Market Overview - The small metals sector experienced a decline of 1.02% on November 10, with Dongfang Tantalum leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Huaxi Nonferrous (600301) saw a significant increase of 6.03%, closing at 30.75 with a trading volume of 168,900 shares and a turnover of 517 million yuan [1] - Xiyang Co. (000960) increased by 2.35%, closing at 23.49 with a trading volume of 354,100 shares and a turnover of 832 million yuan [1] - Zhongkuang Resources (002738) rose by 1.21%, closing at 61.14 with a trading volume of 398,300 shares and a turnover of 2.473 billion yuan [1] - Dongfang Silver (000962) experienced a significant drop of 9.99%, closing at 28.02 with a trading volume of 445,600 shares and a turnover of 128.8 million yuan [2] - Caoyuan Tungsten (002378) fell by 6.82%, closing at 12.43 with a trading volume of 641,700 shares and a turnover of 811 million yuan [2] Capital Flow Analysis - The small metals sector saw a net outflow of 1.338 billion yuan from main funds, while retail investors contributed a net inflow of 1.176 billion yuan [2][3] - Zhongkuang Resources (002738) had a main fund net inflow of 55.608 million yuan, but a net outflow from retail investors of 39.006 million yuan [3] - Huaxi Nonferrous (600301) experienced a main fund net inflow of 20.723 million yuan, with retail investors showing a net outflow of 36.376 million yuan [3]

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony industries, indicating a positive outlook for these sectors [12][13]. Core Views - The report highlights a strengthening in aluminum prices, driven by favorable macroeconomic signals and supply disruptions, suggesting a potential valuation recovery for aluminum companies [1][12]. - The macroeconomic environment is seen as supportive for copper and aluminum prices, with expectations of price increases due to positive signals from U.S.-China trade negotiations [12][6]. - The report emphasizes that gold prices are likely to maintain an upward trend as the Federal Reserve enters a rate-cutting cycle [12][5]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) showed a weekly increase of 0.64%, with aluminum leading among sub-sectors with a 3.84% rise [22][18]. Macroeconomic and Industry News - China's October imports grew by 1% year-on-year, while exports fell by 1.1% [28]. - The U.S. ISM manufacturing index for October was reported at 48.7, indicating a contraction in manufacturing activity [28]. Precious Metals Market Data - The report notes that gold prices are supported by a high probability of further rate cuts by the Federal Reserve, with gold trading at $3994.10 per ounce [4][5]. Industrial Metals Data - Copper prices are under pressure, with LME copper closing at $10,744 per ton, down 1.57% from the previous week [6]. - Aluminum prices in China are reported at 21,580 yuan per ton, reflecting a slight increase [8]. Industry Ratings and Investment Strategies - The report recommends specific stocks within the gold, copper, aluminum, tin, and antimony sectors, highlighting companies such as Zijin Mining and China Aluminum as key investment opportunities [12][13]. Key Recommended Stocks - For the gold sector, recommended stocks include Zhongjin Gold and Shandong Gold. In the copper sector, Zijin Mining and Luoyang Molybdenum are highlighted. For aluminum, companies like Shenhuo Co. and Yunnan Aluminum are recommended [13][15].

Summary of Conference Call on Antimony Sector Industry Overview - The antimony sector is experiencing a potential recovery in export demand due to changes in export policies, particularly from the United States, which has relaxed controls on dual-use items, although military exports remain restricted [1][2]. Key Points and Arguments - **Export Recovery**: The direct export to the U.S. is expected to recover to 10,000 metric tons, accounting for over 7% of total production. Additionally, the anticipated easing of restrictions from other countries could recover another 16,000 metric tons, representing 12% of total production, leading to a total demand recovery of at least 26,000 metric tons, equivalent to 20% of total production [1][4]. - **Supply Chain Challenges**: The global antimony supply chain is under significant pressure, with China's production expected to decline by 20% in 2025 due to environmental inspections. Furthermore, overseas mines are also reducing output, with no new production capacity expected in the next two years [1][5]. - **Futures Market Impact**: The potential launch of antimony futures on the Wuxi exchange is anticipated to enhance price discovery and attract more market attention, similar to the price increases seen with other commodities after their futures were introduced [1][6]. - **Market Concerns**: There are concerns regarding the current high stock prices and the impact of U.S.-China relations on valuations. However, the expected increase in earnings per share (EPS) is projected to drive stock prices higher, with the overall sector valuation remaining manageable [1][7]. Additional Insights - **Stock Recommendations**: Companies such as Hunan Gold, Huaxi Nonferrous, and Yuguang Gold Lead are highlighted as beneficiaries of rising domestic prices. Hunan Gold is noted for its significant profit elasticity, while Huaxi Nonferrous is recognized for its long-term growth potential due to rapid integrated capacity expansion [1][8]. - **Long-term Growth Potential**: Despite short-term challenges, companies like Huayu Mining are expected to maintain long-term growth prospects supported by various projects, including those in Kazakhstan and Ethiopia [1][3][8].

