Group 1 - The metal lead concept declined by 1.70% as of the close on July 28, ranking among the top declines in the concept sector, with companies like Zhejiang Fu Holdings, Huaxi Nonferrous, and Hunan Gold experiencing significant drops [1] - The metal lead concept saw a net outflow of 1.204 billion yuan from main funds today, with 26 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan. The largest net outflow was from Chifeng Gold, which had a net outflow of 233 million yuan [2] - The stocks with the largest net outflows in the metal lead concept included Chifeng Gold, Xingye Silver Tin, and Zhejiang Fu Holdings, with net outflows of 233 million yuan, 131 million yuan, and 123 million yuan respectively [2][3] Group 2 - The top gainers in the concept sectors today included PCB concept with a gain of 4.33%, while the metal lead concept was among the top decliners with a drop of 1.70% [2] - The main funds saw net inflows in stocks such as Zijin Mining, Western Mining, and Tibet Summit, with net inflows of 47.6 million yuan, 17.7 million yuan, and 7.3 million yuan respectively [2]

Core Viewpoint - In Q2 2025, active equity public funds continued to increase their holdings in the A-share non-ferrous metal industry, with the market value of heavy holdings in this sector rising to 2.21% of total stock investments [1][2]. Group 1: Fund Holdings and Sector Performance - Active equity public funds primarily increased their positions in the A-share precious metals and rare metals sectors, focusing on major commodity leaders such as gold and copper, while also significantly increasing holdings in rare earth and silver stocks [1][4]. - The market value of heavy holdings in the A-share non-ferrous metal sector rose by 0.03 percentage points from Q1 2025, marking two consecutive quarters of increased investment in this industry [2][3]. Group 2: Sector-Specific Insights - In Q2 2025, the market value proportions of various non-ferrous metal sub-sectors within active equity public funds were as follows: copper (0.89%), aluminum (0.19%), lead-zinc (0.11%), gold (0.48%), rare earth (0.07%), lithium (0.03%), and others, with notable changes in their respective holdings compared to Q1 2025 [3]. - The top ten A-share non-ferrous metal stocks held by active equity public funds accounted for 73.31% of the total market value of all heavy holdings in this sector, reflecting a 0.08 percentage point increase from Q1 2025 [4].

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

Group 1 - The metal zinc concept increased by 1.84%, ranking 7th among concept sectors, with 32 stocks rising, including Zhongse Co. and Zinc Industry Co. which hit the daily limit [1] - The leading gainers in the zinc sector included Feinan Resources, Xiyu Co., and Xinweiling, with increases of 4.39%, 3.92%, and 3.61% respectively [1] - The stocks with the largest declines were Dazhong Mining, *ST Zhengping, and ST Shengtun, which fell by 2.95%, 1.82%, and 1.39% respectively [1] Group 2 - The metal zinc concept saw a net inflow of 569 million yuan from main funds, with 16 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow [2] - Zhongse Co. led the net inflow with 294 million yuan, followed by Zijin Mining, Zinc Industry Co., and Xingye Silver Zinc with net inflows of 108 million yuan, 92 million yuan, and 71 million yuan respectively [2] - The net inflow ratios for Zhongse Co., Zinc Industry Co., and Zhejiang Fu Holdings were 34.26%, 23.22%, and 16.27% respectively [3] Group 3 - The top stocks in the zinc concept based on net inflow included Zhongse Co. with a daily increase of 9.95% and a turnover rate of 7.38%, and Zinc Industry Co. with a daily increase of 9.97% and a turnover rate of 8.11% [3][4] - Other notable stocks included Hunan Baishan with a 2.42% increase and a turnover rate of 13.08%, and Western Mining with a 1.30% increase and a turnover rate of 1.73% [4] - The stocks with the largest negative net inflows included Dazhong Mining and *ST Zhengping, with declines of 2.95% and 1.82% respectively [5]

