Ge Long Hui A P P·2026-01-20 07:23Core 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]