11月25日，金岭矿业盘中上涨2.00%，截至13:39，报9.17元/股，成交5365.26万元，换手率0.99%，总市 值54.59亿元。 资金流向方面，主力资金净流出36.80万元，特大单买入0.00元，占比0.00%，卖出140.75万元，占比 2.62%；大单买入744.41万元，占比13.87%，卖出640.46万元，占比11.94%。 金岭矿业今年以来股价涨53.09%，近5个交易日跌6.71%，近20日跌10.71%，近60日涨0.88%。 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：国资改革、融资融券、稀缺资 源、小金属、钒电池等。 截至11月20日，金岭矿业股东户数3.57万，较上期减少8.44%；人均流通股16684股，较上期增加 ...

据蒙古海关统计，2025年1—10月，蒙古对外货物出口额122.31亿美元，同比下降7.4%。其中，铜精 粉、煤炭和铁精粉分别出口185.58万、6497.32万和721.85万吨，同比分别增长36.7%、下降1.4%和增长 18.5%，金额分别达45.31亿、43.32亿和5.2亿美元，同比分别增长73.1%、下降40.7%和增长5.3%；原 油、萤石矿和锌精粉分别出口295.98万桶、138.91万吨和12.6万吨，同比分别下降13.4%、增长31.5%和 增长16.8%，金额分别达2.18亿、2.53亿和1.96亿美元，同比分别下降20.2%、增长1.2%和增长25.6%； 金矿、钨矿和钼矿分别出口8460.35万、0.1万和0.47万吨，同比分别下降18.7%、增长6.4%和下降2.8%， 金额分别达9.19亿、0.14亿和0.78亿美元，同比分别增长15.9%、30.9%和2.6%。 ...

Report Information - Report Title: Copper Futures Daily Report [1] - Date: November 18, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core View - The copper price is expected to stop falling and rebound in the short term. Although the copper price has fallen from its high due to the hawkish signals from Fed officials, the pressure from the macro - side on the copper price is not expected to last. The tight spot market and frequent copper mine accidents provide support for the copper price [9]. Summary by Directory 1. Market Review and Operation Suggestions - On Monday, the Shanghai copper price dropped 0.91% to 86,450, and the total positions decreased by 11,326 lots. The copper price fell from its high due to the hawkish signals from Fed officials. The spot price dropped 585 to 86,510, and the spot premium increased 50 to 105. The month - to - month spread of the last trading day fluctuated significantly, and the premium of Shanghai copper against the current month strengthened significantly [9]. - The social inventory decreased by 0.73 tons over the weekend because of less imported and domestic arrivals. The LME0 - 3 swap fee turned to back at 3.88, and the Shanghai - London ratio fell below 8, leading to an expansion of the spot import loss to over 900. The short - term import window remained closed, and the supply of imported goods was expected to decline [9]. - The increase in spot premiums at home and abroad highlighted the tightness of the spot market. The probability of a 25BP interest rate cut by the Fed in December dropped to 40% due to the Fed officials' remarks. A large number of important US data will be released starting this Thursday, but the inflation and employment data in October still face challenges, which may lead to significant differences in the December Fed meeting. A rate cut in December is still ruled out in the short term [9]. - A bridge collapse at a copper mine in the Democratic Republic of Congo over the weekend caused 32 deaths. Frequent copper mine accidents maintained the support from the mine end [9]. 2. Industry News - On Saturday, a bridge at a copper mine in the southeast of the Democratic Republic of Congo collapsed, causing 49 deaths and sending 20 seriously injured people to the hospital [12]. - On November 15, Huixin Copper Industry in Siziwangqi Bainaimiao area cooperated with Amaowusu Mining Company for copper mining and beneficiation. The project with an annual output of 10,000 tons of copper concentrate powder and an annual processing capacity of 800,000 tons of ore officially started production. It is expected to process 6,000 tons of raw ore and produce 3,200 tons of copper concentrate powder by the end of the year, with an output value of 64 million yuan. After the deep exploration and mine operation are completed next year, the industrial output value will reach 1.1 billion yuan [12]. - The second - phase expansion project of Sichuan Southwest Copper Industry Co., Ltd. has completed the main construction and entered the final stage. The project focuses on the efficient and circular use of resources and will build a production line for the deep - processing of waste high - voltage cable copper with an annual processing capacity of 53,200 tons. After the full operation of the second - phase project, the company's total production capacity will reach 170,000 tons. It is expected to achieve an output value of 1.5 billion yuan in the fourth quarter of this year and a total annual output value of 4.5 billion yuan [13].