Core Views - The report maintains a positive long-term outlook on gold, copper, and aluminum, emphasizing the importance of strategic metals [1][3] - In H1 2025, domestic economic indicators show signs of bottoming out, with improvements in real estate construction and a gradual shift towards new economic drivers [4][8] - The global economic landscape is being reshaped by fluctuating interest rate expectations from the Federal Reserve and the impacts of trade wars, leading to significant changes in resource sectors [4][8] Investment Strategies - **Main Line 1: Expansion on the Denominator Side - Gold and Silver**: Focus on gold and silver, with specific attention to the performance of gold stocks and the potential for silver due to its high price ratio to gold [4][5] - **Main Line 2: Improvement on the Numerator Side - Aluminum, Copper, Tin**: Anticipate continued high profitability in aluminum due to falling costs, while remaining cautious of potential short-term demand weakness [4][7] - **Main Line 3: Key Strategic Metals**: Highlighting opportunities in rare earths and other strategic metals amid US-China tensions, particularly in six key strategic metals [4][7] - **Main Line 4: Supply-Side Disruptions from Anti-Competition**: The report suggests that supply-side constraints in sectors like lithium carbonate may present attractive bottom-fishing opportunities [4][7] Market Performance - The CRB metal spot index increased by 7.08% from the beginning of 2025 to June 30, 2025, indicating a general upward trend in metal prices [9][10] - Gold prices surged by 23.93% during the same period, driven by expectations of a Federal Reserve rate cut [12][14] - Industrial metals, particularly tin and copper, saw significant price increases of 19.91% and 15.59% respectively, while zinc prices fell by 5.55% [16][19] Supply and Demand Dynamics - Global copper inventories saw a significant reduction, with LME copper stocks decreasing by 66.17% by June 30, 2025 [21][69] - The report anticipates limited growth in global copper supply due to insufficient capital expenditure in mining, projecting only a 2.3% increase in global copper production in 2025 [62][64] - The refined copper market is expected to remain slightly short, with a projected demand growth of 7.1% for 2025, supporting a high price center for copper [69] Sector Performance - The non-ferrous metal sector outperformed the broader market, with a cumulative increase of 19.17% from January to June 2025, compared to a 5.6% rise in the Shanghai Composite Index [38][40] - Sub-sectors such as tungsten, gold, and rare earths performed particularly well, with respective increases of 39.64%, 33.57%, and 31.88% [42][44] - Companies closely tied to resource price fluctuations, particularly in gold and rare earths, showed strong performance, while midstream processing companies faced challenges due to weak downstream demand [44]

内蒙古兴业银锡矿业股份有限公司 关于控股股东股份质押的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别风险提示： 证券代码：000426 证券简称：兴业银锡 公告编号：2025-65 内蒙古兴业银锡矿业股份有限公司（以下简称"公司"、"本公司"或"上 市公司"）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")持有公司股份数量 363,320,020 股，占公司总股本比例为 20.46%。目前兴 业集团持有公司的全部股份均处于质押状态，请投资者注意相关风险。 一、控股股东股份质押基本情况 公司于近日接到控股股东兴业集团的通知，获悉兴业集团将其所持有本公司 股份进行了质押，具体事项如下： | | 是否为控 | | | | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质 | 占其所 | 占公司 | 是否 | 为补 | 质押 | 质押 | | 质押用 | | 名称 | 第一大股 | 押股数 ...

Group 1 - The metal zinc concept declined by 1.18% as of the market close on July 16, ranking among the top declines in the sector, with companies like Tibet Summit, Wolong New Energy, and Xingye Silver Tin experiencing significant drops [1][2] - Among the concept stocks, ST Shengtun, Hongda Co., and Smart Agriculture saw increases of 1.39%, 0.83%, and 0.64% respectively, while the majority faced declines [1][2] - The metal zinc sector experienced a net outflow of 378 million yuan, with 27 stocks seeing outflows, and five stocks with outflows exceeding 30 million yuan, led by Hunan Gold with a net outflow of 92.37 million yuan [1][2] Group 2 - The top stocks with net outflows included Hunan Gold, Xingye Silver Tin, and Western Mining, with outflows of 92.37 million yuan, 80.25 million yuan, and 47.64 million yuan respectively [1][2] - Conversely, the stocks with the highest net inflows were Zijin Mining, ST Shengtun, and Wolong New Energy, attracting net inflows of 24.11 million yuan, 20.38 million yuan, and 18.43 million yuan respectively [1][2] - The trading activity in the metal zinc sector showed a significant turnover rate, with Hunan Gold at 1.90% and Xingye Silver Tin at 2.89%, indicating active trading despite the overall decline [1][2]

