Group 1 - The report emphasizes the strategic importance of key metals, highlighting that supply control and application demand in critical fields like technology and military are crucial for pricing [16][20][21] - The report identifies significant supply disruptions in tin due to slow recovery in Myanmar and regulatory changes in Indonesia, leading to a persistent tight supply situation [26][35][40] - The report notes that tungsten is a backbone of high-end manufacturing, with supply tightening driving significant price increases, supported by steady demand from sectors like photovoltaics and military applications [9][16][21] Group 2 - The report discusses the impact of AI technology on the development of electronic new materials, indicating that advancements in AI will drive demand for upgraded materials to meet higher performance requirements [9][10][12] - The report recommends investing in domestic strategic resource sectors and electronic new materials benefiting from AI technology, highlighting specific companies such as Huaxi Nonferrous, Xiyegongsi, and others [13][21] - The report outlines the tightening supply of antimony and the potential for price convergence due to the relaxation of export controls, which may benefit domestic demand [9][10][12]

证券之星消息，1月22日小金属板块较上一交易日上涨0.06%，西部材料领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。小金属板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301026 | 浩通科技 | 33.03 | -3.93% | 14.73万 | 4.82 乙 | | 002842 | 翔鹭钨业 | 21.78 | -3.63% | 54.40万 | 12.00亿 | | 000962 | 东方银业 | 37.66 | -3.44% | 19.72万 | 7.48亿 | | 002378 | 章源钨业 | 20.05 | -2.67% | 89.36万 | 17.99亿 | | 002182 | 宝武美V | 18.76 | -2.65% | 41.22万 | 7.75亿 | | 0009 ...

证券日报网讯1月21日，锡业股份（000960）在互动平台回答投资者提问时表示，截至2026年1月20日收 市，公司登记在册的股东人数为93846户。 ...

今日有色金属板块表现活跃，中钨高新、厦门钨业、翔鹭钨业、锡业股份、章源钨业、中稀有色领涨， 产业链企业整理如下： 中钨高新（000657.SZ） 最新股价：41.68元 日涨幅：+10.00% 日涨幅：+7.93% 亮点：中国五矿集团旗下钨产业运营平台，拥有钨矿、冶炼、硬质合金及深加工全产业链。近期收购远 景钨业股权，显著增加钨资源储量。 厦门钨业（600549.SH） 最新股价：59.00元 日涨幅：+9.14% 亮点：拥有从钨矿开采到硬质合金深加工的完整产业链，钨丝市场份额领先。是国内首家具备核聚变装 置用钨组件研发生产能力的企业。 翔鹭钨业（002842.SZ） 最新股价：22.60元 亮点：国内少数拥有完整钨产业链的企业之一，业务覆盖钨精矿至硬质合金等全系列产品。控股子公司 拥有钨矿采矿权。 锡业股份（000960.SZ） 最新股价：40.97元 日涨幅：+7.48% 亮点：以锡、铟为主的有色金属全产业链企业，同时拥有丰富的伴生钨资源，钨资源储量可观。 章源钨业（002378.SZ） 最新股价：20.60元 日涨幅：+6.08% 亮点：国内具备完整钨产业链生产能力的企业之一，拥有多处采矿权和探矿权，保 ...

截至发稿，罗文杰累计任职时间12年278天，现任基金资产总规模1702.51亿元，任职期间最佳基金回报 185.08%， 任职期间最差基金回报-47.6%。 1月21日，锡业股份涨5.27%，截至发稿，报40.13元/股，成交19.02亿元，换手率2.98%，总市值660.46 亿元。 资料显示，云南锡业股份有限公司位于云南省昆明市官渡区民航路471号，成立日期1998年11月22日， 上市日期2000年2月21日，公司主营业务涉及锡、锌、铜、铟等金属矿的勘探、开采、选矿和冶炼及锡 的深加工。主营业务收入构成为：锡锭43.61%，供应链业务20.31%，铜产品18.04%，其中:供应链业务- 铜产品12.77%，其他产品7.90%，锌产品7.08%，其中:供应链业务-锡产品5.57%，锡材2.74%，其中:供 应链业务-其他产品1.96%，其他(补充)0.32%。 从锡业股份十大流通股东角度 数据显示，南方基金旗下1只基金位居锡业股份十大流通股东。南方中证500ETF（510500）三季度减持 33.93万股，持有股数1433.95万股，占流通股的比例为0.87%。根据测算，今日浮盈赚取约2882.24万 元 ...

