证券代码：600301 证券简称：华锡有色 编号：2026-004 二、对公司的影响 公司及子公司本次向金融机构申请综合授信额度是为落实公司发展战略， 满足公司及子公司（包括全资子公司及控股子公司）经营对资金的需求，优化 公司资本结构，降低融资成本，不存在损害公司及全体股东利益的情形。具体 金额将在授信额度内以金融机构与公司及子公司实际发生的融资金额为准。 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 12 月 31 日召开第九届董事会第二十四次会议（临时），审议通过了《关于公司 2026 年 度向银行申请综合授信额度的议案》，同意公司及合并范围内子公司拟向各金 融机构申请不超过人民币 40 亿元的综合授信额度（敞口），综合授信额度的申 请期限自公司股东会审议通过之日起至 2026 年 12 月 31 日止。现将相关事项公 告如下： 一、向银行申请授信的基本情况 为确保年度生产经营、项目如期投建以及还本付息等资金需求，同时适当 做好授信额度储备，公司及合并范围 ...

证券代码：600301 证券简称：华锡有色 编号：2026-003 广 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： 担保对象及基本情况 （二）内部决策程序 2025 年 12 月 31 日，公司第九届董事会第二十四次会议（临时）审议通过 《关于公司 2026 年度为子公司提供担保额度的议案》。本事项在董事会审议权限 内，无需提交公司股东会审议。 | | | | | | | 担保额 度占上 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 担保 | 被担保方 | 截至目前 | 本次新增 | | 担保 | 是否 | 是否 | | 担保 | 被担 | 方持 | 最近一期 | | | 市公司 | 预计 | | | | 方 | 保方 | 股比 | 资产负债 | 担保余额 | 担保额度 | 最近一 | 有效 | 关联 | 有反 | | | | 例 | 率 | （万元） | （万元） | 期净资 | 期 | 担保 | 担 ...

一、开展期货套期保值业务的必要性 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，为了降低市场价格波动带来的运营风险，公司充分利用期货市场的保值 功能，开展锡品种的期货套期保值业务，合理规避价格波动给公司生产经营带来的不 利影响，实现稳健经营目标。 二、开展期货套期保值业务的主要内容 广西华锡有色金属股份有限公司 关于 2026 年度期货套期保值业务的可行性分析报告 广西华锡有色金属股份有限公司（以下简称"公司"）使用自有资金开展期货套期 保值业务，现结合生产经营实际，制定了《关于2026年度期货套期保值业务的可行性分 析报告》，具体情况如下： （一）资金 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 15,504 万元， 任一交易日持有的最高合约价值不超过人民币 64,600 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 ...

证券代码：600301 证券简称：华锡有色 编号：2026-005 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： 广西华锡有色金属股份有限公司（以下简称"公司"）及下属子公司 2026 年计划投资金额约 16.67 亿元。 公司 2026 年度投资计划中，新建项目计划投资金额约 12.04 亿元，续建项 目计划投资金额约 4.63 亿元。 | 分类 | 2026 | 年度计划投资（万元） | 占 2026 | 年度计划比例 | | --- | --- | --- | --- | --- | | 新建项目 | | 120,384.43 | | 72.23% | | 续建项目 | | 46,294.22 | | 27.77% | | 合计 | | 166,678.65 | | 100.00% | 2026 年度投资计划概况（按项目性质分类） 1 （二）按项目功能性分类情况 此投资计划为公司及子公司 2026 年度投资的预算安排，投资项目的实施 与公司经营环境、发展战略等诸多因素相关，在具体实施中，可能存在投资计划 ...

证券代码：600301 证券简称：华锡有色 编号：2026-007 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： 交易主要情况 | | □获取投资收益 | | --- | --- | | 交易目的 | ☑套期保值（合约类别：☑商品；□外汇；□其他：________） | | | □其他：________ | | 交易品种 | 锡 | | 交易金额 | 预计动用的交易保证金和权利金 15,504 上限（单位：万元） | | | 预计任一交易日持有的最高合约 64,600 价值（单位：万元） | | 资金来源 | ☑自有资金 □借贷资金 □其他：___ | | 交易期限 | 2025 年 12 月 31 日至 2026 年 12 月 31 日 | 已履行的审议程序 同时也会存在一定的市场风险、资金风险和交易风险等，敬请广大投资者注意投 资风险。 一、交易情况概述 （一）交易目的 为有效规避和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，结合现货库存、原料、预期采购量或 ...

