Core Viewpoint - The non-ferrous metals sector is experiencing significant gains, with the leading non-ferrous metals ETF (159876) seeing a peak increase of 2.7% and currently up by 1.88%, indicating strong market confidence in the sector's future performance [1][4]. Fund Performance - The non-ferrous metals ETF (159876) has attracted a total of 213 million yuan in the past 10 days, reflecting positive investor sentiment towards the sector [1]. - As of November 24, the ETF's latest scale reached 676 million yuan, making it the largest among three ETFs tracking the same index in the market [1]. Stock Performance - Key stocks within the ETF have shown strong performance, with Huaxi Nonferrous Metals hitting the daily limit, and other stocks like Western Gold, Xiyang Co., and Zhongjin Gold rising over 4% [3][4]. Market Outlook - Institutions are optimistic about the continuation of a bull market in the non-ferrous metals sector. Zhongtai Securities is particularly bullish on a comprehensive bull market, while CITIC Securities anticipates sustained investment interest in commodities [4][5]. - Three main investment themes are highlighted: 1. Industrial metals like copper and aluminum, which are expected to benefit from supply constraints and recovering demand. 2. Energy metals such as lithium and cobalt, which are poised to gain from the explosive demand in energy storage and power batteries. 3. Strategic assets like gold and rare earths [4][5]. Investment Strategy - A diversified investment approach through the non-ferrous metals ETF (159876) and its associated funds is recommended to capture the overall sector's beta performance while mitigating risks associated with investing in single metal industries [5].

Group 1 - Yunnan Tin Company Limited's stock increased by 5.07%, reaching 23.63 CNY per share, with a trading volume of 633 million CNY and a turnover rate of 1.67%, resulting in a total market capitalization of 38.89 billion CNY [1] - The company, established on November 22, 1998, and listed on February 21, 2000, specializes in the exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium [1] - The main revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), with detailed breakdowns of supply chain business and other products [1] Group 2 - According to data, one fund under Harvest Fund has Yunnan Tin Company as a top ten holding, specifically the Harvest CSI Rare Metals Theme ETF, which held 3,300 shares, unchanged from the previous period, accounting for 0.01% of the fund's net value [2] - The Harvest CSI Rare Metals Theme ETF was established on December 1, 2021, with a current size of 133 million CNY, achieving a year-to-date return of 64.26% and a one-year return of 47.7% [2] - The fund manager, Tian Guangyuan, has been in position for 4 years and 263 days, with the fund's total asset size at 75.81 billion CNY, achieving a best return of 114.61% and a worst return of -46.65% during his tenure [3]

Core Points - The company, Xiyu Co., reported that as of November 20, 2025, the number of registered shareholders is 81,100 [1] Summary by Category - **Company Information** - Xiyu Co. has a total of 81,100 registered shareholders as of the specified date [1]

Group 1 - Yunnan Tin Company experienced a 5.07% decline in stock price, reaching 22.85 CNY per share, with a trading volume of 255 million CNY and a turnover rate of 0.67%, resulting in a total market capitalization of 37.607 billion CNY [1] - The company, established on November 22, 1998, and listed on February 21, 2000, specializes in the exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium [1] - The main revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), with detailed breakdowns of supply chain business and other products [1] Group 2 - According to data, one fund from the Fortune Fund family holds a significant position in Yunnan Tin Company, with the Fortune Cycle Advantage Mixed A Fund (005760) holding 1.4055 million shares, accounting for 3.11% of the fund's net value, ranking as the sixth-largest holding [2] - The fund has reported a floating loss of approximately 1.7147 million CNY today [2] - The Fortune Cycle Advantage Mixed A Fund was established on July 10, 2018, with a current scale of 935 million CNY, achieving a year-to-date return of 25.05% and a one-year return of 23.26% [2]

Core Viewpoint - Yunnan Tin Company Limited has experienced a significant stock price increase of 74.60% year-to-date, despite a recent decline of 6.91% over the past five trading days [1] 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%, and a net profit attributable to shareholders of 1.745 billion yuan, which is a 35.99% increase compared to the previous year [2] Stock Market Activity - As of November 20, the stock price of Yunnan Tin was 23.99 yuan per share, with a trading volume of 601 million yuan and a turnover rate of 1.50%, leading to a total market capitalization of 39.483 billion yuan [1] - The company has been listed on the "Dragon and Tiger List" once this year, with the most recent occurrence on October 10 [1] Shareholder Information - As of November 10, the number of shareholders for Yunnan Tin was 82,600, an increase of 0.69% from the previous period, with an average of 19,916 circulating shares per shareholder, a decrease of 0.68% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, holding 34.7514 million shares, an increase of 6.8983 million shares from the previous period [3] Dividend Distribution - Yunnan Tin 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] Business Overview - Yunnan Tin's main business includes the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium, with tin ingots accounting for 43.61% of its main business revenue [1]

