Core Insights - The metal zinc sector experienced a significant increase of 3.60%, ranking third among concept sectors, with 33 stocks rising, including major gains from Dazhong Mining, Huayu Mining, and CITIC Metal [1][2] Sector Performance - The top-performing concept sectors today included: - Hainan Free Trade Zone: +4.35% - BC Battery: +3.89% - Metal Zinc: +3.60% - Metal Lead: +3.56% - Graphite Electrode: +3.55% [2] Capital Flow - The metal zinc sector saw a net inflow of 1.75 billion yuan, with 24 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow. Zijin Mining led with a net inflow of 878 million yuan, followed by Shengtun Mining, Dazhong Mining, and Xingye Silver Tin [2][3] Stock Performance - Key stocks in the metal zinc sector included: - Dazhong Mining: +10.03%, net inflow ratio of 23.39% - Zijin Mining: +3.75%, net inflow ratio of 13.58% - Shengtun Mining: +6.35%, net inflow ratio of 12.11% [3][4] Declining Stocks - Notable declines were observed in: - Feinan Resources: -4.41% - Beijete: -3.10% - ST Jinglan: -2.25% [1][5]

Group 1 - The metal lead concept increased by 3.56%, ranking fourth among concept sectors, with 32 stocks rising, including Dazhong Mining which hit the daily limit, and Huayu Mining, Guocheng Mining, and Huaxi Nonferrous rising by 8.09%, 7.67%, and 6.74% respectively [1] - The metal lead concept sector saw a net inflow of 1.775 billion yuan, with 24 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow, led by Zijin Mining with a net inflow of 878 million yuan [2] - The top net inflow ratios were recorded by Dazhong Mining, China Metallurgical Group, and Zijin Mining at 23.39%, 15.78%, and 13.58% respectively [3] Group 2 - The leading stocks in the metal lead concept included Zijin Mining, Shengtun Mining, and Dazhong Mining, with respective daily price changes of 3.75%, 6.35%, and 10.03% [3] - Stocks with significant declines included Beijiete and Wisdom Agriculture, which fell by 3.10% and 2.08% respectively [1][5] - The overall market performance showed a mixed trend with various sectors experiencing both gains and losses, highlighting the volatility in the current market environment [2][5]

Group 1 - The core viewpoint of the news is the performance and market position of Inner Mongolia Xingye Silver Tin Mining Co., Ltd, which saw a stock price increase of 5.11% to 31.05 CNY per share, with a total market capitalization of 55.133 billion CNY [1] - The company was established on August 23, 1996, and listed on August 28, 1996, focusing on the mining and smelting of non-ferrous and ferrous metal resources [1] - The main revenue composition of the company includes 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 other minerals (0.72%) [1] Group 2 - From the perspective of fund holdings, Guotou Ruijin Fund has a significant position in Xingye Silver Tin, with its Guotou Ruijin Zhaocai Mixed A Fund holding 45,800 shares, representing 3.26% of the fund's net value [2] - The fund has achieved a year-to-date return of 18.85%, ranking 4662 out of 8155 in its category, and a one-year return of 17.04%, ranking 4467 out of 8031 [2] - The fund manager, He Mingzhi, has been in position for 3 years and 47 days, with the best fund return during his tenure being 21.99% and the worst being 8.41% [3]

证券日报网讯兴业银锡（000426）10月28日在互动平台回答投资者提问时表示，截至2025年10月20日， 公司在册股东总人数为106，014户。 ...

Group 1 - The metal nickel sector experienced a decline of 1.37%, ranking among the top losers in the market, with notable declines from companies such as Tongling Nonferrous Metals and Huayou Cobalt [1][2] - Among the companies in the nickel sector, Huayou Cobalt saw a significant net outflow of 1.235 billion yuan, leading the sector in capital outflow [2][3] - Conversely, Xiamen Xinda, Huanxin Environmental Protection, and Tianqi Co., Ltd. were among the few stocks that increased, with gains of 7.73%, 5.57%, and 1.54% respectively [1][4] Group 2 - The overall capital outflow from the metal nickel sector amounted to 3.444 billion yuan, with 30 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 100 million yuan [2][3] - The top three companies with the highest capital outflows included Huayou Cobalt (-1.235 billion yuan), Luoyang Molybdenum (-624 million yuan), and Tongling Nonferrous Metals (-516 million yuan) [2][3] - In contrast, the stocks with the highest net inflows included Xiamen Xinda (28.28 million yuan), Tianqi Co., Ltd. (23.44 million yuan), and Xiangtan Electrochemical (23.11 million yuan) [2][3][4]

Group 1 - The metal lead concept declined by 1.70%, ranking among the top declines in the concept sector, with companies like Yuguang Gold Lead, Shengda Resources, and Xiyu Co. experiencing significant drops [1][2] - Among the metal lead concept stocks, 28 experienced net outflows of main funds, with a total outflow of 2.038 billion yuan, led by Zijin Mining with a net outflow of 477 million yuan [2][3] - The top gainers in the metal lead concept included Beijiete, Wolong New Energy, and Jinhui Co., with increases of 7.71%, 4.25%, and 2.97% respectively [1][3] Group 2 - The leading concept sectors for today included Cross-Strait with a gain of 4.29%, while the metal lead sector was among the worst performers [2] - The main fund inflows were observed in stocks like Wolong New Energy, High Energy Environment, and Hebang Bio, with inflows of 54.7 million yuan, 43.9 million yuan, and 29.0 million yuan respectively [2][3] - The metal lead concept stocks with the highest turnover rates included Yuguang Gold Lead at 9.32% and Zijin Mining at 1.28% [3]

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Core Viewpoint - The company is making progress on its projects, including the Silverman Phase II and the expansion of Yubang Mining, while also optimizing the construction plan for the Achmmach tin mine in Morocco [2]. Group 1: Silverman Phase II - Silverman Phase II has received project approval and is actively communicating with local government to expedite the construction permit process [2]. Group 2: Yubang Mining Expansion - Yubang Mining's annual production expansion project of 8.25 million tons is currently in the process of applying for construction permits from the Ministry of Emergency Management [2]. Group 3: Achmmach Tin Mine Project - The Achmmach tin mine project in Morocco is undergoing optimization of its construction plan, and construction will commence once the design optimization is completed [2].

Group 1 - The company has confirmed that the controlling shareholder, Xingye Group, has entrusted its subsidiary, Budun Yinkeng Mining, to the company for operation and management as of December 2024 [2] - There is currently no scheduled plan for the injection of Budun Yinkeng into the listed company [2] - The Tanghe Era project is still in the construction phase, and efforts to resume construction are ongoing [2]

New Stock Offerings - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - The latest announcements for various stocks include BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) on October 10, 2025[1] - Significant abnormal fluctuations were reported for Nanxin Pharmaceutical (688189) on October 10, 2025[1] Trading Alerts - A total of 30 stocks have trading alerts issued on October 20, 2025, including Anlikang (002940) and ST Baoying (002047)[1] - The trading alerts cover various sectors, indicating potential volatility in the market[1] - The latest announcements for stocks such as YD Holdings (000626) and ST Nanzhi (002305) were made on October 20, 2025[1]