证券简称：广晟有色 证券代码：600259 公告编号：临 2025-069 中稀有色金属股份有限公司 关于部分募集资金投资项目延期的公告 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。 中稀有色金属股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日召开第九届董事会 2025 年第十一次会议，审议通过了《关于部分 募集资金投资项目延期的议案》，同意公司在保持"8,000t/a 高性能钕铁 硼永磁材料项目"投资总额、建设规模不变的前提下，将该项目一期预 定达到可使用状态日期延长至 2026 年 9 月，二期项目在一期项目投产 后适时启动。具体情况如下： "8,000t/a 高性能钕铁硼永磁材料项目"是广东省重点项目，也是 省二十大战略性产业集群新材料产业重点项目，占地面积 8.25 万平方米， 一、二期建设规模分别为 4,000t/a，计划总投资 12.52 亿元。该项目于 2023 年初完成厂房土建及 2,000 吨设备的安装导入工作并投入生产运营， 目前已具备了全工序产线连续生产能力，毛坯产能达到 3,00 ...

证券简称：广晟有色 证券代码：600259 公告编号：临 2025-070 中稀有色金属股份有限公司董事会 二○二五年十二月三十日 一、以 9 票同意、0 票反对、0 票弃权，审议通过了《关于部分募 集资金投资项目延期的议案》。（详见公告"临 2025-069"） 二、以 7 票同意、0 票反对、0 票弃权，审议通过了《关于核定公 司负责人及经理层成员 2024 年度考核结果及薪酬的议案》。关联董事张 喜刚、刘子龙回避表决。 三、以 9 票同意、0 票反对、0 票弃权，审议通过了《关于审议 2025 年度公司工资总额使用计划的议案》。 特此公告。 中稀有色金属股份有限公司 第九届董事会 2025 年第十一次会议决议公告 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。 中稀有色金属股份有限公司（以下简称"公司"）第九届董事会 2025 年第十一次会议于 2025 年 12 月 29 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 楼会议室以通讯方式召开。本 次会议通知于 2025 年 ...

Group 1 - Guangsheng Nonferrous (SH 600259) announced on December 29 that its 11th board meeting for the year 2025 was held via telecommunication, where the results of the 2024 annual assessment and compensation for the management team were reviewed [1] - For the first half of 2025, Guangsheng Nonferrous reported that its revenue composition was 59.32% from commercial activities and 40.68% from industrial activities [1] - As of the report date, Guangsheng Nonferrous had a market capitalization of 19.2 billion yuan [1] Group 2 - A new type of chip has been developed in China, which bypasses the restrictions on lithography machines, supporting AI training and embodied intelligence, and can be mass-produced using mature processes of 28 nanometers and above [1]

国投证券股份有限公司 关于中稀有色金属股份有限公司 部分募集资金投资项目延期 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"）作为中稀 有色金属股份有限公司（以下简称"中稀有色"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，就中稀有色部分募集资金投资项目延期的情况 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9,837,724.92元后，实际募 集资金净额为人民币1,386 ...

Core Viewpoint - The company has announced a delay in the completion date of its "8,000t/a high-performance NdFeB permanent magnet material project" from December 2025 to September 2026 due to macroeconomic conditions and project cultivation phase impacts [1] Group 1: Project Details - The total planned investment for the project is 1.252 billion yuan, with 1.1 billion yuan sourced from funds raised through a non-public stock issuance [1] - The funds will primarily be used for the construction of a high-performance NdFeB permanent magnet material production line [1] Group 2: Reasons for Delay - The delay is attributed to the need to reduce investment risks and to cautiously advance capacity expansion, resulting in a slower-than-expected equipment selection and procurement process [1] - The postponement does not involve changes to the implementation entity, method, use of raised funds, or investment scale [1] Group 3: Impact on Operations - The delay is not expected to adversely affect the company's normal operations or harm shareholder interests, aligning with the company's long-term development plan [1]

Core Viewpoint - The small metals sector experienced a decline of 1.2% on December 29, with Western Materials leading the drop, while the Shanghai Composite Index rose slightly by 0.04% to close at 3965.28 [1] Group 1: Market Performance - The small metals sector saw significant individual stock movements, with Guangsheng Nonferrous rising by 3.77% and Western Materials falling by 4.42% [1][2] - The trading volume for Guangsheng Nonferrous was 244,300 shares, with a transaction value of 1.421 billion yuan, while Western Materials had a trading volume of 965,300 shares and a transaction value of 4.369 billion yuan [1][2] Group 2: Capital Flow - The small metals sector experienced a net outflow of 2.147 billion yuan from main funds, while retail investors saw a net inflow of 2.123 billion yuan [2] - The main funds showed a significant net inflow in stocks like Baotai Co. and Yunnan Chuangye, while experiencing outflows in stocks like Tian Gong Co. and Jintian Titanium [3]

