| 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2025-021 | | --- | --- | --- | --- | | 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 2024 年度股东大会的提示性公告 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 4 月 3 日在巨潮资 讯网（http://www.cninfo.com.cn）披露了《关于召开 2024 年度股东大会的通知》 （公告编号：2025-017）。现将会议有关事项提示如下： 一、召开会议基本情况 1、股东大会届次：2024 年度股东大会。 2、会议召集人：云南锡业股份有限公司董事会。经 2025 年 4 月 1 日召开的 第九届董事会第八次会议审议通过，同意召开公司 2024 年度股东大会（详见公 司同日披露的公司董事会决议公告）。 3、会议召开的合法、合规性：本次股东大会会议召集、召 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold industry, copper industry, aluminum industry, tin industry, and antimony industry [10][11]. Core Views - The report highlights that the risk of stagflation in the US economy is increasing due to tariffs, while gold prices remain strongly supported [4]. - It notes that the US Federal Reserve is expected to cut interest rates four times in 2025, totaling a reduction of 100 basis points [4]. - The report emphasizes that while copper and aluminum prices may experience fluctuations, the overall demand is improving, leading to a positive outlook for these metals [7][8]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) experienced a decline of 6.5% over the past month, while the CSI 300 index fell by 3.6% [1]. Economic Data - In March, US manufacturing output increased by 0.3%, retail sales rose by 1.4%, and industrial production decreased by 0.3% [3][4]. - China's March imports decreased by 4.3% year-on-year, while exports increased by 12.4% [5][27]. Gold Market - The report indicates that gold prices are expected to maintain an upward trend due to the ongoing interest rate cuts by the Federal Reserve [10]. Copper and Aluminum Market - Copper prices are expected to remain stable with short-term demand improving, despite tariff impacts yet to fully transmit to upstream materials [7]. - Aluminum prices are projected to be strong due to high operational rates in the processing sector [8]. Tin and Antimony Market - Tin prices are expected to trend higher due to supply disruptions, while antimony prices are anticipated to rise due to tight raw material availability [10][11]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and others [11].

Core Viewpoint - The rising tin prices have significantly boosted the performance of Xiyeshare Co., which is expected to report a net profit of 470 million to 530 million yuan for Q1 2025, marking a year-on-year increase of 44.06% to 62.45% [1][2] Group 1: Financial Performance - For Q1 2025, Xiyeshare Co. anticipates a net profit of 470 million to 530 million yuan, with a year-on-year growth of 44.06% to 62.45% [2] - The company's non-recurring net profit is projected to be between 464 million and 524 million yuan, reflecting a growth of 52.68% to 72.42% year-on-year [2] - The increase in profit is attributed to the rising prices of key metals such as tin, copper, and zinc, alongside optimized resource allocation and enhanced production capabilities [2][3] Group 2: Market Position and Production - Xiyeshare Co. is recognized as a global leader in tin and indium production, maintaining the largest market share in tin since 2005, with a global market share of 25.03% in 2024 [1][4] - The total production of non-ferrous metals reached 361,000 tons in 2024, with record outputs of tin (84,800 tons), copper (130,300 tons), and zinc (144,000 tons) [1][5] - The company has a significant presence in the tin industry, with a domestic market share of 47.98% and a global market share of 25.03% in 2024 [4] Group 3: Resource Development and Strategic Partnerships - Xiyeshare Co. has established a strategic partnership with the government of Keshiketeng, focusing on enhancing tin resource development [5][6] - The company signed a strategic cooperation framework agreement with Indonesia's PT Timah and Inner Mongolia Xingye Silver Tin Mining Co., aiming for multi-faceted collaboration in resources, business, and technology [6]

好 尊敬的各位投资者分析师及媒体朋友们大家下午好我是西叶股份总理杨家伟今天虽然市场还是呈现了非常剧烈的波动但我们还是依旧会相信国运我们坚持用全面辩证和长远的眼光来看待当前的形势那么会努力按照总书记指引的在危机中预心机于变局中开新局的方向前行 那么因此呢在全球数字化智能化转型加速深刻变革全球经济格局的这个当下我们依旧满怀激情与期待那么迎来了企业股份2024年年报的业绩说明会暨投资者交流会那么我仅代表公司向出席今天会议的各位投资者致以最热烈的欢迎和最衷心的感谢 那么我们本次业绩说明会经过精心的策划和筹备我们希望与投资者进行深入的互动交流让各位投资者更加全面的了解公司过去一年的生产经营管理等情况以及公司所蕴含的长期内在的投资价值同时我们也期待从投资者 各方收集到宝贵的反馈和相关的建议那么通过充分的沟通与交流那么共同来推动公司的高质量发展共同来见证希尔股份的辉煌未来那么首先请允许我为大家来介绍出席本次业绩说明会的公司领导我们的党委书记董事长总经理刘禄科先生 我们的独立董事于定明先生我们的副总经理王剑伟先生我们的副总经理陈雄军先生我们的财务总监岳明女士我们的副总经理徐培良先生此外呢为了增强大家对于 公司所处的行业的了解 ...

