（编辑 任世碧） 证券日报网讯 12月29日，兴业银锡在互动平台回答投资者提问时表示，2025年初至目前，公司未开展 白银的套期保值业务，仅于11月下旬启动少量锡的套期保值操作，过程中严格把控交易风险，控制建仓 规模、审慎开展相关操作。套期保值业务不会对公司当期经营业绩构成重大影响。具体情况敬请关注公 司在指定媒体发布的2025年年度报告。 ...

（记者 胡玲） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司从7月到现在有开展白银套期保值业务吗？ 兴业银锡（000426.SZ）12月29日在投资者互动平台表示，2025年初至目前，公司未开展白银的套期保 值业务，仅于11月下旬启动少量锡的套期保值操作，过程中严格把控交易风险，控制建仓规模、审慎开 展相关操作。套期保值业务不会对公司当期经营业绩构成重大影响。 ...

格隆汇12月29日丨兴业银锡(000426.SZ)在投资者互动平台表示，2025年初至目前，公司未开展白银的 套期保值业务，仅于11月下旬启动少量锡的套期保值操作，过程中严格把控交易风险，控制建仓规模、 审慎开展相关操作。套期保值业务不会对公司当期经营业绩构成重大影响。具体情况敬请关注公司在指 定媒体发布的2025年年度报告。 ...

Core Viewpoint - The article discusses the mixed performance of the A-share market, highlighting the strong momentum in the commercial aerospace sector and the significant rise in precious metals, particularly silver, while noting declines in the consumer sector. Group 1: A-share Market Performance - On December 29, the A-share market showed mixed results with the Shanghai Composite Index up by 0.31% and the Shenzhen Component Index up by 0.03%, while the ChiNext Index fell by 0.32% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.4 trillion yuan, a decrease of 578 billion yuan compared to the previous trading day, with over 3,400 stocks declining [1] Group 2: Commercial Aerospace Sector - The commercial aerospace sector continued its strong performance, with over ten constituent stocks hitting the daily limit, including Shenjian Co. with eight consecutive limit-ups, and Jin Feng Technology and Leike Defense also reaching the limit [3] - The Shanghai Stock Exchange announced new guidelines supporting commercial rocket companies to list on the Sci-Tech Innovation Board, which is expected to facilitate the growth of the commercial aerospace industry [3] - According to Zhongtai Securities, the global commercial aerospace industry is anticipated to enter a period of explosive growth over the next two years, driven by accelerated technological iteration and increasing demand for launch services and satellite networking [5] Group 3: Precious Metals Sector - The precious metals sector experienced volatility but ultimately strengthened, with silver leading the gains. The main silver futures contract rose over 8% during the day, and spot silver surged by more than 5%, reaching historical highs [6] Group 4: Humanoid Robotics Sector - The humanoid robotics sector saw significant gains, with stocks like Fenglong Co. achieving four consecutive limit-ups, and other companies such as Mould Technology and Wuzhou New Spring also hitting the limit [6] - The Ministry of Industry and Information Technology announced the establishment of a standardization committee for humanoid robots, which will focus on developing industry standards for key technologies and applications [9] - Huajin Securities noted that the commercialization of humanoid robots is expected to accelerate due to a substantial increase in the number of new product releases and growing order volumes [9] Group 5: Consumer Sector Decline - The consumer sector faced declines, particularly in retail and dairy industries, with companies like Baida Group hitting the daily limit down and Huangshi Group experiencing significant drops [10]

Core Viewpoint - The Huabao ETF (159876), which focuses on the non-ferrous metals sector, has seen a significant increase in market performance, with a peak intraday rise of 0.5%, reflecting strong investor confidence in the sector's future performance [1] Group 1: ETF Performance - The Huabao ETF recorded a net subscription of 10.2 million shares, indicating positive market sentiment towards the non-ferrous metals sector [1] - The ETF's net value has shown substantial growth, with a 120-day increase of 91.93% and a 250-day increase of 84.44% [1] - The ETF's 52-week high is 1.00, while the low is 0.49, showcasing significant volatility in its trading range [1] Group 2: Individual Stock Performance - Notable stocks within the ETF include Baiyin Nonferrous, which surged by 10.05%, and Hunan Baiyin, which increased by 10.01% [2] - Other significant gainers include Xingye Yinxin with an 8.28% rise and Guangsheng Nonferrous with a 5.65% increase [2] - The overall trend in the non-ferrous metals sector has been bullish, with LME copper and COMEX gold reaching historical highs [2] Group 3: Market Drivers - Factors driving the non-ferrous metals market include limited resource supply, strong demand from AI, and a downward trend in interest rates, which are creating a new pricing paradigm for resources [3] - The sustainability of the super cycle in non-ferrous metals is contingent on the recovery of the US dollar credit, strategic stockpiling progress, and the effectiveness of "anti-involution" policies [3] - Analysts suggest that the super cycle for non-ferrous metals is likely to continue until 2026, supported by a weak dollar and policy backing [3] Group 4: Investment Strategy - A diversified investment approach through the Huabao ETF is recommended to capture the overall beta performance of the non-ferrous metals sector, which includes copper, aluminum, gold, rare earths, and lithium [4] - This strategy aims to mitigate risks associated with investing in single metal sectors, making it suitable for inclusion in investment portfolios [4]