Core Viewpoint - The Huabao ETF (159876), which focuses on the non-ferrous metals sector, has seen a significant increase in market performance, with a peak intraday rise of 0.5%, reflecting strong investor confidence in the sector's future performance [1] Group 1: ETF Performance - The Huabao ETF recorded a net subscription of 10.2 million shares, indicating positive market sentiment towards the non-ferrous metals sector [1] - The ETF's net value has shown substantial growth, with a 120-day increase of 91.93% and a 250-day increase of 84.44% [1] - The ETF's 52-week high is 1.00, while the low is 0.49, showcasing significant volatility in its trading range [1] Group 2: Individual Stock Performance - Notable stocks within the ETF include Baiyin Nonferrous, which surged by 10.05%, and Hunan Baiyin, which increased by 10.01% [2] - Other significant gainers include Xingye Yinxin with an 8.28% rise and Guangsheng Nonferrous with a 5.65% increase [2] - The overall trend in the non-ferrous metals sector has been bullish, with LME copper and COMEX gold reaching historical highs [2] Group 3: Market Drivers - Factors driving the non-ferrous metals market include limited resource supply, strong demand from AI, and a downward trend in interest rates, which are creating a new pricing paradigm for resources [3] - The sustainability of the super cycle in non-ferrous metals is contingent on the recovery of the US dollar credit, strategic stockpiling progress, and the effectiveness of "anti-involution" policies [3] - Analysts suggest that the super cycle for non-ferrous metals is likely to continue until 2026, supported by a weak dollar and policy backing [3] Group 4: Investment Strategy - A diversified investment approach through the Huabao ETF is recommended to capture the overall beta performance of the non-ferrous metals sector, which includes copper, aluminum, gold, rare earths, and lithium [4] - This strategy aims to mitigate risks associated with investing in single metal sectors, making it suitable for inclusion in investment portfolios [4]

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].

Core Viewpoint - The company Guangsheng Nonferrous announced a change in its stock name from "Guangsheng Nonferrous" to "Zhongxi Nonferrous," effective December 31, 2025, while retaining its stock code "600259" [1][1]. Group 1 - The name change reflects a strategic rebranding initiative by the company [1]. - The stock code "600259" will remain unchanged despite the name alteration [1].

Group 1 - Hainan Airlines (600221) focuses on international, domestic, and regional air passenger and cargo transportation, operating nearly 1800 routes and covering all provinces in China, as well as over 100 international routes [1][30] - Hainan Airport (600515) operates major airports in Hainan and is involved in airport construction, management, and related industries, including aircraft maintenance and logistics [2][31] - Zhongtung High-tech (000657) is a state-owned enterprise focusing on the tungsten and hard alloy industry, with a complete industrial chain from tungsten ore to products, and is involved in high-end manufacturing sectors [3][32] Group 2 - Jinpan Technology (688676) is a key player in the new energy sector, specializing in the research and manufacturing of power distribution and control equipment, benefiting from supportive policies in Hainan [4][33] - Haixia Co., Ltd. (002320) controls important maritime transport routes, enhancing its passenger and cargo transport services, and is positioned to benefit from increased demand post-border closure [5][34] - Hainan Mining (601969) focuses on mineral resource extraction and processing, with products supporting the new energy battery industry, and is exploring green development models [6][35] Group 3 - Hainan Rubber (601118) is a leading enterprise in natural rubber production, extending its business into rubber products and international trade, leveraging Hainan's free trade policies [7][36] - Guangsheng Nonferrous (600259) specializes in non-ferrous metal mining and smelting, with a focus on rare earths and tungsten, essential for high-end manufacturing and new energy sectors [8][37] - Haima Automobile (000572) is transitioning into the new energy vehicle sector, supported by Hainan's policies, and is expanding its production capabilities [9][38] Group 4 - Haide Co., Ltd. (000567) focuses on distressed asset management, with a strategy to optimize asset allocation in the region, and is involved in photovoltaic projects [10][39] - Hainan Public Transport Group (603069) provides passenger transport services and is enhancing its operations through the integration of duty-free services [11][40] - Junda Co., Ltd. (002865) is engaged in the new energy sector, focusing on photovoltaic battery research and manufacturing, and is expanding its market presence [12][41] Group 5 - Luoniushan (000735) is involved in livestock farming and related industries, leveraging Hainan's agricultural resources to expand its market [13][42] - Jingliang Holdings (000505) focuses on oil processing and food manufacturing, utilizing Hainan's logistics advantages for trade [14][43] - Hainan Coconut Island (600238) specializes in alcoholic beverages, particularly health wines, and is expanding its market through tourism channels [15][44] Group 6 - Hainan Haiyao (000566) is a pharmaceutical manufacturer focusing on chemical raw materials and traditional Chinese medicine, benefiting from supportive policies for the pharmaceutical industry [16][45] - Hainan Ruize (002596) produces construction materials and is involved in tourism, aligning its business with Hainan's infrastructure development [17][46] - Hainan Expressway (000886) operates key highways in Hainan and is expanding its business through tourism and duty-free services [18][47] Group 7 - Puli Pharmaceutical (300630) specializes in chemical drug development and international market expansion, leveraging Hainan's trade policies [19][48] - Shennong Technology (300189) focuses on seed research and production, aiming to expand its market through trade policies [20][49] - Shuangcheng Pharmaceutical (002693) is dedicated to peptide drug development and international market expansion, supported by Hainan's policies [21][50] Group 8 - Xinlong Holdings (000955) specializes in non-woven fabrics and related products, with a focus on medical and industrial applications, and is exploring export opportunities [22][51] - ST Intercontinental (600759) is involved in oil and gas exploration and is expanding into the hydrogen energy sector [23][52] - Huawen Group (000793) operates in media, tourism, and supply chain services, aiming for growth through Hainan's logistics advantages [24][53]