Company Project Advancement - On January 15, 2026, Jintong Co. signed an agreement with Zijin Mining (601899) to acquire a 24% stake in Anhui Jinsha Molybdenum for 1.731 billion yuan, increasing its ownership in Jinsha Molybdenum from 10% to 34%. The core asset, Shapinggou Molybdenum Mine, is a super-large single molybdenum mine globally. Both parties will jointly invest to establish a smelting company, led by Jintong Co. with a 51% stake, to enhance industry chain integration [1]. Performance and Operating Conditions - According to the performance report released on January 30, 2026, Jintong Co. achieved total operating revenue of approximately 14.056 billion yuan in 2025, representing a year-on-year increase of 3.57%. The net profit attributable to shareholders was about 3.188 billion yuan, up 6.89%. The total sales volume of molybdenum products reached a historical high for two consecutive years, laying a foundation for development in 2026 [2]. Business Status - In January 2026, the subsidiary Jintong Guangming Molybdenum Metal reported a year-on-year production increase of 79.31%, with fine molybdenum wire production rising by 86.92% and coarse molybdenum wire sales soaring by 139.28%. This reflects strong momentum in the deep processing sector [3]. Business and Technical Development - In 2025, the company made breakthroughs in high-end fields, such as advancements in the technology for molybdenum alloy thin-walled pipes. The management indicated during the Q3 2025 earnings call that in 2026, the focus will be on developing new production capabilities to enhance the competitiveness of the industry chain [4].

Market Overview - A-shares experienced narrow range consolidation with mixed performance across the three major indices, as the trading volume in the Shanghai and Shenzhen markets fell below 2 trillion yuan for the first time in 31 trading days, with over 3,200 stocks declining [1][19] - The market saw a return of funds to "price increase" themes, with prices of rare earths, tungsten, molybdenum, tin, and antimony rising [1][23] Sector Performance Non-ferrous Metals - The non-ferrous ETF Huabao (159876) rose by 2.29%, with a trading volume of 89.8 million yuan, marking an 80% increase in trading activity [1][20] - Significant inflows into the non-ferrous metals sector, with over 13.7 billion yuan in main funds entering, making it the top sector in terms of capital inflow [22] - Key stocks in the small metals sector, such as Xiamen Tungsten and Jinchuan Group, saw gains exceeding 7% [22] Chemical Sector - The chemical ETF (516020) surged by 2.19%, with a peak increase of 3.02% during the trading session, reflecting strong market momentum [8][26] - The chemical sector attracted 13.8 billion yuan in main funds, ranking second among all sectors [11] - Notable stock performances included New Zhonbang, which surged by 8.16%, and Tongkun Co., which rose by 7.82% [9][26] Hong Kong Market - The Hong Kong market showed signs of recovery, with the Hong Kong Stock Connect Automotive ETF Huabao (520780) gaining 1.6% for four consecutive days [1][21] - The Hong Kong Internet ETF (513770) rose nearly 1%, driven by the performance of major internet companies [1][21] Investment Insights - Analysts suggest that the recent adjustments have released certain risks, and upcoming events and the "Spring Festival effect" may create a favorable environment for market recovery [1][20] - Key investment themes include TMT (Technology, Media, and Telecommunications), high-end manufacturing, and price increase chains [1][20] - The Hong Kong Internet ETF is expected to highlight the value of AI core assets as new AI-related companies enter the market [2][21]

