原料紧缺常态化：全球两大关键产区均现扰动。缅甸佤邦地区复产进度远低于预期，导致我国锡矿进口 量同比骤降，国内冶炼厂原料库存已处于极低水平。同时，印尼加强资源管控，新一年度采矿配额审批 延迟，进一步加剧了全球锡矿供应紧张局面。 库存处于历史性低位：全球显性库存极度稀缺。伦敦金属交易所锡库存徘徊在十年低位附近，而国内社 会库存也显著低于往年同期水平，为现货价格提供了坚实支撑。 宏观环境转向有利，提升金融属性： 全球流动性预期宽松：主要央行货币政策转向。美联储已进入降息通道，市场对未来继续宽松抱有预 期，美元指数承压。同时，欧、日等央行同步转向，全球流动性宽松预期增强，降低了金属的持有成 本，提振了其对配置资金的吸引力。通胀预期与地缘风险，全球通胀压力缓解，降低了利率紧缩的担 忧。而缅甸、印尼等地缘政治及政策风险，则为锡价注入了额外的供应风险溢价。截至2025年12月，刚 果（金）与柬埔寨-泰国的地缘冲突，正从供应链两端冲击全球锡市场。刚果（金）冲突直接威胁占全 球供应约6%的关键矿山物流，而东南亚冲突则扰乱了重要的区域贸易枢纽。这些新发危机与缅甸、印 尼等地的既有供应问题形成叠加，将显著的"供应风险溢价"注入市场 ...

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Tongxiang (Suzhou) Electronic Materials Technology Co., Ltd.'s application for a specific stock issuance, following the company's request to withdraw its application [1]. Company Overview - Tongxiang Technology was established on November 10, 2010, and focuses on the research, production, and sales of high-performance photovoltaic solder strips, with main products including interconnection solder strips and bus solder strips [1]. - The company intended to raise a total of no more than 150 million yuan (including 150 million yuan) for a project to produce 30,000 tons of photovoltaic solder strips and to supplement working capital [1]. Financial Performance - In the recent performance report, the company reported a revenue of 2.674 billion yuan for 2024, representing a year-on-year increase of 22.97% [6]. - The net profit attributable to shareholders of the listed company was 61.95 million yuan, a decrease of 48.58% compared to the previous year [6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 60.30 million yuan, down 47.41% year-on-year [6]. - Basic earnings per share decreased by 48.18% to 0.57 yuan [7]. - Total assets increased by 18.11% to approximately 2.061 billion yuan compared to the beginning of the reporting period [7]. Shareholding Structure - The controlling shareholder, Tongyou Investment, is a limited partnership, with partners Lu Libin and Zhou Dongju holding a combined 53.85% of the voting rights in the company [2][3]. - Lu Libin directly holds 4.05% of the company's shares [2]. Management Team - Lu Libin, born in September 1980, serves as the Chairman and General Manager, with a background in management roles in various companies since 2006 [5]. - Zhou Dongju, born in November 1985, is a board member with experience in banking and education management [5].