Index Performance - The CSI A500 Index experienced a slight increase of 0.02%, closing at 5433.29 points on September 19 [5] - The average daily trading volume for the week was 9126.33 billion yuan, reflecting a week-on-week increase of 2.7% [5] Component Stocks Performance - The top ten gainers for the week included: - Junsheng Electronics (600699.SH) with a rise of 44.25% - Shanghai Construction (600170.SH) up by 31.70% - Sanhua Intelligent Control (002050.SZ) increasing by 20.72% [3] - The top ten losers for the week included: - Northern Rare Earth (600111.SH) down by 12.20% - Junshi Biosciences (688180.SH) decreasing by 9.84% - Xiamen Tungsten (000960.SZ) falling by 9.45% [3] Fund Performance - A total of 39 CSI A500 funds mostly saw increases, with the top performer being Guolian An with a rise of 0.424% [5] - The total scale of CSI A500 funds reached 1865.27 billion yuan, with the largest funds being Huatai Baichuan (221.82 billion yuan), Guotai Fund (204.94 billion yuan), and E Fund (204.55 billion yuan) [5] Economic Context - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 4.00%-4.25% on September 17, restarting the rate cut cycle [6] - Short-term market expectations for rate cuts have been largely priced in, potentially leading to volatility as actual policy effects and economic data unfold [6] - In the medium to long term, the Fed's rate cuts are expected to positively impact the A-share market, with a stronger yuan improving foreign investment sentiment [6]

Market Overview - As of 10:30 AM, the Shanghai Composite Index is at 3827.97 points, with a decline of 0.10% [1] - The total trading volume of A-shares today is 113.62 billion yuan [1] Technical Analysis - A total of 162 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Changshan Pharmaceutical: 5-day MA is 1.52% lower than the 10-day MA [1] - Zero Point: 5-day MA is 1.19% lower than the 10-day MA [1] - Xiyu Co.: 5-day MA is 1.15% lower than the 10-day MA [1] Individual Stock Performance - Changshan Pharmaceutical (300255): Today's decline of 2.60%, with a 5-day MA of 47.08 yuan and a 10-day MA of 47.81 yuan, showing a distance of -1.52% [1] - Zero Point (301169): No change in price today, with a 5-day MA of 45.38 yuan and a 10-day MA of 45.92 yuan, showing a distance of -1.19% [1] - Xiyu Co. (000960): Today's increase of 1.22%, with a 5-day MA of 21.25 yuan and a 10-day MA of 21.50 yuan, showing a distance of -1.15% [1] Additional Stock Insights - ST Lifang (300344): Decline of 0.79%, with a 5-day MA of 5.15 yuan and a 10-day MA of 5.21 yuan, showing a distance of -1.08% [1] - Dongxin Peace (002017): Decline of 2.81%, with a 5-day MA of 26.14 yuan and a 10-day MA of 26.42 yuan, showing a distance of -1.06% [1] - Other stocks with notable performance include: - Yihua New Materials (301176): Decline of 0.87% [1] - Sanguang (002110): Decline of 0.71% [1]

Core Viewpoint - Yunnan Tin Company Limited has shown significant stock performance with a year-to-date increase of 51.75%, despite a recent decline of 8.31% over the last five trading days [1] Group 1: Stock Performance - As of September 19, the stock price reached 20.85 CNY per share, with a market capitalization of 34.315 billion CNY [1] - The trading volume was 2.99 billion CNY, with a turnover rate of 0.88% [1] - The stock has experienced a 6.98% increase over the past 20 days and a 34.52% increase over the past 60 days [1] Group 2: Financial Performance - For the first half of 2025, the company reported a revenue of 21.093 billion CNY, representing a year-on-year growth of 12.35% [2] - The net profit attributable to shareholders was 1.062 billion CNY, reflecting a year-on-year increase of 32.76% [2] Group 3: Business Overview - Yunnan Tin Company specializes in the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium [1] - The main revenue sources include tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%) [1] Group 4: Shareholder Information - As of September 10, the number of shareholders increased to 81,200, with an average of 20,271 circulating shares per shareholder [2] - The company has distributed a total of 2.15 billion CNY in dividends since its A-share listing, with 1.103 billion CNY in the last three years [3]

