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 (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： | 1、出席会议的股东和代理人人数 | 209 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 455,076,766 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 71.9412 | 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于广西华锡有色金属股份有限公司使用公积金弥补亏损的 议案 审议结果：通过 表决情况： (四)表决方式是否符合《公司法》及《公司章 ...

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 地址：南宁市良庆区宋厢路 16 号太平金融大厦二十一层 2101 号房 邮编：530200 国浩律师（南宁）事务所 关于 电话：0771-5760061 传真：0771-5760065 电子信箱：grandallnn@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二五年十一月 法律意见书 国浩律师（南宁）事务所 法律意见书 关于 的 广西华锡有色金属股份有限公司 2025 年第五次临时股东会 法律意见书 的 （以下简称"本律师"）作为公司召开 2025 年第五次临时股东会（以下 简称"本次股东会"或"会议"）的专项法律顾问，对本次股东会的召开 全过程进行见证并出具法律意见。 关于本法律意见书，本所及本律师声明如下： （1）为出具法律意见，本律师出席了本次股东会，并审查了公司提 供的有关会议文件、资料。公司向本律师保证并承诺：其已向本律师提供 了出具法律意见所需的、真实的书面材料，有关副本材料或复印件与原件 一致。 （2）本所及本律师仅就本次股东会的召集和召开程序、召集人和出 席人员的资格 ...

Summary of Huaxi Nonferrous Conference Call Company Overview - Huaxi Nonferrous is a leading non-ferrous metal company in South China, located in Guangxi. It was listed through a reverse merger with ST Nanhua in 2023. The company is part of the Guangxi Beibu Gulf Port Group and is the only non-ferrous metal listed company under the Guangxi State-owned Assets Supervision and Administration Commission [2][3][4]. Industry Insights - The global tin supply growth is expected to be around 2%, while demand growth is projected at 5%-6%. This indicates a persistent supply-demand imbalance in the coming years, with a projected tin deficit of approximately 13,000 tons in 2025, expanding to 25,000 tons in 2026, and reaching 28,000 tons by 2027 [3][12][13]. - The recent restructuring of tin mines in Indonesia has led to a 50% year-on-year decline in tin ingot exports, reducing global tin supply by about 5,000 tons, equivalent to a 2% decrease in global supply [2][11]. Production Plans and Growth Projections - Huaxi Nonferrous plans to enhance production through both organic growth and external expansion. Key projects include: - Increasing the production capacity of Gaofeng Mine from 300,000 tons/year to 450,000 tons/year. - Expanding the Tongkeng Mine to 3 million tons/year. - Additional expansions at the Fozim Mine [2][5][6]. - By 2028-2029, total tin production is expected to approach 20,000 tons, with equity production around 13,000-14,000 tons. This represents a significant increase from current levels of approximately 7,000 tons total and 5,000 tons equity [2][6]. Price Trends and Market Dynamics - The price of tantalum (T) has been volatile due to export control policies. Following a peak of 260,000 yuan earlier in the year, prices fell to around 180,000-190,000 yuan but are expected to recover to approximately 200,000 yuan due to improved market confidence [7][10]. - The recent delay in the implementation of U.S. export control policies has restored market confidence, leading to a rapid price increase for T products [9]. Valuation and Future Outlook - Huaxi Nonferrous currently has a low market valuation, but with its rich resource reserves and potential for growth, its valuation is expected to increase. A target market capitalization of over 30 billion yuan is projected based on a profit forecast of 2 billion yuan in 2026 and a price-to-earnings ratio of 15 [14]. - The integration of small and scattered enterprises in Guangxi is anticipated to enhance Huaxi Nonferrous's resource reserves, particularly in antimony and other rare metals, further boosting its production capacity and market competitiveness [15]. Key Takeaways - Huaxi Nonferrous is positioned for significant growth in production and market valuation, driven by strategic expansions and favorable market conditions in the non-ferrous metals sector [2][3][14].

