北京植德律师事务所 关于 云南临沧鑫圆锗业股份有限公司 2026 年第二次临时股东会的 法律意见书 植德京（会）字[2026]0018 号 二〇二六年二月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Offices Tower, No.1 Dongzhimen South Street,Dongcheng District, Beijing 100007 P.R.C. 电话（Tel）: 010-56500900 传真（Fax）: 010-56500999 www.meritsandtree.com 北京植德律师事务所 关于云南临沧鑫圆锗业股份有限公司 2026 年第二次临时股东会的法律意见书 植德京（会）字[2026]0018 号 致：云南临沧鑫圆锗业股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2026 年第二次临时股东会（以下简称"本次会议"）。 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人 ...

证券代码：002428 证券简称：云南锗业 公告编号：2026-012 云南临沧鑫圆锗业股份有限公司 2026 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 3、表决方式：采取现场投票与网络投票相结合的表决方式 特别提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 4、会议召开时间： 一、会议的召开和出席情况 1、会议通知情况：云南临沧鑫圆锗业股份有限公司（以下简称"公司"） 于 2026 年 2 月 10 日在《证券时报》《中国证券报》《上海证券报》《证券日报》 及巨潮资讯网（http://www.cninfo.com.cn）上刊登了《云南临沧鑫圆锗业股份 有限公司关于召开 2026 年第二次临时股东会的通知》。 2、召集人：公司董事会 现场会议召开时间为：2026 年 2 月 27 日 15:00 网络投票时间为： （1）通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 2 月 27 日 9:15-9:25，9:30-11:30，13:00-15:00； （2）通过深圳证 ...

证券代码：002428 证券简称：云南锗业 公告编号：2026-014 第九届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 云南临沧鑫圆锗业股份有限公司（以下简称"公司"）第九届董事会第一次 会议通知于 2026 年 2 月 23 日以通讯方式发出，并于 2026 年 2 月 27 日在昆明市 呈贡新区马金铺电力装备园魁星街公司综合实验大楼三楼会议室以现场会议方 式召开。会议应出席董事 7 名，实际出席董事 7 名。会议由包文东先生主持。公 司部分高级管理人员列席了会议。本次会议出席人数、召开程序、议事内容均符 合《公司法》和《公司章程》的规定。会议经表决形成如下决议： 一、会议以 7 票同意，0 票反对，0 票弃权，通过《关于选举公司第九届董 事会董事长的议案》； 同意选举包文东先生为公司第九届董事会董事长，任期与本届董事会一致。 详细内容请见公司同日在《证券时报》《中国证券报》《上海证券报》《证 券日报》及巨潮资讯网（http://www.cninfo.com.cn）上刊登的《云南临沧鑫圆 锗业股份有限公司关于董事会完成换届选举并 ...

Core Viewpoint - The A-share small metals sector has shown strong performance, achieving a nearly 50% increase year-to-date, driven by supply constraints and structural demand surges, particularly in tungsten and other critical minerals [3][5][4]. Group 1: Market Performance - The small metals sector has seen a cumulative increase of nearly 50% year-to-date, leading among 124 secondary industries [5]. - Key stocks such as Xianglu Tungsten, Zhangyuan Tungsten, and Zhongtung High-tech have doubled in price, with year-to-date increases of 187.41%, 186.32%, and 133.42% respectively [5]. - The small metals index currently has a price-to-earnings ratio (PE) of 77.5, placing it in the 74.9th percentile historically, and a price-to-book ratio (PB) of 6.28, in the 84.09th percentile historically [5]. Group 2: Price Dynamics - Tungsten prices have surged, with a reported increase of over 217% since 2025, while black tungsten concentrate has risen by 66.37% since 2026 [8][9]. - Tantalum prices have also increased significantly, with a rise of 78.57% from an average price of 2800 yuan/kg in November 2025 to 5000 yuan/kg in February 2026 [9]. - Molybdenum prices have maintained an upward trend, with molybdenum concentrate priced at 4165 yuan/ton, reflecting a 2.97% increase [9]. Group 3: Supply and Demand Factors - The supply of tungsten is tight, with predictions of a growing supply-demand gap from 18,500 tons in 2026 to 19,200 tons by 2028, representing over 17% of global tungsten demand [9]. - The demand for antimony is expected to remain strong, particularly in the photovoltaic sector, with a projected tight market through 2025-2026 [10]. - Magnesium prices have been relatively weak, with a modest increase of only 4.08% since December 2025, indicating a lack of strong demand drivers [10]. Group 4: Cost Transmission and Corporate Performance - Rising raw material costs have led to several companies issuing price increase notices, such as Tiangong International and New锐股份, due to the continuous rise in tungsten and molybdenum prices [11][12]. - Companies like Xianglu Tungsten and Xiamen Tungsten are expected to report significant profit increases, with Xianglu projecting a net profit of 125 to 180 million yuan, a year-on-year increase of 239.66% to 301.11% [14]. - The overall performance of companies with resource advantages is strong, while those in processing face margin compression risks [14]. Group 5: Strategic Insights - The small metals sector is experiencing an independent market trend due to its strategic attributes and supply-demand logic, differing fundamentally from base metals [15]. - Investors are advised to monitor price volatility risks and the ability of downstream demand to absorb high costs following rapid price increases [15].

