具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《广西华锡有色金属股份有限公司关于增加期货套期保值业务主体和金额的公 告》（公告编号：2025-068）和《广西华锡有色金属股份有限公司关于增加期货 套期保值业务主体和金额的可行性分析报告》。 表决情况：9 票赞成、0 票反对、0 票弃权。 特此公告。 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。 广西华锡有色金属股份有限公司（以下简称"公司"）第九届董事会第二十 三次会议（临时）通知与相关文件于 2025 年 12 月 10 日通过电子材料和书面通 知方式送达各位董事及高级管理人员，经全体董事一致同意豁免本次会议时限， 并于 2025 年 12 月 11 日以通讯方式召开。本次会议应出席会议的董事 9 名，实 到 9 名。会议由董事长张小宁先生主持，公司高级管理人员列席了会议。本次会 议的召集和召开符合《中华人民共和国公司法》和《公司章程》的有关规定。经 与会董事认真审议，形成如下决议： 一、审议通过《关于广西华锡有色金属股份有限公司增加期货 ...

（记者 王晓波） 截至发稿，华锡有色市值为231亿元。 每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 每经AI快讯，华锡有色（SH 600301，收盘价：36.5元）12月11日晚间发布公告称，公司第九届第二十 三次董事会临时会议于2025年12月11日以通讯方式召开。会议审议了《关于广西华锡有色金属股份有限 公司增加期货套期保值业务主体和金额的议案》等文件。 2025年1至6月份，华锡有色的营业收入构成为：有色金属采选业占比92.96%，有色金属加工业占比 4.61%，服务行业占比2.43%。 ...

格隆汇12月11日｜华锡有色公告称，12月11日其第九届董事会第二十三次会议（临时）审议通过议案， 增加华锡有色为主体开展期货套期保值业务，交易品种为锡，交易场所为上海期货交易所。任一时点保 证金最高不超3240万元，任一交易日最高合约价值不超1.35亿元，资金可循环使用，来源为自有资金。 授权期限自董事会审议通过之日起12个月内有效。同时公司提示开展套保业务存在市场、资金和交易等 风险并给出控制措施。 ...

Investment Rating - The investment rating for the tin industry is "Outperform the Market" (maintained) [1] Core Insights - Tin is an essential minor metal with increasing resource scarcity. As of the end of 2024, global tin reserves are estimated at 4.2 million tons, with a production of 300,000 tons. The reserve-to-production ratio has decreased from around 20 years in 2010 to 14 years in 2024, indicating a low level of reserves compared to production [2][21] - Global tin supply is expected to decline significantly by 2025 due to decreasing ore grades and various unpredictable factors affecting major production areas. China, the largest producer, has seen a decline in domestic production since 2015 due to lower ore grades and stricter environmental regulations [2][21] - Demand for tin is projected to remain stable or increase, driven by the semiconductor industry and other applications. The global demand for tin is expected to reach 386,000 tons in 2025, with a steady growth forecast through 2027 [2][21] - A significant shortage of refined tin is anticipated in 2025, with a projected supply-demand gap of approximately 16,000 tons. This gap may narrow in subsequent years as production resumes in Myanmar and new projects come online [2][21] - Key companies in the industry include Xiyang Co., Xingye Yinxin, and Huaxi Nonferrous [2] Summary by Sections Industry Overview - Tin is characterized by its low melting point and good conductivity, making it irreplaceable in solder applications. The global distribution of tin reserves is concentrated in a few countries, with China holding the largest share [2][21] Supply Dynamics - The global tin supply has been stable around 300,000 tons in recent years, but significant declines are expected due to various factors affecting major production areas, including environmental regulations and resource depletion [2][21] Demand Dynamics - The semiconductor sector is a major driver of tin demand, with a strong correlation to electronic product production. The demand for tin in solder applications is expected to grow, supported by a recovery in semiconductor sales [2][21] Price Trends - Tin prices have seen significant fluctuations, with a notable increase of 46% since early 2024. The average price for tin in 2024 is projected to be 248,300 yuan per ton, reflecting a year-on-year increase of 16.92% [12][21] Regional Insights - China's tin production has been on a downward trend, with production expected to be 69,000 tons in 2024, down from previous highs. Despite this, China remains the largest producer and holder of tin reserves globally [34][21]

