锡现货价格站稳30万元关口，产业链公司业绩股价共振上行。 德固特终止筹划重大资产重组事项 12月3日晚间，德固特（300950）公告，公司于2025年12月3日召开第五届董事会第十二次会议，审议通 过《关于终止公司发行股份及支付现金购买资产并募集配套资金暨关联交易的议案》，同意终止本次重 大资产重组事项。 德固特在公告中表示，截至本公告披露之日，公司与交易相关方尚未就具体方案最终签署正式实质性协 议，各方对拟终止本次交易无需承担任何违约责任。本次终止重大资产重组事项不会对公司正常业务开 展和生产经营活动造成不利影响，亦不存在损害公司及股东特别是中小股东利益的情形。 本次重大资产重组事项要追溯到今年6月29日，公司盘后发布停牌公告，筹划发行股份及支付现金方式 购买浩鲸科技控制权，标的公司是一家国际化的软件和信息技术服务商，面向全球电信运营商、云基础 设施服务商及政企客户提供数字化解决方案；经过多年的行业积累和技术沉淀，形成了电信软件开发及 服务、云管软件开发及服务和行业数字化解决方案三大业务线。 锡现货价格亦站稳30万元关口，Wind数据显示，锡平均价12月3日达到30.97万元/吨，较上个交易日增 加5630 ...

证券时报记者 刘俊伶 12月3日日盘，沪锡期货主力2601合约平开高走，盘中最高报价31.41万元/吨，最高上涨2.72%，创 2022年5月以来新高，收盘报31.23万元/吨，上涨2.15%。沪锡主力合约自今年6月开始震荡上涨，累计 涨幅达到23.3%。 锡现货价格亦站稳30万元关口，Wind数据显示，锡平均价12月3日达到30.97万元/吨，较上个交易 日增加5630元/吨，已连续5日处于30万元上方。 锡业股份前三季度实现归母净利润17.45亿元，同比增长35.99%，公司公告显示，自2005年以来， 公司锡产销量稳居全球第一，占有全球锡市场最大份额，根据国际锡业协会统计，公司位列2024年十大 精锡生产商之首。 从机构关注度来看，5只锡概念股获机构评级，紫金矿业、锡业股份、兴业银锡机构评级家数居 前，分别达到25家、17家、10家。 （责任编辑：郭健东 ） 据证券时报·数据宝统计，A股中布局锡产业链的上市公司共有7家。锡价持续上涨背景下，锡产业 链上市公司获得投资者高度关注。多家上市公司在投资者活动中表示，看好锡产业未来前景。 锡业股份在投资者调研活动中表示，供给方面，近年来东南亚锡矿主产国政策收紧趋 ...

二、其他说明 公司本次回购的时间、股份数量、价格及集中竞价交易的委托时段等符合《深圳证券交易所上市公司自 律监管指引第9号一回购股份》及前述回购公司股份方案的规定。具体如下： （一）公司未在下列期间内回购公司股票： 1.自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发生之日或者在决策过程中，至 依法披露之日内； 登录新浪财经APP 搜索【信披】查看更多考评等级 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"锡业股份"或"公司"）于2025年6月30日召开2025年第二次临时股东 大会，审议通过了《关于回购公司股份的方案》，同意公司使用自有资金以集中竞价交易方式回购公司 部分人民币普通股（A股）股票，用于注销并减少注册资本。本次回购价格不超过21.19元/股（含）， 本次回购资金总额不低于人民币1亿元（含）且不超过人民币2亿元（含），具体回购股份数量以回购期 满时实际回购的股份数量为准，回购期限自公司股东大会审议通过本次回购股份方案之日起12个月内。 具体内容详见公司于2025年7月1日在巨潮资讯网（http:/ ...

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"锡业股份"或"公司"）于 2025 年 6 月 30 日召开 2025 年第二次临时股东大会，审议通过了《关于回购公司股份的方 案》，同意公司使用自有资金以集中竞价交易方式回购公司部分人民币普通股（A 股）股票，用于注销并减少注册资本。本次回购价格不超过 21.19 元/股（含）， 本次回购资金总额不低于人民币 1 亿元（含）且不超过人民币 2 亿元（含），具 体回购股份数量以回购期满时实际回购的股份数量为准，回购期限自公司股东大 会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公司于 2025 年 7 月 1 日在巨潮资讯网（http://www.cninfo.com.cn）上披露的《云南锡业股份有限 公司回购股份报告书》（公告编号：2025-040）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，公司应当在每个月的前三个交易日内披露截至 上月末的回购进展情况。现将具体事项公告如下： 一、回购公司股份的进展情况 ...

