Core Insights - On November 14, Weiteng Electric experienced a decline of 0.45% with a trading volume of 218 million yuan, indicating a negative net financing buy of 10.31 million yuan for the day [1] - As of September 30, Weiteng Electric reported a revenue of 2.597 billion yuan, a year-on-year decrease of 5.40%, and a net profit attributable to shareholders of 13.6632 million yuan, down 87.47% year-on-year [2] Financing and Margin Trading - On November 14, Weiteng Electric had a financing buy of 16.9156 million yuan, with a total financing balance of 487 million yuan, accounting for 7.37% of its market capitalization, which is above the 70th percentile of the past year [1] - The margin trading data shows that there were no shares sold or repaid on November 14, with a margin balance of 0 yuan, indicating a high level of margin trading activity [1] Shareholder and Dividend Information - As of September 30, the number of Weiteng Electric's shareholders increased by 41.51% to 7,592, while the average circulating shares per person decreased by 15.89% to 24,716 shares [2] - Since its A-share listing, Weiteng Electric has distributed a total of 106 million yuan in dividends, with 86.554 million yuan distributed over the past three years [3]

Group 1 - The core point of the news is that Weiteng Electric's stock price has dropped by 5.28% to 35.67 CNY per share, with a trading volume of 141 million CNY and a turnover rate of 2.06%, resulting in a total market capitalization of 6.693 billion CNY [1] - Weiteng Electric, established on January 7, 2004, and listed on July 7, 2021, is primarily engaged in the research, manufacturing, and sales of busbar products. The main revenue composition includes: photovoltaic new materials (photovoltaic welding strips) 46.68%, distribution equipment (high and low voltage busbars) 25.26%, energy storage systems 21.46%, and others [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Quanguo Fund holds a position in Weiteng Electric. The Quanguo Xuyuan Three-Year Holding Period Mixed A Fund (016709) reduced its holdings by 463,500 shares in the third quarter, now holding 2.9007 million shares, accounting for 1.55% of circulating shares. The estimated floating loss today is approximately 5.7723 million CNY [2] - The Quanguo Xuyuan Three-Year Holding Period Mixed A Fund, managed by Zhao Yi, was established on October 18, 2022, with a latest scale of 16.329 billion CNY. Year-to-date returns are 46.71%, ranking 1163 out of 8145 in its category, while the one-year return is 30.57%, ranking 1935 out of 8059 [2]

