证券代码：600301 股票简称：华锡有色 编号：2026-013 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： 一、本次交易的基本情况 为深入贯彻习近平总书记关于广西工作论述的重要要求，落实党的二十届三 中全会精神，推动国有资本向关系国家安全、国民经济命脉的重要行业和关键领 域集中，广西壮族自治区将通过创新驱动发展，加快关键金属产业链延链补链强 链，打造国家级产业集群。 2 为落实国家与广西壮族自治区战略部署，2026 年 1 月 16 日，北部湾港集团 1 本次收购前，上市公司的股权控制关系如下图所示: 本次权益变动的方式系广西北部湾国际港务集团有限公司（以下简称"北部 湾港集团"）将其持有的广西华锡集团股份有限公司（以下简称"华锡集团"） 48.19%股权出资设立广西关键金属产业发展集团有限公司（以下简称"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 的剩余华锡集团 28.79%股权无偿划转给关键金属集团（以下简称"本次收 购"）。 根据《上市公司收购管理办法》第六十二条规定 ...

法律意见书 国浩律师（南宁）事务所 关于 广西华锡有色金属股份有限公司 2026 年 第一次临时股东会 的 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 国浩律师（南宁）事务所 关于 广西华锡有色金属股份有限公司 2026 年第一次临时股东会 的法律意见书 国浩律师（南宁）意字(2025)第 5064-3 号 致：广西华锡有色金属股份有限公司 国浩律师（南宁）事务所受广西华锡有色金属股份有限公司（以下简 称"公司"）的委托，指派覃锦律师、刘卓昀律师（以下简称"本律师"） 作为公司召开 2026 年第一次临时股东会（以下简称"本次股东会"或"会 议"）的专项法律顾问，对本次股东会的召开全过程进行见证并出具法律 意见。 为出具法律意见，本律师出席了本次股东会，并审查了公司提供的有 关会议文件、资料。公司承诺：其已向本律师提供了出具法律意见所必须 的、真实的 ...

Group 1 - The core point of the news is that Guangxi Huaxi Nonferrous Metals Co., Ltd. experienced a stock price decline of 5.04%, trading at 48.05 yuan per share, with a total market capitalization of 30.395 billion yuan as of January 16 [1] - The company was established on June 15, 1998, and listed on July 12, 2000, with its main business involving trading and supervision, as well as exploration, mining, and processing of nonferrous metals such as tin, zinc, lead, and antimony [1] - The revenue composition of the company includes 91.82% from nonferrous metal products, 4.61% from deep processing of nonferrous metals, 2.43% from engineering supervision and other services, 0.89% from other supplementary services, and 0.25% from surveying, design, and consulting services [1] Group 2 - From the perspective of fund holdings, one fund under Shenwan Hongyuan Asset Management has a significant position in Huaxi Nonferrous, with 104,400 shares held, accounting for 4.61% of the fund's net value, making it the sixth-largest holding [2] - The fund, Shenwan Hongyuan Industry Rotation Stock A (005009), has a total scale of 60.584 million yuan and has achieved a year-to-date return of 10.9%, ranking 812 out of 5,531 in its category [2] - Over the past year, the fund has seen a return of 96.98%, ranking 136 out of 4,215, and since its inception, it has achieved a return of 172.84% [2]

Group 1 - The non-ferrous metal sector experienced a strong surge on the 15th, with cobalt, nickel, and gold concepts showing active performance, leading to significant stock price increases for companies like Zinc Industry Co., Sichuan Gold, and Luoping Zinc Electric [1] - On the 14th, spot silver prices rose over 7%, surpassing the $93 mark, reaching a historical high with an annual increase of over 28%. Spot gold also hit a record high of $4643 per ounce, while Shanghai tin futures saw a night session increase of over 10%, breaking the 440,000 yuan per ton barrier [1] Group 2 - According to Galaxy Securities, the escalation of global geopolitical conflicts may lead major powers to strengthen control and reserves of key strategic metal resources, prompting a reshaping of global metal supply chains and catalyzing demand and value reassessment for critical strategic metal resources [2] - The logic supporting the price increase of key strategic non-ferrous metals such as copper, tungsten, molybdenum, cobalt, and rare earth materials is expected to continue due to heightened geopolitical tensions [2] - Recent U.S. employment data showed a disappointing addition of 50,000 jobs in December, with previous months' data revised down by 76,000, indicating a significant decline in labor market momentum, which may raise market expectations for two interest rate cuts by the Federal Reserve in 2026 [2] - Increased geopolitical risks, including U.S. actions in Venezuela and Greenland, are likely to heighten market demand for safe-haven assets, benefiting gold prices [2]

