证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 02 年 月 日 兴业银锡（000426.SZ） 手握多座世界级矿山，银锡龙头未来可期 立足银、锡、锌，公司资源版图由内蒙走向全球。公司上市以来经历了 2011、2014-2016、2023-至今三轮矿山资源扩充。立足银、锌、锡资源压 舱石，目前旗下银漫、乾金达、融冠已具备三座亿级利润的大型矿山，成 为支撑公司高成长的现金奶牛。2023 年起，公司陆续完成了博盛矿业（黄 金）、宇邦矿业（（银锌锌）收购，托管大股东旗下布敦银根矿业（银锌锌）， 拟要约收购大西洋锡业（锡），完成新一轮资源版图扩充。 手握三座世界级银矿，扬帆起航正当时。目前子公司银漫矿业拥有白银资 源量 8058 吨，平均品位 185g/吨；宇邦矿业保有白银资源量 1.79 万吨， 平均品位 125g/吨，单体银矿储量排名位列亚洲第一，全球第五；托管大 股东的布敦银根矿业拥有白银资源量 1.1 万吨，平均品位 158g/吨。根据 世界白银协会披露的全球前十大在产矿山，剔除第一大 KGHM 后（资源量 8.3 万吨，平均品位 58.3g/吨）平均资源量 7100 吨，平均品位 ...

证券代码：603132 证券简称：金徽股份 公告编号：2025-028 金徽矿业股份有限公司 关于为控股公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 金徽矿业股份有限公司（以下简称"公司"）为控股公司甘肃金徽西成矿业有限公司（以下简称"西成 矿业"）提供担保； 一、担保基本情况概述 （一）担保审议情况 公司于2025年3月9日召开第二届董事会第十三次会议，第二届监事会第九次会议，审议通过《关于金徽 矿业股份有限公司为控股公司担保额度预计的议案》同意为控股公司徽县向阳山矿业有限责任公司、徽 县谢家沟铅锌矿业有限责任公司、徽县江洛镇谢家沟铅锌浮选厂有限责任公司、徽县明昊矿业有限责任 公司及西成矿业提供担保。具体内容详见公司于2025年3月11日刊登在上海证券交易所网站 （www.sse.com.cn）《上海证券报》《中国证券报》《证券日报》《证券时报》的《金徽矿业股份有限 公司关于为控股公司提供担保额度预计的公告》（公告编号：2025-008）。 （二）本次担保情况 因控股公司生产经营 ...

证券代码：000426 证券简称：兴业银锡 公告编号：2025－42 内蒙古兴业银锡矿业股份有限公司 关于托管公司布敦银根矿业资源储量核实报告通过评审备案的公告 本公司及董事 会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或 者重大遗 漏。 西乌珠穆沁旗布敦银根矿业有限公司（以下简称"布敦银根矿业"）系内蒙古兴业银锡矿业股份有限公司 （以下简称"公司"）控股股东内蒙古兴业黄金冶炼集团有限责任公司（以下简称"兴业集团"）的控股子 公司。2024年12月30日，公司与兴业集团签署了《托管协议》，兴业集团将布敦银根矿业委托公司进行 经营、管理。具体情况详见公司于2024年12月31日在巨潮资讯网披露的《兴业银锡：关于签署托管协议 暨关联交易公告》（公告编号：2024-87）。 根据矿产资源开发及自然资源部采矿权管理等有关规定，布敦银根矿业将积极推进矿山进一步开发的相 关审批手续，能否取得以及何时取得有关批准文件尚具有不确定性，敬请广大投资者注意投资风险。 四、备查文件 锡林郭勒盟自然资源局出具的《关于〈内蒙古自治区西乌珠穆沁旗布敦乌拉矿区银矿资源储量核实报 告〉矿产资源储量评审备案的复函》（锡自然 ...

Group 1 - The company is named Luoyang Luanchuan Molybdenum Industry Group Co., Ltd., and it was established as a joint-stock company in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The company was founded on August 25, 2006, and registered with the Market Supervision Administration of Luoyang City, obtaining a business license [2][3] - The company issued H-shares to the public for the first time on March 8, 2007, with a total of 1,191,960,000 shares, and issued RMB ordinary shares on July 13, 2012, totaling 200,000,000 shares [2][3] Group 2 - The company's registered capital is RMB 4,278,862,035.2 [2] - The company is a permanent joint-stock company, and its legal representative is appointed from the board of directors or management [3] - The company’s assets are divided into equal shares, and shareholders are liable for the company's debts only to the extent of their subscribed shares [3] Group 3 - The company's business purpose is to maximize shareholder interests while providing quality service and adhering to the principles of a socialist market economy [5] - The company's business scope includes the mining, smelting, and deep processing of tungsten and molybdenum products, as well as the export of related chemical products [5] Group 4 - The company’s shares are issued in the form of stocks, with each share having a par value of RMB 0.2 [6][7] - The total number of shares issued by the company is 21,394,310,176, with A-shares accounting for 81.61% of the total [7][8] - The company can issue shares to both domestic and foreign investors, with domestic shares referred to as "internal shares" and foreign shares as "external shares" [6][7] Group 5 - The company can increase its capital through various means, including issuing convertible bonds and employee stock ownership plans [9][12] - The company is allowed to repurchase its shares under specific circumstances, such as reducing registered capital or merging with other companies [10][12] Group 6 - Shareholders have the right to sue the company based on the company’s articles of association, and the company can also sue shareholders and management [4][5] - The company’s articles of association serve as a legally binding document for the company, shareholders, and management [3][5]

