Core Viewpoint - The rising tin prices have significantly boosted the performance of Xiyeshare Co., which is expected to report a net profit of 470 million to 530 million yuan for Q1 2025, marking a year-on-year increase of 44.06% to 62.45% [1][2] Group 1: Financial Performance - For Q1 2025, Xiyeshare Co. anticipates a net profit of 470 million to 530 million yuan, with a year-on-year growth of 44.06% to 62.45% [2] - The company's non-recurring net profit is projected to be between 464 million and 524 million yuan, reflecting a growth of 52.68% to 72.42% year-on-year [2] - The increase in profit is attributed to the rising prices of key metals such as tin, copper, and zinc, alongside optimized resource allocation and enhanced production capabilities [2][3] Group 2: Market Position and Production - Xiyeshare Co. is recognized as a global leader in tin and indium production, maintaining the largest market share in tin since 2005, with a global market share of 25.03% in 2024 [1][4] - The total production of non-ferrous metals reached 361,000 tons in 2024, with record outputs of tin (84,800 tons), copper (130,300 tons), and zinc (144,000 tons) [1][5] - The company has a significant presence in the tin industry, with a domestic market share of 47.98% and a global market share of 25.03% in 2024 [4] Group 3: Resource Development and Strategic Partnerships - Xiyeshare Co. has established a strategic partnership with the government of Keshiketeng, focusing on enhancing tin resource development [5][6] - The company signed a strategic cooperation framework agreement with Indonesia's PT Timah and Inner Mongolia Xingye Silver Tin Mining Co., aiming for multi-faceted collaboration in resources, business, and technology [6]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.78% at 40,524.79 points, the S&P 500 up 0.79% at 5,405.97 points, and the Nasdaq up 0.64% at 16,831.48 points [1] - European stock indices also closed higher, with the German DAX up 2.85% at 20,954.83 points, the French CAC40 up 2.37% at 7,273.12 points, and the UK FTSE 100 up 2.14% at 8,134.34 points [1] Sector Performance - Large-cap tech stocks showed mixed results, with Apple rising over 2%, Google up more than 1%, while Microsoft fell 0.16%, Nvidia down 0.2%, Amazon down over 1%, and Facebook down more than 2% [1] - Popular Chinese concept stocks generally rose, with MGI Tech up over 19%, Canaan up more than 10%, EHang up over 8%, and JD Health up over 8% [1] Commodity Prices - International oil prices saw slight increases, with WTI crude oil up 0.10% at $61.56 per barrel and Brent crude oil up 0.09% at $64.82 per barrel [1] - International precious metals futures closed mixed, with COMEX gold futures down 0.55% at $3,226.8 per ounce and COMEX silver futures up 1.14% at $32.275 per ounce [1] Currency and Bond Markets - The U.S. dollar index fell 0.1% to 99.69, while the offshore RMB against the U.S. dollar dropped 308 basis points to 7.3121 [1] - U.S. Treasury yields fell across the board, with the 2-year yield down 11.29 basis points to 3.8429%, the 10-year yield down 11.56 basis points to 4.372%, and the 30-year yield down 6.22 basis points to 4.8101% [1] - European bond yields also generally declined, with the UK 10-year yield down 9.7 basis points to 4.657%, the French 10-year yield down 8 basis points to 3.269%, and the German 10-year yield down 5.8 basis points to 2.507% [1]

金十期货4月14日讯，伦敦金属交易所（LME）有色金属库存及变化如下： LME有色金属库存日报 1. 铜库存207825吨，减少950吨。 2. 铝库存440150吨，减少2075吨。 3. 镍库存204372吨，减少120吨。 4. 锌库存117300吨，减少2050吨。 5. 铅库存257325吨，增加9900吨。 6. 锡库存3090吨，减少50吨。 ...

Summary of LME Registered and Cancelled Warehouse Receipts Core Insights - The London Metal Exchange (LME) reported changes in registered and cancelled warehouse receipts for various metals, indicating fluctuations in inventory levels and market activity [1]. Group 1: Copper - Registered copper warehouse receipts totaled 122,050 tons, with cancelled receipts at 89,875 tons, resulting in a decrease of 3,025 tons [1]. Group 2: Aluminum - Registered aluminum warehouse receipts stood at 249,350 tons, while cancelled receipts were 200,150 tons, also reflecting a decrease of 3,025 tons [1]. Group 3: Nickel - Nickel registered warehouse receipts were at 189,120 tons, with cancelled receipts at 13,818 tons, remaining unchanged [1]. Group 4: Zinc - Zinc registered warehouse receipts amounted to 59,075 tons, with cancelled receipts at 64,075 tons, showing a decrease of 2,925 tons [1]. Group 5: Lead - Lead registered warehouse receipts were 106,225 tons, with cancelled receipts at 129,500 tons, remaining unchanged [1]. Group 6: Tin - Tin registered warehouse receipts totaled 2,770 tons, with cancelled receipts at 450 tons, indicating a decrease of 265 tons [1].

