Core Viewpoint - Huaxi Nonferrous reached the daily limit with a price of 40.67 yuan, reflecting a 9.55% increase and a total market capitalization of 25.619 billion yuan, driven by policy benefits, resource integration, and business expansion [1][2]. Group 1: Policy and Resource Integration - The recent intensive introduction of key metal industry policies in Guangxi benefits Huaxi Nonferrous, as its main mines are located in the Nandan experimental zone, allowing the company to fully enjoy policy dividends [2]. - The integration of mining rights in the region enhances the company's resource control, with clear expansion potential for its copper pit and Gaofeng mines, providing resource security for future development [2]. Group 2: Business Transformation and Financial Performance - The company has made significant progress in business transformation, with successful asset injections from Wujin Company and Laiye Company [2]. - Revenue from non-ferrous metal deep processing has surged by 208%, rapidly expanding the business scale and becoming a new growth point [2]. - The production of antimony ingots and indium ingots has been achieved, with antimony ingot gross margin reaching 60.9% [2]. - The company capitalized on market opportunities, resulting in a 16.32% year-on-year increase in operating income due to rising sales and prices of non-ferrous metal products [2]. Group 3: Financial and Governance Initiatives - The company demonstrated strong shareholder support by passing a loss compensation proposal with a 99.96% approval rate [2]. - Successful completion of 599 million yuan in financing provides ample financial support for the company [2]. Group 4: Market and Technical Analysis - Data from Dongfang Caifu indicates a capital inflow into the non-ferrous metal sector on November 25, 2025, with many related stocks performing actively, contributing to Huaxi Nonferrous's limit-up effect [2]. - Technical indicators suggest that if there is a significant net buying from large orders and a notable presence of institutional investors, it reflects positive sentiment towards the company's transformation [2].

Core Viewpoint - 华锡有色 is actively enhancing its production capacity and optimizing its operations to meet market demands while benefiting from favorable industry policies and resource advantages [1][2][4] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.138 billion yuan, with a net profit attributable to shareholders of 494 million yuan, and a weighted average return on equity of 11.64% [1] - Revenue increased by 21.16% year-on-year, with significant growth in deep processing product output, which rose by 81.21% [3] Group 2: Resource and Production Capacity - The company has substantial mineral reserves, with a total ore resource of 89.591 million tons and a metal resource amount of 4.4925 million tons, positioning it favorably in the market [2] - Ongoing projects, such as the deep mining project at Gaofeng and the expansion at Tongkeng mine, are expected to enhance overall production capacity [2][3] Group 3: Market Strategy and Industry Position - The company is focusing on optimizing production processes, expanding sales channels, and enhancing cost control to achieve its annual targets [2] - The demand for tin is expected to grow due to its strategic importance in emerging industries, supported by a limited supply of tin resources [3] Group 4: Policy and Regional Development - Recent regional policies in Guangxi provide a supportive environment for the development of the critical metals industry, which the company plans to leverage [4] - The company aims to integrate its resources and expertise into the development of the Nandan pilot zone, aligning with policy directions for industrial upgrading [4]

Investment Rating - The report gives the company an "Accumulate" rating [4]. Core Views - The company is a state-owned enterprise and a leader in gold and antimony resources, with a dual-driven model of "gold + antimony" ensuring sustainable development [2][11]. - The company has benefited from rising prices of gold and antimony, leading to significant revenue and profit growth in 2025 [21][24]. - The company has a robust resource base, with plans for future projects that are expected to enhance production capacity [4][37]. Summary by Sections Company Overview - The company primarily engages in the mining, selection, smelting, and processing of gold, antimony, tungsten, and other non-ferrous metals, along with the import and export of related products [2][11]. - As of the end of 2024, the company holds 30 mining rights, including 18 exploration rights and 12 mining rights, with a total resource reserve of 6,729 million tons [18][39]. Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 41.194 billion yuan, a year-on-year increase of 96.26%, and a net profit of 1.029 billion yuan, up 54.28% [21][23]. - The company forecasts revenues of 48.925 billion, 58.070 billion, and 63.851 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 1.812 billion, 2.519 billion, and 2.787 billion yuan [4][6]. Resource and Production - The company has a gold resource reserve of 137,856 kilograms and an antimony reserve of 323,060 tons as of the end of 2024 [18][39]. - In 2024, the company produced 46,328 kilograms of gold, a decrease of 2.87% year-on-year, and 29,209 tons of antimony, down 6.15% [20][42]. Future Projects - The company is investing in the Gansu Jiaxin Yidinan mining project, which is expected to enhance gold production capacity significantly [37][38]. - The project is projected to generate an average annual sales revenue of 319 million yuan and a net profit of approximately 56.43 million yuan after tax [37]. Subsidiary Performance - The company's subsidiaries are performing well, with significant contributions to overall production and revenue [39]. - The main subsidiaries include Hunan Chenzhou Mining, Gansu Chenzhou, and Hunan Golden Cave Mining, each contributing to the company's diverse resource base [39][46].

