Core Viewpoint - Huayou Cobalt announced that its controlling shareholder, Huayou Holdings, holds 308,664,701 shares, representing 16.28% of the total share capital, with 116,427,994 shares pledged, accounting for 37.72% of its holdings and 6.14% of the total share capital [1] Summary by Relevant Sections - Shareholding Structure - Huayou Holdings owns 308,664,701 shares of Huayou Cobalt, which is 16.28% of the total share capital [1] - Pledged Shares - A total of 116,427,994 shares have been pledged by Huayou Holdings, which is 37.72% of its total holdings and 6.14% of the company's total share capital [1] - Recent Pledge Activity - Huayou Holdings has recently pledged an additional 5,000,000 shares [1]

Group 1 - Company Huayou Cobalt (SH 603799) announced the completion of a share pledge of 5 million shares by its controlling shareholder Huayou Holdings [1] - As of the announcement date, Huayou Holdings holds approximately 309 million shares, accounting for 16.28% of the total share capital, with a cumulative pledge of about 116 million shares, representing 37.72% of its holdings and 6.14% of the total share capital [1] - Together with its concerted party, Mr. Chen Xuehua, Huayou Holdings and its affiliates hold approximately 391 million shares, which is 20.63% of the total share capital, with a cumulative pledge of about 143 million shares, accounting for 36.54% of their total holdings and 7.54% of the total share capital [1] Group 2 - For the fiscal year 2024, Huayou Cobalt's revenue composition is as follows: lithium battery new materials account for 47.17%, non-ferrous metals account for 33.35%, trade and others account for 17.4%, and other businesses account for 2.08% [1] - The current market capitalization of Huayou Cobalt is 117.3 billion yuan [2]

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [5]. Core Views - The report indicates an optimistic outlook for the fundamentals of the metal industry, particularly in lithium and rare earths, with expectations of price stabilization in the short term due to various supply and demand factors [2][3][4]. Steel Industry Summary - The steel industry is entering a consumption off-season, with increasing pressure on steel prices due to declining profits at steel mills and planned maintenance leading to expected supply reductions. Short-term steel prices are anticipated to fluctuate [17][24]. - As of November 7, 2025, the total steel inventory was 14.92 million tons, a decrease of 0.60% from the previous period but an increase of 22.87% year-on-year [24]. - The average price of steel on November 7, 2025, was 3,419.80 yuan/ton, reflecting a decrease of 1.09% from the previous period and an 8.08% decline year-on-year [35]. Copper Industry Summary - The copper market is experiencing tight supply due to accidents at major overseas mines, which is providing support for copper prices. The report highlights the importance of upcoming U.S. economic data on copper price trends [4][40]. - As of November 7, 2025, the LME copper spot price was $10,700/ton, a decrease of 1.66% from the previous period [42]. Aluminum Industry Summary - The aluminum sector is facing challenges with low alumina prices impacting profits, while domestic demand is shifting from strong to weak. The report suggests that aluminum prices may continue to fluctuate in the short term [5][44]. - On November 7, 2025, the LME aluminum spot price was $2,800/ton, reflecting a decrease of 1.53% from the previous period [45]. Gold Industry Summary - The gold market is influenced by geopolitical factors and U.S. economic conditions, with recent data showing support for gold prices despite pressure from hawkish Federal Reserve statements. The report emphasizes the importance of monitoring U.S. economic indicators and geopolitical developments [50][52]. Lithium and Rare Earths Summary - The lithium market is expected to see price stabilization in the short term, with the resumption of production at CATL's projects potentially exerting downward pressure on prices. However, strong fundamentals are expected to provide support [3][57]. - The rare earth market is anticipated to improve with increasing demand for neodymium-iron-boron, which is expected to support rare earth prices [3].

证券代码：603799 证券简称：华友钴业 二○二五年第四次临时股东会 会 议 资 料 二○二五年十一月十九日 1 | - | 1 | | --- | --- | | 1 | 1 | 会议时间：2025 年 11 月 19 日 13：30 开始 | | | 会议地点：浙江省桐乡经济开发区梧振东路 79 号浙江华友钴业股份 有限公司研发大楼一楼一号会议室 一、宣布会议开始 3 二、宣布出席现场会议的股东人数、代表股份数 三、推举计票人、监票人 四、审议议案 五、投票表决 六、股东提问，董事、高管人员回答股东提问 七、休会（等待网络表决结果，工作人员统计表决结果） 八、宣布表决结果 九、律师宣布法律意见书 十、宣布会议结束 2025 年第四次临时股东会会议须知 根据《公司法》《上市公司股东大会规则》等相关法规，以及《公司章程》 等规定的要求，为了维护全体投资者的合法权益，保证公司 2025 年第四次临时 股东会的正常秩序和议事效率，特制订本须知。 1、董事会以维护股东的合法权益，确保会议正常秩序和议事效率为原则， 认真履行《公司章程》中规定的职责。会议设会务组，具体负责会议有关程序及 服务等事宜。 2025 年第 ...

