证券代码：600259 证券简称：广晟有色 公告编号：2025-059 广晟有色金属股份有限公司 2025年第四次临时股东会决议公告 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。 (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 | 579 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 160,722,478 | | 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（%） | 47.7720 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持 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《股东会议事规则》的相关规定。 (五) 公司董事和董事会秘书的出席情况 1、 公司在任董事9人，出席6人，董事范安胜、钟瑞林、刘子龙因工作 ...

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 年第四次临时股东会的法律意见书 1、现场会议于 2025 年 11 月 17 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。 2、网络投票时间：通过上海证券交易所交易系统进行网络投票的时间为 2025 年 11 月 17 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过互联网投票平台的投票时间为 法律意见书 临时股东会召开当日的 9:15—15:00。 本所律师认为，本次临时股东会的召集和召开程序符合《公司法》《股东会规则》 以及《公司章程》的规定。 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、陈华键（以下简称"本所律师"）出 席并见证了公司 2025 年第四次临时股东会（以下简称"本次临时股东会"），并依据《中 华人民共和国公司法》（以下简称"《公司法》"）、 ...

Investment Rating - The report maintains a positive outlook on the copper, aluminum, and precious metals sectors, indicating a high level of market activity and potential for growth [2][3][4][5]. Core Insights - Copper prices have shown a weekly increase of 1.53% to $10,859.00 per ton on the LME, with domestic prices rising by 1.12% to 86,900 yuan per ton, reflecting a recovery in demand as the market approaches the traditional peak season [2][14]. - Aluminum prices also increased, with LME aluminum up 0.52% to $2,877.00 per ton, supported by low inventory levels and stable demand from downstream processing industries [3][15]. - Gold prices surged by 4.16% to $4,174.5 per ounce, driven by geopolitical risks and economic uncertainties in the U.S., indicating strong investor interest in safe-haven assets [4][16]. - The rare earth sector is experiencing upward momentum due to increased demand and the suspension of export control measures, leading to a bullish outlook for companies involved in rare earth production [5][32]. Summary by Sections Copper - LME copper price increased by 1.53% to $10,859.00 per ton, with domestic prices at 86,900 yuan per ton [2][14]. - The processing fee index for imported copper concentrate dropped to -$42.21 per ton, indicating supply chain pressures [2][14]. - Domestic copper inventory rose by 0.52 million tons to 20.11 million tons, reflecting a cautious market sentiment [2][14]. Aluminum - LME aluminum price rose by 0.52% to $2,877.00 per ton, with domestic prices at 21,800 yuan per ton [3][15]. - Domestic aluminum ingot inventory decreased by 0.6 million tons, indicating a tightening supply [3][15]. - The operating rate of downstream aluminum processing enterprises increased slightly to 62%, suggesting stable demand [3][15]. Precious Metals - COMEX gold price increased by 4.16% to $4,174.5 per ounce, with SPDR gold holdings rising by 6.87 tons to 1,048.93 tons [4][16]. - The market is influenced by U.S. political instability and geopolitical tensions, leading to a strong demand for gold [4][16]. Rare Earths - The price of praseodymium and neodymium oxide decreased by 1.40%, but overall demand is expected to rise due to the suspension of export controls [5][32]. - The rare earth sector is projected to benefit from increased strategic importance and price appreciation [5][32]. Other Metals - Antimony prices increased by 15.5%, driven by a suspension of export controls and a tightening supply situation [5][34]. - Tin prices rose by 3.11%, supported by reduced illegal mining activities in Indonesia [5][35]. - Lithium carbonate prices increased by 3.14% to 83,200 yuan per ton, reflecting strong demand in the energy storage sector [5][61].

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Views - The overall industrial metal prices have experienced a decline, particularly in the overseas market, primarily due to liquidity issues in the US banking system. The government shutdown has led to a tightening of cash balances, impacting global risk assets. Concerns over power shortages in North America due to data center developments have raised fears of production halts in high-energy-consuming sectors like aluminum and zinc, resulting in relatively strong prices for these commodities. The lithium industry has seen a turnaround, with improving supply-demand fundamentals. The uncertainty in overseas resource development and weak profitability due to low lithium prices have peaked capital expenditures in the industry by 2024-2025, with a confirmed trend of declining supply growth from 2026 to 2028. By 2026, equity values are expected to outperform commodity prices, potentially leading the market out of a downturn [2][4][5]. Summary by Sections Precious Metals - The ongoing US government shutdown has heightened risk aversion, which is expected to drive gold prices higher in the short term. The report emphasizes that gold prices are currently stabilizing rather than indicating a trend reversal. Historically, gold prices tend to peak early in a rate-cutting cycle, and the current macroeconomic environment suggests that gold may not have reached its peak yet. The report maintains a positive outlook for gold, suggesting that the market is entering a phase of systematic re-evaluation [4]. Industrial Metals - The report highlights a long-term positive outlook for copper and aluminum. Recent price adjustments in these metals are attributed to liquidity issues in the US. The report notes that copper inventories have increased by 4.68% week-on-week and 25.01% year-on-year, while aluminum inventories have decreased by 0.49% week-on-week and 13.31% year-on-year. The report suggests that despite short-term fluctuations, the long-term economic outlook and supply-demand structure will favor a strong cycle for copper and aluminum [4][5]. Energy and Minor Metals - The lithium sector is expected to see a supply inflection point and a new demand cycle. The report indicates that the darkest period for the lithium industry has passed, with a clear trend of improving supply-demand fundamentals. The demand for lithium is projected to grow significantly due to stable domestic power needs and the acceleration of solid-state battery industrialization. The report also highlights the strategic importance of rare earths and tungsten, with expectations of a new upward trend in prices due to supply constraints and increased demand [5][24]. Supply Dynamics - The report discusses the high concentration of supply in cobalt and nickel, with specific attention to the Democratic Republic of Congo's cobalt quotas and Indonesia's tightening supply policies for nickel. These factors are expected to support long-term price increases for both cobalt and nickel, benefiting resource-oriented companies [5][24].

