关于 《广西华锡有色金属股份有限公司收购报告书》 国浩律师（南宁）事务所 之 法律意见书 地址：南宁市良庆区宋厢路 16 号太平金融大厦二十一层 2101 号房 邮编：530200 电话：0771-5760061 传真：0771-5760065 电子信箱：grandallnn@grandall.com.cn 网址：http：//www.grandall.com.cn 二〇二六年一月 法律意见书 释 义 在本法律意见书内，除非文义另有所指，以下左栏所列词语具有该词语相应右栏 所作表述的含义： | 北部湾港集团 | 指 | 广西北部湾国际港务集团有限公司 | | --- | --- | --- | | 关键金属集团 | 指 | 广西关键金属产业发展集团有限公司 | | 华锡集团 | 指 | 广西华锡集团股份有限公司 | | 华锡有色、上市公司 | 指 | 广西华锡有色金属股份有限公司 | | 关键金属合伙企业 | 指 | 广西关键金属专项股权投资基金合伙企业（有限合伙） | | 五吉公司 | 指 | 河池五吉有限责任公司 | | 来冶公司 | 指 | 来宾华锡冶炼有限公司 | | 中国证监会 | 指 | 中国证券 ...

国浩律师（南宁）事务所 关于 广西关键金属产业发展集团有限公司 免于发出要约事宜 之 法律意见书 地址：南宁市良庆区宋厢路 16 号太平金融大厦二十一层 2101 号房 邮编：530200 电话：0771-5760061 传真：0771-5760065 电子信箱：grandallnn@grandall.com.cn 网址：http：//www.grandall.com.cn 二〇二六年一月 法律意见书 释义 | 北部湾港集团 | 指 | 广西北部湾国际港务集团有限公司 | | --- | --- | --- | | 关键金属集团 | 指 | 广西关键金属产业发展集团有限公司 | | 关键金属合伙企业 | 指 | 广西关键金属专项股权投资基金合伙企业（有限合伙） | | 华锡集团 | 指 | 广西华锡集团股份有限公司 | | 华锡有色、上市公司 | 指 | 广西华锡有色金属股份有限公司 | | 本所 | 指 | 国浩律师（南宁）事务所 | | 本次交易、本次收购 | 指 | 北部湾港集团将其持有的华锡集团48.19%股份作价出资设立关键 金属集团，且北部湾港集团与关键金属集团签署《无偿划转协议》， 将持有的剩余 ...

华泰联合证券有限责任公司 关于 广西华锡有色金属股份有限公司 收购报告书 之 财务顾问报告 财务顾问 二〇二六年一月 财务顾问声明 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司 收购管理办法》及《公开发行证券的公司信息披露内容与格式准则第 16 号—— 上市公司收购报告书》等法律法规和规范性文件的规定，华泰联合证券有限责任 公司（以下简称"本财务顾问"）按照行业公认的业务标准、道德规范，本着诚实 信用、勤勉尽责的精神，对本次收购的相关情况和资料进行了核查，对收购人出 具的《广西华锡有色金属股份有限公司收购报告书》所披露的内容出具财务顾问 报告。 为此，本财务顾问特作出以下声明： 1、本财务顾问依据的有关资料由收购人提供。收购人已作出承诺，保证其 所提供的资料均为真实、准确、完整的原始书面资料或副本资料，副本资料或复 印件与其原始资料或原件一致，所有文件的签名、印章均是真实的；所有文件和 材料不存在虚假记载、误导性陈述或重大遗漏，并对所提供信息的真实性、准确 性和完整性承担法律责任。 2、本财务顾问已履行勤勉尽责义务，对收购报告书的内容进行了核查和验 证，未发现虚假记载、误导性陈述或者重大 ...