Group 1 - The metal zinc sector experienced a decline of 3.88% as of the market close on September 18, ranking among the top losers in the concept sector, with companies like Wolong New Energy, Hunan Silver, and Xiyu Co. leading the declines [1] - The main outflow of funds in the metal zinc sector amounted to a net outflow of 3.111 billion yuan, with 32 stocks experiencing net outflows, and 10 stocks seeing outflows exceeding 100 million yuan [2] - Zijin Mining topped the list of net fund outflows with 1.038 billion yuan, followed by Hunan Silver and Xiyu Co. with net outflows of 211 million yuan and 184 million yuan respectively [2] Group 2 - The top gainers in the market included the F5G concept with a rise of 1.45%, while the metal lead sector fell by 3.94% [2] - The trading volume for Zijin Mining was 1.28%, with a price drop of 2.59%, indicating significant trading activity despite the decline [3] - Other notable companies with significant net outflows included Shengtun Mining and Hunan Gold, with outflows of 173 million yuan and 151 million yuan respectively [3]

Group 1 - The metal lead concept declined by 3.94% as of the close on September 18, ranking among the top declines in the concept sector, with companies like Wolong New Energy, Hunan Silver, and Xiyu Co. experiencing significant drops [1] - The metal lead sector saw a net outflow of 3.176 billion yuan in main funds today, with 29 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 100 million yuan. Zijin Mining led the outflow with 1.038 billion yuan [2] - Other companies with notable net outflows include Chifeng Gold, Hunan Silver, and Xiyu Co., with outflows of 254 million yuan, 211 million yuan, and 184 million yuan respectively [2] Group 2 - The top gainers in the concept sectors today included F5G concept (+1.45%), Co-packaged Optics (+1.35%), and Copper Cable High-Speed Connection (+1.27%), while the metal lead sector was among the largest decliners [2] - The trading volume for the leading outflow stocks in the metal lead sector included Zijin Mining (-2.59%, turnover rate 1.28%), Chifeng Gold (-3.86%, turnover rate 4.17%), and Hunan Silver (-6.49%, turnover rate 10.19%) [3] - Other companies with significant declines in the metal lead sector included Xiyu Co. (-6.32%), Shengtun Mining (-4.00%), and Hunan Gold (-4.50%) [3]

Market Overview - On September 18, the small metals sector experienced a decline of 4.27%, with Xiyegongye leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Aluminum Corporation (000960) closed at 20.44, down 6.32% with a trading volume of 521,500 shares [1] - China Rare Earth (000831) closed at 52.21, down 5.47% with a trading volume of 754,200 shares [1] - Xianglu Tungsten Industry (002842) closed at 10.57, down 5.20% with a trading volume of 276,300 shares [1] - Zhongkuang Resources (002738) closed at 42.10, down 4.94% with a trading volume of 126,510 shares [1] - Guangsheng Nonferrous (600259) closed at 56.37, down 4.81% with a trading volume of 181,500 shares [1] - Baowu Magnesium (002182) closed at 15.67, down 4.80% with a trading volume of 824,400 shares [1] - Northern Rare Earth (600111) closed at 48.10, down 4.45% with a trading volume of 2,063,000 shares [1] - Yunnan Cuo Industry (002428) closed at 27.85, down 4.43% with a trading volume of 615,900 shares [1] - Zhiyuan Tungsten Industry (002378) closed at 12.42, down 4.31% with a trading volume of 476,800 shares [1] - Jintian Titanium Industry (688750) closed at 21.01, down 3.93% with a trading volume of 57,000 shares [1] Capital Flow Analysis - The small metals sector saw a net outflow of 4.321 billion yuan from main funds, while speculative funds had a net inflow of 902 million yuan, and retail investors saw a net inflow of 3.419 billion yuan [1] - Northern Rare Earth (600111) had a main fund net outflow of 1.519 billion yuan, accounting for -15.07% of its total [2] - China Rare Earth (000831) experienced a main fund net outflow of 636 million yuan, representing -15.96% [2] - Yunnan Cuo Industry (002428) had a main fund net outflow of 252 million yuan, which is -14.55% [2] - Xiyegongye (000960) reported a main fund net outflow of 194 million yuan, equating to -17.81% [2]

