Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [6] Core Viewpoints - The suspension of export restrictions to the U.S. is expected to boost China's antimony exports, which accounted for 36% of the country's antimony production in 2023 [2] - The price gap between domestic and international antimony is anticipated to narrow as exports resume [3] - Antimony prices have shown significant fluctuations influenced by export policies and demand changes, with a notable increase of 68% from February 10 to April 17, 2025 [4] Summary by Sections Export Policy Impact - The Ministry of Commerce announced a one-year suspension of export restrictions to the U.S., which is expected to lead to a recovery in antimony exports [2] - The announcement includes stricter controls on dual-use items, particularly for military applications [2] Price Trends - Antimony ingot prices rose from 143,000 CNY/ton to 240,000 CNY/ton between February 10 and April 17, 2025, before declining to 150,000 CNY/ton by November 6, 2025 [4] - The price of antimony in the UK was approximately 31.7 million CNY/ton as of November 7, 2025, indicating a significant premium over domestic prices [3] Investment Recommendations - The report suggests monitoring companies such as Huaxi Nonferrous Metals, Hunan Gold, and Huayu Mining, as the resumption of exports is expected to support domestic antimony prices [4]

New Stock Issuance - Cash option declaration period for Hangzhou Steam Turbine (200771) is from November 19 to November 25, 2025[1] - Acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Trading Alerts - Severe abnormal fluctuation reported for Haike Xinyuan (301292) on November 11, 2025[1] - Abnormal fluctuation noted for ST Yuancheng (603388) on November 11, 2025[1] Company Announcements - Announcement for Tianji Co., Ltd. (002759) on November 13, 2025[1] - Announcement for Huatong Technology (688109) on November 13, 2025[1] Other Notable Events - ST Meigu (000615) reported on November 13, 2025[1] - ST Zhongdi (000609) reported on November 13, 2025[1]

北京德恒（济南）律师事务所 关于西藏华钰矿业股份有限公司 2025 年第四次临时股东会的 法律意见 山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 电话：+86 531-8166 3606 传真：+86 531-8166 3607 邮编：250102 北京德恒（济南）律师事务所 关于西藏华钰矿业股份有限公司 2025 年第四次临时股东会的法律意见 北京德恒（济南）律师事务所 关于西藏华钰矿业股份有限公司 2025 年第四次临时股东会的 法律意见 德恒 11G20240040-07 号 致：西藏华钰矿业股份有限公司 北京德恒（济南）律师事务所（以下简称"本所"）受西藏华钰矿业股份有 限公司（以下简称"华钰矿业"或"公司"）委托，指派杨昕炜律师、肖彬律师 （以下简称"本所律师"）出席公司 2025 年第四次临时股东会（以下简称"本 次股东会"），并对本次股东会的合法性进行见证并出具法律意见。 本法律意见根据《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》以及《西藏华钰矿业股份有限公司章程》（以下简称"《公司章程》"）、 ...

证券代码：601020 证券简称：华钰矿业 公告编号：临 2025-064 号 西藏华钰矿业股份有限公司 2025年第四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：2025 年 11 月 13 日 (二)股东会召开的地点：西藏华钰矿业股份有限公司北京分公司会议室 (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： | 1、出席会议的股东和代理人人数 | 638 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 225,171,486 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 27.4611 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 董事长刘良坤先生因工作原因不能主持本次会议，会议由过半数的董事共同 推举刘建军先生主持。本次股东会以现场投票与网络投票相结合的方式对本 ...

Core Viewpoint - The Shanghai Composite Index rose by 0.73% on November 13, with 27 sectors experiencing gains, particularly the power equipment and non-ferrous metals sectors, which increased by 4.31% and 4.01% respectively [1] Market Overview - The net inflow of capital in the two markets reached 24.471 billion yuan, with 16 sectors seeing net inflows. The power equipment sector led with a net inflow of 11.478 billion yuan, followed by the non-ferrous metals sector with 9.199 billion yuan [1] - Conversely, 15 sectors experienced net outflows, with the public utilities sector leading at a net outflow of 1.534 billion yuan, followed by the construction decoration sector with a net outflow of 999.3 million yuan [1] Non-Ferrous Metals Sector Performance - The non-ferrous metals sector rose by 4.01%, with a total net inflow of 9.199 billion yuan. Out of 137 stocks in this sector, 125 rose, 10 hit the daily limit, and 9 declined [2] - Notable stocks with significant net inflows included Tianqi Lithium with 1.373 billion yuan, Ganfeng Lithium with 732.5 million yuan, and Zijin Mining with 682 million yuan [2] Non-Ferrous Metals Sector Outflow - The outflow leaderboard in the non-ferrous metals sector included Huayu Mining with a net outflow of 225.74 million yuan, Yun Aluminum with 153.46 million yuan, and Chang Aluminum with 106.52 million yuan [3] - Other notable outflows included China Aluminum with 78.53 million yuan and Tianshan Aluminum with 77.07 million yuan [3]