Investment Rating - The report rates the tin industry as "Overweight" [4]. Core Viewpoints - The central thesis of the report suggests that the price of tin is expected to rise, driven by tightening supply and improving demand conditions, particularly in the context of artificial intelligence and consumer electronics recovery [2][3]. Summary by Sections 1. Tin: A Competitive Advantage for China, Price Center Likely to Rise - Tin has a low abundance in the earth's crust, with significant resource advantages in China [7]. - Price analysis indicates that supply constraints and macroeconomic factors are expected to boost tin prices [18][34]. 2. Continuous Supply Disruptions, Incremental Growth May Fall Short of Expectations - Supply disruptions are ongoing, particularly in Myanmar, where production recovery is slow [46]. - The report anticipates that global tin production in 2025 will be around 300,000 tons, a year-on-year increase of 2% [2]. 3. Demand Growth Driven by AI Trends - The demand for tin solder is expected to increase significantly due to the high growth in artificial intelligence applications and the recovery of consumer electronics [3][31]. - The report forecasts a global refined tin supply gap of 8,300 tons in 2025, highlighting a pronounced supply-demand imbalance [2]. 4. Investment Recommendations - Recommended stocks include Tin Industry Co., Ltd., and Xingye Silver Tin, which are positioned well due to their resource advantages and global strategies [2][3].

Group 1 - The core viewpoint is that with the decline in global tin ore grades and limited supply increments, coupled with rising costs, the tin price is expected to increase due to tight supply and high demand driven by AI development and a recovery in consumer electronics [1][2] - The report recommends specific stocks: Xiyes Co., Ltd. (000960.SZ), Xingye Silver Tin (000426.SZ), and mentions related stocks such as Huaxi Nonferrous (600301.SH) [1] Group 2 - Supply disturbances are ongoing, with limited incremental production from mines; the complete cost of tin mining is projected to rise from approximately $25,581 per ton in 2022 to $33,800 per ton by 2027 [2] - The global tin production is expected to reach 300,000 tons in 2025, reflecting a year-on-year increase of 2% [2] Group 3 - The downstream industry is experiencing high demand, particularly in soldering materials, which account for about 56% of tin consumption; the stabilization of the semiconductor cycle is expected to drive rapid demand for solder [3] - A projected supply gap of 8,300 tons in global refined tin by 2025 highlights the supply-demand imbalance [3] Group 4 - The global monetary environment is becoming more accommodative, with expectations of potential interest rate cuts by the Federal Reserve, which could positively impact asset prices and upstream raw material prices [4] - The inflation rate in the U.S. is gradually approaching the target of 2%, indicating a shift in market expectations for demand [4]

一、控股股东部分股份解除司法冻结的基本情况 | 兴业 | | | | | | | | | | 内蒙古自治区 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 集团 | 是 | 20,706,666 | 5.70% | 1.17% | 2024 | -11 -21 | 2025 | -07 | -11 | 赤峰市中级人 | | | | | | | | | | | | 民法院 | | 兴业 | | | | | | | | | | 内蒙古自治区 | | 集团 | 是 | 1,652,733 | 0.45% | 0.09% | 2024 | -11 -21 | 2025 | -07 | -11 | 赤峰市中级人 | | | | | | | | | | | | 民法院 | | 兴业 | | | | | | | | | | 内蒙古自治区 | | 集团 | 是 | 8,243,413 | 2.27% | 0.46% | 2024 | -11 -21 | 2025 | -07 | -11 | 赤峰市中级人 | | | | | | | ...