Group 1: Key Insights on Precious Metals - The upward momentum for precious metals, particularly gold, is strong, with London gold prices reaching $4,611.05 per ounce, an increase of $117.20 per ounce from the previous week, reflecting a rise of 2.59% [2] - The market is closely monitoring the Federal Reserve's upcoming meeting, with a 95% probability of a 25 basis point rate cut anticipated in January [2][3] Group 2: Key Insights on Copper and Aluminum - Copper prices are experiencing high-level consolidation, with LME copper closing at $12,925 per ton, down $65 per ton, a decrease of 0.50% [4] - Domestic copper inventory is reported at 213,515 tons, showing an increase of 4,600 tons from January 9, while SHFE inventory also reflects a similar trend [4] - Aluminum prices are at 24,000 yuan per ton, down 60 yuan, with LME aluminum inventory at 488,000 tons, a decrease of 9,825 tons [6] Group 3: Key Insights on Tin and Antimony - Domestic refined tin prices are at 41,4640 yuan per ton, up 639.40 yuan per ton, indicating a positive trend [8] - Antimony prices have rebounded, with domestic antimony ingot prices increasing by 0.2 million yuan per ton from January 9 [10] Group 4: Investment Ratings and Recommendations - The copper industry maintains a "recommended" investment rating due to ongoing tightness in copper supply [13] - The aluminum industry also holds a "recommended" investment rating, supported by rigid supply dynamics [14] - The tin industry is rated "recommended" as supply constraints are expected to support tin prices [14] - The antimony industry is rated "recommended" following a rebound in prices after a six-month decline [14] Group 5: Stock Recommendations - Recommended stocks in the gold sector include Zhongjin Gold (600489), Shandong Gold (600547), and China National Gold (600916) [15] - In the copper sector, recommended stocks include Zijin Mining (601899) and Western Mining (601168) [15] - For aluminum, recommended stocks are Shenhuo Co. (000933) and Yunnan Aluminum (000807) [15] - In the tin sector, recommended stocks include Tin Industry Co. (000960) and Hunan Gold (002155) [15]

广西华锡有色金属股份有限公司 收购报告书摘要 二、依据《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》《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》的规定，本报告书摘要已全面披露收购人在华锡有色拥有权 益的股份。 三、截至本报告书摘要签署日，除本报告书摘要披露的持股信息外，收购人 没有通过任何其他方式在华锡有色拥有权益。 | 上市公司： | 广西华锡有色金属股份有限公司 | | --- | --- | | 上市地点： | 上海证券交易所 | | 股票简称： | 华锡有色 | | 股票代码： | 600301.SH | | 收购人： | 广西关键金属产业发展集团有限公司 | | --- | --- | | 住所/通讯地址： | 广西壮族自治区河池市金城江区城西路 号 71 | 签署日期：二〇二六年一月 广西华锡有色金属股份有限公司 收购报告书摘要 声 明 本部分所述词语或简称与本报告书摘要"释义"所述词语或简称具有相同含 义。 一、本报告书摘要系收购人依据《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》《公开发行证券的公司信息 ...

Core Viewpoint - The report from Everbright Securities highlights the increasing importance of strategic metals (copper, aluminum, cobalt, nickel, tin, antimony, tungsten, rare earths) due to supply disruptions and the limitations in production capacity in China and abroad [1][2]. Group 1: Strategic Metal Storage Initiatives - Australia announced a strategic reserve plan for critical minerals worth AUD 1.2 billion, with AUD 185 million allocated for necessary mineral reserves, prioritizing antimony, gallium, and rare earths [2] - The European Commission approved a resource revival action plan to raise EUR 3 billion for supply chain strategies, establishing a platform to support critical material reserves [2] - The U.S. Defense Logistics Agency (DLA) plans to procure USD 500 million in cobalt, USD 245 million in antimony, USD 100 million in tantalum, and USD 45 million in scandium [2] Group 2: Investment Opportunities in Strategic Metals - The focus on strategic metal storage in the U.S. and Australia presents significant investment opportunities, particularly in metals with concentrated supply chains and security risks, such as cobalt from the Democratic Republic of Congo and lithium from South America [3] - The rapid development of AI and energy transition is expected to drive demand for copper, aluminum, and tin, although supply constraints exist for these metals [4] - Military-related metals like tungsten, antimony, and rare earths are facing tightening supply, with production declines attributed to lower resource grades and regulatory controls [5] Group 3: Supply Concentration and Constraints - Copper, lithium, cobalt, and nickel supply is highly concentrated in South America, the Democratic Republic of Congo, and Indonesia, with Chile and Peru accounting for 35% of global copper production and the Democratic Republic of Congo producing 76% of global cobalt [4] - The rapid growth of AI is expected to significantly increase demand for copper, aluminum, and tin, but supply for these metals is constrained [4] - Tungsten, antimony, and rare earths are critical for military applications, but their production has decreased due to resource management practices and regulatory measures [5] Group 4: Investment Recommendations - For copper, recommended companies include Zijin Mining, Luoyang Molybdenum, and Western Mining [5] - For aluminum, Yunnan Aluminum is recommended, with China Aluminum as a focus [5] - For cobalt and nickel, Huayou Cobalt is recommended, with attention to Liqin Resources and Shengtun Mining [5] - For tungsten, focus on China Tungsten High-tech [5] - For tin, Xiyang Tin Industry is recommended, with interest in Xingye Silver Tin [5] - For antimony, Huaxi Nonferrous is highlighted, and for rare earths, Northern Rare Earth is recommended with a focus on China Rare Earth [5]

