广西华锡有色金属股份有限公司 关于调整 2026 年度期货套期保值业务额度 的可行性分析报告 一、调整期货套期保值业务额度的必要性 公司主营业务为有色金属勘探、开采、选矿业务，主要产品为锡、锌、铅锑、铅、 铜精矿以及锡、铟等深加工产品，同时公司通过委外加工模式生产锡锭、锑锭、锌锭、 铟锭。由于有色金属价格易受宏观形势、货币政策及产业供需等诸多因素的影响而呈 现较大波动，为有效降低公司生产经营相关原料和产品价格波动风险，保证产品成本 的相对稳定，公司按照生产经营计划以及结合锡金属价格，调整 2026 年度期货套期保 值业务额度，提升公司整体抵御风险能力，实现稳健经营的目标。 （四）交易期限 - 1 - 二、开展期货套期保值业务的主要内容 （一）调整后的交易金额 公司及子公司开展期货套期保值业务，在任一时点的保证金金额最高不超过人民 币 32,000 万元，任一交易日持有的合约最高价值不超过人民币 90,000 万元。在上述 额度范围内，资金可循环使用，本次业务期限内任一时点的交易金额（含前述交易的 收益进行再交易的相关金额）将不超过前述已审议额度。 （二）资金来源 本次公司及子公司从事期货套期保值业务的资金来源 ...

证券代码：600301 证券简称：华锡有色 编号：2026-011 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： 交易调整的主要情况：广西华锡有色金属股份有限公司（以下简称"公司"） 为降低公司原料和产品价格的大幅波动给公司带来的风险，公司开展锡金属期货 套期保值业务。结合锡金属价格上涨等因素，在保证正常生产经营的前提下，公 司调整 2026 年度期货套期保值计划额度，在任一时点的保证金金额最高由不超 过人民币 15,504 万元调整为不超过 32,000 万元，任一交易日持有的合约最高价 值由不超过人民币 64,600 万元调整为不超过 90,000 万元，上述额度在有效期限 内可循环滚动使用。交易期限为 2026 年 1 月 15 日至 2026 年 12 月 31 日。 审议程序：本次额度调整在公司董事会审议权限内，无需提交公司股东会审 议。 为降低公司重要原材料锡金属价格波动对公司生产经营的不利影响，结合锡 金属价格上涨等因素，公司于 2026 年 1 月 15 日召开第九届董事会审计委员会第 二十一 ...

证券代码：600301 证券简称：华锡有色 编号：2026-012 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026 年 1 月 16 日 (二)股东会召开的地点：南宁市良庆区体强路 12 号北部湾航运中心 A 座 8 楼 812 会议室 广西华锡有色金属股份有限公司 2026年第一次临时股东会决议公告 (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，董事长张小宁先生主持会议，会议采取现场投 票与网络投票相结合的方式进行表决，会议的召开及表决方式符合《公司法》及 《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席8人，副董事长、总经理李新宇先生因工作原因 请假； 2、董事、副总经理、董事会秘书陈兵先生出席本次会议；财务总监叶亚斌 先生列席本次会议。 1 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东 ...

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。 广西华锡有色金属股份有限公司（以下简称"公司"）第九届董事会第二十 五次会议（临时）通知与相关文件于 2026 年 1 月 15 日通过电子材料和书面通知 方式送达各位董事及高级管理人员，经全体董事一致同意豁免本次会议时限，并 于 2026 年 1 月 15 日以通讯方式召开。本次会议应出席会议的董事 9 名，实到 9 名。会议由董事长张小宁先生主持，公司高级管理人员列席了会议。本次会议的 召集和召开符合《中华人民共和国公司法》和《公司章程》的有关规定。经与会 董事认真审议，形成如下决议： 一、审议通过《关于广西华锡有色金属股份有限公司调整 2026 年度期货套 期保值计划额度的议案》 1、同意《关于广西华锡有色金属股份有限公司调整 2026 年度期货套期保值 计划额度的议案》； 2、本议案经公司董事会审计委员会审议通过。 证券代码：600301 股票简称：华锡有色 编号：2026-010 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《广西华 ...