关于控股股东部分股份质押的公告 股票代码：603799 股票简称：华友钴业 公告编号：2025-128 浙江华友钴业股份有限公司 关于控股股东部分股份质押的公告 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法律责任。 重要内容提示： 关于控股股东部分股份质押的公告 截至本公告日，浙江华友钴业股份有限公司（以下简称"公司"）控股股东 华友控股集团有限公司（以下简称"华友控股"）持有公司股份 308,664,701 股， 占公司总股本的 16.28%；其中已累计质押 116,427,994 股，占其所持公司股份总数 的 37.72%，占公司总股本的 6.14%。 截至本公告日，华友控股及其一致行动人陈雪华先生共计持有公司股份 391,169,847 股，占公司总股本的 20.63%；其中已累计质押 142,947,994 股，占其 所持公司股份总数的 36.54%，占公司总股本的 7.54%。 近日，公司收到控股股东华友控股的通知，华友控股完成办理部分股份质押 业务，具体情况如下： 一、本次股份质押情况 | 股东 | 是否为控 | 本次质 ...

Investment Rating - The report maintains a positive investment rating for the non-ferrous metals sector, recommending specific companies such as Luoyang Molybdenum, Zijin Mining, and China Aluminum [4]. Core Insights - The non-ferrous metals sector has seen a significant increase in profitability, with overall profits rising year-on-year in Q3 2025. The sector's performance is driven by a new resource cycle, with copper and aluminum showing strong price increases [2][3]. - The report highlights a divergence in performance among sub-sectors, with precious metals, base metals, and energy metals all experiencing different trends in profitability and price movements [2][3]. Summary by Sections Overall Sector Performance - The non-ferrous metals sector has increased by 93.45% since the beginning of 2025, with a 47.02% rise in Q3 2025, ranking it second among sectors [1][9][15]. Sub-sector Analysis - **Base Metals**: In Q3 2025, copper and aluminum prices rose by 5.90% and 5.64% year-on-year, respectively, with net profits increasing by 56% and 38% [2][44]. - **Precious Metals**: Gold prices increased by 39.88% year-on-year, with net profits for the precious metals sector rising by 55.89% [2][44]. - **Energy Metals**: Lithium prices saw a decline of 8.0%, while cobalt prices increased by 49.2% year-on-year, indicating a mixed performance in this sub-sector [2][44]. Investment Recommendations - The report suggests continued optimism for copper and aluminum, driven by expectations of demand growth from AI data centers and a global easing of monetary policy. Key recommended stocks include Luoyang Molybdenum, Zijin Mining, and China Aluminum [3][4]. - For energy metals, the report notes an improvement in the lithium supply-demand balance and recommends companies like Ganfeng Lithium and Huayou Cobalt [3][4]. - In the precious metals sector, the report maintains a long-term bullish outlook on gold prices, recommending stocks such as Western Gold and Shandong Gold [3][4]. Financial Performance - The non-ferrous metals sector's net profit for Q3 2025 increased by 50.92% year-on-year, with a notable rise in gross profit margins [31][32]. - The report indicates that the sales gross margin and net margin have been on an upward trend since 2019, with Q3 2025 showing a recovery in profitability [31][32]. Market Trends - The report identifies a strong performance in the non-ferrous metals sector compared to major indices, with the sector outperforming the Shanghai Composite Index and CSI 300 [15][16]. - The report also notes that the sub-sectors of rare earths and silver have shown particularly strong performance, with significant price increases [19][21].

Market Overview - The energy metals sector experienced a decline of 1.71% on November 11, with Tianqi Lithium leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Stock Performance - Shengxin Lithium Energy (002240) closed at 28.86, up 1.51% with a trading volume of 876,100 shares and a turnover of 2.568 billion [1] - Tianqi Lithium (002466) closed at 55.32, down 3.81% with a trading volume of 852,600 shares and a turnover of 4.801 billion [2] - Ganfeng Lithium (002460) closed at 67.74, down 2.34% with a trading volume of 771,400 shares and a turnover of 5.323 billion [2] - Huayou Cobalt (603799) closed at 61.87, down 2.15% with a trading volume of 570,500 shares and a turnover of 3.578 billion [2] Capital Flow Analysis - The energy metals sector saw a net outflow of 2.128 billion from institutional investors, while retail investors had a net inflow of 1.609 billion [2][3] - Tianqi Lithium experienced a net outflow of 763 million from institutional investors, accounting for 15.89% of its trading volume [3] - Ganfeng Lithium had a net outflow of 608 million from institutional investors, representing 11.42% of its trading volume [3]