Group 1 - The metal lead concept increased by 2.03%, ranking second among concept sectors, with 28 stocks rising, including Chifeng Jilong Gold Mining (up 7.00%), Xinyi Silver Tin (up 6.68%), and Tin Industry Co. (up 5.88%) [1][2] - The leading stocks in terms of decline included Wolong New Energy (down 3.13%), Yuehongyuan A (down 2.62%), and Jinhui Co. (down 1.91%) [1][2] Group 2 - The metal lead sector experienced a net outflow of 0.15 billion yuan from main funds, with 17 stocks seeing net inflows, and 8 stocks receiving over 30 million yuan in net inflows [2] - Zijin Mining led the net inflow with 1.03 billion yuan, followed by Hunan Silver (net inflow of 587.87 million yuan), Huayu Mining (net inflow of 533.39 million yuan), and China Metallurgical Group (net inflow of 497.01 million yuan) [2][3] Group 3 - In terms of net inflow ratios, Beijiete, China Metallurgical Group, and Hunan Silver had the highest ratios at 12.40%, 12.32%, and 8.80% respectively [3] - The top stocks by net inflow in the metal lead concept included Zijin Mining (up 3.35%), Hunan Silver (up 3.76%), and Huayu Mining (down 0.13%) [3]

Market Overview - The small metals sector increased by 1.14% on November 19, with Xiyu Co. leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Key Performers in Small Metals Sector - Xiyu Co. (000960) closed at 24.48, up 5.88% with a trading volume of 402,900 shares and a transaction value of 964 million yuan [1] - Yunnan Province Industry (002428) closed at 27.59, up 3.64% with a trading volume of 519,500 shares and a transaction value of 1.399 billion yuan [1] - Guangsheng Nonferrous (600259) closed at 53.45, up 3.38% with a trading volume of 92,100 shares and a transaction value of 481 million yuan [1] - China Rare Earth (000831) closed at 48.26, up 2.92% with a trading volume of 369,600 shares and a transaction value of 1.763 billion yuan [1] Fund Flow Analysis - The small metals sector experienced a net outflow of 243 million yuan from institutional investors and 122 million yuan from speculative funds, while retail investors saw a net inflow of 365 million yuan [2][3] - China Rare Earth (000831) had a net inflow of 196 million yuan from institutional investors, while it faced a net outflow of 155 million yuan from retail investors [3] - North Rare Earth (600111) saw a net inflow of 127 million yuan from institutional investors, with a net outflow of 40 million yuan from retail investors [3]

Core Insights - The metal zinc sector has seen a 2.00% increase, ranking third among concept sectors, with 30 stocks rising, including notable gains from Xingye Silver, Xiyegongsi, and Beijiete, which rose by 6.68%, 5.88%, and 5.80% respectively [1][2] Sector Performance - The top-performing concept sectors today include: - China Shipbuilding System: +4.60% - Metal Lead: +2.03% - Metal Zinc: +2.00% - Chicken Farming: +1.90% - Salt Lake Lithium Extraction: +1.83% [2] Capital Flow - The metal zinc sector attracted a net inflow of 2.1152 million yuan, with 18 stocks receiving net inflows, and 8 stocks exceeding 30 million yuan in net inflows. Zinc Industry Co. led with a net inflow of 105 million yuan, followed by Zijin Mining, Hunan Silver, and Huayu Mining with net inflows of 103 million yuan, 58.7869 million yuan, and 53.3387 million yuan respectively [2][3] Net Inflow Ratios - The leading stocks by net inflow ratio in the zinc sector are: - Zinc Industry Co.: 13.00% - Beijiete: 12.40% - Hunan Silver: 8.80% [3] Stock Performance - Key stock performances in the zinc sector include: - Zinc Industry Co.: +5.65% with a turnover rate of 13.28% - Zijin Mining: +3.35% with a turnover rate of 0.93% - Hunan Silver: +3.76% with a turnover rate of 4.61% [3][4]

Group 1 - The stock price of Yunnan Tin Company decreased by 2.08% on November 18, reaching 23.56 CNY per share, with a trading volume of 1.05 billion CNY and a market capitalization of 38.775 billion CNY [1] - Year-to-date, the stock price has increased by 71.47%, with a 1.29% rise in the last five trading days, 4.11% in the last 20 days, and 28.04% in the last 60 days [1] - The company has appeared on the trading leaderboard once this year, with the most recent occurrence on October 10 [1] Group 2 - Yunnan Tin Company, established on November 22, 1998, and listed on February 21, 2000, is primarily engaged in the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium [2] - The revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), among others [2] - As of November 10, the number of shareholders increased to 82,600, with an average of 19,916 circulating shares per person [2] Group 3 - The company has distributed a total of 2.15 billion CNY in dividends since its A-share listing, with 1.103 billion CNY distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and several new institutional investors [3]

Group 1 - The report focuses on the rare metals ETF managed by GF Fund Management, which tracks the CSI Rare Metals Theme Index, selecting up to 50 listed companies involved in the mining, smelting, and processing of rare metals [2][8] - The best-performing stock in the ETF from May 1, 2025, to October 31, 2025, is Yunnan Tin Company (000960.SZ), chosen based on the deviation of its performance from the CSI Rare Metals Index and research coverage [2][8] - As of November 13, 2025, Yunnan Tin's stock price was 25.77 CNY, with a projected EPS of 26.8 CNY per share for 2027 based on a 15x PE ratio, indicating a closing position of 20.22% [2][9] Group 2 - From October 9, 2025, to November 13, 2025, the dynamic allocation strategy based on Yunnan Tin's stock outperformed the buy-and-hold strategy, achieving an end-period return of 8.89% with a maximum drawdown of 5.57% [3][9] - The buy-and-hold strategy for the rare metals ETF yielded a return of 10.33% with a maximum drawdown of 10.32% during the same period [3][9]