Group 1 - Yunnan Tin Company Limited experienced a decline of 5.02% on February 5, with a stock price of 35.03 CNY per share and a trading volume of 989 million CNY, resulting in a turnover rate of 1.67% and a total market capitalization of 57.652 billion CNY [1] - The company's main business involves the exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium, with the revenue composition being 43.61% from tin ingots, 20.31% from supply chain business, and 18.04% from copper products [1] - The supply chain business includes 12.77% from copper products, 7.90% from other products, and 5.57% from tin products, with additional contributions from zinc products (7.08%), tin materials (2.74%), and other products (1.96%) [1] Group 2 - Guotai Fund has one fund heavily invested in Yunnan Tin Company, specifically the Guotai Jinlong Industry Select Mixed Fund (020003), which held 1.8507 million shares in the fourth quarter, accounting for 6.01% of the fund's net value, making it the third-largest holding [2] - The fund has reported a floating loss of approximately 3.4238 million CNY as of the latest data [2] - The Guotai Jinlong Industry Select Mixed Fund was established on December 5, 2003, with a current size of 858 million CNY, achieving a year-to-date return of 10.81% and a one-year return of 40.63% [2]

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the copper industry and strategic metals, highlighting recent trends in pricing and demand dynamics [1][2]. Core Insights and Arguments - **Copper Price Decline and Recovery in Orders**: - A significant drop in copper prices has led to a surge in downstream purchasing activity. According to a survey by Mysteel, 31 domestic copper rod manufacturers and 6 traders reported an order volume of 43,000 tons, an increase of 28,600 tons from the previous day, representing a 197.73% week-on-week growth [1]. - Specifically, the order volume for refined copper rods reached 41,700 tons, marking a historical high since the survey began, with a week-on-week increase of 29,000 tons, or 228.75% [1]. - This indicates that as copper prices fall, downstream demand is beginning to materialize, with companies moving to fulfill delayed orders from December [1]. - **Strategic Metals and Resource Stocks**: - The value of strategic resources will determine the positioning of resource stocks in the market. The external manifestation of this value is reflected in the pricing of strategic metals [2]. - There is confidence in the long-term prospects for strategic metals, particularly tin and nickel, with a strong outlook for these commodities through 2026 [3][4]. Additional Important Content - **Investment Opportunities in Resource Companies**: - Recommendations for bottom-fishing in quality companies include: - **Copper**: Zijin Mining (900 billion as a bottom), Western Mining (70 billion bottom), and Luoyang Molybdenum (around 450 billion bottom). Minmetals Resources and China Nonferrous Mining are noted for their low valuations [4]. - **Aluminum**: China Aluminum (200 billion bottom, 22 billion profit) based on a price assumption of 23,000 [4]. - **Tin**: Huaxi Nonferrous (300 billion, with profits expected around 2 billion) and Tin Industry Co. (already low valuation) based on a price assumption of 350,000 [4]. - **Nickel**: Huayou Cobalt with profits of 8 billion at a nickel price of 15,000, considered very cheap [4].

Core Viewpoint - The announcement informs that the current board of directors of Yunnan Tin Company Limited will complete its term on February 3, 2026, and the nomination process for the new board members is still ongoing [1]. Group 1 - The ninth board of directors' term will expire on February 3, 2026 [1]. - The nomination work for the tenth board of directors has not been completed yet [1]. - According to the company's articles of association, the current board members will continue to fulfill their duties until the new board is elected [1]. Group 2 - The company will actively coordinate the election process for the new board and will fulfill its information disclosure obligations in a timely manner [1].

Group 1 - The core point of the article is that as of January 30, 2026, the registered number of shareholders for Xiyang Co., Ltd. is 104,028 households [2]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Insights - The domestic copper inventory is beginning to decrease, which may lead to stronger prices [6]. - The gold market is expected to stabilize and rise further due to the anticipated interest rate cuts by the Federal Reserve [5]. - The aluminum supply remains rigid, supporting the investment outlook for the aluminum sector [11]. - Tin prices are expected to be supported by tight supply conditions [11]. - Antimony prices are rebounding after a six-month decline, indicating a positive outlook for the antimony sector [11]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 22.6%, a 3-month increase of 35.7%, and a 12-month increase of 128.5% [3]. Precious Metals - Gold prices reached $4981.85 per ounce, with a week-on-week increase of $35.60, or 0.72%. Silver prices were $103.19 per ounce, up $4.19, or 4.23% [4]. Copper and Aluminum - Copper prices closed at $13,440 per ton on the LME, up $460 per ton, or 3.54%. SHFE copper closed at ¥103,170 per ton, up ¥2,120, or 2.10% [6]. - Domestic aluminum prices were ¥24,640 per ton, with a week-on-week increase of ¥510 [7]. Tin and Antimony - Domestic refined tin prices were ¥423,630 per ton, down ¥110, or 0.03%. The supply and demand for tin are weak, leading to a price fluctuation around high levels [9]. - Antimony prices remain supported due to tight supply conditions, with current prices at ¥160,000 per ton [10]. Recommended Stocks - The report recommends specific stocks in various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and others across gold, copper, aluminum, tin, and antimony industries [12].

