Summary of the Conference Call for Xiyeg股份 Company Overview - The company is involved in the tin mining and smelting industry, focusing on the production of tin ingots and other metal products such as indium, gold, silver, and tungsten [2][18]. Key Points and Arguments Production and Cost Management - The company expects to produce between 23,000 to 24,000 tons of tin ingots for the year, with a production of 48,000 tons achieved in the first half of 2025, nearing the annual target of 90,000 tons [2][4]. - The average operating cost per ton of tin ingot is approximately 166,000 yuan, with a discount coefficient reduced to 81% due to revenue reductions from new material transactions [2][6]. - The company has faced rising mining costs due to decreased resource matching and tax adjustments, but has implemented comprehensive recovery technologies to optimize smelting costs, showing positive results since 2024 [2][5]. Future Projects and Resource Recovery - The "14th Five-Year Plan" includes investments in the Kafang copper mine project and tailings resource recovery, with expectations to reach an annual recovery of 3,000 to 4,000 tons by the end of the plan [2][9][11]. - The Kafang copper mine is currently undergoing surface exploration, with potential capacity expansion beyond the current design of 1.5 million tons per year if exploration results are favorable [2][12]. Market Dynamics and Pricing - The company believes that tin demand is supported by market conditions, despite challenges in supply recovery from Myanmar, which is expected to be difficult [3][20]. - The relationship between processing fees and tin prices is inverse; rising processing fees may lead to lower tin prices, emphasizing the importance of self-mined ore profits [8][20]. - The company anticipates a slight increase in tin demand due to factors such as inventory replenishment and new product needs in sectors like photovoltaics and electric vehicles [20]. Financial Performance and Dividends - The company reported that other business revenues, including indium, gold, silver, and tungsten, exceeded 3 billion yuan in 2024, with a gross profit of nearly 1 billion yuan [2][18]. - The company plans to maintain a dividend payout ratio of no less than 30%, with potential increases based on operational performance [3][27]. Capital Expenditure and Resource Expansion - The company has been cautious with capital expenditures and acquisitions, focusing on internal resource optimization and potential external projects, although specific plans remain undisclosed [22][24]. - The company holds significant undistributed profits of over 9 billion yuan, with plans to continue dividends while considering operational performance [27]. Regulatory Environment - The company operates in Yunnan province, where there are no quota restrictions on tin mining, and it has secured control over most quality tin mines in the region [26]. Additional Important Information - The company is exploring the potential of tailings resource recovery, which, while having slightly higher processing costs, is expected to contribute significantly to future production [10][11]. - The company has not yet seen profit contributions from tungsten production, which began in May 2025, indicating a need for time to stabilize production and assess costs [15][16]. This summary encapsulates the key insights from the conference call, highlighting the company's production goals, cost management strategies, market dynamics, and future plans within the tin mining industry.

Group 1 - The company, Xiyang Co., announced on September 3 that it has repurchased a total of 170,000 shares through a dedicated securities account via centralized bidding, which represents 0.0103% of the company's total share capital as of August 31, 2025 [1]

Core Viewpoint - The company, Xiyegongsi (000960.SZ), has announced a share buyback program, indicating a commitment to returning value to shareholders through repurchasing its own shares [1] Summary by Categories Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 170,000 shares, which represents 0.0103% of its total share capital [1] - The highest transaction price for the repurchased shares was 17.85 yuan per share, while the lowest was 17.74 yuan per share [1] - The total amount spent on the share buyback was 3,024,800.00 yuan, excluding transaction fees [1]

格隆汇9月3日丨锡业股份(000960.SZ)公布，截至2025年8月31日，公司累计通过股份回购专用证券账户 以集中竞价交易方式回购公司股份数量170,000股，占公司目前总股本的0.0103%，最高成交价为17.85 元/股，最低成交价为17.74元/股，成交金额为3,024,800.00元（不含交易费用）。 ...

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-053 | | --- | --- | --- | --- | --- | | 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 关于回购公司股份的进展公告 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"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 ...

Core Viewpoint - The non-ferrous metal sector is experiencing a surge, driven by expectations of a Federal Reserve interest rate cut and improving demand, particularly in the rare earth and industrial metals markets [3][4]. Group 1: ETF Performance - The non-ferrous metal leader ETF (159876) saw a price increase of over 1.8% as of September 3, with a trading volume exceeding 12 million yuan within the first 15 minutes of opening [1]. - The ETF attracted significant inflows of 75.6 million yuan over the past two days, reaching a new high of 207 million yuan in total assets as of September 2 [1]. - Key constituent stocks included silver, which hit the daily limit, while Western Gold and Zhongjin Gold rose by 5.81% and 4.79%, respectively [1]. Group 2: Market Trends - The industrial metals sector is benefiting from rising copper prices due to supply constraints, with a projected decrease of 52,500 tons in electrolytic copper production in September [3]. - The lithium market is facing oversupply, but high-cost production is being phased out, which may lead to price recovery [3]. - The overall sentiment in the non-ferrous metals market remains strong, supported by macroeconomic factors and supply disruptions [3]. Group 3: Strategic Insights - The non-ferrous metals sector is positioned for upward price movement due to low valuations and improving market conditions, with a potential "bull market" beginning [3][4]. - The strategic importance of metals like rare earths and lithium is highlighted in the context of global competition and domestic policy shifts aimed at optimizing production factors [4]. - The non-ferrous metal leader ETF provides diversified exposure to various metals, including copper (25.3%), aluminum (14.2%), and rare earths (13.8%), which helps mitigate investment risks [4].