Trading Information - On January 16, 2026, Huaxi Nonferrous Metals (600301) closed at 48.21 yuan, down 4.72%, with a turnover rate of 5.66%, trading volume of 155,700 shares, and a transaction amount of 765 million yuan [1] - On the same day, the net outflow of main funds was 96.89 million yuan, accounting for 12.67% of the total transaction amount; retail funds had a net inflow of 90.10 million yuan, accounting for 11.78% of the total transaction amount [1][3] Company Announcements - The 25th meeting of the 9th Board of Directors of Guangxi Huaxi Nonferrous Metals Co., Ltd. was held on January 15, 2026, where the proposal to adjust the 2026 futures hedging plan limit was approved with a vote of 9 in favor, 0 against, and 0 abstentions [1] - The adjusted limit for the 2026 futures hedging plan is set at a maximum margin amount of 320 million yuan at any point in time, and the maximum value of contracts held on any trading day is 900 million yuan, valid from January 15, 2026, to December 31, 2026 [2] - The company held its first temporary shareholders' meeting on January 16, 2026, where several proposals were approved, including the expected daily related transactions for 2026 and the extension of commitments to avoid competition by controlling shareholders [1][3] - Guangxi Key Metals Group has become the indirect controlling shareholder of the company, holding 56.47% of the shares, while the actual controller remains the Guangxi State-owned Assets Supervision and Administration Commission [2][3]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [10]. Core Insights - The non-ferrous metals sector is experiencing a general upward trend, with significant price increases across various metals, driven by macroeconomic factors and supply chain dynamics [11][19]. - The report highlights the impact of U.S. tariffs and trade policies on the supply and demand dynamics of key metals, particularly copper and aluminum [2][3]. - The report emphasizes the importance of monitoring inventory levels and production capacities, as these factors are critical in determining future price movements [26][35]. Summary by Sections Precious Metals - Concerns over tariffs have led to a temporary pullback in silver prices, but the long-term outlook remains positive [1]. - The report suggests monitoring companies such as 兴业银锡 and 盛达资源 for potential investment opportunities [1]. Industrial Metals - Copper inventories are rising, particularly in the U.S., raising concerns about supply tightness in non-U.S. regions [2]. - The report notes that while high copper prices are suppressing end-user demand, the long-term consumption outlook remains strong due to infrastructure investments [2]. Aluminum - The aluminum market is expected to experience price fluctuations due to geopolitical tensions and macroeconomic policies [3]. - The report indicates that production cuts in aluminum processing are occurring, particularly in regions like Guizhou and Henan [3]. Nickel - Nickel prices are on an upward trend, supported by supply tightening expectations from Indonesia [4]. - The report highlights the importance of monitoring companies like 华友钴业 and 力勤资源 for investment opportunities [4]. Tin - Supply chain bottlenecks and macroeconomic factors are providing short-term support for tin prices [5]. - The report suggests that companies like 华锡有色 and 兴业银锡 may benefit from these market conditions [5]. Lithium - Lithium prices are experiencing wide fluctuations due to export policy expectations and demand uncertainties [6]. - The report recommends关注 companies such as 赣锋锂业 and 天齐锂业 for potential investment [6]. Cobalt - Progress in cobalt shipments from the Democratic Republic of Congo is expected to support high cobalt prices in the short term [9]. - The report suggests monitoring companies like 华友钴业 and 腾远钴业 for investment opportunities [9].

Core Viewpoint - The stock price of Huaxi Nonferrous Metals has increased by 14.0% to 48.21 yuan as of January 16, 2026, reaching a nearly one-year high of 53.88 yuan during the week [1]. Group 1: Company Announcements - Huaxi Nonferrous Metals held its ninth board meeting on January 15, 2026, approving the adjustment of the 2026 futures hedging plan, with a maximum margin amount of 320 million yuan and a maximum contract value of 900 million yuan for any trading day [1]. - The company convened its first extraordinary shareholders' meeting of 2026 on January 16, approving three proposals, including the estimated daily related transactions for 2026 and the application for comprehensive credit limits from banks, with shareholders representing 78.7392% of the total share capital present [2]. - Guangxi Key Metals Group has become the indirect controlling shareholder of the company, holding 56.47% of the shares, while the actual controller remains the Guangxi State-owned Assets Supervision and Administration Commission [3].

