Core Viewpoint - The article discusses the collaboration between Foshan Plastics Technology and Zijin Mining's subsidiaries to establish a project company for the investment and construction of a lithium sulfide pilot platform project, highlighting the growing interest in battery-grade materials in the energy sector [2]. Group 1: Project Overview - Foshan Plastics Technology announced plans to invest in a pilot platform for battery-grade lithium sulfide, with a total investment of 113 million yuan, aiming to build a production line with a capacity of 100 tons per year [2]. - The project company will have a registered capital of 100 million yuan, with Foshan Plastics contributing 5 million yuan (5% equity), Zijin Lithium contributing 60 million yuan (60% equity), Xiamen Zijin contributing 10 million yuan (10% equity), and Guangxin Research Institute contributing 25 million yuan (25% equity) [2]. Group 2: Company Background - Foshan Plastics Technology specializes in the production and sales of advanced polymer functional films, covering various fields such as woven materials, high-precision capacitor films, and polyamide nylon films [3]. - Zijin Mining Group is a large multinational mining group engaged in the exploration and development of various metal resources, including lithium, and is one of China's largest mineral gold producers [4]. Group 3: Research and Development - The article mentions several patents related to the preparation and production methods of lithium sulfide, indicating ongoing research and innovation in this area [3]. - The collaboration aims to enhance the development of high-purity battery-grade lithium sulfide products, which are critical for the energy storage and electric vehicle industries [2][3].

Group 1 - Dow futures rose by 0.07%, while S&P 500 and Nasdaq futures fell by 0.09% and 0.11% respectively [1] - Chinese concept stocks saw pre-market gains, with Alibaba rising over 5% due to reports of its secret project "Qianwen," an AI assistant app aimed to compete with ChatGPT. JD.com also rose over 4%, reporting Q3 2025 revenue of 299.1 billion yuan, a 14.9% year-on-year increase, and a net profit of 5.3 billion yuan [1] - Spot gold surpassed $4,230 per ounce, leading to a collective rise in gold stocks, with Harmony Gold up 5.6%, DRDGOLD over 4%, and others also showing significant gains [1] Group 2 - President Trump signed a temporary funding bill, ending a 43-day government shutdown, which caused an estimated economic loss of $7 billion to $15 billion and reduced Q4 GDP growth by 1.5 percentage points [2] - Cisco's stock rose over 7% after reporting Q1 revenue of $14.88 billion, an 8% year-on-year increase, and a non-GAAP EPS of $1, exceeding market expectations. Cisco also raised its full-year revenue guidance to between $60.2 billion and $61 billion [2] Group 3 - Michael Burry announced the closure of his Scion fund, which had recently disclosed put options on AI stocks like Palantir and Nvidia, citing concerns over a market bubble [3] - Morgan Stanley warned of a potential 20% electricity shortfall in the U.S. by 2028 due to the rapid growth in AI demand, which is straining the national grid [3] - Boston Fed President Susan Collins indicated that the threshold for further interest rate cuts is "relatively high," suggesting current rates will remain for some time [3] Group 4 - Disney plans to expand its sports brand ESPN into the Asian market, aiming to capitalize on the region's fast-growing streaming market. Disney+ is currently the third-largest streaming platform in Asia, with projected subscriptions reaching 19 million and revenue of $1.4 billion by the end of 2025, excluding India and China [4]

Group 1 - The metal zinc concept has seen a rise of 4.05%, ranking 7th among concept sectors, with 36 stocks increasing in value, including Xingye Silver Tin, Guocheng Mining, and Dazhong Mining reaching their daily limit [1] - Notable gainers in the zinc sector include Huaxi Nonferrous, Shengda Resources, and Yuguang Gold Lead, which rose by 8.55%, 7.97%, and 7.54% respectively [1] - The sector experienced a net inflow of 3.39 billion yuan from main funds, with 30 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow [2] Group 2 - The leading stock in terms of net inflow is Zijin Mining, with a net inflow of 682 million yuan, followed by Shengtun Mining, Xingye Silver Tin, and Hebang Biological with net inflows of 610 million yuan, 563 million yuan, and 291 million yuan respectively [2] - The top three stocks by net inflow ratio include *ST Zhengping, Shengtun Mining, and Jinhui Co., with ratios of 34.15%, 20.05%, and 17.15% respectively [3] - The performance of stocks in the zinc sector shows significant volatility, with some stocks like Beijete and Zhongxin Metals experiencing declines of 2.39% and 1.63% respectively [5]

中国经济网北京11月13日讯 盛屯矿业(SH:600711)今日股价涨停，截至收盘报12.21元，涨幅 10.00%，总市值377.36亿元。 （责任编辑：康博） ...

