Group 1 - The core viewpoint of the article highlights the successful establishment of the Chujiy Fund by Dajia Insurance Group in the Dongjiang Comprehensive Bonded Zone, with a total scale of 1.106 billion yuan, focusing on investments in new energy and wind power storage projects in the Beijing-Tianjin-Hebei region [1] - The fund's launch is seen as a significant achievement for Dongjiang, marking a strong start for the "14th Five-Year Plan" period and contributing to the region's economic development [1] - Dajia Insurance Group has established three investment management companies and eight private equity funds in Dongjiang, with a total registered fund scale exceeding 21 billion yuan, positioning Dongjiang as a core hub for the group's asset management and investment business [1] Group 2 - Dongjiang aims to deepen strategic collaboration with Dajia Insurance Group following the establishment of the Chujiy Fund, leveraging the innovative regulatory environment of the free trade pilot zone to enhance support in fund structure customization, approval process optimization, and comprehensive service guarantees [1] - The initiative is part of a broader effort to upgrade the market-oriented, rule-of-law, and international business environment, empowering industries with capital and promoting high-quality regional economic development [1]

文 | 寇帝斯 来源 | 广发期货研究 编辑 | 杨兰 审核 | 浦电路交易员 行情导读：受海外科技股科技股强劲反弹引领，锡价日内表现强劲。截至收盘时，沪锡主力合约上涨7.62%，报416160元/吨。 | 研报 | 品种资料 交割数据 | 锡主力连续 | Eg | 416160 +7,62% | 公告 | 持仓分析 期货专题 | 资讯 | SNO | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ▲ 自选 + | 分时 5日 · 1 5 15 30 60 日 用 月 更多周期 · K线险加 · 导出数据 导出图形 区间统计 到价提醒 神奇九转 | 0 1 2 | 416460 | 灰白 | 锦主力连续(日卷) ▶ ✿✪ MA MA5:390360.000 ↑ MA10:383220.000 ↑ MA20:402031.000 ↑ MA30:396600.333 ↑ | 设置均线 ~ | | | | | | | | 15 | 卖网 | 416400 | 416160 +7.62 ...

Group 1: Company Overview - Yunnan Tin Company has a comprehensive industrial structure integrating exploration, selection, smelting, deep processing, and new material research of non-ferrous metals such as tin, indium, zinc, and copper [2][3] - The company achieved an operating income of CNY 34.417 billion in the first three quarters of 2025, a year-on-year increase of 17.81% [3] - The net profit attributable to shareholders reached CNY 1.745 billion, up 35.99% year-on-year [3] Group 2: Strategic Planning - The company emphasizes resource expansion as a long-term development strategy, planning to optimize mining production layout and enhance resource reserves [4] - It aims to increase tin resource reserves to support sustainable development and ensure national strategic metal resource security [4] Group 3: Market Insights - The global tin supply is expected to face challenges due to tightening policies in Southeast Asia and limited new mining projects, leading to a slight contraction in production [5][6] - Tin demand is projected to grow due to its essential role in the renewable energy and electronics sectors, driven by advancements in energy transition and artificial intelligence [5][6] Group 4: Resource Utilization and Production - The company plans to establish three tailings resource utilization bases to enhance the economic benefits and recovery rates of tailings [6] - The indium production base in the Dulong mining area holds the largest primary indium reserves globally, with production expected to positively impact performance due to rising market prices [6] Group 5: Operational Challenges - Despite a slight increase in tin smelting processing fees in 2026, the current fees remain low, prompting the company to focus on refining production and cost reduction strategies [6]

Core Viewpoint - YunYong Technology (688060.SH) reported a significant increase in operating revenue for the fiscal year 2025, with a year-on-year growth of 26.46%, although it still recorded a net loss attributable to shareholders of 12.26 million yuan [1] Financial Performance - The company achieved operating revenue of 375.5647 million yuan during the reporting period [1] - The net profit attributable to shareholders was a loss of 12.2587 million yuan, while the net profit after deducting non-recurring gains and losses was a loss of 14.6228 million yuan [1] Business Growth Factors - The notable revenue growth was primarily driven by significant performance increases in the domestic platform general equipment and XinChuang business [1] - The company effectively expanded its market presence and product delivery in the new energy sector, leading to a breakthrough in performance [1] Operational Improvements - The company has been enhancing its organizational structure and improving expense management, resulting in a slight decrease in research and development expenses compared to the previous year [1] - Efforts to strengthen inventory and production management have led to improved utilization rates of raw materials [1] - Preliminary assessments indicate a substantial reduction in the provision for inventory impairment compared to the previous year, assuming accounting standards and methods remain unchanged [1]

