Core Viewpoint - The launch of platinum and palladium futures on the Guangzhou Futures Exchange has significantly impacted the market, with both metals experiencing substantial price increases on their first trading day, reflecting strong demand and favorable macroeconomic conditions [2][6][9]. Market Performance - On November 27, platinum futures (PT2606) closed at 430.30 CNY per gram, up 6.25%, while palladium futures (PD2606) closed at 370.60 CNY per gram, up 1.53% [2]. - Platinum futures reached a peak increase of nearly 12.5% during the day, while palladium futures peaked at nearly 12% [6][7]. - Trading volumes were significant, with platinum futures recording 66,700 contracts and a turnover of 29.23 billion CNY, while palladium futures had 34,200 contracts and a turnover of 13.05 billion CNY [2]. Industry Implications - The introduction of these futures is expected to enhance the pricing influence of platinum and palladium, creating a "Chinese price" that reflects domestic supply and demand, thereby improving Chinese companies' pricing power in international trade [4][9]. - The strong performance of platinum and palladium futures has positively influenced related sectors, leading to a rise in the stock prices of companies involved in precious metals [11][12]. Supply and Demand Dynamics - The platinum market is facing a supply shortage for the third consecutive year, with projections indicating continued tightness through 2025 [9]. - Demand for platinum is driven by its applications in automotive catalytic converters, jewelry, and the emerging hydrogen energy sector, which is expected to provide new growth opportunities [9][16]. Macroeconomic Factors - The anticipated easing of monetary policy by the Federal Reserve is creating a favorable environment for precious metals, as lower interest rates enhance their appeal as non-yielding assets [8][9]. - Analysts suggest that the ongoing decline in the U.S. dollar index may further support the upward price movement of platinum and palladium [9]. Strategic Outlook - The successful launch of platinum and palladium futures is expected to facilitate better risk management for companies in the industry, allowing for more effective hedging against price volatility [15]. - The futures market is anticipated to promote industry integration and support the transition to green energy, particularly in the hydrogen fuel cell sector [16].

Market Overview - On November 27, A-shares opened mixed with the Shanghai Composite Index up by 0.49%, Shenzhen Component Index up by 0.96%, and ChiNext Index rising over 1% [1] - Sectors such as industrial metals, photovoltaic equipment, and semiconductors showed significant gains [1] Futures Market - Platinum and palladium futures were listed for trading on the Guangzhou Futures Exchange, with benchmark prices set at 405 CNY/gram for platinum and 365 CNY/gram for palladium [1] - On the first day of trading, the main contracts opened significantly higher [1] Gold and Platinum Market Dynamics - According to a researcher from Nanhua Futures, the demand for gold is rising due to de-dollarization, geopolitical conflicts, and expectations of interest rate cuts by the Federal Reserve, leading to historical highs in gold prices [2] - Platinum, being a weaker safe-haven metal, is influenced by gold prices, with the gold-platinum ratio at historical highs, indicating a short-term trend where gold leads and platinum follows [2] - The long-term outlook suggests that platinum and palladium have substitution effects, anchoring palladium prices to platinum [2] Small Metals Sector Performance - The small metals sector in A-shares saw a rally, with Guoyan Platinum Industry (600459) rising over 8%, followed by West Mining and Cangge Mining [2] - The small metals index increased by 1.45% [3] Solid-State Battery Sector - The solid-state battery sector experienced strong fluctuations, with Yishitong (688733) hitting the daily limit up of 20%, and other companies like Lian De Equipment and Zhidongli rising over 10% [4][5] - The solid-state battery index rose by 1.99% [5]

Group 1 - The core point of the news is that Guiyan Platinum Industry has seen a stock price increase of 5.01%, reaching 17.61 CNY per share, with a trading volume of 294 million CNY and a total market capitalization of 13.38 billion CNY [1] - Guiyan Platinum Industry, established on September 25, 2000, and listed on May 16, 2003, is primarily engaged in the research, development, and production of precious metals and materials [1] - The company's main business revenue composition includes: 36.21% from precious metal recycling products, 35.17% from precious metal supply services, 16.05% from special functional materials, 8.65% from precursor materials, 3.01% from automotive catalytic purifiers, 0.59% from information functional materials, 0.21% from industrial catalysts, and 0.10% from other sources [1] Group 2 - Among the top ten circulating shareholders of Guiyan Platinum Industry, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 47,600 shares in the third quarter, now holding 4.8665 million shares, which is 0.65% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 21.59%, ranking 1964 out of 4206 in its category; the one-year return is 20.2%, ranking 2173 out of 3983; and since inception, the return is 7.6% [2]