Summary of Key Points Core Viewpoint - On February 2, a total of 44 stocks were involved with institutional investors, with 24 stocks showing net buying and 20 stocks showing net selling [1]. Group 1: Institutional Buying - The top three stocks with the highest net buying by institutions were: - Changfei Fiber: Net buying amount of 315 million yuan, with a price increase of 6.62% [2]. - Tongyuan Petroleum: Net buying amount of 216 million yuan, with a price decrease of 14.21% [2]. - Tongguang Cable: Net buying amount of 115 million yuan, with a price increase of 20% [2]. Group 2: Institutional Selling - The top three stocks with the highest net selling by institutions were: - Shengtun Mining: Net selling amount of 391 million yuan [1]. - Kaipu Cloud: Net selling amount of 244 million yuan, with a price decrease of 20% [3]. - Xiyu Co.: Net selling amount of 242 million yuan, with a price decrease of 9.99% [3].

Market Overview - On February 2, the trading volume of the Shanghai and Shenzhen stock markets was 2.58 trillion yuan, a decrease of 250.8 billion yuan compared to the previous trading day [1] - The precious metals and non-ferrous metals sectors experienced a significant decline, while the electric grid equipment and liquor sectors saw notable gains [1] Stock Performance - Notable gainers included: - STR (+5.19% to 2.23 yuan) with a trading volume of 3.49% [2] - *ST Huqing (+5.03% to 8.14 yuan) due to performance expectations and termination of equity transfer [2] - Huangtai Liquor (+9.98% to 17.52 yuan) driven by regional brand strength and shareholder increase [2] - Horizontal Film (+10.00% to 28.05 yuan) benefiting from the Spring Festival box office [2] - Wanfu Co. (+9.99% to 28.30 yuan) due to rising dye prices [2] Stock Declines - High-profile stocks facing declines included: - ST Jinglan with 6 consecutive gains [3] - Deep Technology (-10.00% to 29.24 yuan) due to a downturn in the storage chip sector and significant prior gains [14] - Kaipu Cloud (-20.00% to 195.84 yuan) with a projected net loss for 2025 [17] Institutional Trading - The top three net purchases on the daily leaderboard were: - Zhongchao Holdings with a net purchase of 512 million yuan [5] - Baobian Electric with a net purchase of 436 million yuan [5] - Shuangjie Electric with a net purchase of 308 million yuan [5] - The top three net sales were: - Deep Technology with a net sale of 251 million yuan [6] - Kaipu Cloud with a net sale of 192 million yuan [6] - Tianlong Group with a net sale of 187 million yuan [6] Sector Insights - Zhongchao Holdings is involved in commercial aerospace and high-temperature alloys, with strong demand for transformers and data center orders extending to 2027 [9] - Deep Technology's recent performance has been impacted by stricter customer audits from major storage manufacturers [14] - Kaipu Cloud's projected losses indicate a significant decline in profitability, with expectations of a 139% to 158% decrease in net profit [17]

Group 1 - The core point of the article is that Xiyegongsi (000960.SZ) experienced a significant decline, with a cumulative drop of 23% over three days, leading to a trading halt [1] - The turnover rate for Xiyegongsi reached 6.33%, with a total transaction amount of 3.829 billion yuan [1] - The data from the Dragon and Tiger list indicates that the Shenzhen Stock Connect bought 456 million yuan and sold 120 million yuan, resulting in a net purchase of 336 million yuan [1] Group 2 - Seven institutions bought a total of 314 million yuan and sold 556 million yuan, leading to a net sell of 242 million yuan [1] - The top five buying entities accounted for 21.90% of the total transaction amount, with the largest buyer being the Shenzhen Stock Connect, contributing 456.43 million yuan, which is 11.92% of the total [1] - The trading activity shows a net buying of 1.39 billion yuan from the listed positions, with total buying at 838.42 million yuan and total selling at 699 million yuan [1]

债券代码：148747.SZ 债券简称：24锡KY02 债券代码：148721.SZ 债券简称：24锡KY01 中信证券股份有限公司 关于 云南锡业股份有限公司提前终止回购公司 股份方案并注销回购股份的 临时受托管理事务报告 发行人 云南省昆明市高新技术产业开发区 债券受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2026 年 2 月 1 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"管理办法"）、 《深圳证券交易所公司债券上市规则》（以下简称"上市规则"）《云南锡业股 份有限公司 2023 年面向专业投资者公开发行可续期公司债券受托管理协议》（以 下简称"《受托管理协议》"）《云南锡业股份有限公司 2023 年面向专业投资 者公开发行可续期公司债券债券持有人会议规则》（以下简称"《持有人会议规 则》"）及其它相关公开信息披露文件以及云南锡业股份有限公司（以下简称"锡 业股份"、"公司"、"发行人"）出具的相关文件等，由公司债券受托管理人 中信证券股份有限公司（以下简称"中信证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 ...

锡业股份今日跌停，成交额38.29亿元，换手率6.33%，盘后龙虎榜数据显示，深股通专用席位买入4.56 亿元并卖出1.20亿元，3家机构专用席位净买入2.31亿元，有4家机构专用席位净卖出4.73亿元。 ...