Group 1 - The company held its first extraordinary shareholders' meeting on January 16, 2026, with no resolutions being rejected [2] - The meeting was conducted in compliance with the Company Law and the company's articles of association, using a combination of on-site and online voting [2][3] - Three proposals were approved during the meeting, including the expected daily related transactions for 2026, the application for comprehensive credit limits from banks, and the postponement of commitments to avoid competition by controlling shareholders [4][5] Group 2 - The company adjusted its futures hedging plan for 2026, increasing the maximum margin amount from RMB 15,504 million to RMB 32,000 million and the maximum contract value from RMB 64,600 million to RMB 90,000 million [22] - The adjustment aims to mitigate risks associated with price fluctuations of raw materials and products, particularly tin, and is expected to enhance the company's overall risk resistance capabilities [10][22] - The funding for the futures hedging business will come from the company's own funds, ensuring that it does not affect normal business operations [12][22] Group 3 - The company announced a change in its indirect controlling shareholder, with Guangxi Beibu Gulf International Port Group transferring its shares in Guangxi Huaxi Group to establish Guangxi Key Metal Industry Development Group [34] - This transfer does not alter the actual controller of the company, which remains the State-owned Assets Supervision and Administration Commission of the Guangxi Zhuang Autonomous Region [34][37] - The transaction is in line with national strategies to concentrate state capital in key industries and is not expected to adversely affect the company's operations or the interests of minority shareholders [35][37]

广西华锡有色金属股份有限公司 关于调整 2026 年度期货套期保值业务额度 的可行性分析报告 一、调整期货套期保值业务额度的必要性 公司主营业务为有色金属勘探、开采、选矿业务，主要产品为锡、锌、铅锑、铅、 铜精矿以及锡、铟等深加工产品，同时公司通过委外加工模式生产锡锭、锑锭、锌锭、 铟锭。由于有色金属价格易受宏观形势、货币政策及产业供需等诸多因素的影响而呈 现较大波动，为有效降低公司生产经营相关原料和产品价格波动风险，保证产品成本 的相对稳定，公司按照生产经营计划以及结合锡金属价格，调整 2026 年度期货套期保 值业务额度，提升公司整体抵御风险能力，实现稳健经营的目标。 （四）交易期限 - 1 - 二、开展期货套期保值业务的主要内容 （一）调整后的交易金额 公司及子公司开展期货套期保值业务，在任一时点的保证金金额最高不超过人民 币 32,000 万元，任一交易日持有的合约最高价值不超过人民币 90,000 万元。在上述 额度范围内，资金可循环使用，本次业务期限内任一时点的交易金额（含前述交易的 收益进行再交易的相关金额）将不超过前述已审议额度。 （二）资金来源 本次公司及子公司从事期货套期保值业务的资金来源 ...

证券代码：600301 证券简称：华锡有色 编号：2026-011 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： 交易调整的主要情况：广西华锡有色金属股份有限公司（以下简称"公司"） 为降低公司原料和产品价格的大幅波动给公司带来的风险，公司开展锡金属期货 套期保值业务。结合锡金属价格上涨等因素，在保证正常生产经营的前提下，公 司调整 2026 年度期货套期保值计划额度，在任一时点的保证金金额最高由不超 过人民币 15,504 万元调整为不超过 32,000 万元，任一交易日持有的合约最高价 值由不超过人民币 64,600 万元调整为不超过 90,000 万元，上述额度在有效期限 内可循环滚动使用。交易期限为 2026 年 1 月 15 日至 2026 年 12 月 31 日。 审议程序：本次额度调整在公司董事会审议权限内，无需提交公司股东会审 议。 为降低公司重要原材料锡金属价格波动对公司生产经营的不利影响，结合锡 金属价格上涨等因素，公司于 2026 年 1 月 15 日召开第九届董事会审计委员会第 二十一 ...

证券代码：600301 证券简称：华锡有色 编号：2026-012 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026 年 1 月 16 日 (二)股东会召开的地点：南宁市良庆区体强路 12 号北部湾航运中心 A 座 8 楼 812 会议室 广西华锡有色金属股份有限公司 2026年第一次临时股东会决议公告 (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，董事长张小宁先生主持会议，会议采取现场投 票与网络投票相结合的方式进行表决，会议的召开及表决方式符合《公司法》及 《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席8人，副董事长、总经理李新宇先生因工作原因 请假； 2、董事、副总经理、董事会秘书陈兵先生出席本次会议；财务总监叶亚斌 先生列席本次会议。 1 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东 ...