Group 1 - The company held its second extraordinary general meeting of shareholders on December 25, 2025, with no proposals being rejected [1][2] - The meeting was conducted in compliance with relevant laws and regulations, and the chairman of the board, Mr. Huang, presided over the meeting [8][17] - The shareholders approved the proposal to lower the conversion price of the "Ben Gang Convertible Bonds" [11] Group 2 - The board of directors convened on December 25, 2025, with all eight directors present, and the meeting was also compliant with legal requirements [18][16] - The board approved several proposals, including the adjustment of the conversion price for the "Ben Gang Convertible Bonds" and the annual salary for senior management for 2024 [19][21] - The conversion price was adjusted from 3.95 yuan per share to 3.29 yuan per share, effective December 26, 2025 [30][31] Group 3 - The company expects to engage in daily related transactions with Ansteel Group and its subsidiaries amounting to approximately 4,124.61 million yuan in 2026, which is 347% of the company's audited net assets [44] - The board approved the expected daily related transactions, which are essential for the company's normal production and operations [50] - Independent directors confirmed that the expected transactions are fair and will not harm the interests of non-related shareholders [51]

Core Viewpoint - Jinling Mining's stock has shown significant growth this year, with a year-to-date increase of 60.44%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of December 26, Jinling Mining's stock price reached 9.53 CNY per share, with a trading volume of 44.67 million CNY and a turnover rate of 0.79%, resulting in a total market capitalization of 5.67 billion CNY [1]. - The stock has experienced a 5.77% increase over the last five trading days, a 2.47% increase over the last 20 days, and a 13.86% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on July 14, where it recorded a net buy of -61.22 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Jinling Mining reported a revenue of 1.25 billion CNY, reflecting a year-on-year growth of 12.98%, and a net profit attributable to shareholders of 220 million CNY, which is a 47.09% increase year-on-year [2]. - The company has distributed a total of 668 million CNY in dividends since its A-share listing, with 268 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of December 19, 2025, the number of shareholders for Jinling Mining was 34,700, a decrease of 0.52% from the previous period, while the average number of tradable shares per person increased by 0.53% to 17,177 shares [2]. - Notable institutional shareholders include Huaxia Excellence Growth Mixed Fund, which is the fifth largest shareholder with 3.33 million shares, and Guotai Zhongzheng Steel ETF, the seventh largest shareholder with 3.00 million shares, both of which are new entrants [3].

