Core Viewpoint - The article discusses the official launch of the Hainan Free Trade Port's full island closure on December 18, which is expected to create a special customs regulatory area and implement a policy of "one line open, two lines controlled, and free within the island" [5][6]. Group 1: Policy Implications - The "one line open" policy allows for more freedom and convenience for people, capital, goods, and data from foreign countries and regions to enter Hainan [6]. - The "two lines controlled" policy means that special policies applicable only within Hainan will be managed by mainland policies when elements enter the mainland [6]. - The closure is anticipated to optimize the development environment for the private economy and stimulate investment activity, providing clear development opportunities for multiple industries [6]. Group 2: Beneficiary Industries - Industries such as import-export trade, international shipping, and logistics will directly benefit from customs facilitation and tax incentives [7]. - The tourism, hotel, exhibition, cultural entertainment, and healthcare sectors are expected to expand due to visa-free and tax-free policies, attracting more international visitors [7]. - High-end manufacturing and technology sectors, including biomedicine and digital economy, will benefit from zero tariffs and low tax rates, reducing R&D costs and attracting businesses [7]. Group 3: Investment Opportunities - The closure is seen as a significant opportunity for the trade sector and will help Hainan accelerate its development as an international tourism consumption center [7]. - Stakeholders in the tourism industry, including scenic spots, hotels, and travel retailers, are expected to benefit in the long term [7]. - Areas such as duty-free shopping, cross-border finance, and international shipping are projected to present investment opportunities post-closure [7].

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 证券代码：600259 证券简称：广晟有色 公告编号：2025-066 广晟有色金属股份有限公司 2025年第五次临时股东会决议公告 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 12 月 10 日 (二) 股东会召开的地点：广州市番禺区汉溪大道东 386 号广晟万博城 A 塔写字楼 37 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 636 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 159,496,342 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 47.4076 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情 况等。 本次会议由董事长杨杰先生主持。会议的召集、召开和表决方式符合《公司 法》《公司章程》及《股东会议事 ...

一、本次股东会的召集、召开程序 （ 一 ） 公 司 董 事 会 已 于 2025 年 11 月 25 日 在 上 海 证 券 交 易 所 网 站 （https://www.sse.com.cn）上刊登了《广晟有色金属股份有限公司关于召开 2025 年第五次 临时股东会的通知》（以下简称"《临时股东会通知》"），《临时股东会通知》列明了 本次股东会现场会议召开的日期、时间和地点，网络投票的系统、网络投票起止时间， 会议审议事项，会议出席对象，会议登记方法等相关事宜。 （二）本次临时股东会采用现场投票与网络投票相结合的方式。 1、现场会议于 2025 年 12 月 10 日下午 14:30 在广州市番禺区汉溪大道东 386 号广 晟万博城 A 塔写字楼 37 楼会议室召开。本次会议由董事长杨杰先生主持，会议就《临 时股东会通知》列明的审议事项进行了审议。 法律意见书 广东连越律师事务所 关于广晟有色金属股份有限公司 2025 年第五次临时股东会的法律意见书 致：广晟有色金属股份有限公司 广东连越律师事务所（以下简称"本所"）接受广晟有色金属股份有限公司（以下简 称"广晟有色"或"公司"）的委托，指派陆丽梅律师、陈 ...

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and rare earths, indicating high market activity and potential for growth [12][33][34]. Core Insights - Copper prices increased by 4.38% to $11,665.00 per ton on LME, with domestic prices rising by 6.12% to 92,800 yuan per ton, driven by supply constraints and high demand [1][13]. - Aluminum prices rose by 1.24% to $2,900.50 per ton on LME, with domestic prices up 3.4% to 22,300 yuan per ton, reflecting stable demand despite seasonal fluctuations [2][14]. - Gold prices decreased by 0.87% to $4,227.7 per ounce, influenced by geopolitical risks and market volatility, while SPDR gold holdings increased [3][15]. - Rare earth prices, particularly praseodymium-neodymium oxide, rose by 2.79%, with expectations of increased demand due to supply constraints and favorable export conditions [4][34]. - Antimony prices decreased by 1.79%, but the outlook remains positive due to anticipated recovery in exports [4][35]. - Tin prices increased by 4.70%, supported by low inventory levels and supply disruptions in Indonesia and Myanmar [4][36]. Summary by Sections Copper - LME copper price increased by 4.38% to $11,665.00 per ton, with domestic prices at 92,800 yuan per ton [1][13]. - Supply constraints are evident with a decrease in copper inventory and processing fees [1][13]. - Downstream demand is weakening due to high prices, leading to a decline in new orders [1][13]. Aluminum - LME aluminum price rose by 1.24% to $2,900.50 per ton, with domestic prices at 22,300 yuan per ton [2][14]. - Inventory levels remain stable, but processing rates have decreased slightly [2][14]. - Demand is cautious due to high prices affecting transaction volumes [2][14]. Precious Metals - Gold prices fell by 0.87% to $4,227.7 per ounce, with geopolitical factors influencing market dynamics [3][15]. - SPDR gold holdings increased, indicating a slight uptick in investor interest [3][15]. Rare Earths - Praseodymium-neodymium oxide prices increased by 2.79%, with expectations of higher demand due to supply constraints [4][34]. - Export conditions are improving, contributing to a positive outlook for the sector [4][34]. Antimony - Antimony prices decreased by 1.79%, but the long-term outlook remains optimistic due to potential export recovery [4][35]. Tin - Tin prices increased by 4.70%, driven by low inventory levels and supply disruptions [4][36].

