Company Overview - Huaxi Nonferrous Metals announced a temporary board meeting on December 1, 2025, to discuss a proposal for donations to support disaster relief efforts in Hong Kong [1] - As of the report, Huaxi Nonferrous Metals has a market capitalization of 24.2 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Huaxi Nonferrous Metals is as follows: 92.96% from nonferrous metal mining, 4.61% from nonferrous metal processing, and 2.43% from service industries [1]

Summary of the Conference Call on Huaxi Nonferrous Metals Industry Overview - **Antimony Market**: China dominates the global antimony supply, controlling approximately 50% of production and 70-80% of smelting. The market is currently experiencing a split due to export controls, leading to domestic oversupply and overseas shortages. [2][4][5] - **Tin Market**: The tin market is expected to experience a long-term bullish trend over the next 3-5 years, driven by continuous global demand and supply challenges. The supply growth has been stagnant for the past decade, with new mining developments lagging behind. [2][6][8] Key Insights - **Antimony Price Trends**: Following the easing of export controls, domestic antimony prices have risen to over 170,000 CNY, while overseas prices have decreased to around 350,000 CNY. Future price increases will depend on the stabilization of overseas prices. [2][5] - **Tin Demand Drivers**: Tin is increasingly in demand due to its applications in electronics and semiconductors. The semiconductor industry's recovery is expected to boost sales by 15-20% in 2025, with a significant reduction in inventory levels. [2][9] - **Strategic Importance of Antimony**: Antimony is recognized for its strategic importance, particularly in military applications. The government is likely to implement policies to stabilize prices and enhance profitability for antimony producers. [4][7] Company Positioning - **Huaxi Nonferrous Metals**: The company is positioned to benefit from both antimony and tin markets, with plans to increase production by approximately 15% in 2026 and nearly 40% by 2027. The company aims to consolidate regional resources and expand its project portfolio. [3][11][12] - **Future Growth Potential**: By 2030, the company anticipates an additional demand of over 70,000 tons driven by AI and semiconductor recovery, while facing a significant supply gap. This positions Huaxi Nonferrous Metals favorably for long-term growth. [12] Additional Considerations - **Supply Constraints**: The global tin supply is critically low, with reserves expected to last only about 14 years. This scarcity, combined with increasing demand from new technologies, is likely to keep tin prices elevated. [8] - **Impact of Wa State**: The Wa State's policies are expected to influence global tin supply, but current high prices have not sufficiently incentivized rapid production recovery. [10] This summary encapsulates the key points discussed in the conference call regarding the antimony and tin markets, the strategic positioning of Huaxi Nonferrous Metals, and the broader implications for the industry.

Group 1: Metal Sector - Huaxi Nonferrous is expected to see net profit growth from CNY 6.58 billion in 2024 to CNY 11.40 billion in 2026, with a PE ratio decreasing from 37.28 to 21.52[10] - The company has a projected capacity increase to 0.6 million tons of tin and 1 million tons of antimony by 2027, benefiting from resource consolidation trends in Guangxi[12] Group 2: Construction Materials - Huaxin Cement's net profit is forecasted to rise from CNY 24.16 billion in 2024 to CNY 36.73 billion in 2026, with a PE ratio dropping from 17.21 to 11.32[10] - The company has diversified its growth strategy, focusing on overseas markets and stabilizing its aggregate business[28] Group 3: Transportation - ZTO Express is projected to achieve net profits of CNY 88.17 billion in 2024, increasing to CNY 104.11 billion by 2026, with a PE ratio improving from 13.39 to 11.34[10] - The "anti-involution" measures in the express delivery sector have led to a recovery in profitability, with significant improvements in average ticket prices since August 2025[33] Group 4: Energy Sector - ChuanTou Energy's net profit is expected to grow from CNY 45.08 billion in 2024 to CNY 52.59 billion in 2026, with a PE ratio decreasing from 15.93 to 13.65[10] - The company benefits from its stake in Yalong River Hydropower, which contributes significantly to its earnings[73] Group 5: Chemical Sector - Yara International's net profit is projected to increase from CNY 9.50 billion in 2024 to CNY 39.34 billion in 2026, with a PE ratio decreasing from 42.50 to 10.27[10] - The company is positioned as a leader in overseas potash mining, with significant reserves in Laos[49]