金岭矿业今年以来股价涨51.01%，近5个交易日涨0.45%，近20日涨0.22%，近60日涨4.18%。 今年以来金岭矿业已经3次登上龙虎榜，最近一次登上龙虎榜为7月14日，当日龙虎榜净买入-6121.71万 元；买入总计4347.92万元 ，占总成交额比5.59%；卖出总计1.05亿元 ，占总成交额比13.45%。 资料显示，山东金岭矿业股份有限公司位于山东省淄博市张店区中埠镇，成立日期1996年9月28日，上 市日期1996年11月28日，公司主营业务涉及铁矿石开采,铁精粉、铜精粉、钴精粉、球团矿的生产、销 售及机械加工与销售。主营业务收入构成为：铁精粉76.99%，球团9.03%，其他(补充)8.46%，铜精粉 5.10%，机械加工0.41%。 金岭矿业所属申万行业为：钢铁-冶钢原料-铁矿石。所属概念板块包括：钒电池、国资改革、小盘、融 资融券、小金属等。 12月19日，金岭矿业盘中上涨2.05%，截至13:02，报8.97元/股，成交2835.00万元，换手率0.54%，总市 值53.40亿元。 资金流向方面，主力资金净流入187.05万元，特大单买入180.72万元，占比6.37%，卖出0.00元 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall inventory of iron ore remains high, but due to limited availability of some resources, structural contradictions still exist, providing some support for spot prices. - In November, there were no significant macro - events. Starting from December, the macro - impact is expected to gradually increase. - Overall, iron ore prices are expected to move within an oscillatory range [11][13][14]. 3. Summary According to the Table of Contents 3.1 Week - on - Week Assessment and Strategy Recommendation - **Supply**: The total global iron ore shipment volume was 32.784 million tons, a week - on - week decrease of 2.38 million tons. The total shipment volume from Australia and Brazil was 26.374 million tons, a decrease of 2.713 million tons. Australia's shipment volume was 18.396 million tons, a decrease of 2.109 million tons, and the volume shipped from Australia to China was 15.536 million tons, a decrease of 3.194 million tons. Brazil's shipment volume was 7.978 million tons, a decrease of 0.604 million tons. The total arrival volume at 47 Chinese ports was 29.395 million tons, an increase of 5.696 million tons; the total arrival volume at 45 Chinese ports was 28.171 million tons, an increase of 5.482 million tons [11][13]. - **Demand**: The daily average pig iron output was 2.3468 million tons, a decrease of 0.016 million tons from the previous week. The blast furnace iron - making capacity utilization rate was 87.98%, a decrease of 0.60 percentage points from the previous week; the steel mill profitability rate was 35.06%, a decrease of 2.60 percentage points from the previous week [11][13]. - **Inventory**: The total inventory of imported iron ore at 47 ports across the country was 159.0122 million tons, an increase of 1.6637 million tons; the daily average port clearance volume was 3.4406 million tons, an increase of 0.0067 million tons [11][13]. 3.2 Futures and Spot Market - **Price Spread**: The PB - Super Special powder price spread was 111 yuan/ton, a week - on - week change of - 3.0 yuan/ton. The Carajás fines - PB powder price spread was 91 yuan/ton, a change of - 4.0 yuan/ton. The Carajás fines - Jinbuba powder price spread was 147 yuan/ton, a change of - 1.0 yuan/ton. The ((Carajás fines + Super Special powder)/2 - PB powder) price spread was - 10.0 yuan/ton, a change of - 0.5 yuan/ton [17][19][22]. - **Feed Ratio and Scrap Steel**: The pellet feed ratio was 14.52%, a change of - 0.03 percentage points from the previous period. The lump ore feed ratio was 12.22%, a change of - 0.23 percentage points. The sinter feed ratio was 73.27%, a change of + 0.27 percentage points. The price of scrap steel in Tangshan was 2145 yuan/ton, a week - on - week change of - 10 yuan/ton. The price of scrap steel in Zhangjiagang was 2080 yuan/ton, a change of - 50 yuan/ton [23][25]. - **Profit**: The steel mill profitability rate was 35.06%, a change of - 2.6 percentage points from the previous week; the import profit of PB powder according to the Steel Union's data was - 8.18 yuan/wet ton [26][28]. 3.3 Inventory - The inventory of imported iron ore at 45 ports across the country was 152.1012 million tons, a week - on - week change of + 1.5547 million tons. The pellet inventory was 302,350 tons, a change of + 91,800 tons. The iron concentrate powder inventory at ports was 1.28443 million tons, a change of + 360,000 tons. The lump ore inventory at ports was 1.97937 million tons, a change of + 163,300 tons. The Australian ore port inventory was 63.0746 million tons, a change of + 0.8122 million tons. The Brazilian ore port inventory was 59.8703 million tons, a change of - 0.1998 million tons. The inventory of imported iron ore at 247 steel mills this week was 8.94248 million tons, a change of - 0.05875 million tons from the previous week [32][35][45]. 3.4 Supply Side - **Overseas Shipments**: The latest shipment volume from Australia to China through 19 ports was 15.27 million tons, a week - on - week change of - 2.851 million tons. Brazil's shipment volume was 7.931 million tons, a change of - 0.548 million tons. Rio Tinto's shipment volume to China was 4.975 million tons, a week - on - week decrease of 0.497 million tons. BHP Billiton's shipment volume to China was 4.445 million tons, a decrease of 1.045 million tons. Vale's shipment volume was 5.462 million tons, a decrease of 1.254 million tons. FMG's shipment volume to China was 4.002 million tons, a decrease of 0.184 million tons [47][50][53]. - **Arrival and Import**: The latest arrival volume at 45 ports was 28.171 million tons, a week - on - week increase of 5.482 million tons. In October, China's non - Australian and non - Brazilian iron ore imports were 19.8492 million tons, a month - on - month increase of 1.2656 million tons [47][59]. - **Domestic Mines**: The latest domestic mine capacity utilization rate was 60.77%, a change of - 0.02 percentage points. The daily average output of iron concentrate powder from domestic mines was 474,800 tons, a change of - 20,000 tons [47][65]. 3.5 Demand Side - The daily average pig iron output in China was 2.3468 million tons, a decrease of 0.016 million tons from the previous week. The blast furnace capacity utilization rate was 87.98%, a decrease of 0.60 percentage points from the previous week. The daily average port clearance volume of iron ore at 45 ports was 3.3058 million tons, a week - on - week change of + 0.0066 million tons. The daily consumption of imported iron ore at 247 steel mills was 2.8943 million tons, a week - on - week change of - 0.0225 million tons [67][70][73]. 3.6 Basis - As of November 28, the calculated basis of iron ore BRBF was 44.83 yuan/ton, and the basis rate was 5.34% [75][78].

