Core Viewpoint - The news highlights the rising prices of key mineral resources in China, driven by geopolitical factors and supply chain security concerns, with a focus on tungsten and rare earth elements. Group 1: Market Trends - Domestic prices for 65% black tungsten concentrate have increased to 697,000 yuan per ton, up by 7,000 yuan from the previous trading day [2] - Similarly, the price for 65% white tungsten concentrate has also risen to 696,000 yuan per ton, reflecting the same increase [2] - The overall trend indicates a tightening supply of critical mineral resources, leading to upward price pressure [2] Group 2: Industry Insights - China Galaxy Securities notes that major countries are enhancing their resource supply security by controlling key minerals and increasing resource reserves, which will widen the supply gap for critical minerals globally [2] - The establishment of independent supply chains by these countries is expected to stimulate economic activity through rising metal prices, contributing to a "security premium" on global mineral resources [2] - The report emphasizes a bullish outlook on the prices of copper, tungsten, and rare earths due to their high demand and supply constraints [2] Group 3: Company Recommendations - Companies to watch include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, Zhongtung High-tech, Xiamen Tungsten, Northern Rare Earth, China Rare Earth, and Shenghe Resources, as they are positioned to benefit from the rising prices of key minerals [2]

Group 1 - The China Minmetals Import and Export Chamber announced a conference on March 25, 2026, to discuss export policies and market conditions for rare earth and rare metals, in response to stricter export controls imposed on dual-use items for Japan and other rare metals [1] - The conference aims to help member companies understand the new policies and export considerations, with officials from the Ministry of Commerce and the General Administration of Customs expected to provide insights [1] - The meeting will also facilitate communication between government departments and enterprises regarding export challenges [1] Group 2 - As of February 12, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) rose by 1.72%, with notable increases in stocks such as Shenghe Resources (up 7.33%) and Zhongtung High-tech (up 5.88%) [2] - The Penghua Industrial Nonferrous ETF (159162) also saw a rise of 1.93%, marking its fifth consecutive increase [2] - The CSI Industrial Nonferrous Metals Theme Index includes 30 large-cap companies involved in copper, aluminum, lead, zinc, and rare metals, reflecting the overall performance of the sector [2] - As of January 30, 2026, the top ten weighted stocks in the index accounted for 55.71% of the total index weight, including companies like Luoyang Molybdenum, Northern Rare Earth, and China Aluminum [2]

Meeting Information - The company will hold its second extraordinary general meeting of shareholders in 2026 on February 12, 2026, at 15:00 [3] - The meeting will be conducted both in-person and via online voting [5] - The record date for shareholders to attend the meeting is February 3, 2026 [6] Voting Procedures - Shareholders can vote through the Shenzhen Stock Exchange trading system and internet voting system on February 12, 2026, during specified trading hours [4][16] - The voting will be non-cumulative, and shareholders must choose one voting method: in-person, trading system, or internet voting [5][16] Attendance and Registration - All ordinary shareholders registered by the record date are entitled to attend the meeting and may appoint a proxy to vote on their behalf [6][7] - Registration for attending the meeting can be done in person or via fax/email for remote shareholders [11] Agenda and Proposals - The meeting will review proposals that have been approved by the board on January 26, 2026, including the termination of a share repurchase plan [9] - The proposals require a special resolution, needing more than two-thirds of the voting rights held by attending shareholders to pass [9][10]

Group 1 - The core point of the article is that Xiyu Co., Ltd. (stock code: 000960) reported a total of 105,024 registered shareholders as of February 10, 2026 [1]

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].

【引言】美元微跌添暖意，锡价震荡再冲高；地缘紧俏供需暖，节前涨势逐浪高。 大涨解密：宏观+基本面双重共振 宏观面来看，当日美元指数微跌0.02%收于96.6关口，弱美元格局降低锡价计价成本，利好大宗商品走 高；隔夜美股收高，科技股领涨带动金属板块情绪回暖，美股多种金属与采矿板块多数飘红，间接提振 锡价信心。基本面核心支撑在于供需紧平衡，叠加刚果金地缘局势扰动，进一步放大涨势。 地缘及供需：两大推手助涨不熄 热点直击：沪锡暴涨超2%，现货窄震后冲高 2026年2月11日，金属市场迎来突发热点，据长江有色金属网获悉，今日长江现货1#锡报价387250- 389250元/吨，均价388250元/吨，沪锡期货最高触及394300元/吨，涨幅超2%，成交额放量攀升；成为 当日金属市场焦点。 龙头企业方面，锡业股份2025年前三季度业绩亮眼，归母净利润达17.45亿，年末维持稳定生产节奏， 未出现明显减产，为市场提供稳定供给支撑。短期来看，宏观面利好未消、地缘风险犹存，叠加节前备 货需求，锡价仍将延续上涨趋势，但需警惕高位回调风险。 投资应对：谨慎追高，理性布局 对于投资者而言，短期可依托节前备货行情顺势布局，刚需采购企 ...

