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].

Core Viewpoint - The company has approved the continued use of raised funds to provide loans to its wholly-owned subsidiary, Guangdong Shengyuan Permanent Magnet Materials Co., Ltd., to support the implementation of investment projects [1][3]. Fundraising Overview - The company raised a total of approximately RMB 1.396 billion through a private placement of 34,633,619 shares at a price of RMB 40.31 per share, with a net amount of approximately RMB 1.386 billion after deducting issuance costs [1]. - As of September 30, 2025, the company has invested RMB 501.84 million in the high-performance NdFeB permanent magnet material project and RMB 191.25 million in the upgrade of the Yttrium and Europium mixed rare earth ore processing project [2]. Loan Provision Details - The company plans to provide a loan of RMB 106 million to Shengyuan Company to support its capacity expansion to 4,000 tons per year and settle the remaining payments for early engineering equipment [3]. - Previous loans included RMB 200 million for capital increase and RMB 300 million for project implementation, which have been fully utilized [2][3]. Subsidiary Information - Guangdong Shengyuan Permanent Magnet Materials Co., Ltd. was established on April 13, 2021, with a registered capital of RMB 300 million and is a wholly-owned subsidiary of the company [4][5]. - As of December 31, 2024, the subsidiary had total assets of RMB 587.78 million and total liabilities of RMB 379.97 million, with a net profit of -RMB 70.98 million [5]. Purpose and Impact of the Loan - The loan aims to facilitate the expansion of Shengyuan Company's production capacity and ensure the smooth implementation of investment projects, aligning with the company's development strategy and benefiting all shareholders [5][6]. Decision-Making Process - The board of directors approved the loan with unanimous consent during the meeting held on December 3, 2025, without the need for shareholder approval [6]. - The audit, compliance, and risk management committee also supported the decision, confirming that the loan aligns with the investment plan and does not alter the intended use of raised funds [7]. Sponsor's Opinion - The sponsor has verified that the loan provision complies with relevant regulations and does not conflict with the investment project implementation, ensuring the protection of the company's and shareholders' interests [8].

Group 1 - The company Guangsheng Nonferrous announced on the evening of December 3 that it plans to continue using raised funds of 106 million yuan to provide loans to its project implementation entity, Shengyuan Company [2] - The funding will support Shengyuan Company's capacity expansion to 4,000 tons per year and the settlement of preliminary engineering equipment payments [2]

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 ...

广晟有色金属股份有限公司 关于继续使用募集资金向全资子公司 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 ...

Market Overview - The small metals sector experienced a decline of 1.69% on December 2, with Huaxi Nonferrous leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Stock Performance - Notable gainers included: - Xibu Materials (002149) with a closing price of 18.55, up 2.09% and a trading volume of 640,700 shares, totaling 1.213 billion yuan [1] - Xianglu Tungsten Industry (002842) closed at 11.33, up 1.07% with a trading volume of 144,500 shares, totaling 164 million yuan [1] - Major decliners included: - Huaxi Nonferrous (600301) closed at 35.78, down 6.53% with a trading volume of 168,700 shares, totaling 603 million yuan [2] - China Rare Earth (000831) closed at 46.69, down 3.23% with a trading volume of 291,100 shares, totaling 1.362 billion yuan [2] Capital Flow Analysis - The small metals sector saw a net outflow of 808 million yuan from main funds, while speculative funds had a net inflow of 288 million yuan, and retail investors contributed a net inflow of 519 million yuan [2][3] - Specific stock capital flows indicated: - Zhongtung High-tech (000657) had a main fund net inflow of 1.48 million yuan, with a retail net outflow of 1.66 million yuan [3] - Xibu Materials (002149) experienced a main fund net inflow of 31.87 million yuan, but a retail net outflow of 32.23 million yuan [3]

