摘要 华锡有色计划通过内生增长和外延扩张提升产量。高峰矿扩产至 45 万 吨/年，铜坑矿扩产至 300 万吨/年，佛子矿也将扩产。外延方面，拟注 入五级有限公司的铅锌锑多金属矿，并可能注入来宾冶炼厂。 预计到 2028-2029 年，华锡有色锡总产量将接近 2 万吨，权益产量约 1.3-1.4 万吨，锡产量预计每年增幅超过 20%，权益产量每年增厚 6-7 个百分点。锡总产量将从当前 7,000 吨左右增长至 9,000-10,000 吨之 间，而权益量则从 5,000 吨左右增加到 7,000-7,500 吨之间。 受出口管制政策影响，钽价波动剧烈。年初上涨后回落，美国延迟出口 管制政策执行后市场信心恢复，中联金上线 T 品种推动价格快速上涨， 预计 T1 价格至少能涨到接近 20 万元左右，有望回到年初 25-26 万元 的位置。 印尼锡矿整顿导致锡锭出口量同比下滑 50%，预计减少全球锡供应约 5,000 吨，相当于全球供应量减少约 2%。结合全球 3-5%的供需缺口， 这将进一步扩大缺口，推动锡价上涨。 Q&A 华锡有色的基本情况和主要资产有哪些？ 华锡有色 20251114 华锡有色是华南地区的 C ...

Core Viewpoint - Jinwei Mining Co., Ltd. has demonstrated strong resilience in its operations, achieving growth in both revenue and net profit in the first three quarters of the year despite fluctuations in non-ferrous metal prices [1][2]. Financial Performance - For the first three quarters, Jinwei Mining reported a revenue of 1.18 billion yuan, an increase of 7.01% year-on-year, and a net profit attributable to shareholders of 346 million yuan, up 0.36% year-on-year [1]. - Zinc concentrate production reached 49,700 tons, a year-on-year increase of 10.16%, with sales also rising to 49,700 tons, up 10.46% [1]. - Lead concentrate (including silver) production was 16,300 tons, a year-on-year increase of 4.45%, with sales at 16,300 tons, up 2.86% [1]. Business Operations - Jinwei Mining's main business includes exploration, mining, processing, and sales of lead, zinc, and silver resources, with a mining capacity of 1.78 million tons per year [2]. - The company has completed the acquisition of the remaining equity of its subsidiary, Gansu Haosen Mining Co., Ltd., achieving 100% control over it, which solidifies the resource base for future growth [2]. - The Jianglu mining area has integrated three mining rights into Gansu Jinwei Xicheng Mining Co., Ltd., laying a solid foundation for future development [2]. Strategic Development - The Jianglu mining area flotation plant, with a capacity of 1.5 million tons per year, is expected to meet trial production conditions by the end of 2025, with all supporting construction completed [2]. - Jinwei Mining is increasing its exploration and development efforts in various mining areas, such as the Yangjiashan-Yuanjiaping lead-zinc-gold polymetallic exploration project, which has identified a resource scale of medium to large size [2]. - The company plans to continue deepening its focus on mineral resource mergers and acquisitions, with ongoing projects aimed at increasing resource reserves [3].