Group 1: Tungsten Market - Black tungsten concentrate price increased by 12.23% to 312,000 CNY/ton, and ammonium paratungstate price rose by 13.30% to 460,000 CNY/ton [1][3] - Supply side shows a reduction in tungsten concentrate mining indicators, with mines generally slowing production pace, leading to tighter industry circulation [1][3] - Domestic demand remains stable, primarily driven by essential procurement, with recent APT procurement prices for early November rising by 52,000 CNY/ton, boosting market bullish sentiment [1][3] Group 2: Rare Earth Market - Rare earth supply and demand are both weak, with praseodymium-neodymium oxide rising by 10.49% to 553,000 CNY/ton, while dysprosium oxide increased by 1.63% to 1,560,000 CNY/ton [2] - The Chinese Ministry of Commerce announced new export controls on rare earth items and technologies, targeting violations of existing measures [2] - Supply side sees some production companies controlling output due to cost pressures, while demand from downstream magnetic material companies remains low [2] Group 3: Molybdenum Market - Molybdenum concentrate price decreased by 9.78% to 3,965 CNY/ton, and molybdenum iron price fell by 7.62% to 254,500 CNY/ton [2] - Supply side indicates signs of shrinking molybdenum concentrate, while demand from steel procurement is increasing but facing price pressure from steel mills [2] Group 4: Tin Market - Tin prices are experiencing a weak supply-demand balance, with SHFE tin down by 0.28% to 283,500 CNY/ton and LME tin up by 0.35% to 36,100 USD/ton [3] - Supply side affected by low operating rates of refining tin smelting enterprises due to raw material shortages from Myanmar [3] - High tin prices are leading to low replenishment willingness in the electronics and home appliance sectors, with downstream manufacturers primarily engaging in essential procurement [3] Group 5: Antimony Market - Antimony ingot price decreased by 6.27% to 149,500 CNY/ton, and antimony concentrate price fell by 7.07% to 131,500 CNY/ton [4] - Supply side sees tight domestic antimony raw materials due to a halt in overseas mines entering the domestic market, coupled with weak smelting profitability [4] - Demand remains focused on essential procurement, with strong demand in the photovoltaic sector, while short-term export demand is under pressure [4] Group 6: Nuclear Fusion New Materials - The commercialization of controlled nuclear fusion is accelerating, with upstream materials expected to benefit significantly [5] - Domestic advancements include breakthroughs in the localization of second-generation high-temperature superconducting strips [5] - Internationally, significant investments and reports on fusion research are emerging, indicating a growing interest in the sector [5]

