锡业股份在机构调研时表示，长期来看，全球 环保要求强化、地缘冲突风险与勘探投资不足等多重因 素影响下，新增大型矿山项目较少、供给增长偏弱的格局或将仍将延续，不排除面临结构性的短期风 险，特别是锡的上游集中度比较高可能会导致供给扰动的外溢。需求方面，锡金属作为 新能源领域和 电子通讯领域中不可替代的金属原料，在当前全球新能源行业蓬勃发展、 人工智能日新月异及 新质生 产力提质增效的过程中，能源转型、人工智能、数字化浪潮等新兴技术发展将为锡中长期需求提供主要 增长动能。整体上，全球供需紧平衡与宏观波动交织的震荡格局或将延续。 ...

Core Insights - The report indicates that the non-ferrous metals and new materials industry is currently in a high cost-performance investment phase, with expectations for continued growth [1] - As of December 31, 2025, the Shenwan Non-Ferrous Metals Index has seen a cumulative increase of 94.73% for the year, ranking first among 31 Shenwan primary industries, significantly outperforming the CSI 300 Index by 77.07 percentage points [1][13] - The industry is influenced by international dynamics and changes in supply patterns, with some metal prices reaching new highs [1] Supply and Demand Dynamics - The ongoing strategic competition between major powers like the US and China has made upstream metal resources a critical area of contention, leading to significant impacts on the stability of the metal supply chain [2] - Supply disruptions are expected to increase raw material costs, while tighter controls on strategic metals by various countries will further exacerbate price pressures [2] - The demand outlook for non-ferrous metals is clear, supported by long-term fundamentals [2] Investment Opportunities - The report highlights investment opportunities in precious metals, copper, and strategic metals, noting that gold has evolved into a strategic asset for managing systemic risks, with central banks likely to increase gold reserves [3] - The mining of copper is becoming increasingly challenging, with supply constraints supporting a long-term upward price trend [3] - The geopolitical competition is expected to lead to enhanced resource controls, creating structural investment opportunities in related sectors [3] Emerging Industries and Material Demand - Rapidly expanding sectors such as artificial intelligence, electric vehicles, renewable energy, and high-end semiconductors are driving unprecedented demand for upstream materials, which are now classified as "key strategic materials" or "high-tech value-added new materials" [4] - The performance, purity, form, and functionality of materials are subject to increasingly stringent standards, indicating a fundamental shift in investment logic [4] Recommendations - The report recommends focusing on sectors such as copper, gold, and strategic metals, particularly in 2026, with an emphasis on leading companies that operate in high-growth areas with strong technological monopolies [5] - Specific companies to watch include Zijin Mining, Luoyang Molybdenum, Jiangxi Copper, Tongling Nonferrous Metals, China Rare Earth, Northern Rare Earth, Shenghe Resources, Xiamen Tungsten, Zhongtung High-tech, and Zhangyuan Tungsten [5]

Core Viewpoint - The company has achieved a significant milestone in mineral resource reserves, with new findings in tungsten and other associated minerals, indicating a breakthrough in geological exploration [2][3]. Group 1: Mineral Resource Findings - The company’s subsidiary, Hunan Shizhu Garden Nonferrous Metals Co., Ltd., has reported an increase in mineral resources, including 91,700 tons of tungsten, 24,426,000 tons of associated fluorite, 63,300 tons of bismuth, 133,700 tons of tin, and 13,600 tons of molybdenum [2]. - After the recent assessment, the total reserves for tungsten stand at 678,700 tons, with associated fluorite at 6,676,900 tons, bismuth at 277,300 tons, tin at 238,300 tons, and molybdenum at 113,600 tons [2]. Group 2: Production Capacity and Strategic Implications - The company currently has a tungsten ore processing capacity of 2,354,000 tons per year and is implementing a technical transformation project aimed at increasing this capacity to 3,500,000 tons per year [3]. - The newly added reserves will extend the lifespan of the mining operations and support the sustainable development of strategic mineral resources, although the increase in reserves will not impact current production levels due to government restrictions on tungsten mining [3].

Core Viewpoint - The company, Zhongtung Gaoxin, announced that its wholly-owned subsidiary, Shizhu Garden, has received a mineral resource reserve review response from the Hunan Provincial Department of Natural Resources, confirming significant increases in various mineral reserves [1] Group 1: Mineral Resource Increases - The confirmed increase in tungsten metal reserves amounts to 91,700 tons [1] - The company also reported an increase in associated fluorite mineral reserves of 24,426,000 tons [1] - Additional increases include bismuth metal reserves of 6,330 tons, tin metal reserves of 13,370 tons, and molybdenum metal reserves of 1,360 tons [1] Group 2: Impact on Operations - The increase in reserves will not have a direct impact on the company's current production operations and financial situation [1]

