证券代码：000426 证券简称：兴业银锡 公告编号：2025-77 内蒙古兴业银锡矿业股份有限公司 关于公司为子公司银漫矿业融资租赁提供担保的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、担保情况概述 1、公司名称：西乌珠穆沁旗银漫矿业有限责任公司 2、成立日期：2005 年 11 月 23 日 3、住所：内蒙古自治区锡林郭勒盟西乌珠穆沁旗吉仁高勒镇巴彦乌拉嘎查 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）全资子公司西乌珠 穆沁旗银漫矿业有限责任公司（以下简称"银漫矿业"）因经营发展的需要，拟 分别与诚泰融资租赁（天津）有限公司（以下简称"诚泰租赁"）、沣融融资租 赁（上海）有限公司（以下简称"沣融租赁"）、国泰租赁有限公司（以下简称 "国泰租赁"）、芯鑫融资租赁有限责任公司（以下简称"芯鑫租赁"）四家融 资租赁公司开展融资租赁业务。 银漫矿业拟以其自有的部分生产设备类资产以售后回租方式向诚泰租赁融 资不超过人民币 30,000 万元，租赁期限为 24 个月。公司拟对银漫矿业该笔融资 租赁业务提供连带责任保证担保，担保本金不超过人民币 30,0 ...

证券代码：000426 证券简称：兴业银锡 公告编号：2025-75 内蒙古兴业银锡矿业股份有限公司 第十届董事会第二十一次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"）第十届董事会第二 十一次会议通知于 2025 年 9 月 23 日以专人送达、电子邮件等方式发出，会议于 2025 年 9 月 25 日以通讯方式召开。本次会议应参加表决董事 9 人，实际收到表 决票 9 张。会议的召集、召开、表决符合《公司法》及《公司章程》的规定，决 议合法有效。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 3、《关于公司为银漫矿业融资租赁（诚泰租赁）提供担保的议案》 本议案已经公司董事会审计与法律委员会审查通过。具体内容详见公司同日 于巨潮资讯网（www.cninfo.com.cn）上披露的《兴业银锡：关于公司为子公司银 漫矿业融资租赁提供担保的公告》(公告编号：2025-77)。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 4、《关于公司为银漫矿业融资租赁（沣融租赁 ...

每经AI快讯，兴业银锡9月25日晚间发布公告称，相关担保实施后，公司及子公司的担保余额将约为 29.56亿元，占公司最近一期经审计归属于上市公司股东的净资产的37.41%。其中，公司及控股子公司 对合并报表外单位提供担保余额为2.2亿元，占公司最近一期经审计归属于上市公司股东的净资产的 2.78%。 每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 （记者 曾健辉） ...

Group 1 - The core viewpoint of the news is that Xingye Silver Tin has experienced a significant stock price increase, with a 15.02% rise over four consecutive days, reaching a price of 27.80 CNY per share and a market capitalization of 49.363 billion CNY [1] - Xingye Silver Tin's main business involves the mining and smelting of non-ferrous and ferrous metal resources, with revenue composition including silver (34.80%), tin (30.81%), zinc (19.32%), lead (5.12%), iron (3.34%), antimony (2.90%), copper (2.01%), gold (0.66%), bismuth (0.32%), and others (0.72%) [1] - The fund "Fuguo Zhihang Quantitative Stock A" holds a significant position in Xingye Silver Tin, ranking it as the seventh largest holding, with a net value proportion of 0.83% [2] Group 2 - The fund "Fuguo Zhihang Quantitative Stock A" has achieved a year-to-date return of 20.89% and a one-year return of 50.82%, ranking 2368 out of 4220 and 1937 out of 3814 respectively [2] - The fund manager Wang Baohe has a tenure of over 14 years, with the best fund return during his tenure being 98.17% [3] - The fund's total asset size is currently 90.6 billion CNY, while the other manager, Miao Fu, has a much shorter tenure of 65 days with an asset size of 1.03 billion CNY [3]