Group 1 - China Satcom (601698) is a key player in satellite communication, holding scarce orbital positions and spectrum resources, crucial for commercial space ventures. The demand for satellite communication and data services is rapidly increasing due to the acceleration of low-orbit satellite networks and mobile direct satellite connections [1][44] - The company has a complete ground station network and high-throughput satellite resources, deeply integrated with national satellite internet projects, ensuring stable and sustainable cash flow [1][45] - With the ongoing scale-up of commercial space, the demand for satellite operation, data distribution, and industry applications continues to grow, supported by favorable policies for satellite internet [1][45] Group 2 - China Satellite (600118) focuses on the entire satellite manufacturing and application chain, covering communication, navigation, and remote sensing, making it a core player in satellite manufacturing [2][46] - The demand for small satellite launches is surging as low-orbit satellite constellations reach their peak, leading to explosive growth in satellite assembly and core component supply [2][46] - The company leverages its technological and resource advantages from the Aerospace Science and Technology Corporation, participating in major national space projects and expanding its service offerings [2][46] Group 3 - Aerospace Electronics (600879) specializes in aerospace measurement and control, covering key areas such as rocket control and satellite attitude control, with a supply rate exceeding 90% [3][47] - The demand for aerospace measurement and satellite electronics is increasing due to the rise in commercial rocket launches and large-scale low-orbit satellite networks [3][47] - The company has a strong order backlog and is actively expanding into the commercial space market, providing services to private rocket and satellite companies [3][47] Group 4 - ZTE Corporation (000063) is a global leader in communication equipment, deeply involved in the ground core network and terminal equipment for satellite internet, making it a key participant in commercial space ground systems [4][48] - The demand for satellite communication ground stations, core network equipment, and terminal chips is surging due to the acceleration of low-orbit satellite construction [4][48] - The company is leveraging its 5G and communication technology expertise to quickly enter the satellite communication field, participating in national satellite network projects and expanding into overseas markets [4][48] Group 5 - AVIC Optoelectronics (002179) focuses on high-reliability connectors and cable components, widely used in rockets, satellites, and spacecraft, making it a core supplier in commercial aerospace connection systems [5][49] - The demand for high-reliability connectors is growing as the complexity and reliability requirements of commercial aerospace equipment increase [5][49] - The company is actively expanding into the private aerospace market, providing services to commercial rocket and satellite companies, enhancing its market share [5][49] Group 6 - Aerospace Development (000547) is the only publicly listed platform for commercial aerospace under the Aerospace Science and Industry Corporation, covering the entire satellite manufacturing, operation, and ground terminal chain [6][50] - The company has seen a significant increase in commercial aerospace orders, leveraging its military qualifications and resource advantages [6][50] - With the gradual establishment of the "Tianmu-1" low-orbit meteorological satellite constellation, the company is enhancing its satellite data service capabilities [6][50] Group 7 - Guangqi Technology (002625) specializes in metamaterials, widely used in aerospace equipment for stealth and structural enhancement, making it a core player in the new materials sector of commercial aerospace [7][51] - The demand for metamaterials is continuously increasing as commercial aerospace equipment requires lightweight, stealthy, and high-performance materials [7][51] - The company is actively expanding into the civilian commercial aerospace market, providing metamaterial solutions to private rocket and satellite companies [7][51] Group 8 - Chengchang Technology (001270) is a leading supplier of spaceborne T/R chips, with a market share exceeding 70%, making it a core supplier in the commercial aerospace RF chip sector [8][53] - The demand for spaceborne T/R chips is experiencing exponential growth due to the large-scale networking of low-orbit constellations [8][53] - The company is expanding into overseas markets and entering the global commercial satellite supply chain, further enhancing its market share [8][53] Group 9 - Tianyin Electromechanical (300342) specializes in satellite attitude control star sensors, holding a market share exceeding 60%, making it a leading enterprise in core components for commercial aerospace satellites [9][54] - The demand for star sensors is robust, with each satellite requiring one, and the company is seeing significant growth in order volume due to the batch launch of low-orbit satellites [9][54] - The company is actively expanding its product layout to include other core satellite components, further enhancing its market share [9][54]