截至发稿，赵诣累计任职时间8年239天，现任基金资产总规模190.69亿元，任职期间最佳基金回报 329.41%， 任职期间最差基金回报5.5%。 11月12日，威腾电气跌5.05%，截至发稿，报37.42元/股，成交1.04亿元，换手率1.45%，总市值70.22亿 元。 资料显示，威腾电气集团股份有限公司位于江苏省扬中市新坝科技园南自路1号，成立日期2004年1月7 日，上市日期2021年7月7日，公司主营业务涉及母线产品的研发、制造及销售。主营业务收入构成为： 光伏新材-光伏焊带46.68%，配电设备-高低压母线25.26%，储能系统-储能系统21.46%，其他(补 充)2.27%，配电设备-中低压成套设备2.05%，其他1.63%，配电设备-铜铝制品0.49%，光伏新材-铝边框 0.16%。 从威腾电气十大流通股东角度 数据显示，泉果基金旗下1只基金位居威腾电气十大流通股东。泉果旭源三年持有期混合A（016709） 三季度减持46.35万股，持有股数290.07万股，占流通股的比例为1.55%。根据测算，今日浮亏损失约 577.23万元。 泉果旭源三年持有期混合A（016709）成立日期2022年10 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The slow resumption of tin mines in Wa State, Myanmar, has led to an expectation of tight supply and demand. However, due to the hawkish shift in the Fed's interest - rate cut expectations, the strengthening of the US dollar index, and tight liquidity, the Shanghai tin price may be adjusted. It is recommended that investors try short - selling the main contract at high levels with a light position in the short term, and pay attention to the support and resistance levels of Shanghai tin and London tin [3]. 3. Summary by Relevant Catalogs 3.1 First Part: Spread and Inventory Situation - The Shanghai tin basis is positive and the monthly spread is negative, both within the reasonable range. This is due to the slow resumption of tin mines in Wa State, Myanmar, leading to an expected tight supply, and a decline in the total inventory of refined tin at home and abroad. However, with the hawkish shift in the Fed's future interest - rate cut expectations, the strengthening of the US dollar index, tight liquidity, and the arrival of the domestic traditional consumption off - season, investors are advised to temporarily wait and see for arbitrage opportunities [7][9]. - The LME tin (0 - 3) and (3 - 15) contract spreads are positive and within the reasonable range. The Shanghai - London tin price ratio is lower than the 50% quantile of the past five years. This is because the manufacturing PMI in Europe and the US in October was weak, and the inventory of refined tin in the LME is increasing but still at a relatively low level. It is recommended to temporarily wait and see for arbitrage opportunities in the LME tin (0 - 3) and (3 - 15) contract spreads [11]. - The inventory of refined tin in the Shanghai Futures Exchange has increased compared to last week; the social inventory of tin ingots in China has decreased compared to last week; the inventory of refined tin in the LME has increased compared to last week; the total inventory of refined tin at home and abroad has decreased compared to last week [13]. 3.2 Second Part: Mid - upstream Supply Situation - The daily processing fee of domestic tin ore has decreased, indicating an expected tight supply of domestic tin ore [19][20]. - The production (import) volume of domestic tin ore in November may increase month - on - month. Reasons include the closure of 1000 illegal tin mines in Bangka Belitung by the Indonesian president, the commissioning of the second concentrator of the Uis mine in Namibia, the resumption of mining in Wa State, Myanmar, the phased resumption of the Bisie tin mine in the DRC, and the suspension of the transit export of Myanmar tin ore through Thailand [22][24]. - The production volume of recycled tin in China in November may increase month - on - month [25][26]. - The capacity utilization rate of refined tin in Yunnan and China (Jiangxi) has decreased (remained flat) compared to last week; the production (inventory) volume of refined tin in China in November may increase (decrease) month - on - month [29]. - The import volume of refined tin in China in November may increase month - on - month. The export volume of refined tin from Indonesia is expected to increase, which may lead to an increase in China's refined tin imports [30][32]. 3.3 Third Part: Downstream Demand Situation - The daily processing fee of photovoltaic solder strips has decreased month - on - month, which may lead to an increase in the capacity utilization rate (inventory) of tin solder in China in November [36]. - The import (export) volume of solder strips in China in November may decrease (increase) month - on - month [37][39]. - The production (import, export) volume of tin - plated sheets in China in November may decrease (decrease, increase) month - on - month [40]. - The capacity utilization rate of lead - acid batteries in China has decreased compared to last week. Since tin is an important additive in lead - acid batteries, this may affect the demand for tin [42][44].

Core Viewpoint - Witten Electric's stock has shown significant volatility, with a year-to-date increase of 72.95%, but recent declines in the short term raise concerns about its performance [1][2]. Company Overview - Witten Electric Group Co., Ltd. was established on January 7, 2004, and went public on July 7, 2021. The company is located in Jiangsu Province and specializes in the research, manufacturing, and sales of busbar products [1]. - The main revenue sources for Witten Electric are: photovoltaic new materials (photovoltaic welding strips) 46.68%, power distribution equipment (high and low voltage busbars) 25.26%, energy storage systems 21.46%, and other categories [1]. Financial Performance - For the period from January to September 2025, Witten Electric reported a revenue of 2.597 billion yuan, a year-on-year decrease of 5.40%. The net profit attributable to shareholders was 13.6632 million yuan, down 87.47% year-on-year [2]. - Since its A-share listing, Witten Electric has distributed a total of 106 million yuan in dividends, with 86.554 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Witten Electric had 7,592 shareholders, an increase of 41.51% from the previous period. The average circulating shares per person decreased by 15.89% to 24,716 shares [2]. - Among the top ten circulating shareholders, the fund "Quanguo Xuyuan Three-Year Holding Period Mixed A" holds 2.9007 million shares, a decrease of 463,500 shares compared to the previous period [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The slow resumption of tin mines in Myanmar and the easing of Sino-US economic and trade negotiations support tin prices. The expectation of future interest rate cuts and the halt of balance - sheet reduction by the Fed, along with the initial agreement in Sino - US economic and trade negotiations, suggest that the resumption of tin mines in Myanmar may not change the tight supply - demand situation. The Shanghai tin price is expected to be cautiously bullish. Investors are advised to build long positions after price pullbacks, paying attention to support and resistance levels [3]. - The negative basis and monthly spread of Shanghai tin are due to high tin prices suppressing downstream demand with only rigid procurement. Given the Fed's future policies and the slow resumption of tin mines in Myanmar, investors are advised to focus on short - term, light - position, low - buying arbitrage opportunities for the Shanghai tin basis. For LME tin, the positive (0 - 3) and (3 - 15) contract spreads are in a reasonable range, and it is recommended to temporarily wait and see for arbitrage opportunities [9][10]. 3. Summary by Directory 3.1 First Part: Spread and Inventory Situation - Shanghai tin basis is negative and at a relatively low level, and the monthly spread is negative and basically within a reasonable range. LME tin (0 - 3) and (3 - 15) contract spreads are positive and in a reasonable range, and the Shanghai - London tin price ratio is at the 50% quantile of the past five years [9][10]. - The inventory of refined tin on the Shanghai Futures Exchange decreased compared to last week; the social inventory of tin ingots in China decreased compared to last week; the inventory of refined tin on the London Metal Exchange increased compared to last week; the total inventory of refined tin at home and abroad decreased compared to last week [12]. 3.2 Second Part: Mid - upstream Supply Situation - The daily processing fee of domestic tin concentrates is oscillating downward, indicating a tight supply expectation of domestic tin mines. The production (import) volume of domestic tin mines in October increased (increased) month - on - month. The production volume of recycled tin in China in October may increase month - on - month [19][21][24]. - The capacity utilization rate of refined tin in China increased compared to last week. The production (inventory) volume of refined tin in China in October increased (decreased) month - on - month, and the import volume may increase month - on - month [26][28][29]. 3.3 Third Part: Downstream Demand Situation - The daily processing fee of photovoltaic solder strips decreased month - on - month, which may lead to an increase in the capacity utilization rate (inventory) of tin solder in China in October. The import (export) volume of solder strips in China in October may decrease (decrease) month - on - month [35][38]. - The production volume of tin - plated sheets in China in October may increase month - on - month, while the import and export volumes may decrease month - on - month. The capacity utilization rate of lead - acid batteries in China increased compared to last week [41][43][46].