Core Viewpoint - The report from Zhongyin Securities indicates that the company achieved a net profit attributable to shareholders of 4.216 billion yuan in the first three quarters, representing a year-on-year growth of 39.59% [1] Group 1: Financial Performance - The company’s net profit for the first three quarters reached 4.216 billion yuan, showing a significant increase of 39.59% compared to the previous year [1] Group 2: Project Developments - The Pomalaa wet process project, with an annual production capacity of 120,000 tons of nickel metal, has commenced construction [1] - The Sorowako project, with an annual production capacity of 60,000 tons of nickel metal, is progressing smoothly in its preliminary preparations [1] Group 3: Resource and Cost Management - The Arcadia lithium mine's resource reserves have increased to 2.45 million tons, with an improved grade of 1.34% due to additional exploration [1] - The lithium sulfate project, with an annual production capacity of 50,000 tons, has entered the equipment installation phase and is expected to be completed by the end of the year, which will further reduce lithium salt costs [1] Group 4: Material Supply and Partnerships - The first phase of the 50,000-ton ternary precursor project by Huaneng Indonesia has achieved bulk supply [1] - The first phase of the 25,000-ton cathode project in Hungary is progressing smoothly and is expected to be completed within the year [1] - The company has signed a long-term agreement with LG Energy, enhancing its competitiveness in lithium battery materials [1]

Investment Rating - The investment rating for the company is "Accumulate" [2][5] Core Views - The company has shown significant growth in its performance, with a 39.59% year-on-year increase in net profit for the first three quarters of 2025, amounting to 4.216 billion RMB [5][10] - The company's integrated layout is continuously deepening, with steady progress in project construction, indicating potential for sustained future growth [5][10] - The company has signed long-term agreements with LG Energy Solution, enhancing its competitive edge in lithium battery materials [10] Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 58.941 billion RMB, a 29.57% increase year-on-year, and a net profit of 4.216 billion RMB, reflecting a 39.59% growth [10][11] - The projected earnings per share (EPS) for 2025 is adjusted to 3.08 RMB, with corresponding price-to-earnings ratios of 20.9, 15.9, and 13.4 for the years 2025, 2026, and 2027 respectively [7][9] - The company’s revenue is expected to grow significantly, with estimates of 80.738 billion RMB for 2025, representing a 32.5% increase from the previous year [9][12]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Views - The overall industrial metal prices have experienced a decline, particularly in the overseas market, primarily due to liquidity issues in the US banking system. The government shutdown has led to a tightening of cash balances, impacting global risk assets. Concerns over power shortages in North America due to data center developments have raised fears of production halts in high-energy-consuming sectors like aluminum and zinc, resulting in relatively strong prices for these commodities. The lithium industry has seen a turnaround, with improving supply-demand fundamentals. The uncertainty in overseas resource development and weak profitability due to low lithium prices have peaked capital expenditures in the industry by 2024-2025, with a confirmed trend of declining supply growth from 2026 to 2028. By 2026, equity values are expected to outperform commodity prices, potentially leading the market out of a downturn [2][4][5]. Summary by Sections Precious Metals - The ongoing US government shutdown has heightened risk aversion, which is expected to drive gold prices higher in the short term. The report emphasizes that gold prices are currently stabilizing rather than indicating a trend reversal. Historically, gold prices tend to peak early in a rate-cutting cycle, and the current macroeconomic environment suggests that gold may not have reached its peak yet. The report maintains a positive outlook for gold, suggesting that the market is entering a phase of systematic re-evaluation [4]. Industrial Metals - The report highlights a long-term positive outlook for copper and aluminum. Recent price adjustments in these metals are attributed to liquidity issues in the US. The report notes that copper inventories have increased by 4.68% week-on-week and 25.01% year-on-year, while aluminum inventories have decreased by 0.49% week-on-week and 13.31% year-on-year. The report suggests that despite short-term fluctuations, the long-term economic outlook and supply-demand structure will favor a strong cycle for copper and aluminum [4][5]. Energy and Minor Metals - The lithium sector is expected to see a supply inflection point and a new demand cycle. The report indicates that the darkest period for the lithium industry has passed, with a clear trend of improving supply-demand fundamentals. The demand for lithium is projected to grow significantly due to stable domestic power needs and the acceleration of solid-state battery industrialization. The report also highlights the strategic importance of rare earths and tungsten, with expectations of a new upward trend in prices due to supply constraints and increased demand [5][24]. Supply Dynamics - The report discusses the high concentration of supply in cobalt and nickel, with specific attention to the Democratic Republic of Congo's cobalt quotas and Indonesia's tightening supply policies for nickel. These factors are expected to support long-term price increases for both cobalt and nickel, benefiting resource-oriented companies [5][24].