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 Viewpoint - The antimony metal industry in China is experiencing a decline in production despite a slight increase in output for 2024, with significant growth in industry value expected, while demand continues to decrease [1][5]. Industry Overview - Antimony is a metallic element with unique physical and chemical properties, widely used across various fields. China has long dominated global antimony reserves and production [2][5]. - The production of antimony is highly dependent on antimony ore resources, which are unevenly distributed globally, primarily concentrated in China, Tajikistan, Russia, Myanmar, and Bolivia [4]. Current Industry Status - In 2024, China's antimony production is projected to be 82,100 tons, a slight increase of 1700 tons from 2023. The industry value is expected to reach 11.034 billion yuan, an increase of 4.314 billion yuan from 2023, while demand is forecasted to decline to 79,000 tons, an increase of 2,900 tons from 2023 [1][5]. - The market size for the antimony industry in China is estimated at 10.279 billion yuan in 2024, with the flame retardant sector accounting for 4.632 billion yuan (45.06%) [5]. Industry Chain - The antimony industry chain consists of upstream mining and initial processing, midstream antimony production, and downstream applications, primarily in flame retardants, lead-acid batteries, glass ceramics, and chemicals [6]. Competitive Landscape - The global antimony industry is shifting from a "China-dominated" model to a more diversified competition. Major companies in the industry include Hunan Gold, Huaxi Nonferrous, and Huayu Mining, which possess quality mining areas and significant production capacity [7][8]. - The market concentration is high, with leading companies having strong advantages in resource acquisition, cost control, and market expansion [7]. Development Trends - Demand for antimony in traditional applications such as flame retardants and lead-acid batteries is expected to decline due to environmental regulations and the emergence of alternative materials [11][12]. - Antimony smelting technology is moving towards greener and low-carbon methods, with a focus on enhancing energy efficiency and reducing emissions [13].

Core Viewpoint - Recent tin prices have reached new highs due to tight supply and macroeconomic expectations, with Shanghai futures hitting 323,000 yuan per ton, a 28% increase year-to-date [1] Supply and Demand Dynamics - Analysts highlight that tin supply remains a core concern, with slow recovery in Myanmar's Wa State mines and a significant drop in Indonesia's refined tin exports in October, leading to continued supply constraints [2] - The geopolitical conflict in the Democratic Republic of Congo is causing logistical disruptions and rising costs, limiting tin imports [2] - Tin is currently one of the most scarce non-ferrous metals, with low static reserve-to-production ratios globally and in China, indicating sustainability challenges [2] Market Trends and Future Outlook - The global supply of tin is under pressure from resource depletion and regulatory changes in major producing countries like Indonesia and Myanmar, which are facing declining grades and increased extraction difficulties [3] - Demand for tin is primarily driven by emerging sectors such as photovoltaics and semiconductors, with a projected compound annual growth rate (CAGR) of 7% for solder demand from 2024 to 2030 [3] - Traditional demand is expected to benefit from global fiscal and monetary easing, with an estimated CAGR of 4.3% for global tin demand from 2024 to 2030 [3] Industry Performance - Companies in the tin industry have reported significant profit growth due to rising tin prices, with several listed companies in the A-share market benefiting from the upward trend [5] - Xiyu Tin Industry reported a revenue of 34.417 billion yuan for the first three quarters of 2025, a 17.81% increase year-on-year, with a net profit of 1.745 billion yuan, up 35.99% [6] - Xingye Silver Tin reported a revenue of 4.099 billion yuan for the first three quarters of 2025, a 24.36% increase year-on-year, with a net profit of 1.364 billion yuan, up 4.94% [6] Strategic Insights - Companies are optimistic about the future of the tin industry, citing tightening policies in Southeast Asia and the strategic importance of tin resources [7] - The demand for tin is expected to grow due to the recovery of the global economy and the rapid development of emerging industries such as semiconductors and photovoltaics [7]

Core Viewpoint - The non-ferrous metal sector is experiencing significant upward momentum, driven by expectations of interest rate cuts by the Federal Reserve, supply disruptions in key metals, and increased demand from the AI and clean energy sectors [2][3][4]. Group 1: Market Performance - The non-ferrous metal sector opened actively, with notable gains: Tin Industry Co. rose over 8%, Jincheng Mining and Western Mining increased over 6%, and several others including Luoyang Molybdenum and Jiangxi Copper rose over 5% [1]. - Specific stock performances include: - Jincheng Mining at 70.19, up 6.95% with a year-to-date increase of 95.34% [2] - Western Mining at 25.76, up 6.89% with a year-to-date increase of 70.64% [2] - Luoyang Jiya at 18.64, up 5.79% with a year-to-date increase of 189.17% [2]. Group 2: Supply and Demand Dynamics - The London Metal Exchange (LME) reported a significant increase in copper delivery applications, reaching 56,875 tons, the largest increase since 2013 [3]. - LME metal futures closed higher, with copper rising by $342 to $11,488 per ton, marking a historical high, and tin increasing by 4.21% to $40,685 per ton [3]. - The semiconductor and consumer electronics sectors are the primary applications for tin, accounting for over 65% of consumption, which is driving demand due to a recovery in the semiconductor industry [3]. Group 3: Future Outlook - Morgan Stanley forecasts that supply disruptions and global inventory mismatches will push copper prices to $12,500 per ton by mid-2026 [3]. - The copper market is experiencing "strategic locking" of COMEX inventories, which reduces market liquidity and exacerbates regional shortages, acting as a catalyst for price increases [4]. - The industrial metals sector is facing ongoing supply-demand imbalances, with global copper mine supply disruptions and increased demand from the clean energy transition [4]. Group 4: Precious and Minor Metals - The precious metals sector is benefiting from rising expectations of interest rate cuts, with silver prices reaching historical highs and ongoing supply shortages [5]. - The small metals sector, particularly tin, is gaining attention due to its critical role in the electronics supply chain, with recent price increases reflecting a recovery in demand from semiconductor and AI device sectors [5].