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The report highlights significant growth in nickel and lithium production, with nickel ore production increasing by 755% year-on-year to 12.32 million wet tons in Q3 2025, and lithium carbonate production reaching 2,080 tons [1][5]. - The report notes that the average grade of nickel ore sold by PT WBN has decreased significantly compared to Q3 2024, but it still commands a premium price due to limited domestic supply [2]. - The overall financial performance of the group showed a 10% decline in adjusted revenue to €720 million in Q3 2025, primarily due to lower sales prices, although sales volume increased by 22% [9]. Summary by Sections Nickel - Nickel ore production in Q3 2025 was 12.32 million wet tons, with a quarter-on-quarter increase of 74% and a year-on-year increase of 755% [1]. - NPI production reached 9,400 tons, reflecting a 19% quarter-on-quarter growth and a 27% year-on-year growth [3]. - The average grade of nickel ore sold decreased from 2.0% to 1.6% compared to Q3 2024, while the average moisture content increased [2]. Lithium - Lithium production in Q3 2025 was 2,080 tons, a significant increase from 270 tons in Q2 2025 [3]. - The Centenario plant in Argentina has improved its production capacity, achieving a utilization rate of 50% in September 2025 [5]. - Lithium sales reached 1,000 tons in Q3 2025, up from 480 tons in Q2 2025 [3]. Manganese - Manganese ore and sinter production totaled 1.874 million tons in Q3 2025, with a quarter-on-quarter increase of 6% but a year-on-year decrease of 8% [6]. - The average cash cost of manganese mining activities was $2.3 per ton, reflecting a 14% increase compared to Q3 2024 [6]. - Manganese alloy production was 174,000 tons, with a 9% quarter-on-quarter increase and a 5% year-on-year increase [7]. Financial Performance - The adjusted revenue for the group in Q3 2025 was €720 million, a 10% decrease from €804 million in Q3 2024 [9]. - The decline in revenue was attributed to a 25% drop in sales prices, particularly for manganese and nickel ores, despite a 22% increase in sales volume [9]. 2025 Outlook - Nickel demand is expected to grow in Q4 2025 due to increased stainless steel production in China, Indonesia, and India, while battery demand is anticipated to remain stable [10]. - Lithium demand is projected to continue rising, driven by electric vehicle sales, particularly in China, with expectations of a significant increase in battery-grade lithium prices [13]. - The manganese market is expected to remain oversupplied in Q4 2025, with stable supply but weak demand [16].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic and international macro environment is in a vacuum, with the core focus of the fundamentals on the domestic demand side. The supply side remains stable with a slight increase. Currently in the seasonal production - reduction period, overall demand is on a marginal decline. However, considering the low inventory level at the steel - mill end, large basis rate, and significant internal - external price difference, the current price is expected to be at a relatively low level. In the short term, there's no need to be overly pessimistic. Overall, the price is expected to move down but remain range - bound [2]. - The price is expected to operate within a range. The main contract of Dalian Iron Ore Futures is expected to be in the range of 750 - 785 yuan/ton, corresponding to an external market price of about 100.5 - 104.5 US dollars/ton. The strategy is to conduct range operations and sell put options [2]. Summary by Relevant Catalogs Supply - External iron ore shipments declined on a week - on - week basis but remained at a high level year - on - year, with the supply - side support remaining weak. As of the week ending November 10, the total global iron ore shipments were 3,069.0 million tons, a week - on - week decrease of 144.8 million tons. The total shipments from Australia and Brazil were 2,548.6 million tons, a week - on - week decrease of 210.6 million tons. From the perspective of the 5 - week average shipments, the global iron ore shipments were 3,242.3 million tons, a year - on - year increase of 216 million tons. The arrival volume at 47 ports in China was 2,797.6 million tons, a year - on - year increase of 295.3 million tons [2]. Demand - The loss - making range of domestic blast - furnace steel mills continues to expand. In addition, environmental protection restrictions in Handan have been tightened, leading to an increase in the number of blast - furnace overhauls. Multiple regions such as Shanxi, Shaanxi, Jiangsu, and Northeast China have seen a decline in demand and losses. Although the number of blast - furnace restarts in North China has increased, due to the sintering restriction policy in North China, the blast - furnace operating rate has increased while the molten iron output has decreased. Overall, domestic iron ore demand has shown a trend of decline due to environmental protection factors and shrinking production profits, which is in line with the seasonal production - reduction pattern. There is also an expectation of seasonal production cuts by steel mills in regions such as Xinjiang in the later stage. It is likely that the molten iron output will continue to decline slowly [2]. Inventory - Under the pattern of strong supply and weak demand, the inventory at domestic ports has continued to accumulate. In the short term, the pressure on the supply side remains, and although the decline rate of the demand side may slow down, it is still in a downward cycle. As of November 7, the total inventory of imported iron ore at 45 ports across the country was 14,898.83 million tons, a week - on - week increase of 356.35 million tons and a year - on - year decrease of 370.23 million tons [2].

