Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that tungsten prices continue to reach historical highs, with expectations for a strong overall market for key metals [1][23] - Nickel prices are supported by tightening supply expectations due to Indonesia's reduced production quotas for 2026, which are set between 260 million to 270 million tons, significantly lower than the previous year's quota of 42 million wet tons [1][29] - Cobalt supply is expected to tighten further due to slow export progress from the Democratic Republic of Congo, with a forecasted increase in cobalt prices [2][5] - Antimony prices are anticipated to remain strong due to supply constraints, with a significant drop in production reported [6][18] - Lithium supply disruptions are expected to continue, with potential for lithium prices to reach new highs amid increasing demand [8][19] - The rare earth sector is facing supply shortages, particularly for praseodymium and neodymium, which may support prices [9][20] - Tin prices are supported by ongoing supply concerns from Myanmar and the Democratic Republic of Congo, with a notable decrease in tin imports [11][21] - Uranium supply is expected to remain tight, supporting high prices due to geopolitical factors and production delays [14][24] Summary by Sections Nickel and Cobalt Industry Insights - Indonesia's nickel production quota for 2026 is set to significantly reduce, impacting supply and supporting prices [1][29] - Cobalt exports from the Democratic Republic of Congo are hindered by complex local processes and logistical challenges, leading to tighter supply [2][5] Antimony Industry Insights - Antimony production has seen a sharp decline, which is expected to support prices in the near term [6][18] Lithium Industry Insights - Lithium prices are under pressure due to supply disruptions, but demand remains strong, potentially leading to price increases [8][19] Rare Earth Industry Insights - Supply shortages for praseodymium and neodymium are anticipated, which may bolster prices in the market [9][20] Tin Industry Insights - Ongoing supply issues from Myanmar and the Democratic Republic of Congo are expected to support tin prices [11][21] Uranium Industry Insights - The uranium market is facing supply constraints, which are likely to keep prices elevated due to geopolitical tensions and production delays [14][24]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that the supply disruptions in Indonesia are raising expectations for tighter market conditions, which may support nickel prices. As of February 27, the LME nickel spot price was $17,685 per ton, up 3.09% from February 20, with total LME nickel inventory at 287,976 tons, an increase of 0.09% [1] - The cobalt raw material supply remains tight, with expectations for continued price increases. As of February 27, electrolytic cobalt was priced at 440,000 yuan per ton, up 2.92% from February 13 [2] - The report indicates that the overall supply of antimony is slightly contracting, which may support antimony prices. The average price of domestic antimony ingots was 167,500 yuan per ton as of February 26, up 1.82% from February 12 [6] - The report notes that the supply of lithium carbonate is expected to remain tight, with prices rising to 176,000 yuan per ton as of February 27, an increase of 17.82% from February 13 [8] - The report emphasizes that the supply of praseodymium and neodymium is likely to remain short, which may support prices in the rare earth magnetic materials sector. As of February 27, the average price of praseodymium oxide was 955 yuan per kilogram, up 6.70% from February 14 [9] - The report discusses the ongoing tensions in northern Myanmar, which are raising concerns about the supply chain for tin, with the LME tin spot price reaching $57,425 per ton, up 26.21% from February 20 [11] - The report indicates that the supply shortage of tungsten is worsening, with white tungsten concentrate priced at 796,000 yuan per ton as of February 28, up 14.86% from February 13 [13] - The report highlights that expectations for tight uranium supply are continuing to develop, with the global uranium market price at $69.71 per pound as of January, remaining high despite some fluctuations [14] Summary by Sections Nickel and Cobalt Industry - Nickel prices are expected to find support due to supply constraints from Indonesia, with a significant reduction in approved mining quotas [1][16] - Cobalt supply is projected to remain structurally tight, with potential for further price increases benefiting cobalt resource companies [2][17] Antimony Industry - Antimony supply is tightening, with domestic prices expected to rise as export controls and supply chain issues persist [6][19] Lithium Industry - Lithium carbonate prices are expected to remain strong due to supply constraints and increased demand from battery manufacturers [8][20] Rare Earth Industry - The supply of praseodymium and neodymium is expected to remain tight, with price support anticipated due to regulatory changes and supply chain disruptions [9][21] Tin Industry - Ongoing geopolitical tensions in Myanmar and supply chain uncertainties are expected to support tin prices [11][22] Tungsten Industry - The tungsten market is facing supply shortages, with prices expected to rise further due to production constraints and regulatory measures [13][23] Uranium Industry - The uranium market is experiencing tight supply conditions, with prices remaining elevated due to geopolitical factors and production delays [14][24]

证券代码：600366 证券简称：宁波韵升 公告编号：2026-014 宁波韵升股份有限公司2026年第一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：2026年2月25日 (二)股东会召开的地点：浙江省宁波市鄞州区扬帆路1号公司总部大楼210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： ■ （注：截至股权登记日公司总股份为1,099,041,051股，其中公司已回购的股份数量为11,964,093股，该 等回购的股份不享有表决权，故本次股东会享有表决权的总股本数为1,087,076,958股） (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。 本次股东会由公司董事会召集，公司董事长竺晓东先生主持，采用现场投票结合网络投票的方式表决。 会议符合《公司法》、《上海证券交易所股票上市规则》、《公司章程》和公司《股东会议事规则》的 规定，合法有效。 (五)公司董 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于宁波韵升股份有限公司 2026 年第一次临时股东会的 法律意见书 国枫律股字[2026]A0066 号 致：宁波韵升股份有限公司（"贵公司"或"宁波韵升"） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2026 年第一次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《宁 波韵升股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集 与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具 ...

