（文章来源：证券日报） 证券日报网讯 12月11日，中金岭南在互动平台回答投资者提问时表示，公司主要是根据自身战略发展 方向以及行业发展趋势来开展业务，未来将依据行业前景、公司战略发展规划等方面综合考虑未来的投 资计划及开采计划，请持续关注公司公告。 ...

Core Viewpoint - The report highlights the trends and future outlook of the lead industry in China, indicating a slight decline in lead production in 2025 compared to the previous year [1] Industry Summary - In October 2025, China's lead production is projected to be 645,000 tons, representing a year-on-year decrease of 2.4% [1] - Cumulative lead production from January to October 2025 is expected to reach 6,357,000 tons, showing a slight increase of 0.3% compared to the same period in the previous year [1] Company Summary - Listed companies in the lead industry include: Yuguang Gold Lead (600531), Zijin Mining (601899), Western Mining (601168), Chihong Zn & Ge (600497), Luoping Zinc Electric (002114), Zhongjin Lingnan (000060), Shengda Resources (000603), Guocheng Mining (000688), and China Nonferrous Metal Industry (000758) [1]

（文章来源：证券日报） 证券日报网讯中金岭南11月21日发布公告，在公司回答调研者提问时表示，公司业绩情况请关注公司后 续定期报告。 ...

Core Viewpoint - The company, Zhongjin Lingnan, emphasizes that its bond financing activities are neutral market-oriented arrangements, and the impact on stock prices should be assessed in conjunction with the type of bonds, the purpose of the funds, and the company's operational realities [1] Group 1: Bond Financing - The recent issuance of technology innovation bonds, ultra-short-term financing bonds, and previous convertible bonds are aimed at meeting the financing needs aligned with business development [1] - The funds raised through bond financing are directed towards real projects or optimizing the financial structure, supporting core business expansions such as mineral resource development and technological upgrades [1] Group 2: Long-term Impact - Long-term, the bond financing is expected to lower financing costs and enhance operational stability, providing fundamental support for the company's performance growth and stock price stability [1]

Core Viewpoint - The company emphasizes its recent refinancing arrangements and domestic and international project layouts aimed at optimizing resource allocation, improving the industrial chain, and enhancing future competitiveness [1] Group 1 - The company has ongoing projects that are in the construction or capacity ramp-up stages, which contribute to profits in a cyclical and phased manner [1] - As related work progresses, it will help solidify the company's business foundation and improve its operational system, supporting long-term development [1] - The company will continue to enhance operational efficiency and steadily advance key project construction and production capacity [1] Group 2 - The company commits to disclosing relevant progress in its regular reports as per regulations [1] - The company encourages stakeholders to maintain interest in its long-term development [1]

