Core Viewpoint - The company plans to conduct routine maintenance shutdown starting from August 30, 2025, lasting no more than 45 days, to ensure the safe and effective operation of tin smelting equipment and subsequent stable production [1] Group 1 - The maintenance shutdown is expected to have minimal impact on the annual production plan as it has already been accounted for in the company's budget and production plans for the year [1]

Group 1 - LME prices continue to rise, closing at 34,510, an increase of 1.11% from the previous trading day, marking three consecutive days of gains [1] - The strong performance of tin prices is supported by low global tin inventory and tight supply, with macroeconomic sentiment improving [1][2] - Supply tightness from mining remains a crucial factor for supporting tin prices, with July imports of tin ore in China slightly decreasing compared to June, primarily due to a significant drop in imports from Myanmar [1] Group 2 - China's tin ingot imports are limited, mainly due to profit margins affecting imports, with the current spot import window for refined tin remaining largely closed [2] - The global tin supply recovery is slow, with Indonesian refined tin exports facing challenges, while demand remains relatively stable [2] - Domestic inventory levels are high despite a slight decrease, and weak consumption is unlikely to provide support for prices in the short term [2]

Core Viewpoint - Yunnan Tin Company Limited reported a strong performance in the first half of 2025, with significant increases in revenue and net profit, indicating a positive growth trend in the company's operations [1] Financial Performance - The company achieved an operating revenue of 21.093 billion yuan, representing a year-on-year growth of 12.35% [1] - The net profit attributable to shareholders reached 1.062 billion yuan, marking a year-on-year increase of 32.76% [1] - The net profit excluding non-recurring items was 1.303 billion yuan, reflecting a year-on-year growth of 30.55% [1] Operational Strategy - Yunnan Tin Company focused on seizing market opportunities and continuously expanding raw material supply channels to ensure stable production [1] - The company leveraged the synergy between its mining and smelting operations, enhancing overall efficiency in metal recovery [1] - A "dual-channel" raw material procurement strategy was implemented, stabilizing traditional ore procurement while actively exploring secondary material resources to strengthen supply chain resilience [1] Production and Efficiency - The company optimized mining and selection processes, improved site management, and refined waste disposal techniques to address challenges in ore output and quality [1] - Overall, Yunnan Tin Company successfully met its production and operational targets, maintaining a steady and positive development trend [1]

