价：2025Q2，锡价环比基本持平，锡、铜冶炼加工费环比下行，硫酸价格环比增长。2025Q2，锡期货 收盘价均价为26.33 万元/吨，环比+0.25 万元/吨，锌期货收盘价均价为2.23 万元/吨，环比-0.16 万元/ 吨，铜期货收盘价均价为7.77 万元/吨，环比+0.03 万元/吨，铟均价约2605 元/千克，环比-84 元/千克。 2025Q2，锡精矿加工费（云南40%）均价为12237 元/吨，环比-947 元/吨；国产锌精矿加工费均价为 3535 元/吨，环比+801 元/吨；铜精矿TC 指数均价为-40.13 美元/吨，环比-31.74 美元/吨；硫酸价格均价 为645 元/吨，环比+128元/吨。 事件：公司发布2025 年中报，25Q2 扣非业绩实现约8.10 亿元，大超预期。2025H1，公司实现营收 210.93 亿元，同比增长12.35%，实现归母净利润10.62 亿元，同比增长32.76%，扣非归母净利润13.03 亿元，同比增长30.55%。 2025Q2，公司实现营收113.65 亿元，同比增长9.53%，环比增长16.82%，实现归母净利润5.62 亿元，同 比增长18.76 ...

锡业股份（000960.SZ）2025 年半年报点评 扣非业绩大超预期，稳步推进资源布局新篇章 2025 年 08 月 27 日 ➢ 事件：公司发布 2025 年中报，25Q2 扣非业绩实现约 8.10 亿元，大超预 期。2025H1，公司实现营收 210.93 亿元，同比增长 12.35%，实现归母净利润 10.62 亿元，同比增长 32.76%，扣非归母净利润 13.03 亿元，同比增长 30.55%。 2025Q2，公司实现营收 113.65 亿元，同比增长 9.53%，环比增长 16.82%，实 现归母净利润 5.62 亿元，同比增长 18.76%，环比增长 12.61%，扣非归母净利 润 8.10 亿元，同比增长 16.60%，环比增长 64.04%。 ➢ 量：25H1 公司自产金属量保持稳定，稳步推进资源布局新篇章。2025 年 上半年生产有色金属总量达 18.13 万吨，其中：锡 4.81 万吨、锌 6.98 万吨、铜 6.25 万吨、铅 937 吨；生产稀贵金属：产品铟 71 吨，金 565 千克，银 59 吨。 钨方面，公司目前已获得云南省自然资源厅 2025 年度第一批钨矿（三氧化钨 65 ...

证券日报网讯云南锗业（002428）8月27日在互动平台回答投资者提问时表示，广西誉升锗业高新技术 有限公司作为上游矿山生产企业，其锗、铟等产品均是公司控股子公司鑫耀公司所需原材料，引入该股 东，将进一步加强鑫耀公司与上游资源端的合作关系，进一步丰富鑫耀公司的原料供应渠道，有利于进 一步强化供应链稳定性，对鑫耀公司构建更加稳定的供应链形成助力。 ...

公司发布半年报：上半年实现营收 210.93 亿元，同比+12.35%；实现归母净 利润 10.62 亿元，同比+32.76%；实现扣非净利润 13.03 亿元，同比+30.55%。 公司于 25Q2 实现营收 113.65 亿元，同比+9.53%，环比+16.82%；实现归母 净利润 5.62 亿元，同比+18.76%，环比+12.61%；实现扣非净利润 8.10 亿元， 同比+16.60%，环比+64.04%。 证券研究报告 | 2025年08月25日 锡业股份（000960.SZ）——半年报点评 优于大市 二季度扣非利润表现亮眼，致力提升现有矿山价值 核心产品产销量数据：今年上半年，公司生产有色金属总量约 18.13 万吨， 其中：锡 4.81 万吨，锌 6.98 万吨，铜 6.25 万吨，铅 937 吨；同时生产稀 贵金属：铟 71 吨，金 565 千克，银 59 吨。公司于年初发布 2025 年的主要 工作目标是：产品锡 9 万吨，产品铜 12.5 万吨，产品锌 13.16 万吨，铟锭 102.3 吨；其中在上半年，锡完成全年目标的 53.44%，锌完成全年目标的 53.04%，铜完成全年目标的 5 ...

