Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - Nickel prices are expected to oscillate due to the game between real - world support and weak expectations, and stainless - steel prices will fluctuate within a range as negative feedback leads to increased production cuts [1] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - **Futures Data**: For nickel, the closing price of the Shanghai Nickel main contract was 122,200, up 630 from T - 1; the trading volume was 98,620, down 3,755 from T - 1. For stainless steel, the closing price of the main contract was 12,680, down 10 from T - 1; the trading volume was 75,548, up 6,636 from T - 1 [1] - **Industrial Chain Data**: The price of 1 imported nickel was 122,300, up 200 from T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) was 951, down 6 from T - 1. The price of 304/2B coil - rough edge (Wuxi) was 13,050, down 50 from T - 1 [1] 2. Macro and Industry News - On March 3, Ontario, Canada's Premier Ford proposed that Ontario's minerals are key in the tariff battle and may stop exporting nickel to the US in response to US tariff threats [1] - On April 27, the first - phase project of Indonesia's CNI nickel - iron RKEF, EPC - contracted by China ENFI, successfully produced nickel - iron, entering the trial - production stage. The project is in Southeast Sulawesi, Indonesia, producing 22% grade nickel - iron with an annual metal - nickel output of about 12,500 tons per line [2] - An overseas nickel smelter in an important metal - processing park in Indonesia has resumed production. The production of PT QMB New Energy Materials has recovered to 70% - 80% [3][4] - The Philippine parliament is discussing a bill to ban nickel - ore exports, which is in the review stage of the two - house committee. There was market news on May 9 that the Philippine government plans to implement a nickel - ore export ban starting from June 2025, but the authenticity and start time are yet to be verified [4] - An Indonesian cold - rolling mill plans to continue maintenance from June to July, which is expected to affect 110,000 - 130,000 tons of production, mainly 300 - series output. It cut production by 40% - 50% in May due to the sluggish market [4] 3. Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is also 0 [5]

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].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The easing of mutual tariffs between China and the US and the relaxation of US restrictions on chip exports to Gulf countries are offset by the expected resumption of tin mines in Myanmar's Wa State. This may cause the Shanghai tin price to fluctuate widely. It is recommended that investors wait and see, paying attention to the support and pressure levels of Shanghai tin and London tin [1]. 3. Summary by Relevant Catalog Market Data - **Shanghai Tin Futures**: On May 28, 2025, the closing price was 257,000 yuan, down 7,690 yuan from the previous day; the trading volume was 96,332 lots, an increase of 64,437 lots; the open interest was 28,221 lots, an increase of 15,738 lots; the inventory was 7,984 tons, a decrease of 14 tons. The basis between spot and futures was 7,900 yuan, an increase of 7,790 yuan [1]. - **London Tin Futures**: On May 28, 2025, the closing price of the 3 - month tin futures (electronic trading) was $31,495, down $915 from the previous day. The 0 - 3 - month contract spread was -$55, an increase of $56; the 3 - 15 - month contract spread was $27, an increase of $7. The global inventory was 2,680 tons, unchanged from the previous day [1]. - **Price Ratio**: The Shanghai - London tin price ratio was 8.17 on May 28, 2025, down 0.01 from the previous day [1]. Company News - Inner Mongolia Xingye Yinxi Mining Co., Ltd. plans to have its wholly - owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., acquire all the issued shares of Atlantic Tin Limited at a price of A$0.24 per share through an off - market conditional offer. The acquisition is subject to relevant regulatory approvals in Australia [1]. Supply and Demand Analysis - **Supply Side**: In Myanmar, the Manxiang mine in Wa State has adjusted its fee standards, and the Bisie tin mine in Congo (Kinshasa) has复产. Domestic tin concentrate processing fees are oscillating downward, indicating a tightening supply of tin ore. The expected increase in scrap tin supply is difficult to change the tight situation. The operating rates of refined tin production in Yunnan and Jiangxi have decreased. Malaysia's MSC has suspended tin production, and Indonesia has adjusted its export policies. The inventory of refined tin in the Shanghai Futures Exchange has decreased, while the social inventory in China has increased [1]. - **Demand Side**: The daily processing fee of photovoltaic welding strips has decreased, which may lead to a decline in the operating rate and inventory of tin solder in May in China. The import and export volume of welding strips may change accordingly. The production volume of tin - plated sheets in May may increase, while the import and export volumes may decrease. The operating rate of lead - acid batteries in China has remained flat [1].