Core Viewpoint - Yunnan Tin Group aims to accelerate its global market penetration in the tin industry through innovation and a comprehensive industrial model established over a century of development [1][3]. Company Overview - Yunnan Tin Group is the largest refined tin producer globally, having developed a complete industrial chain that includes mining, processing, smelting, tin materials, tin-based chemicals, and related recycling [1][2]. Product Applications - The company's products are widely utilized in various sectors, including aviation, 5G communications, photovoltaic batteries, and semiconductor chips, solidifying its position in the global tin industry [2]. Industrial Model - The company has established a "4+2" industrial model focusing on non-ferrous metal raw materials, supply chain and logistics, new materials, deep processing, asset management, and supporting industries, alongside scientific innovation and talent training platforms [3][4]. Innovation and Development - Since 2021, Yunnan Tin Group has incubated 17 additional innovation platforms and entities at national and provincial levels, leading to the development of various innovative technologies [4][5]. Future Plans - The company has outlined a five-year development plan that includes a special campaign to enhance competitiveness in mid-range and high-end materials, aiming for systematic advantages rather than isolated breakthroughs [6]. Global Expansion Strategy - Yunnan Tin Group is working to expand its global presence by leveraging a global perspective, cooperating with the "Belt and Road" initiative, and accelerating international dynamics [7]. Sustainability Focus - The company emphasizes three priority aspects: openness and cooperation for a global industrial framework, adherence to sustainable development through green mining and clean production, and a brand image that prioritizes quality [8]. Strategic Goals - With clear objectives and high-quality products, Yunnan Tin Group is determined to become a leading global provider of solutions for the tin and indium industries [9].

Core Viewpoint - Yunnan Tin Company Limited has shown significant stock performance with a year-to-date increase of 77.80%, reflecting strong market interest and financial growth [1][2]. Financial Performance - For the period from January to September 2025, Yunnan Tin achieved a revenue of 34.417 billion yuan, representing a year-on-year growth of 17.81%. The net profit attributable to shareholders was 1.745 billion yuan, with a year-on-year increase of 35.99% [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 past three years [3]. Stock Market Activity - As of November 28, the stock price reached 24.43 yuan per share, with a trading volume of 285 million yuan and a market capitalization of 40.207 billion yuan [1]. - The stock has seen a net inflow of 8.6293 million yuan from major funds, indicating strong investor interest [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased to 81,100, while the average circulating shares per person increased to 20,293 shares [2]. - Notable changes in major shareholders include an increase in holdings by Hong Kong Central Clearing Limited and new entries from several mutual funds [3].

Core Viewpoint - Yunnan Tin Company (云锡) has evolved over 140 years to become a leading international player in the tin and indium industry, holding over 25% of the global market share, with a focus on green development, craftsmanship, and innovation [1] Group 1: Green Development - Yunnan Tin integrates resource security with green development, establishing tailings resource utilization bases and ensuring that annual resource reserves exceed consumption [2] - The company has increased the proportion of foreign raw materials from 7.23% in 2020 to 29.32% in 2024, promoting efficient resource circulation globally [2] - Yunnan Tin holds 10% of global tin reserves and 30% of global indium reserves, leading the world in these resources [2] Group 2: Craftsmanship and Product Excellence - Yunnan Tin is recognized for having the most complete tin industry chain and the largest production base globally, with a market share of 47.98% domestically and 25.03% globally [3] - The company plans to achieve a total output of 1.74 million tons of non-ferrous metals and 260,000 tons of deep-processed products during the 14th Five-Year Plan [3] - Yunnan Tin has expanded its product applications into high-end fields such as aerospace, 5G communications, and semiconductors [3] Group 3: Innovation and Technology - Yunnan Tin emphasizes technological innovation, with R&D investment reaching 960 million yuan in the first nine months of the year, an increase of 11.6% year-on-year [5] - The company has established 17 new national and provincial innovation platforms since 2021, enhancing its role as a leader in the industry [6] - Yunnan Tin aims to build an internationally influential research and technology standard system, focusing on high-value applications and advanced materials technology [6]

