Market Performance - The metal new materials sector increased by 1.25% on January 28, with Galaxy Magnet leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Top Gainers - Galaxy Magnet (300127) closed at 36.68, up 7.88% with a trading volume of 307,500 shares and a transaction value of 1.089 billion [1] - Zhongke Magnet (301141) closed at 64.62, up 6.88% with a trading volume of 117,400 shares and a transaction value of 742 million [1] - Dadi Bear (688077) closed at 35.51, up 5.62% with a trading volume of 91,100 shares and a transaction value of 316 million [1] Sector Fund Flow - The metal new materials sector saw a net inflow of 204 million from institutional investors, while retail investors experienced a net outflow of 88.55 million [2] - The main stocks with significant net inflows included XinKe Materials (600255) with 70.33 million and Tianhe Magnetic Materials (603072) with 69.00 million [3] Notable Decliners - Longda Co. (688231) closed at 31.44, down 3.56% with a trading volume of 70,000 shares and a transaction value of 222 million [2] - Sry New Materials (688102) closed at 42.46, down 2.73% with a trading volume of 236,100 shares and a transaction value of 1.004 billion [2]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, providing price support, with antimony ingot prices at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant global supply concentration in China [10][20] - Tin prices are supported by overseas supply uncertainties, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound [14][15] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to tighten further, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry Update - Antimony supply remains tight, with domestic prices expected to rise due to export restrictions and seasonal supply issues [6][18] Lithium Industry Update - Lithium carbonate prices are expected to remain strong due to demand support and supply uncertainties, particularly regarding the recovery of key lithium mines [8][19] Rare Earth Industry Update - The rare earth market is facing supply tightening due to export bans and geopolitical factors, with China maintaining a dominant position [10][20] Tin Industry Update - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry Update - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise due to limited new supply [13][22] Uranium Industry Update - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The supply-demand tension continues, with tungsten and tin prices breaking historical highs [4] - Rare earth elements are experiencing a supply tightness, leading to increased prices, particularly for praseodymium and neodymium oxide, which rose by 7.69% to 672,500 CNY/ton [12] - Molybdenum prices are expected to stabilize due to cost support and improved supply-demand dynamics, despite a recent decline [23] - Tungsten prices are at historical highs due to supply contraction and price increases in long-term contracts [30] - Tin prices are strong due to macroeconomic factors and ongoing supply disruptions, with SHFE tin rising by 21.85% to 429,600 CNY/ton [33] - Antimony prices are fluctuating, awaiting signals for export recovery, with recent increases noted [42] Summary by Sections Rare Earths - Praseodymium and neodymium oxide prices increased by 7.69% to 672,500 CNY/ton, while dysprosium decreased by 1.39% to 1,420,000 CNY/ton [12][4] - The supply side remains tight due to policy and supply constraints, while demand from downstream magnetic material companies has shifted from just-in-time purchasing to stockpiling [4] Molybdenum - Molybdenum concentrate prices fell by 1.94% to 4,035 CNY/ton, and molybdenum iron prices decreased by 1.90% to 258,500 CNY/ton [23] - The market sentiment is supported by a stabilization in international molybdenum oxide prices and reduced mine shipments [23] Tungsten - Black tungsten concentrate prices rose by 11.43% to 536,000 CNY/ton, and ammonium paratungstate prices increased by 12.06% to 790,000 CNY/ton [30] - Supply is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable [30] Tin - SHFE tin prices increased by 21.85% to 429,600 CNY/ton, and LME tin prices rose by 21.73% to 54,200 USD/ton [33] - Supply disruptions from key mining regions and strong demand from traditional and emerging sectors are driving price increases [33] Antimony - Antimony ingot prices rose by 1.26% to 160,500 CNY/ton, and antimony concentrate prices increased by 1.42% to 142,500 CNY/ton [42] - The supply remains tight, and demand is expected to decline as the market approaches the Lunar New Year [42]