Core Points - Jinling Mining experienced a decline of 5.01% on November 18, with a stock price of 9.86 CNY per share and a trading volume of 1.04 billion CNY, resulting in a total market capitalization of 58.70 billion CNY [1] - The company, established on September 28, 1996, and listed on November 28, 1996, primarily engages in iron ore mining and the production and sale of iron concentrate, copper concentrate, cobalt concentrate, and pellet ore [1] - The revenue composition of Jinling Mining includes iron concentrate at 76.99%, pellets at 9.03%, other (supplementary) at 8.46%, copper concentrate at 5.10%, and mechanical processing at 0.41% [1] Shareholder Insights - Among the top circulating shareholders of Jinling Mining, one fund under Huaxia Fund, Huaxia Excellent Growth Mixed A (024928), entered the top ten in the third quarter, holding 3.3261 million shares, which accounts for 0.56% of the circulating shares [2] - The estimated floating loss for this fund today is approximately 1.7296 million CNY [2] Fund Performance - Huaxia Excellent Growth Mixed A (024928) was established on August 12, 2025, with a current size of 9.56 billion CNY and a cumulative return of 11.89% since inception [3] - The fund manager, Zhong Shuai, has been in position for 5 years and 115 days, managing assets totaling 13.26 billion CNY, with the best fund return during his tenure being 172.61% and the worst being -4.15% [4]

Group 1 - The core point of the news is that Jinling Mining's stock price has dropped by 5.01%, currently trading at 9.86 CNY per share, with a total market capitalization of 5.87 billion CNY [1] - Jinling Mining, established on September 28, 1996, and listed on November 28, 1996, is primarily engaged in iron ore mining and the production and sale of iron concentrate, copper concentrate, cobalt concentrate, and pellet ore [1] - The revenue composition of Jinling Mining is as follows: iron concentrate accounts for 76.99%, pellets 9.03%, other (supplementary) 8.46%, copper concentrate 5.10%, and mechanical processing 0.41% [1] Group 2 - Guotai Fund's Guotai Zhongzheng Steel ETF (515210) has entered the top ten circulating shareholders of Jinling Mining, holding 3.0028 million shares, which is 0.5% of the circulating shares [2] - The Guotai Zhongzheng Steel ETF was established on January 22, 2020, with a latest scale of 3.66 billion CNY, and has achieved a year-to-date return of 33.9% [2] - The fund's performance over the past year is a return of 32.58%, ranking 1224 out of 3956 in its category [2]

Core Viewpoint - Jinling Mining's stock price has shown significant growth this year, with a year-to-date increase of 79.30%, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of November 14, Jinling Mining's stock price rose by 2.29% to 10.74 CNY per share, with a trading volume of 1.18 billion CNY and a turnover rate of 1.89%, resulting in a total market capitalization of 6.394 billion CNY [1]. - The stock has experienced a 5.71% increase over the last five trading days, an 8.27% increase over the last 20 days, and a 26.50% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Jinling Mining reported a revenue of 1.247 billion CNY, reflecting a year-on-year growth of 12.98%, and a net profit attributable to shareholders of 220 million CNY, which is a 47.09% increase compared to the previous year [2]. - The company has distributed a total of 638 million CNY in dividends since its A-share listing, with 238 million CNY distributed over the last three years [3]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders for Jinling Mining was 39,000, a decrease of 5.14% from the previous period, while the average circulating shares per person increased by 5.42% to 15,276 shares [2]. - Notable institutional investors include Huaxia Excellence Growth Mixed Fund, which is the fifth-largest circulating shareholder with 3.3261 million shares, and Guotai Zhongxin Steel ETF, the seventh-largest with 3.0028 million shares, both of which are new shareholders [3].

