Group 1 - The company, Xingye Silver Tin, announced plans to issue overseas bonds through its subsidiary, Xingye Gold (Hong Kong), with a total issuance size not exceeding 300 million USD to optimize its financing structure and support sustainable development [1] - The company will provide guarantees for the bond issuance, with the guarantee amount not exceeding 300 million USD, which will increase the total guarantee balance to approximately 4.31 billion RMB, accounting for 54.55% of the company's latest audited net assets attributable to shareholders [1] - The company and its subsidiaries have a total guarantee balance of 220 million RMB for entities outside the consolidated financial statements, representing 2.78% of the latest audited net assets attributable to shareholders [1] Group 2 - For the first half of 2025, the company's revenue composition shows that the mining industry accounts for 99.28%, while other businesses contribute 0.72% [2] - As of the report date, the market capitalization of Xingye Silver Tin is 63 billion RMB [2]

Group 1 - The company, Xingye Silver Tin, announced that its 25th meeting of the 10th board of directors was held on December 5, 2025, via communication, where it reviewed the proposal to provide guarantees for its subsidiary, Xingye Gold (Hong Kong), for issuing overseas bonds [1] - For the first half of 2025, the company's revenue composition was 99.28% from the mining industry and 0.72% from other businesses [1] - As of the report date, the market capitalization of Xingye Silver Tin was 63 billion yuan [1] Group 2 - The news highlights a trend in the banking sector where large-denomination time deposits have become scarce, with products offering interest rates above 2% being difficult to obtain, and some requiring a minimum investment of 10 million yuan [1] - Experts suggest that deposit interest rates may experience a long-term downward trend [1]

公司拟为兴业黄金(香港)本次发行境外债券提供担保，担保方式包括但不限 于公司提供无条件的不可撤销的连带责任保证担保，担保本金不超过 3 亿美元 （等值）。 证券代码：000426 证券简称：兴业银锡 公告编号：2025-93 内蒙古兴业银锡矿业股份有限公司 关于公司为子公司兴业黄金（香港）发行 境外债提供担保的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 为进一步拓宽内蒙古兴业银锡矿业股份有限公司（以下简称"兴业银锡"或 "公司"）海外融资渠道，建立境外市场良好的信用基础，优化融资结构，促进 公司持续稳定发展，结合目前公司海外业务情况以及目前境外债券的市场情况， 公司子公司兴业黄金(香港)矿业有限公司（以下简称"兴业黄金（香港）"）拟 一次性或分笔发行中长期境外债券，发行规模不超过 3 亿美元（等值）金额。具 体情况详见公司于 2025 年 5 月 6 日在巨潮资讯网（www.cninfo.com.cn）披露的 《兴业银锡：关于拟发行境外债券的公告》（公告编号：2025-34）。 上述担保事项已经公司 2025 年 12 月 5 日召开 ...

证券代码：000426 证券简称：兴业银锡 公告编号：2025-94 内蒙古兴业银锡矿业股份有限公司 关于增加股东会临时提案暨 2025 年第四次 临时股东会的补充通知的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 内蒙古兴业银锡矿业股份有限公司（以下简称"兴业银锡"或"公司"）于 2025 年 11 月 28 日召开了第十届董事会第二十四次会议，公司董事会决定于 2025 年 12 月 17 日召开 2025 年第四次临时股东会。具体详见于 2025 年 12 月 2 日在 巨潮资讯网（www.cninfo.com.cn）披露的《关于召开 2025 年第四次临时股东会 的通知》（公告编号 2025-89）。 公司于 2025 年 12 月 5 日召开了第十届董事会第二十五次会议，审议通过了 《关于公司为子公司兴业黄金（香港）发行境外债提供担保的议案》，根据公司 章程规定，上述议案需要提交公司股东会审议。鉴于此，为提高会议决策效率， 公司股东内蒙古兴业集团有限公司提请将《关于公司为子公司兴业黄金（香港） 发行境外债提供担保的议案》作为临时议案提交 202 ...

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 十五次会议通知于 2025 年 12 月 3 日以专人送达、电子邮件等方式发出，会议于 2025 年 12 月 5 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。 二、董事会会议审议情况 证券代码：000426 证券简称：兴业银锡 公告编号：2025-92 内蒙古兴业银锡矿业股份有限公司 第十届董事会第二十五次会议决议公告 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 1、公司第十届董事会第二十五次会议决议。 2、公司董事会审计与法律委员会会议文件。 特此公告 1、审议通过了《关于公司为子公司兴业黄金（香港）发行境外债提供担保 的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 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《关于公司为子公司兴业黄金（香 港）发行境外债提供担保的 ...