Investment Rating - Investment rating: Positive (maintained) [4] Core Views - The report highlights a mixed supply and demand situation in the rare earth sector, with prices for praseodymium and neodymium oxide increasing by 10.49% to 553,000 CNY/ton, while dysprosium oxide rose by 1.63% to 1,560,000 CNY/ton. However, terbium oxide saw a decline of 1.71% to 6,625,000 CNY/ton [4][11] - Molybdenum prices are experiencing fluctuations, with molybdenum concentrate prices dropping by 9.78% to 3,965 CNY/ton, and molybdenum iron (Mo60) prices decreasing by 7.62% to 254,500 CNY/ton [4][20] - Tungsten prices have reached historical highs due to supply constraints and price increases in long-term contracts, with black tungsten concentrate prices rising by 12.23% to 312,000 CNY/ton and ammonium paratungstate prices increasing by 13.30% to 460,000 CNY/ton [4][28] - Tin prices are fluctuating with SHFE tin down by 0.28% to 283,510 CNY/ton, while LME tin increased by 0.35% to 36,050 USD/ton [4][32] - Antimony prices are under pressure, with antimony ingot prices falling by 6.27% to 149,500 CNY/ton and antimony concentrate prices down by 7.07% to 131,500 CNY/ton [4][40] - The report notes that the controllable nuclear fusion industry is accelerating commercialization, with upstream materials expected to benefit significantly [4][5] Summary by Sections Rare Earths - Supply and demand are weak, with praseodymium and neodymium oxide prices rising by 10.49% to 553,000 CNY/ton [4][11] - The report suggests monitoring companies like Guangsheng Youse and China Rare Earth [4] Molybdenum - Molybdenum concentrate prices decreased by 9.78% to 3,965 CNY/ton, while molybdenum iron prices fell by 7.62% to 254,500 CNY/ton [4][20] - Suggested company to watch: Jinduicheng Molybdenum [4] Tungsten - Black tungsten concentrate prices increased by 12.23% to 312,000 CNY/ton, and ammonium paratungstate prices rose by 13.30% to 460,000 CNY/ton [4][28] - Recommended companies include Zhongtung High-tech and Xiamen Tungsten [4] Tin - SHFE tin prices fell by 0.28% to 283,510 CNY/ton, while LME tin prices rose by 0.35% to 36,050 USD/ton [4][32] - Companies to focus on: Yunnan Tin and Huaxi Silver Tin [4] Antimony - Antimony ingot prices dropped by 6.27% to 149,500 CNY/ton, and concentrate prices fell by 7.07% to 131,500 CNY/ton [4][40] - Companies to monitor include Huaxi Silver and Hunan Gold [4] Nuclear Fusion New Materials - The commercialization of controllable nuclear fusion is accelerating, with significant benefits expected for upstream materials [4][5]

Core Viewpoint - Guangxi Huaxi Nonferrous Metals Co., Ltd. held a performance briefing on November 4, 2025, to discuss its Q3 2025 results, emphasizing the need for transparency and investor engagement [1][2]. Group 1: Performance Overview - The company reported a 21.16% year-on-year increase in revenue for the first three quarters, but a decline of 8.54% in net profit attributable to shareholders [3]. - The decrease in net profit was primarily due to increased environmental remediation costs, changes in mining rights, and a decline in ore grade [3]. Group 2: Operational Insights - The company recognized a mining rights transfer income of 103.42 million yuan in Q3, which was fully expensed in the current period, aligning with national policies on mineral resource management [3]. - The company is actively working on innovative and efficient ore dressing processes to address the challenges posed by declining ore grades [3]. Group 3: Production and Sales - For the first three quarters of 2025, the company produced a total of 408 tons of antimony ingots and sold 288 tons, with future sales strategies being adjusted based on market conditions and customer orders [3]. Group 4: Financial Management and Future Plans - The company plans to use its reserve fund to cover previous losses before considering cash dividends, pending approval from the shareholders' meeting [4]. - The company is committed to participating in the Nandan experimental zone's development, leveraging its resources and technology for regional economic growth [4]. - Asset injection efforts are ongoing, with the company having completed the acquisition of a subsidiary and actively seeking other quality asset acquisition opportunities [4]. Group 5: Market Value Management - The company emphasizes the importance of market value management, focusing on improving operational performance, enhancing investor communication, and optimizing information disclosure to increase investment value [4].

证券代码：600301 证券简称：华锡有色 编号：2025-057 注：本报告期内，受矿山原矿品位下降、矿山环保治理、子公司更换采矿权 证补计提前期采矿权出让收益等因素影响，叠加锡锭及深加工产品的外购原料占 比提升，成本有所提高，导致锡、锌、铅锑主要产品毛利率下降。 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。 根据上海证券交易所关于行业经营性信息披露的相关要求，广西华锡有色金 属股份有限公司（以下简称"公司"）现就 2025 年第三季度主要经营数据披露如 下： 一、 主营业务分行业分产品情况 单位：元 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 2025 年 7-9 月 营业收入 | 2025 年 7-9 月 营业成本 | 毛利 率（%） | 营业收入 比上年同 | 营业成本 比上年同 | 毛利率比上 年同期增减 | | | | | | 期增减（%） | 期增减（%） | （%） | | 有色金属采 选业 | 1 ...

