10月10日，兴业银锡涨5.03%，截至发稿，报38.00元/股，成交18.00亿元，换手率2.77%，总市值674.74 亿元。兴业银锡股价已经连续4天上涨，区间累计涨幅33.31%。 资料显示，内蒙古兴业银锡矿业股份有限公司位于内蒙古自治区赤峰市新城区玉龙大街76号兴业大厦， 成立日期1996年8月23日，上市日期1996年8月28日，公司主营业务涉及有色金属、黑色金属资源的采掘 和冶炼。主营业务收入构成为：矿产银34.80%，矿产锡30.81%，矿产锌19.32%，矿产铅5.12%，矿产铁 3.34%，矿产锑2.90%，矿产铜2.01%，其他(补充)0.72%，矿产金0.66%，矿产铋0.32%。 从基金十大重仓股角度 中邮核心优势灵活配置混合A（590003）基金经理为江刘玮、张屹岩。 截至发稿，江刘玮累计任职时间4年221天，现任基金资产总规模20.35亿元，任职期间最佳基金回报 37.56%， 任职期间最差基金回报8.56%。 数据显示，中邮基金旗下1只基金重仓兴业银锡。中邮核心优势灵活配置混合A（590003）二季度持有 股数200万股，占基金净值比例为2.62%，位居第八大重仓股。根据测算，今 ...

投资要点 ▌ 总量观点 10 月海外关注美国政府停摆、经济数据及 10 月降息预期。 预计中上旬美国政府延续关门，目前市场反应还算温和， 警惕持续关门引发的资产波动放大。国内：关注短期增量 对冲政策、中长期十五五风向和 10 月底 APEC 中美进展。A 股震荡整固后蓄势上行，关注政策催化、景气修复和降息 受益三大方向。 行业选择：关注三大方向：1）政策催化（十五五规划受益 的半导体、机器人、工业软件、军工等）；2）景气修复 （三季报盈利预期改善的 AI、创新药、新能源等）；3）降 息受益（联储预防式降息延续利好的有色、非银等）。 ▌ 本期金股组合： 电子：中微公司（688012.SH） 电子：复旦微电（688385.SH） 中小盘：思泉新材（301489.SZ） 电子：长飞光纤（601869.SH） 汽车：模塑科技（000700.SZ） 电力设备：美湖股份（603319.SH） 新能源：深圳新星（603978.SH） 有色：洛阳钼业（603993.SH） 有色：兴业银锡（000426.SZ） 化工：江山股份（600389.SH） 2025 年 10 月 08 日 十月策略和十大金股 —10 月十大金股 注： ...

Group 1 - The core point of the news is the performance and financial details of Inner Mongolia Xingye Silver Tin Mining Co., Ltd, which saw a stock price increase of 5.44% to 32.96 CNY per share, with a total market capitalization of 58.525 billion CNY [1] - The company was established on August 23, 1996, and listed on August 28, 1996, focusing on the mining and smelting of non-ferrous and ferrous metal resources [1] - The main revenue composition of the company includes silver (34.80%), tin (30.81%), zinc (19.32%), lead (5.12%), iron (3.34%), antimony (2.90%), copper (2.01%), and other minerals [1] Group 2 - From the perspective of fund holdings, Jiahe Fund has a significant position in Xingye Silver Tin, with Jiahe Jinpeng Tieli Mixed A (008905) holding 800,000 shares, representing 1.76% of the fund's net value [2] - The fund has generated a floating profit of approximately 1.36 million CNY as of the report date [2] - Jiahe Jinpeng Tieli Mixed A was established on April 29, 2020, with a current scale of 305 million CNY and has achieved a year-to-date return of 16.6% [2]

Group 1 - The core viewpoint of the news is the performance and market position of Inner Mongolia Xingye Silver Tin Mining Co., Ltd, which saw a stock price increase of 5.01% to 28.50 CNY per share, with a total market capitalization of 50.606 billion CNY [1] - The company was established on August 23, 1996, and listed on August 28, 1996, focusing on the mining and smelting of non-ferrous and ferrous metal resources [1] - The main revenue composition of the company includes silver (34.80%), tin (30.81%), zinc (19.32%), lead (5.12%), iron (3.34%), antimony (2.90%), copper (2.01%), gold (0.66%), bismuth (0.32%), and other minerals (0.72%) [1] Group 2 - From the perspective of fund holdings, Xinhua Fund has a significant position in Xingye Silver Tin, with its Xinhua Industry Cycle Rotation Mixed A Fund holding 437,300 shares, unchanged from the previous period, representing 5.17% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 594,700 CNY today [2] - The Xinhua Industry Cycle Rotation Mixed A Fund was established on July 21, 2010, with a current scale of 133 million CNY and has achieved a year-to-date return of 26.06% [2]

