证券日报网讯锡业股份（000960）9月2日在互动平台回答投资者提问时表示，截至2025年8月29日收 市，公司登记在册的股东人数为77420户。 ...

Core Insights - Indium has emerged as a valuable metal, outperforming gold and rare earths in terms of price appreciation, with its price rising from 1,200 RMB/kg to 4,000 RMB/kg over five years, a total increase of 233% [1][3] - The global supply of indium is extremely limited, with only 16,000 tons available compared to 120 million tons of rare earths, making indium's scarcity over 100 times that of rare earths [1][3] - The surge in demand for indium is driven by the AI computing revolution, particularly due to the production of Nvidia's Quantum-X switches, which require significantly more indium for their silicon photonic engines [3][4] Industry Overview - The AI computing boom has led to a strategic shortage of indium, with 72.7% of global indium resources concentrated in China, while domestic production capacity is only 150,000 pieces per year, far below the global demand of 2 million pieces [3] - Indium is considered an irreplaceable element for optical communication and AI chips, with the U.S. relying almost entirely on imports, prompting China to restrict indium exports in response to U.S. tariffs [3][4] Key Companies - Major players in the indium market include: - **Zhuye Group**: The largest indium producer globally, with an annual production capacity of 60 tons [3] - **Zhongjin Lingnan**: An integrated lead-zinc mining company producing approximately 20 tons of indium annually as a byproduct [3] - **Xiyang Co.**: A leading company in both tin and indium, controlling the largest indium resource base globally [4] - **Company with 6-inch Indium Phosphide Substrate Technology**: Achieved a significant technological breakthrough, reducing costs by 40% and increasing production capacity fourfold compared to 3-inch wafers, potentially generating over 1.6 billion RMB in revenue [4]

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony sectors, indicating a positive outlook for these industries [12]. Core Views - The report highlights that the Federal Reserve's interest rate cuts and the upcoming domestic demand peak are expected to support the prices of precious metals, particularly gold and silver [4][5]. - It anticipates a strong demand season for copper and aluminum, with prices expected to rise due to supply constraints and seasonal demand [5][9]. - The report notes that tin prices are likely to show resilience due to tight supply conditions, while antimony prices are under pressure from weak demand [10][11]. Summary by Sections 1. Market Performance - The non-ferrous metals sector (Shenwan) saw a 3.37% increase in the week from August 25 to August 29, outperforming the broader market [21]. - The top-performing sub-sectors included rare earths (+17.19%), tungsten (+14.70%), and silver (+12.45%) [21]. 2. Macroeconomic and Industry News - China's industrial profits for July showed a year-on-year decline of 1.5%, an improvement from the previous month's decline of 4.3% [27]. - The U.S. second-quarter core PCE price index was reported at 2.5%, aligning with expectations, indicating stable inflation [27]. 3. Precious Metals Market Data - London gold prices rose to $3,429.15 per ounce, an increase of $90.85 (2.72%) from August 21 [30]. - Silver prices also increased to $38.80 per ounce, up $1.24 (3.29%) [30]. 4. Industrial Metals Data - Copper prices on the LME closed at $9,875 per ton, up $150 (1.54%) from August 22 [41]. - Aluminum prices in China were reported at 20,720 yuan per ton, a slight decrease of 30 yuan [42]. 5. Industry Ratings and Investment Strategies - The report maintains a "Buy" rating for gold, copper, aluminum, tin, and antimony sectors, reflecting a favorable investment outlook [12]. - Specific stocks recommended include Zijin Mining, Zhongjin Gold, and Huaxi Securities among others [13].

