Group 1 - The A-share market continues to see an upward trend in lithium mining stocks, with notable increases in companies such as XINWANDA (up over 10%) and DAZHONG MINING (10% limit up) [1] - The market is driven by increased confidence in large-scale battery storage demand, leading to a rise in lithium prices, with the most active lithium carbonate contracts on the Guangzhou Futures Exchange rising for five consecutive trading days [2][3] - The current spot market price of lithium has reached a two-month high, although it remains approximately 85% lower than the peak prices of 2022 [2] Group 2 - The Chinese government has implemented measures to expand energy storage system capacity and investment, including establishing compensation mechanisms to ensure sufficient energy storage during peak usage [3] - China plans to double its energy storage system capacity to 180 GW by 2027 to support intermittent wind and solar power generation, which is expected to drive up demand for battery materials like lithium [3]

Group 1 - The core viewpoint of the news is that Yongxing Materials has seen a stock price increase of 5.5%, reaching 43.94 yuan per share, with a trading volume of 610 million yuan and a turnover rate of 3.71%, resulting in a total market capitalization of 23.688 billion yuan [1] - Yongxing Special Materials Technology Co., Ltd. is located in Huzhou, Zhejiang Province, established on July 19, 2000, and listed on May 15, 2015. The company specializes in the research, production, and sales of special metal materials, including stainless steel and special alloy materials [1] - The main business revenue composition of Yongxing Materials includes: bars 47.71%, wires 24.66%, lithium carbonate 20.10%, and others 7.53% [1] Group 2 - From the perspective of Yongxing Materials' top ten circulating shareholders, a fund under Southern Fund ranks among them. The Southern CSI 500 ETF (510500) reduced its holdings by 104,900 shares in the third quarter, holding 4.7056 million shares, which accounts for 1.21% of the circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion yuan. Year-to-date returns are 32.6%, ranking 1754 out of 4216 in its category; the one-year return is 30.54%, ranking 1659 out of 3885; and since inception, the return is 151.6% [2] - The fund manager of Southern CSI 500 ETF (510500) is Luo Wenjie, who has a cumulative tenure of 12 years and 195 days, with a total fund asset scale of 170.445 billion yuan. The best fund return during his tenure is 151.8%, while the worst is -47.6% [2]

Core Insights - Yongxing Materials' stock price increased by 2.02% to 42.49 CNY per share, with a market capitalization of 22.906 billion CNY as of October 30 [1] - The company has seen a year-to-date stock price increase of 15.04%, with significant gains over the past 20 days (24.15%) and 60 days (17.95%) [1] Financial Performance - For the period from January to September 2025, Yongxing Materials reported a revenue of 5.547 billion CNY, a year-on-year decrease of 10.98%, and a net profit attributable to shareholders of 532 million CNY, down 45.25% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 5.662 billion CNY, with 4.362 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 2.28% to 52,500, with an average of 7,401 circulating shares per person, an increase of 2.33% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 31.3495 million shares, an increase of 25.9464 million shares from the previous period [3]

关于为参股公司提供担保暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 永兴特种材料科技股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召 开了第七届董事会第一次临时会议，审议通过了《关于为参股公司提供担保暨关联交 易的议案》，现将有关事项公告如下： 一、本次担保暨关联交易情况概述 1、本次担保基本情况 湖州久立永兴特种合金材料有限公司（以下简称"合金公司"）系公司参股公司， 公司持股比例为 31.5%。合金公司为了项目建设资金需要，将向商业银行申请项目贷 款。公司将为合金公司向银行申请项目贷款，提供最高额不超过 7,717.50 万元的担 保，担保方式为连带责任保证，担保期限为五十个月。合金公司控股股东浙江久立特 材科技股份有限公司（以下简称"久立特材"）亦按照持股比例为合金公司提供同等 比例担保。以上担保额度不等于实际担保金额，实际担保金额以在上述额度内与商业 银行实际发生额为准。 2、关联关系 证券代码：002756 证券简称：永兴材料 公告编号：2025-045 号 永兴特种材料科技股份有限公司 公司董事长高兴江先生 ...

