嘉实中证稀有金属主题ETF发起联接A（014110）成立日期2021年12月1日，最新规模1.33亿。今年以来 收益64.26%，同类排名107/4206；近一年收益47.7%，同类排名310/3983；成立以来亏损15.75%。 11月25日，锡业股份涨5.07%，截至发稿，报23.63元/股，成交6.33亿元，换手率1.67%，总市值388.90 亿元。 资料显示，云南锡业股份有限公司位于云南省昆明市官渡区民航路471号，成立日期1998年11月22日， 上市日期2000年2月21日，公司主营业务涉及锡、锌、铜、铟等金属矿的勘探、开采、选矿和冶炼及锡 的深加工。主营业务收入构成为：锡锭43.61%，供应链业务20.31%，铜产品18.04%，其中:供应链业务- 铜产品12.77%，其他产品7.90%，锌产品7.08%，其中:供应链业务-锡产品5.57%，锡材2.74%，其中:供 应链业务-其他产品1.96%，其他(补充)0.32%。 从基金十大重仓股角度 数据显示，嘉实基金旗下1只基金重仓锡业股份。嘉实中证稀有金属主题ETF发起联接A（014110）三季 度持有股数3300股，与上期相比持股数量不变，占基 ...

11月21日，锡业股份跌5.07%，截至发稿，报22.85元/股，成交2.55亿元，换手率0.67%，总市值376.07 亿元。 资料显示，云南锡业股份有限公司位于云南省昆明市官渡区民航路471号，成立日期1998年11月22日， 上市日期2000年2月21日，公司主营业务涉及锡、锌、铜、铟等金属矿的勘探、开采、选矿和冶炼及锡 的深加工。主营业务收入构成为：锡锭43.61%，供应链业务20.31%，铜产品18.04%，其中:供应链业务- 铜产品12.77%，其他产品7.90%，锌产品7.08%，其中:供应链业务-锡产品5.57%，锡材2.74%，其中:供 应链业务-其他产品1.96%，其他(补充)0.32%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 富国周期优势混合A（005760）成立日期2018年7月10日，最新规模9.35亿。今年以来收益25.05%，同 类排名3167/8136；近一年收益23.26%，同类排名3072/8056；成立以 ...

Core Viewpoint - Yunnan Tin Company Limited has experienced a significant stock price increase of 74.60% year-to-date, despite a recent decline of 6.91% over the past five trading days [1] Financial Performance - For the period from January to September 2025, Yunnan Tin achieved a revenue of 34.417 billion yuan, representing a year-on-year growth of 17.81%, and a net profit attributable to shareholders of 1.745 billion yuan, which is a 35.99% increase compared to the previous year [2] Stock Market Activity - As of November 20, the stock price of Yunnan Tin was 23.99 yuan per share, with a trading volume of 601 million yuan and a turnover rate of 1.50%, leading to a total market capitalization of 39.483 billion yuan [1] - The company has been listed on the "Dragon and Tiger List" once this year, with the most recent occurrence on October 10 [1] Shareholder Information - As of November 10, the number of shareholders for Yunnan Tin was 82,600, an increase of 0.69% from the previous period, with an average of 19,916 circulating shares per shareholder, a decrease of 0.68% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, holding 34.7514 million shares, an increase of 6.8983 million shares from the previous period [3] Dividend Distribution - Yunnan Tin has distributed a total of 2.15 billion yuan in dividends since its A-share listing, with 1.103 billion yuan distributed over the past three years [3] Business Overview - Yunnan Tin's main business includes the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium, with tin ingots accounting for 43.61% of its main business revenue [1]

Group 1 - The stock price of Yunnan Tin Company decreased by 2.08% on November 18, reaching 23.56 CNY per share, with a trading volume of 1.05 billion CNY and a market capitalization of 38.775 billion CNY [1] - Year-to-date, the stock price has increased by 71.47%, with a 1.29% rise in the last five trading days, 4.11% in the last 20 days, and 28.04% in the last 60 days [1] - The company has appeared on the trading leaderboard once this year, with the most recent occurrence on October 10 [1] Group 2 - Yunnan Tin Company, established on November 22, 1998, and listed on February 21, 2000, is primarily engaged in the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium [2] - The revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), among others [2] - As of November 10, the number of shareholders increased to 82,600, with an average of 19,916 circulating shares per person [2] Group 3 - The company has distributed a total of 2.15 billion CNY in dividends since its A-share listing, with 1.103 billion CNY distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and several new institutional investors [3]