Group 1: Financial Futures - **Report Industry Investment Rating**: Not provided - **Core View**: Domestic prop - up policies are gradually exerting force. Promoting service consumption policies in September and real - estate policies are advancing. Overseas, the US economy shows resilience. The final effects of domestic policies need further observation, and attention should be paid to upcoming US economic data [1][2] - **Summary by Related Catalogs**: - **Macroeconomics**: Policies are being promoted both domestically and overseas. In China, service and real - estate policies are advancing, and manufacturing PMI slightly rebounds. In the US, economic data shows resilience, and there are tariff - related legal issues [1] - **Renminbi Exchange Rate**: The depreciation pressure of the RMB against the US dollar is slowing. In the short - term, it's about the rhythm of appreciation and has a low probability of returning to the "6 era". In the medium - term, it needs a decline in the US dollar index and improvement in the domestic economy [3][4][5] - **Stock Index**: After the release of two major data over the weekend, the market is expected to be volatile, with large - cap stock indices relatively stronger. It is recommended to hold long positions [7] - **Treasury Bonds**: After the release of August's manufacturing PMI, the bond market is not sensitive to fundamental data. If the stock market fluctuates at a high level, the bond market may rebound; otherwise, it may test the bottom again. It is recommended to take small - band bottom - fishing strategies [8][9] - **Container Shipping**: The decline in ONE's European - line spot cabin quotes is negative for futures prices. However, the ruling that Trump's global tariffs are illegal is positive for the global trade environment and EC prices. EC may show an oscillating or oscillating - upward trend [10][11] Group 2: Commodities Non - ferrous Metals - **Report Industry Investment Rating**: Not provided - **Core View**: Different non - ferrous metals have different market trends and influencing factors. For example, precious metals are affected by Fed rate - cut expectations and Fed independence concerns; copper is in a state of multi - factor balance; aluminum is affected by macro and fundamental factors [12][16][20] - **Summary by Related Catalogs**: - **Gold & Silver**: The price is mainly affected by Fed rate - cut expectations and Fed independence concerns. In the short - term, it is expected to be strong. It is recommended to buy on dips and hold existing long positions [12][13][15] - **Copper**: Before the Fed's next rate decision on September 19, copper prices may continue to oscillate. In the fourth quarter, it is recommended to buy at low levels. The price is affected by multiple factors such as Fed rate cuts, supply and demand [16][17][18] - **Aluminum Industry Chain**: - **Aluminum**: In the short - term, it is oscillating and bullish, but there is pressure above. It is recommended to build positions in batches on dips [20] - **Alumina**: It is weakly oscillating, with insufficient upward drive and limited downward space [21] - **Cast Aluminum Alloy**: It is oscillating and bullish, and can consider arbitrage operations [22] - **Zinc**: It is currently at the bottom and oscillating strongly in the short - term [22][23] - **Nickel & Stainless Steel**: The market is oscillating this week, affected by macro and market factors. Nickel is expected to oscillate between 118,000 - 126,000 yuan, and stainless steel between 12,500 - 13,100 yuan [23][26] - **Tin**: The price increase is driven by tight supply. It is expected to be slightly bullish in the short - term, with a target price of 276,000 yuan per ton [27][28] - **Lithium Carbonate**: The futures market is expected to enter an oscillating and sorting stage. It is recommended to gradually close short positions and wait and see [29][31] - **Industrial Silicon & Polysilicon**: - **Industrial Silicon**: It is expected to oscillate at the bottom in the short - term [32][34] - **Polysilicon**: It is expected to be oscillating and bullish due to industry integration expectations [33][35] - **Lead**: It is oscillating narrowly, with limited upward and downward space [36] Ferrous Metals - **Report Industry Investment Rating**: Not provided - **Core View**: The ferrous metal market is generally under pressure. Steel products have a weak supply - demand pattern, and iron ore has increasing risks, while coal - coke and ferroalloys also face different challenges [38][40][43] - **Summary by Related Catalogs**: - **Rebar and Hot - Rolled Coil**: The supply - demand pattern of steel products is weak, and a negative feedback mechanism may form. It is recommended to maintain a bearish strategy and pay attention to demand in the peak season and policy changes [38][39] - **Iron Ore**: Although the current fundamentals are stable, the pressure on steel inventory and iron ore shipments is increasing, and the risk of price decline is rising [40][41] - **Coking Coal and Coke**: The coking coal market may oscillate widely at a high level, and coke may face price cuts after the parade. It is recommended to use an oscillating strategy for coking coal and consider selling hedging for coke [42][43] - **Silicon Iron and Silicon Manganese**: The supply is loose, and they are oscillating at the bottom. It is recommended to consider a long - spread strategy for the two [44][45] Energy and Chemicals - **Report Industry Investment Rating**: Not provided - **Core View**: Different energy and chemical products have different market trends. Crude oil is oscillating weakly, and other products such as LPG, PTA - PX, etc. are affected by supply, demand, and cost factors [46][53][55] - **Summary by Related Catalogs**: - **Crude Oil**: It is oscillating weakly. In September, there are negative factors such as seasonal decline in demand, and it is necessary to pay attention to key events and the Russia - Ukraine situation [46][48][49] - **LPG**: The market is oscillating. Supply is controllable, and demand changes little. The market is affected by multiple factors [50][51][52] - **PTA - PX**: The market is affected by supply - side news, and it is recommended to reduce the TA processing margin on rallies [53][54][55] - **MEG - Bottle Chip**: The fundamentals of ethylene glycol are driven weakly, and it is recommended to buy on dips within the range and consider option strategies in the long - term [56][58][59] - **Methanol**: It is under pressure. It is recommended to hold a small number of long positions and sold put options and pay attention to Iranian shipments and port pick - up [60][61] - **PP**: The demand situation is unclear. The supply is increasing, and the future depends on whether the demand can maintain high - speed growth [62][63][64] - **PE**: The demand is recovering but not strong enough to drive. It is expected to be in an oscillating pattern and wait for a demand signal [65][66] - **PVC**: The price returns to the industrial level. With weak fundamentals, it is recommended to maintain a short - position allocation [67][68] - **Pure Benzene and Styrene**: For pure benzene, the supply is stable, demand is weak, and it is expected to oscillate weakly. For styrene, inventory is increasing, and the outlook is bearish [69][70][71]