Report Information - Report Title: Non-ferrous Metals Weekly - Tin [1] - Date: October 21, 2025 [2] - Author: Wang Wenhu [2] - Contact: 021 - 51801878 [2] Investment Rating - Not provided in the report Core View - The uncertainty of China - US tariff negotiations weighs on tin prices, but the expectation of the Fed's future interest rate cuts and halt of balance - sheet reduction, along with the slow resumption of tin mines in Wa State, Myanmar, is unlikely to change the tight supply - demand situation. The Shanghai tin price is expected to be weak first and then strong. Investors are advised to mainly buy on price dips, paying attention to support and resistance levels [3]. Summary by Directory Part 1: Spread and Inventory Situation - The basis of Shanghai tin is positive and the monthly spread is negative, both within a reasonable range. Due to the Fed's future interest rate cut and halt of balance - sheet reduction expectations and the slow resumption of tin mines in Wa State, Myanmar, investors are advised to wait and see for arbitrage opportunities [7][9] - The (0 - 3) contract spread of LME tin is negative and the (3 - 15) contract spread is positive, both within a reasonable range. The Shanghai - London tin price ratio is below the 50% quantile of the past five years. Due to the Fed's expectations and the decreasing inventory of refined tin in LME, investors are advised to wait and see for arbitrage opportunities [10] - The inventory of refined tin in SHFE decreased compared with last week; the social inventory of tin ingots in China decreased compared with last week; the inventory of refined tin in LME increased compared with last week; the total inventory of refined tin at home and abroad decreased compared with last week [12] Part 2: Mid - upstream Supply Situation - The daily processing fee of domestic tin concentrate is oscillating downward, indicating a tight supply expectation of domestic tin mines [18][19] - The production (import) volume of Chinese tin mines in October increased (increased) month - on - month. Factors include the resumption of mines in Myanmar, Indonesia's mine policies, and the situation in other countries [21][23] - The production volume of Chinese recycled tin in October increased month - on - month [24][25] - The capacity utilization rate of Chinese refined tin increased compared with last week. The production (inventory) volume of Chinese refined tin in October increased (decreased) month - on - month [26][28] - The import volume of Chinese refined tin in October may increase month - on - month due to the production plans of foreign mines and export forecasts [29][31] Part 3: Downstream Demand Situation - The daily processing fee of photovoltaic solder strips decreased month - on - month, which may lead to an increase in the capacity utilization rate (inventory) of Chinese tin solder in October [35] - The import (export) volume of Chinese solder strips in October may decrease month - on - month [38][40] - The production (import, export) volume of Chinese tin - plated sheets in October may increase (decrease, decrease) month - on - month [41][43] - The capacity utilization rate of Chinese lead - acid batteries increased compared with last week. As tin is an important additive in lead - acid batteries, this may affect tin demand [44][46]

