Core Viewpoint - The company Huaxi Nonferrous Metals (600301) has experienced a decline in stock price and has held a shareholder meeting to approve the use of reserve funds to cover losses, while also reporting significant revenue and profit figures for the first three quarters of 2025 [1][3][4]. Group 1: Stock Performance - As of November 21, 2025, Huaxi Nonferrous Metals closed at 34.95 yuan, down 5.97% from the previous week’s 37.17 yuan [1]. - The stock reached a high of 37.66 yuan and a low of 33.9 yuan during the week [1]. - The company's current market capitalization is 22.108 billion yuan, ranking 9th in the small metals sector and 818th among all A-shares [1]. Group 2: Shareholder Meeting - The fifth extraordinary general meeting of shareholders was held on November 17, 2025, where the proposal to use reserve funds to cover losses was approved with 99.9569% of the votes in favor [3][7]. - The meeting was convened by the board of directors and had a voting power participation of 71.9412% of the total shares with voting rights [3][7]. - The proposal received 454,880,966 votes in favor, 183,000 against, and 12,800 abstentions [3]. Group 3: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.138 billion yuan and a net profit of 494 million yuan [4][7]. - The production of major products is progressing as planned, with efforts to optimize production and control costs to meet annual targets [4]. Group 4: Resource Potential - The company has significant resource reserve potential, with three mines having a total certified capacity of 4.28 million tons per year [5][7]. - A market value management system has been established, and the company is working on using reserve funds to cover losses to create conditions for dividends [6][7].

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to monitor market trends and identify potential market leaders. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ represents the latest closing price - $\text{ts\_max(Close, 250)}$ represents the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value, indicating the degree of decline[11]. - **Model Evaluation**: The model effectively identifies market trends and highlights stocks or indices that are leading the market, aligning with the principles of momentum and trend-following strategies[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable price paths and consistent momentum, as smoother price trajectories are associated with stronger momentum effects[24][27]. - **Model Construction Process**: The selection process involves the following criteria: - **Analyst Attention**: At least 5 buy or overweight ratings in the past 3 months - **Relative Strength**: 250-day price change in the top 20% of the market - **Price Stability**: Stocks are ranked based on: - **Price Path Smoothness**: Ratio of price displacement to the total price path - **Sustainability of New Highs**: Average 250-day new high distance over the past 120 days - **Trend Continuity**: Average 250-day new high distance over the past 5 days The top 50 stocks based on these criteria are selected[24][27]. - **Model Evaluation**: The model emphasizes the importance of smooth price paths and consistent momentum, which are less likely to attract excessive attention and thus yield stronger returns[24][27]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Stable New High Stock Selection Model - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: This factor measures the relative distance of a stock's price from its 250-day high, serving as an indicator of momentum and trend strength[11]. - **Factor Construction Process**: The formula is: $ 250 \text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ Where: - $\text{Close}_{t}$ is the latest closing price - $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively captures momentum and trend-following characteristics, making it a reliable indicator for identifying market leaders[11]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: This factor evaluates the smoothness of a stock's price trajectory, as smoother paths are associated with stronger momentum effects[24]. - **Factor Construction Process**: - Calculate the ratio of price displacement to the total price path over a specified period - Rank stocks based on this ratio and select the top performers[24]. - **Factor Evaluation**: The factor highlights stocks with stable momentum, which are less likely to attract excessive attention and thus yield stronger returns[24]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 4.83% - Shenzhen Component Index: 8.65% - CSI 300: 6.20% - CSI 500: 9.69% - CSI 1000: 7.59% - CSI 2000: 7.40% - ChiNext Index: 12.16% - STAR 50 Index: 16.45%[12][13][32] 2. Price Path Smoothness Factor - **Selected Stocks**: 15 stocks were identified, including Heertai, Sray New Materials, and Zangge Mining. - **Sector Distribution**: - Manufacturing: 5 stocks (e.g., construction industry) - Cyclical: 5 stocks (e.g., non-ferrous metals industry)[28][33]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][24] - As of November 21, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 4.83%, Shenzhen Component Index 8.65%, CSI 300 6.20%, CSI 500 9.69%, CSI 1000 7.59%, CSI 2000 7.40%, ChiNext Index 12.16%, and STAR 50 Index 16.45% [5][24] - Among the CITIC primary industry indices, the sectors closest to their 250-day new highs include petroleum and petrochemicals, textiles and apparel, basic chemicals, home appliances, and steel [8][24] Group 2 - A total of 1,127 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the basic chemicals, machinery, and power equipment and new energy sectors [2][13][24] - The highest proportion of new high stocks is found in the textiles and apparel, coal, and non-ferrous metals sectors, with respective proportions of 41.41%, 38.89%, and 38.71% [13][24] - The cyclical and manufacturing sectors had the most new high stocks this week, with 364 and 315 stocks respectively [15][24] Group 3 - The report identifies 15 stocks that have shown stable new highs, including Heertai, Sry New Materials, and Cangge Mining, with the manufacturing and cyclical sectors contributing the most stocks [3][20][25] - The construction industry had the highest number of new highs within the manufacturing sector, while the non-ferrous metals industry led in the cyclical sector [20][25]

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]

Group 1 - The core viewpoint of the article is that Huaxi Nonferrous (SH 600301) announced an investor survey scheduled for November 17-18, 2025, with participation from the company's chairman Zhang Xiaoning [1] - For the first half of 2025, Huaxi Nonferrous reported that its revenue composition was as follows: 92.96% from nonferrous metal mining, 4.61% from nonferrous metal processing, and 2.43% from service industries [1] - As of the report date, Huaxi Nonferrous has a market capitalization of 22.2 billion yuan [1]

