投资者关系活动记录表 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 新闻发布会 | 路演活动 | | | 现场参观 | | | | 其他（请文字说明其他活动内容） | | | 形式 | 现场 网上 | 电话会议 | | | 民生证券：邱祖学、张弋清、李挺 | | | | 易方达基金：刘澜清 | | | | 景顺长城基金：陈勃阳、李建霖、尤木 | | | | 银华基金：周晶、施航 | | | | 鹏华基金：李琢、曾欣 | | | | 国泰基金：戴计辉、孙朝晖 | | | | 长城基金：陈子扬、任柯宇 | | | | 财通资管：毛鼎 | | | | 建信基金：赵荣杰 | | | 参与单位名称 | 申万菱信基金：苗琦 | | | 及人员姓名 | 西部利得基金：曹城、管浩阳 | | | | 招银理财：郝雪梅 | | | | 国联基金：朱晓明 | | | | 新华资产：阴舒、严涛 | | | | 融通基金：曲悦 | | | | 招商基金：耿浩然 | | | | 永赢基金：郑州杰 | | | | ...

11月19日，华锡有色盘中上涨2.03%，截至14:19，报35.25元/股，成交3.96亿元，换手率4.15%，总市值 222.98亿元。 分红方面，华锡有色A股上市后累计派现3.50亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，华锡有色十大流通股东中，永赢睿信混合A（019431）位居第二 大流通股东，持股1463.32万股，为新进股东。永赢稳健增强债券A（014088）位居第三大流通股东，持 股1108.98万股，为新进股东。香港中央结算有限公司位居第四大流通股东，持股636.83万股，相比上期 增加248.90万股。南方中证1000ETF（512100）位居第九大流通股东，持股231.35万股，为新进股东。 景顺长城景盛双息收益债券A类（002065）、银华内需精选混合(LOF)（161810）退出十大流通股东之 列。 责任编辑：小浪快报 资料显示，广西华锡有色金属股份有限公司位于广西壮族自治区南宁市良庆区体强路12号北部湾航运中 心A座8-9层，成立日期1998年6月15日，上市日期2000年7月12日，公司主营业务涉及贸易业务和监理 业务;锡、锌、铅锑等有色金属勘探、 ...

Group 1 - The core point of the news is that Guangxi Huaxi Nonferrous Metals Co., Ltd. experienced a decline in stock price by 5.03%, trading at 33.98 yuan per share, with a total market capitalization of 21.495 billion yuan as of November 18 [1] - The company was established on June 15, 1998, and listed on July 12, 2000, primarily engaged in the exploration, mining, and processing of nonferrous metals such as tin, zinc, lead, and antimony [1] - The main business revenue composition 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 sources, 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 holds a significant position in Huaxi Nonferrous, with 104,400 shares, 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 return of 60.8% this year, ranking 251 out of 4,212 in its category [2] - The fund manager, Miao Qi, has been in position for 3 years and 30 days, with the fund's total assets amounting to 24.7 million yuan, achieving a best return of 38.98% and a worst return of 11.4% during the tenure [3]

证券代码：600301 证券简称：华锡有色编号：2025-064 广西华锡有色金属股份有限公司 2025年第五次临时股东会决议公告 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 二、议案审议情况 (一)股东会召开的时间：2025年11月17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 (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： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 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出席情况 1、公司在任董事9人，出席7人，董事、常务副总经理吴乐文先生和独立董事陈珲先生因工作原因请 假； 2、董事、副总经理、董事会秘书陈兵先生出席本次会议；总工程师韦方景先生、财务总监叶亚斌先生 列 ...

截至2025年11月17日收盘，华锡有色（600301）报收于35.78元，较前一交易日下跌3.74%，最新总市值 为226.33亿元。该股当日开盘36.15元，最高37.44元，最低35.35元，成交额达8.42亿元，换手率为 8.39%。 近日，国浩律师（南宁）事务所发布关于广西华锡有色金属股份有限公司2025年第五次临时股东会的法 律意见书。公告显示，本次股东会于2025年11月17日召开，会议审议通过了使用公积金弥补亏损的议 案，表决结果为同意股数占出席会议股东所持股份的99.9569%。律师机构确认，本次股东大会的召 集、召开程序，召集人和出席会议人员资格，表决程序及表决结果均符合相关法律法规及公司章程规 定。 最新公告列表 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《广西华锡有色金属股份有限公司2025年第五次临时股东会决议公告》 《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2025年第五次临时股东会的法律 意见书》 ...

