Core Viewpoint - The company, Guoyan Platinum Industry (600459.SH), focuses on the refining of precious metals from waste materials, specifically gold and silver, and does not currently engage in mining activities for these metals. Future expansion into mining will depend on the company's development plans and business layout [1] Group 1 - The company operates in the precious metals sector, which includes eight elements: gold, silver, platinum, palladium, rhodium, iridium, osmium, and ruthenium [1] - Currently, the company's business primarily involves the purification of precious metals from waste materials [1] - The company has not yet entered the mining of gold and silver, and future decisions will be based on strategic planning [1]

Core Viewpoint - The company, Guiyan Platinum Industry (600459.SH), confirmed that its operations include precious metals such as gold and silver, but currently focuses on refining precious metals from waste materials rather than mining them directly [2]. Group 1 - The company operates with eight types of precious metals: gold, silver, platinum, palladium, rhodium, iridium, osmium, and ruthenium [2]. - Currently, the company's business primarily involves the purification of precious metals from waste materials, and it does not engage in the mining of gold and silver [2]. - Future decisions regarding entering the gold and silver mining sector will depend on the company's development plans and business strategy [2].

688750 金天钛业 1.01 4.82 558.24 沪指12月15日下跌0.55%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为非银金融、商贸零 售，涨幅分别为1.59%、1.49%。跌幅居前的行业为电子、通信，跌幅分别为2.42%、1.89%。有色金属 行业今日下跌0.51%。 资金面上看，两市主力资金全天净流出471.84亿元，今日有8个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨0.83%，全天净流入资金22.87亿元，其次是食品饮料行业，日 涨幅为0.67%，净流入资金为11.24亿元。 主力资金净流出的行业有23个，电子行业主力资金净流出规模居首，全天净流出资金163.31亿元，其次 是电力设备行业，净流出资金为59.19亿元，净流出资金较多的还有有色金属、机械设备、通信等行 业。 有色金属行业今日下跌0.51%，全天主力资金净流出55.32亿元，该行业所属的个股共138只，今日上涨 的有53只；下跌的有83只。以资金流向数据进行统计，该行业资金净流入的个股有35只，其中，净流入 资金超5000万元的有5只，净流入资金居首的是中国铀业，今日净流入资金3.30 ...

Market Overview - The market experienced fluctuations with the Shanghai Composite Index briefly turning positive before declining again, while the ChiNext Index opened lower and continued to fall [1] - By the end of trading, the Shanghai Composite Index fell by 0.55%, the Shenzhen Component Index decreased by 1.1%, and the ChiNext Index dropped by 1.77% [1] Sector Performance - The consumer sector saw significant gains, particularly in the liquor segment, with Zhongrui Co. achieving two consecutive trading limit increases [1] - The dairy industry experienced a rapid rise, with Huangshi Group and Sunshine Dairy both hitting the trading limit [1] - The retail sector performed strongly, with Baida Group and Guangbai Co. also reaching the trading limit [1] - The insurance sector strengthened, with China Ping An rising nearly 5%, reaching a four-year high [1] - The commercial aerospace sector remained active, with Hualing Cable and Zhongchao Holdings achieving three consecutive trading limit increases [1] - The precious metals sector saw a quick rise in the afternoon, with Guiyan Platinum reaching the trading limit [1] Declining Sectors - The film and cinema sector faced declines, with Bona Film Group hitting the trading limit down [1] - The computing hardware sector weakened, with Changfei Optical Fiber also hitting the trading limit down [1] Summary of Leading and Lagging Sectors - Leading sectors included dairy, insurance, retail, and precious metals, while lagging sectors included CPO and film and cinema [1]

企业运用：化解经营风险 护航高质量发展 近年来，随着我国期货市场主动适应经济社会发展和产业结构变迁，不断丰富品种体系，有效平抑了企业的经营风险，期货工具成为有色金属企业破解生 产经营桎梏的重要手段。期货和衍生品作为有效应对原材料和产品价格波动的重要风险管理工具，帮助相关大宗商品生产企业有效规避了市场价格波动风 险，推动产业链供应链整体抗风险能力的提升，成为企业应对市场波动的最优解。 云南拥有丰富的矿产资源和优势的产业发展基础，素有"有色金属王国"的美誉，在中国有色金属版图中占据重要位置。在云南铜业股份有限公司（以下简 称"云南铜业"）、云南省贵金属新材料控股集团股份有限公司（以下简称"贵金属集团"）等头部企业的引领下，云南有色金属产业正全力加快转型升级， 为我国建设有色金属强国作出了积极贡献。 伴随着外部环境的不确定性增加，对中国有色金属产业平稳运行形成一定压力，铜、黄金等大宗商品价格出现了剧烈波动，对企业经营造成了影响。对于 高度依赖原材料的企业而言，价格剧烈波动不仅挤压利润，更威胁生产供应的稳定性。面对行业发展新形势、新挑战、新格局，云南铜业、贵金属集团等 行业企业如何实现有效的价格风险管理和库存管理，规 ...