Group 1: Report Summary - The weekly closing price of the main contract of Shanghai Tin was 265,930 yuan/ton, with a weekly decline of 0.33% and an amplitude of 1.72% [7] - Macroscopically, the preliminary value of the US manufacturing PMI in August was 53.3, reaching a new high in more than three years, intensifying inflationary pressures. The Ministry of Industry and Information Technology and other departments will further standardize the competition order in the photovoltaic industry and curb low - price disorderly competition [7] - Fundamentally, although Myanmar's Wa State has restarted the approval of mining licenses, actual ore production will not occur until the fourth quarter. The Bisie mine in Congo plans to resume production in phases, and currently, tin ore processing fees remain at historically low levels [7] - In the smelting sector, the increase in production in July was mainly due to multiple factors such as the resumption of production by some enterprises and the cleaning of intermediate products. However, the shortage of raw materials in the Yunnan production area remains severe, and the waste recycling system in the Jiangxi production area is under pressure, with the operating rate remaining at a low level [7] - On the demand side, due to the traditional off - season, most downstream processing enterprises only maintain rigid demand for production and procurement, and orders are mediocre. Recently, tin prices have fluctuated, and most downstream enterprises make rigid - demand purchases at low prices, with some post - pricing orders [7] - Technically, with low positions and caution from both long and short sides, and support at the lower edge of the range, it is expected to mainly fluctuate and adjust [7] - The recommended strategy is to temporarily wait and see or go long lightly at low prices, focusing on the 265,000 - 270,000 yuan/ton range [7] Group 2: Futures and Spot Market - As of August 22, 2025, the closing price of Shanghai Tin was 265,930 yuan/ton, a decrease of 280 yuan/ton from August 15, a decline of 0.11%. As of August 21, 2025, the closing price of LME Tin was 33,475 US dollars/ton, an increase of 40 US dollars/ton from August 15, a rise of 0.12%. The spot premium remained stable at 400 yuan/ton [7][12] - As of August 22, 2025, the current ratio of tin to nickel prices on the Shanghai Futures Exchange was 2.23, an increase of 0.02 from August 15. As of August 21, 2025, the Shanghai - LME tin ratio was 7.96, a decrease of 0.03 from August 14 [16] - As of August 22, 2025, the trading volume of Shanghai Tin was 48,043 lots, a decrease of 1,832 lots from August 15, a decline of 3.67%. The net position of the top 20 was - 3,051 lots, a decrease of 1,349 lots from August 18 [22][23] Group 3: Industrial Chain - Supply Side - In July 2025, the import volume of tin ore concentrates was 10,277.61 tons, a month - on - month decrease of 13.71% and a year - on - year decrease of 31.58%. From January to July this year, the imported tin ore concentrates totaled 72,406.18 tons, a year - on - year decrease of 32.15% [28] - In July 2025, the output of refined tin was 15,448 tons, a month - on - month increase of 8%. From January to July, the cumulative output of refined tin was 87,175 tons, a year - on - year decrease of 1.34% [29] - On August 22, 2025, the processing fee for 60% tin concentrates was 6,500 yuan/ton, remaining unchanged from August 15; the processing fee for 40% tin concentrates was 10,500 yuan/ton, also unchanged from August 15 [34] - As of August 22, 2025, the average price of 40% tin concentrates was 254,000 yuan/ton, remaining unchanged from August 15; the average price of 60% tin concentrates was 258,000 yuan/ton, also unchanged from August 15 [34] - As of August 22, 2025, the import loss of tin was 6,131.93 yuan/ton, a decrease of 8,314.3 yuan/ton from August 15 [39] - In July 2025, the import volume of refined tin was 2,166.7 million tons, a month - on - month increase of 21.34% and a year - on - year increase of 157.87%. From January to July, the cumulative import of refined tin was 15,110.63 million tons, a year - on - year increase of 47.88%. In July 2025, the export volume of refined tin was 1,672.77 million tons, a month - on - month decrease of 15.23% and a year - on - year decrease of 3.76%. From January to July, the cumulative export of refined tin was 13,463.29 million tons, a year - on - year increase of 32.99% [40] - As of August 21, 2025, the total LME tin inventory was 1,740 tons, a decrease of 90 tons from August 14, a decline of 4.92%. As of August 22, 2025, the total tin inventory was 7,491 tons, a decrease of 301 tons from the previous week, a decline of 3.86%. The tin futures inventory was 7,053 tons, a decrease of 373 tons from August 15, a decline of 5.02% [45] Group 4: Industrial Chain - Demand Side - On August 21, 2025, the Philadelphia Semiconductor Index was 5,603.26, a decrease of 282.23 from August 14, a decline of 4.8%. From January to July 2025, the output of integrated circuits was 29,454,570.7 million pieces, an increase of 5,009,313.4 million pieces compared with the same period last year, an increase of 20.49% [48] - As of June 2025, the output of tin - plated sheets was 110,000 tons, an increase of 10,000 tons from May 2025, a rise of 10%. As of July 2025, the export volume of tin - plated sheets was 206,020.05 tons, an increase of 73,104.23 tons from June, an increase of 55% [51]