证券代码：600301 证券简称：华锡有色 编号：2025-064 广西华锡有色金属股份有限公司 2025年第五次临时股东会决议公告 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：2025 年 11 月 17 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 (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、出席会议的股东和代理人人数 | 209 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 455,076,766 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 71.9412 | 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于广西华锡有色金属股份有限公司使用公积金弥补亏损的 议案 审议结果：通过 表决情况： (四)表决方式是否符合《公司法》及《公司章 ...

广西华锡有色金属股份有限公司 2025 年第五次临时股东会的 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 国浩律师（南宁）事务所 关于 电话：0771-5760061 传真：0771-5760065 电子信箱：grandallnn@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二五年十一月 法律意见书 国浩律师（南宁）事务所 法律意见书 关于 的 广西华锡有色金属股份有限公司 2025 年第五次临时股东会 法律意见书 的 （以下简称"本律师"）作为公司召开 2025 年第五次临时股东会（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。 关于本法律意见书，本所及本律师声明如下： （1）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。公司向本律师保证并承诺：其已向本律师提供 了出具法律意见所需的、真实的书面材料，有关副本材料或复印件与原件 一致。 （2）本所及本律师仅就本次股东会的召集和召开程序、召集人和出 席人员的资格 ...

Summary of Huaxi Nonferrous Conference Call Company Overview - Huaxi Nonferrous is a leading non-ferrous metal company in South China, located in Guangxi. It was listed through a reverse merger with ST Nanhua in 2023. The company is part of the Guangxi Beibu Gulf Port Group and is the only non-ferrous metal listed company under the Guangxi State-owned Assets Supervision and Administration Commission [2][3][4]. Industry Insights - The global tin supply growth is expected to be around 2%, while demand growth is projected at 5%-6%. This indicates a persistent supply-demand imbalance in the coming years, with a projected tin deficit of approximately 13,000 tons in 2025, expanding to 25,000 tons in 2026, and reaching 28,000 tons by 2027 [3][12][13]. - The recent restructuring of tin mines in Indonesia has led to a 50% year-on-year decline in tin ingot exports, reducing global tin supply by about 5,000 tons, equivalent to a 2% decrease in global supply [2][11]. Production Plans and Growth Projections - Huaxi Nonferrous plans to enhance production through both organic growth and external expansion. Key projects include: - Increasing the production capacity of Gaofeng Mine from 300,000 tons/year to 450,000 tons/year. - Expanding the Tongkeng Mine to 3 million tons/year. - Additional expansions at the Fozim Mine [2][5][6]. - By 2028-2029, total tin production is expected to approach 20,000 tons, with equity production around 13,000-14,000 tons. This represents a significant increase from current levels of approximately 7,000 tons total and 5,000 tons equity [2][6]. Price Trends and Market Dynamics - The price of tantalum (T) has been volatile due to export control policies. Following a peak of 260,000 yuan earlier in the year, prices fell to around 180,000-190,000 yuan but are expected to recover to approximately 200,000 yuan due to improved market confidence [7][10]. - The recent delay in the implementation of U.S. export control policies has restored market confidence, leading to a rapid price increase for T products [9]. Valuation and Future Outlook - Huaxi Nonferrous currently has a low market valuation, but with its rich resource reserves and potential for growth, its valuation is expected to increase. A target market capitalization of over 30 billion yuan is projected based on a profit forecast of 2 billion yuan in 2026 and a price-to-earnings ratio of 15 [14]. - The integration of small and scattered enterprises in Guangxi is anticipated to enhance Huaxi Nonferrous's resource reserves, particularly in antimony and other rare metals, further boosting its production capacity and market competitiveness [15]. Key Takeaways - Huaxi Nonferrous is positioned for significant growth in production and market valuation, driven by strategic expansions and favorable market conditions in the non-ferrous metals sector [2][3][14].

