Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that high oil prices driven by Middle Eastern conflicts are expected to strengthen the demand for lithium as an energy alternative, indicating a potential upside for lithium prices [2] - Nickel prices are supported by supply uncertainties due to delays in the approval process for nickel mining quotas in Indonesia, which may lead to a tight supply situation [2][17] - Cobalt prices are anticipated to rise due to ongoing supply uncertainties from the Democratic Republic of Congo, with expectations of structural tightness in cobalt supply [3][18] - The report notes a significant increase in carbonated lithium prices, driven by supply disruptions and rising demand expectations, particularly in the context of the electric vehicle market [21] - The tungsten market is expected to see continued price increases due to long-term supply tightness and strategic importance in global supply chains [24] Summary by Sections Nickel and Cobalt Industry - As of March 27, LME nickel spot price was $17,010 per ton, up 1.43% from March 20, with total LME nickel inventory at 281,574 tons, down 0.68% [2] - Cobalt prices are under pressure but are expected to rise due to supply constraints from the DRC, with the current electrolytic cobalt price at 430,500 CNY per ton [3][18] Lithium Industry - Domestic carbonate lithium futures closed at 168,400 CNY per ton, up 17.09% from March 20, indicating strong demand and supply constraints [21] - The report emphasizes the impact of geopolitical tensions on lithium demand, particularly in the context of energy security [21] Tungsten Industry - The report indicates that tungsten prices are expected to continue rising due to supply constraints and strategic importance, with white tungsten concentrate prices at 1,001,000 CNY per ton [24] Antimony Industry - Antimony prices have seen a slight decline, but supply constraints are expected to provide support for future prices, with average antimony ingot prices at 165,500 CNY per ton [7][19] Uranium Industry - The report notes that uranium supply is expected to remain tight, supporting prices, with the global uranium market price at $71.3 per pound [15][25]

西藏华钰矿业股份有限公司 第五届董事会第十一次会议决议 西藏华钰矿业股份有限公司 第五届董事会第十一次会议决议 西藏华钰矿业股份有限公司（以下简称"公司"）第五届董事会第十一次 会议于 2026 年 3 月 23 日在公司北京分公司会议室以现场会议和电话会议相结 合的方式召开。本次会议通知于 2026 年 3 月 20 日向全体董事和高级管理人员 以书面、电子等方式发出。本次会议应到董事 9 人，实到董事 9 人，公司高级 管理人员列席了本次会议。本次会议的召集、召开和表决程序符合《中华人民 共和国公司法》等法律、行政法规、部门规章、规范性文件及《西藏华钰矿业 股份有限公司章程》的规定。会议由公司董事长刘良坤先生主持，与会董事以 记名投票的方式审议并通过了以下决议： 一、审议并通过《关于公司拟向中信银行拉萨分行贷款的议案》 为保障公司正常经营，同意公司向中信银行股份有限公司拉萨分行申请综 合授信金额不超过人民币 18,000 万元，流动资金贷款利率执行最新一期中国人 民银行公布的一年期贷款 LPR 利率，借款期限为 12 个月（按实际放款日期为 准），公司实际控制人刘建军及配偶提供连带责任保证，追加法定代表人 ...

证券代码：601020 证券简称：华钰矿业 公告编号：临 2026-009 号 西藏华钰矿业股份有限公司 第五届董事会第十一次会议决议公告 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法律责任。 一、董事会会议召开情况 西藏华钰矿业股份有限公司（以下简称"公司"）董事会于 2026 年 3 月 20 日向全体董事和高级管理人员以书面、电子等方式发出了会议通知和会议材料。 本次会议于 2026 年 3 月 23 日在公司北京分公司会议室以现场会议和电话会 议相结合的形式召开。本次会议由公司董事长刘良坤先生主持，会议应到董事 9 人，实到董事 9 人，公司高级管理人员列席了本次会议。本次会议的召集、召开 和表决程序符合《中华人民共和国公司法》等法律、行政法规、部门规章、规范 性文件及《西藏华钰矿业股份有限公司章程》的规定。 二、董事会会议审议情况 为保障公司正常经营，同意公司向中信银行股份有限公司拉萨分行申请综合 授信金额不超过人民币 18,000 万元，流动资金贷款利率执行最新一期中国人民 银行公布的一年期贷款 LPR 利率，借款期限为 ...

