Core Viewpoint - The Ministry of Finance and three other departments have issued guidelines to enhance the role of government financing guarantee systems in supporting employment and entrepreneurship, emphasizing the need for innovative financial products and services tailored for small and micro enterprises [1] Group 1: Government Initiatives - The guidelines encourage the deepening of cooperation among government, banks, and financing guarantee institutions to create comprehensive service plans for labor-intensive small and micro enterprises that employ a significant number of workers [1] - There is a focus on developing specialized financial products to assist small enterprises in paying employee wages, as well as launching special loan programs aimed at stabilizing and expanding employment [1] Group 2: Targeted Support - The initiatives specifically target small and micro enterprises that have not reduced their workforce and are significantly affected by tariffs, aiming to provide them with high-quality financial services [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - Short-term factors are interfering with performance release, but the growth potential for the silver and tin leader is promising [1]. - The company expects revenue growth in the coming years, with projected revenues of 58.6 billion, 66.8 billion, and 83.2 billion for 2025, 2026, and 2027 respectively [4]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 2.473 billion, a year-on-year increase of 12.5%, while net profit attributable to shareholders was 796 million, a decrease of 9.93% [1]. - The revenue from tin and silver accounted for 65.6% of total revenue, with tin revenue at 762 million (30.81%) and silver revenue at 861 million (34.80%) [1]. - The gross profit from tin and silver combined accounted for 70.5%, with tin gross profit at 521 million (gross margin of 68.4%) and silver gross profit at 470 million (gross margin of 54.7%) [2]. Production and Operational Analysis - The company produced 3,590 tons of tin in the first half of 2025, a decrease of 20.64% year-on-year, while silver production increased by 4.57% to 131.3 tons [2]. - The subsidiary, Yinman Mining, reported a net profit of 670 million, a decrease due to a mining accident that caused a temporary shutdown [3]. - The company is making progress in restructuring with China Cinda, and key projects are advancing [3]. Future Projections - The company forecasts net profits of 2.06 billion, 2.41 billion, and 3.13 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18.4, 15.7, and 12.1 [4][5].

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index falling by 0.46% to close at 3666.44 points, and the Shenzhen Component Index dropping by 0.87% to 11451.43 points. The ChiNext Index decreased by 1.08% to 2469.66 points, while the Sci-Tech 50 Index rose by 0.75% to 1085.74 points [1] - Overall, there were 4644 stocks that declined, while only 734 stocks increased, and 41 stocks remained flat. The total trading volume in the Shanghai and Shenzhen markets reached 22792 billion yuan, an increase of 1282.72 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, only the financial sector saw an increase, while all other sectors experienced declines. The sectors that led the decline included comprehensive, defense and military, communication, steel, textile and apparel, and beauty and personal care [1] - The top-performing concept sectors today included insurance selection, digital currency, GPU, cross-border payment, servers, financial technology, and others [1]