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2026-009 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 锡 | | KY02 | | 云南锡业股份有限公司 关于召开 2026 年第二次临时股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 云南锡业股份有限公司（以下简称"公司"）于 2026 年 1 月 28 日在巨潮资讯 网（http://www.cninfo.com.cn）披露了《关于召开 2026 年第二次临时股东会的通 知》（公告编号：2026-007）。现将会议有关事项提示如下： 一、召开会议基本情况 1、股东会届次：2026 年第二次临时股东会。 2、会议召集人：云南锡业股份有限公司董事会。经 2026 年 1 月 26 日召开 的第九届董事会 2026 年第一次临时会议审议通过，同意召开公司 2026 年第二次 临时股东会（详见公司于 2026 年 ...

2026年以来，钨价延续了2025年强势上涨态势。据中钨在线2月6日最新报价，主要钨制品涨幅较年初均 超40%，再创历史新高。 钨被称为"工业牙齿"，广泛应用于机械制造、化工、新能源、高端装备等领域，且难以替代。多份机构 研报表示，由于上游供应持续偏紧与下游需求逐步爆发的双重共振格局短期难改，钨价中枢有望持续抬 升。 2026年以来涨幅超40% 2025年至今，钨价经历了前所未有的上涨行情。黑钨精矿、APT（仲钨酸铵）等主要钨制品价格涨幅均 超200%，领涨小金属板块。 2月11日，小金属、稀有金属板块震荡走强，章源钨业、翔鹭钨业盘中创新高，中钨高新、厦门钨业、 东方钽业、中国铀业、锡业股份跟涨。 消息面上，有分析称在全球供应链重构与新兴产业加速崛起的双重驱动下，稀有金属作为支撑能源转 型、高端制造及国家安全的关键战略资源，正迎来新一轮景气周期。 "工业牙齿"价格再创新高！今年以来上涨超40% 2025年7月起，多种化工品、工业制品、原料价格掀起上涨浪潮，引发市场的广泛关注。价格跳动的曲 线背后，藏着市场最关切的三重追问：此轮涨价由何驱动？这波涨势能持续多久？产业链上下游企业的 业绩能否借此迎来修复契机，又将 ...

Group 1: AI and Power Equipment - Alphabet plans to raise $20 billion through bond issuance, exceeding previous expectations, to invest heavily in data centers crucial for its AI strategy [1] - The global demand for high-power, stable electricity supply for AI computing is increasing, leading to a supply-demand gap in high-voltage power equipment [1] - TBEA is a leading private transformer manufacturer in China, capable of integrated services in high-voltage cables and accessories [2] Group 2: AI and Security - The integration of AI into cybersecurity is creating new opportunities, with safety and trust becoming core themes in the industry [3] - The implementation of new cybersecurity regulations in China marks a shift towards more detailed governance in the sector [3] - Anheng Information has launched China's first AI security agent, enhancing its capabilities in various security scenarios [4] Group 3: Metal Prices - The price of indium has surged to its highest level in over a decade, with a significant increase of 88% from 2500 RMB/KG to 4700 RMB/KG [5] - China accounts for 70% of global indium production, and the supply growth has been limited, indicating potential for further price increases [5] - Xiyang Co. holds the largest indium resource reserves globally, producing 101.62 tons of indium [5] Group 4: Tourism Industry - The domestic tourism market is expected to see a 300% increase in planned trips during the upcoming Spring Festival, indicating a strong recovery [6] - Companies like Sanxia Tourism are expanding their offerings to meet diverse consumer demands, including high-end cruise services [7] Group 5: AI Content Creation - Reading Group is focusing on AI-driven content creation, aiming to enhance the efficiency and value of IP development [8] - Daily Interactive provides data intelligence services, catering to the short video and short drama sectors [9] Group 6: Automotive Industry - The Ministry of Commerce is implementing measures to boost automotive consumption, including trade reforms and policies to support vehicle replacement [11] - Companies like Feilong Co. and Xingyu Co. are positioned to benefit from the anticipated growth in the automotive sector [11]

Core Viewpoint - The strong rise in tin prices is driven by a combination of overseas macroeconomic easing expectations, domestic supply-demand mismatches during the Spring Festival, and rigid industrial demand [2] Group 1: Supply Side - Supply disruptions from major overseas producing countries continue, with slow import rhythms for domestic raw materials and moderate output from smelting, leading to overall tight supply [3] - Myanmar's Wa State recovery is below expectations, Indonesia's export quotas are tightening, and geopolitical tensions in the Democratic Republic of Congo are increasing supply risks in nearly 90% of mining areas [2][3] Group 2: Demand Side - As the Spring Festival approaches, downstream sectors are gradually shutting down, leading to a cooling of proactive stocking intentions, resulting in a dual weak supply-demand situation [4] - The electronic industry, particularly in 3C, semiconductors, and automotive electronics, accounts for 85% of tin demand, with new demand from AI servers and advanced packaging significantly increasing consumption [5][6] Group 3: Market Dynamics - The current trading in the spot market is subdued, with both buyers and sellers showing strong wait-and-see sentiments, and only a small amount of rigid demand transactions occurring [8] - Tin industry leaders are experiencing a "double boost" in performance due to high tin prices, with companies like Tin Industry Co. benefiting from their full industry chain layout and capacity release [8] Group 4: Short-term Price Trends - The market is expected to maintain a high-level oscillation with a strong bias, supported by macroeconomic benefits and tight fundamentals, although the Spring Festival demand lull may limit upward potential [10] - The key to post-holiday trends will depend on the downstream resumption of work and whether overseas supply recovery can validate and continue the current tight balance logic [10]