永兴特种材料科技股份有限公司 关于召开2025年第三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 年第三次临时股东会 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： 证券代码：002756 证券简称：永兴材料 公告编号：2025-046 号 （1）现场会议时间：2025 年 11 月 19 日 14:00 （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 11 月 19 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 11 月 19 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。 6、会议的股权登记日：2025 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-043 号 永兴特种材料科技股份有限公司 第七届董事会第一次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 1 永兴特种材料科技股份有限公司（以下简称"公司"）于 2025 年 10 月 23 日以书 面送达及电子邮件等方式向公司全体董事、高级管理人员发出了召开公司第七届董事 会第一次临时会议的通知。会议于 2025 年 10 月 28 日以通讯表决方式召开，会议应出 席董事 9 名，实际出席董事 9 名。公司高级管理人员列席了本次董事会。本次会议的 召开符合《公司法》和《公司章程》的有关规定，会议决议合法、有效。会议由董事 长高兴江先生主持，经与会董事充分讨论，审议通过了如下议案： 一、关于《2025 年第三季度报告》的议案 公司《2025 年第三季度报告》与本决议公告同日刊登于《证券时报》《上海证券 报》和巨潮资讯网（http://www.cninfo.com.cn），供投资者查阅。 江久立特材科技股份有限公司亦按照股权比例为合金公司提供了同等比例担保，担保 风险处于公司可控 ...

证券代码：002756 证券简称：永兴材料 公告编号：2025-044 号 永兴特种材料科技股份有限公司 永兴特种材料科技股份有限公司 2025 年第三季度报告 3.第三季度财务会计报告是否经过审计 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 □是 否 1 永兴特种材料科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 □适用 不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常 2 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比 | | --- ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Aluminum [5][6]. Core Views - The report highlights that industrial metal prices are expected to remain strong due to seasonal demand and supply disruptions, particularly for copper and aluminum [2][3]. - Energy metals like lithium and cobalt are projected to perform well, driven by strong demand in the energy storage market and supply constraints [3]. - Precious metals are anticipated to experience price fluctuations in the short term, but long-term trends remain bullish due to central bank gold purchases and weakening dollar credit [4]. Summary by Sections Industrial Metals - Copper prices are supported by macroeconomic sentiment and supply disruptions, with the SMM import copper concentrate index at $51.2/ton, down $0.6/ton month-on-month [2]. - Aluminum demand is robust, particularly from the automotive sector, with domestic aluminum ingot social inventory at approximately 618,000 tons, down 9,000 tons week-on-week [2]. - Key companies recommended include Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Lithium supply is increasing due to new production lines, while demand from the energy storage market is exceeding expectations, supporting strong prices [3]. - Cobalt prices are rising due to supply concerns from the Democratic Republic of Congo, with Chinese companies receiving fewer export quotas than expected [3]. - Recommended companies include Huayou Cobalt and Yichun Lithium [3]. Precious Metals - Gold prices are experiencing short-term volatility due to optimistic international conditions, but long-term outlook remains positive with central bank purchases [4]. - Silver prices are influenced by industrial demand and follow gold's price movements [4]. - Recommended companies include Western Gold and Shandong Gold [4].

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Market Overview - On October 24, the energy metals sector rose by 0.89%, with Yongxing Materials leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - Yongxing Materials (002756) closed at 40.48, with a gain of 4.12% and a trading volume of 232,800 shares, totaling a transaction value of 946 million [1] - BQX New Materials (605376) closed at 56.29, up 3.93%, with a trading volume of 62,700 shares and a transaction value of 351 million [1] - Rongjie Co., Ltd. (002192) closed at 43.58, gaining 3.71%, with a trading volume of 261,000 shares and a transaction value of 1.15 billion [1] - Other notable performers include Tengyuan Diamond (301219) up 2.10%, and Tianqi Lithium (002466) up 1.25% [1] Fund Flow Analysis - The energy metals sector experienced a net outflow of 651 million from institutional investors, while retail investors saw a net inflow of 572 million [2] - The main fund inflows and outflows for specific stocks include: - Tianqi Lithium (002466) had a net outflow of 50.27 million from institutional investors but a net inflow of 69.73 million from retail investors [3] - Yongxing Materials (002756) saw a net inflow of 44.79 million from institutional investors and a net outflow of 56.14 million from retail investors [3] - Rongjie Co., Ltd. (002192) had a significant net outflow of 81.34 million from institutional investors but a net inflow of 84.83 million from retail investors [3]