Summary of the Conference Call for Sanxiang New Materials Company Overview - **Company**: Sanxiang New Materials - **Industry**: Zirconium materials, including capacitors, refractory materials, and high-purity oxides Key Points Production Capacity and Market Position - Sanxiang New Materials has a leading global production capacity of **26,000 tons** for capacitor-grade zirconium oxide, with a market share exceeding **30%** and an annual shipment volume of approximately **16,000 to 17,000 tons** [2][3] - The company has an industrial-grade sponge zirconium production capacity of **3,000 to 3,500 tons**, expecting to ship **3,000 tons** in **2025**, capturing over **50%** of the global market and more than **70%** domestically [2][5] Future Projects and Revenue Projections - Plans to launch a **1,300-ton** nuclear-grade sponge zirconium project by **2025**, with confirmed orders totaling **850 tons** from France's Framatome and domestic reserves [2][5] - Anticipated revenue growth for **2025** and **2026**, with traditional business expected to contribute **100 to 150 million yuan** in net profit, sponge zirconium orders contributing **130 to 150 million yuan**, and high-purity oxides contributing **250 to 500 million yuan**, leading to a total profit estimate of at least **400 million yuan** [4][15] Technological Advancements - Breakthrough in zirconium-hafnium separation technology expected to achieve **5 nines** (99.999%) purity, set for full production in **Q2 2026**, which will lower raw material costs and create a closed-loop supply chain [6][4] - The company is also developing a **rutile project** that will not only address raw material issues but also generate high-purity hafnium as a byproduct, significantly enhancing profitability [9] Market Demand and Pricing Trends - Global demand for high-purity materials is increasing, with major suppliers facing production constraints due to environmental regulations, allowing Sanxiang to fill the supply gap [10] - High-end metal prices are nearing **50 million yuan per ton**, with expectations for continued price increases due to tight supply and weak domestic low-end demand [11][12] Applications and Market Expansion - High-purity metals are in demand across various sectors, including aerospace, commercial space, and nuclear power, with applications in high-temperature environments [14] - The company is actively expanding into international markets, including Russia, the USA, and Italy, and is the only company capable of producing over **1,000 tons** of alloy sponge zirconium [7][8] Competitive Position and Domestic Substitution - Sanxiang's products are nearing the quality of international counterparts while maintaining a cost advantage, achieving **5 nines** purity with low impurity levels [21] - The domestic market is expected to see rapid penetration of Sanxiang's products as they undergo shorter validation cycles compared to traditional materials [22] Future Price Trends for Nuclear Zirconium - Anticipated price increases for nuclear-grade zirconium materials in **2026**, driven by expansion plans from major storage companies and increased raw material demand [20] Additional Important Insights - The company has established a strong customer base, including top-tier firms in the nuclear sector, and is positioned to maintain a dominant market share through technological advancements and cost control [19] - The verification cycle for nuclear materials is lengthy, but for upstream materials like alloy sponge zirconium, it is relatively short, facilitating quicker market entry [22]

Group 1 - The core viewpoint of the articles highlights the significant rise in tungsten prices, with prices for tungsten powder (≥99.7%) reaching 1.01 million CNY per ton, an increase of 219.6% since the beginning of the year [1][2] - Jaxin International Resources (03858) has seen its stock price rise over 6%, reaching a new high of 45.8 HKD, driven by the bullish trend in tungsten prices and increased trading volume of 14.2566 million HKD [1] - The recent acceleration in tungsten price increases is attributed to supply contraction and adjustments in long-term contract prices as the year-end approaches [1] Group 2 - Jaxin International is focused on developing the Bakuta tungsten mine project in Kazakhstan, benefiting from top-tier resource endowments and rapid capacity release [2] - The current stock price of Jaxin International is viewed as a short-term reflection of tungsten price expectations, not fully capturing its long-term intrinsic value as a highly elastic investment in the context of the tungsten price upcycle [2] - Key variables that outline the long-term value of Jaxin International include production, price, and cost, which can be assessed through simple calculations to determine the company's true long-term value [2]

消息面上，中钨在线数据显示，截至12月18日，钨精矿、仲钨酸铵、钨粉价格继续上调，其中钨粉 （≥99.7%）报价已经达到101万元/吨，较年初涨219.6%；Wind采集的国产钨粉（≥99.7%）价格，则升 至104.5万元/吨，并且上涨速率较11月提升非常明显。业内人士指出，钨价近期的加速上涨则可能与临 近年末的供给收缩与长单价格上调有关。 智通财经APP获悉，佳鑫国际资源(03858)早盘涨超6%，高见45.8港元创上市新高。截至发稿，涨 6.17%，报45.8港元，成交额1425.66万港元。 智通财经APP在《钨价年内狂飙220%创历史新高，最具弹性标的佳鑫国际（03858）或有10倍空间？》 中指出，佳鑫国际是扎根于哈萨克斯坦的钨矿公司，专注于开发巴库塔钨矿项目。凭借全球顶级资源禀 赋、央企协同赋能、产能快速释放，以及未来成本优势凸显的等多个亮点，佳鑫国际已成为了资本市场 中的"香饽饽"。若以长期视角来看，佳鑫国际当前的股价仅是对钨矿短期价格预期的反馈，并未充分反 映其作为钨矿涨价大周期下最具弹性投资标的的长期内在价值，而产量、价格、成本这三个数据是勾勒 佳鑫国际长期价值的核心变量，只需做简单测算， ...