华锡有色(600301.SH)公告称，公司及下属子公司2026年计划投资金额约16.67亿元。其中，新建项目计 划投资12.04亿元，续建项目计划投资4.63亿元。公司2026年度投资计划的实施有利于公司强化资源掌控 能力，加强矿山安全环保管理，提高矿山智能化、绿色化水平，提升产品质量，推进强链、补链、延 链，实现公司高质量、可持续发展。 ...

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].

Group 1 - The core viewpoint is that the tin market is experiencing unprecedented structural forces, driven by supply constraints from key producing regions and a demand revolution fueled by AI, renewable energy, and photovoltaic applications [2] - Supply growth is facing rigid bottlenecks due to policy, geopolitical issues, and resource depletion in major production areas like Myanmar, Indonesia, and the Democratic Republic of Congo, exposing the fragility of the traditional supply system [2] - A fundamental rebalancing of supply and demand is pushing industry profits and market focus towards companies with resource and high-end manufacturing capabilities, such as China's Xiyu Co., Indonesia's PT Timah, and Huaxin Nonferrous [2] Group 2 - Tin has transitioned from a common industrial metal to a key strategic material essential for the global digital economy and green transition, with short-term prices expected to fluctuate between 330,000 and 340,000 yuan/ton [3] - The market is entering a new phase where pricing is determined by both resource scarcity and technological demand, reflecting the ongoing tension between long-term supply anxiety and emerging demand realities [3] - Multiple favorable factors are resonating in the context of macro liquidity turning accommodative and a weakening dollar, contributing to sustained high price levels for tin [2]

记者丨董鹏 23日，中国有色金属工业协会锡业分会（下称"锡业分会"）的倡议书在业内广泛流传。 近期，作为"算力金属"的关键材料的锡价，在刚果（金）延长锡等金属手工矿6个月禁令和当地M23冲 突持续，以及缅甸矿区复产缓慢等多重因素作用下屡创新高。 2025年12月以来，伦锡累计涨幅达到11.5%，沪锡涨幅超13%，短短半个月时间每吨锡上涨超4万元。 在伦敦金属交易所（LME）上市的几个主要工业金属品种，伦锡本月涨幅确实处于明显领先位置，同 期表现最好的伦铜涨幅亦未超过7%。 21世纪经济报道记者从业内了解到，与其他有色金属行业相似，锡行业上游主要生产企业积极参与衍生 品市场套期保值，下游终端中小企业参与有待提升，在近期锡价的上行过程中，部分下游企业在经营中 感受到了压力。 编辑丨朱益民 12月 对此上述倡议书指出，对于下游用锡企业而言，如焊料、马口铁、化工等行业，成本的急剧上涨带来了 沉重压力，部分中小企业已陷入"原料买不起、订单不敢接"的困境，长期合同履行困难，产品质量稳定 性也随之受到挑战。 冷门品种突发异动，锡价罕见飞涨 锡，是基本金属中相对"冷门"的品种。 交易量、流动性与市场权重，显著低于铜、铝等主流 ...

Core Viewpoint - The recent surge in tin prices is driven by multiple factors, including supply disruptions in major producing countries and increased demand from emerging sectors, leading to significant pressure on downstream industries [1][4]. Group 1: Price Movements - Since December 2025, tin prices have increased significantly, with LME tin rising by 11.5% and SHFE tin by over 13%, translating to an increase of more than 40,000 yuan per ton in just half a month [2]. - LME three-month tin futures and SHFE main contracts have reached record highs, surpassing $43,900 per ton and 348,000 yuan per ton, respectively [3][4]. - The price increase has been more pronounced in tin compared to other industrial metals, with the best-performing copper only rising by less than 7% during the same period [2]. Group 2: Supply and Demand Dynamics - Supply from major producing countries like the Democratic Republic of Congo and Myanmar is stabilizing, with domestic tin smelting capacity fully released, resulting in a production of 189,000 tons from January to November, a 6.2% year-on-year increase [4]. - Despite growth in demand from sectors like photovoltaics and automotive electronics, traditional sectors show stable demand, with global tin consumption expected to grow by nearly 3% in 2025, lagging behind production growth [4]. - The global tin market is currently experiencing a supply surplus of approximately 10,000 tons, attributed to a slowdown in overseas demand [4]. Group 3: Industry Challenges - The rapid price increase has created significant pressure on downstream industries, particularly for small and medium-sized enterprises in sectors like solder, tinplate, and chemicals, leading to difficulties in fulfilling long-term contracts and maintaining product quality [2][8]. - The electronic manufacturing sector, a major consumer of tin-based solder, faces acute cost pressures due to soaring tin prices, impacting profit margins in PCB manufacturing and semiconductor packaging [8]. - The Tin Industry Association has called for a rational and cautious approach from all market participants to avoid speculative behavior and to guide prices back to a reasonable range [8].