Market Overview - The small metals sector increased by 1.14% on November 19, with Xiyu Co. leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Key Performers in Small Metals Sector - Xiyu Co. (000960) closed at 24.48, up 5.88% with a trading volume of 402,900 shares and a transaction value of 964 million yuan [1] - Yunnan Province Industry (002428) closed at 27.59, up 3.64% with a trading volume of 519,500 shares and a transaction value of 1.399 billion yuan [1] - Guangsheng Nonferrous (600259) closed at 53.45, up 3.38% with a trading volume of 92,100 shares and a transaction value of 481 million yuan [1] - China Rare Earth (000831) closed at 48.26, up 2.92% with a trading volume of 369,600 shares and a transaction value of 1.763 billion yuan [1] Fund Flow Analysis - The small metals sector experienced a net outflow of 243 million yuan from institutional investors and 122 million yuan from speculative funds, while retail investors saw a net inflow of 365 million yuan [2][3] - China Rare Earth (000831) had a net inflow of 196 million yuan from institutional investors, while it faced a net outflow of 155 million yuan from retail investors [3] - North Rare Earth (600111) saw a net inflow of 127 million yuan from institutional investors, with a net outflow of 40 million yuan from retail investors [3]

Core Insights - The metal zinc sector has seen a 2.00% increase, ranking third among concept sectors, with 30 stocks rising, including notable gains from Xingye Silver, Xiyegongsi, and Beijiete, which rose by 6.68%, 5.88%, and 5.80% respectively [1][2] Sector Performance - The top-performing concept sectors today include: - China Shipbuilding System: +4.60% - Metal Lead: +2.03% - Metal Zinc: +2.00% - Chicken Farming: +1.90% - Salt Lake Lithium Extraction: +1.83% [2] Capital Flow - The metal zinc sector attracted a net inflow of 2.1152 million yuan, with 18 stocks receiving net inflows, and 8 stocks exceeding 30 million yuan in net inflows. Zinc Industry Co. led with a net inflow of 105 million yuan, followed by Zijin Mining, Hunan Silver, and Huayu Mining with net inflows of 103 million yuan, 58.7869 million yuan, and 53.3387 million yuan respectively [2][3] Net Inflow Ratios - The leading stocks by net inflow ratio in the zinc sector are: - Zinc Industry Co.: 13.00% - Beijiete: 12.40% - Hunan Silver: 8.80% [3] Stock Performance - Key stock performances in the zinc sector include: - Zinc Industry Co.: +5.65% with a turnover rate of 13.28% - Zijin Mining: +3.35% with a turnover rate of 0.93% - Hunan Silver: +3.76% with a turnover rate of 4.61% [3][4]

Group 1 - The stock price of Yunnan Tin Company decreased by 2.08% on November 18, reaching 23.56 CNY per share, with a trading volume of 1.05 billion CNY and a market capitalization of 38.775 billion CNY [1] - Year-to-date, the stock price has increased by 71.47%, with a 1.29% rise in the last five trading days, 4.11% in the last 20 days, and 28.04% in the last 60 days [1] - The company has appeared on the trading leaderboard once this year, with the most recent occurrence on October 10 [1] Group 2 - Yunnan Tin Company, established on November 22, 1998, and listed on February 21, 2000, is primarily engaged in the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium [2] - The revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), among others [2] - As of November 10, the number of shareholders increased to 82,600, with an average of 19,916 circulating shares per person [2] Group 3 - The company has distributed a total of 2.15 billion CNY in dividends since its A-share listing, with 1.103 billion CNY distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and several new institutional investors [3]

Group 1 - The report focuses on the rare metals ETF managed by GF Fund Management, which tracks the CSI Rare Metals Theme Index, selecting up to 50 listed companies involved in the mining, smelting, and processing of rare metals [2][8] - The best-performing stock in the ETF from May 1, 2025, to October 31, 2025, is Yunnan Tin Company (000960.SZ), chosen based on the deviation of its performance from the CSI Rare Metals Index and research coverage [2][8] - As of November 13, 2025, Yunnan Tin's stock price was 25.77 CNY, with a projected EPS of 26.8 CNY per share for 2027 based on a 15x PE ratio, indicating a closing position of 20.22% [2][9] Group 2 - From October 9, 2025, to November 13, 2025, the dynamic allocation strategy based on Yunnan Tin's stock outperformed the buy-and-hold strategy, achieving an end-period return of 8.89% with a maximum drawdown of 5.57% [3][9] - The buy-and-hold strategy for the rare metals ETF yielded a return of 10.33% with a maximum drawdown of 10.32% during the same period [3][9]