Group 1 - The core viewpoint of the news is that Xingye Silver Tin has experienced a significant stock price increase, with a 15.02% rise over four consecutive days, reaching a price of 27.80 CNY per share and a market capitalization of 49.363 billion CNY [1] - Xingye Silver Tin's main business involves the mining and smelting of non-ferrous and ferrous metal resources, with revenue composition including silver (34.80%), tin (30.81%), zinc (19.32%), lead (5.12%), iron (3.34%), antimony (2.90%), copper (2.01%), gold (0.66%), bismuth (0.32%), and others (0.72%) [1] - The fund "Fuguo Zhihang Quantitative Stock A" holds a significant position in Xingye Silver Tin, ranking it as the seventh largest holding, with a net value proportion of 0.83% [2] Group 2 - The fund "Fuguo Zhihang Quantitative Stock A" has achieved a year-to-date return of 20.89% and a one-year return of 50.82%, ranking 2368 out of 4220 and 1937 out of 3814 respectively [2] - The fund manager Wang Baohe has a tenure of over 14 years, with the best fund return during his tenure being 98.17% [3] - The fund's total asset size is currently 90.6 billion CNY, while the other manager, Miao Fu, has a much shorter tenure of 65 days with an asset size of 1.03 billion CNY [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.79 CNY based on a PE ratio of 17X for comparable companies in 2025 [5][2]. Core Insights - The company's copper and gold business is expected to continue experiencing growth in both volume and price, which is anticipated to drive performance upward. The company achieved a net profit of 23.29 billion CNY in the first half of 2025, representing a year-on-year increase of 54.41% [9]. - The company is actively pursuing resource exploration and acquisition strategies to enhance its resource base, with significant increases in copper, gold, and lithium resources reported [9]. - The planned spin-off of the overseas gold segment is expected to facilitate further expansion in the gold business and potentially lead to a revaluation of the company's overall value [9]. Financial Forecasts - The company forecasts revenue growth from 293.4 billion CNY in 2023 to 461.9 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 7.6% [3]. - Net profit is projected to increase from 21.12 billion CNY in 2023 to 74.19 billion CNY in 2027, reflecting a CAGR of about 18.8% [3]. - Earnings per share (EPS) are expected to rise from 0.79 CNY in 2023 to 2.79 CNY in 2027, indicating strong growth potential [3]. Key Financial Metrics - The gross margin is expected to improve from 15.8% in 2023 to 27.8% in 2027, while the net margin is projected to increase from 7.2% to 16.1% over the same period [3]. - The return on equity (ROE) is anticipated to reach 31.6% in 2025, reflecting the company's effective use of equity capital [3]. - The price-to-earnings (PE) ratio is expected to decrease from 30.7 in 2023 to 8.7 in 2027, indicating a potentially attractive valuation as earnings grow [3].

Core Viewpoint - The stock of Inner Mongolia Xingye Silver Tin Mining Co., Ltd. has experienced a decline of 5% as of September 18, with a trading price of 23.75 CNY per share and a total market capitalization of 42.171 billion CNY [1] Company Overview - Inner Mongolia Xingye Silver Tin Mining Co., Ltd. was established on August 23, 1996, and listed on August 28, 1996. The company is located at 76 Yulong Avenue, New District, Chifeng City, Inner Mongolia [1] - The company's main business involves the mining and smelting of non-ferrous and ferrous metal resources. The revenue composition from its main business includes: - Silver: 34.80% - Tin: 30.81% - Zinc: 19.32% - Lead: 5.12% - Iron: 3.34% - Antimony: 2.90% - Copper: 2.01% - Others: 0.72% - Gold: 0.66% - Bismuth: 0.32% [1] Fund Holdings - According to data, one fund under China Post Fund has a significant holding in Xingye Silver Tin. The China Post Core Advantage Flexible Allocation Mixed A Fund (590003) held 2 million shares in the second quarter, accounting for 2.62% of the fund's net value, making it the eighth largest holding [2] - The fund has reported a floating loss of approximately 2.5 million CNY as of the latest update [2] - The China Post Core Advantage Flexible Allocation Mixed A Fund was established on October 28, 2009, with a current scale of 1.084 billion CNY. Year-to-date returns are 30.18%, ranking 2949 out of 8172 in its category, while the one-year return is 38.55%, ranking 4502 out of 7980 [2]

Core Viewpoint - The stock of Xingye Silver Tin has shown significant growth, with a year-to-date increase of 134.93%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of September 15, Xingye Silver Tin's stock price reached 25.96 CNY per share, with a trading volume of 5.80 billion CNY and a market capitalization of 46.096 billion CNY [1]. - The stock has experienced a 11.56% increase over the past five trading days, a 26.45% increase over the past 20 days, and a 70.57% increase over the past 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Xingye Silver Tin reported a revenue of 2.473 billion CNY, reflecting a year-on-year growth of 12.50%, while the net profit attributable to shareholders decreased by 9.93% to 796 million CNY [2]. Group 3: Shareholder Information - As of August 29, the number of shareholders for Xingye Silver Tin increased to 50,900, with an average of 34,844 shares held per shareholder, a decrease of 0.89% [2]. - The company has distributed a total of 423 million CNY in dividends since its A-share listing, with 275 million CNY distributed in the last three years [3]. Group 4: Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest shareholder, holding 28.8249 million shares, an increase of 3.2836 million shares from the previous period [3]. - Dazheng New Industry Mixed A (090018) entered the top five shareholders with 20.3705 million shares, while Southern CSI 500 ETF (510500) increased its holdings to 18.4623 million shares [3].