Group 1 - Precious metals have shown active performance, with spot silver rising over 7% and reaching a historical high of $93 per ounce, while spot gold has also set a new record at $4,643 per ounce [1] - Huafu Securities noted that escalating regional conflicts have led to fluctuations in gold prices, with deteriorating U.S. manufacturing activity and unexpectedly weak employment data providing key support for gold prices, reinforcing market expectations for further easing policies from the Federal Reserve [1] - As of January 15, 2026, the National Securities Nonferrous Metals Industry Index (399395) surged by 3.59%, with constituent stocks such as Huaxi Nonferrous Metals up 8.54%, Huayou Cobalt up 8.23%, and Chihong Zn & Ge up 7.82% [1] Group 2 - The top ten weighted stocks in the National Securities Nonferrous Metals Industry Index (399395) as of December 31, 2025, include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, Huayou Cobalt, China Aluminum, Ganfeng Lithium, Yun Aluminum, Shandong Gold, Zhongjin Gold, and Tianqi Lithium, collectively accounting for 51.65% of the index [2] - The Nonferrous ETF Penghua (159880) closely tracks the National Securities Nonferrous Metals Industry Index, which selects 50 securities with significant scale and liquidity in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry [1][2]

Core Viewpoint - The non-ferrous metal sector is experiencing significant growth, with the popular ETF, Huabao Non-ferrous ETF (159876), hitting a new historical high and attracting substantial capital inflow [1][9]. Group 1: Market Performance - The Huabao Non-ferrous ETF (159876) saw an increase of 3.23% and 2.69%, marking five consecutive days of gains and setting a new historical high [1][9]. - As of the report, the ETF received a net subscription of 38.4 million units, accumulating a total of 440 million yuan in the past ten days [1][9]. Group 2: Sector Analysis - In the gold sector, Xian Financial Securities suggests that the U.S. faces recession pressures, high sovereign debt, and trade deficits, which weaken the dollar's credibility, leading to increased focus on gold as a global asset [2][10]. - For copper, China Galaxy Securities indicates that there is still significant upward potential for copper prices, as historical data shows that current prices, adjusted for inflation, have not reached previous supercycle highs [3][11]. - Strategic metals like tungsten, molybdenum, titanium, and rare earths are expected to see increased demand due to technological revolutions and supply chain security concerns, as noted by CITIC Securities [3][11]. Group 3: Stock Performance - Key stocks in the non-ferrous metal sector include Huaxi Non-ferrous, Hunan Silver, and Huayou Cobalt, all of which have surged over 7% [4][12]. - Other notable performers include Ganfeng Lithium, which rose over 6%, and several other stocks that experienced significant gains [4][12]. Group 4: Future Outlook - The industry is expected to enter a supercycle driven by the convergence of AI advancements and global order restructuring, with historical parallels drawn to significant macroeconomic events [5][13]. - Institutions predict a bullish market for non-ferrous metals, with expectations of a synchronized upward trend in currency, demand, and supply by 2026 [5][13].

Overall Market Performance - The Shanghai Composite Index experienced a pullback, declining by 0.31% after approaching the 4200-point mark during the session, with trading volume in the three markets reaching a record high of nearly 4 trillion yuan [3] Sector Performance - Benefiting from the surge in commodity prices, several sectors saw a wave of limit-up stocks, including Xianglu Tungsten Industry, Huaxi Nonferrous, and Xiamen Tungsten Industry, all reaching historical highs. Tungsten powder prices exceeded 1.1 million yuan per ton, while tungsten concentrate rose to 464,000 yuan per standard ton. The main contract for Shanghai tin futures surged by 7%, setting a new historical high, which boosted the sector [4] - The quantum technology sector gained momentum due to policy support during the 14th Five-Year Plan, with stocks like Demei Chemical and Keda Guokuan hitting the limit-up. Conversely, the commercial aerospace sector faced significant adjustments due to substantial prior gains and risk warnings from several major stocks [4] Market Outlook - The Shanghai and Shenzhen stock exchanges announced an increase in the minimum margin ratio for financing from 80% to 100%, aimed at reducing market leverage and promoting long-term stability. This adjustment is seen as a mild measure compared to the drastic increase from 50% to 100% in 2015. The regulatory intent is clear: to avoid a "crazy bull" market and instead foster a "slow bull" market. The market adjustment is primarily attributed to profit-taking, with a notable shift in capital allocation. The index is expected to enter a phase of consolidation, while structural opportunities may continue [6]