Group 1 - The metal lead concept increased by 3.17%, ranking fourth among concept sectors, with 32 stocks rising, including Huaxi Nonferrous and Luoping Zinc Electric hitting the daily limit [1] - The leading stocks in the metal lead sector included Shengtun Mining, Guocheng Mining, and Shengda Resources, which rose by 7.59%, 6.04%, and 5.48% respectively [1] - The metal lead concept sector saw a net inflow of 794 million yuan from main funds, with 25 stocks receiving net inflows, and 8 stocks exceeding 50 million yuan in net inflow [1] Group 2 - The top stocks by net inflow ratio included Luoping Zinc Electric, Shengtun Mining, and Xiyang Mining, with net inflow ratios of 52.90%, 10.27%, and 7.40% respectively [2] - Shengtun Mining led the net inflow with 211.55 million yuan, followed by Huayu Mining and Dazhong Mining with net inflows of 88.49 million yuan and 87.83 million yuan respectively [2][3] - The trading performance of the metal lead sector was highlighted by significant turnover rates, with Shengtun Mining at 5.64% and Huayu Mining at 5.57% [2]

Group 1 - The metal zinc concept increased by 3.07%, ranking 6th among concept sectors, with 35 stocks rising, including Huaxi Nonferrous and Luoping Zinc Electric hitting the daily limit [1] - Major gainers in the zinc sector included Shengtun Mining, Guocheng Mining, and Shengda Resources, which rose by 7.59%, 6.04%, and 5.48% respectively [1] - The zinc concept sector saw a net inflow of 712 million yuan from main funds, with 24 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow [1] Group 2 - The top stocks by net inflow ratio included Luoping Zinc Electric, Shengtun Mining, and Xiyang Mining, with net inflow ratios of 52.90%, 10.27%, and 7.40% respectively [2] - Shengtun Mining led the net inflow with 211.55 million yuan, followed by Huayu Mining and Dazhong Mining with net inflows of 88.49 million yuan and 87.83 million yuan respectively [2] - The trading volume and turnover rates for key stocks in the zinc sector were highlighted, with Shengtun Mining having a turnover rate of 5.64% [2]

Core Viewpoint - The demand for tin solder is expected to accelerate due to AI-driven computing infrastructure, innovation cycles in smart devices, and the electrification/intelligentization of automobiles, with a projected CAGR of 7% from 2024 to 2030 [1][2]. Group 1: Demand Drivers - The demand for tin solder is driven by AI advancements, smart device innovation, and the automotive sector's shift towards electrification and intelligence [2]. - Traditional demand is also expected to benefit from global fiscal and monetary policy easing, with a growing urgency for "safety stock" in the context of de-globalization, leading to a projected global tin demand CAGR of 4.3% from 2024 to 2030 [2]. Group 2: Supply Constraints - Major tin-producing regions are facing resource constraints and frequent disruptions, with China's tin reserves and static reserve-to-production ratio declining due to insufficient prior exploration [3]. - Indonesia is experiencing multiple issues, including shrinking tin reserves, declining grades, and increased mining difficulties, compounded by frequent policy changes that exacerbate supply disruptions [3]. - Myanmar's previous extensive mining practices have led to significant declines in grade and output, with uncertainties surrounding the resumption of production in the Wa region [3]. - Other regions have projects mostly in early stages, and the supply elasticity of recycled tin is limited due to the miniaturization of solder [3]. Group 3: Supply-Demand Balance and Price Outlook - The supply-demand balance is expected to remain tight, with projected supply-demand ratios for tin from 2025 to 2030 being -6%, -1%, +1%, +1.6%, +1%, and -0.3% respectively [4]. - The continuous decline in global tin ore grades is pushing up industry cost lines, alongside rising global inflation expectations and geopolitical risk premiums, which may elevate the incentive prices for potential global tin mining projects [4]. Group 4: Investment Recommendations - Since 2020, the central price of tin has increased, leading to overall improved industry profitability and valuation normalization, with the current industry PE at the 21st percentile of the past five years [5]. - The industry remains bullish on tin prices and valuation expansion, recommending a focus on companies like Tin Industry Co., Ltd. (000960.SZ) that have strong resource endowments and growth potential [5].