Core Viewpoint - Tin prices have surged significantly, with a strong closing at 397,500 yuan/ton, marking a daily increase of 3,000 yuan and a rise of 0.76%, making it the only metal to show notable gains amidst a generally weak industrial metal market [1] Group 1: Macro Factors - The rise in tin prices is attributed to a combination of macroeconomic conditions, supply-demand dynamics, and financial market trends [2] - In the context of global stock market volatility and a weakening dollar, funds are moving away from traditional risk assets, with tin being favored for its association with high-growth sectors like AI and semiconductors [2] - The domestic push for new electronic information and smart connected vehicles has established a solid long-term demand foundation for tin [2] Group 2: Supply and Demand Dynamics - Supply disruptions from Indonesia, Myanmar, and geopolitical tensions in the Democratic Republic of Congo have constrained short-term supply elasticity [2] - Demand is experiencing explosive growth in sectors such as AI servers, advanced packaging, and photovoltaic welding strips, particularly driven by the AI revolution [2] - The combination of low inventory and strong expectations has led to a rapid recovery in market sentiment, with significant inflows from both industrial and speculative funds [2] Group 3: Industry Structure - The tin industry is showing a clear differentiation, with upstream resources becoming increasingly scarce, leading to profit concentration at the upstream mining level [3] - Major companies like Yunnan Tin Company, Xinyi Silver Tin, and Huaxi Nonferrous Metals are benefiting from their resource reserves and integrated operations, enjoying substantial earnings elasticity during price increases [3] - High-end demand from traditional consumer electronics remains stable, while AI and photovoltaic sectors are emerging as key growth drivers [3] Group 4: Price Outlook - The market anticipates that tin prices will maintain a high-level oscillation in the short term, with a core fluctuation range between 395,000 and 405,000 yuan/ton [3] - The structural bull market is supported by a demand transformation driven by AI and renewable energy, alongside long-term capital expenditure constraints affecting supply [3] Group 5: Investment Strategy - Investors are advised to adopt a layered strategy in response to high volatility, with upstream companies managing profits flexibly and downstream firms exploring small-batch procurement [4] - Financial investors should focus on finding low-entry opportunities in the futures market while maintaining strict stop-loss measures [4] - The structural bull market for tin is expected to continue, driven by the demand from the energy transition and smart revolution, despite potential price fluctuations [5]

1月21日，锡业股份盘中上涨2.10%，截至10:11，报38.92元/股，成交6.55亿元，换手率1.04%，总市值 640.55亿元。 资金流向方面，主力资金净流入3440.52万元，特大单买入6882.62万元，占比10.50%，卖出4376.09万 元，占比6.68%；大单买入1.67亿元，占比25.42%，卖出1.57亿元，占比24.00%。 锡业股份今年以来股价涨39.60%，近5个交易日跌2.70%，近20日涨37.04%，近60日涨60.56%。 机构持仓方面，截止2025年9月30日，锡业股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股3475.14万股，相比上期增加689.83万股。大成新锐产业混合A（090018）位居第五大流通 股东，持股1748.13万股，为新进股东。永赢睿信混合A（019431）位居第六大流通股东，持股1541.21 万股，为新进股东。南方中证500ETF（510500）位居第七大流通股东，持股1433.95万股，相比上期减 少33.93万股。大成产业趋势混合A（010826）位居第九大流通股东，持股1218.25万股，为新进股东。 永赢稳健增强债 ...