Group 1 - The core point of the news is that Yunnan Tin Company Limited's stock price increased by 5.03% to 25.46 CNY per share, with a trading volume of 760 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 41.902 billion CNY [1] - Yunnan Tin Company, established on November 22, 1998, and listed on February 21, 2000, is primarily engaged in the exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium [1] - The company's main business revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), with detailed breakdowns of supply chain business revenues [1] Group 2 - From the perspective of fund holdings, one fund under China Post Fund has Yunnan Tin Company as a significant holding, with 28,000 shares held in the China Post CSI 500 Index Enhanced A fund, accounting for 1.5% of the fund's net value, ranking as the eighth largest holding [2] - The China Post CSI 500 Index Enhanced A fund, established on November 22, 2011, has a latest scale of 32.1952 million CNY and has achieved a year-to-date return of 25.13%, ranking 2225 out of 4216 in its category [2] - The fund manager, Wang Gao, has been in position for 5 years and 130 days, with the fund's total asset scale at 1.915 billion CNY, achieving a best return of 40.15% and a worst return of -29.36% during his tenure [3]

Group 1 - Yunnan Tin Company Limited's stock increased by 5.59%, reaching 24.56 CNY per share, with a trading volume of 512 million CNY and a turnover rate of 1.30%, resulting in a total market capitalization of 40.421 billion CNY [1] - The company, established on November 22, 1998, and listed on February 21, 2000, is primarily engaged in the exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium [1] - The main revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), with detailed breakdowns of supply chain business and other products [1] Group 2 - Qianhai Kaiyuan Fund has a significant holding in Yunnan Tin Company, with its Qianhai Kaiyuan State-owned Enterprises Selected Mixed Fund A (022414) holding 92,000 shares, accounting for 4.05% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a year-to-date return of 34.49%, ranking 2358 out of 8147 in its category, and a cumulative return of 34.58% since inception [2] - The fund manager, Tian Wei, has been in position for 5 years and 128 days, managing assets totaling 343 million CNY, with the best and worst fund returns during his tenure being 50.1% and -15.11%, respectively [2]

Group 1 - The core viewpoint of the news is that Yunnan Tin Company has experienced a significant decline in its stock price, dropping 5.12% to 22.05 CNY per share, with a total market capitalization of 36.29 billion CNY [1] - Yunnan Tin Company has seen its stock price fall for three consecutive days, with a cumulative decline of 5.03% during this period [1] - The company's main business involves the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium, with tin ingots accounting for 43.61% of its main business revenue [1] Group 2 - According to data, Qianhai Kaiyuan Fund holds Yunnan Tin Company as its tenth largest heavy stock, with 92,000 shares, representing 4.05% of the fund's net value [2] - The fund has incurred a floating loss of approximately 10.95 thousand CNY today, with a total floating loss of 11.32 thousand CNY over the three-day decline [2] - The fund manager, Tian Wei, has a tenure of 5 years and 120 days, with the fund's best return during this period being 45.91% [2]

