Core Viewpoint - The small metals sector in A-shares has shown a significant upward trend, with the sector index closing up by 0.79% on December 10, driven by notable price increases in various small metal varieties, particularly tungsten [2][3]. Price Movements - Tungsten prices have surged, with black tungsten concentrate (≥65%) priced at 363,000 yuan/ton, up 153.85% year-to-date; ammonium paratungstate (APT) at 535,000 yuan/ton, up 153.55%; and tungsten powder at 880 yuan/kg, up 178.48%, all reaching historical highs [3][5]. - Other small metals like cobalt and tin have also seen significant price increases, with cobalt averaging 408,000 yuan/ton (up 16.91% since October) and tin futures rising 15.74% since October [3][5]. Factors Driving Price Increases - The price increases are attributed to supply constraints, favorable macroeconomic conditions, and rising downstream demand. Supply-side constraints include strict mining quotas and environmental regulations for tungsten, and slow recovery of tin production in Myanmar [5]. - Macroeconomic factors include strong market expectations for a Federal Reserve interest rate cut, which typically weakens the dollar and supports commodity prices [5]. - Downstream demand is driven by growth in industries such as new energy, semiconductors, and military applications, enhancing the outlook for strategic small metals [5]. Capital Inflows - The small metals sector has seen substantial capital inflows, with a net inflow of 1.732 billion yuan on December 10, ranking high among secondary industries [7]. - Notable companies like Western Materials received a net inflow of 1.274 billion yuan, benefiting from their core supply roles in aerospace and marine engineering [7]. Company Performance - The small metals sector's overall performance has improved, with a total net profit of 13.589 billion yuan in the first three quarters, a year-on-year increase of 41.42% [8]. - Companies like Shenghe Resources and Northern Rare Earth have reported significant profit growth, with increases of 748.07% and 280.27% respectively [8]. Capacity Expansion - Shenghe Resources has disclosed plans for capacity expansion, with its subsidiary's high-performance rare earth polishing powder project progressing as scheduled, expected to be operational by the end of Q1 2026 [9].

Core Viewpoint - Baowu Magnesium Industry (002182.SZ) is actively seeking to transfer its Xuyi assets, initially valued at approximately 116.54 million yuan, to optimize idle assets and reduce maintenance costs [1] Group 1: Asset Transfer Details - The Xuyi assets were officially listed for transfer on October 28, 2025, with a starting price based on a registered valuation of 116.54 million yuan [1] - The initial announcement period for the asset transfer lasted 20 working days, concluding on November 25, 2025, with no qualified buyers identified [1] - To expedite the transfer process, the company decided to reduce the transfer price by 10%, setting a new base price of 104.89 million yuan [1] Group 2: Board Meeting and Decisions - On December 9, 2025, the company held its seventh board meeting to discuss the adjustment of the asset transfer price [1] - The board approved the proposal to lower the valuation to facilitate the transfer of the Xuyi assets [1]

Group 1 - The core point of the article is that Baowu Magnesium Industry (SZ 002182) held its 13th meeting of the 7th board of directors on December 9, 2025, to review proposals including the increase of daily related transaction limits for 2025 [1] - For the first half of 2025, Baowu Magnesium's revenue composition shows that non-ferrous metal smelting and rolling processing accounted for 97.17%, while other businesses made up 2.83% [1] - As of the report date, Baowu Magnesium's market capitalization is 13.8 billion yuan [1]

根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》《上市公司独立董事管理办法》等相关 法律、法规、规范性文件及公司章程的规定，我们作为独立董事，对公司提供的 《关于增加 2025 年度日常关联交易的议案》进行了审核，经过认真审阅该关联 交易事项相关资料，并且与公司相关人员进行有效沟通之后，我们认为：公司及 子公司增加与安徽宝镁、宝钢金属及其关联公司的日常关联交易，是公司因正常 生产经营所需，关联交易定价依据市场化原则，充分体现了公平、公允的原则， 不存在损害公司及全体股东、特别是中小股东利益的情形，不会对公司独立性产 生影响。我们同意本次关联交易事项并提交公司董事会审议，关联董事在审议时 需回避表决。 表决结果：同意 4 票，反对 0 票，弃权 0 票。 独立董事：王开田、栗春坤、邹建新、唐林林 关于公司第七届董事会第十三次会议相关事项的 专门会议审核意见 宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）独立董事 关于公司第七届董事会第十三次会议相关事项的专门会议于 2025 年 12 月 9 日在 公司会议室召开，应出席独立董事 4 人，实 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 一、日常关联交易的基本情况 （一）日常关联交易概述 宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）于 2025 年 4 月 25 日召开了第七届董事会第八次会议，审议通过了《关于 2025 年度日常关 联交易预计的议案》，根据公司及控股子公司的日常生产经营需要，2025 年度与 公司控股股东宝钢金属有限公司（以下简称"宝钢金属"）及其关联公司、公司 参股公司安徽宝镁轻合金有限公司（以下简称"安徽宝镁"）、公司参股公司巢湖 宜安云海科技有限公司（以下简称"宜安云海"）、宝武集团财务有限责任公司（以 下简称"宝武财务公司"）、华宝都鼎(上海)融资租赁有限公司（以下简称"华宝 租赁"）等关联方发生日常关联交易，2025 年度涉及向关联方采购产品与服务、 销售产品与服务、金融服务等日常关联交易预计总金额为 171,000 万元。具体内 容详见公司于 2025 年 4 月 25 日刊登在中国证监会指定的信息披露网站巨潮资讯 网（http://www.cninfo.com.cn）上的《关于 2025 年度日常关联 ...