Investment Rating - The investment rating for the small metals and new materials sector is "Positive" (maintained) [4] Core Views - Rare earth prices have experienced fluctuations, with a notable decline in praseodymium and neodymium oxide by 10.22% to 500,500 CNY/ton, while tungsten prices have rebounded due to supply constraints and price adjustments [5][6] - The controlled fusion new materials sector is accelerating towards commercialization, with significant advancements in technology and international collaborations [6] Summary by Sections Rare Earths - Recent price adjustments include a 10.22% drop in praseodymium and neodymium oxide to 500,500 CNY/ton, a 5.25% drop in dysprosium oxide to 1,535,000 CNY/ton, and a 4.06% drop in terbium oxide to 6,740,000 CNY/ton [5][12] - The demand side shows weakening terminal demand, with major manufacturers primarily purchasing based on essential needs [5] Molybdenum - Molybdenum concentrate prices increased by 0.46% to 4,395 CNY/ton, while molybdenum iron (Mo60) prices decreased by 0.18% to 275,500 CNY/ton [24] Tungsten - Black tungsten concentrate prices rose by 3.73% to 278,000 CNY/ton, and ammonium paratungstate prices increased by 3.70% to 406,000 CNY/ton [29] Tin - SHFE tin prices fell by 0.72% to 284,300 CNY/ton, and LME tin prices decreased by 1.58% to 35,925 USD/ton [34] Antimony - Antimony ingot prices declined by 4.78% to 159,500 CNY/ton, and antimony concentrate prices fell by 5.35% to 141,500 CNY/ton [45] Controlled Fusion New Materials - The domestic controlled fusion industry is witnessing rapid commercialization, with significant breakthroughs in energy extraction technology and international collaborations [6]

Core Viewpoint - China's announcement to strengthen rare earth export controls has triggered significant global market reactions, impacting high-tech industries and military supply chains worldwide [1][4]. Group 1: China's Rare Earth Dominance - China dominates global rare earth production, accounting for over 60% of total output and more than 80% of refining [1]. - The new export controls will include heavy rare earth elements such as holmium, erbium, thulium, and ytterbium, along with processing equipment and software, set to take effect from November 8 [4]. - In 2024, the U.S. is expected to import over 10,000 tons of rare earth concentrates from China, making up 85% of its total imports [5]. Group 2: Market Reactions and U.S. Response - Following China's announcement, rare earth prices surged, with dysprosium oxide prices increasing by 15% within a week [5]. - The U.S. Department of Defense made significant purchases, including $500 million for cobalt alloys and $245 million for antimony ingots, totaling 3,000 tons, in response to the tightening supply [3]. - U.S. military production lines face risks of stagnation due to reliance on Chinese imports, particularly for antimony, which the U.S. has not produced domestically for 24 years [7]. Group 3: Strategic Implications - The competition for mineral resources between China and the U.S. has intensified, with both countries responding to each other's export controls and tariffs [11]. - The U.S. has initiated efforts to establish a "Mineral Security Partnership" to create alternative supply chains, but new mining projects typically require three to five years to become operational [5]. - Antimony's global demand is growing at 5% annually, with China supplying 60% of the market, highlighting the strategic importance of this material for both military and civilian applications [7][9].

Core Insights - The article discusses the critical role of rare earth elements in global high-tech industries and highlights China's dominance in the rare earth market, controlling approximately 70% of global production [2] - The ongoing U.S.-China trade tensions have intensified, particularly regarding rare earth exports, with the U.S. seeking to reduce its dependency on Chinese supplies [4][10] Group 1: U.S.-China Trade Dynamics - In 2025, the U.S. attempted to negotiate tariff exemptions in exchange for rare earth supplies, but China remained firm, leading to a temporary agreement on tariffs without progress on the rare earth issue [4] - The U.S. has accused China of threatening the global supply chain due to its rare earth export controls, with Trump threatening to impose 100% tariffs in response to China's actions [4][10] Group 2: U.S. Strategies to Secure Rare Earths - The U.S. has sought to find intermediaries, such as South Korea and Japan, to source rare earths from China, but faced challenges due to China's warnings against such practices [5] - The U.S. has also turned to Ukraine for rare earth development, offering financial and technical support in exchange for access to its resources, although the potential output is limited [5] Group 3: Smuggling and Illicit Activities - There has been a notable increase in rare earth smuggling cases linked to U.S. companies, with various methods employed to disguise shipments [7][8] - Some U.S. companies have reported smuggling activities to Chinese authorities, indicating a complex relationship where companies are frustrated with market disruptions caused by smuggling [8] Group 4: Future Implications and Strategies - The article emphasizes the need for China to maintain its control over rare earth resources in light of U.S. pressures and the potential for a decoupling of supply chains [10][12] - The U.S. is investing in domestic production and partnerships, such as funding for Australian companies to increase rare earth output, but significant gaps remain compared to China's production capabilities [12]