Core Viewpoint - The recent decline in tin prices is attributed to a combination of macroeconomic pressures, ongoing supply disruptions, and structural demand differentiation in the market [1] Macroeconomic Factors - The US Markit Manufacturing PMI for August is reported at 54.5, exceeding expectations and indicating the fastest expansion since 2022, which has strengthened the US dollar and put pressure on commodity prices [1] - The imposition of tariffs by the US has increased market uncertainty, leading to a decline in major US stock indices and a cautious trading environment [1] Supply Side Analysis - Global tin supply is heavily concentrated in countries like Myanmar and Indonesia, with production dynamics in these countries directly impacting market supply [1] - Myanmar's production recovery is hindered by slow infrastructure repairs and labor shortages, resulting in lower-than-expected output [1] - Indonesia's refined tin export quotas are subject to domestic policy changes, adding to supply uncertainty [1] - The overall quality of global tin resources is declining, leading to increased mining costs and the exit of smaller mines due to financial and technical constraints [2] Demand Side Analysis - Traditional demand from the electronics sector is weakening due to slower product iterations, particularly in smartphones and tablets, leading to reduced solder demand [1] - Conversely, emerging sectors such as electric vehicle battery manufacturing and photovoltaic component soldering are experiencing rapid growth in tin demand, particularly driven by global clean energy policies [1] Industry Chain Dynamics - Upstream tin mining companies face dual pressures from rising costs and resource depletion, necessitating increased investment in technology [2] - Midstream smelting companies are experiencing fluctuating operating rates due to unstable supply, leading to reduced processing fees and profit margins [2] - Downstream manufacturing companies are compelled to control costs and explore alternative materials, although the short-term irreplaceability of tin in key applications remains significant [2] Short-term Outlook - Tin prices are expected to remain volatile in the short term, influenced by the recovery progress in major producing countries and the stability of Indonesia's export policies, alongside the unexpected growth in demand from new energy and photovoltaic sectors [3] - If supply disruptions ease and emerging demand continues to grow, tin prices may find support; conversely, if supply increases unexpectedly while demand growth slows, prices could face downward pressure [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000711 证券简称：*ST京蓝 公告编号：2025-064 京蓝科技股份有限公司第十一届 表决结果：6票同意，0票反对，0票弃权，0票回避。 董事会第十七次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 1.京蓝科技股份有限公司（以下简称"公司"）第十一届董事会第十七次临时会议于2025年8月13日在公 司会议室以通讯表决的方式召开。 2.本次会议应到董事6位，实到董事6位，以通讯表决方式出席董事6位。 3.本次会议由董事长马黎阳先生主持，公司部分高级管理人员列席。 4.本次会议的召开符合《中华人民共和国公司法》和《京蓝科技股份有限公司章程》的规定。 二、董事会会议审议情况 经与会董事认真审议并以记名投票方式表决，形成以下决议： （一）审议通过《关于向全资子公司提供供应链融资担保的议案》 具体内容详见公司于2025年8月15日在指定信息披露媒体巨潮资讯网、《中国证券报》《上海证券报》 《证券时报》披露的《关于向全资子公司提供供应链融资担保的公告》（公告编号 ...

Group 1 - The core viewpoint indicates that the tin market is experiencing a weak supply and demand situation, with prices fluctuating due to macroeconomic sentiments. The main contract rose by 0.84% to 270,200 yuan/ton, but the overall market remains subdued due to low demand and tight supply conditions [1][2]. - Tin ore supply has not yet recovered, maintaining a tight domestic supply situation. Although there are expectations for supply recovery as Myanmar's tin mines resume production, actual output is delayed until the fourth quarter due to various factors [1][2]. - The downstream consumption is entering a low season, leading to weak demand performance. Orders in the home appliance sector are insufficient, and there is a significant decline in photovoltaic orders compared to the previous month, contributing to the overall weak demand [1][2]. Group 2 - The commentary from Jinrui Futures highlights that the raw material supply at domestic smelting plants in Yunnan and Jiangxi is tight, with low operating rates. The demand side remains sluggish, particularly in the photovoltaic sector, and the overall terminal demand is weak [2]. - The current fundamental changes are limited, with a slight surplus in supply-demand balance observed in August. However, the magnitude is small, and uncertainties in the supply side, along with strong overseas demand, provide some support, suggesting a continuation of the oscillating market pattern in the short term [2].