证券代码：002182 证券简称：宝武镁业 公告编号：2025-53 宝武镁业科技股份有限公司 关于调整盱眙资产挂牌转让底价的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚 假记载、误导性陈述或者重大遗漏。 宝武镁业科技股份有限公司（以下简称"公司"或"宝武镁业"）于2025 年8月27日召开了第七届董事会第十次会议，审议通过了《关于拟公开挂牌转让 公司盱眙资产的议案》，为优化资源配置，盘活闲置资产，聚焦战略重点，公 司拟以11,654.3331万元（不含增值税）的价格公开挂牌出售公司位于淮安市盱 眙县盱眙经济开发区枫杨大道西侧的工业房地产及机械设备。具体内容详见公 司于2025年8月28日刊登在中国证监会指定的信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）上的《关于拟公开挂牌转让公司盱眙资产的公告》 （公告编号：2025-40）。 2025年10月28日，宝武镁业盱眙资产在上海联合产权交易所正式挂牌转让， 挂牌底价为经备案后的评估值11,654.3331万元，首次挂牌公告期20个工作日已 于2025年11月25日到期。目前仍以原条件以5个工作日为一个周期持 ...

证券代码：002182 证券简称：宝武镁业 公告编号：2025-55 宝武镁业科技股份有限公司 关于召开 2025 年第五次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第五次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 26 日 14:00:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 26 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2025 年 12 月 26 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。（1）现场投票：包括本人出席及 通 ...

证券代码：002182 证券简称：宝武镁业 公告编号：2025-54 关联董事孔祥宏先生、闻发平先生、李长春先生、曹娅晴女士、吕笑然先生、 沈雁先生、范乃娟女士已对该议案回避表决。 其余董事表决结果：4 票同意、0 票反对、0 票弃权。 本议案需提交公司 2025 年第五次临时股东会审议。 二、审议通过了《关于调整盱眙资产挂牌转让底价的议案》 宝武镁业科技股份有限公司 第七届董事会第十三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 宝武镁业科技股份有限公司（以下简称"宝武镁业"或"公司"）第七届董 事会第十三次会议于 2025 年 12 月 9 日以现场形式召开，会议通知已于 2025 年 12 月 2 日以书面及电子邮件方式通知全体董事及高级管理人员，并通过电话确 认。会议应到董事 11 人，实到董事 11 人。公司部分高级管理人员列席了会议。 会议召开符合法律、法规及《公司章程》的相关规定。 会议由董事长孔祥宏先生主持，出席会议的董事以现场书面表决方式审议并 通过了如下议案： 一、审议通过了《关于增加 2025 年度日常关联交易额度的议案 ...

Core Viewpoint - Baowu Magnesium Industry's stock price increased by 2.06% to 13.90 CNY per share, with a market capitalization of 13.786 billion CNY, indicating positive market sentiment and trading activity [1]. Financial Performance - For the period from January to September 2025, Baowu Magnesium achieved a revenue of 6.970 billion CNY, reflecting a year-on-year growth of 9.82%. However, the net profit attributable to shareholders decreased by 43.13% to 87.4393 million CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 738 million CNY, with 206 million CNY distributed over the past three years [3]. Shareholder Structure - As of November 20, 2025, the number of shareholders increased to 59,200, with an average of 14,607 circulating shares per shareholder, a slight decrease of 0.10% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 25.7678 million shares, an increase of 13.5401 million shares from the previous period [3]. - New institutional investors include交银国企改革灵活配置混合A, which holds 4.3606 million shares, while Southern CSI 1000 ETF reduced its holdings by 53,600 shares [3]. Business Overview - Baowu Magnesium, established on November 30, 1993, and listed on November 13, 2007, specializes in the production and processing of magnesium and aluminum alloy materials [1]. - The company's revenue composition includes aluminum alloy extrusion products (35.90%), magnesium alloy products (26.03%), intermediate alloys (13.14%), magnesium-aluminum alloy die-casting products (11.10%), and other categories [1].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a high prosperity trend driven by rising metal prices due to interest rate cut expectations [1]. Core Views - The report highlights that the recent increase in metal prices is primarily influenced by the anticipation of interest rate cuts, which is expected to reshape the monetary credit landscape and increase demand for precious metals like gold and silver [2][3]. - The report suggests that the valuation of precious metals is currently at the lower end of historical averages, indicating potential for continued recovery and growth in this sector [2][3]. Weekly Market Review - The Shanghai Composite Index rose by 1.40%, while the Shenzhen Component increased by 3.56%, and the CSI 300 Index gained 1.64%. The non-ferrous metals index outperformed the CSI 300 by 1.73 percentage points, rising by 3.37% [3]. - Precious metals saw significant weekly gains, with gold prices increasing by 4.77% and silver by 14.95%. Year-to-date, precious metals have risen by 72.35% [9][10]. Price Changes - Industrial metals and precious metals experienced price fluctuations, with copper prices increasing by 3.33% and aluminum by 2.46%. The report notes that the prices of lithium and cobalt also saw upward trends [2][14]. - The report provides detailed price changes for various metals, indicating a general upward trend in prices across the board, with specific increases in copper, aluminum, and lithium [14][16]. Inventory Changes - The report indicates a decrease in domestic copper social inventory by 2.1 million tons, while exchange inventories saw a slight increase. This reflects a tightening supply situation for copper [30][15]. - For aluminum, the report notes a reduction in social inventory, with a total of 72.70 million tons, indicating a tightening supply-demand balance in the market [49]. Key Company Valuations - The report lists key companies in the metals sector, providing their stock prices and earnings per share (EPS) forecasts. For instance, Zijin Mining is priced at 28.58 yuan per share with an EPS forecast of 1.93 yuan for 2025 [17]. - The report emphasizes the importance of companies with stable supply-demand dynamics and those with integrated business models, recommending specific stocks for investment [2][17].