Core Viewpoint - YunYong Technology (688060.SH) reported a significant increase in operating revenue for the fiscal year 2025, while still facing a net loss, indicating a mixed performance with improvements in certain business segments [1] Financial Performance - The company achieved operating revenue of 375.5647 million yuan, representing a year-on-year growth of 26.46% [1] - The net profit attributable to the parent company was a loss of 12.2587 million yuan, while the net profit after deducting non-recurring gains and losses was a loss of 14.6228 million yuan [1] Business Segments - The growth in revenue was primarily driven by significant performance improvements in the domestic platform general equipment and XinChuang business [1] - The new energy business effectively expanded its market presence and product delivery, achieving a breakthrough in performance [1] Operational Efficiency - The company has been enhancing its organizational structure and improving expense management, leading to a slight reduction in research and development expenses compared to the previous year [1] - Efforts to strengthen inventory and production management have resulted in improved utilization rates of raw materials [1] - Preliminary assessments indicate a substantial reduction in the provision for inventory impairment compared to the previous year, under unchanged accounting standards and methods [1]

Core Viewpoint - The report from Everbright Securities indicates that the company will benefit from increased downstream demand in AI, pharmaceuticals, and new energy, leading to steady growth in performance despite slightly lower-than-expected earnings due to historically low prices of related gas products [1] Financial Performance - The company has adjusted its profit forecasts for 2025-2026, with new projections for 2027 introduced. Expected net profits attributable to shareholders for 2025, 2026, and 2027 are 347 million (previously 393 million), 452 million (previously 480 million), and 601 million respectively [1] Industry Position - The company is a leader in the domestic electronic specialty gas industry. With ongoing increases in terminal demand and the implementation and release of its own production capacity, the company is expected to maintain a good growth rate [1] Investment Rating - The company maintains an "overweight" rating, reflecting confidence in its ability to sustain growth amid favorable market conditions [1]

Core Viewpoint - The company specializes in the research, production, and sales of high-performance neodymium-iron-boron permanent magnetic materials, which are widely applicable in the fields of new energy, energy saving, and intelligent applications [1] Group 1: Company Overview - The company has established a strong commercial ecosystem, primarily focusing on the automotive market, especially in energy-saving and new energy vehicles [1] - Other major application areas are also developing in a balanced manner, contributing to a healthy growth pattern [1]

Quantitative Models and Construction Methods 1. Model Name: CSI SWS Non-ferrous Metal Index (000819.SH) - **Model Construction Idea**: The index is designed to reflect the overall performance of listed companies in the non-ferrous metal industry on the Shanghai and Shenzhen markets. It includes 50 securities from the SWS non-ferrous metal and non-metallic materials industry[31][32] - **Model Construction Process**: - **Sample Space**: Securities from the CSI All Share Index sample space listed on the Shanghai and Shenzhen markets[32] - **Selection Method**: 1. Rank securities by average daily trading volume over the past year and exclude the bottom 20%[32] 2. Select securities from the SWS non-ferrous metal and non-metallic materials industry classification[32] 3. Rank the remaining securities by average daily total market capitalization over the past year and select the top 50 as index samples[32] - **Sample Adjustment**: If the free-float market capitalization of the index samples is less than 70% of the free-float market capitalization of the SWS non-ferrous metal industry, the number of index samples can be increased to improve industry representation[32] - **Regular Adjustments**: The index samples are adjusted semi-annually, with implementation on the trading day following the second Friday of June and December each year[32] - **Model Evaluation**: The index covers all subcategories of the non-ferrous metal sector, including precious metals (gold, silver), industrial metals (copper, aluminum), and minor metals (tin, indium). It demonstrates better long-term returns and higher elasticity compared to the CSI 300 Index[33][48] --- Model Backtesting Results CSI SWS Non-ferrous Metal Index - **P/E Ratio**: 30.79 (41.26% percentile as of February 11, 2026)[37][40] - **P/B Ratio**: 4.33 (historically high percentile)[37] - **Net Profit Growth**: - 2024: -1.12% - 2025E: 55.23% - 2026E: 27.81%[40] - **Revenue Growth**: - 2024: 7.38% - 2025E: 8.61% - 2026E: 5.02%[40] - **Average Market Cap**: 1,017.31 billion RMB as of February 11, 2026[43] - **Top 10 Constituents Weight**: 47.89%[46] - **Performance Comparison with CSI 300 Index**: - 2020: 36.31% vs. 27.21% - 2021: 31.31% vs. -5.20% - 2022: -21.69% vs. -21.63% - 2023: -12.67% vs. -11.38% - 2024: 2.19% vs. 14.68% - 2025: 97.48% vs. 17.66% - 2026 YTD: 17.24% vs. 1.81%[51] - **5-Year Annualized Volatility**: 30.63% (vs. 17.79% for CSI 300 Index)[51] - **5-Year Maximum Drawdown**: -54.27% (vs. -45.33% for CSI 300 Index)[51] --- Quantitative Factors and Construction Methods 1. Factor Name: Sector Representation Factor - **Factor Construction Idea**: The factor aims to represent the performance of the non-ferrous metal sector by including securities from all subcategories of the industry, ensuring comprehensive coverage[33] - **Factor Construction Process**: - Weight distribution by subcategories: - Industrial Metals: 52.42% - Rare Metals: 29.59% - Precious Metals: 14.75%[33] - Adjust weights semi-annually to maintain sector representation[32] - **Factor Evaluation**: The factor ensures a balanced representation of the non-ferrous metal industry, capturing the performance of various subcategories effectively[33] --- Factor Backtesting Results Sector Representation Factor - **Weight Distribution**: - Industrial Metals: 52.42% - Rare Metals: 29.59% - Precious Metals: 14.75%[33] - **Top Constituents**: - Zijin Mining: 9.67% - China Molybdenum: 8.06% - Northern Rare Earth: 4.96% - Aluminum Corporation of China: 4.25% - Huayou Cobalt: 4.15%[47]