投资者关系活动记录表 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 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） | | | 形式 | 现场 网上 | 电话会议 | | | 民生证券：邱祖学、张弋清、李挺 | | | | 易方达基金：刘澜清 | | | | 景顺长城基金：陈勃阳、李建霖、尤木 | | | | 银华基金：周晶、施航 | | | | 鹏华基金：李琢、曾欣 | | | | 国泰基金：戴计辉、孙朝晖 | | | | 长城基金：陈子扬、任柯宇 | | | | 财通资管：毛鼎 | | | | 建信基金：赵荣杰 | | | 参与单位名称 | 申万菱信基金：苗琦 | | | 及人员姓名 | 西部利得基金：曹城、管浩阳 | | | | 招银理财：郝雪梅 | | | | 国联基金：朱晓明 | | | | 新华资产：阴舒、严涛 | | | | 融通基金：曲悦 | | | | 招商基金：耿浩然 | | | | 永赢基金：郑州杰 | | | | ...

Group 1 - The stock price of Guangxi Huaxi Nonferrous Metals Co., Ltd. increased by 2.03% on November 19, reaching 35.25 CNY per share, with a trading volume of 396 million CNY and a turnover rate of 4.15%, resulting in a total market capitalization of 22.298 billion CNY [1] - Year-to-date, the stock price has risen by 107.23%, with a 5-day increase of 5.00%, a 20-day increase of 30.70%, and a 60-day increase of 34.03% [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on March 17, where it recorded a net buy of -96.4239 million CNY, with total purchases of 158 million CNY, accounting for 12.90% of total trading volume [1] Group 2 - Guangxi Huaxi Nonferrous Metals Co., Ltd. was established on June 15, 1998, and listed on July 12, 2000, with its main business involving trading and supervision of nonferrous metals such as tin, zinc, lead, and antimony [2] - The revenue composition of the company includes 91.82% from nonferrous metal products, 4.61% from deep processing of nonferrous metals, 2.43% from engineering supervision and other services, 0.89% from other sources, and 0.25% from surveying, design, and consulting services [2] - As of September 30, 2025, the company reported a revenue of 4.138 billion CNY, a year-on-year increase of 21.16%, while the net profit attributable to shareholders decreased by 8.54% to 494 million CNY [2] Group 3 - The company has distributed a total of 350 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include new entrants such as Yongying Ruixin Mixed A and Yongying Steady Enhanced Bond A, with holdings of 14.6332 million shares and 11.0898 million shares, respectively [3] - Hong Kong Central Clearing Limited increased its holdings by 2.489 million shares, while some funds like Invesco Great Wall Jing Sheng Dual Income Bond A and Yinhua Domestic Demand Selected Mixed (LOF) exited the top ten circulating shareholders list [3]

Group 1 - The core point of the news is that Guangxi Huaxi Nonferrous Metals Co., Ltd. experienced a decline in stock price by 5.03%, trading at 33.98 yuan per share, with a total market capitalization of 21.495 billion yuan as of November 18 [1] - The company was established on June 15, 1998, and listed on July 12, 2000, primarily engaged in the exploration, mining, and processing of nonferrous metals such as tin, zinc, lead, and antimony [1] - The main business revenue composition includes 91.82% from nonferrous metal products, 4.61% from deep processing of nonferrous metals, 2.43% from engineering supervision and other services, 0.89% from other sources, and 0.25% from surveying, design, and consulting services [1] Group 2 - From the perspective of fund holdings, one fund under Shenwan Hongyuan Asset Management holds a significant position in Huaxi Nonferrous, with 104,400 shares, accounting for 4.61% of the fund's net value, making it the sixth-largest holding [2] - The fund, Shenwan Hongyuan Industry Rotation Stock A (005009), has a total scale of 60.584 million yuan and has achieved a return of 60.8% this year, ranking 251 out of 4,212 in its category [2] - The fund manager, Miao Qi, has been in position for 3 years and 30 days, with the fund's total assets amounting to 24.7 million yuan, achieving a best return of 38.98% and a worst return of 11.4% during the tenure [3]

证券代码：600301 证券简称：华锡有色编号：2025-064 广西华锡有色金属股份有限公司 2025年第五次临时股东会决议公告 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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 二、议案审议情况 (一)股东会召开的时间：2025年11月17日 (二)股东会召开的地点：南宁市良庆区体强路12号北部湾航运中心A座8楼812会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，董事长张小宁先生主持会议，会议采取现场投票与网络投票相结合的方式 进行表决，会议的召开及表决方式符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的出席情况 1、公司在任董事9人，出席7人，董事、常务副总经理吴乐文先生和独立董事陈珲先生因工作原因请 假； 2、董事、副总经理、董事会秘书陈兵先生出席本次会议；总工程师韦方景先生、财务总监叶亚斌先生 列 ...

截至2025年11月17日收盘，华锡有色（600301）报收于35.78元，较前一交易日下跌3.74%，最新总市值 为226.33亿元。该股当日开盘36.15元，最高37.44元，最低35.35元，成交额达8.42亿元，换手率为 8.39%。 近日，国浩律师（南宁）事务所发布关于广西华锡有色金属股份有限公司2025年第五次临时股东会的法 律意见书。公告显示，本次股东会于2025年11月17日召开，会议审议通过了使用公积金弥补亏损的议 案，表决结果为同意股数占出席会议股东所持股份的99.9569%。律师机构确认，本次股东大会的召 集、召开程序，召集人和出席会议人员资格，表决程序及表决结果均符合相关法律法规及公司章程规 定。 最新公告列表 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《广西华锡有色金属股份有限公司2025年第五次临时股东会决议公告》 《国浩律师（南宁）事务所关于广西华锡有色金属股份有限公司2025年第五次临时股东会的法律 意见书》 ...