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]

2025 年 04 月 14 日 相关研究 1、《锡业股份（000960）：2024H1 公司量价齐升，带动利润增长》 2024-08-27 2、《锡业股份（000960）：锡锭产 量稳中有升，公司有望受益锡价上 行》2024-04-20 2024 年盈利同比提升，费用率下降 —锡业股份（000960.SZ）公司事件点评报告 买入(维持) 事件 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | | 基本数据 | 2025-04-11 | | --- | --- | | 当前股价（元） | 13.65 | | 总市值（亿元） | 225 | | 总股本（百万股） | 1646 | | 流通股本（百万股） | 1646 | | 52 周价格范围（元） | 12.8-18.32 | | 日均成交额（百万元） | 512.24 | 市场表现 -30 -20 -10 0 10 20 30 (%) 锡业股份 沪深300 资料来源：Win ...

Financial Performance Forecast - The estimated net profit attributable to shareholders for Q1 2025 is expected to be between CNY 47 million and CNY 53 million, representing a year-on-year increase of 44.06% to 62.45%[4] - The estimated net profit after deducting non-recurring gains and losses is expected to be between CNY 46.4 million and CNY 52.4 million, reflecting a year-on-year increase of 52.68% to 72.42%[4] - The basic earnings per share is projected to be between CNY 0.3220 and CNY 0.2856, compared to CNY 0.1982 per share in the same period last year[4] Factors Influencing Performance - The increase in performance is attributed to the rise in market prices of key products such as tin, copper, and zinc, along with optimized resource allocation and enhanced production operations[6] - The company aims to fully leverage production capacity and improve the synergy of mining, selection, and smelting operations to achieve growth[6] Forecast Validity and Caution - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by external accountants[5] - The company emphasizes the importance of cautious decision-making and awareness of investment risks due to the unaudited nature of the forecast[7] - The financial data will be finalized in the official Q1 2025 report to be disclosed later[7] - The company’s board of directors guarantees the accuracy and completeness of the disclosed information[3] Reporting Period - The reporting period for the performance forecast is from January 1, 2025, to March 31, 2025[3]

锡业股份（000960）公告，2025年1月1日至2025年3月31日，预计归属于上市公司股东的净利润为4.7亿 元–5.3亿元，比上年同期的3.26亿元上升44.06%–62.45%；扣除非经常性损益后的净利润为4.64亿元– 5.24亿元，比上年同期的3.04亿元上升52.68%–72.42%；基本每股收益为0.2856元/股–0.322元/股，上年 同期为0.1982元/股。 ...

—锡业股份（000960.SZ）公司事件点评报告 买入(维持) 事件 2025 年 04 月 14 日 2024 年盈利同比提升，费用率下降 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | | 基本数据 | 2025-04-11 | | --- | --- | | 当前股价（元） | 13.65 | | 总市值（亿元） | 225 | | 总股本（百万股） | 1646 | | 流通股本（百万股） | 1646 | | 52 周价格范围（元） | 12.8-18.32 | | 日均成交额（百万元） | 512.24 | 市场表现 -30 -20 -10 0 10 20 30 (%) 锡业股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《锡业股份（000960）：2024H1 公司量价齐升，带动利润增长》 2024-08-27 2、《锡业股份（000960）：锡锭产 量稳中有升，公司有望受益锡价上 行》20 ...

Core Viewpoint - Yunnan Tin Company Limited (锡业股份) has received a proposal from its controlling shareholder, Yunnan Tin Group Co., Ltd. (云锡控股公司), to implement a share buyback to enhance shareholder value and investor confidence [1][3]. Group 1: Proposal Details - The proposal was made on April 10, 2025, by Yunnan Tin Group, which holds 177,922,654 shares, accounting for 10.81% of the total share capital of Yunnan Tin Company [1][2]. - The purpose of the buyback is to reduce the registered capital of the company, thereby increasing earnings per share and enhancing long-term value [3]. - The buyback will involve repurchasing A-shares through the Shenzhen Stock Exchange via a centralized bidding method [4][6]. Group 2: Buyback Specifications - The maximum buyback price will not exceed 150% of the average trading price of the company's shares over the 30 trading days prior to the board's approval of the buyback resolution [6]. - The total amount allocated for the buyback will be no less than RMB 100 million and no more than RMB 200 million [7]. - The funding for the buyback will come from the company's own funds or funds raised by the company [8]. - The buyback period will last no more than 12 months from the date the shareholders' meeting approves the final buyback plan [9]. Group 3: Shareholder Actions and Commitments - Yunnan Tin Group has not engaged in buying or selling company shares in the six months prior to the proposal and currently has no plans to increase or decrease its holdings during the buyback period [10]. - The shareholder has committed to facilitating the company in convening a board or shareholders' meeting to review the buyback proposal and will vote in favor of it [11]. - The company's board will carefully study the proposal in light of its current operational and financial status and future development plans, and will follow the necessary approval procedures [11].