Core Viewpoint - The company received approval for a three-month extension of trial production at its subsidiary, Sichuan Honglin Mining Co., Ltd. [1] Group 1 - Sichuan Honglin Mining Co., Ltd. has been granted a trial production extension by the Muli County Emergency Management Bureau [1] - The extension period is from December 10, 2025, to March 10, 2026 [1]

证券研究报告 | 固定收益点评 gszqdatemark 2025 12 10 年 月 日 固定收益点评 菜价推升 CPI 11 月通胀数据显示，CPI 涨幅扩大，PPI 降幅小幅走阔。11 月 CPI 同比 涨幅扩大 0.5 个百分点至 0.7%，连续两个月上涨且为 2024 年 3 月份以 来最高，CPI 环比季节性也明显高于前两年。PPI 同比降幅小幅扩大 0.1 个 百分点至-2.2%，环比保持 0.1%的增长。 菜价是本月 CPI 回升的主要原因。11 月 CPI 同比上涨 0.7%，上月为上 涨 0.2%，环比下跌 0.1%。其中，食品价格由上月下降 2.9%转为上涨 0.2%，对 CPI 同比的影响由上月下拉 0.54 个百分点转为上拉 0.04 个百 分点。食品中菜价上涨最为明显，受天气因素等影响，鲜菜价格由上月下 降 7.3%转为上涨 14.5%，对 CPI 同比的上拉影响比上月增加约 0.49 个 百分点。由于蔬菜生长周期短，因而难以持续涨价，短期快速上涨之后往 往会由于供给增加而回落。 核心 CPI 平稳，金价影响依然显著。核心 CPI 同比上涨 1.2%，与上月持 平，涨幅连续 3 个 ...

Core Viewpoint - The company, Shengda Resources, announced that its subsidiary, Sichuan Honglin Mining Co., Ltd., has received approval for a three-month extension for trial production at the Caiyuanzi Copper-Gold Mine from the Muli County Emergency Management Bureau [1] Group 1 - The trial production extension is set from December 10, 2025, to March 10, 2026 [1]

Group 1 - The company announced that Honglin Mining received approval from the Muli County Emergency Management Bureau for a three-month extension of trial production at the Caiyuanzi Copper-Gold Mine, from December 10, 2025, to March 10, 2026 [1] - The approval includes requirements for strict adherence to national regulations and safety measures during the trial production period [1] - The company holds a 53% stake in Honglin Mining, which is a subsidiary, and the mine has a total identified resource of 6.056 million tons of ore, with gold resources of 17,049 kilograms and copper resources of 29,015 tons [2] Group 2 - The mining license for the Caiyuanzi Copper-Gold Mine is valid from November 25, 2019, to November 25, 2033, with an annual production capacity of 396,000 tons [2] - The average grade of gold is 2.82 grams per ton, and the average grade of copper is 0.48% for the identified resources [2] - The company stated that the trial production extension will not have a significant impact on its current operating performance, but the timeline for formal production remains uncertain [2]

Core Viewpoint - The company announced that its subsidiary, Sichuan Honglin Mining Co., Ltd., has received approval for a three-month extension for trial production at the Caiyuanzi Copper-Gold Mine, now scheduled from December 10, 2025, to March 10, 2026, which introduces uncertainty regarding the official production timeline and its impact on future performance [1] Group 1 - Sichuan Honglin Mining Co., Ltd. is a subsidiary of the company and possesses rich gold and copper mineral resources [1] - The extension for trial production will allow the company to process the safety production license as required during this period [1] - The uncertainty surrounding the official production start date may affect the company's future performance [1]

公司持有鸿林矿业53%的股份，鸿林矿业是公司的控股子公司。鸿林矿业工业矿体累计查明资源量（探 明+控制+推断）矿石量605.6万吨，金金属资源量17,049千克，平均品位2.82克/吨；铜金属资源量29,015 吨，平均品位0.48%。低品位矿资源量（探明+控制+推断）矿石量39.4万吨，金金属资源量120千克，平 均品位0.30克/吨；铜金属资源量1,164吨，平均品位0.30%。鸿林矿业菜园子铜金矿采矿许可证有效期限 自2019年11月25日至2033年11月25日，证载开采矿种包括金矿、铜矿，生产规模39.60万吨/年，矿区面 积0.68平方公里，开采深度由3162米至2202米标高共由14个拐点圈定。本次木里县应急管理局同意鸿林 矿业试生产延期不会对公司当期经营业绩产生重大影响，鸿林矿业试运行延期期间将同步按规定办理安 全生产许可证，取得安全生产许可证后方可正式投产，矿山正式投产的时间存在不确定性，对公司未来 业绩的影响存在不确定性，敬请广大投资者注意投资风险。 格隆汇12月10日丨盛达资源(000603.SZ)公布，近日，鸿林矿业收到木里县应急管理局下发的《木里县 应急管理局关于同意四川鸿林矿业有限 ...

