新华财经昆明5月26日电（记者张新新、卫韦华、王小璐）面对全球高端制造竞争与产业链重构压力， 中国锡产业正加速推进"资源提效—技术突破—生态重构"的战略跃迁。作为全球最大的锡生产国与消费 国，中国锡行业以技术创新为核心引擎，以数智化转型与全链整合为支撑，推动产业从"规模扩 张"向"价值增值"的深度变革。 锡材需求预期改善原料扰动因素加剧 锡，素有"绿色环保金属"之称，广泛应用于半导体芯片、军工国防、5G以及电子产业等领域，也是新 能源、AI等新兴领域不可或缺的关键材料。 半导体行业协会（SIA）数据显示，2024年全球半导体销售额达到6276亿美元，较2023年的5268亿美元 增长19.1%。作为锡消费占比65%的主力领域，半导体封装用锡焊料需求增加，预计2025年全球增速将 达5%至7%。 中粮期货研究院研究员徐婉秋表示，锡下游消费整体韧性仍存，预计今年全年全球精炼锡消费增速约为 0.5%。半导体行业仍处于上升周期；光伏领域表现持续清淡，但上半年光伏"531"新政带来的抢装潮或 有支撑。 在需求量不断增加的同时，锡的供给端却面临多重挑战。记者梳理发现，今年以来，锡矿端供应扰动因 素加剧。其中，2月，缅甸佤 ...

Core Viewpoint - Weiling New Energy Co., Ltd. is shifting its focus to other minerals after suffering losses in the lithium industry for over two years, recently acquiring a majority stake in Hunan Linwu Jiayu Mining Co., Ltd. for 220 million yuan to explore tin and tungsten mining opportunities [2][4][7]. Company Overview - Weiling, formerly known as Anzhong Co., has undergone significant transformation since the change of control in late 2020, focusing on lithium business during a period of rising lithium prices, which led to substantial revenue growth in 2022 [2][4]. - The company has faced continuous losses, reporting a total loss of 556 million yuan over eight consecutive quarters, with a net asset reduction to 365 million yuan by the end of 2024 [4][5]. Financial Performance - In 2022, Weiling's revenue reached 1.186 billion yuan, over five times the previous year, and net profit turned positive with a year-on-year increase of 185.9% to 82.39 million yuan [5]. - However, by 2023, revenue remained around 1.1 billion yuan, but the company began incurring losses again, averaging 278 million yuan in annual losses during the downturn of the lithium market [5][6]. Market Conditions - The lithium market has seen a significant oversupply due to rapid capacity expansion, leading to a decline in prices, with battery-grade lithium carbonate prices dropping below 65,000 yuan per ton by mid-May 2025 [5][6]. - The tin market is currently experiencing a supply shortage, with prices ranging from 250,000 to 260,000 yuan per ton, influenced by mining grade, limited new capacity, and geopolitical factors [3][8]. Acquisition Details - Weiling's recent acquisition of a 74.3% stake in Jiayu Mining is seen as a strategic move to diversify its operations beyond lithium, with the potential to enhance overall performance by leveraging its experience in the lithium sector [4][7]. - Jiayu Mining holds mining rights for a variety of metals, including tin and tungsten, with a mining area of 8.1815 square kilometers and an annual extraction capacity of 300,000 tons [7][9]. Future Outlook - The acquisition is expected to help Weiling stabilize its operations and potentially improve its financial performance by tapping into the cyclical nature of different metal prices [7][9]. - The tin market is projected to experience increased supply in the coming year, which may impact Weiling's ability to benefit from its new investment [9].

投资咨询业务资格： 证监许可[2011]1771号 [Table_Report] 分析师 贾利军 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-80128600-8632 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-80128600-8631 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-80128600-8621 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-80128600-8630 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-80128600-8622 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-80128600-8616 邮箱：fengb@q ...

银河有色 有色研发报告 有色和贵金属每日早盘观察 2025 年 5 月 22 日星期四 | 研究所副所长、有色及贵 | 有色和贵金属每日早盘观察 | | --- | --- | | 金属板块负责人：车红云 | | | 期货从业证号：F03088215 | 贵金属 | | 投资咨询号：Z0017510 | 【市场回顾】 | | | 1. 贵金属市场：昨日，伦敦金继续上行，最终收涨 0.76%，报 3314.36 美元/盎司，创 | | 研究员：王伟 | 近一周新高。伦敦银最终收涨 0.95%，报 33.38 美元/盎司。受外盘驱动，沪金主力合约 | | 期货从业证号：F03143400 | 收涨 0.92%，报 777.84 元/克，沪银主力合约收涨 0.86%，报 8285 元/千克。 | | 投资咨询从业证号： Z0022141 | 2.美元指数：美元指数持续下行，最终收跌 0.56%，报 99.60。 | | | 3.美债收益率：受累于 20 年期美债标售需求疲软，10 年期美债收益率收报盘中一度触 | | 及 研究员：王露晨 CFA | 2 月以来新高 4.609%，最终收于 4.587%。 | | 期 ...

大宗商品研究所 有色研发报告 有色金属日报 2025 年 5 月 22 日星期四 研究所副所长、有色及贵 金属板块负责人：车红云 期货从业证号：F03088215 投资咨询从业证号：Z0017510 研究员：王伟 期货从业证号：F03143400 投资咨询从业证号：Z0022141 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询从业证号：Z0018401 研究员：陈寒松 期货从业证号：F03129697 投资咨询从业证号：Z0020351 联系方式： 上海：021-65789219 北京：010-68569781 1.期货：今日沪铜 2506 合约收于 77920 元，跌幅 0.22%，沪铜指数减仓 6043 手至 52.50 万 手。 2.现货：现货商甩货，现货升水大幅下降。上海报升水 135 元/吨，较上一交易日下跌 140 元/吨。天津报贴水 70 元/吨，下降 70 元/吨，由于持货商对后市悲观低价出货。广东库存 和铜价均走低，持货商挺价出货，报升水 205 元/吨，上涨 20 元/吨。 【重要资讯】 1. 5 月 22 日，铜矿商自由港印尼公司称，其位于东爪哇岛、耗资 37 亿美元 ...

