Group 1 - The core viewpoint of the news highlights the recent surge in the rare earth permanent magnet sector, driven by export control measures and market dynamics [1][2] - The A500 Index ETF (159351) has shown a positive performance, with a 0.62% increase and a trading volume exceeding 2 billion yuan, indicating strong investor interest [1][2] - The rare earth industry is experiencing a supply tightening and price stabilization, with expectations for moderate price increases benefiting equity sector profitability [2] Group 2 - The A500 Index ETF closely tracks the CSI A500 Index, which includes 500 representative stocks across various industries, balancing large-cap stocks with core industry leaders [2] - The A-share market is seen as having the potential for a bull market, driven by increasing household asset allocation towards equities and improvements in corporate governance and shareholder returns [3] - The overall profitability of Chinese enterprises is expected to rise, with a historical supply clearing cycle anticipated, indicating a shift towards higher value sectors [3]

| 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 | 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 6 月 1 重要声明 中信证券股份有限公司 关于 云南锡业股份有限公司总经理辞职事项的 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 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 ...

Core Viewpoint - Yunnan Tin Company Limited maintains a stable credit rating of AA+ due to its leading position in the tin industry, significant resource reserves, and strong financial performance, despite facing challenges from industry cyclicality and declining resource grades [1][2][3]. Company Overview - Yunnan Tin Company is recognized as a global leader in the tin industry, with substantial resource reserves and production capacity [1][7]. - The company has a strong market share, with a domestic market share of 47.98% and a global market share of 25.03% for tin products in 2024 [12][13]. Financial Performance - The total assets of the company were reported at 366.43 billion yuan as of March 2025, with total liabilities at 148.03 billion yuan [3][26]. - The company achieved a net profit of 15.70 billion yuan in 2024, reflecting a growth of 40.51% compared to the previous year [23][26]. - Operating revenue for 2024 was 519.98 billion yuan, with a slight decrease attributed to a reduction in trade business scale [23][26]. Industry Context - The tin market is experiencing price fluctuations, with prices rising from 230,000 yuan/ton to 280,000 yuan/ton, influenced by tightening global supply and recovering demand [6][7]. - The overall economic environment in China is expected to support continued growth, although external uncertainties may pose risks [5][6]. Resource Management - The company has significant mining resources concentrated in the Honghe and Wenshan regions, with proven reserves of tin, copper, zinc, and indium [10][11]. - Resource reserves for tin have decreased from 66.70 million tons in 2022 to 62.62 million tons in 2024, indicating a need for ongoing exploration and resource management [11][12]. Risk Factors - The company faces risks from the cyclical nature of the non-ferrous metals industry, which can impact profitability due to price volatility [6][7]. - Declining grades of resources and lower processing fees are also potential challenges that could affect the company's financial performance [1][12]. Future Outlook - The credit rating agency expects Yunnan Tin Company to maintain its credit rating over the next 12 to 18 months, provided it can enhance its capital structure and sustain profitability [1][2]. - The company is focused on strategic initiatives to enhance resource exploration and modernize mining operations, aiming to solidify its position as a key supplier of non-ferrous metals [9][10].

云南锡业股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0276 号 云南锡业股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 29 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中诚信国际 ...

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。 | 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-030 | | --- | --- | --- | --- | --- | | 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 总经理辞职暨授权副总经理主持总经理班子工作的公告 云南锡业股份有限公司 董事会 二〇二五年五月二十九日 1 / 1 云南锡业股份有限公司（以下简称"锡业股份"或"公司"）董事会于 2025 年 5 月 27 日收到公司总经理刘路坷先生的书面辞职报告。刘路坷先生因工作岗 位变动申请辞去公司总经理职务（董事会聘任的原到期日为 2026 年 2 月 3 日）。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 1 号—主板上市公司规范运作》及《云南锡业股份有限公司章程》有关规定， 刘路坷先生的辞职自书面辞职报告送达董事会时生效。辞去总经理职务后，刘路 坷先 ...

| 证券代码：000960 | 证券简称：锡业股份 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：148721 | 债券简称：24 锡 | KY01 | | 债券代码：148747 | 债券简称：24 锡 | KY02 | 二、备查文件 经与会董事签字并加盖董事会印章的《云南锡业股份有限公司第九届董事会 2025 年第二次临时会议决议》。 特此公告 第九届董事会 2025 年第二次临时会议决议公告 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。 云南锡业股份有限公司（以下简称"公司"）第九届董事会 2025 年第二次 临时会议于 2025 年 5 月 28 日以通讯表决方式召开，根据《云南锡业股份有限公 司章程》第一百三十九条之规定，本次会议通知于 2025 年 5 月 27 日以当面送达、 电子邮件及传真的方式通知了公司 9 名董事。应参与此次会议表决董事 9 名，实 际参与表决董事 9 名。本次临时董事会的召开符合《公司法》和《云南锡业股份 有限公司章程》的规定。 一、经会议审议，通过以下议案： 《云南锡业股份 ...