Group 1: Key Insights on Precious Metals - The upward momentum for precious metals, particularly gold, is strong, with London gold prices reaching $4,611.05 per ounce, an increase of $117.20 per ounce from the previous week, reflecting a rise of 2.59% [2] - The market is closely monitoring the Federal Reserve's upcoming meeting, with a 95% probability of a 25 basis point rate cut anticipated in January [2][3] Group 2: Key Insights on Copper and Aluminum - Copper prices are experiencing high-level consolidation, with LME copper closing at $12,925 per ton, down $65 per ton, a decrease of 0.50% [4] - Domestic copper inventory is reported at 213,515 tons, showing an increase of 4,600 tons from January 9, while SHFE inventory also reflects a similar trend [4] - Aluminum prices are at 24,000 yuan per ton, down 60 yuan, with LME aluminum inventory at 488,000 tons, a decrease of 9,825 tons [6] Group 3: Key Insights on Tin and Antimony - Domestic refined tin prices are at 41,4640 yuan per ton, up 639.40 yuan per ton, indicating a positive trend [8] - Antimony prices have rebounded, with domestic antimony ingot prices increasing by 0.2 million yuan per ton from January 9 [10] Group 4: Investment Ratings and Recommendations - The copper industry maintains a "recommended" investment rating due to ongoing tightness in copper supply [13] - The aluminum industry also holds a "recommended" investment rating, supported by rigid supply dynamics [14] - The tin industry is rated "recommended" as supply constraints are expected to support tin prices [14] - The antimony industry is rated "recommended" following a rebound in prices after a six-month decline [14] Group 5: Stock Recommendations - Recommended stocks in the gold sector include Zhongjin Gold (600489), Shandong Gold (600547), and China National Gold (600916) [15] - In the copper sector, recommended stocks include Zijin Mining (601899) and Western Mining (601168) [15] - For aluminum, recommended stocks are Shenhuo Co. (000933) and Yunnan Aluminum (000807) [15] - In the tin sector, recommended stocks include Tin Industry Co. (000960) and Hunan Gold (002155) [15]

紫金矿业：布局全球黄金、铜等多金属矿产资源开发，核心业务涵盖矿产资源勘查、采选冶炼及深加 工。2025年前三季度营业收入与归母净利润实现同比增长，完成多项海外矿山项目收购交割。 全球"去美元化"趋势深化，各国央行持续增持黄金等贵金属以分散储备风险，中国央行已连续14个月增 持黄金。全球货币宽松预期升温，美元走弱使得以美元计价的贵金属与有色金属吸引力提升。新兴产业 的刚性需求不断释放，光伏、新能源汽车、AI服务器等领域对白银、铜、铝等金属的需求持续增长， 叠加供应端存在的刚性约束，相关金属品种的市场格局正在发生变化。2026年开年，贵金属及有色金属 市场迎来普涨行情，呈现出"金融属性与工业属性共振"的特征，贵金属既受益于全球央行购金与美元信 用质疑引发的金融需求，白银又凭借新兴产业的工业刚需获得额外支撑；有色金属则在传统基建需求平 稳增长的基础上，叠加新能源汽车、储能等新兴产业的刚性需求，形成双重驱动力。 广发证券2026年1月19日发布研报称，当前商品市场多空博弈激烈，看多理由包括全球货币宽松和财政 扩张推动世界主要经济体经济景气度回暖，去美元化背景下商品金融属性重估提速，AI等新产业趋势 带来强劲边际需求， ...

长江证券研报指出，锡业股份成长为全球规模最大的一体化锡企业。2024年，公司精锡国内市占率 48%，全球市占率25%。尽管锡资源日趋紧缺，但公司的锡资源静态可开发20年；考虑勘探找矿的新增 储量，动态开发年限或提升至62年；叠加后续对堆存尾矿的利用，储采比或高达82年。结合整合集团托 管矿山或外延并购资源的预期，百年锡业的锡资源或再接续一百年无虞，彰显锡业之贵。当下，公司锡 资源和产能规模遥遥领先，长期对优质资源的深耕，有望兑现长期价值。作为半导体领域优质的焊接材 料，锡是名副其实的"未来金属"。对比金属供需格局，锡脱颖而出。锡业股份作为高纯度、长久期的龙 头，高光有望来临。予"买入"评级。 ...