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating high market activity and potential for investment [12][34][62] Core Insights - Copper prices have shown a slight decline, but the overall market remains robust with increasing demand and production recovery [13][14] - Aluminum market is experiencing a turning point with supply constraints and stable demand, leading to potential price increases [14] - Precious metals, particularly gold, are stabilizing amidst geopolitical tensions and economic uncertainties, suggesting a favorable investment environment [15] Summary by Sections Copper - LME copper price decreased by 1.80% to $10,695.00 per ton, while domestic prices fell by 1.23% to 86,000 yuan per ton [13] - Domestic copper inventory increased to 203,300 tons, marking a three-year high, with a notable rise in production rates among major cable manufacturers [13][14] - The demand for copper is recovering as prices decline, leading to improved order volumes and production rates [13] Aluminum - LME aluminum price decreased by 0.90% to $2,862.00 per ton, while domestic prices increased by 1.53% to 21,600 yuan per ton [14] - Domestic electrolytic aluminum inventory reached 622,000 tons, with a slight increase in production rates among downstream processing enterprises [14] - The aluminum market is facing challenges due to environmental regulations and seasonal demand fluctuations, but there is potential for recovery in specific sectors [14] Precious Metals - COMEX gold price decreased by 0.15% to $4,007.80 per ounce, with SPDR gold holdings increasing to 1,042.06 tons [15] - The gold market is influenced by ongoing U.S. government shutdowns and geopolitical risks, maintaining a strong but volatile trading environment [15] - The overall sentiment in the precious metals market remains positive, with expectations of price stabilization and potential upward movement [15] Rare Earths - Prices for praseodymium and neodymium oxide increased by 4.23%, driven by heightened demand expectations following the suspension of export control measures [34] - The rare earth sector is expected to see significant price increases due to supply constraints and strategic importance in various industries [34] Antimony - Antimony prices decreased by 6.89%, but the market outlook is improving due to potential recovery in export demand and stable domestic consumption [36] - The report suggests that resource scarcity and reduced global supply could lead to upward price adjustments in the future [36] Tin - Tin prices slightly decreased by 0.12%, but the market is expected to remain resilient due to ongoing supply chain disruptions and stable demand [37] - The report highlights the impact of regulatory actions in Indonesia aimed at curbing illegal mining, which may support future price stability [37] Lithium - Lithium carbonate prices increased by 2.14% to 80,600 yuan per ton, with production levels showing a slight rise [62] - The lithium market is experiencing strong demand growth, particularly in the energy storage and electric vehicle sectors, which is expected to support prices [62]

Investment Rating - The report indicates a positive outlook for the non-ferrous metals industry, with a focus on ESG performance management among central enterprises [3][4]. Core Insights - The report evaluates 18 central enterprises in the non-ferrous metals sector based on an established ESG rating system, highlighting that 11 companies scored over 100 points, reflecting a systematic approach to ESG management [4][12]. - Environmental management is prioritized, with comprehensive disclosure on pollution control, waste management, and energy utilization, although there is room for improvement in areas like green mining and circular economy indicators [4][24]. - The report emphasizes the importance of climate-related governance, with many companies actively addressing climate change and setting reduction targets, though mechanisms for information acquisition need enhancement [4][42]. - Social responsibility is a key focus, with all companies covering social indicators, but there is a noted deficiency in disclosures related to technology ethics [4][61]. - Governance structures are generally robust, but there is a need for improvement in due diligence practices, particularly concerning compliance checks of supply chain partners [4][75]. Summary by Sections 1. Overall Scores and ESG Governance - The overall ESG scores for the 18 central enterprises are high, with 61.1% scoring above 100 points, indicating a well-established ESG management framework [12]. 2. Importance Assessment: Need for Third-Party Verification - All companies disclosed financial and impact importance assessments, but only 11% provided third-party verification, indicating a gap in independent validation [16][17]. 3. Environmental: Mature Disclosure, Comprehensive Management - Environmental indicators show high scores, with 67% of companies achieving full marks, reflecting strong environmental protection awareness [24][27]. 4. Climate: Accelerating Disclosure Framework - 67% of companies received full scores for climate-related disclosures, demonstrating a high level of commitment to addressing climate change [42][49]. 5. Social: Commitment to Social and Management Responsibilities - Social responsibility indicators are fully covered by all companies, but technology ethics disclosures are lacking [61][64]. 6. Governance: Well-Structured, Need for Enhanced Due Diligence - Governance structures are generally well-defined, with high coverage of governance mechanisms, but due diligence practices require further development [75][76].