Group 1 - The core viewpoint of the report indicates that the company, Xingye Silver Tin, is continuously advancing its resource layout, with expected production growth from projects like Yinman Phase II, Yubang, and Atlantic Tin, which will gradually ramp up output [1] - The silver market is projected to maintain a supply-demand gap throughout the year, creating a fundamental basis for price increases, while the gold-silver ratio is expected to converge downward during the easing cycle, suggesting that silver may enter a phase of catch-up growth [1] - The scarcity of refined tin resources has intensified in recent years, with supply likely to remain rigid in the long term, while demand elasticity is expected to rise rapidly with the development of the AI industry, leading to an upward shift in tin prices [1] Group 2 - The company’s performance is anticipated to accelerate under the dual influence of rising volume and prices, with projected revenues of 5.503 billion, 6.560 billion, and 7.654 billion yuan for 2025-2027, and net profits attributable to the parent company of 2.028 billion, 2.488 billion, and 2.974 billion yuan for the same period [1] - The report initiates coverage with a "recommended" rating for the company, reflecting positive expectations for its future performance [1]

Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the silver and tin industry, with a strong resource base and ongoing expansion projects that are expected to enhance its competitive edge and profitability [1][5]. Summary by Sections 1. Continuous Growth of Silver and Tin Leader - The company has a rich resource base in silver and tin, with significant mining assets acquired over the years, including Silverman Mining and Qianjinda Mining [9]. - The company has seen substantial revenue growth, with a projected revenue of 4.27 billion yuan in 2024, a year-on-year increase of 15.2% [2][15]. - The net profit attributable to shareholders is expected to reach 1.53 billion yuan in 2024, reflecting a year-on-year increase of 57.8% [2][15]. 2. Quality Resources Flourishing, Strengthening Competitive Edge - The company is actively expanding its silver and tin resource layout, with ongoing projects such as the expansion of Silverman Mining, which will increase its processing capacity from 1.65 million tons/year to 2.97 million tons/year [3][33]. - The acquisition of Yubang Mining, ranked as the fifth largest single silver mine globally, is expected to enhance the company's silver resource reserves significantly [3][34]. - The company is also set to acquire Atlantic Tin, which will further bolster its tin resource base and international presence [3][43]. 3. Silver: Favorable Supply and Demand Dynamics - The global silver supply has been slightly declining, with a compound annual growth rate (CAGR) of -0.5% from 2016 to 2024, while industrial demand is expected to grow, particularly from sectors like electric vehicles and AI applications [3][5]. - The report anticipates a continued shortage in global silver supply, which may lead to price increases [3][5]. 4. Tin: Scarcity of Resources and Demand Elasticity - The global tin production is projected to decrease, with a forecast of 300,000 tons in 2024, down 1.6% year-on-year [5]. - The demand for tin is expected to rise significantly due to the growth of the AI industry, which will drive the need for semiconductor materials [5]. 5. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 5.50 billion yuan, 6.56 billion yuan, and 7.65 billion yuan from 2025 to 2027, with net profits projected at 2.03 billion yuan, 2.49 billion yuan, and 2.97 billion yuan respectively [2][5]. - The report emphasizes that the company's ongoing resource expansion and favorable market conditions for silver and tin will likely lead to accelerated earnings growth [5].

Group 1 - The core viewpoint is that the non-ferrous metal industry index (399395) has shown strong performance, with significant gains in individual stocks such as Zijin Mining and Shandong Gold, driven by a surge in spot gold prices and supportive monetary policies [1][2] - The non-ferrous metal industry index reflects the overall performance of listed companies in the non-ferrous metal sector, comprising 50 securities with notable scale and liquidity [1] - The recent increase in gold prices is attributed to central bank reserves and resilient employment in the U.S. economy, which may extend the current interest rate cut cycle, creating a favorable environment for gold investments [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the non-ferrous metal industry index account for 50.35% of the index, including companies like Zijin Mining and Northern Rare Earth [2] - The non-ferrous ETF fund closely tracks the non-ferrous metal industry index, providing investors with a means to invest in this specific sector [1][3]