Core Viewpoint - The small metals sector in the A-share market has shown strong performance, with significant price increases and a notable divergence in price trends among different metals, driven by supply constraints and structural demand surges [2][3][4]. Group 1: Market Performance - The small metals sector has achieved a cumulative increase of nearly 50% year-to-date, leading all 124 secondary industries [3]. - Key stocks such as Xianglu Tungsten and Zhangyuan Tungsten have seen their prices double, with year-to-date increases of 187.41% and 186.32% respectively [3]. - The tungsten price has reached historical highs, with a projected increase of over 217% by 2025 [4]. Group 2: Price Divergence - Tungsten has emerged as the leading metal in this market rally, while magnesium prices have remained low, indicating a significant price divergence among small metals [4][6]. - Tantalum prices have surged by 78.57% over three months, reaching an average of 5000 yuan/kg [5]. - Antimony prices have also increased, with a recent average of 170,000 yuan/ton, reflecting a continuous upward trend since the end of the Spring Festival [5]. Group 3: Supply and Demand Dynamics - Supply constraints are a major factor supporting the high tungsten prices, with predictions of increasing global supply-demand gaps from 2026 to 2028 [4]. - The demand for key minerals is being driven by concerns over supply chain security, making these resources increasingly valuable [3]. - Despite the overall demand for metals, certain sectors like real estate and home appliances are facing weakening demand, while investments in power grids and energy storage are expected to remain strong [6]. Group 4: Cost Transmission and Corporate Responses - Rising raw material costs have led to several companies issuing price increase notices, indicating a shift in the cost transmission mechanism within the industry [7][8]. - Companies like Tiangong International and Xiangyuan Tungsten have announced price adjustments for their products due to increased production costs [7][8]. - Firms with resource advantages are expected to report strong earnings, while those in processing may face margin compression [8][9].

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.39% closing at 4162 points, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index dropped by 1.04% [1] - Rare metal stocks experienced a surge, with several stocks hitting the daily limit up, including Hunan Gold, Zhangyuan Tungsten, and Xianglu Tungsten, among others [1] - Tungsten prices have skyrocketed, prompting downstream hard alloy manufacturers to raise prices, with companies like Xinrui Co. and Huarui Precision announcing price adjustments [1] Group 2 - The computing power leasing sector continued its strong performance, with stocks like Yuntian Lifa and Tuowei Information hitting the daily limit up [2] - Hetzner, a major European data center operator, announced a price increase for all products and services effective April 1, marking the second price hike within the month [2] Group 3 - YN Energy Holdings saw a significant increase of 115%, ranking first in monthly gains [3] - Limin Co., a leading pesticide manufacturer, announced a long-term supply contract with Bayer, with an estimated contract value of 800 million yuan over three years [3] - The glass fiber sector faced declines, with companies like International Composites dropping nearly 10% [3] Group 4 - Hong Kong's innovative drug sector rebounded, with companies like WuXi AppTec and CanSino Biologics seeing gains of nearly 8% and over 6% respectively [4] - The recent adjustment in the innovative drug and CRO sectors is viewed as a short-term correction, not affecting the long-term growth prospects of the industry [4]

Core Viewpoint - The rare resources sector has shown strong performance, with several companies reaching their daily price limit increase [1] Group 1: Company Performance - Xiamen Tungsten Industry, Guizhou Research Institute of Nonferrous Metals, Zhong Rare Metals, Zhangyuan Tungsten Industry, Mindong Electric Power, and Yasheng Group all hit the daily limit increase [1] - Jinmoly Co., Xiyang Co., Baotai Co., and Yunnan Zinc Industry also experienced significant price increases [1]

Group 1: Market Performance - Rare metal stocks in the A-share market have collectively strengthened, with tungsten and rare earth sectors leading the gains. Companies such as Dongfang Zirconium, Xianglu Tungsten, and Zhangyuan Tungsten have reached the daily limit increase of 10% [1] - Xiamen Tungsten is nearing its daily limit, while other companies like Zhongtung High-tech and Yunnan Zinc Industry have increased by over 8%. Jinmoly Co. has risen by over 7%, and several others have seen increases of over 5% [1] - Notably, companies including Xiamen Tungsten, Zhongtung High-tech, Jiangtung Equipment, Xianglu Tungsten, Zhangyuan Tungsten, Northern Rare Earth, and Dongfang Tantalum have all reached historical highs [1] Group 2: Price Trends - After the Spring Festival, raw material prices have continued to rise. As of February 25, tungsten powder has surpassed 1800 RMB/kg, marking a 469.6% increase compared to last year and a 66.7% increase since the beginning of this year. Ammonium Paratungstate (APT) has reached a new high of 1.1 million RMB/ton, up over 400% from last year [1] - Zhangyuan Tungsten announced on February 26 that due to the continuous rise in tungsten raw material prices, the company will adjust the prices of its welding machine clamp blades starting February 26, 2026, to ensure sustainable development [1] Group 3: Industry Shortages - In the rare earth sector, there is a significant shortage of rare earth elements, particularly yttrium and scandium, which are crucial for defense technology, aerospace, and semiconductor industries. Some suppliers have even refused customer orders due to this shortage [2]

（文章来源：每日经济新闻） 每经AI快讯，2月27日，小金属板块反复活跃，东方钽业、章源钨业、翔鹭钨业盘中股价创新高，宝武 镁业、中钨高新、锡业股份、云南锗业、厦门钨业跟涨。 ...