Group 1 - The company Huaxi Nonferrous Metals announced that its 25th temporary meeting of the 9th board of directors was held on January 15, 2026, via communication [1] - The meeting reviewed the proposal regarding the adjustment of the futures hedging plan quota for the year 2026 [1] Group 2 - Silver prices have surged over 80% in the last 50 days, indicating a level of speculation that surpasses that of gold [1] - Historically, significant speculation in silver often signals that a bull market for precious metals is reaching its peak, raising questions about the current market dynamics [1]

证券代码：600301 股票简称：华锡有色 编号：2026-013 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： 一、本次交易的基本情况 为深入贯彻习近平总书记关于广西工作论述的重要要求，落实党的二十届三 中全会精神，推动国有资本向关系国家安全、国民经济命脉的重要行业和关键领 域集中，广西壮族自治区将通过创新驱动发展，加快关键金属产业链延链补链强 链，打造国家级产业集群。 2 为落实国家与广西壮族自治区战略部署，2026 年 1 月 16 日，北部湾港集团 1 本次收购前，上市公司的股权控制关系如下图所示: 本次权益变动的方式系广西北部湾国际港务集团有限公司（以下简称"北部 湾港集团"）将其持有的广西华锡集团股份有限公司（以下简称"华锡集团"） 48.19%股权出资设立广西关键金属产业发展集团有限公司（以下简称"关键 金属集团"），且北部湾港集团与关键金属集团签署无偿划转协议，将持有 的剩余华锡集团 28.79%股权无偿划转给关键金属集团（以下简称"本次收 购"）。 根据《上市公司收购管理办法》第六十二条规定 ...

法律意见书 国浩律师（南宁）事务所 关于 广西华锡有色金属股份有限公司 2026 年 第一次临时股东会 的 法律意见书 地址：南宁市良庆区宋厢路 16 号太平金融大厦二十一层 2101 号房 邮编：530200 电话：0771-5760061 传真：0771-5760065 电子信箱：grandallnn@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二六年一月 国浩律师（南宁）事务所 关于 广西华锡有色金属股份有限公司 2026 年第一次临时股东会 的法律意见书 国浩律师（南宁）意字(2025)第 5064-3 号 致：广西华锡有色金属股份有限公司 国浩律师（南宁）事务所受广西华锡有色金属股份有限公司（以下简 称"公司"）的委托，指派覃锦律师、刘卓昀律师（以下简称"本律师"） 作为公司召开 2026 年第一次临时股东会（以下简称"本次股东会"或"会 议"）的专项法律顾问，对本次股东会的召开全过程进行见证并出具法律 意见。 为出具法律意见，本律师出席了本次股东会，并审查了公司提供的有 关会议文件、资料。公司承诺：其已向本律师提供了出具法律意见所必须 的、真实的 ...

Group 1 - The core point of the news is that Guangxi Huaxi Nonferrous Metals Co., Ltd. experienced a stock price decline of 5.04%, trading at 48.05 yuan per share, with a total market capitalization of 30.395 billion yuan as of January 16 [1] - The company was established on June 15, 1998, and listed on July 12, 2000, with its main business involving trading and supervision, as well as exploration, mining, and processing of nonferrous metals such as tin, zinc, lead, and antimony [1] - The revenue composition of the company includes 91.82% from nonferrous metal products, 4.61% from deep processing of nonferrous metals, 2.43% from engineering supervision and other services, 0.89% from other supplementary services, and 0.25% from surveying, design, and consulting services [1] Group 2 - From the perspective of fund holdings, one fund under Shenwan Hongyuan Asset Management has a significant position in Huaxi Nonferrous, with 104,400 shares held, accounting for 4.61% of the fund's net value, making it the sixth-largest holding [2] - The fund, Shenwan Hongyuan Industry Rotation Stock A (005009), has a total scale of 60.584 million yuan and has achieved a year-to-date return of 10.9%, ranking 812 out of 5,531 in its category [2] - Over the past year, the fund has seen a return of 96.98%, ranking 136 out of 4,215, and since its inception, it has achieved a return of 172.84% [2]

