Core Insights - The tungsten market has experienced a significant price surge, with major tungsten products reaching historical highs, driven by increased demand and supply constraints [1][2][3] Price Trends - Tungsten powder prices have surpassed 700,000 CNY/ton, currently at 710,000 CNY/ton; ammonium paratungstate (APT) is priced at 462,000 CNY/ton, while black and white tungsten concentrates are at 312,000 CNY/ton and 311,000 CNY/ton respectively, each increasing by 2,000 CNY from the previous trading day [1][2] - Year-to-date price increases for major tungsten products have exceeded 100%, with black tungsten concentrate rising by 118.18%, APT by 118.96%, and tungsten powder by 124.68% compared to the beginning of the year [1][2] Supply and Demand Dynamics - The tightening supply situation is expected to continue, with the Ministry of Natural Resources and the Ministry of Industry and Information Technology indicating a reduction in tungsten mining quotas for 2025, down to 58,000 tons, a decrease of 4,000 tons or 6.45% year-on-year [2][3] - The demand for tungsten has been bolstered by increased production in sectors such as photovoltaics and automotive, leading to a tight market balance [2][3] Industry Performance - Companies in the tungsten sector have reported strong financial results, with Zhongtung High-tech achieving a revenue of 12.755 billion CNY in the first three quarters, a year-on-year increase of 13.39%, and a net profit of 846 million CNY, up 18.26% [2] - Other companies like Xianglu Tungsten and Luoyang Molybdenum have also shown impressive performance, with net profits increasing by 259.65% and 72.61% respectively [2] Market Outlook - Analysts predict a favorable supply-demand balance for tungsten, with strong pricing support from supply constraints and resilient demand from downstream industries [3] - The tightening of mining quotas and limited new capacity are expected to reinforce the bullish outlook for tungsten prices [3]

Group 1 - The metal lead concept declined by 2.80% as of the close on November 4, ranking among the top declines in the concept sector, with Guocheng Mining hitting the limit down [1] - Within the lead concept sector, major declines were seen in companies such as Xingye Silver Tin, Dazhong Mining, and Tin Industry Co., with increases noted in Zhejiang Fuhua Holdings, Yuehongyuan A, and Luoping Zinc Electric, which rose by 3.10%, 1.15%, and 0.99% respectively [1] - The lead concept sector experienced a net outflow of 2.699 billion yuan from main funds today, with 31 stocks seeing net outflows, and 10 stocks exceeding 100 million yuan in net outflows, led by Zijin Mining with a net outflow of 459 million yuan [2] Group 2 - The top net outflow stocks in the lead concept included Zijin Mining, Xingye Silver Tin, and Baiyin Nonferrous, with net outflows of 459 million yuan, 455 million yuan, and 169 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Zhongjin Lingnan, Hengbang Shares, and Yuehongyuan A, with net inflows of 17.11 million yuan, 2.89 million yuan, and 1.67 million yuan respectively [2] - The trading volume for the lead concept stocks showed significant turnover, with Guocheng Mining experiencing a 10.01% decline and a turnover rate of 2.71% [3]

Group 1 - The metal zinc sector experienced a decline of 2.52%, ranking among the top losers in the concept sector, with major declines from companies like Guocheng Mining and Xingye Silver Tin [1] - The top gainers in the sector included Zhejiang Fuhua Holdings, CITIC Metal, and Pengxin Resources, with increases of 3.10%, 2.32%, and 1.54% respectively [1] - The concept sector saw a net outflow of 2.635 billion yuan, with 32 stocks experiencing net outflows, and 10 stocks seeing outflows exceeding 100 million yuan [1] Group 2 - The largest net outflow was from Zijin Mining, with a net outflow of 459 million yuan, followed by Xingye Silver Tin and Baiyin Nonferrous Metals with outflows of 455 million yuan and 169 million yuan respectively [1] - The stocks with the highest net inflows included CITIC Metal, Zhongjin Lingnan, and Zinc Industry, with net inflows of 44.82 million yuan, 17.11 million yuan, and 11.20 million yuan respectively [2] - The trading volume for the top outflowing stocks showed significant declines, with Guocheng Mining dropping by 10.01% and Xingye Silver Tin by 6.70% [2]

