Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [6] Core Viewpoints - The suspension of export restrictions to the U.S. is expected to boost China's antimony exports, which accounted for 36% of the country's antimony production in 2023 [2] - The price gap between domestic and international antimony is anticipated to narrow as exports resume [3] - Antimony prices have shown significant fluctuations influenced by export policies and demand changes, with a notable increase of 68% from February 10 to April 17, 2025 [4] Summary by Sections Export Policy Impact - The Ministry of Commerce announced a one-year suspension of export restrictions to the U.S., which is expected to lead to a recovery in antimony exports [2] - The announcement includes stricter controls on dual-use items, particularly for military applications [2] Price Trends - Antimony ingot prices rose from 143,000 CNY/ton to 240,000 CNY/ton between February 10 and April 17, 2025, before declining to 150,000 CNY/ton by November 6, 2025 [4] - The price of antimony in the UK was approximately 31.7 million CNY/ton as of November 7, 2025, indicating a significant premium over domestic prices [3] Investment Recommendations - The report suggests monitoring companies such as Huaxi Nonferrous Metals, Hunan Gold, and Huayu Mining, as the resumption of exports is expected to support domestic antimony prices [4]

Core Viewpoint - The stock price of Guangxi Huaxi Nonferrous Metals Co., Ltd. has increased by 25.66% over the past four days, reaching 38.27 CNY per share, with a market capitalization of 24.208 billion CNY [1] Group 1: Company Overview - Guangxi Huaxi Nonferrous Metals Co., Ltd. was established on June 15, 1998, and listed on July 12, 2000 [1] - The company is primarily engaged in the 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 sources, and 0.25% from surveying, design, and consulting services [1] Group 2: Fund Holdings - One fund under China Europe Fund has a significant holding in Huaxi Nonferrous, with 64,200 shares, representing 0.42% of the fund's net value, making it the fourth-largest holding [2] - The fund, China Europe CSI 1000 Index Enhanced A (017919), has generated a floating profit of approximately 117,500 CNY today and 477,600 CNY during the four-day price increase [2] - The fund was established on March 2, 2023, with a current size of 239 million CNY and has achieved a year-to-date return of 32.59% [2]

Core Viewpoint - The non-ferrous metal sector has seen a significant influx of over 17.7 billion in main capital, ranking second among 31 primary industries in the Shenwan classification, with leading companies like Huayou Cobalt and Tianqi Lithium attracting substantial net inflows [1][3] Group 1: Market Performance - The non-ferrous metal sector has outperformed other industries, with a year-to-date increase of 75.9%, surpassing telecommunications (61.88%), electronics (48.1%), and power equipment (45.12%) [4][5] - Among the 60 constituent stocks of the Non-Ferrous Metal Leader ETF, 41 stocks rose over 2%, with five stocks hitting the daily limit up, and significant gains observed in Tianqi Lithium and Zhongmin Resources [3][5] Group 2: Investment Drivers - The strong performance is attributed to several factors: 1. Financial results show that 56 out of 60 companies in the Non-Ferrous Metal Leader ETF reported profits, with 44 companies experiencing year-on-year growth in net profit [5] 2. The current bull market is driven by demand from emerging sectors such as new energy, AI, and aerospace, alongside supply-side disruptions that highlight the scarcity and strategic value of metals [5] 3. Policy support from the government, including a joint plan to stabilize growth in the non-ferrous metal industry, is expected to enhance the sector's performance [5] Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive, with expectations of a new cycle driven by supply-demand balance and global monetary easing [6][5] - The investment interest in commodities is likely to persist, with anticipated price increases for copper and cobalt due to supply constraints and rising demand for lithium driven by energy storage needs [6]

Group 1 - The metal lead concept increased by 4.27%, ranking fourth among concept sectors, with 33 stocks rising, including Xingye Yinxin, Guocheng Mining, and Dazhong Mining hitting the daily limit [1] - Leading gainers in the metal lead sector included Huaxi Nonferrous, Shengda Resources, and Yuguang Gold Lead, which rose by 8.55%, 7.97%, and 7.54% respectively [1] - The sector saw a net inflow of 3.064 billion yuan from main funds, with 29 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top net inflow stock was Zijin Mining, with a net inflow of 682 million yuan, followed by Shengtun Mining, Xingye Yinxin, and Hebang Biological, with net inflows of 610 million yuan, 563 million yuan, and 291 million yuan respectively [2] - In terms of net inflow ratios, Shengtun Mining, Jinhui Co., and Hebang Biological led with ratios of 20.05%, 17.15%, and 17.01% respectively [3] - The overall performance of the metal lead sector was strong, with significant contributions from various companies, indicating a positive market sentiment [2][3]

证券代码：600301 股票简称：华锡有色 编号：2025-063 为规范公司募集资金管理和使用，保护投资者的权益，公司已制定了《募集 资金管理制度》，对募集资金的存放、使用以及监督等做出了具体明确的规定。 公司严格按照《募集资金管理制度》的规定管理和使用募集资金，募集资金的存 放、使用、管理均不存在违反《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》等法规文件以及公司《募集资金管理制度》规定的情形。 根据公司《募集资金管理制度》，公司及下属子公司广西华锡矿业有限公司、 广西华锡矿业有限公司铜坑矿业分公司对募集资金实行专户存储，并分别与中国 1 农业银行股份有限公司南宁南湖支行、独立财务顾问中银国际证券股份有限公司 签订了《募集资金专户存储三方监管协议》，三方监管协议与上海证券交易所三 方监管协议范本不存在重大差异。具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）披露的相关公告（公告编号：临 2023-034、2023-056、 2025-010）。 | | 开户银行 | 银行账户 | 账户状态 | | --- | --- | --- | --- | | 广西华锡有色金 属 ...

