格隆汇12月23日丨东江环保(002672.SZ)在互动平台表示，公司主要产品为硫酸铜、碱式氯化铜、氧化 铜等资源化产品及精铋、粗银、精碲、氧化锑等稀贵金属产品，目前没有电解金属锰业务。 ...

来源：天风研究 基本金属：铜铝普涨，降息驱动铜价创历史新高。贵金属：美联储降息预期强化，金银价格震荡走强。 小金属：锑价小幅回调。稀土永磁：核心磁材公司获通用许可证，出口存放松预期。能源金属：整体呈 现震荡态势。 贵金属：美联储降息预期强化，金银价格震荡走强。 截至12月4日，国内99.95%黄金市场均价850.88元/克，较上周均价上涨1.87%，上海现货1#白银市场均 价13382元/千克，较上周均价上涨10.67%。周初在感恩节假期市场流动性偏弱的背景下，金价的窄幅震 荡反映了投资者在评估美联储信号时的谨慎态度。随后受宏观经济环境和货币政策预期的双重支撑，金 银价格强势上涨。我们看好降息周期中贵金属价格表现。 小金属：锑价小幅回调。 本周0#锑锭市场价格为17.4万元/吨，均价较上周同期下调0.2万元/吨；氧化锑价格下调，99.5%三氧化 二锑市场价格14.55万元/吨，均价较上周同期价格稳定。当前市场价格窄幅波动主要源于两方面支撑： 一是中间商库存成本偏高，低价出货意愿不强，挺价心态较为坚定；二是头部企业年度任务基本完成， 报价多跟随市场情绪。出口方面，近期订单以民营企业申请为主，实际出货规模仍较有限 ...

Summary of Antimony Industry Conference Call Industry Overview - The antimony industry is experiencing significant changes due to China's recent policy adjustments regarding antimony exports to the U.S. This is expected to substantially increase antimony export volumes, particularly to the U.S., thereby driving up domestic and international antimony prices [2][3][4]. Key Points Policy Changes - In late October, the Ministry of Commerce released export declaration conditions for state-owned trading enterprises for 2026-2027, providing clarity on future export trade and alleviating uncertainties regarding export policies [3] - On November 7, the Ministry announced the lifting of export restrictions on antimony to the U.S., effective until November 27, 2026, which is anticipated to boost China's antimony export volumes [3][4]. Supply Dynamics - Antimony is characterized by its strong scarcity, with a static extraction ratio of only 20 years, significantly lower than copper and lithium, which have ratios of 36 and 125 years, respectively [5]. - Global tin production has decreased from 178,000 tons in 2011 to an estimated 125,000 tons in 2024, a decline of 30%. China's tin production has dropped from 150,000 tons to 56,000 tons, a 63% decrease, primarily due to declining ore grades and the depletion of rich ores [5]. - The production of tin by Russia's Jikin Gold Company has also significantly declined, from 27,000 tons in 2023 to 12,700 tons in 2024, a 53% year-on-year drop [5]. Demand Trends - The demand for antimony in photovoltaic applications has surged, increasing from 6% in 2019 to 27% currently. The main sources of demand for antimony are flame retardants (45%), photovoltaics (27%), and lead-acid batteries (17%) [6]. - After a peak in substitution earlier this year, remaining demand is primarily rigid, with limited further substitution potential [6]. Market Conditions - Current inventories of antimony among refineries, traders, and users are low, leading to active market inquiries and increased transaction volumes, which support rising antimony prices [6]. - The domestic antimony price is expected to continue rising, while international prices may decline, leading to a gradual narrowing of the price gap between domestic and international markets [4][7]. Investment Opportunities - Huaxi Nonferrous is highlighted as a company with significant investment potential due to its expansion plans and being in an upward cycle. The company is expanding its Gaofeng and Copper Pit mines, with expected production capacities of 11,600 tons/year and 18,000 tons/year, respectively, representing year-on-year increases of over 60% and 130% [4][9]. Additional Insights - Historical tin price fluctuations have been influenced by supply, demand, and policy factors, with notable events including supply reductions due to environmental regulations and economic downturns impacting demand [8]. - The current environment suggests a continued tight supply situation for antimony, with limited global supply growth anticipated in the near term [5][6].