Core Viewpoint - The company has announced the achievement of conditions for the third unlock period of its restricted stock incentive plan, allowing 376 eligible participants to unlock a total of 5,866,700 shares, representing 0.77% of the company's total share capital [12][13][19]. Summary of Relevant Sections Stock Incentive Plan Approval and Implementation - The company approved the restricted stock incentive plan on October 25, 2021, during the seventh board meeting and the seventh supervisory board meeting [2]. - The plan received approval from the Yunnan Provincial State-owned Assets Supervision and Administration Commission on November 24, 2021 [3]. Stock Grant and Conditions - On December 10, 2021, the company granted 23,786,500 restricted shares to 450 eligible participants at a price of 11.51 yuan per share [4]. - The first unlock period was completed on December 11, 2023, with a total of 8,776,393 shares unlocked [10]. Unlock Conditions Achievement - The third unlock period is set to expire 48 months after the grant date, with a condition that 30% of the granted shares can be unlocked [12]. - The conditions for unlocking have been met, allowing 376 participants to unlock 5,866,700 shares [13][19]. Eligible Participants and Shares - The total number of eligible participants for the third unlock period is 376, with the number of shares eligible for unlocking being 5,866,700 [14][19].

Group 1 - The core point of the article is that Guiyan Platinum Industry (SH 600459) announced the results of its board meeting held on November 24, 2025, which included discussions on the conditions for the third release of the restricted stock incentive plan for 2021 [1] - The company's revenue composition for the first half of 2025 is detailed, with precious metal recycling materials accounting for 36.21%, precious metal trading for 35.17%, special functional materials for 16.05%, precursor materials for 8.65%, and automotive catalytic purifiers for 3.01% [1] - As of the report, Guiyan Platinum Industry has a market capitalization of 12.7 billion yuan [1] Group 2 - The article also mentions a significant event regarding Dapeng Industrial, where the strategic placement at a subscription price of 9 yuan saw a surge to 118 yuan on the first day of listing, resulting in a profit of 24.92 million yuan for the actual controller and his brother [1]

云南省贵金属新材料控股集团股份有限公司 关于首次授予限制性股票第三个解除限售期 解除限售条件成就的公告 证券简称：贵研铂业 证券代码：600459 公告编号：临 2025－064 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。 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"）于 2025 年 11 月 24 日召开的第八届董事会第十八次会议、第八届监事会第十七次会议审议通过了《关于公 司 2021 年限制性股票激励计划首次授予部分第三个解除限售期解除限售条件成就的议 案》。现将有关事项说明如下： 一、股权激励计划限制性股票批准及实施情况 （一）公司限制性股票激励计划方案的主要内容详见上海证券交易所网站 （http://www.sse.com.cn）《贵研铂业 2021 年限制性股票激励计划（草案）》以下简 称（《激励计划（草案）》）。 （二）公司限制性股票激励计划方案履行的程序及授予情况 1.2021 年 10 月 25 日，公司召开第七届董事会第二十一次会议，审议通过《关于公 司 2021 年限制性股票激励计 ...

昆明市西山区"融城优郡"B5 幢 3-4 层 电话:0871-63172192 传真: 0871-63172192 邮编:650034 北京德恒（昆明）律师事务所 关于云南省贵金属新材料控股集团股份有限公司 2021 年限制性股票激励计划首次授予部分第三个解 除限售期解除限售条件成就的法律意见 | 一、本次激励计划已履行的程序 5 | | --- | | 二、本次解除限售条件成就情况 7 | | （一）限制性股票首次授予部分第三个限售期届满说明 7 | | （二）首次授予部分第三个限售期解除限售条件成就情况 8 | | 三、结论意见 9 | 关于云南省贵金属新材料控股集团股份有限公司 2021 年限制性股票激励 北京德恒（昆明）律师事务所 计划首次授予部分第三个解除限售期解除限售条件成就的法律意见 释 义 | 贵研铂业、公司 | 指 | 云南省贵金属新材料控股集团股份有限公司（贵研铂 | | --- | --- | --- | | | | 业股份有限公司为曾用名） | | 本次激励计划 | 指 | 公司 2021 年限制性股票激励计划 | | 首次授予 | 指 | 公司 年限制性股票激励计划的首次授予 202 ...