并购重组是提高上市公司质量、优化资源配置、促进经济结构转型升级的重要手段。自"并购六条"发布 以来，在政策驱动与产业转型的双重背景下，深市上市公司市场活力持续释放，"好制度"正鼓励更 多"好公司"推出"好方案"。 日前，深交所以"百川汇流·并购重组焕新机"为主题，在上市大厅组织召开上市公司集体业绩说明会。 中钨高新、通润装备、长川科技、雅创电子等4家深市企业高管现场解读公司业绩亮点、发展战略，并 对投资者关注的问题进行答疑。 好方案持续落地 随着我国经济迈向高质量发展，新质生产力加快培育，上市公司通过并购重组实现产业整合、技术升级 的需求不断升温。参会企业通过活用并购重组工具，或做大做强主业，或拓宽业务"版图"，或开拓海外 业务。 2024年12月，中钨高新重组项目顺利过会。中钨高新是中国五矿钨产业的运营管理平台，标的湖南柿竹 园有色金属有限责任公司（简称"柿竹园"）主营业务为钨、钼、铋多金属矿采选及萤石综合回收、钨精 矿冶炼加工和铋系新材料研发，年产钨精矿超7000吨，是全国最大的钨精矿生产基地之一。 "此次交易对于完善钨产业链具有重要意义。"中钨高新副总经理、董秘王丹说，柿竹园注入上市公司 后，公司体系内 ...

Core Viewpoint - Tungsten prices have surged, with ammonium paratungstate (APT) reaching a historical high of 250,000 yuan/ton, driven by tight supply conditions and decreasing ore grades [1][2][3] Group 1: Price Trends - On May 29, 2023, the price of 65% black tungsten concentrate reached 171,000 yuan/ton, up 19.6% year-to-date and 22.1% from the lowest price this year [1] - The price of 65% white tungsten concentrate was 170,000 yuan/ton, reflecting a 19.7% increase year-to-date and a 22.3% rise from the year's lowest price [1] - The average grade of tungsten ore is projected to decline from 0.42% in 2024 to 0.28% in 2025, increasing mining costs to over 100,000 yuan/ton [2] Group 2: Supply Dynamics - Global tungsten resources are concentrated, with China holding 55% of the 4.4 million tons of tungsten reserves [1] - The first batch of tungsten mining quotas for 2025 is set at 58,000 tons, a decrease of 4,000 tons (6.45%) from 2024 [1] - Major producing regions in China, such as Jiangxi and Yunnan, will see significant reductions in mining quotas, while low-producing areas will have their quotas set to zero [1] Group 3: Demand Drivers - Tungsten is essential in various industries, including aerospace, automotive, and electronics, with over 40% of tungsten demand coming from hard alloy tool production [2] - The military sector is experiencing rapid growth in tungsten demand, alongside increasing needs in high-end fields like aerospace, industrial robotics, and medical devices [2][3] - A report from CITIC Securities forecasts a supply-demand gap of 4,679 tons in the tungsten industry by 2025, which will support tungsten prices [3]