Group 1 - The industrial metal sector increased by 1.17% on September 19, with Hongchuang Holdings leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Key stocks in the industrial metal sector showed various performance, with Hongchuang Holdings rising by 4.97% and closing at 17.33 [1] Group 2 - Major stocks that declined included Liyuan Co., down 6.05% to 2.64, and Beifang Copper, down 5.12% to 13.71 [2] - The industrial metal sector experienced a net outflow of 838 million yuan from main funds, while retail investors saw a net inflow of 804 million yuan [2][3] - The stock with the highest net inflow from main funds was China Aluminum, with 79.77 million yuan, while Xinjiang Zhonghe had a net outflow of 5.73 million yuan from retail investors [3]

Core Viewpoint - The stock of Inner Mongolia Xingye Silver Tin Mining Co., Ltd. has experienced a decline of 5% as of September 18, with a trading price of 23.75 CNY per share and a total market capitalization of 42.171 billion CNY [1] Company Overview - Inner Mongolia Xingye Silver Tin Mining Co., Ltd. was established on August 23, 1996, and listed on August 28, 1996. The company is located at 76 Yulong Avenue, New District, Chifeng City, Inner Mongolia [1] - The company's main business involves the mining and smelting of non-ferrous and ferrous metal resources. The revenue composition from its main business includes: - Silver: 34.80% - Tin: 30.81% - Zinc: 19.32% - Lead: 5.12% - Iron: 3.34% - Antimony: 2.90% - Copper: 2.01% - Others: 0.72% - Gold: 0.66% - Bismuth: 0.32% [1] Fund Holdings - According to data, one fund under China Post Fund has a significant holding in Xingye Silver Tin. The China Post Core Advantage Flexible Allocation Mixed A Fund (590003) held 2 million shares in the second quarter, accounting for 2.62% of the fund's net value, making it the eighth largest holding [2] - The fund has reported a floating loss of approximately 2.5 million CNY as of the latest update [2] - The China Post Core Advantage Flexible Allocation Mixed A Fund was established on October 28, 2009, with a current scale of 1.084 billion CNY. Year-to-date returns are 30.18%, ranking 2949 out of 8172 in its category, while the one-year return is 38.55%, ranking 4502 out of 7980 [2]

Core Viewpoint - The recent increase in discussions about resource cyclical products on investment social platforms indicates a growing interest in this sector, driven by favorable market conditions and expectations of a new upward trend in resource prices due to the upcoming Federal Reserve interest rate cuts [1][3]. Group 1: Market Performance - Multiple resource-themed funds have shown significant gains this year, with several reaching new net asset value highs recently [1][2]. - Gold-related ETFs have performed exceptionally well, with several increasing over 70% year-to-date as of September 16 [2]. - Silver investments have also gained traction, with the National Investment UBS Silver Futures (LOF) rising over 32% this year [2]. Group 2: Investment Strategies - Fund managers are focusing on a range of resources, including gold, silver, copper, aluminum, and traditional midstream resources like coal and steel [3][4]. - The anticipated Federal Reserve interest rate cuts are expected to benefit resource stocks, with different metals likely to respond at varying paces during the rate cut cycle [3][5]. Group 3: Policy Impact - The deepening of China's "anti-involution" policy is expected to positively impact upstream and midstream manufacturers in the industrial supply chain, leading to a shift in the supply-demand dynamics within the sector [4]. - This policy is seen as a dual approach that enhances domestic production factor prices and encourages capital to return to the domestic market, thereby boosting consumption and investment [4]. Group 4: Specific Resource Opportunities - Fund managers are particularly optimistic about industrial metals like copper and aluminum, citing their robust long-term demand and favorable pricing dynamics [5][6]. - Small metals such as tungsten, rare earths, and tin are also highlighted as promising investment opportunities due to geopolitical factors and technological advancements [6].