Group 1 - The small metals sector increased by 2.09% compared to the previous trading day, with Zhongtung High-tech leading the gains [1] - The Shanghai Composite Index closed at 3917.36, up 0.69%, while the Shenzhen Component Index closed at 13332.73, up 1.47% [1] - Key stocks in the small metals sector showed significant price increases, with Zhongtung High-tech rising by 8.57% to a closing price of 29.64 [1] Group 2 - The trading volume for Zhongtung High-tech was 1.3262 million shares, with a transaction value of 385.4 million yuan [1] - Other notable performers included Xianglu Tungsten Industry, which rose by 8.38% to 13.71, and Yunnan Pig Industry, which increased by 7.30% to 29.09 [1] - The small metals sector saw a net inflow of 339 million yuan from main funds, while retail investors experienced a net outflow of 259 million yuan [2]

Group 1 - The A-share market opened high and continued to rise, with the Hainan Free Trade Zone concept experiencing a significant surge, leading to multiple stocks hitting the daily limit of 20% increase [2] - The implementation of "zero tariffs" in Hainan's customs regulation is expected to enhance the attractiveness of the region for tourism and consumption, potentially boosting related retail sectors [2] - The number of taxable items has increased from over 1,900 to approximately 6,600, raising the proportion of covered goods from 21% to 74%, which is anticipated to reduce import tax burdens by about 20% for relevant enterprises [2] Group 2 - The new customs regulation system is characterized by "one line open, one line controlled, and free movement within the island," marking a new development phase for the world's largest free trade port [2] - Open-source securities believe that the structural cost reduction and efficiency improvement will enhance the cost structure of operating entities and increase the level of trade liberalization and convenience [2] - The policy dividends are expected to further amplify Hainan's appeal in the tourism and consumption sectors, facilitating the expansion and upgrading of tourism consumption and related retail formats [2]

Group 1 - The A-share market indices experienced a slight increase today, with strong performance in thematic concept stocks, particularly in the rare metals sector, where companies like Western Materials hit the daily limit, and China Steel Tianyuan and Guangsheng Nonferrous rose over 6% [1] - Since the beginning of this year, prices of minor metals have been on the rise, leading to a strong breakout in the rare metals sector. Notably, the rare metals ETF (562800) has seen a cumulative net inflow of over 2 billion yuan in the past six months [1] - Analysts from brokerage firms believe that the optimization of the supply-demand structure in the metal industry and liquidity premiums may further boost the prices and valuation elasticity of minor metal sectors. Historical data indicates that during the Federal Reserve's expansionary monetary policy cycles, minor metals have experienced average price increases ranging from 40% (tin) to 88% (rare earths) [1] Group 2 - The limited reserves of strategic minor metals, along with the challenges in mining and insufficient supply elasticity, are exacerbated by the rapid growth in downstream demand from sectors such as new energy, semiconductors, and military industries. This creates a supply-demand imbalance [2] - Given the ongoing scarcity of resources, the upgrading of demand structures, and policy adjustments, the prices of rare metals are expected to continue their upward trend. Companies with resource reserve advantages, technical barriers, and compliant export channels are likely to benefit [2] - The rare metals ETF (562800) tracks the CSI Rare Metals Theme Index, which selects no more than 50 listed companies involved in the mining, smelting, and processing of rare metals to reflect the overall performance of rare metals theme stocks [2]

Core Viewpoint - Guangsheng Nonferrous Metal Co., Ltd. has seen a stock price increase of 5.2% to 52.44 CNY per share, with a total market capitalization of 17.643 billion CNY as of December 19 [1] Group 1: Company Overview - Guangsheng Nonferrous Metal Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on June 18, 1993, with its listing date on May 25, 2000 [1] - The company's main business involves the mining and processing of nonferrous metals, with revenue composition of 59.32% from commercial activities and 40.68% from industrial activities [1] Group 2: Shareholder Information - Silver Hua Fund has a presence among the top ten circulating shareholders of Guangsheng Nonferrous, with its Silver Hua Xinjia Two-Year Holding Mixed Fund (010730) newly entering the top ten in Q3, holding 2.1057 million shares, which is 0.63% of circulating shares [2] - The fund has achieved a year-to-date return of 48.91% and a one-year return of 45.79%, ranking 913 out of 8098 and 989 out of 8067 respectively [2] Group 3: Fund Manager Performance - The fund managers of Silver Hua Xinjia Two-Year Holding Mixed Fund include Zhang Teng, Li Xiaoxing, and Du Yu, with Zhang Teng having a tenure of 10 years and 280 days, achieving a best return of 96.89% during his tenure [3] - Li Xiaoxing has a tenure of 10 years and 169 days, with a best return of 259.08%, while Du Yu has been in the role for 6 years and 11 days, achieving a best return of 81.25% [3] Group 4: Fund Holdings - Silver Hua Fund's Silver Hua Ruihe Flexible Allocation Mixed A Fund (005544) has increased its holdings in Guangsheng Nonferrous by 403,100 shares, now holding 472,200 shares, which constitutes 4.79% of the fund's net value [4] - The fund has achieved a year-to-date return of 49.24% and a one-year return of 43.46%, ranking 891 out of 8098 and 1142 out of 8067 respectively [4]

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]