Core Viewpoint - The A-share market's non-ferrous metal sector has shown strong performance, with several companies experiencing significant stock price increases on November 12 [1] Group 1: Market Performance - The non-ferrous metal sector saw a collective rise, with Minfa Aluminum reaching the daily limit up, and Chang Aluminum and Huayu Mining both increasing over 6% [1] - China Aluminum rose over 4%, while Huaxi Nonferrous, Hailiang Co., and Hongchuang Holdings increased by more than 3% [1] - Other companies like Yun Aluminum, Jiaozuo Wanfang, and Tianshan Aluminum also saw gains exceeding 2% [1] Group 2: Individual Stock Performance - Minfa Aluminum (002578) had a price increase of 9.93%, with a total market value of 4.158 billion and a year-to-date increase of 48.16% [2] - Chang Aluminum (002160) rose by 6.89%, with a market value of 6.734 billion and a year-to-date increase of 75.27% [2] - Huayu Mining (601020) increased by 6.28%, with a market value of 26.8 billion and a year-to-date increase of 159.48% [2] - China Aluminum (601600) saw a rise of 4.37%, with a market value of 196.6 billion and a year-to-date increase of 60.87% [2] - Other notable performers include Huaxi Nonferrous (3.58% increase), Hailiang Co. (3.33% increase), and Hongchuang Holdings (3.06% increase) [2]

Core Insights - The small metals sector experienced a decline of 1.14% on November 12, with Dongfang Tantalum leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Small Metals Sector Performance - Notable gainers included: - Huaxi Nonferrous (600301) with a closing price of 33.57, up 5.43% and a trading volume of 180,700 shares, totaling 600 million yuan [1] - Aluminum Co. of China (000960) closed at 24.24, up 4.21% with a trading volume of 532,300 shares, totaling 1.278 billion yuan [1] - Zhongtung High-tech (000657) closed at 22.76, up 2.06% with a trading volume of 1.2753 million shares, totaling 2.917 billion yuan [1] - Decliners included: - Dongfang Silver Industry (000962) down 5.55% to 26.38 with a trading volume of 347,100 shares [2] - Shenghe Resources (600392) down 3.95% to 20.92 with a trading volume of 568,600 shares [2] - Dongfang Cuo Industry (002167) down 3.68% to 13.36 with a trading volume of 396,400 shares [2] Capital Flow Analysis - The small metals sector saw a net outflow of 688 million yuan from major funds, while retail investors contributed a net inflow of 775 million yuan [2] - Key stocks with significant capital flow included: - Zhongtung High-tech (000657) with a net inflow of 168 million yuan from major funds [3] - Aluminum Co. of China (000960) with a net inflow of 115 million yuan from major funds [3] - Huaxi Nonferrous (600301) with a net inflow of 17.93 million yuan from major funds [3]

Group 1 - The core point of the news is that Guangxi Huaxi Nonferrous Metals Co., Ltd. experienced a stock price increase of 5.5%, reaching 33.59 yuan per share, with a total market capitalization of 21.248 billion yuan [1] - The company was established on June 15, 1998, and listed on July 12, 2000, with its main business involving trading, supervision, and exploration 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 sources, and 0.25% from surveying, design, and consulting services [1] Group 2 - Dachen Fund has a significant holding in Huaxi Nonferrous, with its Dachen Positive Return Flexible Allocation Mixed A Fund (001365) holding 84,600 shares, representing 4.26% of the fund's net value, ranking as the eighth largest holding [2] - The fund has achieved a year-to-date return of 36.96%, ranking 2088 out of 8147 in its category, and a one-year return of 25.65%, ranking 2464 out of 8056 [2] - The fund manager, Zhang Jiawang, has been in position for nearly 3 years and 350 days, with the fund's total asset size at 251 million yuan [3]

Core Viewpoint - The non-ferrous metal sector experienced a significant rise in the afternoon, with notable gains from various companies, indicating a positive market trend in this industry [1] Company Performance - Guocheng Mining reached the daily limit increase, indicating strong investor interest and confidence in the company [1] - Huayu Mining saw an increase of over 8%, reflecting robust performance and market support [1] - Other companies such as Huaxi Nonferrous, Zhongjin Lingnan, Hunan Gold, and Baiyin Nonferrous also experienced upward movement, contributing to the overall positive sentiment in the sector [1]

Group 1: Company Overview - Guangxi Huaxi Nonferrous Metals Co., Ltd. is located in Nanning, Guangxi, and was established on June 15, 1998, with its listing date on July 12, 2000 [2] - The company's main business includes trading and supervision services, as well as exploration, mining, and processing of nonferrous metals such as tin, zinc, lead, and antimony [2] - The revenue composition of the company is as follows: nonferrous metal products 91.82%, deep processing of nonferrous metals 4.61%, engineering supervision and other services 2.43%, and other services 0.89% [2] Group 2: Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 4.138 billion yuan, representing a year-on-year growth of 21.16% [2] - The net profit attributable to the parent company was 494 million yuan, showing a year-on-year decrease of 8.54% [2] - The company has cumulatively distributed 350 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] Group 3: Stock Performance and Market Activity - As of November 11, the stock price of Huaxi Nonferrous rose by 3.06% to 31.69 yuan per share, with a total market capitalization of 20.046 billion yuan [1] - The stock has increased by 86.30% year-to-date, with an 8.53% rise in the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on March 17, where it recorded a net buy of -964.239 million yuan [1] Group 4: Shareholder Structure - As of September 30, 2025, the number of shareholders was 22,200, a decrease of 15.81% from the previous period [2] - The average circulating shares per person increased by 18.78% to 12,380 shares [2] - Notable new shareholders include Yongying Ruixin Mixed A and Yongying Stable Enhanced Bond A, with significant holdings [3]