（一）公司符合《考核管理办法》和《激励计划（草案）》等规范性文件规定的实施 股权激励计划的情形，公司具备实施股权激励计划的主体资格，符合草案规定的首次授 予第三个解除限售期解除限售条件的要求，未发生《激励计划（草案）》中规定的不得解 除限售的情形； 证券简称：贵研铂业 证券代码：600459 公告编号：临 2025－063 云南省贵金属新材料控股集团股份有限公司 第八届监事会第十七次会议决议公告 本公司监事会及全体监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。 云南省贵金属新材料控股集团股份有限公司（以下简称"本公司"或"公司"）第 八届监事会第十七次会议通知于 2025 年 11 月 14 日以传真和书面形式发出，会议于 2025 年 11 月 24 日以通讯表决的形式举行。公司监事会主席郑春莉女士主持会议，应参加表 决的监事 3 名，实际参加表决的监事 3 名。会议符合《公司法》和《公司章程》规定。 一、会议以通讯表决方式，一致通过以下议案： （一）《关于公司 2021 年限制性股票激励计划首次授予部分第三个解除限售期解除 限售条件成 ...

证券简称：贵研铂业 证券代码：600459 公告编号：临 2025－062 云南省贵金属新材料控股集团股份有限公司 第八届董事会第十八次会议决议公告 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个别及连带责任。 云南省贵金属新材料控股集团股份有限公司（以下简称"本公司"或"公司"）第八届 董事会第十八次会议通知于 2025 年 11 月 14 日以传真和书面形式发出，会议于 2025 年 11 月 24 日以通讯表决的方式举行。公司董事长王建强先生主持会议，应参加表决的董事 8 名， 实际参加表决的董事 8 名。会议符合《公司法》和《公司章程》规定。 一、 经会议审议，通过以下议案： （二）《关于公司 2021 年限制性股票激励计划首次授予部分第三个解除限售期解除限 售条件成就的议案》 具体内容见《云南省贵金属新材料控股集团股份有限公司关于首次授予限制性股票第三个解除限售 期解除限售条件成就的公告》（临 2025-064 号）。 会议以 8 票同意，0 票反对、0 票弃权，一致通过《关于公司 2021 年限制性股票激励计 划首次授予部 ...

Core Viewpoint - Guoyan Platinum Industry (600459.SH) is accelerating its high-quality development through capital and innovation, planning to raise no more than 1.291 billion yuan via a private placement to enhance its technological innovation platform, industrial transformation, and working capital [1][2]. Fundraising Plan - The company plans to invest 480 million yuan in the "Technology Innovation Platform Project," 420 million yuan in the "Industrial Transformation and Upgrading Project," and 387 million yuan in working capital [2]. - The "Technology Innovation Platform" includes two sub-projects: the construction of a national key laboratory for precious metal functional materials and an AI laboratory for new materials, with a total investment of 400 million yuan and 84 million yuan respectively, accounting for approximately 37% of the total fundraising [2]. - The "Industrial Transformation and Upgrading Project" consists of four sub-projects, with total investments of 170 million yuan, 130 million yuan, 80 million yuan, and 40 million yuan, respectively, accounting for 33% of the total fundraising [2]. Financial Performance - Over the past decade, the company's revenue has increased from 6.881 billion yuan to 47.504 billion yuan, with a compound annual growth rate of 21.31% [4]. - For the first three quarters of 2025, the company reported a revenue of 45.179 billion yuan, a year-on-year increase of 22.21%, and a net profit of 501 million yuan, up 12.43% [4]. - The third quarter of 2025 saw a revenue of 15.625 billion yuan, a year-on-year increase of 24.76%, and a net profit of 176 million yuan, up 37.60%, indicating significant improvement in profitability [4]. R&D Investment - The company has invested a total of 1.461 billion yuan in R&D from 2021 to the first three quarters of 2025, with annual R&D expenses of 231 million yuan, 303 million yuan, 340 million yuan, 339 million yuan, and 248 million yuan over the past five years [5]. - The company is committed to enhancing its independent innovation capabilities and has established a comprehensive technology innovation system supported by national and provincial innovation platforms [4][5]. Asset Growth - The company's total assets have grown from 9.571 billion yuan in 2020 to 14.54 billion yuan in 2024, an increase of 51.92%, reaching a historical high of 21.76 billion yuan in the first three quarters of 2025, a year-on-year growth of 30.69% [5].