证券代码：600301 股票简称：华锡有色 编号：2025-031 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"）全资子公司广西佛 子矿业有限公司（以下简称"佛子公司"）近日收到广西壮族自治区自然资源 厅（以下简称"广西自然资源厅"）出具的《关于〈广西壮族自治区岑溪市佛 子冲矿区铅锌矿资源储量核实报告〉矿产资源储量评审备案的复函》（桂资储 备案〔2025〕13 号），有关具体情况如下： 一、评审备案目的 广西佛子矿业有限公司佛子冲铅锌矿采矿许可证生产规模为 45 万吨/年， 开采深度为+570.1 米至-160.1 米标高。为矿山扩产扩能需要，佛子公司拟申请 将佛子冲铅锌矿采矿权变更范围（扩大开采深度），在采矿期间累计查明矿产 资源量已发生重大变化，佛子公司委托广西壮族自治区二七一地质队编制了 《广西壮族自治区岑溪市佛子冲矿区铅锌矿资源储量核实报告》（以下简称 "该报告"），该报告已通过广西自然资源厅评审备案。 本次资源量变化的主要原因： （一）通过实施地表钻探工程和生产勘探工 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][12] Core Insights - The company achieved a revenue of 4.631 billion yuan in 2024, a year-on-year increase of 44.68%, and a net profit attributable to shareholders of 658 million yuan, up 87.72% year-on-year [6][8] - The production of core products is expected to continue increasing, benefiting from rising prices of tin and antimony [1][3] - The company is actively advancing major projects to enhance resource reserves and production capacity, with significant mineral resources identified [12][8] Financial Performance - In 2024, the company reported a gross profit of 738 million yuan from tin ingot business, accounting for 39.43% of total gross profit, while lead-antimony concentrate business contributed 551 million yuan, or 29.46% [2][8] - The company’s revenue projections for 2025-2027 are 5.469 billion, 5.975 billion, and 6.499 billion yuan, with year-on-year growth rates of 18.1%, 9.3%, and 8.8% respectively [3][4] - The net profit attributable to shareholders is projected to be 1.174 billion, 1.285 billion, and 1.400 billion yuan for the same period, with growth rates of 78.5%, 9.4%, and 8.9% respectively [3][4] Production and Sales Outlook - The company plans to produce a total of 85,200 tons of tin, zinc, and lead-antimony metals in 2025, along with 35,400 tons of processed tin and zinc products [1][8] - The production of tin concentrate is expected to reach 6,965 tons in 2024, a year-on-year increase of 7.15% [8][12] Resource Development - As of the end of 2024, the company has approximately 62.79 million tons of ore resources, with a total of 3.26 million tons of various metal resources including tin, antimony, indium, zinc, lead, silver, and copper [12][8] - The company is accelerating the development of key mining projects to enhance its competitive edge and asset scale [12][8]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][5][12] Core Insights - The company achieved a revenue of 4.631 billion yuan in 2024, a year-on-year increase of 44.68%, and a net profit attributable to shareholders of 658 million yuan, up 87.72% year-on-year [6][8] - The production of core products is expected to continue increasing, benefiting from rising prices of tin and antimony [1][3] - The company is actively advancing major projects to enhance resource reserves and production capacity, with significant mineral resources identified [12][8] Financial Performance - In 2024, the company reported a gross profit of 738 million yuan from tin ingot business, accounting for 39.43% of total gross profit, while lead-antimony concentrate business contributed 551 million yuan, or 29.46% [2][8] - The company’s revenue projections for 2025-2027 are 5.469 billion, 5.975 billion, and 6.499 billion yuan, with corresponding net profits of 1.174 billion, 1.285 billion, and 1.400 billion yuan [3][4][14] - The company’s cash flow from operating activities was 1.237 billion yuan in 2024, reflecting a year-on-year increase of 35.17% [6][9] Production and Sales Outlook - The company plans to produce a total of 85,200 tons of tin, zinc, and lead-antimony metals in 2025, along with 35,400 tons of processed tin and zinc products [1][8] - The production of tin concentrate in 2024 was 6,965 tons, a year-on-year increase of 7.15%, while zinc concentrate production reached 54,100 tons, up 17.87% [8][12] Resource Development - As of the end of 2024, the company has approximately 62.79 million tons of ore resources, with a total of 3.26 million tons of various metal resources including tin, antimony, indium, zinc, lead, silver, and copper [12][8] - The company is accelerating the development of key mining projects to enhance its competitive position [12][8]