Summary of the Conference Call on Tin Metal Industry Industry Overview - The tin metal industry is experiencing a short-term increase in export orders due to demand from end-use sectors like batteries and photovoltaic (PV) industries, with an expected increase of approximately 2,000 tons in the first quarter [1][3] - The current spot market for tin is weak, with reduced purchasing willingness from downstream buyers, as evidenced by the deep water quotation for Yunzi brand at around 700 RMB per ton and overseas inventory at approximately 6,000 tons, indicating low trading activity [1][6][7] Key Points on Supply and Demand - In the medium to long term, the supply growth rate in the tin market is low, with an average annual increase of about 1%. Emerging technologies such as AI are expected to create new demand growth points, making the supply-demand fundamentals similar to those of the copper market [1][4] - China accounts for about 25% of global tin production and reserves, primarily concentrated in Yunnan, Guangxi, and Inner Mongolia. The Alpha Mining area in Africa is expected to become a significant growth region, although geopolitical risks remain a key concern [1][4] Notable Companies and Investment Opportunities - Key companies to watch in the tin sector include: - Xiyu Co., with a self-owned production capacity of 323,000 tons and plans to add 6,000 tons [1][5] - Zinc smelting companies, currently with a capacity of 9,000 tons and plans to add nearly 20,000 tons by 2028 [1][5] - Huaxi Nonferrous, which is expected to benefit from price increases [1][5] Supply Chain Dynamics - Myanmar's tin production is currently hindered by issues related to explosive approvals, but is expected to recover to a monthly production level of 1,500 tons by late January [1][8] - Indonesia's RKB mine is projected to produce 60,000 tons this year, which is neutral for the market [1][8] - The Alpha Mining area in Africa is expected to recover to an annual production level of 20,000 tons by 2027, while South America, particularly Peru, is maintaining stable production with a slight overall increase expected [1][9][10] Price Trends and Market Sentiment - The main reasons for the expected rise in tin prices in 2026 include supply disruptions and the impact of export tax rebate policies, particularly in the photovoltaic and battery sectors [2][21] - The first quarter is typically a low-demand season, but the second quarter may see a demand increase if Christmas orders recover and export tariffs ease. Tin prices are expected to fluctuate between 280,000 to 350,000 RMB, with significant volatility in the first quarter [2][21][22] Inventory and Downstream Activity - Current LME inventory is close to 6,000 tons, with domestic warehouse inventory exceeding 9,000 tons, indicating a historical high [1][16] - Downstream activity has been low due to high prices, with only a slight recovery in orders noted in December. The upcoming New Year and Spring Festival may lead to some replenishment, but overall downstream conditions remain precarious [1][16] Future Outlook - The global photovoltaic production is expected to reach around 600 GW by 2027, with China's output projected between 200-250 GW. This indicates a slight decline compared to previous years, although potential policy changes could provide new growth opportunities [1][17] - The tin plating industry is expected to grow by 3.6% in 2026, but export levels may face challenges in 2027 due to potential declines in overseas demand [1][18] Conclusion - The tin market is characterized by a complex interplay of supply constraints, emerging demand from new technologies, and geopolitical risks. Key players in the industry are positioned to benefit from price increases, but caution is advised due to potential volatility and market dynamics.

Core Viewpoint - The Shanghai Futures Exchange has announced adjustments to the margin ratio, price fluctuation limits, and trading limits for tin futures, aiming to guide market participants towards rational and cautious participation, ensuring stable market operations [4]. Group 1: Market Adjustments - Starting from January 15, 2026, the price fluctuation limit for tin futures contracts will be adjusted to 11%, with the margin ratio for hedging transactions set at 12% and for general positions at 13% [3]. - From January 16, 2026, the maximum number of contracts for day trading by non-futures company members and special overseas non-broker participants will be limited to 800 contracts, while hedging and market-making transactions will not be subject to this restriction [3]. Group 2: Price Trends and Influencing Factors - Tin prices have recently surged, breaking historical highs and surpassing the 2022 peak, reaching above 400,000 yuan/ton, with a cumulative increase of 33% within just half a month [5]. - Factors influencing the rise in tin prices include tight supply due to delayed production recovery in Myanmar, export issues in Indonesia, and production reduction expectations in regions like the Democratic Republic of the Congo due to conflicts [3]. - Domestic inventory levels are at a historical mid-range, with recent accumulation in futures inventory, while the market remains optimistic about long-term consumption driven by electronic products and solder materials [3]. Group 3: Analyst Insights - Analysts suggest that 2026 is likely to be a turning point for tin concentrate supply, with expectations of a gradual easing of supply by the second quarter [4]. - Despite the ongoing demand growth for semiconductor solder, the rapid price increase may be overextending long-term expectations, leading to potential volatility in the market [4]. - The recent price surge has positively impacted related company stock prices, with Huaxi Nonferrous rising by 2.2% and Yunnan Tin Company increasing by 1.5% as of January 15, 2026 [5].