证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 兴业银锡（000426.SZ） 短期因素干扰业绩释放，银锡龙头成长可期 事件：公司发布 2025 年半年度报告。上半年实现营收 24.73 亿元，同比 +12.50%，归母净利润 7.96 亿元，同比-9.93%，扣非归母净利润 8.01 亿 元，同比-10.42%，Q2 单季度实现营业收入 13.24 亿，同比-7.7%，环比 +15.2%，归母净利润 4.21 亿，同比-35.6%，环比+12.5%，扣非归母净 利润 4.27 亿，同比-35.9%，环比+14.0%。 矿产锡、矿产银营业收入合计占比达 65.6%。上半年实现矿产锡收入 7.62 亿元，占比 30.81%；矿产银 8.61 亿元，占比 34.80%；矿产锌 4.78 亿 元，占比 19.32%；矿产铅 1.27 亿元，占比 5.12%；矿产铁 0.83 亿元， 占比 3.34%；矿产锑 0.72 亿元，占比 2.90%；矿产铜 0.50 亿元，占比 2.01%；矿产金 0.16 亿元，占比 0.66%。 矿产锡、矿产银毛利合计占比达 70.5%。上半年 ...

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]