Core Viewpoint - Yunnan Tin Company has successfully developed a patented device for efficiently separating tin from molten crude tin, addressing long-standing challenges in the tin smelting industry [1] Group 1: Technological Innovation - The newly patented device is designed to improve the separation process of tin, which has historically faced complex working conditions and low efficiency [1] - The technical team has integrated pneumatic drive and wireless remote control into high-temperature operations, marking a significant advancement in the industry [1] - The new equipment has achieved a sixfold increase in the efficiency of tin extraction operations, significantly enhancing the working environment for employees [1] Group 2: Industry Impact - This innovation fills a technological gap in the tin smelting industry, providing a replicable and scalable solution for green and intelligent upgrades in the sector [1] - The company aims to continue exploring technological innovations to revitalize its century-old operations and contribute to the global tin smelting industry's modernization [1]

Market Overview - On September 17, the small metals sector rose by 0.69%, with Yunnan Zhenye leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Small Metals Sector Performance - Key stocks in the small metals sector showed varied performance, with Yunnan Zhenye closing at 29.14, up 2.43%, and Shenghe Resources at 22.75, up 2.02% [1] - Other notable performers included Baowu Magnesium at 16.46, up 1.98%, and Zhongkuang Resources at 44.29, up 1.82% [1] Trading Volume and Value - Yunnan Zhenye had a trading volume of 480,300 shares, with a transaction value of 1.386 billion yuan [1] - Shenghe Resources recorded a trading volume of 763,500 shares, with a transaction value of 1.710 billion yuan [1] Capital Flow Analysis - The small metals sector experienced a net outflow of 495 million yuan from institutional investors, while retail investors saw a net inflow of 395 million yuan [2][3] - Speculative funds had a net inflow of 101 million yuan into the sector [2] Individual Stock Capital Flow - Yunnan Zhenye had a net inflow of 12.9 million yuan from institutional investors, while it faced a net outflow of 16.33 million yuan from speculative funds [3] - Shenghe Resources saw a net inflow of 78.11 million yuan from institutional investors, but a net outflow of 4.63 million yuan from speculative funds [3]

Investment Rating - The report maintains a "Recommended" investment rating for gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The Federal Reserve is expected to lower interest rates, which will support the price of gold [11]. - Supply disruptions in copper and the upcoming demand season are anticipated to strengthen copper prices [11]. - The aluminum industry shows signs of demand recovery, with expectations of price stability [11]. - Tin supply tightness is expected to support tin prices [11]. - Antimony prices are projected to remain weak in the short term but may strengthen in the long term due to supply constraints [11]. Summary by Sections 1. Industry Performance - The non-ferrous metals sector (Shenwan) has shown significant performance with a 1-month increase of 15.1%, 3-month increase of 35.2%, and a 12-month increase of 82.4% [3]. 2. Precious Metals Market Data - Gold prices reached $3651.10 per ounce, up by $56.55 (1.57%) from September 5 [4]. - Silver prices increased to $42.26 per ounce, up by $1.52 (3.72%) from September 5 [4]. 3. Copper and Aluminum Data - LME copper closed at $10068 per ton, up by $121 (1.22%) from September 5 [6]. - Domestic aluminum prices rose to 21050 RMB per ton, an increase of 370 RMB from September 5 [9]. 4. Tin and Antimony Data - Domestic refined tin prices increased to 274570 RMB per ton, up by 2710 RMB (1.00%) from September 5 [10]. - Antimony prices decreased to 176500 RMB per ton, down by 1000 RMB (0.56%) from September 5 [11]. 5. Recommended Stocks - Recommended stocks in the gold sector include Zhongjin Gold, Shandong Gold, and China National Gold International [12]. - In the copper sector, recommended stocks include Zijin Mining and Western Mining [12]. - For aluminum, recommended stocks are Shenhuo Co. and Yunnan Aluminum [12]. - In the tin sector, recommended stocks include Xiyang Co. and Huaxi Nonferrous [12].

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。 特别提示： 1、本次股东大会未出现否决议案情形。 | 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-055 | | --- | --- | --- | --- | --- | | 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 2025 年第三次临时股东大会决议公告 2、本次股东大会不涉及变更以往股东大会已通过的决议。 3、云南锡业股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日以公告 形式向公司全体股东发出召开 2025 年第三次临时股东大会的通知，2025 年 9 月 12 日披露了关于召开 2025 年第三次临时股东大会的提示性公告。 4、本公告中占有表决权股份总数的百分比例均保留 4 位小数，若其各分项 数值之和与合计数值存在尾差，均为四舍五入原因造成。 一、会议的召开情况 1、召开时间 （1）现场会议时间：2025 年 9 月 ...