公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人刘路坷、主管会计工作负责人岳敏及会计机构负责人(会计主 管人员)武武声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 报告中所涉未来计划等前瞻性陈述，不代表对公司未来盈利预测，不构成 公司对投资者的实质承诺，敬请投资者注意投资风险。公司在本报告"第三节 十、公司面临的风险和应对措施"中，已详细描述公司可能面临的风险及公司 拟应对措施，敬请投资者查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。此外，公 司 1 亿元（含）-2 亿元（含）回购股份并注销的方案已于 2025 年 8 月 7 日首 次实施。 第 1 页 共 162 页 第 2 页 共 162 页 （一）载有公司负责人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表； （二）报告期内公开披露过的所有公司文件的正本及公告的原稿； （三）载有公司法定代表人签名的 2025 年半年度报告文本。 第 3 页 共 162 页 ...

锡业股份的主营业务为锡、锌、铜、铟等金属矿的勘探、开采、选矿和冶炼。公司拥有的锡资源储量和 铟资源储量成就了公司锡、铟双龙头产业地位，公司锡资源生产基地个旧地区是中国锡资源最集中的地 区之一，素有世界"锡都"美誉。 报告期内，锡业股份高效组织矿山生产，优化采场布局，强化选厂抛废流程，积极克服出矿量及出矿品 位的挑战，矿山基础进一步夯实。冶炼生产坚持"安稳长满优"，合理优化原料结构，强化生产全流程管 控，有价金属回收效能进一步释放，冶炼生产综合效益不断提升，有效对冲加工费下行的挑战。 锡业股份认为，从周期性特点来看，有色金属行业仍然属于强周期行业，同时近年来随着全球新能源汽 车、光伏发电以及人工智能行业的快速发展，相关有色金属品种的需求开始表现出成长性，并在一定程 度上穿越周期性，并持续成为国家战略转型升级的重要支柱行业。 自2005年以来，锡业股份的锡产销量，稳居全球第一，占有全球锡市场最大份额，公司根据自身产销量 和行业协会公布的相关数据测算，2024年国内市场占有率为47.98%，较2023年上升0.06个百分点，全球 市场占有率为25.03%，较2023年上升2.11个百分点。根据国际锡业协会统计，公司 ...