一、 会议召开和出席情况 证券代码：600366 证券简称：宁波韵升 公告编号：2026-014 宁波韵升股份有限公司 2026年第一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 | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | 股东类型 | 票数 | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | （%） | | （%） | | A 股 | 383,343,509 | 99.8114 | 549,483 | 0.1430 | 174,500 | 0.0456 | 2、 议案名称：关于公司发行 H 股股票并在香港联合交易所有限公司上市方案的 | 1、出席会议的股东和代理人人数 | 1,421 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 384,067,492 | | 3、出席会议的股东所持有表决权股 ...

Core Viewpoint - Ningbo Yunsen announced that the first extraordinary general meeting of shareholders in 2026 will be held on February 25, presided over by Chairman Zhu Xiaodong, to discuss the issuance of H-shares and related matters [1] Group 1: Meeting Details - The meeting will review 16 proposals related to the issuance of H-shares and listing on the Hong Kong Stock Exchange, including the issuance plan, use of raised funds, and amendments to the company’s articles of association [1] - Voting for all proposals, except for the election of independent directors which will use a cumulative voting system, will be conducted through a combination of on-site and online voting [1] Group 2: Voting Results - The results indicate that the majority of the proposals received over 99% approval from the voting shares [1] - Huang Weiliang was elected as an independent director of the company's 11th board of directors [1] Group 3: Legal Compliance - The convening, holding procedures, and voting results of the meeting are all legally valid [1]

宁波韵升股份有限公司 2026 年第一次临时股东会 会议资料 二○二六年二月 0 宁波韵升股份有限公司 2026 年第一次临时股东会会议议程安排 一、现场会议时间：2026 年 2 月 25 日 14 点 00 分 二、现场会议地点：浙江省宁波市鄞州区扬帆路 1 号 总部大楼 210 会议室 三、主 持 人：董事长 竺晓东先生 | 现场会议议程 | 发言人 页码 | | --- | --- | | 一、主持人宣布现场会议开始 | 竺晓东 | | 二、审议议案 | | | 非累积投票议案 | | | 1、关于公司发行 H 股股票并在香港联合交易所有限公司上市 | 赵佳凯 3 | | 的议案 | | | 2、关于公司发行 H 股股票并在香港联合交易所有限公司上市 | 赵佳凯 4 | | 方案的议案 | | | 3、关于公司发行 股股票并在香港联合交易所有限公司上市 H | 赵佳凯 7 | | 决议有效期的议案 | | | 4、关于公司转为境外募集股份有限公司的议案 | 赵佳凯 8 | | 5、关于提请股东会授权董事会及其授权人士全权处理与本次发 | 赵佳凯 9 | | 行 H 股股票并在香港联交所上市有关事项的议 ...

格隆汇2月13日丨宁波韵升(600366.SH)公布，截至2026年2月13日，公司董事、副总经理朱世东先生通 过二级市场集中竞价方式减持公司股份11.17万股，占公司总股本的0.0102%。朱世东先生原定减持截止 日期为2026年2月16日，因公告日至原定减持截止日期之间已无可行交易日，本次减持计划已实施完 毕。 ...

Group 1 - The company Ningbo Yunsheng announced that as of February 13, 2026, its director and deputy general manager, Mr. Zhu Shidong, reduced his shareholding by approximately 110,000 shares, accounting for 0.0102% of the company's total share capital. The reduction plan has been completed [1][1][1] - The company experienced a dramatic shift in net profit, increasing ninefold at one point, but then reported a sudden loss exceeding 200 million yuan. This has raised questions about the chairman's decision to inject 50 million yuan to cover the losses [1][1][1] - There is uncertainty regarding the whereabouts of 5 billion yuan in trust financial products, leading to confusion among shareholders [1][1][1]

证券代码：600366 证券简称：宁波韵升 公告编号：2026-013 宁波韵升股份有限公司 关于部分董事及高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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。 | | 其他：无 | | --- | --- | | 持股数量 | 447,300股 | | 持股比例 | 0.0407% | | 当前持股股份来源 | 股权激励取得：447,300股 | 上述减持主体无一致行动人。 重要内容提示： 高级管理人员持股的基本情况 本次减持计划实施前，宁波韵升股份有限公司（以下简称"公司"）董 事、副总经理朱世东先生，持有本公司股份共计 447,300 股，占本公司总 股本比例 0.0407%。 减持计划的实施结果情况 公司于 2025 年 10 月 24 日披露了《关于部分董事及高级管理人员减持 股份计划公告》，2025 年 11 月 17 日至 2026 年 2 月 16 日期间，公司董事、 副总经理朱世东先生拟通过二级市场集中竞价方式减持公司股份不超过 111,800 股，即不超过公司总股本的 0. ...