Core Insights - The company reported a total revenue of 2.822 billion yuan for Q3 2025, a year-on-year increase of 16.63%, but a net profit attributable to shareholders of -46.696 million yuan, a decline of 319.29% compared to the previous year [1] - The gross profit margin decreased to 4.01%, down 58.27% year-on-year, while the net profit margin fell to -1.66%, a drop of 287.98% [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 100.72% of the latest annual net profit [5] Financial Performance - Total revenue for Q3 2025 was 1.011 billion yuan, reflecting a 53.71% increase year-on-year [1] - The net profit for Q3 2025 was 28.298 million yuan, a substantial increase of 176.38% year-on-year [1] - The company's operating cash flow per share was -0.18 yuan, a decrease of 280.89% year-on-year [1] Changes in Financial Items - Cash and cash equivalents increased by 350.65% due to the completion of a stock issuance, raising approximately 2.835 billion yuan [2][3] - Accounts receivable increased by 156.78% as the company adopted a "goods first, payment later" approach for some sales orders [2] - The company reported a 515.4% increase in R&D expenses, indicating a significant investment in new product development [3][7] Debt and Equity - The company repaid all short-term and long-term borrowings after the fundraising, resulting in a 100% decrease in short-term and long-term loans [3] - Total assets increased by 63.6% due to the stock issuance, which added 609.6 million shares at a price of 4.68 yuan per share [3] - The equity attributable to shareholders increased by 716.27% as a result of the stock issuance [3] Operational Challenges - The company faced a decline in zinc product prices, leading to increased procurement costs and operational losses [7] - The sales price of natural gas chemical products continued to decrease, with a year-on-year decline of 13.74% [7] - The profitability of the phosphate chemical sector decreased due to rising production costs and declining sales volumes and prices [4][7]

Core Insights - Yunnan Tin Company Limited reported steady growth in its Q3 2025 performance, with both revenue and profit indicators showing year-on-year increases, highlighting the company's resilience and core competitiveness in a complex non-ferrous metal industry environment [1][2] Financial Performance - In Q3, the company achieved operating revenue of 13.324 billion yuan, a year-on-year increase of 27.65% - The net profit attributable to shareholders was 683 million yuan, up 41.34% year-on-year - The net profit after deducting non-recurring gains and losses reached 667 million yuan, with a year-on-year growth of 47.63% - For the first three quarters, total operating revenue was 34.417 billion yuan, reflecting a 17.81% increase year-on-year - The net profit for the same period was 1.745 billion yuan, marking a 35.99% year-on-year increase [1] Operational Efficiency - The company has optimized asset turnover efficiency and cash flow management, achieving a weighted average return on net assets of 8.75%, an increase of 1.85 percentage points year-on-year - The net cash flow from operating activities was 3.231 billion yuan, up 29.30% year-on-year [1][2] Production and Innovation - Total non-ferrous metal production reached 271,000 tons in the first three quarters, including 67,700 tons of tin, 96,800 tons of copper, 105,300 tons of zinc, and 101.62 tons of indium, maintaining industry-leading levels - The company is advancing smart mining construction and green low-carbon transformation, achieving breakthroughs in energy-saving and clean production technologies in tin smelting - A subsidiary was included in the Ministry of Industry and Information Technology's 2025 "5G Factory" list, and a self-developed device for separating tin from molten crude tin received a patent from the U.S. Patent Office, indicating international recognition of the company's technological innovation capabilities [2] Industry Recognition - In July 2025, Yunnan Tin Company was ranked 347th in the Fortune China 500 list, marking its 16th consecutive year on the list, which signifies authoritative recognition of the company's comprehensive strength [2] Future Outlook - The company aims to continue focusing on its core business, leveraging resource advantages, enhancing core competitiveness, and collaborating with the industry to build a new ecosystem for the tin industry characterized by openness, resilience, safety, green innovation, and mutual prosperity [2]

Group 1 - The core point of the news is that Yunnan Tin Company Limited's stock price increased by 5.06% to 24.29 CNY per share, with a trading volume of 1.453 billion CNY and a turnover rate of 3.72%, resulting in a total market capitalization of 39.977 billion CNY [1] - Yunnan Tin Company, established on November 22, 1998, and listed on February 21, 2000, is primarily engaged in the exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium [1] - The company's main business revenue composition includes tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%), with detailed breakdowns of supply chain business revenues [1] Group 2 - From the perspective of major fund holdings, one fund under Nuoan Fund has a significant position in Yunnan Tin Company, with Nuoan Hongxin Mixed A holding 88,600 shares, accounting for 3.09% of the fund's net value, ranking as the ninth largest holding [2] - The fund has generated an estimated floating profit of approximately 103,700 CNY today [2] - Nuoan Hongxin Mixed A, established on May 3, 2013, has a latest scale of 43.7198 million CNY, with a year-to-date return of 58.22%, ranking 603 out of 8,226 in its category [2]