Core Insights - The photovoltaic welding ribbon industry in China is experiencing unprecedented growth due to increasing attention to renewable energy, with the market size expected to reach 29.8 billion yuan in 2024, a year-on-year increase of 39.3% [1][8][9] - Technological advancements such as Multi-Busbar (MBB) technology and thinner SMBB ribbons are enhancing market competitiveness by reducing costs per watt [1][8] - The demand for photovoltaic welding ribbons is closely tied to the growth of the photovoltaic industry, with significant increases in installed capacity projected [7][9] Industry Overview - Photovoltaic welding ribbons, also known as tin-coated copper ribbons, are essential for connecting solar cell chips, facilitating current transmission [2][3] - The structure of welding ribbons typically consists of a copper substrate with a tin alloy surface, designed to enhance conductivity and welding performance [2] Market Size and Growth - The market size for photovoltaic welding ribbons in China is projected to reach 29.8 billion yuan in 2024, reflecting a 39.3% increase from the previous year [1][8] - The usage of photovoltaic welding ribbons is expected to grow from 47,700 tons in 2018 to 322,700 tons in 2024, driven by the expansion of the photovoltaic industry [9][10] Competitive Landscape - The market is characterized by a multi-tiered structure, with large enterprises like Yubang New Materials and Tongxiang Technology dominating due to advanced production technologies and strong financial capabilities [11] - Emerging companies are leveraging technological innovation to capture market share, indicating a dynamic competitive environment [11] Industry Trends - National policies are strongly supporting the photovoltaic industry, promoting healthy and orderly development through subsidies and industry standards [12][13] - The industry is witnessing increasing concentration, with smaller firms facing pressure to exit the market, while larger firms benefit from economies of scale and advanced technology [14] - The push for grid parity and lower costs is driving technological advancements in the welding ribbon sector, enhancing product performance and efficiency [15]

Core Insights - On October 13, Yubang New Materials saw a stock price increase of 4.25% with a trading volume of 224 million yuan [1] - The company reported a financing buy-in of 10.88 million yuan and a financing repayment of 19.12 million yuan, resulting in a net financing outflow of 8.25 million yuan [1] - As of October 13, the total margin balance for Yubang New Materials was 109 million yuan, which represents 2.77% of its market capitalization [1] Financing Overview - On the same day, the financing buy-in was 10.88 million yuan, with a current financing balance of 109 million yuan, exceeding the 50th percentile level over the past year [1] - The margin trading data indicated no shares were sold or repaid on that day, with a margin balance of 0 yuan, placing it in the 80th percentile over the past year [1] Company Performance - As of June 30, the number of shareholders for Yubang New Materials increased by 8.41% to 13,300, with an average of 7,826 circulating shares per shareholder, up 121.73% [2] - For the first half of 2025, the company reported a revenue of 1.518 billion yuan, a year-on-year decrease of 9.77%, while the net profit attributable to shareholders was 36.01 million yuan, a slight increase of 0.18% [2] Dividend and Shareholding Structure - Since its A-share listing, Yubang New Materials has distributed a total of 57.79 million yuan in dividends [3] - As of June 30, 2025, among the top ten circulating shareholders, Guoshou Anbao Wisdom Life Stock A held 766,300 shares, unchanged from the previous period, while Wanjia Xinli reduced its holdings by 86,800 shares to 587,800 shares [3]

Core Insights - On October 9, Weiteng Electric experienced a 0.30% decline in stock price with a trading volume of 275 million yuan, indicating a relatively stable market presence [1] - The company reported a financing buy-in of 38.63 million yuan and a net financing buy of 7.00 million yuan on the same day, reflecting investor interest despite the stock price drop [1] - As of October 9, the total financing and securities lending balance for Weiteng Electric reached 679 million yuan, which is 7.26% of its circulating market value, indicating a high level of leverage [1] Financing and Securities Lending - On October 9, Weiteng Electric had a financing buy-in of 38.63 million yuan, with a current financing balance of 679 million yuan, which is above the 90th percentile of the past year [1] - There were no securities lent or repaid on the same day, with a securities lending balance of 0, indicating a lack of short-selling activity [1] Business Performance - As of June 30, Weiteng Electric reported a total of 5,365 shareholders, an increase of 15.33% from the previous period, while the average circulating shares per person decreased by 13.29% [2] - For the first half of 2025, the company achieved a revenue of 1.732 billion yuan, a year-on-year decrease of 6.48%, and a net profit attributable to shareholders of 16.49 million yuan, down 79.07% year-on-year [2] Dividend Distribution - Since its A-share listing, Weiteng Electric has distributed a total of 106 million yuan in dividends, with 86.55 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the sixth largest circulating shareholder is Quan Guo Xu Yuan Mixed A, holding 3.36 million shares, an increase of 1.05 million shares from the previous period [4] - The tenth largest circulating shareholder is Fu Guo Innovation Technology Mixed A, holding 1.49 million shares, with no change in the number of shares held [4]