Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]

Core Insights - The report highlights a bullish outlook for the metals sector, driven by macroeconomic factors such as the Federal Reserve's interest rate cuts and a recovering global economy, particularly in China [3][44] - Key investment themes for 2026 include expanding demand for precious metals like gold and silver, improving fundamentals for aluminum and copper, strategic opportunities in rare earths, and supply-side disruptions due to overcapacity in certain sectors [3][4] Group 1: Precious Metals - The report suggests a long-term bullish view on gold, with expectations of price increases driven by anticipated interest rate cuts and geopolitical tensions, which enhance gold's appeal as a safe-haven asset [3][44] - Silver is also highlighted as a key investment opportunity due to its high price ratio to gold, indicating potential for significant price appreciation [3] - Specific companies to watch include Shandong Gold (600547.SH) and Zijin Mining (601899.SH), which are expected to benefit from increased production and operational efficiencies [4] Group 2: Industrial Metals - The report notes that aluminum and copper are set to see improved profitability due to lower production costs and increased demand, particularly in the context of infrastructure investments [3][4] - Companies such as Zhongfu Industrial (600595.SH) and Zijin Mining (601899.SH) are identified as having strong positions in the copper market, with expected profit growth [4] - The report emphasizes the importance of monitoring supply chain dynamics, particularly in copper, where inventory levels are shifting significantly [18][58] Group 3: Rare Earths and Strategic Metals - The report identifies rare earth elements as a critical area for investment, particularly in light of geopolitical tensions between the US and China, which may create opportunities for companies involved in rare earth mining and processing [3][4] - Companies like Northern Rare Earth (600111.SH) and China Rare Earth (000831.SZ) are highlighted for their potential to benefit from price increases in rare earth materials [4] Group 4: Energy Metals - The report discusses the rebound in lithium and nickel prices, driven by strong demand from the battery sector, with specific mention of companies like Tianqi Lithium (002466.SZ) and Ganfeng Lithium (002460.SZ) [4][27] - The expected growth in energy storage solutions is also noted as a significant driver for demand in these metals [4] Group 5: Overall Market Performance - The overall performance of the non-ferrous metals sector is noted to have outperformed the broader market, with a cumulative increase of 96.46% in 2025 compared to a 21.65% increase in the Shanghai Composite Index [33][35] - The report indicates that while the sector has seen significant gains, valuations are currently at historical averages, suggesting potential for further growth [35]

| of 224 000 yrs 110 very | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专场 | | 026-01-22 | 中秘有色 | 600259 | 72.3 202.44 | 2.8 | 夏龍清劇手錢登 | ឌីតិទីនិងជន | ка | 1月22日，中稀有色大宗交易成交2.8万股，成交额202.44万元，占当日总成交额的0.17%，成交价72.3 元，较市场收盘价79.8元折价9.4%。 ...

Core Viewpoint - The non-ferrous metal sector is experiencing active performance, particularly in tungsten-related companies, with significant daily stock price increases observed across multiple firms. Group 1: Company Highlights - Zhongtung High-tech (000657.SZ) has a latest stock price of 41.68 CNY, with a daily increase of +10.00%. It is a tungsten industry operation platform under China Minmetals Corporation, recently acquiring equity in Yuanjing Tungsten, significantly boosting its tungsten resource reserves [1]. - Xiamen Tungsten (600549.SH) has a latest stock price of 59.00 CNY, with a daily increase of +9.14%. It possesses a complete industrial chain from tungsten mining to hard alloy deep processing and is the first domestic company capable of developing tungsten components for nuclear fusion devices [2]. - Xianglu Tungsten (002842.SZ) has a latest stock price of 22.60 CNY, with a daily increase of +7.93%. It is one of the few domestic companies with a complete tungsten industrial chain, covering products from tungsten concentrate to hard alloys, and its subsidiary holds tungsten mining rights [3]. - Tin Industry Co., Ltd. (000960.SZ) has a latest stock price of 40.97 CNY, with a daily increase of +7.48%. It is a full industrial chain enterprise focusing on tin and indium, with substantial associated tungsten resources [4]. - Zhangyuan Tungsten (002378.SZ) has a latest stock price of 20.60 CNY, with a daily increase of +6.08%. It is one of the domestic companies with complete tungsten production capabilities, holding multiple mining and exploration rights with rich tungsten resource reserves [5]. - Zhongxi Rare Earth (600259.SH) has a latest stock price of 77.80 CNY, with a daily increase of +4.32%. It is the core listed platform of China Rare Earth Group, spanning industries including rare earth, copper, and tungsten, and possesses tungsten mining resources [5]. - Zhongjin Lingnan (000060.SZ) has a latest stock price of 7.02 CNY, with a daily increase of +3.39%. It is an integrated enterprise focused on lead and zinc deep processing, with tungsten metal resources in its mines [7]. - Shengtun Mining (600711.SH) has a latest stock price of 16.96 CNY, with a daily increase of +2.17%. Its business includes non-ferrous metal mining and trading, with tungsten metal resources in its domestic mines [8].

