华夏智胜新锐股票A（018728）成立日期2023年7月7日，最新规模5.31亿。今年以来收益8.69%，同类 排名1561/5579；近一年收益57.52%，同类排名883/4285；成立以来收益60.4%。 华夏智胜新锐股票A（018728）基金经理为孙蒙。 2月2日，中金岭南跌9.35%，截至发稿，报6.98元/股，成交3.08亿元，换手率1.00%，总市值309.99亿 元。 资料显示，深圳市中金岭南有色金属股份有限公司位于广东省深圳市福田深南大道6013号中国有色大厦 23-26楼，成立日期1984年9月1日，上市日期1997年1月23日，公司主营业务涉及主要从事铅锌等有色金 属的采矿、选矿、冶炼、销售及有色金属贸易业务;铝型材、幕墙门窗、电池材料等业务。主营业务收 入构成为：铜冶炼产品65.69%，有色金属贸易业务13.52%，铅锌冶炼产品12.39%，精矿产品5.45%，电 池、复合材料4.35%，铝型材0.88%，其他0.83%。 从基金十大重仓股角度 数据显示，华夏基金旗下1只基金重仓中金岭南。华夏智胜新锐股票A（018728）四季度持有股数148.32 万股，占基金净值比例为0.47%，位 ...

Group 1 - The core point of the news is that Zhongjin Lingnan has seen a stock price increase of 5.15%, reaching 6.53 CNY per share, with a trading volume of 786 million CNY and a turnover rate of 2.76%, resulting in a total market capitalization of 29 billion CNY [1] - Zhongjin Lingnan, established on September 1, 1984, and listed on January 23, 1997, is primarily engaged in the mining, selection, smelting, sales, and trading of non-ferrous metals such as lead and zinc [1] - The company's main business revenue composition includes: copper smelting products (65.69%), non-ferrous metal trading (13.52%), lead and zinc smelting products (12.39%), concentrate products (5.45%), battery and composite materials (4.35%), aluminum profiles (0.88%), and others (0.83%) [1] Group 2 - From the perspective of major fund holdings, one fund under Guotai Haitong Asset Management has Zhongjin Lingnan as a significant holding, with 6.1896 million shares, accounting for 0.99% of the fund's net value, ranking as the ninth largest holding [2] - The Guotai Haitong CSI 500 Index Enhanced A fund (014155) has a total scale of 2.316 billion CNY, with a year-to-date return of 5.38%, ranking 1271 out of 5509 in its category, and a one-year return of 47.06%, ranking 1381 out of 4198 [2]

Group 1 - The core point of the news is that Zhongjin Lingnan's stock price increased by 5.15% to 6.53 CNY per share, with a trading volume of 786 million CNY and a turnover rate of 2.76%, resulting in a total market capitalization of 29 billion CNY [1] - Zhongjin Lingnan, established on September 1, 1984, and listed on January 23, 1997, is primarily engaged in the mining, selection, smelting, and trading of non-ferrous metals such as lead and zinc, as well as aluminum profiles and battery materials [1] - The company's revenue composition includes copper smelting products (65.69%), non-ferrous metal trading (13.52%), lead and zinc smelting products (12.39%), concentrate products (5.45%), battery and composite materials (4.35%), aluminum profiles (0.88%), and others (0.83%) [1] Group 2 - According to data, a fund under Jianxin Fund holds a significant position in Zhongjin Lingnan, with Jianxin CSI 500 Index Quantitative Enhancement Initiation A (016267) holding 146,200 shares, accounting for 1.12% of the fund's net value, making it the fourth-largest holding [2] - The Jianxin CSI 500 Index Quantitative Enhancement Initiation A fund was established on December 23, 2022, with a latest scale of 57.02 million CNY, achieving a year-to-date return of 4.31% and a one-year return of 42.43% [2] Group 3 - The fund manager of Jianxin CSI 500 Index Quantitative Enhancement Initiation A is Ye Letian, who has a tenure of 13 years and 298 days, with a total fund asset size of 7.464 billion CNY and a best return of 328.03% during his tenure [3] - Co-manager Liu Minghui has a tenure of 4 years and 76 days, managing assets of 1.719 billion CNY, with a best return of 59.56% during his tenure [3]

Core Viewpoint - The "anti-involution" policy is expected to have a long-term positive impact on the non-ferrous metal sector by addressing the imbalance of "excess low-end capacity and insufficient high-end capacity" through capacity constraints and structural upgrades [1] Supply Side Summary - The core of the "anti-involution" policy involves strict capacity replacement (e.g., electrolytic aluminum) and stringent control over new capacity in copper smelting and alumina production [1] - A dynamic monitoring mechanism for capacity expansion will be implemented to prevent disorderly growth, leading the industry to shift from "quantity-driven" to "quality-driven" [1] - Low-end capacities in oversupplied sectors such as alumina and copper smelting will gradually exit the market, enhancing the competitive advantage of leading enterprises [1] Price Side Summary - The previous "involution-style" price wars resulted in non-ferrous product prices being consistently below cost, severely compressing corporate profits [1] - The "anti-involution" policy aims to combat low-price disorderly competition, promoting prices to return to a reasonable range [1]