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating high market activity and potential for investment [12][34][62] Core Insights - Copper prices have shown a slight decline, but the overall market remains robust with increasing demand and production recovery [13][14] - Aluminum market is experiencing a turning point with supply constraints and stable demand, leading to potential price increases [14] - Precious metals, particularly gold, are stabilizing amidst geopolitical tensions and economic uncertainties, suggesting a favorable investment environment [15] Summary by Sections Copper - LME copper price decreased by 1.80% to $10,695.00 per ton, while domestic prices fell by 1.23% to 86,000 yuan per ton [13] - Domestic copper inventory increased to 203,300 tons, marking a three-year high, with a notable rise in production rates among major cable manufacturers [13][14] - The demand for copper is recovering as prices decline, leading to improved order volumes and production rates [13] Aluminum - LME aluminum price decreased by 0.90% to $2,862.00 per ton, while domestic prices increased by 1.53% to 21,600 yuan per ton [14] - Domestic electrolytic aluminum inventory reached 622,000 tons, with a slight increase in production rates among downstream processing enterprises [14] - The aluminum market is facing challenges due to environmental regulations and seasonal demand fluctuations, but there is potential for recovery in specific sectors [14] Precious Metals - COMEX gold price decreased by 0.15% to $4,007.80 per ounce, with SPDR gold holdings increasing to 1,042.06 tons [15] - The gold market is influenced by ongoing U.S. government shutdowns and geopolitical risks, maintaining a strong but volatile trading environment [15] - The overall sentiment in the precious metals market remains positive, with expectations of price stabilization and potential upward movement [15] Rare Earths - Prices for praseodymium and neodymium oxide increased by 4.23%, driven by heightened demand expectations following the suspension of export control measures [34] - The rare earth sector is expected to see significant price increases due to supply constraints and strategic importance in various industries [34] Antimony - Antimony prices decreased by 6.89%, but the market outlook is improving due to potential recovery in export demand and stable domestic consumption [36] - The report suggests that resource scarcity and reduced global supply could lead to upward price adjustments in the future [36] Tin - Tin prices slightly decreased by 0.12%, but the market is expected to remain resilient due to ongoing supply chain disruptions and stable demand [37] - The report highlights the impact of regulatory actions in Indonesia aimed at curbing illegal mining, which may support future price stability [37] Lithium - Lithium carbonate prices increased by 2.14% to 80,600 yuan per ton, with production levels showing a slight rise [62] - The lithium market is experiencing strong demand growth, particularly in the energy storage and electric vehicle sectors, which is expected to support prices [62]

Core Insights - The 2025 Jiangsu International Textile and Apparel Supply Chain Expo will be held from December 2 to 4, 2025, at the Nanjing International Expo Center, showcasing over 600 exhibitors across nearly 20,000 square meters, covering the entire textile and apparel industry chain [1][2] Industry Overview - Jiangsu is a significant origin of China's textile industry, demonstrating a "full chain, strong cluster, high value" industrial ecosystem, aiming to showcase the transformation from "manufacturing" to "intelligent manufacturing" [2] - The Jiangsu textile and apparel industry has a scale exceeding one trillion, housing over 10,000 enterprises and forming a complete ecosystem from fiber to finished products, including three Fortune Global 500 companies and 36 top Chinese apparel companies [3] Regional Strengths - Jiangsu's distinctive industrial clusters exhibit deep collaboration and diverse development, with various towns specializing in different segments such as green innovation, school uniforms, and outdoor sports, contributing to a vibrant regional market [3] Event Highlights - The expo will feature multiple high-end forums focusing on the future of the industry, including discussions on policy alignment, resource integration, and technological innovation [4] - The event will also include a media lounge by Xinhua Daily, providing in-depth interviews and coverage for exhibitors, enhancing their brand influence [5][6] Resource Integration - The expo aims to break traditional models by integrating channel expansion, financial support, and industrial collaboration, inviting major retail giants and financial institutions to participate [7] - This integration will facilitate comprehensive services for exhibitors, including supply chain financial services and data marketing, enhancing their market competitiveness [7]

