Group 1 - The A-share small metal sector experienced an initial rise, with Haotong Technology and Xingye Silver Tin both increasing by over 6% [1] - Other companies such as Guiyan Platinum Industry, Xianglu Tungsten Industry, Guangsheng Nonferrous, Yian Technology, and Zhangyuan Tungsten Industry also saw gains [1]

立足银、锡、锌，公司资源版图由内蒙走向全球。公司上市以来经历了2011、2014-2016、2023-至今三 轮矿山资源扩充。立足银、锌、锡资源压舱石，目前旗下银漫、乾金达、融冠已具备三座亿级利润的大 型矿山，成为支撑公司高成长的现金奶牛。2023 年起，公司陆续完成了博盛矿业（黄金）、宇邦矿业 （（ 银锌锌）收购，托管大股东旗下布敦银根矿业（银锌锌），拟要约收购大西洋锡业（锡），完成 新一轮资源版图扩充。 手握三座世界级银矿，扬帆起航正当时。目前子公司银漫矿业拥有白银资源量8058 吨，平均品位185g/ 吨；宇邦矿业保有白银资源量1.79 万吨，平均品位125g/吨，单体银矿储量排名位列亚洲第一，全球第 五；托管大股东的布敦银根矿业拥有白银资源量1.1 万吨，平均品位158g/吨。根据世界白银协会披露的 全球前十大在产矿山，剔除第一大KGHM 后（资源量8.3 万吨，平均品位58.3g/吨）平均资源量7100 吨，平均品位166g/吨，可见公司三座矿山资源量均有潜力支撑产量进入全球前十。 远期规划银矿石产能有望增长2.7 倍，成长性领跑全球矿企。全球前十大在产矿山白银产量均超过350 吨/年，而公司银漫、 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 02 年 月 日 兴业银锡（000426.SZ） 手握多座世界级矿山，银锡龙头未来可期 立足银、锡、锌，公司资源版图由内蒙走向全球。公司上市以来经历了 2011、2014-2016、2023-至今三轮矿山资源扩充。立足银、锌、锡资源压 舱石，目前旗下银漫、乾金达、融冠已具备三座亿级利润的大型矿山，成 为支撑公司高成长的现金奶牛。2023 年起，公司陆续完成了博盛矿业（黄 金）、宇邦矿业（（银锌锌）收购，托管大股东旗下布敦银根矿业（银锌锌）， 拟要约收购大西洋锡业（锡），完成新一轮资源版图扩充。 手握三座世界级银矿，扬帆起航正当时。目前子公司银漫矿业拥有白银资 源量 8058 吨，平均品位 185g/吨；宇邦矿业保有白银资源量 1.79 万吨， 平均品位 125g/吨，单体银矿储量排名位列亚洲第一，全球第五；托管大 股东的布敦银根矿业拥有白银资源量 1.1 万吨，平均品位 158g/吨。根据 世界白银协会披露的全球前十大在产矿山，剔除第一大 KGHM 后（资源量 8.3 万吨，平均品位 58.3g/吨）平均资源量 7100 吨，平均品位 ...

Core Viewpoint - The announcement details the approval of the resource reserve verification report for the Budun Yingen Mining Company, a subsidiary of Inner Mongolia Xingye Silver and Tin Mining Co., Ltd, indicating significant increases in mineral resources and reserves [1][3]. Resource Reserve Verification Results - As of January 31, 2025, the verified silver ore resource amounts to 70.325 million tons, with a metal content of 11,114 tons and an average grade of Ag 158.07 g/t [1]. - The breakdown of the verified resources includes: - Proven resources: 14.243 million tons of ore, 3,546 tons of metal, average grade Ag 248.95 g/t - Controlled resources: 22.512 million tons of ore, 3,573 tons of metal, average grade Ag 158.74 g/t - Inferred resources: 33.570 million tons of ore, 3,995 tons of metal, average grade Ag 119.05 g/t [1]. Accompanying Metal Resources - The verification also identified associated metal resources as follows: - Pb: 39.571 million tons of ore, 95,643 tons of metal, average grade 0.24% - Zn: 59.565 million tons of ore, 180,818 tons of metal, average grade 0.30% - Ga: 70.271 million tons of ore, 3,603 tons of metal, average grade 0.0051% - Cd: 10.913 million tons of ore, 1,092 tons of metal, average grade 0.0100% [2]. Increase in Resource Reserves - Compared to the last report from March 2024, the current verification shows significant increases: - Silver ore resource increased by 6.5316 million tons and silver metal by 10,273.1 tons - Pb ore increased by 3.4998 million tons and metal by 84,142 tons - Zn ore increased by 5.5033 million tons and metal by 158,441 tons - Cd ore increased by 0.6008 million tons and metal by 601 tons - Ga ore increased by 6.5422 million tons and metal by 3,381 tons [3]. Future Development Plans - The company plans to actively advance the approval procedures for further mining development, although the timing and certainty of obtaining the necessary approvals remain uncertain [4].