Economic Outlook - Domestic policy expectations are rising in December, and the probability of a Federal Reserve rate cut is increasing, which may lead to improved external liquidity and a potential market rebound[5] - Key focus areas include the upcoming Central Economic Work Conference and the potential for a Federal Reserve rate cut, which could lead to a valuation recovery in the technology sector[5] Investment Strategy - The report emphasizes three main investment themes: 1. Technology growth sectors, particularly AI hardware like optical modules and semiconductors, as well as energy storage and lithium battery sectors[5] 2. Market hot spots such as robotics and innovative pharmaceuticals, which are expected to rebound[5] 3. Chemical industries benefiting from "anti-involution" policies that optimize supply-demand dynamics[5] Recommended Stocks - Key recommended sectors include metals, chemicals, electric new energy, machinery, banking, automotive, pharmaceuticals, electronics, communications, and media[5] - Specific stock recommendations include: - Metals: Huaxi Nonferrous (华锡有色) with an expected EPS growth from 1.04 in 2024 to 2.17 in 2027[28] - Chemicals: Yara International (亚钾国际) with an expected EPS growth from 1.02 in 2024 to 5.87 in 2027[28] - Electric New Energy: Slin (斯菱股份) with an expected EPS growth from 1.73 in 2024 to 2.21 in 2027[28] - Machinery: Hengli Hydraulic (恒立液压) with an expected EPS growth from 1.87 in 2024 to 3.18 in 2027[28] - Banking: Bank of Communications (交通银行) with a projected PB of 0.58x in 2025[18] - Automotive: Top Group (拓普集团) with an expected EPS growth from 1.78 in 2024 to 2.38 in 2027[28] - Pharmaceuticals: Junshi Biosciences (君实生物) with a projected EPS turnaround by 2027[28] - Electronics: Dongshan Precision (东山精密) with an expected EPS growth from 0.64 in 2024 to 3.72 in 2027[28] - Communications: Zhongji Xuchuang (中际旭创) with projected net profits of 105.19 billion in 2025[26] - Media: Kaiying Network (恺英网络) with a projected EPS growth from 0.76 in 2024 to 1.47 in 2027[28] Risk Factors - Economic recovery may fall short of expectations due to slow employment growth, declining corporate revenues, and reduced market demand[30] - Significant changes in individual stock fundamentals could adversely affect performance[30]

Core Insights - Shenghong Holding Group won the "ESG Pioneer Enterprise" award at the 2024-2025 Annual Meeting of Respected Enterprises, recognizing its deep commitment to environmental, social, and governance (ESG) practices [1] - The award highlights Shenghong's role in empowering industrial upgrades through green transformation, aligning with the current themes of digital economy and high-quality development [1] - Shenghong's ESG practices serve as a model for the manufacturing industry's transition from "manufacturing" to "intelligent manufacturing" [1] ESG Practices - Shenghong has established low-carbon production lines in the new energy materials sector, promoting energy-saving and carbon-reduction initiatives in its refining and chemical fiber segments [1] - The company has built a socially responsible supply chain governance system, demonstrating its commitment to employment and green governance within the supply chain [1] - Shenghong's ESG layout aligns with the logic of industrial upgrading and provides a replicable path for the implementation of ESG in the manufacturing sector [1]

Core Points - Guangxi Huaxi Nonferrous Metals Co., Ltd. plans to use its capital reserve to cover losses, as approved in recent board and shareholder meetings [2][4] - The company reported a cumulative loss of approximately 1.07 billion yuan as of December 31, 2024, with available surplus reserves of 57 million yuan and capital reserves of approximately 2.9 billion yuan [2][3] - The capital reserve to be used for loss compensation is derived from shareholder contributions and is not restricted to specific shareholders [3] Notification to Creditors - The company is notifying creditors about the decision to use capital reserves for loss compensation, as required by Chinese law [4] - Creditors have 30 days from receiving the notice, or 45 days from the announcement date, to claim their debts or request guarantees [4] - Specific documentation is required for creditors to assert their claims, including contracts and identification [5][6] Claim Submission Details - Creditors can submit claims from November 28, 2025, to January 11, 2026, during specified hours [7] - Claims can be submitted in person, by mail, or via email, with clear instructions provided for each method [7] - Contact information for the company's securities affairs department is included for further inquiries [7]