Group 1: Copper Industry - The investment rating for the copper industry is currently neutral, with LME copper prices increasing by 0.89% to $9,439.00 per ton and Shanghai copper prices rising by 0.30% to 77,500 yuan per ton [1][13]. - Supply-side data indicates that the import copper concentrate processing fee index has dropped to -$43.11 per ton, while Codelco's copper production increased by 14.8% year-on-year to 123,200 tons in March [1][13]. - Domestic copper rod enterprises' operating rates have decreased to 62.79%, down 17.10 percentage points week-on-week, primarily due to high copper prices leading to a significant reduction in new orders [1][13]. Group 2: Aluminum Industry - The investment rating for the aluminum industry is neutral, with LME aluminum prices decreasing by 0.66% to $2,418.00 per ton and Shanghai aluminum prices falling by 1.63% to 19,600 yuan per ton [2][14]. - Domestic electrolytic aluminum ingot inventory stands at 620,000 tons, a decrease of 16,000 tons compared to earlier in the week, while aluminum oxide weekly operating rates have been adjusted down by 0.07 percentage points to 79.67% [2][14]. - Downstream demand remains weak, with companies primarily adopting a wait-and-see approach and purchasing based on demand [2][14]. Group 3: Gold Industry - The investment rating for the gold industry is positive, with COMEX gold prices decreasing by 0.43% to $3,329.10 per ounce, influenced by international trade tensions and geopolitical conflicts [3][15]. - The Federal Reserve has maintained the federal funds rate at 4.25% to 4.5%, indicating increased uncertainty in the U.S. economic outlook [3][15]. - SPDR gold holdings have decreased by 1.45 tons to 937.94 tons, reflecting market dynamics amid geopolitical developments [3][15]. Group 4: Rare Earth Industry - The investment rating for the rare earth industry is positive, with prices rising due to export controls and supply disruptions from Myanmar [4][32]. - The price of praseodymium and neodymium oxide has increased by 3.65% to 423,300 yuan per ton, while dysprosium oxide has risen by 9.87% to 1,670,000 yuan per ton [4][32]. - The overall supply-demand situation is improving, with expectations of moderate quota growth and increased focus on rare earth resources amid global geopolitical shifts [4][32]. Group 5: Lithium and Cobalt Industries - The investment rating for the lithium industry is neutral, with lithium carbonate prices decreasing by 3.35% to 66,000 yuan per ton [5]. - Cobalt prices remain stable, with the price of cobalt at 242,000 yuan per ton, reflecting steady demand in the market [5]. - Nickel prices have increased by 2.7% to $15,800 per ton, indicating a positive trend in the nickel market [5].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to influence market dynamics positively [8][14]. - The steel sector has experienced a three-year adjustment period, leading to a favorable cost-performance ratio at current levels. The profitability and stability of leading enterprises have significantly improved [8][14]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks, with domestic demand pricing becoming more relevant due to high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The average price for rebar is 3,296 CNY per ton, reflecting a slight decrease of 0.8% [15][18][37]. - The overall steel price index has seen a minor decline of 0.71%, with cold-rolled steel prices dropping by 1.33% [37]. Industrial Metals - The copper smelting fee has deepened into negative territory, with a reported fee of -43.5 USD per thousand tons, indicating a challenging environment for copper producers [17]. Precious Metals - Gold prices are expected to continue rising due to increased demand driven by tariffs and inflation expectations. The COMEX gold price reached 3,329.1 USD per ounce, a 2.52% increase week-on-week [17]. New Energy Metals - Lithium carbonate production in March 2025 reached 71,260 tons, a year-on-year increase of 66.53%. The price for battery-grade lithium carbonate is reported at 65,700 CNY per ton [16][41].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, prompting continued attention to investment opportunities in the steel sector. The recent financial policies, including interest rate cuts, are expected to impact the market positively. The steel sector, having undergone three years of adjustment, now presents a favorable cost-performance ratio, with leading companies showing improved profitability and stability [8][14]. Summary by Sections Macro Overview - Iron ore prices are experiencing notable loosening, with expectations that May's iron and steel production may peak. The steel mills are likely to squeeze iron ore profits, leading to potential downward feedback on prices. The domestic demand-driven pricing in the steel sector is seen as advantageous given the high tariffs affecting external demand [8][14]. Steel Market - The consumption of rebar has decreased significantly, with a reported consumption of 2.14 million tons, a 26.67% decrease week-on-week. The overall price index for common steel has slightly declined by 0.71%, with rebar prices at 3,296 CNY/ton, down 0.8% week-on-week [15][37]. Industrial Metals - The copper smelting fees have deepened into negative territory, with the current rough smelting fee at -43.5 USD/thousand tons, a decrease of 8.21% week-on-week. The production costs for electrolytic aluminum have shown mixed trends, with costs in Xinjiang slightly increasing while those in Shandong have decreased significantly [17][29]. Precious Metals - Tariffs are expected to boost demand for safe-haven assets and inflation expectations, leading to a potential rise in gold prices. As of May 9, 2025, COMEX gold prices were reported at 3,329.1 USD/ounce, reflecting a week-on-week increase of 2.52% [17][37]. Investment Recommendations - For the steel sector, it is recommended to focus on leading companies such as Shandong Steel (600022, Buy) and Jiugang Steel (002110, Not Rated). In the non-ferrous sector, investment in Northern Rare Earth (600111, Buy) and Jinchuan Group (300748, Buy) is suggested [8][17].