Core Insights - The company reported a revenue of 21.093 billion yuan for H1 2025, representing a year-on-year increase of 12.35% [1] - The net profit attributable to shareholders reached 1.062 billion yuan, up 32.76% year-on-year, while the net profit excluding non-recurring items was 1.303 billion yuan, reflecting a 30.55% increase [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 11.365 billion yuan, showing a year-on-year growth of 9.53% and a quarter-on-quarter increase of 16.82% [1] - The net profit for Q2 was 562 million yuan, up 18.76% year-on-year and 12.61% quarter-on-quarter [1] - The net profit excluding non-recurring items for Q2 was 810 million yuan, marking a year-on-year increase of 16.60% and a significant quarter-on-quarter rise of 64.04% [1] Group 2: Metal Prices and Production - The increase in metal prices, with tin, copper, and zinc averaging 8.9%, 3.7%, and 4.0% respectively in H1 2025, contributed to the company's performance [2] - The total production of non-ferrous metals in H1 2025 was 181,300 tons, a decrease of 2.1% year-on-year, with specific production figures for tin, zinc, and copper being 48,100 tons, 69,800 tons, and 62,500 tons respectively [3] - In Q2 2025, total non-ferrous metal production was 99,100 tons, reflecting a year-on-year increase of 4.9% and a quarter-on-quarter increase of 20.6% [3] Group 3: Profitability and Cost Management - The gross profit margin for H1 2025 was 12.34%, an increase of 0.41 percentage points year-on-year, while Q2 2025 saw a gross profit margin of 13.06%, up 0.54 percentage points year-on-year and 1.56 percentage points quarter-on-quarter [4] - The company effectively managed its expenses, with a significant reduction in the expense ratio to 3.47% in H1 2025, down 0.93 percentage points year-on-year [4] - As of June 30, 2025, the company's debt-to-asset ratio was 40.22%, a decrease of 1.31 percentage points from the end of 2024 [4] Group 4: Profit Forecast - The company forecasts net profits attributable to shareholders of 2.355 billion yuan, 2.650 billion yuan, and 2.817 billion yuan for 2025, 2026, and 2027 respectively, indicating year-on-year growth rates of 63.07%, 12.53%, and 6.29% [5] - The expected earnings per share (EPS) for the same period are projected to be 1.43 yuan, 1.61 yuan, and 1.71 yuan, with corresponding price-to-earnings (P/E) ratios of 14.3, 12.7, and 11.9 [5]