Investment Rating - The report maintains a "Buy" rating for the metal industry, specifically recommending companies such as Huaxi Nonferrous, Xiyegongsi, Boqian New Materials, and others [2][3]. Core Insights - The report highlights the tightening supply of strategic metals due to export controls and geopolitical factors, which is expected to drive prices upward. The integration of AI technology is anticipated to create new opportunities in electronic materials [9][10]. - Tin supply is under pressure due to slow recovery in Myanmar and regulatory changes in Indonesia, leading to a persistent shortage [26][35]. - Tungsten is positioned as a critical material for high-end manufacturing, with supply constraints expected to support long-term price increases [9][10]. - Antimony supply remains rigid, with recent export control relaxations likely to narrow the price gap between domestic and international markets [9][10]. - The rare earth materials sector is expected to see price stabilization and growth due to increasing demand from electric vehicles and energy-efficient technologies [9][10]. Summary by Sections 1. Strategic Metals and Supply Dynamics - The report emphasizes the strategic importance of metals like tungsten, antimony, and rare earths, which are crucial for technology and military applications. China holds a dominant position in the supply of these metals, with import dependency for many industrial metals exceeding 50% [16][20]. - Export controls on strategic metals have led to significant price increases domestically, with prices expected to continue rising as global demand grows [21][22]. 2. AI Technology and Electronic Materials - The report discusses the impact of AI technology on the demand for electronic materials, predicting a dual increase in both volume and price as the technology evolves [9][10]. - The need for advanced electronic components that can handle higher power and efficiency is driving innovation in materials used in AI applications [9][10]. 3. Investment Recommendations - The report recommends focusing on domestic strategic resource sectors and companies benefiting from AI technology advancements. Key companies highlighted include Huaxi Nonferrous, Xiyegongsi, Boqian New Materials, and others [13][10].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2026年开年以来，锡金属价格大幅上涨，伦敦和上海市场的锡价均一度飙升至历史最高位。 1月22日，锡金属价格在高位稍有回落。LME锡三月期货合约价格盘中最高触及51500美元/吨，截至北京时间19点，报51050美元/吨，月内上 涨26.1%；国内市场方面，截至1月22日收盘，沪锡主力合约报收409010元/吨，月内上涨25.32%。 随着锡价急速拉升，锡已然成为开年工业金属市场的领涨品种。这轮涨价潮始于去年一季度，受去年一季度刚果（金）Bisie锡矿的停产、缅 甸地震等突发消息扰动影响，市场对锡供应紧缺的担忧日益上升，锡价不断攀升。今年以来，锡供应端的扰动未止，叠加市场资金投资、半导 体产业需求增加等因素的影响，锡价一度刷新2022年创下的纪录。 但有观点认为，当前的锡价表现是"非理性的繁荣"，在很大程度上源于投机的泡沫。其实，早在去年12月，中国有色金属工业协会锡业分会就 曾发布倡议书指出，当前锡价的急速拉升，已完全背离产业基本面。此轮涨势"不合常理"，并警告各方"避免盲目跟风"。 虽然接下来锡价如何走向仍是未知数，但本轮上涨无疑已对产业链 ...

Group 1 - The report emphasizes the strategic importance of key metals, highlighting that supply control and application demand in critical fields like technology and military are crucial for pricing [16][20][21] - The report identifies significant supply disruptions in tin due to slow recovery in Myanmar and regulatory changes in Indonesia, leading to a persistent tight supply situation [26][35][40] - The report notes that tungsten is a backbone of high-end manufacturing, with supply tightening driving significant price increases, supported by steady demand from sectors like photovoltaics and military applications [9][16][21] Group 2 - The report discusses the impact of AI technology on the development of electronic new materials, indicating that advancements in AI will drive demand for upgraded materials to meet higher performance requirements [9][10][12] - The report recommends investing in domestic strategic resource sectors and electronic new materials benefiting from AI technology, highlighting specific companies such as Huaxi Nonferrous, Xiyegongsi, and others [13][21] - The report outlines the tightening supply of antimony and the potential for price convergence due to the relaxation of export controls, which may benefit domestic demand [9][10][12]