华夏卓越成长混合A（024928）基金经理为钟帅。 截至发稿，钟帅累计任职时间5年115天，现任基金资产总规模132.6亿元，任职期间最佳基金回报 172.61%， 任职期间最差基金回报-4.15%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月18日，金岭矿业跌5.01%，截至发稿，报9.86元/股，成交1.04亿元，换手率1.74%，总市值58.70亿 元。 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%。 从金岭矿业十大流通股东角度 数据显示，华夏基金旗下1只基金位居金岭矿业十大流通股东。华夏卓越成长混合A（024928）三季度 新进十大流通股东，持有 ...

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: Report Industry Investment Rating - Copper investment rating: Neutral; Arbitrage: Suspended; Option: short put [7] Group 2: Core Views of the Report - This week, copper prices remained in a relatively volatile pattern, supported by mine - end interference factors. However, the demand side is lackluster, and copper prices are expected to remain volatile between 85,000 yuan/ton and 89,000 yuan/ton. Physical enterprises can arrange buy or sell hedging according to this range [7] Group 3: Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On November 11, 2025, the main contract of Shanghai copper opened at 86,790 yuan/ton and closed at 86,630 yuan/ton, a 0.17% change from the previous trading day's close. The night - session main contract opened at 86,590 yuan/ton and closed at 86,770 yuan/ton, a 0.16% increase from the afternoon close [1] Spot Situation - According to SMM, on the previous day, the spot price of SMM 1 electrolytic copper was 86,610 - 86,920 yuan/ton, with an average premium of 55 yuan/ton, the same as the previous day. After the morning copper futures hit 87,000 yuan/ton and then fell, the market's purchase sentiment cooled. The premium of flat - water copper gradually narrowed, and some brands were traded at a small discount. Shanghai's inventory is continuously decreasing, and the quotes of holders tend to be stable [2] Important Information Summary - The U.S. Senate voted to pass the "Continuing Appropriations and Extension Act", taking a key step to end the government "shutdown". The bill will provide funds to the federal government until January 30 next year. The U.S. House of Representatives plans to vote on the temporary appropriation bill passed by the Senate on Wednesday. In the employment market, the U.S. "small non - farm" warned again: from the four - week period ending October 25, the U.S. private sector reduced an average of 11,250 jobs every two weeks, with a total reduction of 45,000 jobs in the month [3] Supply - Side Information Mine End - On November 11, Canadian multi - metal developer BMC Minerals submitted a prospectus to the Australian Securities and Investments Commission, planning to raise 100 million Australian dollars through an initial public offering (IPO) to list on the Australian Securities Exchange (ASX) in December. The funds will be used for the exploration, approval, and optimization research of the KZK project in Canada's Yukon Territory, which covers an area of 372 square kilometers with a total mineral resource of 27.9 million tons [4] Smelting and Import - As of the end of October this year, the cumulative import of copper concentrate powder at Wulate Customs exceeded 10 million tons, reaching 10.0656 million tons, with a value of 133.873 billion yuan. In the first 10 months, the import volume was 1.215 million tons, with a value of 25.44 billion yuan, a year - on - year increase of 56.2% and 106.9% respectively [5] Consumption and Inventory Information Consumption - In October 2025, the domestic copper strip production was 189,100 tons, a 3.62% month - on - month decrease. The comprehensive capacity utilization rate was 63.84%. According to the production plan, the domestic copper strip production in November is expected to be 194,600 tons, a 2.91% month - on - month increase [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 375 tons to 136,250 tons compared with the previous trading day. SHFE warehouse receipts changed by - 825 tons to 42,964 tons. On November 10, the domestic electrolytic copper spot inventory was 195,900 tons, a decrease of 74,000 tons compared with the previous week [6] Copper Price and Basis Data - It includes data on copper price, premium and discount, inventory, warehouse receipts, and arbitrage indicators from different time points (today, yesterday, last week, one month ago) [24][25][26]