Core Viewpoint - The company has appointed its president to temporarily assume the responsibilities of the financial officer following the resignation of the previous president and acting financial officer, ensuring continuity in financial operations [1]. Group 1 - The former president and acting financial officer, Mr. Zhang Xigang, resigned from his positions on January 9, 2026 [1]. - The company's board of directors convened a meeting on January 16, 2026, to address the financial leadership transition, with all eight directors present [1]. - The board unanimously approved the proposal to designate Mr. Chen Zhixin, the current president, to act as the financial officer until a new financial officer is officially appointed [1]. Group 2 - The board will expedite the hiring process for a new financial officer and will fulfill its information disclosure obligations in a timely manner [1].

证券简称：中稀有色 证券代码：600259 公告编号：临 2026-005 中稀有色金属股份有限公司 关于指定公司总裁代行财务负责人职责的公告 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"）原总裁、代行财 务负责人张喜刚先生已于 2026 年 1 月 9 日辞去上述职务（详见公司公 告：临 2026-002）。为保证公司财务工作的有序开展，公司于 2026 年 1 月 16 日以通讯方式召开第九届董事会 2026 年第二次会议，本次会议 通知于 2026 年 1 月 12 日以书面及电子邮件形式发出。本次会议应出席 董事 8 名，实际出席董事 8 名。会议的召集召开符合《公司法》及《公 司章程》的规定。会议以 8 票同意、0 票反对、0 票弃权，审议通过了 《关于指定公司总裁代行财务负责人职责的议案》，同意在正式聘任新 任财务负责人之前，指定公司总裁陈志新先生代行公司财务负责人职责。 公司董事会将尽快按照相关规定聘任新的财务负责人，并及时履行信息 披露义务。 特此公告。 中稀有色 ...

中稀有色金属股份有限公司 2026 年第一次临时股东会 中稀有色金属股份有限公司 2026 年第一次临时股东会 会议资料 会议时间：二Ｏ二六年一月二十六日下午 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 中稀有色金属股份有限公司 2026 年第一次临时股东会 目 录 （二〇二六年一月二十六日） | 序号 | | 会议内容 | 页码 | | --- | --- | --- | --- | | 1 | 议案 | 1:《关于选举董事的议案》 | 1 | 中稀有色金属股份有限公司 2026 年第一次临时股东会 议案一： 中稀有色金属股份有限公司 关于选举董事的议案 各位股东、股东代表： 中稀有色金属股份有限公司（以下简称"公司"）于 2026 年 1 月 9 日召开第九届董事会 2026 年第一次会议，审议通过了《关于提名 公司董事候选人的议案》。根据《公司法》、《公司章程》的有关规 定，经公司第九届董事会董事长杨杰先生提名、董事会提名委员会资 格审查通过，现拟选举陈志新先生为公司第九届董事会董事，任期自 股东会通过之日起至第九届董事会任期届满之日止。 请 ...