Core Viewpoint - YunYong Technology (688060.SH) reported a significant increase in operating revenue for the fiscal year 2025, with a total of 376 million yuan, representing a year-on-year growth of 26.46%. However, the company still recorded a net loss attributable to shareholders of 12.26 million yuan, although this loss has narrowed compared to the previous year [1]. Group 1: Financial Performance - The company achieved operating revenue of 376 million yuan, marking a 26.46% increase compared to the same period last year [1]. - The net profit attributable to the parent company was a loss of 12.26 million yuan, while the net profit after deducting non-recurring gains and losses was a loss of 14.62 million yuan [1]. Group 2: Business Growth Factors - The significant growth in revenue is attributed to the performance of the domestic platform general equipment and the XinChuang business, which saw substantial revenue increases [1]. - The new energy business effectively expanded its market presence and successfully delivered products, leading to a breakthrough in performance [1]. Group 3: Operational Improvements - The company has been enhancing its organizational structure, improving expense management, and strengthening its analysis of product demand and industry development, resulting in a slight decrease in research and development expenses compared to the previous year [1]. - Efforts to strengthen inventory and production management have led to improved utilization rates of raw materials, with a significant reduction in the amount of inventory impairment provision expected compared to the previous year, assuming accounting standards and methods remain unchanged [1].

========= - The CSI SW Non-ferrous Metals Index (000819.SH) was launched on May 9, 2012, and selects 50 listed company securities from the non-ferrous metals and non-metallic materials industry in the Shanghai and Shenzhen markets as index samples to reflect the overall performance of listed company securities in the non-ferrous metals industry in the Shanghai and Shenzhen markets[3][31][63] - The index includes all sub-categories in the non-ferrous metals field, including precious metals such as gold and silver, industrial metals such as copper and aluminum, and minor metals such as tin and indium[3][33][63] - As of February 11, 2026, the CSI SW Non-ferrous Metals Index had a P/E ratio of 30.79, at the 41.26% percentile, and a P/B ratio of 4.33, at a historically high percentile[3][37][39] - The index's net profit growth rates for 2025E and 2026E are expected to be 55.23% and 27.81%, respectively, while revenue growth rates are expected to be 8.61% and 5.02%, respectively[3][40][42] - The average market value of the index constituents is 1017.31 billion yuan, with the top ten weighted stocks accounting for 47.89% of the total weight[3][46][47] - Compared to the CSI 300 Index, the CSI SW Non-ferrous Metals Index has shown better long-term returns and higher elasticity[3][48][50] - The Southern CSI SW Non-ferrous Metals ETF (512400) is an ETF fund issued by Southern Fund, tracking the CSI SW Non-ferrous Metals Index, and is the largest fund in the non-ferrous metals sector with excellent liquidity[4][53][54] - The ETF's outstanding shares have significantly increased since the second half of 2025, with a circulation of 164.61 billion shares and a scale of 371.15 billion yuan as of February 11, 2026[4][55][56] - The fund manager, Ms. Cui Lei, has extensive management experience and currently manages several large-scale index funds, with the total scale of her managed products exceeding one trillion yuan as of February 11, 2026[4][56][57] - Southern Fund, the manager of the ETF, is a leading fund company in China with a comprehensive index fund product line and a professional and complete index research team[4][58][59] =========