Core Viewpoint - Guangxi Huaxi Nonferrous Metals Co., Ltd. is addressing its accumulated losses by utilizing its surplus reserves, which indicates a strategic move to stabilize its financial position and restore investor confidence [1]. Financial Performance - As of November 27, 2025, the stock price of Huaxi Nonferrous closed at 38.76 yuan, down 1.25% from the previous trading day, with a total market capitalization of 24.518 billion yuan [1]. - The stock opened at 40.55 yuan, reached a high of 40.98 yuan, and a low of 38.65 yuan, with a trading volume of 6.9 billion yuan and a turnover rate of 6.31% [1]. Corporate Actions - The company held a board meeting on October 30, 2025, and a temporary shareholders' meeting on November 17, 2025, where it approved a proposal to use surplus reserves to cover losses [1]. - As of December 31, 2024, the company's undistributed profits amounted to -1,069,418,631.49 yuan, and it plans to use a total of 1,069,418,631.49 yuan from surplus reserves and capital reserves to offset these losses [1]. - The capital reserve is derived from the capital premium formed by shareholder contributions and has no specific restrictions [1]. - The company is legally required to notify creditors, who have 45 days from the announcement date to request debt repayment or provide guarantees [1].

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。 本次拟用于弥补母公司亏损的资本公积来源于股东以货币、股权等方式出资 形成的资本（股本）溢价，不属于特定股东专享或限定用途的资本公积金。 二、需债权人知晓的相关信息 根据《中华人民共和国公司法》、财政部《关于公司法、外商投资法施行后 有关财务处理问题的通知》（财资〔2025〕101 号）中"使用资本公积金弥补亏 损的公司应自股东会作出资本公积金弥补亏损决议之日起三十日内通知债权人 或向社会公告"之规定，公司现通知债权人：公司将使用资本公积金弥补亏损， 公司债权人自接到通知之日起 30 日内、未接到通知者自本公告披露之日起 45 证券代码：600301 股票简称：华锡有色 编号：2025-065 一、通知债权人的事由 广西华锡有色金属股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第九届董事会第二十一次会议（临时）和 2025 年 11 月 17 日召开 2025 年第五次临时股东会，审议通过了《关于公司使用公积金弥补亏损的议案》，具 体内容详见公司于 202 ...

Group 1 - The metal zinc concept increased by 3.07%, ranking 6th among concept sectors, with 35 stocks rising, including Huaxi Nonferrous and Luoping Zinc Electric hitting the daily limit [1] - Major gainers in the zinc sector included Shengtun Mining, Guocheng Mining, and Shengda Resources, which rose by 7.59%, 6.04%, and 5.48% respectively [1] - The zinc concept sector saw a net inflow of 712 million yuan from main funds, with 24 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow [1] Group 2 - The top stocks by net inflow ratio included Luoping Zinc Electric, Shengtun Mining, and Xiyang Mining, with net inflow ratios of 52.90%, 10.27%, and 7.40% respectively [2] - Shengtun Mining led the net inflow with 211.55 million yuan, followed by Huayu Mining and Dazhong Mining with net inflows of 88.49 million yuan and 87.83 million yuan respectively [2] - The trading volume and turnover rates for key stocks in the zinc sector were highlighted, with Shengtun Mining having a turnover rate of 5.64% [2]

Core Viewpoint - The non-ferrous metals sector is experiencing significant gains, with the Non-Ferrous Metal Leaders ETF (159876) reaching a peak increase of 2.7% and currently up by 1.88%, indicating strong market confidence in the sector's future performance [1][3]. Fund Performance - The Non-Ferrous Metal Leaders ETF (159876) has attracted a total of 213 million yuan in the last 10 days, reflecting positive investor sentiment [1]. - As of November 24, the latest scale of the ETF is 676 million yuan, making it the largest among three ETFs tracking the same index in the market [1]. Stock Performance - Notable stocks within the ETF include Huaxi Nonferrous, which hit the daily limit with a 10.01% increase, and several others like Western Gold and Tin Industry Co., which rose over 4% [3]. - The top ten stocks in the ETF's index have shown strong performance, with significant increases in their market values and trading volumes [3]. Market Outlook - Institutions are optimistic about the continuation of a bull market in the non-ferrous metals sector, with firms like Zhongtai Securities and CITIC Securities expressing confidence in the ongoing investment enthusiasm for commodities [3]. - Key focus areas include industrial metals like copper and aluminum, energy metals such as lithium and cobalt, and strategic assets like gold and rare earths [3]. Investment Strategy - A diversified investment approach through the Non-Ferrous Metal Leaders ETF is recommended to capture the overall sector's beta performance, as it covers a wide range of metals including copper, aluminum, gold, rare earths, and lithium [4].