Investment Rating - The report maintains a positive outlook on the copper, aluminum, and precious metals sectors, indicating a high level of market activity and potential for growth [2][3][4][5]. Core Insights - Copper prices have shown a weekly increase of 1.53% to $10,859.00 per ton on the LME, with domestic prices rising by 1.12% to 86,900 yuan per ton, reflecting a recovery in demand as the market approaches the traditional peak season [2][14]. - Aluminum prices also increased, with LME aluminum up 0.52% to $2,877.00 per ton, supported by low inventory levels and stable demand from downstream processing industries [3][15]. - Gold prices surged by 4.16% to $4,174.5 per ounce, driven by geopolitical risks and economic uncertainties in the U.S., indicating strong investor interest in safe-haven assets [4][16]. - The rare earth sector is experiencing upward momentum due to increased demand and the suspension of export control measures, leading to a bullish outlook for companies involved in rare earth production [5][32]. Summary by Sections Copper - LME copper price increased by 1.53% to $10,859.00 per ton, with domestic prices at 86,900 yuan per ton [2][14]. - The processing fee index for imported copper concentrate dropped to -$42.21 per ton, indicating supply chain pressures [2][14]. - Domestic copper inventory rose by 0.52 million tons to 20.11 million tons, reflecting a cautious market sentiment [2][14]. Aluminum - LME aluminum price rose by 0.52% to $2,877.00 per ton, with domestic prices at 21,800 yuan per ton [3][15]. - Domestic aluminum ingot inventory decreased by 0.6 million tons, indicating a tightening supply [3][15]. - The operating rate of downstream aluminum processing enterprises increased slightly to 62%, suggesting stable demand [3][15]. Precious Metals - COMEX gold price increased by 4.16% to $4,174.5 per ounce, with SPDR gold holdings rising by 6.87 tons to 1,048.93 tons [4][16]. - The market is influenced by U.S. political instability and geopolitical tensions, leading to a strong demand for gold [4][16]. Rare Earths - The price of praseodymium and neodymium oxide decreased by 1.40%, but overall demand is expected to rise due to the suspension of export controls [5][32]. - The rare earth sector is projected to benefit from increased strategic importance and price appreciation [5][32]. Other Metals - Antimony prices increased by 15.5%, driven by a suspension of export controls and a tightening supply situation [5][34]. - Tin prices rose by 3.11%, supported by reduced illegal mining activities in Indonesia [5][35]. - Lithium carbonate prices increased by 3.14% to 83,200 yuan per ton, reflecting strong demand in the energy storage sector [5][61].

Group 1: Company Overview - Yunnan Tin Company has a comprehensive industrial structure integrating exploration, selection, smelting, deep processing, and new material research of non-ferrous metals, primarily producing tin ingots, cathode copper, zinc ingots, and indium ingots [2][3] - As of the end of 2024, the company holds tin reserves of 1.76 million tons and indium reserves of 4,821 tons, ranking first globally in both [2][3] - The domestic and global market shares for tin products reached 47.98% and 25.03%, respectively, in 2024 [2] Group 2: Production and Financial Performance - In the first three quarters of 2025, the total production of non-ferrous metals was 271,000 tons, including 67,700 tons of tin, 96,800 tons of copper, and 105,300 tons of zinc [3] - The company achieved a revenue of 34.417 billion yuan, a year-on-year increase of 17.81%, and a net profit attributable to shareholders of 1.745 billion yuan, up 35.99% year-on-year [3] Group 3: Resource Management and Strategic Development - The company emphasizes resource expansion as a long-term development strategy, focusing on enhancing existing resources and securing new reserves, with an investment in geological research and exploration activities [4] - In 2024, the company discovered additional reserves of 17,600 tons of tin and 34,800 tons of copper [4] Group 4: Industry Trends and Challenges - The global supply of tin is tightening due to declining resource quality in traditional production areas and increasing mining costs, with significant policy changes in Southeast Asia affecting supply [5] - Tin is essential in the renewable energy and electronics sectors, with long-term demand expected to remain strong due to advancements in AI and new production technologies [5][6] Group 5: Supply Chain and Resource Utilization - To address the tightening supply of tin, the company is implementing a dual-channel procurement strategy to stabilize and expand raw material sourcing [6] - The company has initiated research on tailings resource recovery, with operational projects aimed at enhancing economic indicators for tailings re-selection [6]