Group 1 - The small metal sector increased by 0.06% on January 22, with Western Materials leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the small metal sector showed varied performance, with Western Materials rising by 10.00% to a closing price of 39.60 [1] Group 2 - The small metal sector experienced a net outflow of 562 million yuan from main funds, while retail investors saw a net inflow of 141 million yuan [2] - The trading volume and turnover for key stocks in the small metal sector varied, with Western Materials achieving a turnover of 1.884 billion yuan [1][2] - The stock performance of several companies showed declines, with Haotong Technology down by 3.93% and Xianglu Tungsten down by 3.63% [2] Group 3 - Western Materials had a net inflow of 273 million yuan from main funds, while retail investors had a net outflow of 177 million yuan [3] - Other notable stocks included China Rare Earth with a net inflow of 210 million yuan from main funds, but a net outflow of 157 million yuan from retail investors [3] - The overall trend indicated a mixed sentiment among different investor types within the small metal sector [3]

证券代码：600301 证券简称：华锡有色 编号：2026-017 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。 一、与关联人共同投资暨关联交易的概述 为充分发挥广西华锡有色金属股份有限公司（以下简称"公司"）在有色金 属领域的资源、技术及产业优势，系统性参与关键金属全产业链创新网络建设， 推动前沿技术研发与成果转化，公司与广西财金创业投资有限公司、广西关键金 属产业发展集团有限公司、广西铝业集团有限公司、广西南丹南方金属有限公司、 中南大学科技园发展有限公司 5 家企业共同投资设立广西关键金属研究院有限 责任公司（以下简称"关键金属研究院"），注册资本 50,000 万元，公司持有 13% 股权。公司以货币和股权相结合方式出资 6,500 万元，具体为以全资孙公司柳州 华锡有色设计研究院有限责任公司 100%股权的评估值（以核准备案的评估值为 准）作价出资，不足 6,500 万元的金额以现金补足。 本次关联交易事项已经公司第九届董事会独立董事 2026 年第一次专门会议、 第九届董事会第二十六次会议（临时）审议通过。本次交 ...

华锡有色公告称，公司与5家企业共同投资设立广西关键金属研究院有限责任公司，注册资本5亿元。公 司持有13%股权，以货币和股权相结合方式出资6500万元，不足部分以现金补足。此关联交易已获公司 董事会审议通过，无需提交股东会。2026年1月22日，关键金属研究院完成工商注册登记，取得营业执 照。 ...

Core Viewpoint - The company, Guangxi Huaxi Nonferrous Metals Co., Ltd., is engaging in a joint investment with related parties to establish the Guangxi Key Metals Research Institute, with a total investment of 65 million yuan, representing a 13% ownership stake in the new entity [2][4]. Group 1: Investment Overview - The investment target is Guangxi Key Metals Research Institute, with a total registered capital of 50 million yuan [4]. - The company will contribute 65 million yuan through a combination of cash and 100% equity of its wholly-owned subsidiary, Liuzhou Huaxi Nonferrous Design Research Institute [2][4]. - The investment aims to leverage the company's resources and technology in the nonferrous metals sector to participate in the innovation network of the key metals industry [4][14]. Group 2: Transaction Details - This transaction is classified as a related party transaction and does not constitute a major asset restructuring [3][6]. - The company has not engaged in any related party transactions with Guangxi Key Metals Industry Development Group Co., Ltd. in the past 12 months [3][6]. - The board of directors has approved the investment without the need for shareholder meeting approval [5][19]. Group 3: Financial Contributions - The investment structure includes monetary contributions and equity from various stakeholders, with the company contributing 6.5 million yuan [14][15]. - Other stakeholders include Guangxi Financial and Economic Venture Capital Co., Ltd. and Central South University Science Park Development Co., Ltd., contributing through cash and intellectual property [10][14]. Group 4: Governance and Management - The Guangxi Key Metals Research Institute will have a shareholders' meeting as its highest authority and a board of directors for management [8]. - The management structure will be defined according to the institute's articles of association [8]. Group 5: Impact on the Company - The joint investment is expected to enhance the company's capabilities in high-end, intelligent, and green development within the key metals industry [16]. - The monetary contribution will not significantly impact the company's cash flow or financial performance [16].