Group 1: Copper Market Overview - Copper prices on the London Metal Exchange (LME) rose, with three-month copper increasing by $103.50, or 0.88%, closing at $11,881.50 per ton, nearing the record high of $11,952 set last week [1][2] - Goldman Sachs reiterated its bullish long-term outlook for copper, predicting prices could reach $15,000 per ton by 2035 due to unique supply constraints and strong structural demand growth [4] - The global refined copper market showed a surplus of 122,000 tons from January to October 2025, down from a surplus of 261,000 tons in the same period last year [4] Group 2: Other Base Metals Performance - Other base metals on the LME also saw increases, with three-month aluminum rising by $29, or 0.99%, to $2,945 per ton, reaching its highest level since May 2022 [5] - Three-month nickel prices increased by $162, or 1.11%, closing at $14,803 per ton, following Indonesia's proposal to reduce nickel ore production by about one-third next year [4][6] - Three-month tin prices rose by $300, or 0.7%, closing at $43,227 per ton, also reaching its highest level since April 2022 [6]

Group 1 - Jiangsu Tiangong Titanium Crystal New Materials Co., Ltd. is constructing a high-end titanium alloy powder production base, utilizing advanced plasma atomization technology to fill the domestic gap in high-end titanium alloy powder [1] - Tiangong Co., Ltd. has a market capitalization exceeding 12.5 billion yuan since its listing on the Beijing Stock Exchange in May, ranking among the top five in market value on the exchange [1] - The capital market in Zhenjiang has expanded to 26 companies, with 23 listed domestically, ranking sixth in the province [1] Group 2 - Changjiang Samsung Energy Technology Co., Ltd. successfully listed on the Beijing Stock Exchange in October, taking only 208 days from application to listing, focusing on heavy special materials and energy clean utilization [2] - Zhenjiang has implemented the "Sailing Plan" and "Cloud Sailing Plan" to support the growth of companies, with nearly 90% of the 100 key enterprises being high-tech [2] - The local government emphasizes financial support for the real economy, particularly in technology innovation and green low-carbon sectors [2] Group 3 - Zhenjiang has established a "government + exchange + enterprise" service system to facilitate the listing process, with over 30 annual training events and more than 500 participants [3] - The establishment of a local financial industry party committee aims to enhance the integration of party building and business operations [3] Group 4 - Zhenjiang has launched the first "Park + Stock Option" pilot in the province to address financing challenges for high-growth tech companies, enabling a debt-equity linkage model [4][5] - The pilot program allows companies to convert their technological potential into financing capabilities, supported by a diversified financial ecosystem [5] Group 5 - Existing listed companies in Zhenjiang are innovating and upgrading, with notable growth in revenue and profits, such as Hengshun Vinegar and Yuyue Medical [6] - The city has seen significant sales growth in its industrial sectors, with sales figures reaching 385.27 billion yuan and 348.51 billion yuan for "four clusters" and "eight chains," respectively [6] Group 6 - R&D spending among listed companies in Zhenjiang reached 1.906 billion yuan in the first half of 2025, a 12.5% increase year-on-year, with an overall R&D intensity of 4.44% [7] - The city aims to enhance the quality and quantity of listed companies, improve direct financing ratios, and optimize the capital market environment [7]

Group 1 - Cryptocurrency mining companies, semiconductors, metals, and mining sectors saw significant gains, with U.S. gold companies rising over 11%, Hut 8 increasing over 14%, Century Aluminum up over 7%, Micron Technology, AMD, and Circle rising over 6%, and Advanced Micro Devices up over 5% [1] - Americas Silver Corporation increased nearly 4%, while Dell Technologies and Coinbase rose over 2% [1] Group 2 - Multi-line insurance, footwear and apparel, and real estate development sectors experienced notable declines, with Nike dropping over 10% and Berkshire Hathaway down over 1% [1] - The Nasdaq Golden Dragon China Index rose by 0.86%, with notable gains in popular Chinese stocks such as Pony.ai up 11.7%, Xpeng up 6.7%, Zai Lab up 5.1%, Li Auto up 5%, and GDS Holdings up 4.3%, while Beike fell by 1% and Boss Zhipin dropped by 2.6% [1]