Core Insights - The Chinese government has granted general export licenses to companies including Jinli Permanent Magnet, Zhongke Sanhuan, and Ningbo Yunsheng, facilitating the export of rare earth permanent magnets [2] - The Ministry of Commerce stated that compliant export applications for civilian use are being approved promptly, and measures like general licenses are being utilized to promote compliant trade in dual-use items [2] - The application of general licenses is expected to simplify the export process for rare earth permanent magnet companies, accelerating delivery speeds and supporting the recovery of downstream demand in the industry [2] Company Performance - The rare earth permanent magnet sector saw a significant increase in stock prices, with Ningbo Yunsheng reaching the daily limit, Jinli Permanent Magnet rising over 10%, and other companies like Zhongke Sanhuan, Jiuling Technology, Zhongke Magnetic Industry, Guangsheng Nonferrous, and Galaxy Magnet also experiencing gains [2][4]

Core Viewpoint - The prices of tungsten products have surged significantly in 2023, with black tungsten concentrate prices increasing over 140% year-to-date, driven by supply constraints and rising demand in high-end manufacturing and emerging industries [1][3]. Price Trends - As of December 5, black tungsten concentrate (≥65%) is priced at 353,000 CNY/ton, up 3.8% week-on-week; APT (ammonium paratungstate: ≥88.5%) is at 518,000 CNY/ton, up 4.7%; tungsten powder is at 825 CNY/kg, up 3.8% [1]. - Compared to the beginning of the year, black tungsten concentrate has increased by 146.85% from 143,000 CNY/ton, APT by 145.5%, and tungsten powder by 161.08% [1][3]. Supply and Demand Dynamics - China is the world's leading tungsten producer and consumer, with an estimated production of 67,000 metric tons in 2024, accounting for 82.7% of global output [3]. - The Ministry of Natural Resources and the Ministry of Industry and Information Technology have set a total mining control target of 58,000 tons for tungsten concentrate (65% WO3) in 2025, a decrease of 4,000 tons (6.45%) from 2024 [3]. - The demand for tungsten is driven by its unique physical properties, making it essential in high-end manufacturing and emerging industries such as photovoltaics, military, and semiconductors [3]. Future Outlook - According to Zhejiang Securities, the recovery of China's manufacturing sector is expected to accelerate post-global interest rate cuts, which will boost tungsten consumption [4]. - New applications in AI, controlled nuclear fusion, and new infrastructure are anticipated to increase marginal demand for tungsten-based new materials [4]. Company Developments - Seven A-share companies involved in tungsten production have seen collective stock price increases, averaging 2.02%, with notable gains from Zhongtung High-tech, Xianglu Tungsten, and Luoyang Molybdenum [5]. - Companies are actively expanding tungsten applications in emerging industries, with Zhongtung High-tech successfully producing high-quality nano-grade tungsten carbide powder for PCB micro-drills [5]. - Xiamen Tungsten is focusing on expanding its tungsten wire applications in photovoltaics, achieving significant results with mainstream product lines reaching below 28μ in diameter [5]. - Zhangyuan Tungsten is committed to high-value hard alloy markets, focusing on aerospace and new energy sectors, and developing core business areas including cutting tools and high-end ceramic materials [6]. Financial Performance - In the first three quarters, tungsten-related companies reported improved profitability, with Xianglu Tungsten and Guangsheng Nonferrous turning profitable, while others like Luoyang Molybdenum, Hunan Gold, and Zhangyuan Tungsten saw significant year-on-year profit growth of 72.61%, 54.28%, and 29.71% respectively [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 广晟有色金属股份有限公司（以下简称"公司"）于2025年12月3日召开第九届董事会2025年第十次会 议，审议通过了《关于继续使用募集资金向晟源公司提供借款实施募投项目的议案》，同意公司继续使 用募集资金向全资子公司广东晟源永磁材料有限责任公司（以下简称"晟源公司"）提供借款以实施募投 项目。现将具体情况公告如下： 一、募集资金的基本情况 经中国证券监督管理委员会证监许可[2021]3931号文核准，同意公司向特定对象发行股票募集资金的注 册申请。根据发行结果，本次最终发行对象为15名，发行价格为40.31元/股，发行股数为34,633,619 股，募集资金总额为1,396,081,181.89元，扣除相关不含税发行费用人民币9,837,724.92元，募集资金净 额为人民币1,386,243,456.97元。募集资金到位情况由中喜会计师事务所（特殊普通合伙）于2022年2月 25日出具的《广晟有色金属股份有限公司验资报告》（中喜 ...

证券日报网讯 12月3日晚间，广晟有色发布公告称，公司拟继续使用募集资金1.06亿元向募投项目实施 主体晟源公司提供借款，以支持晟源公司产能扩张至4000吨/年以及前期工程设备尾款的结算。 （文章来源：证券日报） ...

国投证券股份有限公司 关于广晟有色金属股份有限公司 继续使用募集资金向全资子公司提供借款实施募投项目 的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为广晟 有色金属股份有限公司（以下简称"广晟有色"或"公司"）2021年向特定对象 发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《上海证券交易所股票上市规则》及《上海证券交易所上市公司 自律监管指引第1号——规范运作》《上海证券交易所上市公司自律监管指引第 11号——持续督导》等有关规定，就广晟有色拟继续使用募集资金向全资子公司 提供借款实施募投项目的情况进行了审慎核查，核查的具体情况如下： 一、募集资金基本情况 （一）本次募集资金到位情况 经中国证券监督管理委员会《关于核准广晟有色金属股份有限公司非公开发 行股票的批复》（证监许可[2021]3931号）核准，公司向15名发行对象发行股票 34,633,619 股 ， 发 行 价 格 为 人 民 币 40.31 元 / 股 ， 募 集 资 金 总 额 为 人 民 币 1,396,081,181.89元，扣除相关不含税发行费用人民币9,837,72 ...