每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 （记者 曾健辉） 每经AI快讯，2025年11月25日，深交所向山东恒邦冶炼股份有限公司发出监管函：2025年8月12日，你 公司披露的《关于独立董事辞职的公告》显示，你公司独立董事黄健柏、焦健因连续担任公司独立董事 满六年，申请辞去公司独立董事及董事会相关专门委员会职务。因黄健柏、焦健辞职将导致公司独立董 事人数少于董事会成员的三分之一，根据《上市公司独立董事管理办法》《公司章程》等相关规定，其 辞职报告将在公司召开股东会选举产生新任独立董事后方可生效。根据相关规定，你公司应当自独立董 事提出辞职之日起六十日内完成补选。目前你公司未依规及时完成补选工作。你公司的相关行为违反了 本所《股票上市规则》第1.4条和《上市公司自律监管指引第1号——主板上市公司规范运作》第3.2.8条 第三款的规定。本所希望你公司及全体董事、高级管理人员认真吸取教训，并提醒你公司及全体董事、 高级管理人员严格遵守《证券法》《公司法》等法律法规，以及本所《股票上市规则》及相关规定，真 实、 ...

Group 1 - The core announcement is that Haotong Technology has been approved as a designated delivery warehouse for platinum and palladium futures by the Guangzhou Futures Exchange [2] - The approval was confirmed following the issuance of notifications regarding the delivery business for platinum and palladium futures, which will take effect on November 21, 2025 [2] - This development indicates a significant step for the company in participating in the futures market for these precious metals [2] Group 2 - The approval enhances the company's operational capabilities in the commodities sector, particularly in precious metals [2] - The move is expected to create new business opportunities and potentially increase revenue streams for the company [2] - The designation as a delivery warehouse aligns with industry trends towards greater participation in futures trading for precious metals [2]

天眼查App显示，近日，深圳市宝立源贵金属有限公司成立，法定代表人为司马石飞，注册资本50万人 民币，经营范围为一般经营项目是：贵金属冶炼；金属材料制造；金属材料销售；稀有稀土金属冶炼； 非金属矿物制品制造；非金属矿及制品销售；有色金属压延加工；金属废料和碎屑加工处理；电子产品 销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；锻件及粉末冶金制品制造； 新材料技术研发；技术进出口；货物进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经 营活动），许可经营项目是：无。 ...

每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 （记者 张明双） 2025年1至6月份，恒邦股份的营业收入构成为：贵金属冶炼占比72.22%，贵金属冶炼业占比21.98%， 矿粉销售占比2.85%，有色金属贸易占比1.57%，化工生产占比1.09%。 截至发稿，恒邦股份市值为156亿元。 每经AI快讯，恒邦股份（SZ 002237，收盘价：13.58元）11月14日晚间发布公告称，公司第九届第三十 六次董事会会议于2025年11月14日以现场与通讯相结合的方式召开。会议审议了《关于修订 <董事会议 事规则> 的议案》等文件。 ...

白银有色公告称，公司于2025年9月30日审议通过《关于设立黄金公司的提案》。近日，设立的甘肃红 鹭黄金有限公司完成工商登记，取得《营业执照》。该子公司法定代表人为张有达，注册资本15亿元， 成立于2025年11月6日，经营范围包括危险废物经营、贵金属冶炼等。 ...

Core Viewpoint - Guangdong Xinlian Precious Metals Co., Ltd. has been established with a registered capital of 5 million RMB, indicating a new player in the precious metals and related industries [1] Company Overview - The company is engaged in a wide range of activities including the sale of metal materials, investment activities using its own funds, and various consulting services [1] - It specializes in the sales of non-ferrous metal alloys, metal products, and chemical products (excluding licensed chemical products) [1] - The company also focuses on the smelting of rare earth metals and the sale of agricultural products [1] Product and Service Offerings - The company offers a variety of products including gold and silver products, jewelry retail and wholesale, and the manufacturing of jewelry [1] - It provides services such as jewelry recycling and repair, price appraisal, and technical services including development, consulting, and transfer [1] - The company is involved in domestic trade agency services and import-export activities [1]

Core Insights - Hengbang Co., Ltd. reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 76.44 billion yuan, a year-on-year growth of 31.44%, and a net profit attributable to shareholders of 562 million yuan, up 20.89% [1] - The company’s third-quarter performance was particularly strong, with revenue of 33.39 billion yuan, reflecting a 94.26% increase year-on-year, and a net profit of 253 million yuan, which is a 52.08% increase [1] - Hengbang's core business is focused on precious metal smelting, including gold, silver, and electrolytic copper, while also exploring value enhancement through technological innovation and resource efficiency [1] Business Model and Strategy - Hengbang operates on a business model of "purchased raw materials + smelting processing," leveraging its core technological advantages in precious metal smelting and comprehensive recovery [1] - The company is actively extending its industrial chain and diversifying its business through technological innovations aimed at efficient resource utilization [1] - The smelting of precious metals and multi-element materials allows for the efficient recovery of valuable elements, contributing significantly to the company's profit growth [1] Market Trends and Opportunities - Hengbang's expansion into the rare metal sector aligns with global industrial development trends and domestic policy directions, presenting significant growth opportunities [2] - The accelerating global energy transition and the booming semiconductor industry are increasing the strategic importance of rare metals, leading to rising market demand [2] - Recent export controls on tungsten, tellurium, bismuth, molybdenum, and indium by the Chinese government highlight the importance of rare metals as strategic resources, which will enhance the domestic rare metal industry chain [2] Financial Performance in Rare Metals - As of the third quarter, the price of domestic refined bismuth surged from 73,600 yuan per ton to 129,100 yuan per ton, marking a 75.41% increase, while antimony prices rose from 140,000 yuan per ton to 174,900 yuan per ton, a 24.93% increase [2] - The profitability of Hengbang's rare metal business has significantly improved, with revenue from this segment reaching 447 million yuan in the first half of 2025 and a gross margin of 47.82%, substantially higher than traditional smelting operations [2]