Summary of the Conference Call on Antimony Industry Industry Overview - The conference call focuses on the antimony industry, particularly the impact of export control policies in China and their implications for market dynamics and pricing [1][2]. Key Points and Arguments - **Export Control Policies**: China's antimony export control policies have fluctuated, with a significant drop in export volumes following the implementation of controls in September 2024. Exports fell from over 3,000 tons per month to nearly zero, but have since shown signs of recovery [3][4]. - **Market Confidence**: The recent easing of export restrictions by the Ministry of Commerce is expected to enhance market confidence significantly. This adjustment allows for a more normalized review and approval process for exports, particularly to the U.S. [2][6]. - **Import Trends**: As of September 2025, antimony imports have decreased by 40% year-on-year. Despite domestic prices being over 150% lower than international prices, imports have not ceased, indicating limited overseas inventory pressure [5][6]. - **Production and Demand**: Prior to the export controls, China's annual production of antimony was approximately 80,000 to 90,000 tons, with 40% allocated for export, primarily in the form of antimony oxide for the flame retardant sector, especially in photovoltaic glass production [7][8]. - **Photovoltaic Glass Demand**: In 2023, the global photovoltaic glass sector consumed about 30,000 tons of antimony, with China being the largest consumer. Although demand decreased post-control, production has stabilized, suggesting that a recovery in demand could lead to a 20% increase if conditions improve [8][9]. - **Price Projections**: Current domestic antimony prices are around 150,000 RMB per ton, while international prices range from 4,500 to 4,600 USD per ton. If export levels return to 80%-90% of previous figures, a demand increase of 30%-40% is anticipated, which would significantly boost prices [9][10]. - **Future Market Expectations**: The expectation is that as export restrictions ease, there will be a substantial increase in demand, leading to a corresponding rise in both domestic and international prices. The potential for price recovery is strong, with projections suggesting domestic prices could reach 250,000 RMB or even exceed 300,000 RMB under optimistic scenarios [10][11]. - **Valuation and Growth Potential**: The T sector is viewed as having significant growth potential, with estimates suggesting that companies like Huaxi Nonferrous and Hunan Huayu Mining could see substantial increases in their valuations, with growth rates potentially exceeding 50% to 100% [12][13]. Additional Important Insights - **Market Resilience**: The antimony market is expected to experience only positive developments moving forward, with no anticipated negative news. This outlook is supported by the expected improvements in fundamentals, earnings per share (EPS), and overall valuations in the T sector [13]. - **Investment Recommendations**: There is a strong recommendation to focus on the T sector, given the anticipated improvements in market conditions and the potential for significant price increases and valuation enhancements [13].

Group 1 - Hunan Gold's stock increased by 6.8%, reaching 21.68 CNY per share, with a trading volume of 879 million CNY and a turnover rate of 2.57%, resulting in a total market capitalization of 33.878 billion CNY [1] - Hunan Gold Co., Ltd. was established on December 26, 2000, and listed on August 16, 2007. The company primarily engages in the mining and processing of gold, antimony, tungsten, and other non-ferrous metals, with gold accounting for 94.68% of its main business revenue [1] - The revenue composition of Hunan Gold includes: gold 94.68%, antimony oxide 2.09%, refined antimony 1.53%, antimony content 0.63%, others 0.43%, ethylene glycol antimony 0.42%, and tungsten products 0.24% [1] Group 2 - One fund under Dongfang Fund holds Hunan Gold as a top ten heavy stock, with the Dongfang Xingrui Trend Leading Mixed A Fund (015381) holding 205,400 shares, representing 3.69% of the fund's net value, and achieving a floating profit of approximately 283,500 CNY [2] - The Dongfang Xingrui Trend Leading Mixed A Fund (015381) was established on August 16, 2022, with a latest scale of 38.9685 million CNY. It has achieved a year-to-date return of 70.62%, ranking 367 out of 8,154 in its category [2] - The fund has a one-year return of 70.26%, ranking 388 out of 8,046, and a cumulative return since inception of 43.03% [2]