1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3] 2. Core View of the Report - The report suggests a temporary wait - and - see approach for tin investment, with an expected price range of 260,000 - 270,000 yuan/ton for shock adjustment [3][4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for Shanghai tin is 267,940 yuan/ton, up 1,000 yuan; the LME 3 - month tin price is 33,230 US dollars/ton, down 70 US dollars [3] - The closing price of the August - September contract for Shanghai tin is - 440 yuan/ton, up 30 yuan; the main contract's open interest is 24,776 lots, up 57 lots [3] - The net position of the top 20 futures is 128 lots, down 65 lots; the LME tin total inventory is 1,755 tons, down 120 tons [3] - The Shanghai Futures Exchange's tin inventory is 7,671 tons, up 254 tons; the LME tin cancelled warrants are 365 tons, down 120 tons [3] - The Shanghai Futures Exchange's tin warrants are 7,332 tons, down 26 tons [3] 3.2 Spot Market - The SMM 1 tin spot price is 267,200 yuan/ton, down 400 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 267,190 yuan/ton, down 630 yuan [3] - The basis of the Shanghai tin main contract is - 740 yuan/ton, down 1,400 yuan; the LME tin cash - to - 3 - month spread is - 73 US dollars/ton, down 31 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.21 million tons, down 0.29 million tons [3] - The average price of 40% tin concentrate is 252,600 yuan/ton, down 6,500 yuan; the average price of 60% tin concentrate is 256,600 yuan/ton, down 6,500 yuan [3] - The processing fee for 40% tin concentrate is 10,500 yuan/ton, unchanged; the processing fee for 60% tin concentrate is 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 1.4 million tons, down 0.16 million tons; the import volume of refined tin is 3,762.32 tons, up 143.24 tons [3] 3.5 Downstream Situation - The price of 60A solder bars in Gejiu is 173,790 yuan/ton, unchanged [3] - The cumulative output of tin - plated sheets (strips) is 160.14 million tons, up 14.45 million tons; the export volume of tin - plated sheets is 14.07 million tons, down 3.39 million tons [3] 3.6 Industry News - Modi plans to visit China from August 31 to September 1 to attend the SCO Tianjin Summit [3] - Trump plans to impose a 100% tariff on chip products, exempting companies like Apple and TSMC that build or promise to build factories in the US [3] - The US - Japan trade agreement has ongoing differences, and the US plans to impose an additional 15% tariff on existing tariffs [3] - Fed Governor Cook said the July employment report was "worrying" and might signal a turning point in the US economy [3] 3.7 Viewpoint Summary - The tin ore processing fee remains at a historical low. In July, the increase in production was due to factors like enterprise复产 and intermediate product clearance, but raw material shortages are still severe in Yunnan, and the waste recycling system in Jiangxi is under pressure with low operating rates [3] - After the PV industry's rush to install ended, some producers' operating rates declined; the electronics industry is in a slow season, and the US plan to impose tariffs on semiconductors adds to the pressure. Downstream enterprises are in a traditional consumption slow season with few orders [3] - The current high prices suppress downstream enterprises' inventory replenishment sentiment. The spot premium has slightly dropped to 400 yuan/ton, and domestic inventory has slightly increased [3] - Technically, with low open interest, both bulls and bears are cautious, and the price is in a range - bound adjustment [3]

Core Viewpoint - The Shanghai Futures Exchange has approved the registration of three products, allowing them to be used for futures contract delivery starting from the date of the announcement [1] Group 1: Product Registrations - Jiangsu Binxin Steel Group Co., Ltd. has received approval for the registration of its "Xinyong Special Steel" brand wire rod products [1] - Henan Jinli Jinxin Co., Ltd. has been granted registration for its "Jijin" brand zinc ingots, with a registered production capacity of 100,000 tons, adhering to standard pricing [1] - Yunnan Xinyu Nonferrous Electrolytic Co., Ltd. has had its "Yunxiang" brand tin ingots registered, with a registered production capacity of 6,000 tons, also following standard pricing [1]

沪锡横盘整理，主力合约收涨0.19%，报267870元/吨。矿端供应仍旧偏紧，国内即期冶炼原料仍面临压 力，缅甸佤邦政府重开复产会议，通过部分采矿证申请，提升市场对于四季度锡矿复产预期，供应端维 持强现实弱预期格局，短期基本面驱动有限，锡价跟随宏观情绪波动。 据SMM，上周云南与江西两省精炼锡冶炼企业合计开工率升至55.51%，本次开工率回升属阶段性修复 而非趋势反转。部分冶炼厂因停产检修，清理部分冶炼环节中间品，支撑开工率小幅反弹。但考虑到中 间品量级较小且无法保持生产连续性，后续云南地区冶炼企业开工率将小幅下滑无法保持当前开工水 平。江西部分冶炼厂结束检修，逐步恢复生产，但受废锡回收量不足限制，产能恢复缓慢。 近期锡价波动收窄，冶炼厂多持挺价情绪，实际鲜有成交；贸易商方面积极入市报价，多反馈当前锡价 仍处高位，下游补货情绪不佳，多以消耗库存为主，成交多以刚需为主，市场整体交投表现一般。锡市 7月维持供需双弱态势，贸易商出货随盘面价格波动影响其销售水平，下游订单水平下滑幅度较大，且 三季度为下游消费水平淡季，锡相关消费较往年皆有下滑。家电排产订单不足，随着531抢装机的结束 后，光伏订单环比下滑严重，整体需 ...