广晟有色金属股份有限公司 2025 年第四次临时股东会 广晟有色金属股份有限公司 2025 年第四次临时股东会 会议资料 会议时间：二Ｏ二五年十一月十七日下午 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 年第四次临时股东会 目录 | 序号 | 会议内容 | 页码 | | --- | --- | --- | | 1 | 议案 1:《关于购买公司董事及高级管理人员责任 | 1 | | | 保险的议案》 | | | 2 | 议案 2:《关于公司使用公积金弥补亏损的议案》 | 2 | | 3 | 议案 3:《关于续聘大华会计师事务所为公司 2025 | 5 | | | 年年度审计机构的议案》 | | （二〇二五年十一月十七日） 广晟有色金属股份有限公司 2025 年第四次临时股东会 议案一： 关于购买公司董事及高级管理人员责任保险的议案 各位股东、股东代表： 为进一步完善公司风险管理体系，降低公司运营风险，促进公司 董事及高级管理人员在其职责范围内更充分地行使权力、履行职责， 维护公司和投资者的权益，公司将继续为董事及高级 ...

Core Points - Guangsheng Nonferrous Metal Co., Ltd. has seen a stock price increase of 92.05% year-to-date, with a recent decline of 2.77% over the last five trading days [1] - The company reported a significant decrease in revenue for the first nine months of 2025, amounting to 4.634 billion yuan, a year-on-year decrease of 46.97%, while net profit attributable to shareholders increased by 146.30% to 128 million yuan [2] - The company has a market capitalization of 17.969 billion yuan and a trading volume of 192 million yuan as of November 7 [1] Financial Performance - For the period from January to September 2025, Guangsheng Nonferrous achieved operating revenue of 4.634 billion yuan, a decrease of 46.97% compared to the previous year [2] - The net profit attributable to shareholders for the same period was 128 million yuan, reflecting a year-on-year increase of 146.30% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 60,900, up by 9.77% from the previous period [2] - The average number of circulating shares per shareholder decreased by 8.90% to 5,522 shares [2] - New institutional shareholders include Hong Kong Central Clearing Limited and several mutual funds, indicating increased interest in the company [3]

Core Viewpoint - The tungsten market has experienced a significant price surge, with major tungsten products reaching historical highs due to increased demand and tightened supply conditions [1][2]. Price Trends - Tungsten powder prices have surpassed 700,000 CNY/ton, currently at 710,000 CNY/ton; ammonium paratungstate (APT) is priced at 462,000 CNY/ton, while black and white tungsten concentrates (≥65%) are at 312,000 CNY/ton and 311,000 CNY/ton respectively, each increasing by 2,000 CNY/ton from the previous trading day [1][2]. - Compared to the beginning of the year, prices for major tungsten products have more than doubled, with black tungsten concentrate increasing by 118.18%, APT by 118.96%, and tungsten powder by 124.68% [1][2]. Supply and Demand Dynamics - The tightening of tungsten supply is expected to continue, with the Ministry of Natural Resources and the Ministry of Industry and Information Technology indicating a reduction in the first batch of tungsten concentrate mining quotas for 2025 to 58,000 tons, a decrease of 4,000 tons or 6.45% year-on-year [2][3]. - The demand for tungsten has risen significantly due to increased production in sectors such as photovoltaics and automotive, leading to a tight market balance [2][4]. Industry Performance - Companies in the tungsten sector have reported strong financial performance, with Zhongtung High-tech achieving a revenue of 12.755 billion CNY in the first three quarters, a year-on-year increase of 13.39%, and a net profit of 846 million CNY, up 18.26% [2]. - Other companies like Xianglu Tungsten and Luoyang Molybdenum have also shown impressive growth, with net profits increasing by 259.65% and 72.61% respectively [2]. Market Outlook - Analysts predict a favorable supply-demand balance in the tungsten market, with strong pricing support from supply-side constraints and resilient demand from downstream industries [3][4]. - The tightening of mining quotas and limited new production capacity are expected to reinforce the bullish outlook for tungsten prices [4].

Core Insights - The report indicates a significant decline in China's rare earth imports and a contrasting increase in exports for September 2025, highlighting shifts in market dynamics [1] Import and Export Data - In September 2025, China's rare earth imports totaled 0.69 million tons, representing a year-on-year decrease of 36.5%. The import value was $14.1 million, down 9.2% compared to the previous year [1] - In the same month, China's rare earth exports amounted to 0.4 million tons, showing a year-on-year decrease of 4.3%. However, the export value surged to $6 million, reflecting a significant increase of 97.1% year-on-year [1]