国泰君安证券股份有限公司 关于宁波韵升股份有限公司 使用募集资金向控股子公司增资并由控股子公司向全资下属公司增 资以实施募集资金投资项目的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"本保荐机构"）作为宁 波韵升股份有限公司（以下简称"宁波韵升"或"公司"）非公开发行股票持续督导 阶段的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引 第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》《上海证 券交易所股票上市规则》和《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》等有关规定，对宁波韵升拟使用募集资金向控股子公司增资并由控股 子公司向全资下属公司增资以实施募集资金投资项目的事项进行了核查，并发表 核查意见如下： 二、募集资金投资项目情况 一、募集资金基本情况 根据公司 2022 年 2 月 23 日召开的第十届董事会第四次会议、2022 年 8 月 2 日召开的第十届董事会第八次会议以及 2022 年 8 月 25 日召开的第十届董事会第 十一次会议审议通过，及 2022 年 3 月 14 日召开的 2022 年第一次临时股东大会 通过，并经中 ...

证券代码：600366 证券简称：宁波韵升 公告编号：2026-004 宁波韵升股份有限公司关于使用部分 暂时闲置募集资金进行现金管理的进展公告 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： 投资种类：安全性高、流动性好、期限最长不超过 12 个月的保本型 产品 投资金额：人民币 35,000 万元 已履行及拟履行的审议程序：宁波韵升股份有限公司（以下简称"公 司"）于 2026 年 1 月 20 日召开第十一届董事会第十四次会议，审议通过了 《关于使用暂时闲置的募集资金进行现金管理的议案》，同意公司使用非公 开发行股份募集资金适时购买安全性高、流动性好、有保本约定的理财产品， 最高额度不超过 4.5 亿元，使用期限不超过 12 个月，在上述额度及决议有效 期内，可以循环滚动使用。闲置募集资金现金管理到期后归还至募集资金专 户。 特别风险提示：尽管公司购买的是风险较低的理财产品，但受宏观经 济的影响，收益情况可能因市场风险、流动性风险、管理风险等具有一定的 波动性，敬请广大投资者注意投资风险。 一、投资情况概 ...

Core Viewpoint - Ningbo Yunsheng Co., Ltd. has approved the use of temporarily idle raised funds for cash management, aiming to enhance fund efficiency and reduce financial costs while ensuring that it does not affect the construction of investment projects and the use of raised funds [3][9][17]. Group 1: Board Meeting Details - The 14th meeting of the 11th Board of Directors was held on January 20, 2026, with all 8 directors participating, confirming the legality and validity of the resolutions made [2]. - The board approved the proposal to use temporarily idle raised funds for cash management, with a unanimous vote of 8 in favor [3]. Group 2: Investment Overview - The investment aims to maximize shareholder value by improving the efficiency of idle raised funds and increasing returns without impacting the main business operations [9]. - The total amount for cash management is capped at RMB 45 million, with a maximum investment period of 12 months, allowing for rolling use within this limit [10][14]. Group 3: Fund Sources and Management - The funds for cash management will come from temporarily idle raised funds, which were raised through a non-public offering completed on November 23, 2022, totaling approximately RMB 1.04 billion [11]. - The company will invest in low-risk, high-liquidity financial products with a maximum term of 12 months, ensuring that these funds are not used for pledging [12]. Group 4: Risk Analysis and Control Measures - Although the company is investing in low-risk financial products, there are potential market risks that could affect returns [15]. - The company has established strict risk control measures, including ensuring that investment products do not alter the intended use of raised funds and monitoring the safety of investments [16]. Group 5: Impact on the Company - The use of idle raised funds for cash management is designed to enhance fund efficiency and returns without affecting the ongoing investment projects or the company's financial health [17]. - The income generated from these investments will belong to the company and will be managed according to regulatory requirements [17]. Group 6: Opinions from Committees and Institutions - The Audit Committee supports the cash management proposal, stating it aligns with regulatory guidelines and does not affect the investment projects [18]. - The sponsoring institution has confirmed that the cash management plan complies with relevant regulations and will enhance fund efficiency without changing the intended use of raised funds [19][20].