2025年05月22日 国泰君安期货商品研究晨报 观点与策略 | 黄金：夜盘大幅反弹 | 3 | | --- | --- | | 白银：跟随上涨 | 3 | | 铜：避险情绪升温，限制价格上涨 | 5 | | 铝：区间震荡 | 7 | | 氧化铝：偏强运行 | 7 | | 锌：承压运行 | 9 | | 铅：供需双弱，区间调整 | 10 | | 锡：窄幅震荡 | 11 | | 镍：镍矿矛盾托底，转产经济性或限制上方估值 | 13 | | 不锈钢：成本底部空间清晰，上行缺乏实质驱动 | 13 | | 碳酸锂：锂盐厂减产，并未影响资源端，上方仍然承压 | 15 | | 工业硅：弱势格局依旧 | 17 | | 多晶硅：仓单累库，关注市场情绪变动 | 17 | | 铁矿石：短期利多兑现，上涨驱动放缓 | 19 | | 螺纹钢：宽幅震荡 | 20 | | 热轧卷板：宽幅震荡 | 20 | | 硅铁：黑色板块共振，硅铁宽幅震荡 | 22 | | 锰硅：钢招价格落地，锰硅宽幅震荡 | 22 | | 焦炭：底部震荡 | 24 | | 焦煤：底部震荡 | 24 | | 动力煤：煤矿库存增加，震荡偏弱 | 26 | | 原木：弱势 ...

淡旺切换，底线探讨 - 锡 20250521 摘要 一季度锡价表现强劲，主要受刚果金和佤邦供给收缩预期影响，但随着 两地生产恢复，供给侧压力缓解。关税对锡需求有一定拖累，但半导体 行业具备转向海外能力，华东大型厂商订单同比为正，需求未明显坍塌。 国内锡库存持续去化，LME 库存也在减少，现货升水维持高位，月间结 构呈现 backwardation，表明近月合约基本面偏强，市场对远月价格预 期悲观。下半年锡价可能回落至 23 万元附近，若缅甸复产顺利，或进 一步降至 20 万元。 若美国恢复 24%关税，可能对需求侧产生约 20%的拖累，但锡价弹性 更大程度取决于供给侧。光伏需求表现偏差，但电子焊料需求良好，家 电和 3C 消费增加，可部分抵消光伏需求下滑。 预计 2025 年光伏行业锡需求量约为 2.6 万至 2.7 万吨。下游企业通过 东南亚进行转口贸易，以应对关税影响。电子行业向东南亚出口物流顺 畅，成本增加主要传导至终端消费者。 电子焊料需求受终端领域政策影响分化，汽车行业增速预计达 20%，家 电行业增速约 5%-6%，3C 消费小增。半导体及消费电子同比增速下滑， 但锡焊料总体同比正增长，全年增量与 ...

大宗商品研究所 有色研发报告 有色金属日报 2025 年 5 月 21 日星期三 研究员：陈寒松 期货从业证号：F03129697 投资咨询从业证号：Z0020351 联系方式： 上海：021-65789219 北京：010-68569781 1.期货：今日沪铜 2506 合约收于 78100 元，涨幅 0.31%，沪铜指数增仓 3097 手至 53.10 万 手。 2.现货：进口贸易商以及持仓单贸易商低价出货，下游积极采购，上海报升水 275 元/吨， 较上一交易日下跌 115 元/吨。广东由于库存和铜价走高，持货商只能降价出货，报升水 185 元/吨，下跌 5 元/吨。天津报平水，下跌 50 元/吨，主要由于铜价重心上移，消费受抑 制。 【重要资讯】 研究所副所长、有色及贵 金属板块负责人：车红云 期货从业证号：F03088215 投资咨询从业证号：Z0017510 研究员：王伟 期货从业证号：F03143400 投资咨询从业证号：Z0022141 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询从业证号：Z0018401 1. Ivanhoe 矿业公司因刚果民主共和国东部矿区出现地震活动 ...

Group 1 - The core viewpoint indicates that the tin market is experiencing a tug-of-war between current supply tightness and future supply expectations, limiting upward price movement [1] - The main supply issue is characterized by a tight domestic tin mining situation, with smelting plant operating rates remaining low at 56.85% in key provinces [1] - Demand is showing signs of weakness, particularly among small and medium enterprises, with pessimistic expectations for future demand due to tariffs and semiconductor cycles [1] Group 2 - Overall consumption lacks momentum, but basic consumption remains stable, with some recovery in exports of terminal goods [2] - The domestic tin supply remains tight, with expectations for increased imports due to overseas restarts [2] - The macroeconomic impact is diminishing, and the fundamental market lacks strong drivers, suggesting that short-term tin prices may experience fluctuations and adjustments [2]

Core Viewpoint - The International Tin Association's chief representative announced that the Wa State in Myanmar has been officially permitted to fully resume tin mining operations by late April 2025, and the industry is currently in a gradual recovery phase [1] Group 1 - The Wa State in Myanmar has received official approval to restart tin mining operations [1] - The resumption of tin mining is expected to contribute to the gradual recovery of the industry [1]