Investment Rating - The report maintains a positive outlook on the copper, aluminum, and precious metals sectors, indicating a high level of market activity and potential for growth [2][3][4][5]. Core Insights - Copper prices have shown a weekly increase of 1.53% to $10,859.00 per ton on the LME, with domestic prices rising by 1.12% to 86,900 yuan per ton, reflecting a recovery in demand as the market approaches the traditional peak season [2][14]. - Aluminum prices also increased, with LME aluminum up 0.52% to $2,877.00 per ton, supported by low inventory levels and stable demand from downstream processing industries [3][15]. - Gold prices surged by 4.16% to $4,174.5 per ounce, driven by geopolitical risks and economic uncertainties in the U.S., indicating strong investor interest in safe-haven assets [4][16]. - The rare earth sector is experiencing upward momentum due to increased demand and the suspension of export control measures, leading to a bullish outlook for companies involved in rare earth production [5][32]. Summary by Sections Copper - LME copper price increased by 1.53% to $10,859.00 per ton, with domestic prices at 86,900 yuan per ton [2][14]. - The processing fee index for imported copper concentrate dropped to -$42.21 per ton, indicating supply chain pressures [2][14]. - Domestic copper inventory rose by 0.52 million tons to 20.11 million tons, reflecting a cautious market sentiment [2][14]. Aluminum - LME aluminum price rose by 0.52% to $2,877.00 per ton, with domestic prices at 21,800 yuan per ton [3][15]. - Domestic aluminum ingot inventory decreased by 0.6 million tons, indicating a tightening supply [3][15]. - The operating rate of downstream aluminum processing enterprises increased slightly to 62%, suggesting stable demand [3][15]. Precious Metals - COMEX gold price increased by 4.16% to $4,174.5 per ounce, with SPDR gold holdings rising by 6.87 tons to 1,048.93 tons [4][16]. - The market is influenced by U.S. political instability and geopolitical tensions, leading to a strong demand for gold [4][16]. Rare Earths - The price of praseodymium and neodymium oxide decreased by 1.40%, but overall demand is expected to rise due to the suspension of export controls [5][32]. - The rare earth sector is projected to benefit from increased strategic importance and price appreciation [5][32]. Other Metals - Antimony prices increased by 15.5%, driven by a suspension of export controls and a tightening supply situation [5][34]. - Tin prices rose by 3.11%, supported by reduced illegal mining activities in Indonesia [5][35]. - Lithium carbonate prices increased by 3.14% to 83,200 yuan per ton, reflecting strong demand in the energy storage sector [5][61].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry [2] Core Viewpoints - The antimony industry is expected to enter a strong prosperity cycle due to a mismatch in supply and demand growth rates [4][8] - China's antimony resource reserves account for 30% of the global total, with a significant increase in reserves from 480,000 tons in 2020 to 670,000 tons in 2024, reflecting a CAGR of 8.7% [4][18] - Global antimony production is highly concentrated, with China accounting for 58% of the total production in 2024, although production has been declining [5][23] - The demand for antimony is projected to grow significantly, driven by the rapid development of photovoltaic installations and the increasing use of antimony in glass for solar panels [6][42] Summary by Sections 1. Antimony Supply Dynamics - Antimony supply is experiencing an unexpected contraction, with China's environmental and export restrictions contributing to a rigid supply growth characteristic [8][27] - The global antimony supply is expected to decline from 137,000 tons in 2024 to 129,000 tons by 2027, with a CAGR of -2% [30][57] - China's reliance on imported antimony concentrates is high, with approximately 45.7% of the supply coming from imports in 2024 [28][31] 2. Antimony Demand Growth - Global antimony consumption is projected to increase by 10.8% year-on-year to 166,000 tons in 2024, with the fastest growth in demand coming from photovoltaic glass [6][45] - The demand for antimony in photovoltaic glass is expected to grow from 49,000 tons in 2024 to 90,000 tons by 2027, reflecting a CAGR of 22% [43][49] - The overall global antimony demand is anticipated to rise from 166,000 tons in 2024 to 224,000 tons by 2027, with a CAGR of 11% [45][50] 3. Supply-Demand Gap and Price Outlook - The supply-demand gap for antimony is expected to widen significantly, with projected deficits of 2.8 million tons in 2024 and increasing to 9.5 million tons by 2027 [51][58] - The tightening supply conditions and increasing demand are likely to push antimony prices into an upward trajectory, with potential price increases of up to 56% anticipated [52][52] - The report highlights that changes in China's export policies could fundamentally alter the global antimony trade flow and pricing dynamics [10][52] 4. Related Companies - Companies mentioned in the report include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [11][59]