Core Viewpoint - The report highlights the growth of industrial enterprises in Guangxi Zhuang Autonomous Region, indicating a positive trend in the industrial sector with a year-on-year increase in the number of enterprises [1]. Group 1: Industrial Enterprises in Guangxi - As of January-November 2025, the number of industrial enterprises in Guangxi reached 10,535, an increase of 239 enterprises compared to the same period last year, representing a growth rate of 2.32% [1]. - The industrial enterprises accounted for 2% of the national total, reflecting Guangxi's contribution to the overall industrial landscape in China [1]. Group 2: Industry Research and Consulting - Zhiyan Consulting, a leading industry consulting firm in China, has been deeply engaged in industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1]. - The firm emphasizes its professional approach, quality service, and keen market insights to empower investment decisions [1].

华安证券（600909）近日发布有色金属研究报告锡专题：全球锡市场呈现结构性紧缺，供给端高度依赖 少数资源国，2024年全球锡矿产量30万吨(同比-1.63%)，其中缅甸、印尼和中国合计占比达51%，矿端 政策与品位下降使新增产能有限。需求端，2024年全球锡需求量38.52万吨(同比+3.33%)，锡工业属性 突出，2024年全球电子焊料用锡需求15.41万吨，同比+3.35%，占总需求的40.01%。 供应集中且增量有限、需求保持高景气。全球锡市场呈现结构性紧缺，供给端高度依赖少数资源国， 2024年全球锡矿产量30万吨(同比-1.63%)，其中缅甸、印尼和中国合计占比达51%，矿端政策与品位下 降使新增产能有限。需求端，2024年全球锡需求量38.52万吨(同比+3.33%)，锡工业属性突出，2024年 全球电子焊料用锡需求15.41万吨，同比+3.35%，占总需求的40.01%。 锡价上行主要由供弱需强驱动。2025年初以来缅甸矿产停工时间超过预期，冶炼厂开工率被迫下调。外 加刚果锡精矿因冲突停产，影响全球约6%的锡供应，加剧原材料紧张。在需求端AI服务器、光伏等对 锡焊料需求扩张，锡供需持续紧张，驱 ...

Investment Rating - The report indicates a positive outlook for the tin industry, driven by strong demand and limited supply, suggesting a favorable investment environment [2][3]. Core Insights - The global tin market is experiencing structural tightness, with supply heavily reliant on a few resource-rich countries. In 2024, global tin production is projected to be 300,000 tons, a decrease of 1.63% year-on-year, while demand is expected to reach 385,200 tons, an increase of 3.33% year-on-year [5][15]. - Tin prices are expected to rise due to weak supply and strong demand. The prolonged suspension of mining operations in Myanmar and conflicts affecting supply from the Democratic Republic of Congo have exacerbated material shortages, driving prices upward [5][22]. - Key companies in the tin sector include: - **Yunnan Tin Company**: Leading in tin production and sales globally, with a comprehensive integrated supply chain [33]. - **Xingye Silver Tin**: Notable for its silver and tin production, with ongoing acquisitions of overseas tin resources [36]. - **Hua Tin Nonferrous Metals**: A state-owned platform benefiting from regional resource consolidation and industrial clustering [39]. Summary by Sections 1. Tin Industry Overview - Tin is a crucial metal in electronic soldering, characterized by its stability and resistance to oxidation, making it suitable for various applications [8]. - The global tin supply is concentrated, with the top four countries (Indonesia, China, Myanmar, and Australia) accounting for over 60% of reserves [14]. 2. Tin Price Trends - Tin prices are influenced by supply constraints and high demand, particularly from the electronics and renewable energy sectors. The report anticipates that if new production capacity remains limited, tin prices will likely stay elevated [22][24]. 3. Related Companies - **Yunnan Tin Company**: Achieved a market share of 25.03% globally in 2024, focusing on high-value products and sustainable practices [33]. - **Xingye Silver Tin**: Reported significant revenue growth, with a strong focus on resource acquisition and production expansion [36]. - **Hua Tin Nonferrous Metals**: Leveraging its integrated operations to enhance resource recovery and sustainability [39].