Group 1 - The company, Xiyie Co., reported that as of August 29, 2025, the number of registered shareholders is 77,420 [1]

Core Insights - Indium has emerged as a valuable metal, outperforming gold and rare earths in terms of price appreciation, with its price rising from 1,200 RMB/kg to 4,000 RMB/kg over five years, a total increase of 233% [1][3] - The global supply of indium is extremely limited, with only 16,000 tons available compared to 120 million tons of rare earths, making indium's scarcity over 100 times that of rare earths [1][3] - The surge in demand for indium is driven by the AI computing revolution, particularly due to the production of Nvidia's Quantum-X switches, which require significantly more indium for their silicon photonic engines [3][4] Industry Overview - The AI computing boom has led to a strategic shortage of indium, with 72.7% of global indium resources concentrated in China, while domestic production capacity is only 150,000 pieces per year, far below the global demand of 2 million pieces [3] - Indium is considered an irreplaceable element for optical communication and AI chips, with the U.S. relying almost entirely on imports, prompting China to restrict indium exports in response to U.S. tariffs [3][4] Key Companies - Major players in the indium market include: - **Zhuye Group**: The largest indium producer globally, with an annual production capacity of 60 tons [3] - **Zhongjin Lingnan**: An integrated lead-zinc mining company producing approximately 20 tons of indium annually as a byproduct [3] - **Xiyang Co.**: A leading company in both tin and indium, controlling the largest indium resource base globally [4] - **Company with 6-inch Indium Phosphide Substrate Technology**: Achieved a significant technological breakthrough, reducing costs by 40% and increasing production capacity fourfold compared to 3-inch wafers, potentially generating over 1.6 billion RMB in revenue [4]

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony sectors, indicating a positive outlook for these industries [12]. Core Views - The report highlights that the Federal Reserve's interest rate cuts and the upcoming domestic demand peak are expected to support the prices of precious metals, particularly gold and silver [4][5]. - It anticipates a strong demand season for copper and aluminum, with prices expected to rise due to supply constraints and seasonal demand [5][9]. - The report notes that tin prices are likely to show resilience due to tight supply conditions, while antimony prices are under pressure from weak demand [10][11]. Summary by Sections 1. Market Performance - The non-ferrous metals sector (Shenwan) saw a 3.37% increase in the week from August 25 to August 29, outperforming the broader market [21]. - The top-performing sub-sectors included rare earths (+17.19%), tungsten (+14.70%), and silver (+12.45%) [21]. 2. Macroeconomic and Industry News - China's industrial profits for July showed a year-on-year decline of 1.5%, an improvement from the previous month's decline of 4.3% [27]. - The U.S. second-quarter core PCE price index was reported at 2.5%, aligning with expectations, indicating stable inflation [27]. 3. Precious Metals Market Data - London gold prices rose to $3,429.15 per ounce, an increase of $90.85 (2.72%) from August 21 [30]. - Silver prices also increased to $38.80 per ounce, up $1.24 (3.29%) [30]. 4. Industrial Metals Data - Copper prices on the LME closed at $9,875 per ton, up $150 (1.54%) from August 22 [41]. - Aluminum prices in China were reported at 20,720 yuan per ton, a slight decrease of 30 yuan [42]. 5. Industry Ratings and Investment Strategies - The report maintains a "Buy" rating for gold, copper, aluminum, tin, and antimony sectors, reflecting a favorable investment outlook [12]. - Specific stocks recommended include Zijin Mining, Zhongjin Gold, and Huaxi Securities among others [13].