Core Viewpoint - The A-share market showed strong performance with 83 stocks hitting the daily limit up and none hitting the limit down, indicating a bullish sentiment among investors [1] Group 1: Sector Performance - The non-ferrous metal and nickel sectors were particularly active, with stocks like Xingye Yinxin and Shengtun Mining reaching the daily limit up [1] - The lithium mining sector also demonstrated strength, with *ST Zhengping achieving a seven-day consecutive limit up, and Guocheng Mining recording three limit ups in four days [1] Group 2: Continuous Limit Up Stocks - *ST Dongyi achieved 23 limit ups in 28 days, while *ST Baoying had 13 limit ups in 16 days, showcasing significant investor interest [1] - HeFu China recorded 12 limit ups in 13 days, and Moen Electric had an eight-day consecutive limit up [1] - Other notable continuous limit up stocks include ST Huapeng with seven limit ups in 11 days, and several others like Furi Shares and *ST Lvkang with six limit ups [1]

龙虎榜数据显示，该股因连续三个交易日内，涨幅偏离值累计达20%上榜龙虎榜1次，买卖居前营业部 中，机构净卖出8573.98万元，深股通累计净卖出2507.14万元，营业部席位合计净买入1.34亿元。 公司发布的三季报数据显示，前三季公司共实现营业收入17.18亿元，同比增长24.60%，实现净利润 4.50亿元，同比增长765.89%，基本每股收益为0.4060元，加权平均净资产收益率13.97%。（数据宝） 国城矿业再度涨停，4个交易日内录得3个涨停，累计涨幅为28.23%，累计换手率为14.58%。截至 10:22，该股今日成交量3764.77万股，成交金额8.95亿元，换手率3.35%。最新A股总市值达274.48亿 元，A股流通市值274.48亿元。 证券时报·数据宝统计，两融数据来看，该股最新（11月12日）两融余额为3.64亿元，其中，融资余额 3.62亿元，较前一个交易日减少2082.95万元，环比下降5.44%，近4日累计增加8111.77万元，环比增长 28.90%。 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | ...

Group 1 - The core viewpoint is that non-ferrous metal stocks have strengthened, with notable increases in Tianqi Lithium, Huayou Cobalt, and others, indicating a positive market trend for the sector [1] - Mining and non-ferrous related ETFs have risen approximately 4%, reflecting the overall bullish sentiment in the market [1][2] - Analysts forecast that copper and cobalt prices will continue to rise due to supply tightness, while lithium prices are expected to benefit from unexpected increases in energy storage demand [2] Group 2 - Specific ETFs such as the Mining ETF and Non-Ferrous Metal ETFs have shown significant price increases, with the Mining ETF rising by 4.14% and the Non-Ferrous Metal ETF by 3.95% [2] - The overall investment enthusiasm for non-ferrous metals and other bulk commodities is likely to persist due to loose liquidity and countries strengthening their resource acquisition efforts [2]

Core Viewpoint - The London Metal Exchange (LME) has abruptly suspended all non-U.S. dollar-denominated metal options trading, forcing global traders to transact in U.S. dollars only, which is seen as a desperate reaction to the rising challenge of the Chinese yuan in the metal trading market [1][3]. Group 1: Impact on Dollar Dominance - The LME's decision is interpreted as a significant blow to the dollar's dominance in global commodity pricing, particularly as the exchange has historically been a key pillar of U.S. dollar hegemony [1][3]. - The dollar's dominance relies on three pillars: settlement, reserve, and pricing, with the LME being central to the pricing pillar [3]. - The LME's operations have allowed U.S. capital to benefit from fluctuations in interest rates, leading to significant profits for Wall Street firms during periods of low interest rates [3][4]. Group 2: Changes in Global Metal Trading - The rise of Chinese manufacturing has shifted the landscape, with China controlling over 70% of rare earth oxide production and significant shares of other metals, establishing itself as the largest metal consumer globally [7]. - Since 2022, the trading volume of metal options denominated in yuan has surged, with a 900% increase in market share, indicating a growing acceptance of the yuan in international metal transactions [7]. - The Shanghai Futures Exchange has reported that yuan-denominated copper futures have the largest open interest globally, surpassing that of the LME [7][8]. Group 3: Market Reactions - Following the LME's announcement, the Shanghai Futures Exchange saw a significant increase in trading volume, while the LME experienced unusual trading halts, highlighting a shift in market dynamics [8][10]. - The Dubai Commodity Exchange plans to launch yuan-denominated copper futures in 2026, further solidifying the yuan's role in the market [8]. - Market participants are increasingly viewing U.S. dollar-denominated metals as less favorable compared to those priced in yuan, indicating a potential shift in trading preferences [10].