Group 1: Copper - LME copper price decreased by 7.07% to $11,834.5 per ton, while Shanghai copper fell by 5.55% to 94,700 yuan per ton [1][13] - Domestic copper inventory decreased by 8.85% week-on-week, but total inventory increased by 17,670 tons year-on-year [1][13] - The operating rate of waste anode plate enterprises dropped to 58.31%, with expectations of further decline to 54.65% next week due to falling copper prices [1][13] Group 2: Aluminum - LME aluminum price fell by 7.18% to $3,192.0 per ton, and Shanghai aluminum decreased by 3.77% to 24,000 yuan per ton [2][14] - Domestic aluminum rod inventory totaled 369,500 tons, down by 16,500 tons week-on-week [2][14] - The operating rate of downstream aluminum processing enterprises slightly increased by 1% to 62.9%, indicating a slight recovery in demand [2][14] Group 3: Gold - COMEX gold price dropped by 10.36% to $4,492.0 per ounce, with SPDR gold holdings decreasing by 13.72 tons to 1,056.99 tons [3][15] - Geopolitical risks influenced the market, leading to a strong fluctuation pattern [3][15] - The U.S. and Israel are discussing the next phase of military actions, which may impact gold prices [3][15] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 12.44% this week [4][39] - The recent price fluctuations are seen as short-term impacts, with expectations of gradual recovery [4][39] - The rare earth sector is expected to benefit from improved demand and supply adjustments [4][39] Group 5: Tungsten - Tungsten price decreased by 3.00% this week, attributed to profit-taking by traders rather than a fundamental downturn [4][42] - Recent actions against illegal mining in Ganzhou may impact supply dynamics [4][42] - The demand for tungsten is expected to remain strong due to geopolitical tensions and military needs [4][42] Group 6: Lithium - The average price of lithium carbonate decreased by 2.2% to 154,300 yuan per ton, while lithium hydroxide fell by 2.8% to 153,500 yuan per ton [4][64] - Lithium production increased to 24,200 tons this week, indicating a slight recovery in supply [4][64] - Market activity is characterized by upstream reluctance to sell and downstream opportunistic purchasing [4][64] Group 7: Cobalt - Cobalt price decreased by 0.2% to 431,000 yuan per ton, while cobalt intermediate prices remained stable [4][65] - The domestic cobalt raw material import volume has remained low, contributing to a decrease in inventory [4][65]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the rising oil prices and ongoing market panic are suppressing non-ferrous metals, but there is optimism for a comprehensive market for key metals in the future [27] - Nickel prices are expected to find support due to supply uncertainties from Indonesia, particularly with the slow approval process for nickel mining quotas [1] - Cobalt prices are anticipated to continue rising due to tight supply expectations stemming from export approval delays in the Democratic Republic of Congo [2] - The report indicates that antimony prices are expected to remain strong due to supply constraints [6] - Lithium prices are projected to maintain a strong performance supported by demand amid high oil prices [7] - The rare earth sector is facing tightening supply expectations, with stable demand from downstream industries [9] - Tin prices are supported by uncertainties in overseas supply chains [11] - Tungsten prices are expected to rise further due to tightening domestic supply [13] - Uranium prices are supported by ongoing supply tightness and geopolitical factors [15] Summary by Sections Nickel and Cobalt - As of March 20, LME nickel spot price was $16,770 per ton, down 3.29% from March 13, with total LME nickel inventory at 283,512 tons, a decrease of 0.40% [1] - The Indonesian nickel mining association has set the 2026 production quota at 260-270 million tons, significantly reduced from the previous year's quota [16] - Cobalt prices are expected to rise due to ongoing supply tightness, with the Democratic Republic of Congo's export processes still facing delays [2][17] Antimony - Antimony prices have remained stable, with average prices for antimony ingots at 167,500 RMB per ton as of March 19 [6] - Supply constraints are expected to provide a bottom support for antimony prices [19] Lithium - Domestic lithium carbonate futures closed at 143,900 RMB per ton as of March 20, down 5.41% from March 13 [7] - The report notes that the Zimbabwean government has suspended all raw material and lithium concentrate exports, impacting supply [20] - Demand for lithium is expected to be supported by adjustments in export tax policies for battery products [20] Rare Earths - The average price of praseodymium oxide was 785 RMB per kilogram as of March 20, down 9.77% from March 13 [9] - Supply constraints are expected to persist due to regulatory measures and stable demand from the magnetic materials sector [21] Tin - The LME tin spot price was $43,700 per ton as of March 20, down 8.86% from March 13 [11] - Supply uncertainties from Myanmar and the Democratic Republic of Congo are expected to support tin prices [12][22] Tungsten - Domestic tungsten prices are under pressure due to tightening supply, with white tungsten concentrate prices at 1,021,000 RMB per ton as of March 20 [13] - The report anticipates further price increases due to ongoing supply constraints [23] Uranium - Global uranium prices remain high, with the market price at $69.71 per pound as of January [15] - Supply tightness is expected to continue due to geopolitical factors and production delays [24]