证券代码：600301 股票简称：华锡有色 编号：2025-030 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。 重要内容提示： ? 会议召开时间：2025 年 5 月 19 日（星期一）10:00-11:30 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 三、参加人员 董事长：张小宁先生 总经理：李新宇先生 董事、副总经理、董事会秘书：陈兵先生 财务总监：郭妙修先生 独立董事：蓝文永先生 ? 会议召开方式：上证路演中心视频直播和网络互动 ? 会议问题征集：2025 年 5 月 12 日（星期一）至 5 月 16 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hxyszqb@china-tin.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 一、说明会类型 广西华锡有色金属股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日披露《公司 2024 年年度报告》和《公司 2025 ...

证券代码：600301 股票简称：华锡有色 编号：2025-030 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。 重要内容提示： 会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 会议召开时间：2025 年 5 月 19 日（星期一）10:00-11:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 会议问题征集：2025 年 5 月 12 日（星期一）至 5 月 16 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hxyszqb@china-tin.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 一、说明会类型 广西华锡有色金属股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日披露《公司 2024 年年度报告》和《公司 2025 年第一季度报告》，为便于广大 投资者更加全面深 ...

证券代码：600301 股票简称：华锡有色 编号：2025—029 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。 重要内容提示： 广西华锡有色金属股份有限公司（以下简称"公司"）于近日以自有 资金人民币 3,146 万元竞得南丹县自然资源局挂牌出让编号为 GY2024-43 地块 （以下简称"该地块"）的国有建设用地使用权，并与南丹县自然资源局签订 了《成交确认书》。 截至本公告披露日，该地块使用权竞得结果尚在公示期，公司尚未与 南丹县自然资源局签订《国有建设用地使用权出让合同》，该地块使用权能否 取得及取得时间尚存在一定不确定性。 本次竞买事项未达到董事会、股东会审议标准，无需提交公司董事会、 股东会审议。本次竞买事项不构成关联交易，亦不构成重大资产重组。 一、竞买情况概述 根据《南丹县自然资源局 2025 年第三期国有建设用地使用权挂牌出让公告》 (丹自然资告字〔2025〕3 号），经南丹县人民政府批准，南丹县自然资源局以 挂牌方式公开出让一宗国有建设用地使用权，挂牌时间为 2025 年 4 月 24 日至 2025 年 ...

中银国际证券股份有限公司 关于 广西华锡有色金属股份有限公司 发行股份购买资产并募集配套资金暨关联交易 之 2024 年度持续督导报告暨持续督导总结报告 独立财务顾问 签署日期：二〇二五年四月 独立财务顾问声明 中银国际证券股份有限公司受广西华锡有色金属股份有限公司委托，担任广西华锡有 色金属股份有限公司向广西华锡集团股份有限公司发行股份购买资产并募集配套资金暨 关联交易项目的独立财务顾问。依据《公司法》《证券法》《重组管理办法》《上市规则》 等法律法规的有关规定，按照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉 尽责精神，遵循客观、公正的原则，本独立财务顾问经过审慎核查，出具本持续督导报告。 1、本督导报告所依据的文件、书面资料、业务经营数据等由华锡有色及相关当事人 提供并对其真实性、准确性和完整性承担全部责任。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表的专业意 见与上市公司披露的文件内容不存在实质性差异，确信上市公司信息披露文件真实、准确、 完整。 3、本持续督导报告不构成对上市公司的任何投资建议，投资者根据本持续督导意见 所做出的任何投资决策而产生的相应风险，本独立财务 ...