□ 金刚沈雯佳 重点行业绿色低碳转型并非一蹴而就，在实践中仍面临不少现实难题，集中体现在"愿不愿意转"和"能 不能转"两个方面。一方面，部分企业转型动力不足，不愿意转。节能降碳改造通常涉及工艺升级、设 备更新，短期内只有合规收益，经济收益难以迅速体现。在"内卷式"竞争的背景下，一些企业更倾向于 维持既有生产模式，对转型持观望态度。同时，我国不同地区监管标准和执行力度存在显著差异，也给 了相关企业通过易地搬迁躲避治理的空间，进一步制约了转型积极性。另一方面，一些企业即便具备转 型意愿，也受到现实能力约束，面临不能转的问题。重点行业节能降碳改造资金需求大、技术门槛高， 往往需要大规模、长期性的持续投入，而融资渠道受限、资本成本偏高等因素，使部分企业陷入"想转 却转不了"的困境。 夯实金融支点，既要用好绿色信贷形成刚性约束，也要通过转型金融提供必要支撑，更要以数智技术提 升政策执行和资源配置的有效性。只有在约束与激励并重、压力与支持并行的框架下，才能形成推动重 点行业节能降碳改造的长效机制，为实现我国"双碳"目标、推动经济实现质的有效提升和量的合理增长 提供坚实保障。 (作者分别为南京大学商学院副教授；苏银理财有限 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of Yunnan Jinxun Resources Co., Ltd. 雲南金潯資源股份有限公司 (the "Company") (A joint stock c ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Yunnan Jinxun Resources Co., Ltd. 雲南金潯資源股份有限公司 (the "Company") (a joint stock company incorporated in the People's ...

Core Insights - The report from CITIC Securities indicates that market volatility has increased since October, but the success rate of market timing remains low due to changes in the underlying structure of incremental capital [1] - The stability of the overseas business environment and the progress of AI infrastructure investment are identified as crucial variables impacting the market [1] Group 1: Market Trends - The report highlights that not only the TMT sector but also non-ferrous metals, chemicals, and new energy sectors have seen price increases influenced directly or indirectly by AI narratives [1] - These sectors collectively account for over 60% of institutional holdings, suggesting a significant impact on investment strategies [1] Group 2: Investment Strategy - The recommended adjustment strategy is not to deliberately avoid AI narratives but to select stocks with a rising trend in return on equity (ROE) from a low base [1] - AI narratives are seen as affecting the slope of market trends rather than the overall trend itself [1]

Core Insights - The Guangxi Investment Promotion Center is actively engaging with key enterprises in Guangdong to promote the gathering of upstream and downstream companies in key industrial parks [1][2] - A high-quality development conference for the non-ferrous metal industry is scheduled for early November in Nanning, aiming to attract strategic investments [1] - The focus is on building an industrial cooperation ecosystem that integrates R&D from the Guangdong-Hong Kong-Macao Greater Bay Area with manufacturing in Guangxi and markets in ASEAN [2][5] Group 1 - The Guangxi Investment Promotion Center's delegation visited Shenzhen to connect with major enterprises, including Zhongjin Lingnan Nonfemet Company, to discuss investment opportunities in the non-ferrous metal sector [1] - Zhongjin Lingnan's chairman expressed alignment between the company's international resource strategy and Guangxi's new industrial development plans, highlighting potential collaboration in resource integration and new materials [1][3] - The delegation also explored the advantages of the Guangxi border port industrial park, including location, policies, and market reach, to attract manufacturing enterprises [2] Group 2 - The delegation assessed various AI companies, such as Qingtian Intelligent and Leju Intelligent, emphasizing Guangxi's strategic advantages for AI industry development [5] - Companies showed interest in the "North-South R&D + Guangxi Integration + ASEAN Application" model, indicating a willingness to establish manufacturing operations in Guangxi [5][7] - The Guangxi Investment Promotion Center plans to focus on AI and non-ferrous metals, enhancing collaboration through policy and funding support to accelerate project implementation [7]

