华安证券（600909）近日发布有色金属研究报告锡专题：全球锡市场呈现结构性紧缺，供给端高度依赖 少数资源国，2024年全球锡矿产量30万吨(同比-1.63%)，其中缅甸、印尼和中国合计占比达51%，矿端 政策与品位下降使新增产能有限。需求端，2024年全球锡需求量38.52万吨(同比+3.33%)，锡工业属性 突出，2024年全球电子焊料用锡需求15.41万吨，同比+3.35%，占总需求的40.01%。 供应集中且增量有限、需求保持高景气。全球锡市场呈现结构性紧缺，供给端高度依赖少数资源国， 2024年全球锡矿产量30万吨(同比-1.63%)，其中缅甸、印尼和中国合计占比达51%，矿端政策与品位下 降使新增产能有限。需求端，2024年全球锡需求量38.52万吨(同比+3.33%)，锡工业属性突出，2024年 全球电子焊料用锡需求15.41万吨，同比+3.35%，占总需求的40.01%。 锡价上行主要由供弱需强驱动。2025年初以来缅甸矿产停工时间超过预期，冶炼厂开工率被迫下调。外 加刚果锡精矿因冲突停产，影响全球约6%的锡供应，加剧原材料紧张。在需求端AI服务器、光伏等对 锡焊料需求扩张，锡供需持续紧张，驱 ...

Investment Rating - The report indicates a positive outlook for the tin industry, driven by strong demand and limited supply, suggesting a favorable investment environment [2][3]. Core Insights - The global tin market is experiencing structural tightness, with supply heavily reliant on a few resource-rich countries. In 2024, global tin production is projected to be 300,000 tons, a decrease of 1.63% year-on-year, while demand is expected to reach 385,200 tons, an increase of 3.33% year-on-year [5][15]. - Tin prices are expected to rise due to weak supply and strong demand. The prolonged suspension of mining operations in Myanmar and conflicts affecting supply from the Democratic Republic of Congo have exacerbated material shortages, driving prices upward [5][22]. - Key companies in the tin sector include: - **Yunnan Tin Company**: Leading in tin production and sales globally, with a comprehensive integrated supply chain [33]. - **Xingye Silver Tin**: Notable for its silver and tin production, with ongoing acquisitions of overseas tin resources [36]. - **Hua Tin Nonferrous Metals**: A state-owned platform benefiting from regional resource consolidation and industrial clustering [39]. Summary by Sections 1. Tin Industry Overview - Tin is a crucial metal in electronic soldering, characterized by its stability and resistance to oxidation, making it suitable for various applications [8]. - The global tin supply is concentrated, with the top four countries (Indonesia, China, Myanmar, and Australia) accounting for over 60% of reserves [14]. 2. Tin Price Trends - Tin prices are influenced by supply constraints and high demand, particularly from the electronics and renewable energy sectors. The report anticipates that if new production capacity remains limited, tin prices will likely stay elevated [22][24]. 3. Related Companies - **Yunnan Tin Company**: Achieved a market share of 25.03% globally in 2024, focusing on high-value products and sustainable practices [33]. - **Xingye Silver Tin**: Reported significant revenue growth, with a strong focus on resource acquisition and production expansion [36]. - **Hua Tin Nonferrous Metals**: Leveraging its integrated operations to enhance resource recovery and sustainability [39].

每经AI快讯，1月12日，据上期所网站，上期所同意云南锡业股份（000960）有限公司生产的"YT"牌银 锭在上期所注册，执行标准价。 ...

上期所同意云南锡业股份有限公司生产的"YT"牌银锭在上期所注册，执行标准价。 ...