广晟有色金属股份有限公司 2025 年第五次临时股东会 广晟有色金属股份有限公司 2025 年第五次临时股东会 会议资料 会议时间：二Ｏ二五年十二月十日下午 14:30 会议地点：广州市番禺区汉溪大道东 386 号广晟万博城 A 塔写字楼 37 楼董事会会议室 广晟有色金属股份有限公司 2025 年第五次临时股东会 目录 （二〇二五年十二月十日） | 序号 | 会议内容 | 页码 | | --- | --- | --- | | 1 | 议案 1:《关于拟变更公司名称及修订公司章程的 | 1 | | | 议案》 | | 广晟有色金属股份有限公司 2025 年第五次临时股东会 议案一： 广晟有色金属股份有限公司 关于拟变更公司名称及修订公司章程的议案 各位股东、股东代表： 广晟有色金属股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日召开第九届董事会 2025 年第九次会议，审议通过了《关于拟 变更公司名称并修订<公司章程>的议案》，公司拟将中文名称"广晟 有色金属股份有限公司"变更为"中稀有色金属股份有限公司"，英 文名称"Rising Nonferrous Metals Share Co., ...

Core Viewpoint - Guangsheng Nonferrous Metals Co., Ltd. officially changes its name to China Rare Earth Nonferrous Metals Co., Ltd. to better integrate with China Rare Earth Group and leverage its upstream rare earth resource advantages and regional benefits in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Company Overview - Guangsheng Nonferrous's main business focuses on the upstream and downstream of the rare earth industry while also expanding into the development and application of strategic rare metals such as tungsten and copper [2] - The company has a complete rare earth industry chain, including mining, smelting separation, deep processing, and trade [9] Industry Context - The rare earth industry has undergone multiple consolidations, making "post-integration renaming" a common practice [3] - The strategic value of rare earths has become increasingly prominent with the rapid development of strategic emerging industries [4] - The industry has seen improvements in concentration and standardization, but issues such as overcapacity in primary rare earth products remain unresolved [5] - A new round of integration in the rare earth industry began around 2020, leading to the establishment of major groups like China Rare Earth Group [6][7] Financial Performance - In the first three quarters of this year, Guangsheng Nonferrous reported revenue of 4.634 billion yuan, a year-on-year decrease of 46.97%, while achieving a net profit of 128 million yuan, reversing a loss of 276 million yuan from the previous year [10] - The company’s cash flow from operating activities increased by 570.73% to 231 million yuan, attributed to increased sales receipts and reduced procurement expenses [10] - Short-term payables rose by 97% to 1.187 billion yuan, mainly due to increased operational financing during the reporting period [10] Market Trends - Prices of various rare earth products in China have significantly increased this year, with praseodymium-neodymium oxide prices rising approximately 40% since the beginning of the year [11] - The price of terbium oxide is currently 6.95 million yuan per ton, reflecting a 24% increase since the start of the year [12] Regulatory Environment - Recent years have seen a surge in regulatory policies governing the rare earth industry, including the implementation of the Rare Earth Management Regulations and the introduction of total control management measures for rare earth mining and smelting separation [13][14][15]

Group 1 - The core point of the article is that Guangsheng Nonferrous (SH 600259) announced a board meeting to discuss changing the company's name and amending the articles of association [1] - For the first half of 2025, Guangsheng Nonferrous reported a revenue composition of 59.32% from commercial activities and 40.68% from industrial activities [1] - As of the report date, Guangsheng Nonferrous has a market capitalization of 18.8 billion yuan [1] Group 2 - The article also highlights a significant profit for the controlling shareholder and his brother from the strategic placement of Dapeng Industrial, with a subscription price of 9 yuan and a first-day listing price of 118 yuan, resulting in a floating profit of 24.92 million yuan [1]

Core Viewpoint - Longi Technology's stock rose over 10%, with other companies such as Dadi Bear, Guangsheng Nonferrous, Steel Research Nack, Zhongke Magnetic, Galaxy Magnet, and Zhenghai Magnetic Materials also experiencing gains [1] Company Summary - Longi Technology's significant stock increase indicates strong market performance and investor confidence [1] - The rise in stock prices of related companies suggests a positive trend within the magnetic materials sector [1]