Core Viewpoint - The news highlights the recent stability of tin prices above 300,000 yuan per ton and the positive performance of companies in the tin industry, driven by supply constraints and increasing demand from emerging sectors like semiconductors and consumer electronics [1][5][7]. Tin Price and Market Dynamics - Tin futures reached a three-and-a-half-year high, with the main contract peaking at 314,100 yuan per ton, marking a 2.72% increase [5][18]. - The average spot price of tin on December 3 was 309,700 yuan per ton, up 5,630 yuan from the previous trading day, maintaining above 300,000 yuan for five consecutive days [5][18]. - The rise in tin prices is attributed to tight supply from Myanmar and positive macroeconomic expectations, including a high probability of a Federal Reserve interest rate cut [7][20]. Demand Drivers - The demand for tin is primarily driven by the semiconductor industry, which is expected to see a 19.1% increase in global sales in 2024, reaching $627.6 billion [7][20]. - Tin solder demand is projected to grow at a rate of 5% to 7% in 2025, supported by the recovery of the global economy and advancements in new industries [7][20]. Company Performance and Stock Market Reaction - Seven listed companies in the A-share market are involved in the tin industry, with significant investor interest due to rising tin prices [8][21]. - The average stock price increase for tin-related companies this year is 113.08%, with notable gains from companies like Xingye Silver Tin and Shengtun Mining, which saw increases of 226.33% and 160.32%, respectively [8][21]. - In the first three quarters, these companies collectively achieved a net profit of 43.314 billion yuan, a year-on-year increase of 47.47% [9][22]. Individual Company Highlights - Zijin Mining reported a net profit of 37.864 billion yuan in the first three quarters, up 55.45% year-on-year, with significant tin reserves [9][22][23]. - Xiyang Tin achieved a net profit of 1.745 billion yuan, reflecting a 35.99% increase year-on-year, maintaining its position as the largest tin producer globally [10][23]. - Institutional interest is high, with Zijin Mining and Xiyang Tin receiving the most ratings from analysts, indicating strong market confidence [10][23][24].

Core Viewpoint - The recent surge in tin prices is driven by supply constraints and positive macroeconomic expectations, with the main contract reaching a new high since May 2022, reflecting a cumulative increase of 23.3% since June 2023 [2][3]. Supply Side - Tin prices are supported by tight supply, particularly due to slow recovery in Myanmar's Wa State tin mines and low export volumes [2]. - The global tin supply is expected to face increasing disruptions, with Southeast Asian tin-producing countries tightening policies, leading to a scarcity of tin resources [3][4]. Demand Side - The demand for tin is primarily driven by emerging sectors, particularly the semiconductor and consumer electronics industries, which are experiencing growth. The global semiconductor sales are projected to reach $627.6 billion in 2024, a 19.1% increase from 2023 [3]. - Tin solder demand in semiconductor packaging, which accounts for 65% of tin consumption, is expected to grow at a rate of 5% to 7% by 2025 [3]. Market Performance - The average price of tin reached 309,700 yuan/ton on December 3, 2023, marking a 5-day streak above the 300,000 yuan threshold [2]. - Tin concept stocks have seen significant price increases, with an average rise of 113.08% this year. Notable performers include Xingye Silver Tin, Shengtun Mining, and Huaxi Nonferrous, with increases of 226.33%, 160.32%, and 118.87% respectively [4]. Financial Performance - Seven listed companies in the tin industry reported a combined net profit of 43.314 billion yuan in the first three quarters of 2023, a year-on-year increase of 47.47% [4]. - Zijin Mining reported a net profit of 37.864 billion yuan, a 55.45% increase year-on-year, with tin reserves totaling 123,200 tons [4][5]. - Xiyang Tin achieved a net profit of 1.745 billion yuan, a 35.99% increase year-on-year, maintaining the largest market share in global tin production [5]. Institutional Attention - Five tin concept stocks have received institutional ratings, with Zijin Mining and Xiyang Tin receiving the highest number of ratings at 25 and 17 respectively [5].