证券代码：301118 证券简称：恒光股份 湖南恒光科技股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活动 □特定对象调研□分析师会议 | | | --- | --- | | 类别 □媒体采访√业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及 投资者网上提问 | | | 人员姓名 | | | 时间 2025 年 5 月 19 日 (周一) | 15:00~16:30 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人 1、恒光股份 董事长兼总裁曹立祥 | | | 员姓名 2、恒光股份 | 董事、副总裁、董事会秘书朱友良 | | 3、恒光股份 财务总监谭艳春 | | | 4、独立董事朱剑 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、公司 2025 | 年业绩是否能够实现大的增长？ | | 答：投资者你好 ...

Core Viewpoint - The ongoing trade negotiations between China and the U.S. reveal a complex interplay of tariffs and resource control, particularly concerning rare metals, which are critical for modern industries and military applications [1][3][5]. Group 1: Tariff and Trade Dynamics - The U.S. has canceled 91% of tariffs on Chinese imports, but retains a 10% "base tariff" on key sectors like semiconductors, indicating a strategic approach to maintain leverage in technology [3]. - China's rare earth exports have significantly decreased, with a 37% year-on-year drop in the first four months of 2025, and exports of tungsten to the U.S. have reached zero [3][5]. - The trade negotiations are not merely about tariffs but represent a broader "resource war," where control over rare metals is seen as crucial for technological and military supremacy [3][5]. Group 2: Strategic Importance of Rare Metals - Rare metals such as tungsten, tellurium, and indium are essential for various high-tech applications, including military hardware and renewable energy technologies [5][9]. - China holds a dominant position in the global supply of these metals, with 72% of tungsten, 83% of rare earths, and 95% of indium reserves, giving it significant leverage in negotiations [5][9]. - The strategic value of these metals is underscored by their critical roles in advanced military systems, such as the guidance systems of intercontinental missiles and components of fighter jets [5][9]. Group 3: Future Resource Strategies - China is implementing a comprehensive strategy to secure its resource supply chain, including establishing strategic reserves and controlling the entire production process from mining to processing [9]. - The country is actively investing in overseas mining operations to ensure a steady supply of critical materials, which could further enhance its bargaining power in future negotiations [9]. - The ongoing developments suggest that while tariffs may be paused, the underlying competition for resource control will continue to intensify, impacting global supply chains and geopolitical dynamics [1][9].