证券日报网讯 中金岭南11月21日发布公告，在公司回答调研者提问时表示，公司管理层一直关注并做 好经营各项工作，提高公司盈利能力，实现公司稳定健康快速地发展。公司坚定实施创新驱动发展战 略，围绕企业生产实际，坚持问题导向、目标导向，面向生产经营主战场，面向节能低碳技术研发，聚 焦铅锌铜银镓锗等有价金属综合回收、新材料研发等领域，大力推进关键核心技术攻坚，推动创新链产 业链深度融合，厚植高质量发展新优势。 （编辑 袁冠琳） ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Lead Market**: The lead price is under pressure due to potential weakening of raw - material support and improved supply tightness. It is recommended to hold previous short positions [1]. - **Zinc Market**: The zinc market fundamentals are weak in the short - term, and the zinc price may be under pressure. In the medium - term, the zinc price has some support at the lower end. It is advisable to hold previous short positions and use range - bound trading strategies [1]. 3. Summary by Related Catalogs **Lead Market Data** - **Price**: SMM1 lead ingot average price is 17,100 yuan/ton, down 0.29%; Shanghai lead futures main contract closing price is 17,250 yuan/ton, up 0.12%; LME3 - month lead futures closing price is 2,027 dollars/ton, unchanged; the Shanghai - London lead price ratio is 8.51, up 0.12% [1]. - **Spread**: Shanghai lead basis is - 150 yuan/ton, down 70 yuan; LME0 - 3 lead is at a discount of 28.21 dollars/ton; LME3 - 15 lead is at a discount of 85.10 dollars/ton, up 1.20 dollars [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 46,208 lots, down 16.09%; open interest is 63,895 lots, down 7.57%; trading volume to open interest ratio is 0.72, down 9.22% [1]. - **Inventory**: LME lead inventory is 264,475 tons, unchanged; Shanghai lead warehouse receipt inventory is 31,206 tons, down 4.54% [1]. **Zinc Market Data** - **Price**: SMM1 zinc ingot average price is 22,350 yuan/ton, up 0.45%; Shanghai zinc futures main contract closing price is 22,420 yuan/ton, up 0.49%; LME3 - month zinc futures closing price is 2,990.5 dollars/ton, unchanged; the Shanghai - London zinc price ratio is 7.50, up 0.49% [1]. - **Spread**: Shanghai zinc basis is - 70 yuan/ton, down 10 yuan; LME0 - 3 zinc is at a premium of 129.76 dollars/ton; LME3 - 15 zinc is at a premium of 40.72 dollars/ton, down 3.38 dollars [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 91,247 lots, down 2.38%; open interest is 67,487 lots, down 18.02%; trading volume to open interest ratio is 1.35, up 19.09% [1]. - **Inventory**: LME zinc inventory is 45,075 tons, unchanged; Shanghai zinc warehouse receipt inventory is 75,314 tons, down 1.92% [1]. **Industry News** - **Lead**: Endeavor silver - zinc mine restarted ore hoisting and grinding operations on November 15th and shifted to continuous shift production. Silver - lead concentrate transportation is ongoing for a scheduled shipment in early December [1]. - **Zinc**: Multiple polymetallic ore mining and beneficiation projects in Dong Ujimqin Banner, Inner Mongolia, have obtained construction land approvals and are ready to start, while the relevant procedures of the Diyanchinaamu molybdenum polymetallic ore project are progressing orderly [1]. **Fundamentals Analysis** - **Lead**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some refineries have maintenance plans, and the start - up of primary lead fluctuates slightly. The start - up of secondary lead is affected by different factors in different regions. Demand from lead - acid battery enterprises has increased [1]. - **Zinc**: Refineries are actively purchasing domestic zinc ores, and the domestic ore supply is tight with processing fees expected to decline further. Refinery production is expected to remain around 600,000 tons per month, while demand is weak [1].

11月17日，金徽股份收涨3.76%，收盘价为15.17元，发生1笔大宗交易，合计成交量200万股，成交金额 2974万元。 第1笔成交价格为14.87元，成交200.00万股，成交金额2,974.00万元，溢价率为-1.98%，买方营业部为中 信证券股份有限公司总部(非营业场所)，卖方营业部为中信证券股份有限公司甘肃分公司。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生8笔大宗交易，合计成交金额为1.66亿元。该股近5个交易日累计 上涨9.61%，主力资金合计净流入2876.94万元。 责任编辑：小浪快报 ...

Group 1 - The company, Loping Zinc & Electric (002114.SZ), has confirmed that Guizhou Derong Mining has successfully obtained mining licenses and property rights certificates, which are essential for resuming operations [2] - The new safety production license was acquired on November 3, 2025, indicating that the company is in compliance with regulatory requirements [2] - The company is actively preparing for the resumption of production, following relevant management regulations [2]

Core Viewpoint - Tibet Zhufeng is a significant player in the domestic lead-zinc mining industry, with a focus on lead, zinc, copper mining, and lithium salt lake resource development [1] Group 1: Business Performance - In Q3 2025, Tibet Zhufeng reported revenue of 1.724 billion yuan, ranking 8th in the industry out of 14 companies, with the industry leader, Zhongjin Lingnan, achieving 48.459 billion yuan [2] - The net profit for the same period was 427 million yuan, placing the company 9th in the industry, while the top performer, Xinyi Silver Tin, reported a net profit of 1.354 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tibet Zhufeng's debt-to-asset ratio was 33.90%, down from 36.69% year-on-year and below the industry average of 50.54%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 52.68%, an increase from 46.28% year-on-year and significantly higher than the industry average of 25.75%, reflecting robust profitability [3] Group 3: Executive Compensation - The chairman, Huang Jianrong, received a salary of 2.7352 million yuan in 2024, an increase of 815,200 yuan from 2023 [4] - The president, Mao Yuankai, earned 1.489 million yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.76% to 117,400, while the average number of circulating A-shares held per account increased by 1.80% to 7,789.93 [5] - Hong Kong Central Clearing Limited was the fourth-largest shareholder, holding 17.3676 million shares, an increase of 385,900 shares from the previous period [5]