| 证券代码:000960 | 证券简称:锡业股份 | 公告编号:2025-028 | | --- | --- | --- | | 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 本次付息的债券登记日为 2025年 5 月 27 目,凡在 2025年 5 月 27 日(含) 前买入并持有本期债券的投资者享有本次派发的利息;2025年5月27日卖出本 期债券的投资者不享有本次派发的利息。 云南锡业股份有限公司(以下简称"锡业股份"或"公司")发行的本期债 券将于 2025年 5 月 28 日支付 2024 年 5 月 28 日至 2025 年 5 月 27 日期间的利息。 根据《云南锡业股份有限公司 2024年面向专业投资者公开发行科技创新可续期 公司债券(第二期)募集说明书》《云南锡业股份有限公司 2024年面向专业投 资者公开发行科技创新可续期公司债券(第二期)在深圳证券交易所上市的公告》 有关条款的规定,在本期债券的计息期内,每年付息一次,为保证付息工作的顺 利进行,现将有关事项公告如下: 一、本 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].

Investment Ratings - The report does not explicitly provide investment ratings for the industry sectors discussed. Core Insights - The industrial metals sector is experiencing an upward turning point in market conditions, particularly for copper and aluminum, driven by easing trade tensions between the US and China [13]. - Precious metals, particularly gold, are facing downward pressure due to a stronger US dollar and reduced appeal as a safe-haven asset amid improving trade relations [15]. - The rare earth sector is witnessing a simultaneous increase in both domestic and international prices, driven by export controls and a recovering market sentiment [32]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices increased slightly, with LME copper at $9,440.00 per ton and Shanghai copper at ¥78,100 per ton. A notable rise in copper inventory was observed, ending a ten-week decline, attributed to weakened downstream demand [13]. - Aluminum prices rose by 2.75% to $2,484.50 per ton, with domestic inventories remaining low despite a slight decrease in stock levels [14]. - Gold prices fell by 1.13% to $3,205.30 per ounce, influenced by a stronger dollar and easing trade tensions between the US and China [15]. 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The report highlights a significant increase in copper inventory, reaching 132,000 tons, marking a shift in market dynamics due to reduced demand [13]. - The processing fee for imported copper concentrate has dropped to -$43.05 per ton, indicating pressure on the supply side [13]. 2.2 Aluminum - Domestic electrolytic aluminum ingot inventory decreased to 581,000 tons, remaining at a near three-year low, while the cost of prebaked anodes increased slightly [14]. - The report notes that the Guinean government has revoked mining licenses for over 40 companies, impacting aluminum ore production capacity [14]. 2.3 Precious Metals - The report discusses the impact of US-China trade negotiations on gold prices, with a significant reduction in SPDR gold holdings [15]. - Economic indicators such as the US CPI and PPI suggest a cooling inflation environment, which may influence future monetary policy [15]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth market is experiencing price increases, particularly for dysprosium and terbium, driven by export controls and a recovering market sentiment [32]. - The antimony market is expected to see price recovery due to supply disruptions from Myanmar and ongoing anti-smuggling efforts in China [33]. - Tin prices have risen, supported by positive expectations from US-China trade negotiations, despite some production concerns [35]. 4. Updates on Minor Metals and Rare Earths Fundamentals 4.1 Rare Earths - Prices for rare earth elements are showing upward trends, with significant increases in overseas prices following export control measures [32]. - The report anticipates a continued tightening of supply due to regulatory changes and geopolitical factors affecting production [32]. 4.2 Antimony - Antimony prices are expected to recover as supply constraints from Myanmar persist, alongside increased demand from various sectors [33]. 4.3 Tin - Tin prices are supported by a favorable market outlook, driven by demand recovery in sectors such as semiconductors and photovoltaics [35].

Group 1: Company Strategy and Market Position - The company emphasizes resource expansion as a long-term development strategy, focusing on both domestic and international markets to enhance resource security and sustainable development [1][2][5]. - As a leading player in the global tin industry, the company aims to maintain the health of the tin sector and ensure supply chain security for the nation [1][2]. - The company plans to leverage its unique resources, market position, and key technologies to enhance its core competitiveness and governance [2][3]. Group 2: Financial Performance and Shareholder Engagement - The company has implemented measures to improve investor relations, including enhancing information disclosure and increasing cash dividends [4][8]. - Since its listing, the company has focused on improving operational performance and has engaged in share buybacks to enhance shareholder value [3][4]. - The company reported that its copper product revenue approached 8.6 billion CNY in 2024, but the gross margin was only 0.16%, indicating a challenging profitability environment [11]. Group 3: Resource Management and Production Challenges - The company faces challenges in maintaining a stable supply of tin due to declining resource quality and geopolitical factors affecting supply [2][9]. - The self-sufficiency rates for various minerals are low, with tin ore at 30% and copper ore at 12%, prompting the company to focus on resource expansion and integration [9][12]. - The company is exploring strategic partnerships to enhance resource development and ensure efficient utilization of tin resources [5][12]. Group 4: Future Outlook and Market Conditions - The company anticipates growth in domestic tin demand driven by consumption stimulus policies and advancements in artificial intelligence and electric vehicles [2][9]. - The company is committed to enhancing its mining operations and procurement strategies to meet production targets despite challenges in raw material availability [9][12]. - The company is actively pursuing strategic collaborations to strengthen its market position and resource base, particularly in regions with significant mineral deposits [5][12].