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 ...

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]

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].

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].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown a revenue increase of 12.50% year-on-year in H1 2025, with total revenue reaching 2.473 billion yuan [3] - The net profit attributable to shareholders decreased by 9.93% year-on-year to 796 million yuan in H1 2025, primarily due to operational disruptions [3][8] - The company is expected to benefit from high silver and tin prices, along with two acquisitions that will support future capacity growth [12] Revenue and Profit Analysis - In H1 2025, the company produced 3,589.82 tons of tin, a decrease of 20.64% year-on-year, while silver production increased by 4.57% to 131.32 tons [4] - The main revenue segments for H1 2025 were tin (31.03%), silver (35.05%), and zinc (19.46%), with total main business revenue of 2.455 billion yuan, up 11.92% year-on-year [5] - The gross profit margin for tin was 68.39%, while silver's gross profit margin was 54.66%, both showing slight declines due to increased costs [7] Acquisition and Resource Expansion - The company successfully acquired 85% of Yubang Mining, which contributed to revenue growth and resource expansion [5] - In August 2025, the company acquired 96.04% of Atlantic Tin Industry, marking its first overseas acquisition and enhancing its international resource portfolio [10] Future Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 5.243 billion, 5.700 billion, and 5.700 billion yuan respectively, with net profits expected to be 2.113 billion, 2.413 billion, and 2.470 billion yuan [12][14]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - Short-term factors are interfering with performance release, but the growth potential for the silver and tin leader is promising [1]. - The company expects revenue growth in the coming years, with projected revenues of 58.6 billion, 66.8 billion, and 83.2 billion for 2025, 2026, and 2027 respectively [4]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 2.473 billion, a year-on-year increase of 12.5%, while net profit attributable to shareholders was 796 million, a decrease of 9.93% [1]. - The revenue from tin and silver accounted for 65.6% of total revenue, with tin revenue at 762 million (30.81%) and silver revenue at 861 million (34.80%) [1]. - The gross profit from tin and silver combined accounted for 70.5%, with tin gross profit at 521 million (gross margin of 68.4%) and silver gross profit at 470 million (gross margin of 54.7%) [2]. Production and Operational Analysis - The company produced 3,590 tons of tin in the first half of 2025, a decrease of 20.64% year-on-year, while silver production increased by 4.57% to 131.3 tons [2]. - The subsidiary, Yinman Mining, reported a net profit of 670 million, a decrease due to a mining accident that caused a temporary shutdown [3]. - The company is making progress in restructuring with China Cinda, and key projects are advancing [3]. Future Projections - The company forecasts net profits of 2.06 billion, 2.41 billion, and 3.13 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18.4, 15.7, and 12.1 [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported a revenue of 2.473 billion yuan for the first half of 2025, representing a year-on-year increase of 12.50%. However, the net profit attributable to shareholders decreased by 9.93% to 796 million yuan [4] - The decline in performance is primarily attributed to the suspension of operations at the Yinman Mine and losses at the Yubang Mine, along with reduced profits from Rongguan and Qianjinda mines [4][5] - The company expects a recovery in operations in the second half of the year, supported by a significant increase in silver and tin prices in Q3 [6] Company Overview - The latest closing price is 42.38 yuan, with a total market capitalization of 66.5 billion yuan [3] - The company has a total share capital of 1.57 billion shares, with an asset-liability ratio of 8.2% and a price-to-earnings ratio of 25.84 [3] Financial Performance - In the first half of 2025, the company produced 131.32 tons of silver (up 4.57% year-on-year) and 3589.82 tons of tin (down 20.64% year-on-year) [6] - The average prices for silver and tin increased by 20.31% and 9.23% year-on-year, respectively [6] - The company forecasts revenues of 5.092 billion yuan, 6.184 billion yuan, and 7.140 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.950 billion yuan, 2.303 billion yuan, and 2.782 billion yuan [7][8] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.10 yuan, 1.30 yuan, and 1.57 yuan, respectively [7] - The projected price-to-earnings (P/E) ratios for the same years are 18.72, 15.85, and 13.12 [7]