Core Viewpoint - The report from Zhongshanzhonghuan Accounting Firm provides detailed explanations regarding the fluctuations in gross profit margin, related party transactions, inventory management, and overseas subsidiary control for Zhongjin Lingnan Nonfemet Company Limited. Group 1: Gross Profit Margin Fluctuations - The fluctuations in gross profit margin are primarily attributed to changes in raw material prices and product structure. For instance, the gross profit margin for copper smelting products decreased from 4.13% to 2.39% due to rising raw material costs, which were 63,500 CNY/ton, 73,800 CNY/ton, and 80,500 CNY/ton from 2023 to the first half of 2025, while sales prices did not increase at the same rate [2] - The gross profit margin for lead and zinc smelting products decreased by 5.47 percentage points in 2023 but gradually recovered, reaching 18.15% in the first half of 2025 [2] Group 2: Sensitivity Analysis - Sensitivity analysis indicates that fluctuations in raw material prices significantly impact the gross profit margins of copper and lead-zinc smelting products. For example, a 10% increase in raw material prices for copper smelting products would lead to a 9.46 percentage point decrease in gross profit margin [3] Group 3: Related Party Transactions - The related party procurement amounts were 38.85 million CNY, 33.01 million CNY, 271.11 million CNY, and 183.36 million CNY during the reporting period. The pricing of related party transactions is fair and based on normal commercial needs, with a price difference of only 3.70% compared to third-party prices [4] Group 4: Inventory Management - The book value of inventory increased from 3.489 billion CNY at the end of 2022 to 12.987 billion CNY by the end of June 2025, accounting for 26.79% of total assets. The inventory turnover rate decreased from 17.81 to 4.93 [5] - The increase in inventory is mainly due to the expansion of copper smelting business after the merger with Zhongjin Copper Industry, with raw materials and work-in-progress reserves increasing significantly [5] Group 5: Overseas Subsidiary Performance - The Australian subsidiary, Peiliya, reported net profits of 11.605 million AUD, -64.26 million AUD, and 0.44 million AUD over the past three years. The loss in 2023 was primarily due to falling metal prices and increased costs [6] - The company has implemented effective control measures over Peiliya, ensuring that there is no risk of loss of control over overseas assets [6] Group 6: Fundraising and Project Delays - Zhongjin Lingnan raised 3.8 billion CNY through convertible bonds in 2020, with some projects experiencing delays. The "Dominican Mining Company's Maimon Mine" project has been postponed from the end of 2022 to the end of 2025 due to public health events and geological conditions [7][8] - The company plans to raise up to 1.5 billion CNY through a targeted stock issuance, with all funds intended for working capital and bank loan repayment [8]

Group 1 - The core viewpoint of the news is that Zhongjin Lingnan's stock has shown a positive performance with a year-to-date increase of 19.92% and a recent uptick in trading activity, indicating investor interest [1][2] - As of December 19, Zhongjin Lingnan's stock price reached 5.52 yuan per share, with a market capitalization of 24.515 billion yuan and a trading volume of 2.31 billion yuan [1] - The company primarily engages in the mining, selection, smelting, and trading of non-ferrous metals, with its main revenue sources being copper smelting products (65.69%), non-ferrous metal trading (13.52%), and lead-zinc smelting products (12.39%) [1][2] Group 2 - As of September 30, the company reported a total revenue of 48.459 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 6.07%, and a net profit attributable to shareholders of 841 million yuan, up 5.18% year-on-year [2] - The company has distributed a total of 4.389 billion yuan in dividends since its A-share listing, with 908 million yuan distributed over the past three years [3] - The number of shareholders decreased by 0.94% to 126,400 as of September 30, with an average of 29,560 circulating shares per shareholder, which increased by 0.95% [2][3]

Core Viewpoint - Zhongjin Lingnan's stock price has shown a positive trend with a year-to-date increase of 19.49%, reflecting strong performance in the non-ferrous metal sector, particularly in lead and zinc [1][2]. Company Overview - Zhongjin Lingnan, established on September 1, 1984, and listed on January 23, 1997, is based in Shenzhen, Guangdong Province. The company primarily engages in the mining, selection, smelting, and trading of non-ferrous metals, including lead and zinc [1]. - The company's revenue composition includes: copper smelting products (65.69%), non-ferrous metal trading (13.52%), lead and zinc smelting products (12.39%), concentrate products (5.45%), battery and composite materials (4.35%), aluminum profiles (0.88%), and others (0.83%) [1]. Financial Performance - For the period from January to September 2025, Zhongjin Lingnan reported operating revenue of 48.459 billion yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 841 million yuan, reflecting a growth of 5.18% [2]. - The company has distributed a total of 4.389 billion yuan in dividends since its A-share listing, with 908 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Zhongjin Lingnan had 126,400 shareholders, a decrease of 0.94% from the previous period. The average number of circulating shares per shareholder increased by 0.95% to 29,560 shares [2]. - The top ten circulating shareholders include significant entities such as the Southern CSI 500 ETF and Hong Kong Central Clearing Limited, with notable reductions in their holdings [3].