Core Insights - Barter trade activities between Chery Automobile and Iran have increased due to U.S. sanctions, allowing Chery to supply vehicles in exchange for Iranian metal ores [1][2][4] Group 1: Barter Trade Dynamics - Chery, the largest vehicle exporter in China, has engaged in barter trade with Iran, supplying semi-knocked-down vehicles in exchange for access to Iranian metal ores, which constituted over half of Chery's exports by 2016 [3] - The trade is facilitated through a separate company that routes the vehicles to Chery's local partner in Iran, MVM, for assembly [3] - Chery's approach of not trading in U.S. dollars allows it to operate without violating the sanctions imposed on Iran [4] Group 2: Impact of Sanctions - The U.S. sanctions, intensified after the abandonment of the Iran Nuclear Deal in 2018, have restricted Iran's access to the global financial system, prompting the barter trade [2] - Iran supplies metal ores such as Copper and Zinc to Tongling Nonferrous Metals Group Holdings, which then distributes them to other companies in China [4] Group 3: Chery's Financial Activities - Chery's recent IPO on the Hong Kong stock exchange raised $1.2 billion, with its share price increasing by 11% to HK$34.16 from an initial price of HK$30.75 [7] - Other companies, such as Contemporary Amperex Technology Co. Ltd. (CATL), also saw significant financial success, raising over $4.6 billion and experiencing a 12.5% surge in share price [7]

Core Viewpoint - The market experienced fluctuations in early trading, with the Shanghai Composite Index showing narrow movements while the ChiNext Index rebounded to reach a three-year high [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion, an increase of 134.8 billion compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index increased by 1.14%, and the ChiNext Index surged by 2.22% [1] Sector Performance - AI hardware and applications saw a collective surge, with Inspur Information hitting the daily limit and reaching a historical high, while Huajin Technology also touched the daily limit and set a new high [1] - The non-ferrous metal sector was active, with several stocks, including Northern Copper Industry, reaching the daily limit [1] - Controlled nuclear fusion concept stocks experienced fluctuations, with Hezhong Intelligent achieving two daily limits in four days, and Haheng Huaton hitting the daily limit [1] Declining Sectors - The port and shipping sector collectively declined, with Ningbo Port dropping over 8% during the session [1] - Sectors such as gaming, AI applications, and controlled nuclear fusion showed significant gains, while the port and shipping, precious metals, and tourism sectors faced notable declines [1]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Report's Core View - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on May 29, 2025 [1][3][4] 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 78450, LME price is 9622, and the ratio is 8.14; March domestic price is 77650, LME price is 9578, and the ratio is 8.15. Spot import equilibrium ratio is 8.22 with a profit of - 796.53, and spot export profit is 332.65 [1] - **Zinc**: Spot domestic price is 22840, LME price is 2666, and the ratio is 8.57; March domestic price is 22035, LME price is 2686, and the ratio is 6.24. Spot import equilibrium ratio is 8.73 with a profit of - 434.37 [1] - **Aluminum**: Spot domestic price is 20340, LME price is 2476, and the ratio is 8.22; March domestic price is 20025, LME price is 2475, and the ratio is 8.15. Spot import equilibrium ratio is 8.66 with a profit of - 1103.93 [1] - **Nickel**: Spot domestic price is 123200, LME price is 14966, and the ratio is 8.23. Spot import equilibrium ratio is 8.28 with a profit of - 3261.72 [1] - **Lead**: Spot domestic price is 16600, LME price is 1957, and the ratio is 8.47; March domestic price is 16700, LME price is 1975, and the ratio is 11.35. Spot import equilibrium ratio is 8.92 with a profit of - 879.74 [3] Cross - Period Arbitrage Tracking - **Copper**: For different months compared to the spot month, the spreads are - 340, - 560, - 780, - 1010 respectively, while the theoretical spreads are 493, 884, 1284, 1684 [3] - **Zinc**: The spreads are - 375, - 550, - 675, - 750 respectively, and the theoretical spreads are 216, 338, 460, 582 [3] - **Aluminum**: The spreads are - 40, - 110, - 160, - 190 respectively, and the theoretical spreads are 212, 324, 437, 550 [3] - **Lead**: The spreads are - 100, - 105, - 140, - 120 respectively, and the theoretical spreads are 209, 314, 419, 524 [3] - **Nickel**: The spreads are - 2220, - 2030, - 1820, - 1550 respectively [3] - **Tin**: The 5 - 1 spread is 6050, and the theoretical spread is 5358 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts compared to the spot are - 270 and - 610 respectively, and the theoretical spreads are 278 and 662 [3] - **Zinc**: The spreads are - 255 and - 630 respectively, and the theoretical spreads are 49 and 182 [3] - **Lead**: The spreads are 205 and 105 respectively, and the theoretical spreads are 165 and 276 [4] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 3.52, 3.88, 4.65, 0.91, 1.20, 0.76 respectively; for LME (three - continuous) are 3.56, 3.87, 4.82, 0.92, 1.25, 0.74 respectively [4]