Core Viewpoint - The small metals sector experienced a decline of 0.96% on November 14, with significant losses led by Xiyang Co. The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1]. Group 1: Market Performance - The small metals sector saw a mixed performance among individual stocks, with Guizhou Platinum Industry leading with a gain of 7.53%, closing at 18.71 [1]. - Other notable gainers included Huaxi Nonferrous at 2.00% and Haotong Technology at 1.12%, while several stocks, including China Rare Earth and Xiamen Tungsten, experienced declines [1][2]. - The overall trading volume for the small metals sector was significant, with Guizhou Platinum Industry recording a transaction amount of 19.43 billion yuan [1]. Group 2: Capital Flow - The small metals sector faced a net outflow of 80.81 million yuan from institutional investors, while retail investors contributed a net inflow of 254 million yuan [2]. - Notable capital flows included a net inflow of 51.59 million yuan for Northern Rare Earth, despite a net outflow of 74.12 million yuan from speculative funds [3]. - The overall trend indicates a shift in investor sentiment, with retail investors showing more interest in the sector amidst institutional selling [2][3].

Group 1 - The core point of the news is that Yunnan Tin Company Limited's stock price increased by 5.03% to 25.46 CNY per share, with a trading volume of 760 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 41.902 billion CNY [1] - Yunnan Tin Company, established on November 22, 1998, and listed on February 21, 2000, is primarily engaged in the exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium [1] - The company's main business revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), with detailed breakdowns of supply chain business revenues [1] Group 2 - From the perspective of fund holdings, one fund under China Post Fund has Yunnan Tin Company as a significant holding, with 28,000 shares held in the China Post CSI 500 Index Enhanced A fund, accounting for 1.5% of the fund's net value, ranking as the eighth largest holding [2] - The China Post CSI 500 Index Enhanced A fund, established on November 22, 2011, has a latest scale of 32.1952 million CNY and has achieved a year-to-date return of 25.13%, ranking 2225 out of 4216 in its category [2] - The fund manager, Wang Gao, has been in position for 5 years and 130 days, with the fund's total asset scale at 1.915 billion CNY, achieving a best return of 40.15% and a worst return of -29.36% during his tenure [3]

Group 1 - Yunnan Tin Company Limited's stock increased by 5.59%, reaching 24.56 CNY per share, with a trading volume of 512 million CNY and a turnover rate of 1.30%, resulting in a total market capitalization of 40.421 billion CNY [1] - The company, established on November 22, 1998, and listed on February 21, 2000, is primarily engaged in the exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium [1] - The main revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), with detailed breakdowns of supply chain business and other products [1] Group 2 - Qianhai Kaiyuan Fund has a significant holding in Yunnan Tin Company, with its Qianhai Kaiyuan State-owned Enterprises Selected Mixed Fund A (022414) holding 92,000 shares, accounting for 4.05% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a year-to-date return of 34.49%, ranking 2358 out of 8147 in its category, and a cumulative return of 34.58% since inception [2] - The fund manager, Tian Wei, has been in position for 5 years and 128 days, managing assets totaling 343 million CNY, with the best and worst fund returns during his tenure being 50.1% and -15.11%, respectively [2]

Market Overview - The small metals sector experienced a decline of 1.02% on November 10, with Dongfang Tantalum leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Huaxi Nonferrous (600301) saw a significant increase of 6.03%, closing at 30.75 with a trading volume of 168,900 shares and a turnover of 517 million yuan [1] - Xiyang Co. (000960) increased by 2.35%, closing at 23.49 with a trading volume of 354,100 shares and a turnover of 832 million yuan [1] - Zhongkuang Resources (002738) rose by 1.21%, closing at 61.14 with a trading volume of 398,300 shares and a turnover of 2.473 billion yuan [1] - Dongfang Silver (000962) experienced a significant drop of 9.99%, closing at 28.02 with a trading volume of 445,600 shares and a turnover of 128.8 million yuan [2] - Caoyuan Tungsten (002378) fell by 6.82%, closing at 12.43 with a trading volume of 641,700 shares and a turnover of 811 million yuan [2] Capital Flow Analysis - The small metals sector saw a net outflow of 1.338 billion yuan from main funds, while retail investors contributed a net inflow of 1.176 billion yuan [2][3] - Zhongkuang Resources (002738) had a main fund net inflow of 55.608 million yuan, but a net outflow from retail investors of 39.006 million yuan [3] - Huaxi Nonferrous (600301) experienced a main fund net inflow of 20.723 million yuan, with retail investors showing a net outflow of 36.376 million yuan [3]