Group 1 - The fourth China-Africa Economic and Trade Expo will be held from June 12 to 15 in Changsha, Hunan, focusing on "China-Africa Cooperation for Modernization" [1] - In 2024, the trade volume between China and Africa reached $295.6 billion, a year-on-year increase of 4.8%, marking the fourth consecutive year of record highs [1] - China has maintained its position as Africa's largest trading partner for 16 consecutive years, with imports from Africa totaling $116.8 billion (up 6.9%) and exports to Africa reaching $178.8 billion (up 3.5%) [1] Group 2 - Chinese enterprises are increasingly investing in various economic and trade zones in Africa, contributing significantly to local tax revenue, employment, and export earnings [2] - Successful examples include the Suez Economic and Trade Cooperation Zone in Egypt and the East Africa Trade and Logistics Park in Tanzania, which is expected to create over 20,000 jobs [2] - In Zambia, the Zambia-China Economic and Trade Cooperation Zone is developing a full industrial chain for copper mining, refining, and processing [2] Group 3 - Cooperation in emerging fields is deepening, with Chinese companies building large data centers in Africa and providing cloud computing services [2] - The cumulative installed capacity of photovoltaic power stations built through China-Africa cooperation exceeds 1.5 GW, meeting the electricity needs of millions of African households [2] - Financial cooperation has also progressed, with Egypt and the African Export-Import Bank successfully issuing RMB "Panda Bonds" in China [2] Group 4 - The upcoming expo is significant as it coincides with the successful Beijing Summit of the Forum on China-Africa Cooperation in September 2024, where major initiatives for modernization were proposed [3] - The expo will focus on the "Ten Partnership Actions" and showcase cooperation achievements, aiming to gather resources and enhance collaboration for high-quality development of China-Africa economic and trade relations [3]

Core Viewpoint - Baiyin Nonferrous Group Co., Ltd. reported a revenue of 86.787 billion yuan and a net profit attributable to shareholders of 80.7917 million yuan for the year 2024, indicating a strong financial performance with significant growth in net profit and cash flow [1] Financial Performance - The company achieved a net profit of 250 million yuan after deducting non-recurring gains and losses, representing a year-on-year increase of 42.75% [1] - The net cash flow from operating activities reached 4.36 billion yuan, up 75.89% year-on-year [1] - A cash dividend of 0.04 yuan per share (including tax) is proposed, totaling 29.6191 million yuan [1] Production and Resources - As of the end of 2024, the company holds a total of 7.8148 million tons of copper, lead, and zinc metal resources in domestic mines [2] - The production of copper, lead, zinc, and molybdenum concentrates increased by 6.51% to 283,800 tons [2] - Gold production saw a significant increase of 99.45%, totaling 17,470 kg, while silver production rose by 72.31% to 544.09 tons [2] Project Development - The company is accelerating project construction to ensure timely completion and production, which is crucial for high-quality development [3] - Key projects include the completion of a 15,000-ton yellow reagent production line and the ongoing construction of another line, as well as advancements in copper smelting and tailings management projects [3] Industry Positioning - Baiyin Nonferrous is actively extending its high-end industrial chain by integrating upstream and downstream resources and overcoming core technological bottlenecks [4] - The company’s subsidiary, Changtong Company, has developed the first superconducting cable for nuclear fusion applications, showcasing its technological capabilities [4] - Investments in new material companies are also being made, focusing on high-end products like electrolytic copper foil and lithium iron phosphate materials [4]

Group 1 - The China Securities Index for gold industry stocks (931238) increased by 0.61% as of March 31, 2025, with notable gains from companies such as Western Gold (4.12%) and Chifeng Jilong Gold (3.19%) [1] - The Gold Stock ETF Fund (159322) rose by 0.75%, with a latest price of 1.08 yuan and significant trading volume [1] - Over the past two weeks, the Gold Stock ETF Fund saw a scale increase of 793.78 million yuan and a share increase of 7 million shares, ranking second among comparable funds [1] Group 2 - Analysts noted that gold prices surged to over $3,093 per ounce due to fears surrounding new tariffs from the Trump administration, with a potential global tariff rate of up to 20% [4] - The recent rise in gold prices is attributed to recession fears and tariff-related trading, with expectations that the current gold market conditions may persist into mid-year [4] - The gold market is experiencing high levels of bullish sentiment, with room for further capital inflow despite not reaching historical extremes in trading volume [4] Group 3 - The China Securities Index for gold industry stocks (931238) includes 50 major companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in mainland China and Hong Kong [5] - As of February 28, 2025, the top ten weighted stocks in the index accounted for 65.74% of the total index weight, with Shandong Gold being the largest component [5]