Group 1 - The core viewpoint of the news highlights the significant rise in the non-ferrous metal sector, with the index and various stocks experiencing notable gains, particularly in silver and copper prices reaching historical highs [1][2]. - The non-ferrous metal industry index (399395) increased by 0.56%, with key stocks such as Silver Holdings (601212) up by 10.05% and Jiangxi Copper (600362) up by 4.68% [1]. - The surge in precious metals, especially silver, is attributed to lower-than-expected inflation data, which has fueled expectations for interest rate cuts by the Federal Reserve, leading to a decline in U.S. Treasury yields [2]. Group 2 - The top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, with major players including Zijin Mining (601899) and China Aluminum (601600) [3]. - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index and includes 50 prominent securities from the sector, reflecting the overall performance of listed companies in the non-ferrous metal industry [2][4].

Group 1 - The core viewpoint of the news is that Xingye Silver Tin has shown significant stock price performance and financial growth, with a notable increase in share price and revenue in recent periods [1][2]. - As of December 29, Xingye Silver Tin's stock price increased by 233.21% year-to-date, with a recent trading price of 36.82 CNY per share and a market capitalization of 65.379 billion CNY [1]. - The company has experienced fluctuations in trading volume, with a net outflow of 3.8035 million CNY in principal funds, while large orders accounted for 21.97% of buying and 19.02% of selling [1]. Group 2 - Xingye Silver Tin's main business involves the mining and smelting of non-ferrous and ferrous metals, with revenue composition including silver (34.80%), tin (30.81%), zinc (19.32%), and other metals [2]. - For the period from January to September 2025, the company reported a revenue of 4.099 billion CNY, reflecting a year-on-year growth of 24.36%, and a net profit attributable to shareholders of 1.364 billion CNY, up by 4.94% [2]. - The company has distributed a total of 4.23 billion CNY in dividends since its A-share listing, with 2.75 billion CNY distributed over the past three years [3].

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].

Core Viewpoint - The recent surge in tin prices, driven by supply constraints and geopolitical factors, has raised concerns within the industry regarding the impact on downstream companies and the overall market stability [1][3][11]. Group 1: Price Movements - Tin prices have reached new highs, with LME tin increasing by 11.5% and SHFE tin by over 13% since December 2025, with a notable rise of over 40,000 yuan per ton in just half a month [1][5]. - The LME three-month tin futures contract and SHFE main contract have both set new records, surpassing $43,900 per ton and 349,000 yuan per ton, respectively [5]. - As of December 24, the SHFE main contract saw a decline of over 3%, trading at 335,800 yuan per ton [5]. Group 2: Supply and Demand Dynamics - Supply from major producing countries like the Democratic Republic of Congo and Myanmar is stabilizing, with domestic tin smelting capacity fully utilized, resulting in a production of 189,000 tons from January to November, a year-on-year increase of 6.2% [7]. - Despite growth in emerging sectors like photovoltaics and automotive electronics, traditional demand remains stable, with global tin consumption expected to grow by nearly 3% in 2025, slightly below production growth [7]. - The global tin market is currently experiencing a supply surplus of approximately 10,000 tons, attributed to a slowdown in overseas demand [7]. Group 3: Industry Concerns - The rapid price increase has created significant pressure on downstream tin-consuming industries, such as solder, tinplate, and chemicals, leading to challenges in fulfilling long-term contracts and maintaining product quality [3][11]. - The Tin Industry Association has called for rational market behavior to avoid speculative bubbles and ensure price stability, emphasizing the need for a balanced approach to pricing [11][12]. - Companies like Xiyang Co., Huaxi Nonferrous Metals, and Xingye Silver Tin are positioned differently within the market, with varying potential for performance based on their business models and exposure to tin price fluctuations [11][12].

Group 1 - The gold concept sector declined by 0.72%, ranking among the top declines in the market, with notable declines from companies such as Haotong Technology, Shengda Resources, and Guiyan Platinum [1] - Among the gold concept stocks, 21 stocks saw price increases, with Yimin Group, Nankun Group, and Jinyi Culture leading the gains at 10.02%, 10.00%, and 1.95% respectively [1] - The gold concept sector experienced a net outflow of 2.226 billion yuan, with 61 stocks facing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan, led by Zijin Mining with a net outflow of 326.4 million yuan [2] Group 2 - The top net inflow stocks in the gold concept sector included Yimin Group, Nankun Group, and Guocheng Mining, with net inflows of 124.13 million yuan, 50.95 million yuan, and 44.94 million yuan respectively [4] - The gold concept sector's outflow leaderboard featured Zijin Mining, Zhongjin Gold, and Xingye Silver, with respective outflows of 326.44 million yuan, 254.72 million yuan, and 251.63 million yuan [3][4] - The trading volume for the gold concept sector showed significant turnover rates, with Haotong Technology at 16.35% and Shengda Resources at 5.71% [4]