Core Viewpoint - The small metals sector in A-shares has shown a significant upward trend, with the sector index closing up by 0.79% on December 10, driven by notable price increases in various small metal varieties, particularly tungsten [2][3]. Price Movements - Tungsten prices have surged, with black tungsten concentrate (≥65%) priced at 363,000 yuan/ton, up 153.85% year-to-date; ammonium paratungstate (APT) at 535,000 yuan/ton, up 153.55%; and tungsten powder at 880 yuan/kg, up 178.48%, all reaching historical highs [3][5]. - Other small metals like cobalt and tin have also seen significant price increases, with cobalt averaging 408,000 yuan/ton (up 16.91% since October) and tin futures rising 15.74% since October [3][5]. Factors Driving Price Increases - The price increases are attributed to supply constraints, favorable macroeconomic conditions, and rising downstream demand. Supply-side constraints include strict mining quotas and environmental regulations for tungsten, and slow recovery of tin production in Myanmar [5]. - Macroeconomic factors include strong market expectations for a Federal Reserve interest rate cut, which typically weakens the dollar and supports commodity prices [5]. - Downstream demand is driven by growth in industries such as new energy, semiconductors, and military applications, enhancing the outlook for strategic small metals [5]. Capital Inflows - The small metals sector has seen substantial capital inflows, with a net inflow of 1.732 billion yuan on December 10, ranking high among secondary industries [7]. - Notable companies like Western Materials received a net inflow of 1.274 billion yuan, benefiting from their core supply roles in aerospace and marine engineering [7]. Company Performance - The small metals sector's overall performance has improved, with a total net profit of 13.589 billion yuan in the first three quarters, a year-on-year increase of 41.42% [8]. - Companies like Shenghe Resources and Northern Rare Earth have reported significant profit growth, with increases of 748.07% and 280.27% respectively [8]. Capacity Expansion - Shenghe Resources has disclosed plans for capacity expansion, with its subsidiary's high-performance rare earth polishing powder project progressing as scheduled, expected to be operational by the end of Q1 2026 [9].

证券简称：贵研铂业 证券代码：600459 公告编号：临2025-069号 云南省贵金属新材料控股集团股份有限公司 关于向贵研功能材料（云南）有限公司增资的公告 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个别及连带责任。 重要内容提示： （六）经营范围：一般项目：有色金属合金制造；有色金属合金销售；贵金属冶炼；有色金属压延加 工；常用有色金属冶炼；金属废料和碎屑加工处理；新型金属功能材料销售；电子专用材料研发；电子 专用材料制造；电子专用材料销售；货物进出口；技术进出口；工程和技术研究和试验发展；新材料技 术研发；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；普通货物仓储服务（不含 危险化学品等需许可审批的项目）；租赁服务（不含许可类租赁服务）（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）。 一、本次增资概述 （一）增资基本情况 ● 增资标的名称：贵研功能材料（云南）有限公司（以下简称"贵研功能公司"）； ● 增资金额：10,000.00万元。 为进一步加快推进公司贵金属新材料产业布局，公司全资子公司贵研 ...

Group 1 - The company Guoyan Platinum Industry (SH 600459) announced a board meeting held on December 9, 2025, to discuss a proposal for capital increase to Guoyan Functional Materials (Yunnan) Co., Ltd [1] - For the first half of 2025, the revenue composition of Guoyan Platinum Industry is as follows: 36.21% from precious metal recycling materials, 35.17% from precious metal trading, 16.05% from special functional materials, 8.65% from precious metal precursors, and 3.01% from automotive catalytic purifiers [1] - As of the report date, the market capitalization of Guoyan Platinum Industry is 12.7 billion yuan [1]

第二条 本制度所称"非金融企业债务融资工具"（以下简称债务融资工 具），是指具有法人资格的非金融企业在银行间债券市场发行的，约定在一定期 限内还本付息的有价证券。 第三条 本制度所称"信息"是指《银行间债券市场非金融企业债务融资工具 管理办法》《银行间债券市场非金融企业债务融资工具信息披露规则》、中国人 民银行和交易商协会对在银行间债券市场发行债务融资工具的非金融企业信息披 露规定的事项。 云南省贵金属新材料控股集团股份有限公司 银行间债券市场债务融资工具信息披露管理制度 第一章 总则 第一条 为规范云南省贵金属新材料控股集团股份有限公司(以下简称"公 司")在银行间债券市场发行债务融资工具的信息披露行为，保护投资者合法权益， 依据《中华人民共和国公司法》《中华人民共和国证券法》等国家有关法律、法 规及《银行间债券市场非金融企业债务融资工具信息披露规则》（以下简称 "《信息披露规则》"）、《公司章程》等有关规定，制订本制度。 （三）信用评级报告和跟踪评级安排； （四）法律意见书； （五）公司最近三年经审计的财务报告和最近一期会计报表； 第四条 公司及其全体董事或具有同等职责的人员，应当保证所披露的信息真 实、 ...

云南省贵金属新材料控股集团股份有限公司 信息披露事务管理制度 第一章 总 则 第一条 为了规范云南省贵金属新材料控股集团股份有限公司（以下简称"公司"） 的信息披露行为，加强信息披露管理工作，建立健全信息披露事务管理制度，提高信 息披露管理水平和信息披露质量，保证公司依法运作，维护公司和投资者的合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称《证券法》） 等法律法规和《上海证券交易所股票上市规则》《上市公司信息披露管理办法》《上 海证券交易所上市公司自律监管指引第 2 号——信息披露事务管理》《上海证券交易 所上市公司自律监管规则适用指引第 1 号-信息披露业务办理》《公司章程》等相关规 定，结合公司实际情况，特制定本管理制度。 第二条 信息披露文件主要包括定期报告、临时报告、招股说明书、募集说明书、 上市公告书、收购报告书等。 第三条 本管理制度所指的"信息"是指所有对公司股票价格可能产生重大影响 以及证券监管部门要求披露的，而投资者尚未获知的重大信息；本管理制度中的"披 露"是指依据相关法律法规，在规定的时间内、在规定的媒体上，通过规定的程序， 以规定的方式和格式，向社会公众公布 ...