Core Viewpoint - Hunan Silver (002716) announced adjustments to its share repurchase plan to ensure the smooth implementation of its restricted stock incentive plan, raising the maximum repurchase price to 8 CNY per share and adjusting the total repurchase amount to between 92.6 million CNY and 123 million CNY [1][2] Group 1: Share Repurchase Plan - The company plans to repurchase between 17.55 million and 21.38 million shares based on the number of shares already repurchased and the initial grant of the restricted stock incentive plan [1] - The previous repurchase price limit was raised from 5 CNY to 7 CNY per share on September 5, with the new price effective from September 5, 2025 [1] - As of October 16, the company had repurchased 17.55 million shares, accounting for 0.35% of the total share capital, with a total transaction amount of 92.6 million CNY [1] Group 2: Market Performance - Hunan Silver's stock price has surged over 124% since June 1, with the latest closing price at 7.71 CNY per share and a total market capitalization of 21.8 billion CNY [2] - The adjustment in the repurchase plan is a cautious decision based on recent stock price performance and market conditions, ensuring no adverse impact on the company's debt servicing ability or ongoing operations [2] Group 3: Financial Performance - For the first half of 2025, Hunan Silver reported a revenue of 4.529 billion CNY, a year-on-year increase of 35.59%, and a net profit attributable to shareholders of 62.2 million CNY, up 7.01% [4] - The company achieved a significant increase in its net profit excluding non-recurring items, which rose by 367.41% to 50.9 million CNY, attributed to focused management and cost control efforts [4] - The overall market prices for precious metals, including silver and gold, have been on a continuous rise, contributing to the company's improved financial performance [4]

Core Viewpoint - The company plans to raise no more than 1.291 billion yuan through a private placement to enhance its technological innovation platform, upgrade its industry, and supplement working capital, thereby strengthening its precious metals industry chain advantage and promoting high-quality development [1][2]. Fundraising Purpose - The 1.291 billion yuan will be allocated into three main areas: - 484 million yuan for the construction of a technological innovation platform, including 400 million yuan for a national key laboratory for precious metal functional materials and 84 million yuan for an AI laboratory focused on precious metal new materials [1][2]. - 420 million yuan for industrial transformation and upgrading, which includes 170 million yuan for a modern industrial base for the recycling of secondary precious metal resources, 130 million yuan for green recycling of secondary resources, 80 million yuan for deep processing and intelligent upgrading of precious metal alloy functional new materials, and 40 million yuan for the industrialization of platinum anticancer drug raw materials [1][2]. - 387 million yuan to supplement working capital to optimize the capital structure and alleviate financial pressure [1][2]. Project Investment Overview - The total investment for the projects funded by the private placement amounts to approximately 2.531 billion yuan, with the planned fundraising of 1.291 billion yuan [2]. - The projects align closely with the company's main business and comply with national policies on new material industry development, as well as the company's strategic planning [2]. Shareholding Structure - As of the announcement date, Yun Investment Group holds 38.60% of the company's shares, making it the controlling shareholder, with the Yunnan Provincial State-owned Assets Supervision and Administration Commission as the actual controller. The private placement will not result in a change of control of the company [3]. Implementation Requirements - The private placement plan requires approval from the company's shareholders' meeting, as well as review and registration approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [3].

Group 1 - The recent surge in silver prices is driven by multiple factors including supply-demand fundamentals, expectations of Federal Reserve interest rate cuts, and increased safe-haven demand [1][2][3] - The global silver supply has been in a state of shortage for the past five years, with strong industrial demand, particularly from the solar energy sector, contributing to the increased need for silver [2] - The World Silver Association projects a 2% increase in total silver supply and a 1% decrease in total demand by 2025, leading to a narrowing of the global silver supply gap to 117.6 million ounces [2] Group 2 - Companies in the silver industry are experiencing varied impacts from rising silver prices; upstream companies benefit more, while smelting companies face pressure due to processing fees and raw material costs [4] - Companies without their own silver mines, such as Hengbang Co., are seeing price increases but also face rising raw material costs, relying on processing fees for profitability [4] - Companies with their own mines are in a more favorable position, as rising metal prices positively impact their stock prices and profitability [4]