Group 1: Copper - LME copper price decreased by 3.21% to $12,869.0 per ton, while Shanghai copper fell by 2.76% to ¥101,100 per ton [1] - Domestic copper inventory increased by 8.56% week-on-week, with a year-on-year increase of 20,920 tons [1] - Major cable enterprises' operating rate rose by 33.17 percentage points to 60.90%, indicating a recovery in production [1] Group 2: Aluminum - LME aluminum price increased by 9.22% to $3,431.0 per ton, and Shanghai aluminum rose by 3.69% to ¥24,700 per ton [2] - Domestic aluminum rod inventory was reported at 398,000 tons, showing a trend of first increasing and then decreasing [2] - The operating rate of downstream aluminum processing enterprises increased by 2.5 percentage points to 59.5% [2] Group 3: Precious Metals - COMEX gold price decreased by 2.90% to $5,181.3 per ounce, with SPDR gold holdings dropping by 28.01 tons to 1,073.32 tons [3] - Geopolitical risks influenced the gold market, leading to a strong fluctuation pattern [3] - The 10-year TIPS rose by 0.04 percentage points to 1.80% [3] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 4.54% this week [4] - The price center has been rising since the beginning of the year, likely related to upcoming supply-side documents for 2024-2025 [4] - The rare earth sector is expected to see a resonance in supply and demand due to ongoing supply reforms and more relaxed export expectations [4] Group 5: Tungsten - Tungsten price increased by 16.72% this week, indicating a strong demand outlook [4] - Recent actions against illegal mining in Ganzhou may support tungsten prices [4] - The priority of tungsten is expected to be high due to increased strategic stockpiling overseas [4] Group 6: Lithium - The average price of lithium carbonate decreased by 3.0% to ¥159,800 per ton, while lithium hydroxide fell by 0.6% to ¥161,000 per ton [4] - Total lithium carbonate production increased to 22,600 tons, reflecting a slight rise [4] - The market is experiencing a strong purchasing intention from downstream material manufacturers despite price declines [4] Group 7: Cobalt - Cobalt price decreased by 1.7% to ¥431,500 per ton, while cobalt intermediate prices saw a slight increase [4] - The supply side remains tight due to slow export progress from the Democratic Republic of Congo [4] - The market is currently in a phase of inventory digestion, with potential upward price movement expected as demand clarifies [4] Group 8: Nickel - LME nickel price decreased by 1.4% to $17,500 per ton, while Shanghai nickel fell by 2.9% to ¥136,300 per ton [4] - Nickel inventory at LME decreased by 0.04 million tons to 287,600 tons [4] - The market is currently constrained by weak demand and high inventory levels, but strong bottom support is noted [4]