Group 1: Global Iron Ore Shipment and Production - In the first three quarters of 2025, global iron ore shipments reached 120.031 million tons, a year-on-year increase of 0.2% [1] - The four major mining companies collectively shipped 72.155 million tons, a 0.5% increase year-on-year, accounting for 60% of global shipments [1] - China's iron ore imports decreased by 1.8% year-on-year, totaling 96.889 million tons [1] Group 2: Vale's Production and Sales Performance - Vale's iron ore production in Q3 2025 was 94.4 million tons, a 3.8% increase year-on-year, with a cumulative production of 245.67 million tons, up 1.3% [4] - Vale's Q3 sales volume was 86 million tons, a 5.1% increase year-on-year, with iron concentrate sales showing strong performance [5] - The average price of Vale's iron ore in Q3 was $94.4 per ton, reflecting a $9.3 increase from the previous quarter [5] Group 3: Rio Tinto's Production and Project Updates - Rio Tinto's iron ore production in the Pilbara region for Q3 2025 was 84.1 million tons, a slight increase of 0.1% year-on-year, while shipments decreased by 0.2% [8] - The Guinea Simfer project has begun trial operations, with the first shipment expected in November 2025, which may impact the global iron ore supply structure [9] - Rio Tinto's new projects are progressing as planned, with several expected to reach full production by 2027 [10] Group 4: BHP's Production and Sales Insights - BHP's iron ore production in Q3 2025 was 70.25 million tons, a 1.9% decrease year-on-year, with cumulative production of 215.57 million tons, down 0.4% [15] - BHP's sales volume for Q3 was 70.59 million tons, a 1.3% decrease year-on-year, with block ore performing relatively well [17] - The company maintains its shipment guidance for FY2026 despite the decline in production [13] Group 5: Fortescue Metals Group (FMG) Performance - FMG's iron ore processing volume in Q3 2025 was 50.8 million tons, a 5.8% year-on-year increase, with shipments reaching 49.7 million tons [22] - The Iron Bridge project saw significant production increases, with processing volume up 62% year-on-year [22] - FMG's sales performance was strong across most product categories, with notable growth in the Iron Bridge product line [24]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Jining Mining, indicating a decline in stock price and significant trading activity [1] - As of November 4, Jining Mining's stock price decreased by 2.08% to 9.87 CNY per share, with a total market capitalization of 5.876 billion CNY [1] - Year-to-date, Jining Mining's stock has increased by 64.77%, but it has seen a decline of 3.89% over the last five trading days [1] Group 2 - Jining Mining, established on September 28, 1996, primarily engages in iron ore mining and the production and sale of iron concentrate, copper concentrate, cobalt concentrate, and pellet ore [2] - The company's revenue composition includes 76.99% from iron concentrate, 9.03% from pellets, 8.46% from other sources, 5.10% from copper concentrate, and 0.41% from mechanical processing [2] - As of October 31, the number of shareholders increased to 41,100, with an average of 14,491 circulating shares per shareholder [2] Group 3 - Jining Mining has distributed a total of 638 million CNY in dividends since its A-share listing, with 238 million CNY distributed over the past three years [3] - As of September 30, 2025, notable institutional shareholders include Huaxia Excellence Growth Mixed Fund and Guotai Zhongzheng Steel ETF, both of which are new shareholders [3]

Core Insights - Jinling Mining's stock price has seen a year-to-date increase of 65.61%, but it has recently experienced a decline of 6.77% over the past five trading days [1] - The company reported a revenue of 1.247 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 12.98%, while net profit attributable to shareholders increased by 47.09% to 220 million yuan [2] Company Overview - Jinling Mining, established on September 28, 1996, and listed on November 28, 1996, is located in Zhangdian District, Zibo City, Shandong Province. The company primarily engages in iron ore mining and the production and sale of iron concentrate, copper concentrate, cobalt concentrate, and pellet ore [1] - The revenue composition of Jinling Mining includes iron concentrate (76.99%), pellets (9.03%), other (8.46%), copper concentrate (5.10%), and mechanical processing (0.41%) [1] Financial Performance - The company has distributed a total of 638 million yuan in dividends since its A-share listing, with 238 million yuan distributed over the past three years [3] - As of October 20, 2025, the number of shareholders decreased by 3.18% to 40,700, while the average circulating shares per person increased by 3.29% to 14,615 shares [2] Shareholder Information - As of September 30, 2025, among the top ten circulating shareholders, Huaxia Excellence Growth Mixed A (024928) is the fifth largest with 3.3261 million shares, and Guotai Zhongzheng Steel ETF (515210) is the seventh largest with 3.0028 million shares, both being new shareholders [3]