Stock Ratings Overview: Several companies in the mining and energy sectors received updated ratings, with ZIJIN MINING and CMOC rated as "Overweight," while JIANGXI COPPER was upgraded from "Underweight" to "Neutral."

Short Selling Activity: Notable short selling activity was reported for various stocks, including ZIJIN MINING and CHINAHONGQIAO, with short selling ratios indicating significant market interest.

Price Target Adjustments: Price targets for ZIJIN MINING and CMOC were raised, reflecting positive market sentiment, while JIANGXI COPPER's target was also increased, indicating a shift in investor outlook.

Market Performance: The overall market performance showed mixed results, with some stocks like GANFENG LITHIUM and TIANQI LITHIUM experiencing gains, while others like CHALCO and YANKUANG ENERGY faced declines.

Goldman Sachs Commodity Report: Goldman Sachs predicts that China's commodity demand will stabilize in 2023, with growth rates between -1.3% and 2%, and a gradual recovery expected from the second half of 2025.

Market Dynamics: The report highlights stable supply-demand fundamentals and a favorable macro environment, but future price directions will depend on supply outlook changes influenced by themes like supply discipline, anti-involution, and mergers and acquisitions.

Commodity Outlook: The firm is optimistic about cement and coal, cautious about steel and aluminum, and maintains a positive outlook on copper and gold, while being cautious regarding lithium and paper packaging.

Stock Ratings: Various stocks in the commodities sector have been rated with adjustments, including downgrades for some steel companies and upgrades for coal and cement firms, reflecting the shifting market sentiments.

Acquisition Announcement: CHINA SHENHUA plans to acquire assets from its parent company for approximately RMB133.6 billion, with 30% paid in shares and 70% in cash, excluding 100% equity in an e-commerce company.

Market Reaction: Citi Research has rated CHINA SHENHUA as a Buy, projecting a target price of $45.1, citing the acquisition's potential to enhance operational performance and attract investor interest in growth and dividends.

Restructuring Plan: CHINA SHENHUA has announced a restructuring plan that excludes its e-commerce company from the acquisition proposal, while keeping other targets unchanged, with a total transaction price of RMB133.598 billion.

Shareholding Increase: Following the transaction, CHN Energy's shareholding in CHINA SHENHUA will increase from 69.52% to 71.48%, and the company plans to raise up to RMB20 billion through an A-share placement.

Market Valuation: The transaction price is slightly below the average market price-to-book ratio for A-share thermal coal, indicating a reasonable valuation amidst scarce high-quality coal assets domestically.

Analyst Outlook: CICC maintains an Outperform rating for CHINA SHENHUA, projecting a target price of HKD45, citing expectations for improved integration, cost reduction, and efficiency enhancements.

Commercial Coal Production Decline: China Shenhua reported a 4.3% year-on-year decrease in commercial coal production, totaling 27 million tons in November 2025.

Coal Sales Decrease: The company's coal sales also fell by 3.6% year-on-year, amounting to 37 million tons in the same month.

Cumulative Production and Sales: For the first eleven months of 2025, cumulative commercial coal production and sales decreased by 1.4% and 7.7% year-on-year, reaching approximately 304 million tons and 390 million tons, respectively.

Short Selling Activity: The stock experienced short selling of $172.96 million, with a short selling ratio of 32.249%.