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 Ratings - The report indicates a positive outlook for copper, aluminum, and precious metals, suggesting a high level of market activity and potential for growth in these sectors [12][32][59]. Core Insights - The copper market is experiencing a recovery with LME copper prices increasing by 1.99% to $13,259.0 per ton, and domestic copper prices rising by 3.53% to 103,900 CNY per ton, driven by a gradual recovery in production and consumption [13][14]. - Aluminum prices have also seen an upward trend, with LME aluminum prices up by 1.16% to $3,141.5 per ton, supported by a recovery in downstream processing activities [14]. - The gold market remains strong, with COMEX gold prices increasing by 0.92% to $5,296.4 per ounce, influenced by geopolitical risks and increased demand for safe-haven assets [15]. Summary by Sections Copper - LME copper price increased by 1.99% to $13,259.0 per ton, while domestic prices rose by 3.53% to 103,900 CNY per ton [13]. - Copper inventory in major regions increased by 4.56% week-on-week, with a year-on-year increase of 15,560 tons [13]. - The operating rate of copper cable enterprises is expected to rise significantly in the coming weeks as production resumes [13]. Aluminum - LME aluminum price rose by 1.16% to $3,141.5 per ton, and domestic prices increased by 2.76% to 23,800 CNY per ton [14]. - Domestic aluminum rod inventory increased by 1.95 million tons, while the operating rate of aluminum processing industries improved to 57% [14]. - The cost of prebaked anodes is showing positive trends, supporting the overall aluminum production costs [14]. Precious Metals - COMEX gold price increased by 0.92% to $5,296.4 per ounce, with SPDR gold holdings rising by 14.86 tons to 1,101.33 tons [15]. - Geopolitical tensions, particularly involving Pakistan and Iran, are contributing to the volatility and strength in the gold market [15]. - The market is witnessing a strong upward trend in demand for gold as a safe-haven asset amid global uncertainties [15]. Rare Earths - The price of praseodymium and neodymium oxide increased by 4.80%, indicating a bullish outlook for the rare earth sector [33]. - The ongoing supply-side reforms and expectations of more relaxed export policies are expected to enhance demand in the rare earth market [33]. - Companies such as China Rare Earth, Northern Rare Earth, and others are highlighted as potential investment opportunities due to their strong market positions [33]. Lithium - The average price of lithium carbonate increased by 18.35% to 165,000 CNY per ton, driven by supply constraints and increased demand [60]. - The total lithium production for the week rose to 21,800 tons, indicating a slight recovery in output [60]. - The market is reacting to policy changes in Zimbabwe that have halted lithium exports, further tightening global supply [60].

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]

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.39% closing at 4162 points, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index dropped by 1.04% [1] - Rare metal stocks experienced a surge, with several stocks hitting the daily limit up, including Hunan Gold, Zhangyuan Tungsten, and Xianglu Tungsten, among others [1] - Tungsten prices have skyrocketed, prompting downstream hard alloy manufacturers to raise prices, with companies like Xinrui Co. and Huarui Precision announcing price adjustments [1] Group 2 - The computing power leasing sector continued its strong performance, with stocks like Yuntian Lifa and Tuowei Information hitting the daily limit up [2] - Hetzner, a major European data center operator, announced a price increase for all products and services effective April 1, marking the second price hike within the month [2] Group 3 - YN Energy Holdings saw a significant increase of 115%, ranking first in monthly gains [3] - Limin Co., a leading pesticide manufacturer, announced a long-term supply contract with Bayer, with an estimated contract value of 800 million yuan over three years [3] - The glass fiber sector faced declines, with companies like International Composites dropping nearly 10% [3] Group 4 - Hong Kong's innovative drug sector rebounded, with companies like WuXi AppTec and CanSino Biologics seeing gains of nearly 8% and over 6% respectively [4] - The recent adjustment in the innovative drug and CRO sectors is viewed as a short-term correction, not affecting the long-term growth prospects of the industry [4]