Core Viewpoint - Tin prices have surged significantly, with a strong closing at 397,500 yuan/ton, marking a daily increase of 3,000 yuan and a rise of 0.76%, making it the only metal to show notable gains amidst a generally weak industrial metal market [1] Group 1: Macro Factors - The rise in tin prices is attributed to a combination of macroeconomic conditions, supply-demand dynamics, and financial market trends [2] - In the context of global stock market volatility and a weakening dollar, funds are moving away from traditional risk assets, with tin being favored for its association with high-growth sectors like AI and semiconductors [2] - The domestic push for new electronic information and smart connected vehicles has established a solid long-term demand foundation for tin [2] Group 2: Supply and Demand Dynamics - Supply disruptions from Indonesia, Myanmar, and geopolitical tensions in the Democratic Republic of Congo have constrained short-term supply elasticity [2] - Demand is experiencing explosive growth in sectors such as AI servers, advanced packaging, and photovoltaic welding strips, particularly driven by the AI revolution [2] - The combination of low inventory and strong expectations has led to a rapid recovery in market sentiment, with significant inflows from both industrial and speculative funds [2] Group 3: Industry Structure - The tin industry is showing a clear differentiation, with upstream resources becoming increasingly scarce, leading to profit concentration at the upstream mining level [3] - Major companies like Yunnan Tin Company, Xinyi Silver Tin, and Huaxi Nonferrous Metals are benefiting from their resource reserves and integrated operations, enjoying substantial earnings elasticity during price increases [3] - High-end demand from traditional consumer electronics remains stable, while AI and photovoltaic sectors are emerging as key growth drivers [3] Group 4: Price Outlook - The market anticipates that tin prices will maintain a high-level oscillation in the short term, with a core fluctuation range between 395,000 and 405,000 yuan/ton [3] - The structural bull market is supported by a demand transformation driven by AI and renewable energy, alongside long-term capital expenditure constraints affecting supply [3] Group 5: Investment Strategy - Investors are advised to adopt a layered strategy in response to high volatility, with upstream companies managing profits flexibly and downstream firms exploring small-batch procurement [4] - Financial investors should focus on finding low-entry opportunities in the futures market while maintaining strict stop-loss measures [4] - The structural bull market for tin is expected to continue, driven by the demand from the energy transition and smart revolution, despite potential price fluctuations [5]

Core Viewpoint - Yunnan Tin Company has shown significant stock performance with a year-to-date increase of 39.60%, despite a recent decline of 2.70% over the last five trading days [1] Group 1: Stock Performance and Market Data - As of January 21, Yunnan Tin's stock price reached 38.92 CNY per share, with a market capitalization of 640.55 billion CNY [1] - The company experienced a net inflow of main funds amounting to 34.41 million CNY, with large orders accounting for 25.42% of total purchases [1] - Over the past 60 days, the stock has increased by 60.56% [1] Group 2: Company Overview and Financials - Yunnan Tin Company, established on November 22, 1998, specializes in the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium [1] - The company's revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%) [1] - For the period from January to September 2025, Yunnan Tin reported a revenue of 34.42 billion CNY, reflecting a year-on-year growth of 17.81%, and a net profit of 1.75 billion CNY, up 35.99% year-on-year [2] Group 3: Shareholder Information - As of January 9, 2025, the number of shareholders increased by 5.00% to 84,100, with an average of 19,576 circulating shares per shareholder, a decrease of 4.76% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 34.75 million shares, and several new institutional investors have entered the top ten shareholders list [3]

Group 1: Key Insights on Precious Metals - The upward momentum for precious metals, particularly gold, is strong, with London gold prices reaching $4,611.05 per ounce, an increase of $117.20 per ounce from the previous week, reflecting a rise of 2.59% [2] - The market is closely monitoring the Federal Reserve's upcoming meeting, with a 95% probability of a 25 basis point rate cut anticipated in January [2][3] Group 2: Key Insights on Copper and Aluminum - Copper prices are experiencing high-level consolidation, with LME copper closing at $12,925 per ton, down $65 per ton, a decrease of 0.50% [4] - Domestic copper inventory is reported at 213,515 tons, showing an increase of 4,600 tons from January 9, while SHFE inventory also reflects a similar trend [4] - Aluminum prices are at 24,000 yuan per ton, down 60 yuan, with LME aluminum inventory at 488,000 tons, a decrease of 9,825 tons [6] Group 3: Key Insights on Tin and Antimony - Domestic refined tin prices are at 41,4640 yuan per ton, up 639.40 yuan per ton, indicating a positive trend [8] - Antimony prices have rebounded, with domestic antimony ingot prices increasing by 0.2 million yuan per ton from January 9 [10] Group 4: Investment Ratings and Recommendations - The copper industry maintains a "recommended" investment rating due to ongoing tightness in copper supply [13] - The aluminum industry also holds a "recommended" investment rating, supported by rigid supply dynamics [14] - The tin industry is rated "recommended" as supply constraints are expected to support tin prices [14] - The antimony industry is rated "recommended" following a rebound in prices after a six-month decline [14] Group 5: Stock Recommendations - Recommended stocks in the gold sector include Zhongjin Gold (600489), Shandong Gold (600547), and China National Gold (600916) [15] - In the copper sector, recommended stocks include Zijin Mining (601899) and Western Mining (601168) [15] - For aluminum, recommended stocks are Shenhuo Co. (000933) and Yunnan Aluminum (000807) [15] - In the tin sector, recommended stocks include Tin Industry Co. (000960) and Hunan Gold (002155) [15]

