Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [10]. Core Insights - The non-ferrous metals sector is experiencing a general upward trend, with significant price increases across various metals, driven by macroeconomic factors and supply chain dynamics [11][19]. - The report highlights the impact of U.S. tariffs and trade policies on the supply and demand dynamics of key metals, particularly copper and aluminum [2][3]. - The report emphasizes the importance of monitoring inventory levels and production capacities, as these factors are critical in determining future price movements [26][35]. Summary by Sections Precious Metals - Concerns over tariffs have led to a temporary pullback in silver prices, but the long-term outlook remains positive [1]. - The report suggests monitoring companies such as 兴业银锡 and 盛达资源 for potential investment opportunities [1]. Industrial Metals - Copper inventories are rising, particularly in the U.S., raising concerns about supply tightness in non-U.S. regions [2]. - The report notes that while high copper prices are suppressing end-user demand, the long-term consumption outlook remains strong due to infrastructure investments [2]. Aluminum - The aluminum market is expected to experience price fluctuations due to geopolitical tensions and macroeconomic policies [3]. - The report indicates that production cuts in aluminum processing are occurring, particularly in regions like Guizhou and Henan [3]. Nickel - Nickel prices are on an upward trend, supported by supply tightening expectations from Indonesia [4]. - The report highlights the importance of monitoring companies like 华友钴业 and 力勤资源 for investment opportunities [4]. Tin - Supply chain bottlenecks and macroeconomic factors are providing short-term support for tin prices [5]. - The report suggests that companies like 华锡有色 and 兴业银锡 may benefit from these market conditions [5]. Lithium - Lithium prices are experiencing wide fluctuations due to export policy expectations and demand uncertainties [6]. - The report recommends关注 companies such as 赣锋锂业 and 天齐锂业 for potential investment [6]. Cobalt - Progress in cobalt shipments from the Democratic Republic of Congo is expected to support high cobalt prices in the short term [9]. - The report suggests monitoring companies like 华友钴业 and 腾远钴业 for investment opportunities [9].

Meeting Overview - The first temporary shareholders' meeting of Yunnan Tin Company Limited for 2026 was held on January 16, 2026, at 15:00 [4][5] - The meeting combined on-site voting and online voting [6] - The meeting was convened by the company's board of directors and presided over by Chairman Liu Lukai [7] Attendance - A total of 1,144 shareholders and their proxies attended the meeting, representing 1,057,713,738 shares, which is 64.2818% of the total voting shares [8] - Of these, 5 shareholders attended the meeting in person, representing 726,453,866 shares (44.1497% of total voting shares) [9] - 1,139 shareholders participated via online voting, representing 331,259,872 shares (20.1321% of total voting shares) [9] Resolutions Passed - The following resolutions were approved by a simple majority of the votes cast: 1. Profit distribution plan for the first three quarters of 2025 [11] 2. Proposed guarantee limit for subsidiaries for 2026 [12] 3. Proposal to conduct forward foreign exchange trading [12] 4. Application for comprehensive credit from several commercial banks for 2026 [12] 5. Hedging plan for 2026 and adjustments to the 2025 hedging plan [13] 6. Expected related party transactions for 2026, with certain shareholders abstaining from voting due to conflicts of interest [14] Legal Opinion - The legal opinion provided by Beijing Deheng (Kunming) Law Firm confirmed that the meeting's convening, attendance, and voting procedures complied with legal and regulatory requirements [14]

Core Viewpoint - The announcement from Yunnan Tin Company Limited indicates the approval of several key proposals during the first extraordinary shareholders' meeting of 2026, including profit distribution and financial strategies [1] Group 1: Profit Distribution - The company approved the profit distribution plan for the first three quarters of 2025 [1] Group 2: Financial Guarantees - The company approved a proposal regarding the estimated guarantee amount to be provided to subsidiaries for the year 2026 [1] Group 3: Foreign Exchange Transactions - The company approved a proposal to engage in forward foreign exchange trading activities [1]

特别提示： | 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2026-003 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 | 锡 | KY02 | | 云南锡业股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 1、本次股东会未出现否决议案情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 3、云南锡业股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日以公告 形式向公司全体股东发出召开 2026 年第一次临时股东会的通知，2026 年 1 月 16 日披露了关于召开 2026 年第一次临时股东会的提示性公告。 4、本公告中占有表决权股份总数的百分比例均保留 4 位小数，若其各分项 数值之和与合计数值存在尾差，均为四舍五入原因造成。 一、会议的召开情况 1、召开时间 （1）现场会议时间：2026 年 1 月 16 日 ...