Group 1 - Hunan Gold's stock price dropped by 6.52% to 20.08 CNY per share, with a trading volume of 263 million CNY and a turnover rate of 0.84%, resulting in a total market capitalization of 31.378 billion CNY [1] - Hunan Gold Co., Ltd. was established on December 26, 2000, and listed on August 16, 2007. The company primarily engages in the mining and processing of gold, antimony, tungsten, and other non-ferrous metals, with gold accounting for 94.68% of its main business revenue [1] - The revenue composition includes: gold 94.68%, antimony oxide 2.09%, refined antimony 1.53%, contained antimony 0.63%, others 0.43%, ethylene glycol antimony 0.42%, and tungsten products 0.24% [1] Group 2 - Nord Fund has one fund heavily invested in Hunan Gold, with Nord Tianfu (005295) holding 284,700 shares, representing 4.82% of the fund's net value, making it the sixth-largest holding [2] - The estimated floating loss for Nord Tianfu today is approximately 398,600 CNY [2] - Nord Tianfu was established on February 7, 2018, with a current size of 105 million CNY, yielding 3.23% year-to-date and ranking 7234 out of 8160 in its category [2]

Core Viewpoint - USAC has proposed a non-binding all-stock acquisition of Larvotto, offering 6 shares of USAC for every 100 shares of Larvotto, which represents a significant premium for Larvotto shareholders [1][3][4]. Group 1: Acquisition Proposal - The acquisition aims to create one of the largest antimony producers outside of China, reflecting USAC's commitment to building a world-class enterprise in critical minerals [3][6]. - The proposed exchange ratio offers a notable premium compared to Larvotto's recent financing price and trading range [4][6]. - The transaction will follow the Australian Corporations Act 2001 and requires formal agreements, shareholder approval, regulatory approval, and customary closing conditions [4][5]. Group 2: Strategic Positioning - The merger with Larvotto is seen as a strategic move to enhance USAC's position in the critical minerals sector, particularly in antimony, which is increasingly important in global supply chains [3][6]. - USAC's CEO emphasized the opportunity for Larvotto shareholders to participate in a larger, more diversified group with financial strength and global influence [6]. Group 3: Business Operations - USAC operates processing facilities in Montana and Mexico, producing antimony oxide, metallic antimony, and other critical minerals [7]. - The company also recovers precious metals, primarily gold and silver, from third-party ores at its facilities [7]. - USAC is expanding its operations by acquiring mineral rights and leases in Montana, Alaska, and Ontario during 2024 and 2025 [7].

Core Viewpoint - USAC has submitted a non-binding acquisition proposal to acquire 100% of Larvotto Resources Limited through an all-stock transaction, aiming to create one of the largest antimony producers outside of China [1] Transaction Structure - The acquisition proposal involves a share exchange ratio where Larvotto shareholders will receive 6 shares of USAC for every 100 shares of Larvotto [3] - This exchange ratio represents a significant premium compared to Larvotto's recent financing price announced on July 25, 2025, and its recent trading price range [3] Regulatory and Approval Process - The transaction will be conducted under the Australian Corporations Act 2001 and requires several conditions to be met, including the signing of a binding implementation agreement, approval from Larvotto shareholders, regulatory approvals, and customary closing conditions [4] - USAC has already acquired approximately 10% of Larvotto's issued capital in the open market, making it the largest single shareholder [4] Strategic Positioning - The merger with Larvotto is positioned to create one of the largest antimony producers globally outside of China, reflecting USAC's commitment to becoming a world-class player in critical minerals [5] - The CEO of USAC emphasized that this merger presents a compelling opportunity for Larvotto shareholders to participate in a larger, more diversified group with financial strength and global influence [5] Business Diversification - USAC operates in the critical minerals sector, producing antimony, cobalt, tungsten, and zeolite, with processing facilities in Montana and Mexico [6] - The company processes third-party ores into various products, including antimony oxide, metallic antimony, and precious metals, which are used in a wide range of applications such as flame retardants and military materials [6] - USAC is also expanding its operations by acquiring mineral rights and leases in Montana, Alaska, and Ontario during 2024 and 2025 [6]