Group 1: Copper - The LME copper price increased by 1.94% to $12,702.0 per ton, while Shanghai copper rose by 3.23% to 101,400 yuan per ton [1] - Domestic copper inventory increased by 6.29% week-on-week, marking six consecutive weeks of accumulation, with total inventory up by 168,100 tons year-on-year [1][12] - The operating rate of the yellow copper rod industry decreased by 0.61% to 46.98%, while the enameled wire industry saw a decline of 0.66% in operating rate to 74.87% [1][12] Group 2: Aluminum - The LME aluminum price rose by 2.22% to $3,088.00 per ton, and Shanghai aluminum increased by 6.13% to 24,300 yuan per ton [2][13] - The operating rate of domestic aluminum processing leading enterprises increased by 0.2% to 60.1%, indicating a mixed performance across different aluminum processing sectors [2][13] - The total production capacity of metallurgical-grade alumina reached 110.32 million tons per year, with an operating rate of 80.51% [2][13] Group 3: Gold - COMEX gold price increased by 3.36% to $4,487.9 per ounce, with SPDR gold holdings rising by 2 tons to 1,067.13 tons [3][14] - Geopolitical risks, including U.S. military actions in Venezuela and unrest in Iran, have contributed to a strong and volatile market for gold [3][14] Group 4: Rare Earths - The price of praseodymium and neodymium oxide increased by 2.90%, with November exports of rare earth permanent magnets rising by 12% month-on-month and 28% year-on-year, reaching a historical high for the month [4][36] - The expectation of more relaxed export policies and ongoing supply constraints are likely to support future demand and price increases in the rare earth sector [4][36] Group 5: Lithium - The average price of lithium carbonate increased by 11.5% to 131,800 yuan per ton, while lithium hydroxide rose by 10.9% to 126,900 yuan per ton [4][60] - Total lithium carbonate production reached 22,500 tons, with a slight increase of 0.01 million tons week-on-week [4][60] Group 6: Cobalt - The price of cobalt in the Jiangxi market rose by 1.1% to 460,000 yuan per ton, with cobalt intermediate prices also showing slight increases [5][63] - The overall cobalt market remains strong, with supply tightness expected to continue, supporting price stability [5][63] Group 7: Nickel - LME nickel price increased by 1.8% to $17,100 per ton, while Shanghai nickel rose by 4.3% to 138,000 yuan per ton [5][64] - Nickel market sentiment turned optimistic due to potential tightening of nickel ore quotas in Indonesia, leading to price increases [5][64]

Core Viewpoint - The non-ferrous metal sector continues to surge, with a net inflow of 17.5 billion yuan on January 9, ranking third among 31 first-level industries in the Shenwan classification [1][8] - The popular ETF, Huabao Non-Ferrous ETF (159876), saw its price rise over 3.5% during the day, closing up 3.24%, reaching a new historical high [1][8] - The ETF's trading volume exceeded its listing high, indicating a potential buying signal for investors [1][8] Fund Inflows and Performance - Huabao Non-Ferrous ETF experienced a net subscription of 57.6 million units, with a total net inflow of 194 million yuan over the past five days, and 279 million yuan over the last ten days [1][8] - The trading volume for the ETF reached 88.1 million yuan, showing a slight increase compared to previous periods [1][8] Market Trends and Analysis - The U.S. non-farm payroll report released on January 9 indicates potential for further interest rate cuts by the Federal Reserve, which could lead to a super cycle for industrial metals like copper and aluminum [2][8] - Recent price increases in various minor metals, particularly tungsten, are attributed to supply constraints and rising global demand for strategic resources [2][8] - Analysts predict that under conditions of loose liquidity and frequent supply disruptions, prices for copper, aluminum, gold, and battery metals are likely to continue rising through 2026 [2][8] Sector Highlights - Leading stocks in the non-ferrous metal sector, such as Yunnan Zinc Industry and Xiamen Tungsten Industry, have shown significant gains, with some stocks reaching their daily limit [3][10] - The Huabao Non-Ferrous ETF covers a wide range of industries, including precious metals, strategic metals, and industrial metals, allowing for better exposure to the sector's performance [4][8]

证券日报网讯1月9日，锡业股份（000960）在互动平台回答投资者提问时表示，公司密切关注股价变 化，在回购期限十二个月内根据公司股份回购方案及市场情况实施本次回购计划，并按照相关法律、法 规和规范性文件的规定及时履行信息披露义务。 ...