Investment Rating - The report maintains a positive outlook on the copper, aluminum, and precious metals sectors, indicating a high level of market activity and potential for growth [2][3][4][5]. Core Insights - Copper prices have shown a weekly increase of 1.53% to $10,859.00 per ton on the LME, with domestic prices rising by 1.12% to 86,900 yuan per ton, reflecting a recovery in demand as the market approaches the traditional peak season [2][14]. - Aluminum prices also increased, with LME aluminum up 0.52% to $2,877.00 per ton, supported by low inventory levels and stable demand from downstream processing industries [3][15]. - Gold prices surged by 4.16% to $4,174.5 per ounce, driven by geopolitical risks and economic uncertainties in the U.S., indicating strong investor interest in safe-haven assets [4][16]. - The rare earth sector is experiencing upward momentum due to increased demand and the suspension of export control measures, leading to a bullish outlook for companies involved in rare earth production [5][32]. Summary by Sections Copper - LME copper price increased by 1.53% to $10,859.00 per ton, with domestic prices at 86,900 yuan per ton [2][14]. - The processing fee index for imported copper concentrate dropped to -$42.21 per ton, indicating supply chain pressures [2][14]. - Domestic copper inventory rose by 0.52 million tons to 20.11 million tons, reflecting a cautious market sentiment [2][14]. Aluminum - LME aluminum price rose by 0.52% to $2,877.00 per ton, with domestic prices at 21,800 yuan per ton [3][15]. - Domestic aluminum ingot inventory decreased by 0.6 million tons, indicating a tightening supply [3][15]. - The operating rate of downstream aluminum processing enterprises increased slightly to 62%, suggesting stable demand [3][15]. Precious Metals - COMEX gold price increased by 4.16% to $4,174.5 per ounce, with SPDR gold holdings rising by 6.87 tons to 1,048.93 tons [4][16]. - The market is influenced by U.S. political instability and geopolitical tensions, leading to a strong demand for gold [4][16]. Rare Earths - The price of praseodymium and neodymium oxide decreased by 1.40%, but overall demand is expected to rise due to the suspension of export controls [5][32]. - The rare earth sector is projected to benefit from increased strategic importance and price appreciation [5][32]. Other Metals - Antimony prices increased by 15.5%, driven by a suspension of export controls and a tightening supply situation [5][34]. - Tin prices rose by 3.11%, supported by reduced illegal mining activities in Indonesia [5][35]. - Lithium carbonate prices increased by 3.14% to 83,200 yuan per ton, reflecting strong demand in the energy storage sector [5][61].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry [2] Core Viewpoints - The antimony industry is expected to enter a strong prosperity cycle due to a mismatch in supply and demand growth rates [4][8] - China's antimony resource reserves account for 30% of the global total, with a significant increase in reserves from 480,000 tons in 2020 to 670,000 tons in 2024, reflecting a CAGR of 8.7% [4][18] - Global antimony production is highly concentrated, with China accounting for 58% of the total production in 2024, although production has been declining [5][23] - The demand for antimony is projected to grow significantly, driven by the rapid development of photovoltaic installations and the increasing use of antimony in glass for solar panels [6][42] Summary by Sections 1. Antimony Supply Dynamics - Antimony supply is experiencing an unexpected contraction, with China's environmental and export restrictions contributing to a rigid supply growth characteristic [8][27] - The global antimony supply is expected to decline from 137,000 tons in 2024 to 129,000 tons by 2027, with a CAGR of -2% [30][57] - China's reliance on imported antimony concentrates is high, with approximately 45.7% of the supply coming from imports in 2024 [28][31] 2. Antimony Demand Growth - Global antimony consumption is projected to increase by 10.8% year-on-year to 166,000 tons in 2024, with the fastest growth in demand coming from photovoltaic glass [6][45] - The demand for antimony in photovoltaic glass is expected to grow from 49,000 tons in 2024 to 90,000 tons by 2027, reflecting a CAGR of 22% [43][49] - The overall global antimony demand is anticipated to rise from 166,000 tons in 2024 to 224,000 tons by 2027, with a CAGR of 11% [45][50] 3. Supply-Demand Gap and Price Outlook - The supply-demand gap for antimony is expected to widen significantly, with projected deficits of 2.8 million tons in 2024 and increasing to 9.5 million tons by 2027 [51][58] - The tightening supply conditions and increasing demand are likely to push antimony prices into an upward trajectory, with potential price increases of up to 56% anticipated [52][52] - The report highlights that changes in China's export policies could fundamentally alter the global antimony trade flow and pricing dynamics [10][52] 4. Related Companies - Companies mentioned in the report include Huayu Mining, Huaxi Nonferrous, and Hunan Gold [11][59]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [6] Core Viewpoints - The suspension of export restrictions to the U.S. is expected to boost China's antimony exports, which accounted for 36% of the country's antimony production in 2023 [2] - The price gap between domestic and international antimony is anticipated to narrow as exports resume [3] - Antimony prices have shown significant fluctuations influenced by export policies and demand changes, with a notable increase of 68% from February 10 to April 17, 2025 [4] Summary by Sections Export Policy Impact - The Ministry of Commerce announced a one-year suspension of export restrictions to the U.S., which is expected to lead to a recovery in antimony exports [2] - The announcement includes stricter controls on dual-use items, particularly for military applications [2] Price Trends - Antimony ingot prices rose from 143,000 CNY/ton to 240,000 CNY/ton between February 10 and April 17, 2025, before declining to 150,000 CNY/ton by November 6, 2025 [4] - The price of antimony in the UK was approximately 31.7 million CNY/ton as of November 7, 2025, indicating a significant premium over domestic prices [3] Investment Recommendations - The report suggests monitoring companies such as Huaxi Nonferrous Metals, Hunan Gold, and Huayu Mining, as the resumption of exports is expected to support domestic antimony prices [4]