Group 1: Financial Futures - **Report Industry Investment Rating**: Not provided - **Core View**: Domestic prop - up policies are gradually exerting force. Promoting service consumption policies in September and real - estate policies are advancing. Overseas, the US economy shows resilience. The final effects of domestic policies need further observation, and attention should be paid to upcoming US economic data [1][2] - **Summary by Related Catalogs**: - **Macroeconomics**: Policies are being promoted both domestically and overseas. In China, service and real - estate policies are advancing, and manufacturing PMI slightly rebounds. In the US, economic data shows resilience, and there are tariff - related legal issues [1] - **Renminbi Exchange Rate**: The depreciation pressure of the RMB against the US dollar is slowing. In the short - term, it's about the rhythm of appreciation and has a low probability of returning to the "6 era". In the medium - term, it needs a decline in the US dollar index and improvement in the domestic economy [3][4][5] - **Stock Index**: After the release of two major data over the weekend, the market is expected to be volatile, with large - cap stock indices relatively stronger. It is recommended to hold long positions [7] - **Treasury Bonds**: After the release of August's manufacturing PMI, the bond market is not sensitive to fundamental data. If the stock market fluctuates at a high level, the bond market may rebound; otherwise, it may test the bottom again. It is recommended to take small - band bottom - fishing strategies [8][9] - **Container Shipping**: The decline in ONE's European - line spot cabin quotes is negative for futures prices. However, the ruling that Trump's global tariffs are illegal is positive for the global trade environment and EC prices. EC may show an oscillating or oscillating - upward trend [10][11] Group 2: Commodities Non - ferrous Metals - **Report Industry Investment Rating**: Not provided - **Core View**: Different non - ferrous metals have different market trends and influencing factors. For example, precious metals are affected by Fed rate - cut expectations and Fed independence concerns; copper is in a state of multi - factor balance; aluminum is affected by macro and fundamental factors [12][16][20] - **Summary by Related Catalogs**: - **Gold & Silver**: The price is mainly affected by Fed rate - cut expectations and Fed independence concerns. In the short - term, it is expected to be strong. It is recommended to buy on dips and hold existing long positions [12][13][15] - **Copper**: Before the Fed's next rate decision on September 19, copper prices may continue to oscillate. In the fourth quarter, it is recommended to buy at low levels. The price is affected by multiple factors such as Fed rate cuts, supply and demand [16][17][18] - **Aluminum Industry Chain**: - **Aluminum**: In the short - term, it is oscillating and bullish, but there is pressure above. It is recommended to build positions in batches on dips [20] - **Alumina**: It is weakly oscillating, with insufficient upward drive and limited downward space [21] - **Cast Aluminum Alloy**: It is oscillating and bullish, and can consider arbitrage operations [22] - **Zinc**: It is currently at the bottom and oscillating strongly in the short - term [22][23] - **Nickel & Stainless Steel**: The market is oscillating this week, affected by macro and market factors. Nickel is expected to oscillate between 118,000 - 126,000 yuan, and stainless steel between 12,500 - 13,100 yuan [23][26] - **Tin**: The price increase is driven by tight supply. It is expected to be slightly bullish in the short - term, with a target price of 276,000 yuan per ton [27][28] - **Lithium Carbonate**: The futures market is expected to enter an oscillating and sorting stage. It is recommended to gradually close short positions and wait and see [29][31] - **Industrial Silicon & Polysilicon**: - **Industrial Silicon**: It is expected to oscillate at the bottom in the short - term [32][34] - **Polysilicon**: It is expected to be oscillating and bullish due to industry integration expectations [33][35] - **Lead**: It is oscillating narrowly, with limited upward and downward space [36] Ferrous Metals - **Report Industry Investment Rating**: Not provided - **Core View**: The ferrous metal market is generally under pressure. Steel products have a weak supply - demand pattern, and iron ore has increasing risks, while coal - coke and ferroalloys also face different challenges [38][40][43] - **Summary by Related Catalogs**: - **Rebar and Hot - Rolled Coil**: The supply - demand pattern of steel products is weak, and a negative feedback mechanism may form. It is recommended to maintain a bearish strategy and pay attention to demand in the peak season and policy changes [38][39] - **Iron Ore**: Although the current fundamentals are stable, the pressure on steel inventory and iron ore shipments is increasing, and the risk of price decline is rising [40][41] - **Coking Coal and Coke**: The coking coal market may oscillate widely at a high level, and coke may face price cuts after the parade. It is recommended to use an oscillating strategy for coking coal and consider selling hedging for coke [42][43] - **Silicon Iron and Silicon Manganese**: The supply is loose, and they are oscillating at the bottom. It is recommended to consider a long - spread strategy for the two [44][45] Energy and Chemicals - **Report Industry Investment Rating**: Not provided - **Core View**: Different energy and chemical products have different market trends. Crude oil is oscillating weakly, and other products such as LPG, PTA - PX, etc. are affected by supply, demand, and cost factors [46][53][55] - **Summary by Related Catalogs**: - **Crude Oil**: It is oscillating weakly. In September, there are negative factors such as seasonal decline in demand, and it is necessary to pay attention to key events and the Russia - Ukraine situation [46][48][49] - **LPG**: The market is oscillating. Supply is controllable, and demand changes little. The market is affected by multiple factors [50][51][52] - **PTA - PX**: The market is affected by supply - side news, and it is recommended to reduce the TA processing margin on rallies [53][54][55] - **MEG - Bottle Chip**: The fundamentals of ethylene glycol are driven weakly, and it is recommended to buy on dips within the range and consider option strategies in the long - term [56][58][59] - **Methanol**: It is under pressure. It is recommended to hold a small number of long positions and sold put options and pay attention to Iranian shipments and port pick - up [60][61] - **PP**: The demand situation is unclear. The supply is increasing, and the future depends on whether the demand can maintain high - speed growth [62][63][64] - **PE**: The demand is recovering but not strong enough to drive. It is expected to be in an oscillating pattern and wait for a demand signal [65][66] - **PVC**: The price returns to the industrial level. With weak fundamentals, it is recommended to maintain a short - position allocation [67][68] - **Pure Benzene and Styrene**: For pure benzene, the supply is stable, demand is weak, and it is expected to oscillate weakly. For styrene, inventory is increasing, and the outlook is bearish [69][70][71]