Core Viewpoint - The articles highlight the strong performance and growth potential of various companies in the tungsten industry, driven by rising tungsten prices and increasing demand across multiple sectors such as aerospace, military, and renewable energy. Company Summaries - **China Tungsten High-Tech (000657)**: A leading player in the tungsten industry with a complete value chain from mining to manufacturing, benefiting from high self-sufficiency and significant profit elasticity due to rising tungsten prices. The company is positioned well in high-end manufacturing and military applications [1]. - **Xiamen Tungsten (600549)**: A comprehensive new materials leader with a strong presence in tungsten, rare earths, and lithium battery materials. The company is a major APT producer and benefits from dual market demand in tungsten and rare earths, with a clear long-term growth trajectory [2]. - **Zhangyuan Tungsten (002378)**: A private sector leader in the tungsten industry with a complete production system and high resource self-sufficiency. The company is well-positioned in high-end tungsten markets and is expected to see steady profit growth due to rising demand and supply constraints [3]. - **Xianglu Tungsten (002842)**: Focused on deep processing of tungsten, the company has a strong customer base and benefits from rising processing fees alongside tungsten prices. Future growth is expected through technological upgrades and high utilization rates [4]. - **Luoyang Molybdenum (603993)**: A global mining leader with significant tungsten operations, benefiting from high-quality overseas resources and a diversified metal portfolio. The company is expected to see profit growth as tungsten supply-demand dynamics improve [5]. - **Guangsheng Nonferrous Metals (600259)**: A state-owned enterprise with a focus on tungsten and rare earths, benefiting from dual price increases and strong resource integration capabilities. Future growth is anticipated through expanding resource reserves and high-end applications [6][7]. - **Hunan Gold (002155)**: A key mining platform in Hunan with a stable tungsten production and high resource self-sufficiency. The company benefits from rising prices across multiple metals, providing a unique advantage in the small metals sector [8]. - **Antai Technology (000969)**: A leader in high-end refractory metals, focusing on high-value tungsten products for semiconductor and aerospace applications. The company is expected to grow through increased domestic demand and technological advancements [9]. - **Jinmo Co., Ltd. (601958)**: A leading player in the molybdenum industry with significant tungsten operations, benefiting from low-cost resources and a complete production chain. The company is expected to see profit elasticity as tungsten prices rise [10]. - **Dongfang Tantalum (000962)**: A leader in rare metals with a strong tungsten processing capability, benefiting from stable demand in military and aerospace sectors. Future growth is expected from increasing domestic production of high-end tungsten products [11]. - **Xingye Mining (000426)**: A multi-metal mining company with significant tungsten resources, benefiting from price increases and a diversified portfolio that mitigates risks [12]. - **Zhuye Group (600961)**: A veteran in non-ferrous metal smelting with advantages in tungsten recycling and processing. The company is expected to see profit improvements through expanded processing capacity and technological upgrades [13]. - **Zhongkuang Resources (002738)**: A leader in lithium and rare metals with stable tungsten production, benefiting from price increases and a diversified business model [14]. - **Shengxin Lithium Energy (002240)**: A lithium leader with significant tungsten resources, providing stable profits and enhancing resilience against market fluctuations [15]. - **Huayou Cobalt (603799)**: A global leader in cobalt and lithium materials, with a strong tungsten business that supports overall profitability through market synergies [16]. - **Hanrui Cobalt (300618)**: Focused on cobalt and tungsten processing, benefiting from rising demand in high-end manufacturing and renewable energy sectors [17]. - **Xiamen Xinda (000701)**: Engaged in tungsten product trading and supply chain services, benefiting from price increases and a mature supply chain system [18]. - **Aluminum Corporation of China (601600)**: A leader in the non-ferrous sector with a focus on tungsten resource development, benefiting from market dynamics and resource value reassessment [19]. - **Tin Industry Co., Ltd. (000960)**: A global leader in tin with a strong tungsten portfolio, benefiting from price increases and a comprehensive multi-metal strategy [20]. - **Nanshan Aluminum (600219)**: A leading aluminum processor with a focus on tungsten-related materials, expected to grow through high-end manufacturing demand [21].

在机构看来，小金属价格的集体上涨，核心在于供给偏紧而需求爆发导致的。拿领涨品种钨来说，江海 证券表示，国内因资源开发环境日趋严苛，环保标准提升与运营成本攀升共同制约了产能释放，国外新 增项目推进普遍迟缓，全球范围内具备规模潜力的新建钨矿项目极为有限，导致全球钨矿产量增长极为 乏力。2024年全球钨矿产量约为8.28万吨，即便考虑到现有项目的稳产与小幅扩能，2026年产量预计仅 微增至8.55万吨，年均复合增长率不足2%。 消息面上，节前备货叠加产业链挺价，长单价格再度大涨。本周钨价继续上涨，根据SMM，崇义等钨 企业发布新一轮长单价格，其中崇义某钨企业2月上半月55%钨精矿长单采购价格环比上调14.7万元/标 吨至66.9~67万元/标吨，APT环比上调30万元执行97万元/标吨，长单价格大幅上调再度引爆市场。 在券商看来，战略小金属储量有限、开采难度大且供给弹性不足，同时新能源、半导体、军工等下游需 求快速增长，供需矛盾加剧。在资源稀缺性持续凸显、需求结构升级及政策调控下，未来稀有金属价格 有望延续上行趋势，具备资源储量优势、技术壁垒及合规出口渠道的企业将持续受益。 2月11日，三大指数涨跌不一，创业板指、 ...