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。 一、董事会会议召开情况 宁波韵升股份有限公司于 2026 年 1 月 15 日向全体董事发出了以通讯方式召开 第十一届董事会第十四次会议的通知，于 2026 年 1 月 20 日以通讯方式召开第十一 届董事会第十四次会议。本次会议应参加董事 8 人，实际参加董事 8 人。本次会议 的召集、召开和表决程序符合有关法律、法规和公司章程的规定，会议形成的决议 合法有效。 证券代码：600366 证券简称：宁波韵升 编号：2026-002 宁波韵升股份有限公司 第十一届董事会第十四次会议决议的公告 1、审议通过了《关于使用暂时闲置的募集资金进行现金管理的议案》 表决结果：8 票赞成、0 票反对、0 票弃权。（详见公司同日披露的 2026-003 号 公告） 本议案在提交董事会审议前，已经审计委员会事前认可。 特此公告。 宁波韵升股份有限公司 董 事 会 2026 年 1 月 21 日 二、董事会会议审议情况 ...

关于宁波韵升股份有限公司 国泰海通证券股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为宁 波韵升股份有限公司（以下简称"宁波韵升"、"公司"或"发行人"）非公开发 行并在上交所主板上市等的保荐人，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《上海证券交易所上市公司自律监督指引第 1 号—— 规范运作》等有关法律法规和规范性文件的要求，就宁波韵升使用暂时闲置募集 资金进行现金管理的事项进行了审慎核查，并发表如下核查意见: 一、募集资金基本情况 经中国证券监督管理委员会《关于核准宁波韵升股份有限公司非公开发行股 票的批复》（证监许可[2022]2407 号）核准，公司于 2022 年 11 月 23 日完成非公 开发行人民币普通股股票 102,854,330 股的登记手续，发行价格为 10.16/股，募 集资金总额为人民币 1,044,999,992.80 元，扣除发行费用（不含增值税）人民币 12,413,070.07 元，实际募集资金净额人民币 1,032,586,922.73 元，其中新增股本 人民币 102 ...

关于使用部分闲置募集资金进行现金管理的公告 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。 证券代码：600366 证券简称：宁波韵升 公告编号：2026-003 宁波韵升股份有限公司 重要内容提示： 投资种类：安全性高、流动性好、期限最长不超过 12 个月的保本型 产品。 投资金额：不超过人民币 45,000.00 万元，在上述额度及决议有效期 内，可循环滚动使用。 已履行及拟履行的审议程序：宁波韵升股份有限公司（以下简称"公 司"）于 2026 年 1 月 20 日召开第十一届董事会第十四次会议，审议通过了《关 于使用暂时闲置的募集资金进行现金管理的议案》，同意公司使用非公开发行 股份募集资金适时购买安全性高、流动性好、有保本约定的理财产品，最高 额度不超过 4.5 亿元，使用期限不超过 12 个月，在上述额度及决议有效期内， 可以循环滚动使用。闲置募集资金现金管理到期后归还至募集资金专户。 特别风险提示：尽管公司购买的是风险较低的理财产品，但受宏观经 济的影响，收益情况可能因市场风险、流动性风险、管理风险等具有一定的 波 ...

Core Viewpoint - The company plans to utilize temporarily idle raised funds for cash management by investing in safe and liquid financial products, with a maximum amount of 450 million yuan [1] Group 1: Board Meeting and Approval - The company will hold the 14th meeting of the 11th Board of Directors on January 20, 2026, to review the proposal for cash management of idle raised funds [1] - The proposal includes the use of non-publicly issued shares to purchase financial products with high safety and liquidity [1] Group 2: Financial Management Details - The maximum amount allocated for this cash management initiative is set at 450 million yuan [1] - The usage period for these funds will not exceed 12 months, and the funds can be rolled over within the approved limit and validity period [1] - Upon maturity of the cash management investments, the funds will be returned to the designated raised funds account [1]