Core Viewpoint - Recent tin prices have reached new highs due to tight supply and macroeconomic expectations, with Shanghai futures hitting 323,000 yuan per ton, a 28% increase year-to-date [1] Supply and Demand Dynamics - Analysts highlight that tin supply remains a core concern, with slow recovery in Myanmar's Wa State mines and a significant drop in Indonesia's refined tin exports in October, leading to continued supply constraints [2] - The geopolitical conflict in the Democratic Republic of Congo is causing logistical disruptions and rising costs, limiting tin imports [2] - Tin is currently one of the most scarce non-ferrous metals, with low static reserve-to-production ratios globally and in China, indicating sustainability challenges [2] Market Trends and Future Outlook - The global supply of tin is under pressure from resource depletion and regulatory changes in major producing countries like Indonesia and Myanmar, which are facing declining grades and increased extraction difficulties [3] - Demand for tin is primarily driven by emerging sectors such as photovoltaics and semiconductors, with a projected compound annual growth rate (CAGR) of 7% for solder demand from 2024 to 2030 [3] - Traditional demand is expected to benefit from global fiscal and monetary easing, with an estimated CAGR of 4.3% for global tin demand from 2024 to 2030 [3] Industry Performance - Companies in the tin industry have reported significant profit growth due to rising tin prices, with several listed companies in the A-share market benefiting from the upward trend [5] - Xiyu Tin Industry reported a revenue of 34.417 billion yuan for the first three quarters of 2025, a 17.81% increase year-on-year, with a net profit of 1.745 billion yuan, up 35.99% [6] - Xingye Silver Tin reported a revenue of 4.099 billion yuan for the first three quarters of 2025, a 24.36% increase year-on-year, with a net profit of 1.364 billion yuan, up 4.94% [6] Strategic Insights - Companies are optimistic about the future of the tin industry, citing tightening policies in Southeast Asia and the strategic importance of tin resources [7] - The demand for tin is expected to grow due to the recovery of the global economy and the rapid development of emerging industries such as semiconductors and photovoltaics [7]

600549 厦门钨业 -0.14 2.06 850.53 沪指12月4日下跌0.06%，申万所属行业中，今日上涨的有9个，涨幅居前的行业为机械设备、电子，涨 幅分别为0.90%、0.78%。有色金属行业今日上涨0.33%。跌幅居前的行业为综合、美容护理，跌幅分别 为2.11%、1.89%。 资金面上看，两市主力资金全天净流出243.04亿元，今日有5个行业主力资金净流入，机械设备行业主 力资金净流入规模居首，该行业今日上涨0.90%，全天净流入资金29.11亿元，其次是家用电器行业，日 涨幅为0.21%，净流入资金为24.44亿元。 主力资金净流出的行业有26个，电力设备行业主力资金净流出规模居首，全天净流出资金41.14亿元， 其次是电子行业，净流出资金为38.66亿元，净流出资金较多的还有有色金属、食品饮料、基础化工等 行业。 有色金属行业今日上涨0.33%，全天主力资金净流出34.46亿元，该行业所属的个股共138只，今日上涨 的有34只；下跌的有103只。以资金流向数据进行统计，该行业资金净流入的个股有38只，其中，净流 入资金超3000万元的有7只，净流入资金居首的是华友钴业，今日净流入资金1.7 ...

Core Viewpoint - The news highlights the recent stability of tin prices above 300,000 yuan per ton and the positive performance of companies in the tin industry, driven by supply constraints and increasing demand from emerging sectors like semiconductors and consumer electronics [1][5][7]. Tin Price and Market Dynamics - Tin futures reached a three-and-a-half-year high, with the main contract peaking at 314,100 yuan per ton, marking a 2.72% increase [5][18]. - The average spot price of tin on December 3 was 309,700 yuan per ton, up 5,630 yuan from the previous trading day, maintaining above 300,000 yuan for five consecutive days [5][18]. - The rise in tin prices is attributed to tight supply from Myanmar and positive macroeconomic expectations, including a high probability of a Federal Reserve interest rate cut [7][20]. Demand Drivers - The demand for tin is primarily driven by the semiconductor industry, which is expected to see a 19.1% increase in global sales in 2024, reaching $627.6 billion [7][20]. - Tin solder demand is projected to grow at a rate of 5% to 7% in 2025, supported by the recovery of the global economy and advancements in new industries [7][20]. Company Performance and Stock Market Reaction - Seven listed companies in the A-share market are involved in the tin industry, with significant investor interest due to rising tin prices [8][21]. - The average stock price increase for tin-related companies this year is 113.08%, with notable gains from companies like Xingye Silver Tin and Shengtun Mining, which saw increases of 226.33% and 160.32%, respectively [8][21]. - In the first three quarters, these companies collectively achieved a net profit of 43.314 billion yuan, a year-on-year increase of 47.47% [9][22]. Individual Company Highlights - Zijin Mining reported a net profit of 37.864 billion yuan in the first three quarters, up 55.45% year-on-year, with significant tin reserves [9][22][23]. - Xiyang Tin achieved a net profit of 1.745 billion yuan, reflecting a 35.99% increase year-on-year, maintaining its position as the largest tin producer globally [10][23]. - Institutional interest is high, with Zijin Mining and Xiyang Tin receiving the most ratings from analysts, indicating strong market confidence [10][23][24].