Group 1 - The core viewpoint of the news is that Yunnan Tin Company has experienced a significant decline in its stock price, dropping 5.12% to 22.05 CNY per share, with a total market capitalization of 36.29 billion CNY [1] - Yunnan Tin Company has seen its stock price fall for three consecutive days, with a cumulative decline of 5.03% during this period [1] - The company's main business involves 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 2 - According to data, Qianhai Kaiyuan Fund holds Yunnan Tin Company as its tenth largest heavy stock, with 92,000 shares, representing 4.05% of the fund's net value [2] - The fund has incurred a floating loss of approximately 10.95 thousand CNY today, with a total floating loss of 11.32 thousand CNY over the three-day decline [2] - The fund manager, Tian Wei, has a tenure of 5 years and 120 days, with the fund's best return during this period being 45.91% [2]

Macro Analysis - The report indicates that the current macro environment in Japan is conducive to moderate economic growth, with manageable debt sustainability, improving consumer sentiment, and favorable manufacturing investment trends [1] - The report anticipates an upward potential for the yen by 2026, while the Japanese stock market's previous gains have largely reflected policy expectations, suggesting that future market momentum will depend on the effectiveness of policy implementation [1] Financial Engineering - The report predicts a year-on-year decline in profit for the coal, steel, and cement industries, while float glass profitability is expected to show positive growth [2] - A slight decrease in the breeding sow inventory is noted, with stable recovery potential for pork prices expected until Q1 of next year [2] - Weak PMI data and housing sales indicate a need to monitor the potential resumption of infrastructure support expectations [2] Real Estate - In October, the sales of the top 10 and top 100 real estate companies increased by 6% and 4% month-on-month, respectively, but year-to-date sales show a decline of 16% and 17% year-on-year [3] - The report recommends focusing on structurally strong companies with high product reputation and strong sales rankings in core cities, such as China Merchants Shekou and China Jinmao [3] - Long-term growth potential in property services is highlighted, with recommendations for companies like China Merchants Jiyu and Greentown Service [3] Petrochemical - OPEC+ announced a production increase of 137,000 barrels per day in December and a pause in production plans from January to March 2026, which is expected to support oil prices in the short term [4] - The report maintains a positive outlook on the long-term investment value of major oil companies amid ongoing geopolitical uncertainties [4] Company Research - Sanyou Chemical's profitability has declined due to falling soda ash prices, leading to a downward revision of profit forecasts for 2025-2027 [7] - Aokai Co. has seen a continuous improvement in performance, although profit forecasts for 2025-2027 have been adjusted downward due to weaker-than-expected downstream demand [8] - Qiaoyuan Co. has optimized its product structure and expanded its market, resulting in an upward revision of profit forecasts for 2025-2026 [9] - Xiyes Co. reported a 17.81% year-on-year increase in revenue for the first three quarters of 2025, with a 35.99% increase in net profit [10] - China Metallurgical Group's revenue and net profit have declined significantly, but new contracts have shown positive growth [11] - Times Electric's revenue grew by 14.9% year-on-year, with a stable growth outlook for its rail transit equipment business [12] - Oulutong's revenue reached a record high in Q3, driven by strong demand for high-power server power supplies [13] - Junshi Biosciences has adjusted its profit forecasts downward due to ongoing R&D investments and the gradual ramp-up of product sales [14] - Jinjiang Hotels reported a decline in revenue but an increase in net profit margin, leading to a downward revision of profit forecasts for 2025-2027 [15]