Group 1 - The non-ferrous metal sector experienced significant inflows, with a net capital inflow of 17.5 billion yuan on January 9, ranking third among 31 Shenwan first-level industries [1] - The popular ETF, Huabao Non-ferrous ETF (159876), saw its price rise over 3.5% during the day, closing up 3.24%, reaching a new historical high [1] - The ETF recorded a net subscription of 57.6 million units, with a total net inflow of 279 million yuan over the past 10 days [1] Group 2 - Several small metal varieties have seen significant price increases, particularly tungsten, driven by supply constraints and growing demand for strategic resources [2] - Analysts predict a "super cycle" for industrial metals like copper and aluminum, supported by loose liquidity and strong structural demand [2][3] - The Huabao Non-ferrous ETF covers a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better exposure to the entire sector's performance [4]

Group 1 - Recent significant price increases in various minor metals, with tungsten showing the most notable rise. As of January 9, black tungsten concentrate (≥65%) is priced at 485,000 yuan/ton, a week-on-week increase of 5.4%. Ammonium paratungstate (APT) is priced at 710,000 yuan/ton, up 6.0% week-on-week; tungsten powder is priced at 1,130 yuan/kg, up 6.5% week-on-week, all reaching historical highs [1] - According to Shenwan Hongyuan Research, the minor metals sector is expected to see positive changes by 2026, driven by high growth in energy storage demand, which will accelerate the reversal cycle in the lithium carbonate industry. In the context of de-globalization, the value of strategic minor metals such as rare earths, tungsten, and antimony will continue to be reassessed [1] - The reshaping of the global credit landscape and the continuation of the Federal Reserve's interest rate cut cycle will jointly support the favorable trend of precious and minor metals [1] Group 2 - On January 9, the A-share market experienced a strong rally, with the Shanghai Composite Index breaking through 4,100 points. The total trading volume reached 3.12 trillion yuan, marking the sixth historical instance of surpassing 3 trillion yuan in trading volume [3] - The minor metals concept continues to strengthen, with several stocks such as Hailiang Co., Yunnan Tin Company, Antai Technology, Xiamen Tungsten, and Zhenhua Co. hitting the daily limit. Other stocks like Zhangyuan Tungsten, Tin Industry Co., Huaxi Nonferrous, Chihong Zinc & Germanium, and China Uranium Industry also saw price increases [3]

今日沪深两市有色金属板块表现活跃，安泰科技、厦门钨业、章源钨业、锡业股份、中稀有色、中钨高 新领涨，行业相关企业今日股价行情整理如下： 安泰科技 最新股价：25.19元 日涨幅：+10.00% 亮点：难熔金属及半导体装备材料龙头，钨合金多叶光栅全球市场份额领先。 厦门钨业 最新股价：48.19元 日涨幅：+10.00% 亮点：拥有完整钨产业链，国内首家具备核聚变装置用钨组件研发生产能力。 章源钨业 最新股价：16.96元 日涨幅：+8.44% 亮点：国内完整钨产业链生产商，拥有自主钨矿资源和近9.5万吨钨储量。 锡业股份 最新股价：33.82元 日涨幅：+7.81% 亮点：有色金属全产业链企业。 中稀有色 最新股价：64.22元 日涨幅：+6.41% 亮点：中国稀土集团核心平台，产业横跨稀土、铜、钨。 中钨高新 最新股价：32.89元 日涨幅：+6.03% 亮点：中国五矿旗下钨产业平台，全产业链运营，收购后钨金属储量大幅增加。 洛阳钼业 最新股价：22.78元 日涨幅：+5.07% 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：磐石 亮点：全球多元矿产巨头，国内运营的钼钨矿伴生有钨资源。 中金岭南 ...