Summary of Conference Call Records Industry Overview - The conference call discusses the metal sector, particularly focusing on gold, silver, copper, tungsten, rare earths, and steel industries [1][3][5][6][7][8][10][12][14]. Key Points and Arguments Gold and Silver Market - **Gold Performance**: 中金黄金 (China National Gold) reported Q2 earnings exceeding expectations, with a quarterly profit of 1.6 to 1.7 billion yuan, showing over 60-70% year-on-year and quarter-on-quarter growth. The company's profitability in the gold mining sector has significantly improved, making it an attractive investment opportunity [3][4]. - **Silver Market Dynamics**: Silver prices have surged due to its proposed inclusion in the U.S. critical minerals list and tariff concerns, leading to increased demand in the U.S. market. 兴业银锡 (Xingye Silver Tin) is expected to become the largest silver and tin producer in China, with silver production projected to rise from 300 tons this year to over 900 tons by 2028 [1][4]. Copper and Tin Supply Issues - **Copper Supply Constraints**: The copper market is facing challenges due to an accident at Freeport's Indonesian mine and production cuts at Japanese smelters, leading to a projected negative growth in copper supply this year. Recommended companies include 金诚信 (Jinchengxin) and 洛阳钼业 (Luoyang Molybdenum), which are expected to benefit from increased copper production and rising prices of molybdenum and tungsten [5][6]. - **Tin Market**: The tin supply has also been disrupted, with actual increases falling short of expectations. The overall supply growth for tin is minimal, indicating potential upward price elasticity in the future [5]. Tungsten and Rare Earths - **Tungsten Market**: The tungsten market is experiencing tight supply, leading to price increases. 厦门钨业 (Xiamen Tungsten) is highlighted as a leading company with a continuous increase in tungsten concentrate supply [6]. - **Rare Earths Demand**: The demand for rare earths and magnetic materials is recovering, with expectations for continued price increases. Companies like 北方稀土 (Northern Rare Earth) and 包钢氧化钕 (Baogang Neodymium Oxide) are noted for their strong price increase potential [1][6]. Steel Industry Insights - **Steel Market Performance**: The steel sector is benefiting from anti-competitive policies and improved fundamentals, with Q1 and Q2 earnings showing positive trends. Major companies like 华菱钢铁 (Hualing Steel), 首钢股份 (Shougang), and 宝钢股份 (Baosteel) are highlighted for their low price-to-book ratios, indicating high value [2][7][8][10][11]. - **Future Price Trends**: Steel prices are expected to rebound as supply recovers and demand improves, particularly in the construction sector. The anticipated decrease in raw material costs in Q4 could further enhance profitability for steel companies [9][10]. Cobalt Market Developments - **Cobalt Price Surge**: Cobalt prices have risen significantly due to resource concentration and uncertainties in the Democratic Republic of Congo's policies. Companies like 华友钴业 (Huayou Cobalt) and 腾远钴业 (Tengyuan Cobalt) are positioned to benefit from these trends [14][19]. - **Cobalt Supply Constraints**: The production of cobalt salts has reached a five-year low, indicating a tight supply situation. The strategic importance of cobalt is underscored by the U.S. initiating a cobalt reserve plan [15][17]. Additional Important Insights - The overall sentiment in the metal sector is optimistic, driven by macroeconomic factors such as anticipated interest rate cuts and geopolitical uncertainties, which are expected to bolster demand for precious metals and industrial metals alike [1][3][12]. - The focus on strategic resources and their valuation is likely to have long-term implications for the global supply-demand dynamics in the metal industry [18].

Core Viewpoint - The stock of Inner Mongolia Xingye Silver Tin Mining Co., Ltd. has shown significant growth, with a year-to-date increase of 114.57% and a recent surge in trading volume and market capitalization [1][2]. Financial Performance - For the first half of 2025, the company achieved a revenue of 2.473 billion yuan, representing a year-on-year growth of 12.50%. However, the net profit attributable to shareholders decreased by 9.93% to 796 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 423 million yuan, with 275 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 11, the stock price reached 23.71 yuan per share, with a trading volume of 264 million yuan and a turnover rate of 0.63%. The total market capitalization stands at 42.1 billion yuan [1]. - The stock has seen a net inflow of 12.88 million yuan from main funds, with significant buying activity from large orders [1]. Shareholder Structure - As of August 29, the number of shareholders increased to 50,900, with an average of 34,844 shares held per person, a slight decrease of 0.89% [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the fourth-largest shareholder, increasing its stake by 3.28 million shares [3].