Core Viewpoint - Stocks are popular among ordinary investors, but commodities like copper and silver are seen as better investment opportunities for the new year, with both metals experiencing significant price increases in 2025 and potential for further growth in 2026 due to supply and demand dynamics [1][2]. Group 1: Investment Opportunities - Copper can be invested in through the Global X Copper Miners ETF (NYSEMKT: COPX), which is up 80% this year [1]. - Silver can be invested in via the iShares Silver Trust (NYSEMKT: SLV), which has more than doubled this year, up 119% [2]. - Both metals reached new all-time highs in 2025, with expectations for continued price increases in 2026 [2]. Group 2: Demand Factors - Industrial demand is a significant driver for both copper and silver, as they are essential for AI infrastructure, electric vehicles, and renewable energy applications [3]. - The construction of data centers requires substantial amounts of copper and silver, contributing to increased demand [4]. Group 3: Supply Factors - There is a supply shortage of both copper and silver this year, which is bullish for their prices [5]. - The U.S. Department of the Interior has added silver and copper to its list of critical minerals in response to the growing demand for these metals in AI data center construction [5]. Group 4: ETF Details - The Global X Copper Miners ETF has net assets of approximately $3.5 billion and holds 41 stocks, with its largest positions including Lundin Mining (5.6%), KGHM Polska Miedz (5.1%), Boliden AB (5%), Southern Copper (4.7%), and Freeport-McMoRan (4.7%) [8].

Group 1 - The stock price of Southern Manganese (01091) rose by 9.68%, currently trading at HKD 0.51, with a transaction volume of HKD 7.92 million [5] - In December, the price of electrolytic manganese has increased significantly, with a cumulative rise of over CNY 2,300 per ton, reaching a three-year high [5] - As of December 18, the average price of electrolytic manganese was CNY 17,820 per ton, reflecting a month-on-month increase of CNY 200 per ton [5] Group 2 - The price of electrolytic manganese has been on a continuous rise for 13 days in December, with a total increase of nearly 15%, marking the highest price since May 2022 [5] - Market analysis attributes the current price surge to multiple factors, including supply contraction, cost support, and improved demand [5] - Southern Manganese is a large enterprise group engaged in the production and research of manganese products, headquartered in Nanning, Guangxi, and is a key supplier of manganese products globally [5]

交易咨询业务资格：证监许可【2012】1091号 2025-12-19锰硅早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 锰硅2603： 1.基本面：当前硅锰市场仍延续"强成本、弱需求"僵持格局，成本端的刚性支撑与需求端的不确定性形成博弈，市场整 体观望情绪浓厚，观望短期内主流钢厂招标价格的落地；中性。 2.基差：现货价5700元/吨，03合约基差-80/吨，现货贴水期货。偏空。 6.预期：预计本周锰硅价格震荡运行；SM2603：5700-5800震荡运行。 2 -2000元/吨 0元/吨 2000元/吨 4000元/吨 6000元/吨 8000元/吨 10000元/吨 12000元/吨 14000元/吨 2020-01-01 2020-08-01 2021-03-01 2021-10-01 2022-05-01 2022-1 ...

Core Viewpoint - The stock of Zhonghang Shanda High-Temperature Alloy Materials Co., Ltd. (上大股份) has shown a positive performance with a 1.95% increase on December 18, 2023, alongside significant trading activity in margin financing and securities lending [1] Financing Summary - On December 18, 2023, the financing buy-in amount for Zhonghang Shanda was 79.24 million yuan, while the financing repayment was 72.50 million yuan, resulting in a net financing buy of 6.74 million yuan [1] - As of December 18, 2023, the total margin financing and securities lending balance for the company was 293 million yuan, with the financing balance accounting for 3.01% of the circulating market value, indicating a high level compared to the past year [1] - The company had no shares repaid in securities lending on December 18, 2023, but sold 600 shares, amounting to 20,700 yuan at the closing price, with a securities lending balance of 376,400 yuan, also at a high level compared to the past year [1] Business Performance - For the period from January to September 2025, Zhonghang Shanda reported an operating income of 1.805 billion yuan, reflecting a year-on-year decrease of 4.10%, and a net profit attributable to shareholders of 76.58 million yuan, down 38.60% year-on-year [2] - The company's main business revenue composition includes high-temperature and high-performance alloys at 52.58%, high-quality special stainless steel at 44.22%, and other products at 3.19% [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Zhonghang Shanda was 25,500, a decrease of 1.12% from the previous period, with an average of 2,914 circulating shares per person, an increase of 1.13% [2] - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as a decrease in shares held by Guotai Zhongzheng Military Industry ETF and an increase in shares held by Southern CSI Nonferrous Metals ETF [3]