Core Viewpoint - The acquisition of minority stakes in Zhongjin Copper and Zhongjin Rongsheng by Zhongjin Lingnan aims to enhance control over its copper smelting segment, which has been underperforming in profitability. The completion of this acquisition will result in Zhongjin Lingnan holding 100% of Zhongjin Copper, potentially improving the profitability of its copper smelting operations [1][3][4]. Group 1: Acquisition Details - Zhongjin Lingnan plans to acquire 6.78% of Zhongjin Copper and 10.33% of Zhongjin Rongsheng from minority shareholders, which will lead to full ownership of Zhongjin Copper [1][2]. - The acquisition is part of a broader strategy to optimize resource allocation and improve management efficiency in the copper smelting segment [4]. Group 2: Financial Performance - In the first half of the year, the revenue from copper smelting products accounted for 65.69% of the company's total revenue, amounting to 204.2 billion yuan, but the gross margin was only 2.39%, significantly lower than that of lead and zinc products [4][5]. - The company aims to enhance the integration level of its copper smelting operations to improve overall profitability, as the current self-sufficiency rate for copper concentrate is low compared to lead and zinc products [5]. Group 3: Project Updates - The Maimon mine project in the Dominican Republic, which is expected to produce 200,000 tons of ore annually, has faced delays due to external factors, with the expected operational date now pushed to December 31, 2025 [1][7]. - The mine is crucial for increasing the company's copper production capacity and improving the gross margin of its copper smelting business [6][7]. Group 4: Financial Structure Optimization - Zhongjin Lingnan's debt ratio has exceeded 60% in 2023, with interest expenses projected at 597 million yuan and 563 million yuan for 2023 and 2024, respectively [8]. - The company is planning to raise up to 1.5 billion yuan through a share issuance to its controlling shareholder, which will be used to improve liquidity and repay bank loans, potentially reducing financial expenses and enhancing profitability [8].

Core Viewpoint - Zhongjin Lingnan's stock price has experienced fluctuations, with a current price of 5.51 CNY per share, reflecting a year-to-date increase of 19.70% and a recent decline over the past 20 days of 6.77% [1] Company Overview - Zhongjin Lingnan, established on September 1, 1984, and listed on January 23, 1997, is primarily engaged in the mining, selection, smelting, and trading of non-ferrous metals, particularly lead and zinc [1] - The company's revenue composition includes: copper smelting products (65.69%), non-ferrous metal trading (13.52%), lead and zinc smelting products (12.39%), concentrate products (5.45%), battery and composite materials (4.35%), aluminum profiles (0.88%), and others (0.83%) [1] Financial Performance - For the period from January to September 2025, Zhongjin Lingnan reported a revenue of 48.505 billion CNY, representing a year-on-year growth of 6.09%, and a net profit attributable to shareholders of 841 million CNY, up 5.18% year-on-year [2] - The company has distributed a total of 4.389 billion CNY in dividends since its A-share listing, with 908 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Zhongjin Lingnan had 126,400 shareholders, a decrease of 0.94% from the previous period, with an average of 29,560 circulating shares per shareholder, an increase of 0.95% [2] - The top circulating shareholders include Southern CSI 500 ETF and Hong Kong Central Clearing Limited, with notable reductions in their holdings [3]

Core Viewpoint - Zhongjin Lingnan's stock price has shown a significant increase this year, with a 20.57% rise, indicating positive market sentiment and potential growth in the non-ferrous metal sector [1][2]. Company Overview - Zhongjin Lingnan, established on September 1, 1984, and listed on January 23, 1997, is primarily engaged in the mining, selection, smelting, and trading of non-ferrous metals, particularly lead and zinc [1]. - The company's revenue composition includes: copper smelting products (65.69%), non-ferrous metal trading (13.52%), lead and zinc smelting products (12.39%), and other segments [1]. Financial Performance - For the period from January to September 2025, Zhongjin Lingnan reported a revenue of 48.505 billion yuan, reflecting a year-on-year growth of 6.09%, and a net profit attributable to shareholders of 841 million yuan, up 5.18% year-on-year [2]. - The company has distributed a total of 4.389 billion yuan in dividends since its A-share listing, with 908 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Zhongjin Lingnan had 126,400 shareholders, a decrease of 0.94% from the previous period, with an average of 29,560 circulating shares per shareholder, an increase of 0.95% [2]. - Major shareholders include Southern CSI 500 ETF and Hong Kong Central Clearing Limited, with notable reductions in their holdings [3].