Core Viewpoint - Huayu Mining's stock price has seen significant growth this year, with a year-to-date increase of 171.54%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Huayu Mining achieved a revenue of 1.459 billion yuan, representing a year-on-year growth of 57.60% [2]. - The net profit attributable to the parent company for the same period was 801 million yuan, showing a remarkable year-on-year increase of 423.89% [2]. Stock Market Activity - As of November 13, Huayu Mining's stock was trading at 34.16 yuan per share, with a market capitalization of 28.01 billion yuan [1]. - The stock has experienced a trading volume of 1.367 billion yuan on the same day, with a turnover rate of 4.97% [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on November 12 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Huayu Mining was 66,700, a decrease of 14.31% from the previous period [2]. - The average number of circulating shares per shareholder increased by 16.70% to 12,290 shares [2]. Dividend Distribution - Since its A-share listing, Huayu Mining has distributed a total of 281 million yuan in dividends, with 55.626 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 11.9697 million shares, an increase of 6.9712 million shares from the previous period [3]. - New institutional shareholders include Golden Stock ETF and Dachen New Industry Mixed A, holding 7.5535 million shares and 7.0312 million shares, respectively [3].

Group 1 - The A-share gold concept stocks opened higher, with notable gains in companies such as Xingye Silver Tin, Huayu Mining, Baiyin Nonferrous Metals, Shengtun Mining, Hunan Baiyin, and Hunan Gold [1] - Spot gold prices rose during the Asian session on the 13th, surpassing $4200 per ounce before slightly retreating to $4186 per ounce [1]

Group 1 - Gold concept stocks opened higher on November 13, with notable gains in companies such as Xingye Silver Tin, Huayu Mining, Baiyin Nonferrous Metals, Shengtun Mining, Hunan Baiyin, and Hunan Gold [1]

Core Viewpoint - The A-share market's non-ferrous metal sector has shown strong performance, with several companies experiencing significant stock price increases on November 12 [1] Group 1: Market Performance - The non-ferrous metal sector saw a collective rise, with Minfa Aluminum reaching the daily limit up, and Chang Aluminum and Huayu Mining both increasing over 6% [1] - China Aluminum rose over 4%, while Huaxi Nonferrous, Hailiang Co., and Hongchuang Holdings increased by more than 3% [1] - Other companies like Yun Aluminum, Jiaozuo Wanfang, and Tianshan Aluminum also saw gains exceeding 2% [1] Group 2: Individual Stock Performance - Minfa Aluminum (002578) had a price increase of 9.93%, with a total market value of 4.158 billion and a year-to-date increase of 48.16% [2] - Chang Aluminum (002160) rose by 6.89%, with a market value of 6.734 billion and a year-to-date increase of 75.27% [2] - Huayu Mining (601020) increased by 6.28%, with a market value of 26.8 billion and a year-to-date increase of 159.48% [2] - China Aluminum (601600) saw a rise of 4.37%, with a market value of 196.6 billion and a year-to-date increase of 60.87% [2] - Other notable performers include Huaxi Nonferrous (3.58% increase), Hailiang Co. (3.33% increase), and Hongchuang Holdings (3.06% increase) [2]

证券日报网讯 11月12日晚间，华钰矿业发布公告称，西藏华钰矿业股份有限公司（以下简称"公司"）A 股股票于2025年11月10日、11月11日、11月12日连续三个交易日内收盘价格涨幅偏离值累计达20%，根 据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。经公司自查并向公司控股股 东、实际控制人核实，截至本公告披露日，公司控股股东及实际控制人均不存在影响公司股价异常波动 的重大事项，不存在其他应披露而未披露的重大信息，包括但不限于重大资产重组、股份发行、重大交 易类事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等重大事项， 公司也不存在处于筹划阶段的重大事项。 （编辑 楚丽君） ...