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-052 | | --- | --- | --- | --- | --- | | 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 关于锡业分公司停产检修的自愿性信息披露公告 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"）锡业分公司为保障锡冶炼设备 安全有效运行及后续稳定高效生产，将结合实际对锡冶炼设备进行例行停产检修。 本次停产检修计划于 2025 年 8 月 30 日开始，预计不超过 45 天。公司年初预算 及生产计划已考虑本次停产检修事宜，本次停产检修对公司全年生产计划无较大 影响。敬请广大投资者注意投资风险。 特此公告 云南锡业股份有限公司 董事会 二〇二五年八月三十日 1 / 1 ...

债券代码：148721.SZ 债券简称：24锡KY01 债券代码：148747.SZ 债券简称：24锡KY02 中信证券股份有限公司 关于 云南锡业股份有限公司取消监事会的 临时受托管理事务报告 发行人 云南省昆明市高新技术产业开发区 债券受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 8 月 1 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"管理办法"）、 《深圳证券交易所公司债券上市规则》（以下简称"上市规则"）《云南锡业股 份有限公司 2023 年面向专业投资者公开发行可续期公司债券受托管理协议》（以 下简称"《受托管理协议》"）《云南锡业股份有限公司 2023 年面向专业投资 者公开发行可续期公司债券债券持有人会议规则》（以下简称"《持有人会议规 则》"）及其它相关公开信息披露文件以及云南锡业股份有限公司（以下简称"锡 业股份"、"公司"、"发行人"）出具的相关文件等，由公司债券受托管理人 中信证券股份有限公司（以下简称"中信证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报 ...

Group 1 - The small metals sector experienced a significant increase of 3.66% on August 29, with Guangsheng Nonferrous leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] - Key stocks in the small metals sector showed notable price increases, with Guangsheng Nonferrous and China Rare Earth both rising by 10% [1] Group 2 - The small metals sector saw a net inflow of 135 million yuan from institutional investors, while retail investors experienced a net outflow of 335 million yuan [2] - The trading volume and turnover for key stocks in the small metals sector were substantial, with China Rare Earth achieving a turnover of 5.201 billion yuan [1][2] - The data indicates a mixed sentiment among different investor types, with institutional investors showing confidence while retail investors withdrew funds [3]

Core Viewpoint - The market showed strong performance in the lithium and rare earth sectors, with significant gains in related stocks and ETFs, indicating a bullish trend in the non-ferrous metals industry [2][6]. Group 1: Market Performance - On August 29, 2025, the market experienced a red plate fluctuation, with the non-ferrous metals sector leading the gains, particularly in lithium and rare earth concepts [2]. - The non-ferrous metals ETF (516650) rose by 3.19%, with a weekly cumulative increase of 7.88% and an average daily trading volume exceeding 40 million yuan [2]. - The China Rare Earth stock hit the daily limit, achieving two consecutive boards, while other stocks like Shenghe Resources and Tin Industry shares also saw significant increases of 9.24% and 7.21%, respectively [2]. Group 2: Index and Weighting - As of July 31, 2025, the top ten weighted stocks in the China Non-Ferrous Metals Industry Theme Index (000811) accounted for 50.84% of the index, including Zijin Mining, Northern Rare Earth, and Luoyang Molybdenum [2]. - The top ten stocks by weight are as follows: Zijin Mining (15.80%), Northern Rare Earth (4.98%), Luoyang Molybdenum (4.68%), Shandong Gold (4.56%), China Aluminum (4.41%), Huayou Cobalt (3.98%), Zhongjin Gold (3.36%), Chifeng Jilong Gold (3.27%), Ganfeng Lithium (3.01%), and Yun Aluminum (2.63%) [4].

Core Viewpoint - The company plans to conduct routine maintenance shutdown starting from August 30, 2025, lasting no more than 45 days, to ensure the safe and effective operation of tin smelting equipment and subsequent stable production [1] Group 1 - The maintenance shutdown is expected to have minimal impact on the annual production plan as it has already been accounted for in the company's budget and production plans for the year [1]