Core Viewpoint - Guangxi, known as the "hometown of non-ferrous metals," plays a crucial role in ensuring national resource security with significant mineral reserves, having resources in 30 out of 36 strategic minerals, with 10 ranking in the top five nationally [1][2] Group 1: Mining Strategy and Implementation - During the 14th Five-Year Plan period, Guangxi's Natural Resources Department has actively implemented the national energy resource security strategy, focusing on mining exploration and achieving all assigned tasks ahead of schedule by June 2025 [1][3] - The provincial government prioritizes mining work as a key initiative, emphasizing the importance of energy resource security and mobilizing resources across the region to meet national demands [3][7] Group 2: Financial and Institutional Support - Guangxi has allocated over 2 billion yuan (approximately 0.3 billion USD) from central, local, and social funds for geological exploration during the 14th Five-Year Plan, ensuring continuous support for mining activities [3][6] - The region has simplified the approval process for mining rights, reducing costs for enterprises and enhancing their engagement in exploration activities [6][7] Group 3: Collaborative Efforts and Innovations - Over 40 geological survey teams and mining companies in Guangxi have developed targeted exploration plans, leading to the identification of 37 prospective mining areas and 89 target areas, with 48 new mineral sites discovered [4][5] - Guangxi has successfully hosted 13 China-ASEAN Mining Cooperation Conferences, signing 184 projects worth over 68 billion yuan (approximately 10.5 billion USD), expanding its international market presence [8][9] Group 4: Technological Advancements and Future Focus - The region has made significant breakthroughs in exploring strategic minerals such as aluminum, manganese, tin, antimony, indium, and rare earths, further solidifying Guangxi's position in the national mineral landscape [7][10] - Future efforts will concentrate on challenging minerals like manganese, aluminum, and zircon, with a commitment to enhancing technological innovation and exploration investments [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][20] Core Views - The report highlights that the company's production capacity is expected to continue to rise in 2024, with a significant improvement in profitability in Q1 2025 [3][4] - The company achieved a revenue of 42 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the net profit attributable to shareholders was 1.44 billion yuan, an increase of 2.55% year-on-year [4] - The report anticipates a revenue of 46.5 billion yuan for 2025, with projected production of 90,000 tons of tin, 125,000 tons of copper, and 131,600 tons of zinc [6][7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42 billion yuan, with a net profit of 1.44 billion yuan, and a non-recurring net profit of 1.94 billion yuan, reflecting a 40.5% increase year-on-year [4] - For Q1 2025, the company achieved a revenue of 9.73 billion yuan, a 15.8% increase year-on-year, and a net profit of 500 million yuan, a 53.1% increase year-on-year [4][6] Production and Pricing - In 2024, the company produced 84,800 tons of tin, a 6% increase year-on-year, with an average tin price of 248,000 yuan per ton, up 16.9% year-on-year [5] - For Q1 2025, the tin production was 24,200 tons, an 8% increase year-on-year, with an average tin price of 260,800 yuan per ton, a 20% increase year-on-year [6] Profitability Forecast - The report projects net profits for 2025, 2026, and 2027 to be 2.23 billion yuan, 2.42 billion yuan, and 2.56 billion yuan respectively, with corresponding EPS of 1.35, 1.47, and 1.55 yuan [7]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **metal industry**, particularly **strategic metals** and **new materials** for the first half of 2025, highlighting the revaluation of strategic metals and opportunities in new materials due to technological iterations [1][3][29]. Core Insights and Arguments - **Strategic Metals Pricing**: By mid-2025, the pricing of strategic metals has fully reflected actual metal prices, influenced by global uncertainties and U.S. tariff policies [1][3]. - **Focus on Key Metals**: Emphasis on rare earth magnets, tungsten, and antimony, which have strong domestic resource control [1][3]. - **Export Controls**: China has implemented export controls on gallium, germanium, antimony, tungsten, bismuth, molybdenum, and indium to counter U.S. technology restrictions, leading to significant price increases in overseas markets compared to domestic prices [1][6][9][11]. - **Supply-Demand Dynamics**: The supply-demand balance is expected to improve gradually, potentially shifting from surplus to shortage, which will drive prices upward [2][12]. Specific Metal Insights - **Tungsten**: - The tungsten quota has decreased for two consecutive years due to resource depletion, with demand linked to macroeconomic conditions and growth in sectors like 3C and military, pushing prices to historical highs [4][15][16]. - Current tungsten prices exceed 170,000 yuan per ton, with production challenges due to low ore grades [14][15]. - **Antimony**: - Antimony market is strong, with domestic supply accounting for over 60% of global production. The photovoltaic industry is a major driver of demand, expected to grow as installation capacity expands [4][17][18]. - **Molybdenum**: - Molybdenum prices are expected to remain high due to stable production and lack of new mining projects, with demand primarily from stainless steel and special steel applications [19][22]. New Materials Sector - **Growth Opportunities**: The electronic and military sectors are highlighted as key areas for growth in new materials, driven by advancements in AI and electronic components [5][23][24]. - **Technological Upgrades**: The demand for upgraded electronic materials is increasing, particularly for components like capacitors and inductors, which require smaller particle sizes and higher performance [23][24]. Geopolitical and Market Impacts - **China's Dominance**: China holds a significant advantage in the smelting of strategic metals, with over 90% of rare earth separation occurring domestically, despite U.S. technology restrictions [1][10][11][12]. - **U.S. Dependency**: The U.S. remains highly dependent on China for strategic metals, with significant portions of its tungsten, antimony, and rare earth needs met by Chinese imports [11]. Emerging Trends - **Military Sector Recovery**: The military industry is showing signs of recovery, particularly in aerospace, with increased demand for strategic metals [26]. - **New Applications**: The demand for tantalum, niobium, and titanium in high-temperature applications and aerospace is expected to grow, driven by advancements in technology and military needs [28]. Conclusion - The strategic metals market is poised for growth, supported by strong demand fundamentals and geopolitical factors. Companies in this sector, such as Jinchuan Group and Xiamen Tungsten, are recommended for their promising outlooks [29].

Core Viewpoint - The establishment of the Zhongyuan Key Metals Laboratory, a collaboration between Zhengzhou University and Sanmenxia City, aims to produce high-purity gallium and indium, which are critical materials for addressing key technological challenges in the country [1][2]. Group 1: Laboratory and Project Overview - The Zhongyuan Key Metals Laboratory features a dust-free workshop equipped with high-vacuum purification devices for the trial production of ultra-pure gallium and indium [1]. - The laboratory was established in just six months, facilitated by proactive communication between local government officials and academic researchers [1]. Group 2: Talent and Policy Initiatives - The Sanmenxia City government emphasizes the importance of attracting and retaining talent, implementing various supportive measures such as talent housing and financial incentives [2]. - The city has organized multiple youth talent networking events and has established 1,893 talent apartments to improve living conditions for skilled professionals [2]. - Sanmenxia has introduced policies to enhance the attractiveness of its talent programs, including the "Xiaohan Talent Plan" aimed at fostering high-level innovation and entrepreneurship [2].