Group 1 - Hunan Gold's stock price decreased by 5.16%, trading at 21.68 CNY per share, with a total market capitalization of 33.878 billion CNY as of the report date [1] - The company was established on December 26, 2000, and listed on August 16, 2007, primarily engaged in the mining and processing of gold, antimony, tungsten, and other non-ferrous metals [1] - The main revenue composition of Hunan Gold includes 94.68% from gold, 2.09% from antimony oxide, 1.53% from refined antimony, 0.63% from contained antimony, and smaller percentages from other products [1] Group 2 - The fund "Zhongtai CSI 500 Index Enhanced A" holds 25,600 shares of Hunan Gold, representing 0.77% of the fund's net value, ranking as the eighth largest holding [2] - The fund has a total scale of 18.9286 million CNY and has achieved a year-to-date return of 19.13% [2] - The fund manager, Zou Wei, has been in position for 5 years and 316 days, with the best fund return during this period being 64.83% [3]

Group 1: Copper Market - Copper prices have shown an upward trend, with domestic copper closing at 81,890 CNY/ton, and the main contract price reaching 82,980 CNY/ton, marking an increase of over 3% [1][2] - The significant price surge on September 24 was triggered by Freeport's update on Grasberg, leading to a broad increase in LME metal futures [1][2] - Despite the bullish market sentiment, the actual demand remains sluggish, with downstream enterprises adopting a wait-and-see approach after the price spike [2] Group 2: Aluminum Market - Aluminum prices have experienced a decline, with domestic aluminum closing at 20,660 CNY/ton [2] - The theoretical operating capacity of the electrolytic aluminum industry has increased due to capacity transfers and resumed operations in various regions [2] - The average price of domestic alumina has decreased to 3,014.75 CNY/ton, down 40.02 CNY/ton from the previous week, indicating a 1.31% drop [2] Group 3: Precious Metals - Gold and silver prices have risen, with domestic gold averaging 837.58 CNY/gram, up 1.00% from the previous week, and silver averaging 10,173 CNY/kg, up 2.09% [3] - The market anticipates a potential interest rate cut by the Federal Reserve in October, contributing to the rise in precious metal prices [3] - COMEX silver inventory has increased by 0.35% to 52,715.51 million ounces, while Shanghai Futures Exchange silver delivery inventory has decreased by 4.88% [3] Group 4: Minor Metals - The antimony market continues to show weakness, with prices for various grades of antimony ingots decreasing by 0.3 CNY/ton compared to the previous week [4] - Demand remains lackluster, with downstream inquiries reported as generally weak, and suppliers maintaining cautious pricing strategies [4] - The overall sentiment in the market is subdued, with limited purchasing activity observed ahead of the National Day holiday [4] Group 5: Rare Earths - Prices for rare earths have shown fluctuations, with light rare earth oxide prices decreasing by 1.5% to 562,500 CNY/ton [5] - The integration of separation plants is ongoing, and processing fees have risen above 20,000 CNY, indicating a potential long-term opportunity in the sector [5] - Companies in the magnetic materials sector, such as Ningbo Yunsheng and Zhenghai Magnetic Materials, are recommended for attention due to their strong fundamentals [5]