Global Market Performance - Global stock markets experienced significant declines over the past week, with all 19 major indices falling, particularly the Italian FTSE MIB and Nasdaq, which dropped over 10% [3] - The S&P 500, Nikkei 225, German DAX, and French CAC40 also saw declines exceeding 5%, while China's A-share Shanghai Composite Index was the most resilient, only slightly down by 0.28% [3] Technology Sector Impact - Major technology companies, including Nvidia, Apple, Amazon, and Facebook, faced substantial losses, each dropping over 10% in the past week, with Apple hitting a nearly one-year low and others reaching six-month lows [6] Commodity Market Trends - The commodity market experienced volatility, particularly in metals and energy, with COMEX silver and copper plunging over 14%. NYMEX crude oil and ICE Brent oil fell by 10.15% and 9.21%, respectively, while gold remained relatively stable with a decline of less than 2% [9] Tariff Policy Analysis - Analysts suggest that the "reciprocal tariffs" may signal the beginning of a new wave of market turmoil rather than a resolution, emphasizing that the focus should be on negotiation rather than the direct economic impact of tariffs [11] - China's position in the tariff negotiations is strengthening due to its industrial upgrades and international expansion, allowing it to focus on its economic development without being overly influenced by U.S. tariff policies [11] Economic Outlook and Ratings Adjustments - UBS Global Wealth Management downgraded its rating on U.S. stocks from "attractive" to "neutral," significantly lowering the S&P 500 year-end target from 6400 to 5800 points due to profit forecast and valuation risks [12] - Other investment banks, including Barclays and Deutsche Bank, warned that continued implementation of tariffs could increase the risk of a recession in the U.S. economy this year [12]

4月3日晚间，在上交所上市的东鹏饮料发布公告称，已向中国香港联交所递交了发行H股股票并在香港 联交所主板挂牌上市的申请。券商中国记者统计发现，这是2025年以来，第14家宣布向港交所递表的 A股公司。若算上正在筹划H股上市的，则足有25家，其中不乏千亿市值龙头。 自去年香港联交所宣布优化新上市申请审批流程，尤其针对合资格A股公司提供"快速审批"通道后，A股 公司正在扎堆涌向H股。尤其在全球聚焦中国科技资产重估主线的背景下，国内科技创新、出海优势、明 星头部企业正加速港股上市步伐，有望在国际资本市场吸引更多目光。 A股公司竞相递表 截至4月3日，2025年已有14家A股公司表示已向香港联交所递交H股上市申请，若算上正在筹划H股上市 但尚未递表的，则足有25家，其中包括宁德时代、恒瑞医药、海天味业等8家市值过千亿的A股明星企 业。 上述统计甚至还未包括像歌尔股份计划以子公司赴港IPO的情况。而在2024年，全年仅有7家A股公司向 香港联交所递表。 从企业规模来看，目前筹划赴港的A股企业市值不小，其中不少是行业龙头。 截至4月3日收盘，上述25家A股公司中，宁德时代市值最高为10704亿元（人民币，下同）；其次是恒 ...

Core Insights - The report indicates a mixed performance in the stock market, with the Shanghai Composite Index rising by 0.05% and the CSI 300 Index declining by 0.08% on April 2, 2025, reflecting a state of low trading volume and volatility [2] - The bond market is experiencing a downward trend in yields, with 10-year and 30-year government bond yields decreasing by 2.2 basis points and 3.8 basis points to 1.79% and 1.99% respectively, suggesting a shift towards a more accommodative monetary policy [2][4] - Commodity prices are showing varied trends, with gold prices experiencing fluctuations ahead of tariff announcements, while industrial metals like copper are seeing gains, indicating a complex pricing environment influenced by external factors [3] Market Performance - The stock market is characterized by a cautious sentiment, with trading volumes decreasing significantly, indicating a wait-and-see approach among investors as they await clarity on U.S. tariff policies [6][7] - Small-cap stocks are outperforming large-cap stocks, with the CSI 1000 and Wind Micro-cap indices rising by 0.28% and 0.32% respectively, while the CSI 300 index saw a decline [7] - The Hong Kong stock market is also in a state of flux, with the Hang Seng Index down by 0.02% and the Hang Seng Tech Index up by 0.35%, reflecting sector-specific dynamics and investor sentiment [8] Liquidity and Monetary Policy - The liquidity environment has shifted to a more relaxed state, with overnight rates for non-bank institutions declining to around 1.55-1.60%, indicating a potential easing of monetary policy [4][5] - The report suggests that the bond market is entering a downward trend in yields, driven by expectations of further monetary easing measures such as reserve requirement ratio cuts or bond purchases by the central bank [5] Future Outlook - The report highlights the importance of upcoming tariff announcements, which could significantly impact market sentiment and trading strategies. A minimal increase in tariffs may lead to a stronger stock market, while a substantial increase could heighten risk aversion and push bond yields lower [5][8] - The report emphasizes that the current market dynamics differ from previous years, with a focus on substantial breakthroughs in the technology sector, suggesting that the mid-term outlook remains positive despite short-term uncertainties [8]