Core Viewpoint - The company, Chifeng Jilong Gold Mining Co., Ltd., is experiencing fluctuations in stock performance and is involved in various metal mining operations, with a significant focus on gold and other non-ferrous metals [1][9]. Company Overview - Chifeng Jilong Gold Mining Co., Ltd. is located in Inner Mongolia and was established on June 22, 1998. It was listed on April 14, 2004. The main business includes gold and non-ferrous metal mining and resource recycling [8]. - The company's revenue composition is as follows: gold accounts for 90.03%, electrolytic copper 3.76%, and other products including zinc concentrate, rare earth products, and molybdenum concentrate make up the remainder [8]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 8.644 billion yuan, representing a year-on-year growth of 38.91%. The net profit attributable to shareholders was 2.058 billion yuan, with a year-on-year increase of 86.21% [9]. - The company has distributed a total of 387 million yuan in dividends since its A-share listing, with the same amount distributed over the past three years [10]. Market Position and Trends - The company’s main products include gold, electrolytic copper, and other non-ferrous metals, with a significant portion of its sales based on the market prices of these metals [2]. - The overseas revenue contribution is 69.11%, benefiting from the depreciation of the Chinese yuan [4]. Recent Developments - The company is collaborating with Xiamen Tungsten Co., Ltd. to develop rare earth resources in Laos, with a project that has an estimated resource of 101 million tons of ore and 25,500 tons of rare earth oxides [4]. - The company’s stock has seen a recent decline of 0.24%, with a trading volume of 838 million yuan and a market capitalization of 56.309 billion yuan [1]. Technical Analysis - The average trading cost of the stock is 29.12 yuan, with the current price approaching a resistance level of 29.66 yuan. There are indications of accumulation, but the strength of this accumulation is weak [7].

Core Viewpoint - The article highlights the strong performance of Chifeng Jilong Gold Mining Co., Ltd. due to rising gold prices driven by concerns over the US dollar's status, with significant increases in revenue and profit reported for the third quarter of the year [2][4]. Financial Performance - In the third quarter, the company reported a net profit of 950 million yuan, a year-on-year increase of 141% [2]. - Total revenue for the third quarter reached 3.37 billion yuan, up 66.4% year-on-year, while the first three quarters saw revenue of 8.644 billion yuan, a 38.9% increase, and net profit surged 86% to 2.05 billion yuan [2][3]. Gold Sales - The primary revenue source for the company is gold, with gold sales volume for the first nine months reaching 10,700 kilograms, a slight decline of 2.56% year-on-year. However, the average selling price increased by 44.1% to 729.58 yuan per gram, resulting in total sales revenue of 7.78 billion yuan, accounting for 90% of total revenue [3][4]. Copper and Rare Earth Business - The second-largest revenue source comes from copper products, contributing 4.4% of total revenue with 383 million yuan. The demand for copper is expected to rise due to the need for upgrading aging power grids in Europe and the US [3][4]. - The company has also begun to develop its rare earth business, which, although currently contributing only 0.9% of total revenue, has a high selling price of 172,300 yuan per ton. This sector is gaining importance due to its applications in electric vehicles and robotics [4][6]. Market Position and Valuation - Chifeng Jilong Gold Mining is positioned as a leading gold mining company in mainland China, with a projected earnings growth of 86% and 17% for the next two years, reaching 3.28 billion and 3.83 billion yuan, respectively [6][7]. - The company's current market P/E ratio is 16.7, which is significantly lower than its peers, indicating an attractive valuation and potential for stock price appreciation [7].

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]