Precious Metals Industry - Central banks worldwide are increasing their gold reserves to diversify risk, with China's central bank having increased its gold holdings for 14 consecutive months [1] - The global monetary easing expectations are rising, leading to a weaker dollar, which enhances the attractiveness of precious and non-ferrous metals priced in dollars [1] - The market for precious metals is expected to experience a broad rally starting in early 2026, characterized by a resonance between financial and industrial attributes [1] - Key players in the precious metals sector include Shandong Gold, Zijin Mining, Chifeng Jilong Gold Mining, and Guoyuan Platinum, all of which are focusing on optimizing production and expanding operations [3] Non-Ferrous Metals Industry - The demand for non-ferrous metals such as silver, copper, and aluminum is growing due to the rigid requirements from emerging industries like photovoltaics, electric vehicles, and AI servers [1] - The market dynamics for non-ferrous metals are changing, driven by both traditional infrastructure demand and new energy sectors [1] - Major companies in the non-ferrous metals sector include Luoyang Molybdenum, Northern Rare Earth, Huayou Cobalt, and Tin Industry Co., which are involved in mining, refining, and processing of various metals [4]

Core Viewpoint - The report from Changjiang Securities highlights that Xiyu Co. has grown to become the largest integrated tin enterprise globally, with a domestic market share of 48% and a global market share of 25% in refined tin for 2024 [1] Company Overview - Xiyu Co. has a static tin resource that can be developed for 20 years, and with exploration and mining efforts, the dynamic development period may extend to 62 years [1] - The company has a potential resource-to-reserve ratio that could reach 82 years by utilizing tailings [1] - The integration of group-managed mines and potential external acquisitions may ensure that Xiyu Co.'s tin resources can last for another century, emphasizing the value of tin [1] Industry Context - Tin is recognized as a crucial material in the semiconductor sector, often referred to as the "metal of the future" [1] - The supply-demand dynamics of metals indicate that tin stands out among other metals [1] - As a leading provider of high-purity and long-duration tin, Xiyu Co. is expected to experience significant growth and recognition in the market [1]

Core Viewpoint - The company, Xiyegongsi (000960.SZ), announced a cash dividend distribution plan for the first three quarters of 2025, indicating a commitment to returning value to shareholders through cash dividends rather than stock bonuses or capital increases [1] Summary by Categories Dividend Distribution - The profit distribution is based on a total share capital of 1,645,431,952 shares, excluding 370,000 repurchased shares [1] - The company will distribute a cash dividend of 1.10 RMB per 10 shares (including tax), totaling 180,997,514.72 RMB [1] - The record date for the dividend distribution is set for January 26, 2026, with the ex-dividend date on January 27, 2026 [1]

Core Viewpoint - The company, Xiyegongsi (000960.SZ), announced a cash dividend distribution plan for the first three quarters of 2025, indicating a commitment to returning value to shareholders through cash dividends rather than stock bonuses or capital increases [1] Summary by Categories Dividend Distribution - The profit distribution is based on a total share capital of 1,645,431,952 shares, excluding 370,000 repurchased shares [1] - The company will distribute a cash dividend of 1.10 RMB per 10 shares (including tax), totaling 180,997,514.72 RMB [1] - The record date for the dividend distribution is set for January 26, 2026, with the ex-dividend date on January 27, 2026 [1]

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2026-004 | | --- | --- | --- | --- | --- | | 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 年前三季度权益分派实施公告 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。 1、云南锡业股份有限公司（以下简称"公司"）实施的 2025 年前三季度权益 分派方案为：以公司现有总股本剔除已回购股份 370,000 股后的 1,645,431,952 股为基数，向全体股东每 10 股派发现金股利 1.10 元人民币（含税），不送红股， 不以资本公积金转增股本，共计派发现金股利 180,997,514.72 元。 2、按总股本折算的每 10 股现金分红为 1.099752 元（按公司总股本折算每 10 股现金分红比例时保留小数点后六位数，最后一位直接截取，不四舍五入）。 本次利润分配实施后的除息价格=股权登记日收盘价-按 ...