Group 1 - The A-share market is expected to experience a phase of rebalancing in style, focusing on stable performance or marginal profit improvement [1] - A500 ETF (159339) has seen a strong surge in trading volume, exceeding 600 million yuan, indicating investor interest [1] - The A500 index covers 63% of total revenue and 70% of total net profit in the A-share market, representing core assets [1] Group 2 - Nomura Oriental International Securities notes a decline in trading volume and an increase in financing balance, reflecting volatility in market liquidity [2] - The upcoming month will see the release of corporate earnings and domestic economic data, which will influence the long-term trend of the market [2] - A500 ETF (159339) offers a low-cost investment option with an annual management fee of 0.15% and a custody fee of 0.05%, making it attractive for investors [2]

Group 1: Spring Strategy and Core Assets - The core viewpoint is that China's core assets are expected to experience a revival in the spring, driven by policy advancements in three key areas: technology innovation, supply-side reform, and institutional optimization [1] - The new core assets with potential billion-dollar valuations are emerging, while about 30% of traditional industry leaders are showing operational turning points [1] - The report emphasizes a shift from "good companies" to "ordinary companies," indicating a significant differentiation in performance as confidence is restored [1] Group 2: Macroeconomic Outlook for 2025 - The share of real estate and its industrial chain in China's economy is projected to decline from 18% in 2020 to 10%-11% by 2024, while strategic emerging industries are expected to rise from 11.7% to 14.1% in the same period [2] - Monetary policy is anticipated to focus on the broad price system, while fiscal policy will maintain reasonable space to address external challenges and weak domestic demand [2] - The economic growth in 2025 is expected to follow a "U" shape, with an annual growth rate around 5% [2] Group 3: A-Share Market Themes for 2025 - 2025 is expected to be a significant year for thematic investments in the A-share market, driven by factors such as funding preferences, technological catalysts, policy implementation, and the evolving US-China relationship [4] - Ten major themes are identified for 2025, including AI+, smart transportation, humanoid robots, and bio-manufacturing, among others [4][6] - The report suggests that these themes will guide investment strategies throughout the year [4] Group 4: New Narratives in Chinese Assets - The attractiveness of Chinese assets is increasing, with a renewed investment logic in technology manufacturing [8] - Key breakthroughs in frontier technologies are expected to reshape the global tech landscape, with a focus on AI and high-value-added industries [8] - The report highlights the importance of long-term investment opportunities in sectors like AI, intelligent driving, and semiconductor advanced processes [8] Group 5: AI Smart Glasses Investment Insights - AI smart glasses are identified as a cost-effective hardware solution with significant potential, akin to the early days of TWS earbuds [10] - Short-term investment is recommended due to low current shipment volumes, while long-term prospects are expected to improve with the release of major products [10] - The report emphasizes the importance of focusing on segments with the highest value share and optimal market structure within the supply chain [10] Group 6: AIDC Market Dynamics - The AIDC (Automated Identification and Data Capture) market is experiencing growth, driven by a significant demand for new technologies [12] - The report suggests a focus on investment opportunities in the "power supply + interconnection" aspect of AIDC [12] Group 7: Gold Market Outlook - The report anticipates a strong performance for gold stocks in 2025, driven by increased production and a favorable liquidity environment [17] - The expected rise in gold prices is supported by the influx of ETFs and the ongoing narrative of "de-dollarization" [17] Group 8: Metal Supply Disruptions - The escalation of conflict in the Democratic Republic of the Congo is expected to disrupt metal supplies, particularly for tin, copper, and cobalt [18] - The report highlights the potential for increased metal prices due to supply chain disturbances caused by regional conflicts [18]

Core Insights - The report indicates an improvement in the economic climate, particularly in sectors such as non-ferrous metals, construction materials, lithium batteries, automotive, and agriculture [3][4] - Price increases are noted in upstream non-ferrous metals and construction materials, midstream manufacturing in lithium batteries, and downstream consumption in automotive and agriculture [3][4] - The report suggests focusing on cyclical resource products, consumer goods, and financial sectors, while also considering growth assets that are experiencing a turnaround [3][4] Industry Overview Upstream Sector - The prices of iron ore and rebar have decreased week-on-week, while the operating rate of blast furnaces has increased [9] - COMEX gold and silver futures prices have risen week-on-week, along with copper prices and rare earth metal prices [11][12] Midstream Manufacturing - In the lithium battery sector, the average price of lithium iron phosphate remains stable, while the price of ternary batteries has increased week-on-week [13] - In the photovoltaic sector, the average price of polysilicon remains unchanged, while the price of PERC solar cells has decreased [13] Downstream Consumption - In February, automotive sales reached 2.129 million units, a year-on-year increase of 34.4%, with significant growth in new energy vehicle sales [18] - The production of power batteries and energy storage batteries has also seen a substantial year-on-year increase of 128.2% [18] TMT Sector - The semiconductor sector shows an increase in the average spot prices of DRAM and NAND, with significant revenue growth reported by IC manufacturing and design companies [25] Financial and Real Estate Sector - The report highlights a decline in real estate development investment and housing starts, while the transaction area of commercial housing in major cities has increased significantly year-on-year [29][30]