Core Viewpoint - The recent surge in tin prices is driven by supply constraints and positive macroeconomic expectations, with the main contract reaching a new high since May 2022, reflecting a cumulative increase of 23.3% since June 2023 [2][3]. Supply Side - Tin prices are supported by tight supply, particularly due to slow recovery in Myanmar's Wa State tin mines and low export volumes [2]. - The global tin supply is expected to face increasing disruptions, with Southeast Asian tin-producing countries tightening policies, leading to a scarcity of tin resources [3][4]. Demand Side - The demand for tin is primarily driven by emerging sectors, particularly the semiconductor and consumer electronics industries, which are experiencing growth. The global semiconductor sales are projected to reach $627.6 billion in 2024, a 19.1% increase from 2023 [3]. - Tin solder demand in semiconductor packaging, which accounts for 65% of tin consumption, is expected to grow at a rate of 5% to 7% by 2025 [3]. Market Performance - The average price of tin reached 309,700 yuan/ton on December 3, 2023, marking a 5-day streak above the 300,000 yuan threshold [2]. - Tin concept stocks have seen significant price increases, with an average rise of 113.08% this year. Notable performers include Xingye Silver Tin, Shengtun Mining, and Huaxi Nonferrous, with increases of 226.33%, 160.32%, and 118.87% respectively [4]. Financial Performance - Seven listed companies in the tin industry reported a combined net profit of 43.314 billion yuan in the first three quarters of 2023, a year-on-year increase of 47.47% [4]. - Zijin Mining reported a net profit of 37.864 billion yuan, a 55.45% increase year-on-year, with tin reserves totaling 123,200 tons [4][5]. - Xiyang Tin achieved a net profit of 1.745 billion yuan, a 35.99% increase year-on-year, maintaining the largest market share in global tin production [5]. Institutional Attention - Five tin concept stocks have received institutional ratings, with Zijin Mining and Xiyang Tin receiving the highest number of ratings at 25 and 17 respectively [5].

Core Viewpoint - The transfer of shares in Weiling Co., Ltd. marks a significant change in ownership, with Shannan Antimony becoming the largest shareholder and gaining control of the company, indicating a strategic shift in management and potential operational focus [1][2]. Group 1: Share Transfer Details - Weiling Co., Ltd. announced a share transfer where shareholders Shanghai Lingyi and Wen Ping will sell 17.43 million shares at a price of 15.21 yuan per share, totaling 308 million yuan [1]. - After the transfer, Shanghai Lingyi will hold 14.10 million shares but will forfeit the voting rights associated with these shares [1]. - The second-largest shareholder, Yang Yongzhu, will also relinquish voting rights for 15.85 million shares [1]. Group 2: New Shareholder Profile - Shannan Antimony will hold a total of 20.23 million shares, representing a 7.76% stake, making it the largest shareholder of Weiling Co., Ltd. [2]. - Following the board restructuring, Shannan Antimony will officially gain control of the company, with the actual controller changing from Huang Da to Ji Xingye [2]. - Shanghai Lingyi has been reducing its stake in Weiling Co., Ltd. over the years, decreasing from 23.94% to 12.10% prior to this transfer [2]. Group 3: Business and Financial Performance - Shannan Antimony is a subsidiary of the leading non-ferrous metal company Xingye Yinx, with both companies under the control of Ji Xingye, indicating potential synergies in operations [3]. - Weiling Co., Ltd. has faced challenges in its diversification into the lithium industry, only achieving profitability in 2022, while projecting losses of 222.3 million yuan and 308 million yuan for 2023 and 2024, respectively [3]. - In the first three quarters of this year, Weiling Co., Ltd. reported revenues of 213 million yuan, a year-on-year decline of 53.88%, but managed to reduce net losses by 88.44% compared to the previous year [3]. - The company has initiated a recovery strategy by acquiring Jiayu Mining to expand into the non-ferrous metal resource sector, aiming to enhance its operational resilience through diversified mineral pricing cycles [3].