Group 1 - Zhongyuan Neipei plans to acquire 59% stake in Zhongyuan Jikean for 143 million yuan, making it a wholly-owned subsidiary [1] - HNA Holding reports a 2.8% year-on-year increase in passenger transport volume for December 2025, with international passenger transport volume up by 21.95% [2] - Haolai Ke expects a net profit decrease of 75.16% to 83.23% for 2025, projecting a profit of 13.5 million to 20 million yuan [3] Group 2 - Chengdu Investment Holdings reports a 71.41% year-on-year decrease in signed sales amount for Q4 2025, totaling 2.318 billion yuan [4] - Zhong Rare Metals signs a strategic cooperation agreement with Xian Dao Group to enhance market share in rare metals [5] - Bofei Electric plans to invest 23.38 million yuan in Haining Qiyuan alongside its controlling shareholder [6] Group 3 - Rongchang Bio plans to increase the maximum repurchase price to 116 yuan per share [7] - Filihua's controlling shareholders and executives plan to reduce their holdings by up to 1.05% of the company's shares [8] - Jiu Zhi Tang's general manager plans to reduce holdings by up to 2% of the company's shares [10] Group 4 - Aerospace Development's controlling shareholder reduced 12.26 million shares during stock trading fluctuations [11] - Nong Shang Environment's subsidiary faces delays in a computing infrastructure project due to funding issues [12] - Xinhua Department Store denies rumors of injecting semiconductor assets into the company [13] Group 5 - Jin Ao Bo expects a net profit increase of 40.24% to 59.58% for 2025, projecting a profit of 174 million to 198 million yuan [21] - Zhejing Pharmaceutical receives approval for clinical trials of ZGGS18 and ZG005 for advanced solid tumors [22] - Guangdong Hongtu anticipates a net profit decrease of 7.99% to 17.87% for 2025, projecting a profit of 341 million to 382 million yuan [23] Group 6 - Aijian Group expects to report a net loss for 2025 [24] - Shuangliang Energy also anticipates a net loss for 2025 [25] - Jia Mei Packaging announces early redemption of convertible bonds due to stock price conditions [26] Group 7 - Jindao Technology plans to issue convertible bonds to raise up to 306 million yuan for various projects [27] - Xinlei Co. extends the lock-up period for shares held by its controlling shareholder and actual controllers until January 19, 2027 [28] - Genesis expects a net profit decrease of 30% to 45% for 2025, projecting a profit of 131 million to 166 million yuan [29] Group 8 - Defu Technology plans to repurchase shares for employee stock ownership plans, with a budget of 75 million to 150 million yuan [30] - Huasheng Tiancheng states that AI-related revenue is currently a small portion of overall revenue [32] - Hongchuan Wisdom's shareholder plans to reduce holdings by up to 2% of the company's shares [33] Group 9 - Century Huatong's subsidiary plans to invest 50 million yuan in a financial development fund [34] - Liou shares will be suspended for trading due to significant stock price fluctuations [35] - Golden Dragon Fish plans to transfer stakes in two subsidiaries to Mars China for a total of 60 million USD [36] Group 10 - Mountain Outside Mountain's shareholder plans to reduce holdings by up to 1% of the company's shares [37] - Keheng Co. plans to sign a cooperation framework agreement with Gree Supply Chain for procurement [38] - Tian Sheng New Materials announces a change in actual controller and resumes trading [40] Group 11 - Xinghua New Materials plans to acquire at least 51% of Tian Kuan Technology for cash [41] - Rongbai Technology continues to delay responses to the Shanghai Stock Exchange's inquiries, leading to ongoing stock suspension [42] - Longxin Zhongke's shareholders plan to reduce holdings by up to 3.03% of the company's shares [43]

Core Viewpoint - The strategic cooperation agreement signed between the company and Xiandao Technology Group aims to enhance the core competitiveness of the rare and scattered metal industry and promote sustainable development in this sector [2][3]. Group 1: Agreement Overview - The company signed a strategic cooperation agreement with Xiandao Technology Group on January 14, 2026, to enhance the core competitiveness of the rare and scattered metal industry [3]. - The agreement is a framework agreement and does not involve specific rights and obligations of both parties [11]. Group 2: Cooperation Details - The cooperation will focus on resource sharing, technology complementarity, and market expansion, particularly in the areas of rare and scattered metal resource security and product development [9]. - Both parties will increase investment in technology research and development, strengthen talent exchange, and integrate research resources to tackle key industry challenges [9][10]. - The cooperation will also involve joint market expansion strategies, particularly in emerging fields such as semiconductors and new energy [10]. Group 3: Impact on the Company - The cooperation is expected to enhance the overall innovation capability of the rare and scattered metal industry and facilitate the transformation of resource advantages into industrial and market advantages [12][13]. - The agreement will not have a significant impact on the company's operating performance for the current year, nor will it lead to major changes in the company's main business or independence [13].

Group 1 - The core viewpoint of the article is that Zhong Rare Metals has signed a strategic cooperation agreement with Xian Dao Technology Group to enhance its core competitiveness in rare and scattered metals and promote the green and sustainable development of the rare and scattered metals industry [2] Group 2 - The strategic cooperation agreement was signed on January 14, 2026, indicating a forward-looking approach to industry collaboration [2] - The partnership aims to focus on improving the core competitiveness of rare and scattered metals, which is crucial for the industry [2] - The agreement emphasizes the importance of green and sustainable development within the rare and scattered metals sector, aligning with global trends towards sustainability [2]