关于云南锡业股份有限公司 2026 年第一次临时股东会的 北京德恒（昆明）律师事务所 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650034 北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 2026 年第一次临时股东会的法律意见 北京德恒（昆明）律师事务所 关于云南锡业股份有限公司 2026 年第一次临时股东会的 法 律 意 见 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息，表明贵公司已于2025年12 月29日召开了第九届董事会2025年第五次临时会议，作出了关于召开本次股东会 的决议，并分别于2025年12月30日、2026年1月16日在《中国证券报》《证券时 报》《证券日报》《上海证券报》和巨潮资讯网等媒体刊登了召开本次股东会的 通知及提示性公告。 本次股东会现场会议于2026年1月16日15:00在云南省昆明市民航路471号云 锡办公楼五楼会议室召开，会议召开时间与通知公告时间 ...

Market Overview - The small metals sector experienced a slight decline of 0.02% on January 16, with Xiyang Co. leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Performance of Small Metals Stocks - Notable gainers included: - China Zhiyue (001280) with a closing price of 74.40, up 6.13% [1] - Xiamen Tungsten (600549) at 53.84, up 3.70% [1] - Zhong Rare Earth (600259) at 76.30, up 2.14% [1] - Other stocks with positive performance included: - China Tungsten High-Tech (000657) at 37.50, up 2.10% [1] - Northern Rare Earth (600111) at 51.00, up 1.13% [1] Fund Flow Analysis - The small metals sector saw a net outflow of 440 million yuan from institutional investors, while retail investors contributed a net inflow of 317 million yuan [2] - The main stocks with significant fund flow included: - Northern Rare Earth (600111) with a net inflow of 608 million yuan from main funds [3] - China Zhiyue (001280) with a net inflow of 160 million yuan [3] - Yunnan Province Industry (002428) with a net inflow of approximately 92 million yuan [3]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders for 2026 on January 16, 2026, at 15:00 [2] - The meeting will be convened by the board of directors, following a resolution passed on December 29, 2025 [1] - The meeting procedures comply with relevant laws, regulations, and the company's articles of association [1] Voting Details - Shareholders can vote through a combination of on-site voting and online voting [5] - The online voting period via the Shenzhen Stock Exchange trading system is from 9:15 to 15:00 on January 16, 2026 [4][16] - The record date for shareholders eligible to attend the meeting is January 12, 2026 [6] Attendance - All ordinary shareholders registered by the close of trading on January 12, 2026, are entitled to attend the meeting [6] - The meeting will also include company directors, senior management, and appointed lawyers [6] Meeting Location - The on-site meeting will take place at the company's office located at 471 Minhang Road, Kunming, Yunnan Province [7] Agenda Items - The meeting will review several proposals that have been approved by the board, including profit distribution, guarantees for subsidiaries, foreign exchange trading, and annual related party transactions [8] - Proposals affecting minority investors will be counted separately [8] Voting Process - The proposals require a simple majority (over 50%) of the votes cast to pass [9] - Related party shareholders must abstain from voting on certain proposals [9] Registration for Attendance - Shareholders wishing to attend must register with the company's securities department, with specific documentation required for both corporate and individual shareholders [10] - Registration will be open on January 15, 2026, from 8:30 to 17:30 [12] Contact Information - For inquiries, shareholders can contact the company's securities department at the provided address and phone number [13]

Group 1 - The company, Xiyang Co., announced that it will hold its first extraordinary shareholders' meeting on January 16, 2026 [2]

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2026-002 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 | 锡 | KY02 | | 云南锡业股份有限公司 关于召开 2026 年第一次临时股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 云南锡业股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日在巨潮资 讯网（http://www.cninfo.com.cn）披露了《关于召开 2026 年第一次临时股东会的 通知》（公告编号：2025-068）。现将会议有关事项提示如下： 一、召开会议基本情况 1、股东会届次：2026 年第一次临时股东会。 2、会议召集人：云南锡业股份有限公司董事会。经 2025 年 12 月 29 日召开 的第九届董事会 2025 年第五次临时会议审议通过，同意召开公司 2026 年第一次 临时股东会（详见公司于 2025 ...

Core Viewpoint - Yunnan Tin Company has experienced significant stock price increases, with a year-to-date rise of 49.50% and a 32.87% increase over the past five trading days, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of January 15, Yunnan Tin's stock price reached 41.68 yuan per share, with a trading volume of 5.82 billion yuan and a market capitalization of 685.97 billion yuan [1]. - The stock has shown remarkable growth over various time frames: 49.50% year-to-date, 32.87% in the last five trading days, 64.94% in the last 20 days, and 84.18% in the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yunnan Tin reported a revenue of 34.417 billion yuan, reflecting a year-on-year growth of 17.81%, and a net profit attributable to shareholders of 1.745 billion yuan, which is a 35.99% increase compared to the previous year [2]. - The company has distributed a total of 2.15 billion yuan in dividends since its A-share listing, with 1.103 billion yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Yunnan Tin had 84,100 shareholders, an increase of 5.00% from the previous period, with an average of 19,576 circulating shares per shareholder, a decrease of 4.76% [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited as the third-largest shareholder, increasing its stake by 6.8983 million shares, and several new entrants among the top ten shareholders [3].