Core Viewpoint - The stock price of Guangxi Huaxi Nonferrous Metals Co., Ltd. has increased by 25.66% over the past four days, reaching 38.27 CNY per share, with a market capitalization of 24.208 billion CNY [1] Group 1: Company Overview - Guangxi Huaxi Nonferrous Metals Co., Ltd. was established on June 15, 1998, and listed on July 12, 2000 [1] - The company is primarily engaged in the exploration, mining, and processing of nonferrous metals such as tin, zinc, lead, and antimony [1] - 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 [1] Group 2: Fund Holdings - One fund under China Europe Fund has a significant holding in Huaxi Nonferrous, with 64,200 shares, representing 0.42% of the fund's net value, making it the fourth-largest holding [2] - The fund, China Europe CSI 1000 Index Enhanced A (017919), has generated a floating profit of approximately 117,500 CNY today and 477,600 CNY during the four-day price increase [2] - The fund was established on March 2, 2023, with a current size of 239 million CNY and has achieved a year-to-date return of 32.59% [2]

Core Viewpoint - The non-ferrous metal sector has seen a significant influx of over 17.7 billion in main capital, ranking second among 31 primary industries in the Shenwan classification, with leading companies like Huayou Cobalt and Tianqi Lithium attracting substantial net inflows [1][3] Group 1: Market Performance - The non-ferrous metal sector has outperformed other industries, with a year-to-date increase of 75.9%, surpassing telecommunications (61.88%), electronics (48.1%), and power equipment (45.12%) [4][5] - Among the 60 constituent stocks of the Non-Ferrous Metal Leader ETF, 41 stocks rose over 2%, with five stocks hitting the daily limit up, and significant gains observed in Tianqi Lithium and Zhongmin Resources [3][5] Group 2: Investment Drivers - The strong performance is attributed to several factors: 1. Financial results show that 56 out of 60 companies in the Non-Ferrous Metal Leader ETF reported profits, with 44 companies experiencing year-on-year growth in net profit [5] 2. The current bull market is driven by demand from emerging sectors such as new energy, AI, and aerospace, alongside supply-side disruptions that highlight the scarcity and strategic value of metals [5] 3. Policy support from the government, including a joint plan to stabilize growth in the non-ferrous metal industry, is expected to enhance the sector's performance [5] Group 3: Future Outlook - Analysts predict that the non-ferrous metal sector will continue to thrive, with expectations of a new cycle driven by supply-demand balance and global monetary easing [6][5] - The investment interest in commodities is likely to persist, with anticipated price increases for copper and cobalt due to supply constraints and rising demand for lithium driven by energy storage needs [6]

Group 1 - The metal lead concept increased by 4.27%, ranking fourth among concept sectors, with 33 stocks rising, including Xingye Yinxin, Guocheng Mining, and Dazhong Mining hitting the daily limit [1] - Leading gainers in the metal lead sector included Huaxi Nonferrous, Shengda Resources, and Yuguang Gold Lead, which rose by 8.55%, 7.97%, and 7.54% respectively [1] - The sector saw a net inflow of 3.064 billion yuan from main funds, with 29 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top net inflow stock was Zijin Mining, with a net inflow of 682 million yuan, followed by Shengtun Mining, Xingye Yinxin, and Hebang Biological, with net inflows of 610 million yuan, 563 million yuan, and 291 million yuan respectively [2] - In terms of net inflow ratios, Shengtun Mining, Jinhui Co., and Hebang Biological led with ratios of 20.05%, 17.15%, and 17.01% respectively [3] - The overall performance of the metal lead sector was strong, with significant contributions from various companies, indicating a positive market sentiment [2][3]

证券代码：600301 股票简称：华锡有色 编号：2025-063 为规范公司募集资金管理和使用，保护投资者的权益，公司已制定了《募集 资金管理制度》，对募集资金的存放、使用以及监督等做出了具体明确的规定。 公司严格按照《募集资金管理制度》的规定管理和使用募集资金，募集资金的存 放、使用、管理均不存在违反《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》等法规文件以及公司《募集资金管理制度》规定的情形。 根据公司《募集资金管理制度》，公司及下属子公司广西华锡矿业有限公司、 广西华锡矿业有限公司铜坑矿业分公司对募集资金实行专户存储，并分别与中国 1 农业银行股份有限公司南宁南湖支行、独立财务顾问中银国际证券股份有限公司 签订了《募集资金专户存储三方监管协议》，三方监管协议与上海证券交易所三 方监管协议范本不存在重大差异。具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）披露的相关公告（公告编号：临 2023-034、2023-056、 2025-010）。 | | 开户银行 | 银行账户 | 账户状态 | | --- | --- | --- | --- | | 广西华锡有色金 属 ...