Core Viewpoint - The report from Everbright Securities highlights the increasing importance of strategic metals (copper, aluminum, cobalt, nickel, tin, antimony, tungsten, rare earths) due to supply disruptions and the limitations in production capacity in China and abroad [1][2]. Group 1: Strategic Metal Storage Initiatives - Australia announced a strategic reserve plan for critical minerals worth AUD 1.2 billion, with AUD 185 million allocated for necessary mineral reserves, prioritizing antimony, gallium, and rare earths [2] - The European Commission approved a resource revival action plan to raise EUR 3 billion for supply chain strategies, establishing a platform to support critical material reserves [2] - The U.S. Defense Logistics Agency (DLA) plans to procure USD 500 million in cobalt, USD 245 million in antimony, USD 100 million in tantalum, and USD 45 million in scandium [2] Group 2: Investment Opportunities in Strategic Metals - The focus on strategic metal storage in the U.S. and Australia presents significant investment opportunities, particularly in metals with concentrated supply chains and security risks, such as cobalt from the Democratic Republic of Congo and lithium from South America [3] - The rapid development of AI and energy transition is expected to drive demand for copper, aluminum, and tin, although supply constraints exist for these metals [4] - Military-related metals like tungsten, antimony, and rare earths are facing tightening supply, with production declines attributed to lower resource grades and regulatory controls [5] Group 3: Supply Concentration and Constraints - Copper, lithium, cobalt, and nickel supply is highly concentrated in South America, the Democratic Republic of Congo, and Indonesia, with Chile and Peru accounting for 35% of global copper production and the Democratic Republic of Congo producing 76% of global cobalt [4] - The rapid growth of AI is expected to significantly increase demand for copper, aluminum, and tin, but supply for these metals is constrained [4] - Tungsten, antimony, and rare earths are critical for military applications, but their production has decreased due to resource management practices and regulatory measures [5] Group 4: Investment Recommendations - For copper, recommended companies include Zijin Mining, Luoyang Molybdenum, and Western Mining [5] - For aluminum, Yunnan Aluminum is recommended, with China Aluminum as a focus [5] - For cobalt and nickel, Huayou Cobalt is recommended, with attention to Liqin Resources and Shengtun Mining [5] - For tungsten, focus on China Tungsten High-tech [5] - For tin, Xiyang Tin Industry is recommended, with interest in Xingye Silver Tin [5] - For antimony, Huaxi Nonferrous is highlighted, and for rare earths, Northern Rare Earth is recommended with a focus on China Rare Earth [5]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights the renewed focus on strategic metal reserves by countries like Australia, the EU, and the US, indicating a significant increase in the importance of "critical mineral resources" since 2025 [2][3]. - The strategic metal storage initiatives are expected to create investment opportunities, particularly in metals with concentrated supply chains and those essential for AI and energy transition [2][3]. Summary by Sections Strategic Metal Storage Initiatives - Australia announced a AUD 1.2 billion strategic reserve plan for critical minerals, prioritizing antimony, gallium, and rare earths [1]. - The EU plans to raise EUR 3 billion for a supply chain strategy, establishing a platform for critical materials [1]. - The US plans to procure USD 500 million of cobalt, USD 245 million of antimony, USD 100 million of tantalum, and USD 45 million of scandium [1]. Investment Opportunities - The report identifies investment opportunities in metals with high supply concentration and security risks, such as cobalt from the Democratic Republic of Congo, copper and lithium from South America, and nickel from Indonesia [2]. - It emphasizes the demand for copper, aluminum, and tin driven by AI and energy transition, while noting supply constraints for these metals [3]. - Military-related metals like tungsten, antimony, and rare earths are highlighted as having tight supply, with significant applications in defense [3]. Company Recommendations - The report recommends several companies based on their strategic positioning in the metals market: - Copper: Zijin Mining, Western Mining, and Luoyang Molybdenum [4]. - Aluminum: Yunnan Aluminum and China Aluminum [4]. - Cobalt and Nickel: Huayou Cobalt and others [4]. - Tungsten: China Tungsten High-Tech [4]. - Tin: Xiyang Tin and others [4]. - Antimony: Huaxi Nonferrous [4]. - Rare Earths: Northern Rare Earth and others [4].