓，价格实际改善力度及持续性可能有限。降息窗口预 计在今年四季度至明年一季度打开，我们建议与其博弈降息时点，不如抓住落地前的抢跑机会。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 总量有压力，降息空间正在打开 2] ——10 月经济数据点评 [Table_Summary2] 事件描述 今年 10 月经济数据总体承压，规模以上工业增加值同比实际增长 4.9%，前值为 ...