Group 1: CPI Analysis - In November 2025, the CPI increased by 0.7% year-on-year, up from 0.2% in the previous month, aligning with market expectations[2] - The main driver for the CPI increase was the turnaround in food prices, particularly fresh vegetable prices, which rose by 14.5% year-on-year, compared to a decline of 7.3% in the previous month[4][5] - Core CPI remained stable at 1.2% year-on-year, with gold prices contributing significantly to this stability, while service prices showed a slowdown due to seasonal demand[6] Group 2: PPI Analysis - The PPI decreased by 2.2% year-on-year in November, slightly worse than the previous month's decline of 2.1%, primarily due to a high base effect from the previous year[8] - PPI showed a month-on-month increase of 0.1%, marking the second consecutive month of growth, driven by rising prices in the coal and non-ferrous metal sectors[8][9] - The "anti-involution" effect is evident as downstream consumer goods prices stabilize, while upstream coal and metal prices continue to rise[11] Group 3: Future Outlook - The CPI is expected to maintain its upward trend in December, supported by low base effects and rising food prices, with a projected average CPI growth rate of 0.7% for the coming year[10] - The PPI's year-on-year decline is anticipated to narrow, influenced by global manufacturing recovery and domestic supply-demand adjustments, although the timing for a return to positive growth remains uncertain[11] - The recovery of domestic demand and the potential for a rebound in pork prices are critical factors that could influence CPI trends in the upcoming months[10]

Group 1 - In November, China's Producer Price Index (PPI) increased by 0.1% month-on-month, marking the second consecutive month of growth [1] - Seasonal demand in certain domestic industries, particularly coal and gas, contributed to the price increase, with coal mining and washing prices rising by 4.1% and gas production and supply prices increasing by 0.7% [1] - The PPI year-on-year decreased by 2.2%, with the decline rate widening by 0.1 percentage points compared to the previous month, influenced by a high comparison base from the previous year [1] Group 2 - The reduction in year-on-year price declines for certain industries indicates the effectiveness of measures against "involution" competition, with coal mining and washing, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing seeing narrowed declines [2] - Emerging industries are driving price increases, with external storage devices and components prices rising by 13.9% year-on-year, graphite and carbon product manufacturing prices increasing by 3.8%, and integrated circuit manufacturing prices up by 1.7% [2]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.7% year-on-year, marking the highest growth since March 2024, driven primarily by a reversal in food prices from a decline to an increase [2] - Food prices shifted from a decrease of 2.9% to an increase of 0.2%, contributing positively to the CPI by approximately 0.04 percentage points [2] - Fresh vegetable prices rose by 14.5%, marking the first increase after nine consecutive months of decline, significantly impacting the CPI [2] - Core CPI, excluding food and energy, rose by 1.2%, maintaining above 1% for three consecutive months [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) increased by 0.1% month-on-month, marking the second consecutive month of growth [4] - Seasonal demand increases in certain domestic industries, such as coal and gas, contributed to the rise in PPI [4] - Year-on-year, PPI decreased by 2.2%, with the decline slightly widening due to high comparison bases from the previous year [5] - The prices in key industries like coal mining and photovoltaic equipment manufacturing showed a narrowing of year-on-year declines, indicating improved market conditions [5]

Core Insights - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year, marking the highest growth since March 2024, primarily driven by a reversal in food prices from decline to increase [2][4] - The Producer Price Index (PPI) rose by 0.1% month-on-month, marking the second consecutive month of increase, while year-on-year, it decreased by 2.2% [5][8] CPI Analysis - The CPI's year-on-year increase of 0.7% reflects a 0.5 percentage point rise from the previous month, largely due to food prices shifting from a 2.9% decline to a 0.2% increase [2][4] - Fresh vegetable prices saw a significant turnaround, increasing by 14.5% year-on-year after nine months of decline, while pork and poultry prices decreased by 15.0% and 0.6%, respectively, with the rate of decline narrowing [4] - Core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months [4] PPI Analysis - The PPI's month-on-month increase of 0.1% is attributed to seasonal demand increases in certain domestic industries, such as coal and gas, with coal mining prices rising by 4.1% [5][7] - Year-on-year, the PPI's decline of 2.2% is influenced by high comparison bases from the previous year, with various macroeconomic policies showing positive effects on prices [8] - Prices in emerging industries, such as new materials and intelligent manufacturing, have increased, with specific categories like external storage devices rising by 13.9% year-on-year [8]