Group 1 - The core viewpoint is that the non-ferrous metals sector is experiencing short-term pressure due to pre-holiday sentiment, but there are structural opportunities in specific sub-sectors [2] - The global non-ferrous metals industry is expected to enter a "recovery cycle with supply constraints" from 2026 to 2027, with copper and aluminum prices shifting from supply constraints and loose liquidity in 2026 to demand recovery in 2027 [2] - The supply growth of electrolytic aluminum is projected to be only 1.7% in 2026, with a supply gap of over 800,000 tons; electrolytic copper supply growth is 2.4% while demand growth is 3.3%, indicating a shift from surplus to shortage [2] Group 2 - Tungsten is expected to see a continued supply-demand shortage due to China's mining control policies, leading to sustained price increases from 2026 to 2027 [3] - Rare earth permanent magnets are experiencing tightening supply-side integration, with improving demand expectations for exports, indicating a fundamental improvement [3] - Cobalt is projected to face a global shortage due to supply reduction policies in the Democratic Republic of Congo, with strong upward momentum in the short term [3] Group 3 - Lithium is benefiting from the rising demand for energy storage batteries and domestic supply disruptions, potentially at the bottom of its cycle [3] - Nickel is expected to clear supply issues from the second half of 2026 to 2027 due to Indonesia's quota policies, with prices likely to rise if economic recovery boosts stainless steel demand [3] - Magnesium is gaining traction in the lightweighting sector of new energy vehicles due to its higher cost-effectiveness compared to aluminum, indicating improved industry sentiment [3] Group 4 - The non-ferrous metals ETF (512400) closely tracks the CSI Shenyin Wanguo Non-Ferrous Metals Index, which selects 50 listed companies to reflect the overall performance of the non-ferrous metals sector in the Shanghai and Shenzhen markets [3] - The top ten weighted stocks in the index include Zijin Mining, Luoyang Molybdenum, Northern Rare Earth, China Aluminum, and Huayou Cobalt, among others [3]

Group 1 - The core viewpoint of the news is that Jinmoly Co., Ltd. has seen a significant increase in its stock price, rising by 5.01% to 20.75 yuan per share, with a total market capitalization of 669.52 billion yuan as of February 11 [1] - Jinmoly Co., Ltd. is primarily engaged in the mining, smelting, and deep processing of molybdenum products, which account for 90.14% of its main business revenue, while commodity trading contributes 8.73% and other activities account for 1.14% [1] - The company has experienced a cumulative stock price increase of 3.35% over the past three days, with a trading volume of 3.14 billion yuan and a turnover rate of 0.48% [1] Group 2 - Among the top ten circulating shareholders of Jinmoly Co., Ltd., a fund under China Europe Fund has increased its holdings by 8.56 million shares, bringing its total to 14.84 million shares, which represents 0.46% of the circulating shares [2] - The fund, China Europe Dividend Enjoyment Flexible Allocation Mixed A, has achieved a year-to-date return of 9.58% and a one-year return of 55.85%, ranking 1729 out of 8884 and 1123 out of 8127 respectively [2] - The fund manager, Lan Xiaokang, has been in charge for 8 years and 279 days, with the fund's total asset size at 28.78 billion yuan and a best return of 205.81% during his tenure [2]