Core Viewpoint - The A-share market is experiencing increased volatility, with a focus on style rebalancing as several well-known balanced fund managers have proactively adjusted their holdings in anticipation of market changes [1] Group 1: Investment Opportunities - Fund managers are identifying investment opportunities in sectors such as engineering machinery, chemicals, and non-ferrous metals, with some products in these sectors at the bottom of their price ranges [1][4] - Notable companies like China Ping An, Wanhua Chemical, XCMG, Sany Heavy Industry, and Luoyang Molybdenum have been added to the heavy stock lists or continuously increased in holdings by various fund managers [1][2] - The resource sector, particularly non-ferrous metals, has attracted significant attention, with funds increasing their positions in companies like Zijin Mining and Huaxi Nonferrous [3] Group 2: Fund Manager Actions - China Ping An has gained favor among several balanced and growth fund managers, with total holdings in various funds reaching significant values, such as 794 million yuan and 358 million yuan [2] - Fund managers like Zhou Weiwen have increased allocations to non-ferrous metals, engineering machinery, and chemicals, anticipating revenue growth as overseas demand recovers [4] - The mechanical sector has also seen increased interest, with funds like Morgan Emerging Power adding XCMG to their top holdings [2] Group 3: Market Trends and Strategies - The recent shift towards value and cyclical stocks is seen as a response to the high valuation of technology growth stocks, leading to a balanced investment strategy to mitigate risks [1][7] - ETFs tracking various indices have seen significant net inflows, indicating a market trend towards lower valuation and dividend-paying assets [6] - The market is expected to undergo a style switch, with institutions likely to adjust their portfolios in November to prepare for the upcoming spring market [6][7]

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"）董事会于近日收到公 司副总经理韦敏康先生的书面辞职报告，韦敏康先生因个人原因申请辞去公司副 总经理职务，辞职后不再担任公司任何职务。 | 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | 离任 原因 | 是否继续在上 市公司及其控 股子公司任职 | 具体职务 （如适用） | 是否存在 未履行完 毕的公开 承诺 | | --- | --- | --- | --- | --- | --- | --- | --- | | 韦敏康 | 副总经理 | 2025 年 | 2026 年 5 | 个人 | 否 | 无 | 无 | | | | 11 月 4 日 | 月 7 日 | 原因 | | | | 一、高级管理人员离任情况 二、离任对公司的影响 证券代码：600301 股票简称：华锡有色 编号：2025—062 1 截至本公告披露日，韦敏康先生未持有公司股份，亦不存在应当履行而未履 行的承诺事项。根据相关法律法规及《公司章程》规定，韦敏 ...

Core Viewpoint - The company announced the resignation of its Vice President, Wei Minkang, due to personal reasons, effective immediately upon delivery of the resignation letter to the board [1] Company Summary - Wei Minkang has submitted a written resignation report to the company's board of directors [1] - Following his resignation, Wei Minkang will no longer hold any position within the company [1] - The resignation is in accordance with relevant laws and regulations as well as the company's articles of association [1]

Core Viewpoint - Guangxi Huaxi Nonferrous Metals Co., Ltd. held a performance briefing on November 4, 2025, to discuss its Q3 2025 results, emphasizing the need for transparency and investor engagement [1][2]. Group 1: Performance Overview - The company reported a 21.16% year-on-year increase in revenue for the first three quarters, but a decline of 8.54% in net profit attributable to shareholders [3]. - The decrease in net profit was primarily due to increased environmental remediation costs, changes in mining rights, and a decline in ore grade [3]. Group 2: Operational Insights - The company recognized a mining rights transfer income of 103.42 million yuan in Q3, which was fully expensed in the current period, aligning with national policies on mineral resource management [3]. - The company is actively working on innovative and efficient ore dressing processes to address the challenges posed by declining ore grades [3]. Group 3: Production and Sales - For the first three quarters of 2025, the company produced a total of 408 tons of antimony ingots and sold 288 tons, with future sales strategies being adjusted based on market conditions and customer orders [3]. Group 4: Financial Management and Future Plans - The company plans to use its reserve fund to cover previous losses before considering cash dividends, pending approval from the shareholders' meeting [4]. - The company is committed to participating in the Nandan experimental zone's development, leveraging its resources and technology for regional economic growth [4]. - Asset injection efforts are ongoing, with the company having completed the acquisition of a subsidiary and actively seeking other quality asset acquisition opportunities [4]. Group 5: Market Value Management - The company emphasizes the importance of market value management, focusing on improving operational performance, enhancing investor communication, and optimizing information disclosure to increase investment value [4].

证券代码：600301 股票简称：华锡有色 编号：2025-061 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"）于 2025 年 10 月 31 日披露了《公司 2025 年第三季度报告》，为便于广大投资者更加全面深入地了解 公司经营成果和财务状况，公司于 2025 年 11 月 4 日（星期二）10:30-11:30 在 "价值在线"（网址：www.ir-online.cn），组织召开了公司 2025 年第三季度业 绩说明会。 为提升业绩说明会的召开质量和效率，公司于 10 月 31 日通过上海证券交易 所网站发布了《公司关于召开 2025 年第三季度业绩说明会的公告》（公告编号： 2025-060），对本次业绩说明会的召开时间、参与方式、出席会议人员、问题预 征集等事项进行了说明，多渠道向投资者征集问题，增强业绩说明会针对性的同 时，为投资者参与业绩说明会预留了充足的时间。 一、业绩说明会召开情况 1 问2：公司2025年第三季度子公司更换采矿权证补计出让收益是什么事情？ ...