Core Viewpoint - Yunnan Tin Company Limited maintains a stable credit rating of AA+ due to its leading position in the tin industry, significant resource reserves, and strong financial performance, despite facing challenges from industry cyclicality and declining resource grades [1][2][3]. Company Overview - Yunnan Tin Company is recognized as a global leader in the tin industry, with substantial resource reserves and production capacity [1][7]. - The company has a strong market share, with a domestic market share of 47.98% and a global market share of 25.03% for tin products in 2024 [12][13]. Financial Performance - The total assets of the company were reported at 366.43 billion yuan as of March 2025, with total liabilities at 148.03 billion yuan [3][26]. - The company achieved a net profit of 15.70 billion yuan in 2024, reflecting a growth of 40.51% compared to the previous year [23][26]. - Operating revenue for 2024 was 519.98 billion yuan, with a slight decrease attributed to a reduction in trade business scale [23][26]. Industry Context - The tin market is experiencing price fluctuations, with prices rising from 230,000 yuan/ton to 280,000 yuan/ton, influenced by tightening global supply and recovering demand [6][7]. - The overall economic environment in China is expected to support continued growth, although external uncertainties may pose risks [5][6]. Resource Management - The company has significant mining resources concentrated in the Honghe and Wenshan regions, with proven reserves of tin, copper, zinc, and indium [10][11]. - Resource reserves for tin have decreased from 66.70 million tons in 2022 to 62.62 million tons in 2024, indicating a need for ongoing exploration and resource management [11][12]. Risk Factors - The company faces risks from the cyclical nature of the non-ferrous metals industry, which can impact profitability due to price volatility [6][7]. - Declining grades of resources and lower processing fees are also potential challenges that could affect the company's financial performance [1][12]. Future Outlook - The credit rating agency expects Yunnan Tin Company to maintain its credit rating over the next 12 to 18 months, provided it can enhance its capital structure and sustain profitability [1][2]. - The company is focused on strategic initiatives to enhance resource exploration and modernize mining operations, aiming to solidify its position as a key supplier of non-ferrous metals [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported a revenue of 2.013 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders reached 390 million yuan, reflecting a significant increase of 163.56% [4][9]. - In Q1 2025, the company achieved a revenue of 353 million yuan, with net profit attributable to shareholders at 8 million yuan, marking year-on-year growth of 33.92% and 194.37% respectively [4][9]. - The growth in performance is primarily attributed to rising metal prices, completion of technical upgrades at the Jingshan mine, and compensation received from litigation [4][5]. - The average spot prices for silver, gold, lead, and zinc increased by 30.94%, 23.87%, 9.67%, and 8.18% respectively in 2024 [4][5]. Financial Performance Summary - The company’s production figures for silver, gold, lead, and zinc were 138,590 tons, 125 tons, 13,406 tons, and 24,368 tons respectively, showing a decline of 4.48%, 15.38%, 0.42%, and 1.84% year-on-year [5]. - The gross profit for 2024 was 986 million yuan, an increase of 35.53% year-on-year, with contributions from lead concentrate, zinc concentrate, and silver ingots [5][9]. - The company has been actively acquiring quality asset stakes, including the remaining 47% stake in Honglin Mining and 33% in its subsidiary Jingshan Mining, with a profit commitment of no less than 470 million yuan from 2025 to 2027 [5][6]. Growth Outlook - The Jingshan Mining subsidiary is expected to resume normal production in 2025, with an annual mining capacity of 480,000 tons, while Honglin Mining is projected to begin trial production in the second half of 2025 [6]. - Revenue projections for 2025, 2026, and 2027 are 2.749 billion yuan, 3.214 billion yuan, and 3.704 billion yuan respectively, with year-on-year growth rates of 36.56%, 16.91%, and 15.24% [6][9]. - The net profit attributable to shareholders is forecasted to be 601 million yuan, 778 million yuan, and 901 million yuan for the same years, reflecting growth rates of 54.05%, 29.41%, and 15.93% respectively [6][9].

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-05-29 美元走势偏弱，有色下方仍有支撑 有⾊观点：美元⾛势偏弱，有⾊下⽅仍有⽀撑 交易逻辑：5月欧美制造业PMI初值好于预期且回升，美元指数延续弱 势；上周末前特朗普威胁6月1日起对欧洲加税50%，但随后延期至7月 9日，这意味着美国关税政策仍有反复，不过整体略偏正面。供需面 来看，基本金属供需有再度趋紧迹象，库存整体重回去化，并且像铜 等品种再度出现矿端扰动的问题。中短期来看，现实供需基本面支撑 有望再度趋强，宏观面预期有反复，但偏正面，主要关注结构性机 会，谨慎关注供应端有扰动品种的短多机会，比如：铜铝锡等，中长 期来看，基本金属需求前景仍存在不确定性，可关注部分供需偏过剩 或者预期过剩品种的逢高沽空机会。 铜观点：供应端再现扰动，铜价⾼位震荡。 氧化铝观点：现货涨势放缓，氧化铝盘⾯回落。 铝观点：贸易紧张局势缓解，铝价偏强震荡。 锌观点：检修消息逐步消化，锌价再度回落。 铅观点：成本⽀撑暂稳，铅价震荡运⾏。 镍观点：供需整体偏弱，短期镍价震荡偏弱。 不锈钢观点：盘⾯⼤幅下跌，现货升⽔⾛阔。 锡观点：供给端出现扰动 ...

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of Shandong Jinling Mining Co., Ltd. was convened and conducted in compliance with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [2][6][13]. Group 1: Meeting Procedures - The annual general meeting was convened based on a resolution from the fifth meeting of the tenth board of directors held on March 27, 2025 [3]. - Notifications regarding the meeting were published on May 7 and May 16, 2025, in various financial newspapers and online platforms, detailing the meeting's agenda, date, and voting procedures [4][5]. - The meeting was held in a physical location with provisions for online voting, ensuring accessibility for shareholders [5]. Group 2: Qualifications of Participants - The meeting was convened by the board of directors, whose qualifications were verified to be in accordance with legal and regulatory requirements [6]. - A total of 147 participants, including shareholders and their proxies, attended the meeting, representing 355,643,836 shares, which is 59.7379% of the total voting shares [8]. Group 3: Resolutions and Voting Results - The meeting reviewed several resolutions, all of which were approved, including proposals related to equity and debt [7]. - The voting process combined both on-site and online methods, with results announced immediately after the voting concluded [8]. - The resolutions received overwhelming support, with 355,469,736 shares voting in favor, representing a significant majority of the votes cast [9][10].