Core Viewpoint - Yunnan Tin Company Limited has announced the progress of its share repurchase plan, having repurchased 370,000 shares at a total cost of 7.0053 million yuan, within the approved limits of the plan [1][3]. Group 1: Background of the Repurchase Plan - The company held a shareholder meeting on June 30, 2025, where it approved a share repurchase plan using its own funds, with a total repurchase amount set between 100 million yuan and 200 million yuan, and a maximum repurchase price of 21.19 yuan per share [2]. Group 2: Latest Repurchase Implementation Status - As of October 31, 2025, the company has repurchased a total of 370,000 shares, representing 0.0225% of the total share capital, with a maximum transaction price of 19.96 yuan per share and a minimum of 17.74 yuan per share [3]. Group 3: Compliance of the Repurchase - The announcement confirms that the repurchase price, quantity, and trading methods comply with the company's repurchase plan and relevant legal regulations, adhering to the trading rules set by the Shenzhen Stock Exchange [4]. Group 4: Future Arrangements - The company plans to continue the repurchase based on market conditions within the designated period and will fulfill its information disclosure obligations as per regulations [5].

Summary of Key Points - The company, Xiyegongsi (000960.SZ), announced a share buyback program, having repurchased a total of 370,000 shares as of October 31, 2025, which represents 0.0225% of its total share capital [1] - The highest transaction price for the repurchased shares was 19.96 CNY per share, while the lowest was 17.74 CNY per share, with a total transaction amount of 7,005,300.00 CNY (excluding transaction fees) [1] - The funds used for the buyback were sourced from the company's own funds, and the buyback price adhered to the regulations outlined in the company's share buyback plan and relevant legal requirements [1]

Core Viewpoint - The company announced a share buyback plan, indicating a commitment to returning value to shareholders through the repurchase of its own shares [2] Summary by Category Share Buyback - As of October 31, 2025, the company has repurchased a total of 370,000 shares through a dedicated securities account via centralized bidding, which represents 0.0225% of the company's total share capital [2]

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2025-060 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 | 锡 | KY02 | | 一、回购公司股份的进展情况 截至 2025 年 10 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 370,000 股，占公司目前总股本的 0.0225%，最高成 交价为 19.96 元/股，最低成交价为 17.74 元/股，成交金额为 7,005,300.00 元（不 含交易费用）。本次回购资金来源为公司自有资金，回购价格未超过前述回购公 司股份方案的规定，本次回购符合公司回购股份方案及相关法律法规要求。 二、其他说明 公司本次回购的时间、股份数量、价格及集中竞价交易的委托时段等符合《深 圳证券交易所上市公司自律监管指引第 9 号—回购股份》及前述回购公司股份方 案的规定。具体如下： 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 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony sectors [11]. Core Views - The Federal Reserve's recent interest rate cut and the end of quantitative tightening are expected to strengthen support for precious metal prices [5]. - Positive macro signals are anticipated to bolster copper and aluminum prices, with ongoing discussions between the US and China contributing to market optimism [6][8]. - Supply constraints are expected to support tin prices, while antimony faces weak demand but long-term supply tightness may provide price support [10][11]. Summary by Sections 1. Industry Performance - The non-ferrous metals sector (Shenwan) saw a weekly increase of 2.90%, outperforming other sectors [21]. - Over the past month, the non-ferrous metals sector has increased by 5.0%, 41.0% over three months, and 60.6% over the past year [3]. 2. Precious Metals Market Data - Gold prices in London were reported at $4011.50 per ounce, a decrease of $92.90 or -2.26% from the previous week [4]. - Silver prices increased by $0.95 to $48.96 per ounce, reflecting a gain of 1.99% [4]. 3. Copper and Aluminum Insights - LME copper closed at $10,915 per ton, up $74 or +0.68% from the previous week, while SHFE copper fell to ¥87,030 per ton, down ¥670 or -0.76% [6]. - Domestic aluminum prices rose to ¥21,300 per ton, an increase of ¥170 from the previous week [8]. 4. Tin and Antimony Analysis - Domestic refined tin prices rose to ¥284,560 per ton, an increase of ¥1,850 or +0.65% [9]. - Antimony prices fell to ¥150,000 per ton, down ¥6,500 or -4.15% due to weak demand [10]. 5. Recommended Stocks - The report recommends specific stocks across various sectors, including Zhongjin Gold, Shandong Gold, Zijin Mining, and Yun Aluminum [12][15].