Core Viewpoint - The performance of Jintian Co., Ltd. in January 2026 demonstrates significant growth in molybdenum production, setting a strong foundation for the company's development in the "14th Five-Year Plan" period [1][2]. Group 1: Production and Sales Performance - In January 2026, Jintian Co., Ltd.'s subsidiary, Jintian Guangming, reported a 79.31% year-on-year increase in total molybdenum metal production, with fine molybdenum wire production surging by 86.92% [1][2]. - The sales of fine molybdenum wire increased by 61.41% year-on-year, while sales of coarse molybdenum wire skyrocketed by 139.28% [2]. - The company achieved a total revenue of approximately 14.056 billion yuan in 2025, marking a 3.57% increase year-on-year, and a net profit of about 3.188 billion yuan, up 6.89% year-on-year [1]. Group 2: Strategic Acquisitions - Jintian Co., Ltd. signed an agreement to acquire a 24% stake in Anhui Jinsha Molybdenum Industry from Zijin Mining for 1.731 billion yuan, increasing its ownership from 10% to 34% [2][3]. - The acquisition includes the core asset of the Shapinggou Molybdenum Mine, which is a large-scale molybdenum resource, enhancing the company's control over strategic resources [3]. Group 3: Innovation and Development - The company emphasizes technological innovation as a core driver for high-quality development, achieving breakthroughs in high-end products such as molybdenum-zirconium electrodes and thin-walled molybdenum alloy pipes [4]. - Jintian Co., Ltd. aims to enhance its core competitiveness through a "quality, efficiency, and volume" growth plan, focusing on maximizing efficiency and value across all production and marketing processes [5].

证券代码：601958 证券简称：金钼股份 公告编号：2026-005 金堆城钼业股份有限公司 2026年第一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：2026 年 2 月 6 日 (二)股东会召开的地点：西安市高新技术产业开发区锦业一路 88 号金钼股份综 合楼 A 座 9 楼视频会议室 (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 | 535 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,468,013,549 | | 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（%） | 76.4895 | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，董事长严平主持，以现场投票和网络投票相结合的 表决方式召开。会议的召集、召开 ...

股票代码：601958 股票简称：金钼股份 公告编号：2026-006 金堆城钼业股份有限公司 第六届董事会第一次会议决议公告 1 表决结果：同意11票，反对0票，弃权0票。 2、审计委员会 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。 金堆城钼业股份有限公司（以下简称公司）第六届董事会第一次会议 于2026年2月6日以现场方式即时召开，应参会董事11人，实际参会董事8 人，董事李少博书面委托董事张保生代为行使表决权，独立董事季成书面 委托独立董事李富有代为行使表决权，独立董事张金钰书面委托独立董事 王军生代为行使表决权。本次会议的召开符合《公司法》和《公司章程》 的规定，合法有效。与会董事审议提交本次会议的4项议案并逐项进行表 决，形成会议决议如下： 一、审议通过《关于选举公司第六届董事会董事长的议案》。 同意选举严平担任公司第六届董事会董事长，任期3年，自2026年2 月6日起至2029年2月5日止。 表决结果：同意11票，反对0票，弃权0票。 二、审议通过《关于公司第六届董事会专门委员会组成的议案》 公司第六届董 ...

2026 年第一次临时股东会的法律意见书 观意字 2026XA000102 号 致：金堆城钼业股份有限公司 北京观韬（西安）律师事务所（以下简称"本所"）受金堆城钼业股份有限 公司（以下简称"公司"）之委托，指派律师出席 2026 年 2 月 6 日召开的公司 2026 年第一次临时股东会（以下简称"本次股东会"），并根据《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》"）等相关法律、行政法规、《上市公司股东会规则》(2025 修订)（以下简称"《规则》"）以及公司现行有效的《公司章程》的有关规定， 就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师查询了公司在信息披露媒体上刊登的相关公 告，核查了公司提供的有关本次股东会的文件，听取了公司就有关事实的陈述和 说明，列席了本次股东会。公司已经向本所律师提供了本所律师认为出具本法律 意见书所必需的、真实、准确、完整的原始书面材料、副本材料或者口头证言， 并无任何隐瞒、虚假、误导或重大遗漏之处；公司保证提供的正本与副本一致、 原件与复印件一致；公司保证所提供的文件、材料上的所有签字和印章均是真 ...