关于托管公司布敦银根矿业资源储量核实报告 通过评审备案的公告 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。 西乌珠穆沁旗布敦银根矿业有限公司（以下简称"布敦银根矿业"）系内 蒙古兴业银锡矿业股份有限公司（以下简称"公司"）控股股东内蒙古兴业黄 金冶炼集团有限责任公司（以下简称"兴业集团"）的控股子公司。2024 年 12 月 30 日，公司与兴业集团签署了《托管协议》，兴业集团将布敦银根矿业委托 公司进行经营、管理。具体情况详见公司于 2024 年 12 月 31 日在巨潮资讯网披 露的《兴业银锡：关于签署托管协议暨关联交易公告》（公告编号：2024-87）。 2025 年 5 月 30 日，布敦银根矿业收到锡林郭勒盟自然资源局出具的《关 于<内蒙古自治区西乌珠穆沁旗布敦乌拉矿区银矿资源储量核实报告>矿产资源 储量评审备案的复函》（锡自然资储备字（2025）006 号），经审查，布敦银 根矿业矿产资源储量评审备案的有关材料符合相关规定，予以通过评审备案。 具体情况如下： 一、本次资源储量评审备案结果 根据《<内蒙古自治区西乌珠穆沁旗布敦乌拉矿区银矿资源储量核实报 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 信息披露义务人国民信托有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、本次权益变动性质为股份减少，不触及要约收购。 2、本次权益变动不涉及公司控股股东及实际控制人，不会导致公司控股股东、实际控制人发生变化， 不会对公司经营及治理结构产生影响。 1、本次权益变动未触及要约收购，不会导致公司实际控制人发生变更，亦不会对公司治理结构和持续 经营构成影响。 2、本次权益变动后，股东国民信托持股比例降至5%以下。 3、根据《证券法》《公开发行证券的公司信息披露内容与格式准则第15号一一权益变动报告书》等法 律法规及规范性文件相关规定，股东国民信托作为信息披露义务人编制了简式权益变动报告书，具体内 容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《简式权益变动报告书》。 4、本次权益变动符合《中华人民共和国证券法》《深圳证券交易所上市公司自律监管指引第18号一一 股东及董事、监事、高级管理人员减持股份》等有关法律法规及规范性 ...

上市公司名称：内蒙古兴业银锡矿业股份有限公司 内蒙古兴业银锡矿业股份有限公司 简式权益变动报告书 信息披露义务人：国民信托有限公司（代表"国民信托·恒盈 5 号事务管 理类集合资金信托计划"） 住所及通讯地址：北京市东城区安外西滨河路 18 号院 1 号 股份变动性质：股份减少 报告书签署日期：2025 年 5 月 27 日 股票上市地点：深圳证券交易所 股票简称：兴业银锡 股票代码：000426 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"证券法"） 《上市公司收购管理办法》（以下简称"收购办法"）《公开发行证券公司信息 披露内容与格式准则第 15 号—权益变动报告书》（以下简称"准则 15 号"）及 相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据证券法及相关规定，本报告书已全面披露了信息披露义务人在兴业 银锡中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，上述信息披露义务人没 有通过任何其他方式增加或减少其在兴业银锡中拥有权益的股份。 四、本次权益变动是根据本报告所载明的资料进行的。信息披露义务人 ...

证券代码：000426 证券简称：兴业银锡 公告编号：2025-41 内蒙古兴业银锡矿业股份有限公司 一、股东权益变动触及 1%整数倍的情况 关于持股 5%以上股东权益变动后持股比例触及 1% 整数倍且持股比例降低至 5%以下的提示性公告 信息披露义务人国民信托有限公司保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、本次权益变动性质为股份减少，不触及要约收购。 2、本次权益变动不涉及公司控股股东及实际控制人，不会导致公司控股股 东、实际控制人发生变化，不会对公司经营及治理结构产生影响。 3、本次权益变动后，股东国民信托有限公司（代表"国民信托·恒盈 5 号 事务管理类集合资金信托计划"）持有公司股份 88,781,723 股，占公司目前总 股本的 4.999996%，不再是公司持股 5%以上的股东。 内蒙古兴业银锡矿业股份有限公司（以下简称"兴业银锡"、"公司"或"本 公司"）于 2025 年 3 月 19 日披露了《兴业银锡：关于持股 5%以上股东减持计 划的预披露公告》（公告编号：202 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].

Core Viewpoint - Inner Mongolia Xingye Silver Tin Mining Co., Ltd. has demonstrated significant growth in both production and profitability, driven by strategic initiatives in resource integration, technological upgrades, and international expansion [3][4][5]. Financial Performance - In 2024, the company achieved operating revenue of 4.27 billion yuan, a year-on-year increase of 15.23% - The net profit attributable to shareholders reached 1.53 billion yuan, reflecting a substantial year-on-year growth of 57.82% [3]. Strategic Initiatives - The company has established Yunnan Mali Po Tin Precious Metals Mining Co., Ltd. to enhance resource integration and development in Yunnan, focusing on tin and copper [3]. - Technological innovations and equipment upgrades at its main mining operations, such as the successful implementation of a flotation process at Yinman Mining, have significantly improved ore processing capabilities and product quality [3]. Resource Development - The company is accelerating the conversion of geological exploration results into recoverable reserves at Yinman Mining and is planning a second-phase expansion project to enhance core mining competitiveness [4]. - There is a focus on domestic market acquisitions of mature and high-potential mining projects to optimize local resource allocation [4][7]. International Expansion - The company is committed to a "going global" strategy, with a significant investment in Australian company Far East Gold Limited, acquiring a 19.99% stake [5]. - An international division has been established to oversee overseas operations, focusing on silver and tin while also exploring copper and gold resources [5][6]. Future Outlook - The company aims to strengthen its resource foundation by building a multi-tiered mineral resource reserve system, enhancing the conversion of potential resources into recoverable reserves [7]. - There are plans for further cross-border mergers and acquisitions, particularly targeting silver, tin, copper, and gold resources to create a more resilient business portfolio [7].