Investment Rating - The industry rating is "Recommended" indicating a positive outlook for the sector [5]. Core Insights - The company reported a tin production of 5,200 tons in Q3 2025, a year-on-year increase of 5% and a quarter-on-quarter increase of 37% [1]. - The average selling price of tin metal for the first three quarters of 2025 was $33,596 per ton, an 8% increase compared to $31,183 per ton in the same period last year [1]. - The electronic manufacturing industry is expected to be the main driver of tin demand, with a projected increase in tin usage of 0.6% in 2025, reaching 380,160 metric tons [7]. Production and Sales Summary - In Q3 2025, the company’s tin metal production was 3,985 tons, a 16% decrease year-on-year but a 6% increase quarter-on-quarter [1]. - The sales volume of tin metal in Q3 2025 was 3,486 tons, reflecting a 32% year-on-year decrease but a 12% quarter-on-quarter increase [1]. - Domestic refined tin sales accounted for 7% of total sales, while export sales made up 93%, with Japan and Singapore being the largest markets [2]. Financial Performance Summary - The company’s revenue for Q3 2025 was 2.38 trillion Indonesian Rupiah, a 22% year-on-year decrease but a 12% quarter-on-quarter increase [3]. - EBITDA for Q3 2025 was 662 billion Indonesian Rupiah, down 24% year-on-year but up 46% quarter-on-quarter [3]. - Net profit for Q3 2025 was 301.93 billion Indonesian Rupiah, a 36% year-on-year decrease but a 65% quarter-on-quarter increase [3]. Asset and Liability Overview - As of the end of Q3 2025, total assets increased by 7% to 13.7 trillion Indonesian Rupiah compared to the end of 2024 [3]. - Total liabilities grew by 14% to 6.1 trillion Indonesian Rupiah, primarily due to increases in accounts payable and short-term bank loans [3]. - The company’s net assets stood at 7.61 trillion Indonesian Rupiah [4]. Market Outlook - The tin market is expected to remain tight due to limited supply from key producing regions, with projected tin prices in 2025 ranging from $32,254 to $34,000 per ton [7]. - The demand for tin is anticipated to be influenced by growth in electronics, semiconductors, and AI sectors, alongside macroeconomic factors such as fiscal stimulus in China and U.S. Federal Reserve policies [7].

Group 1 - Guangqi Technology's subsidiary signed mass production contracts for metamaterials totaling 516 million yuan, with products to be delivered by June 30, 2026 [1][2] - Mingyang Smart Energy plans to invest 1.5 billion pounds (approximately 14.21 billion yuan) to build a comprehensive wind power manufacturing base in Scotland, with the first phase expected to be operational by the end of 2028 [3][4] - Wentech Technology's control over Anshi Semiconductor is temporarily restricted due to a ministerial order from the Dutch government, affecting operational efficiency but not economic benefits [4][5] Group 2 - Baotailong's mine has officially resumed production with an annual design capacity of 900,000 tons [6] - New Lai Materials reported no significant changes in its operating environment, maintaining normal production and operations [7][8] - Tailing Micro plans to issue H-shares and list on the Hong Kong Stock Exchange [9] Group 3 - Times New Material announced a cash dividend of 0.07 yuan per share, totaling 65.18 million yuan, with the ex-dividend date set for October 17, 2025 [10] - Times New Material signed blade sales contracts totaling approximately 4.49 billion yuan, with 4.048 billion yuan from onshore wind projects and 442 million yuan from offshore projects [11][12] - Sunshine Nuohuo's new drug BTP4507 has received approval for clinical trials, targeting patients with poorly controlled primary hypertension [13] Group 4 - BGI Genomics expects to receive over 120 million USD in licensing fees for its CoolMPS sequencing technology [14] - Shandong Environmental Energy won a project for kitchen waste treatment in Xingtai, with an 8-year service period [15] - Kelun Pharmaceutical's product sac-TMT received approval for a third indication for treating advanced non-small cell lung cancer [16] Group 5 - Zhongzhi Holdings' major shareholder plans to publicly transfer 24.73% of the company's shares, which may lead to a change in control [17] - Yunnan Copper reported uncertainty regarding the future prices of cathode copper and gold, while maintaining normal operations [18] - Xiyang Co. announced that its tin smelting processing fees remain low despite rising tin prices [19] Group 6 - TEBIO's product Peginterferon has received approval for an additional indication for chronic hepatitis B treatment [20] - Yirui Biotech's major shareholder plans to reduce their stake by up to 3% due to personal funding needs [21] - China Nuclear Power reported a 14.95% year-on-year increase in power generation for the first three quarters, totaling 184.364 billion kWh [22] Group 7 - Shanghai Hejing's shareholder plans to reduce their stake by up to 1% due to personal funding needs [23] - Baili Tianheng's subsidiary triggered a milestone payment of 250 million USD from a collaboration with Bristol-Myers Squibb [24] - Hengdian East Magnetic expects a net profit increase of 50.1% to 65.2% year-on-year for the first three quarters [25]

Group 1 - The company's stock (Securities abbreviation: Xiye Co., Securities code: 000960) experienced an abnormal trading fluctuation, with a cumulative deviation of +20% in closing prices over three consecutive trading days (September 30, October 9, and October 10, 2025) [2] - The company conducted a self-examination and confirmed that there were no corrections or supplements needed for previously disclosed information [3] - The company did not find any recent media reports that could have significantly impacted the stock price [4] Group 2 - The company's production and operational conditions are normal, with no significant changes in the internal and external operating environment [4] - The main product, tin metal, has seen a price increase, while tin smelting processing fees remain at a low level [4] - The company and its controlling shareholders did not engage in any stock trading during the period of abnormal fluctuations [5] Group 3 - The board confirmed that there are no undisclosed matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules [6] - The company will release its Q3 2025 report on the 25th of this month, and there has been no leakage of related undisclosed performance information [7]

Core Viewpoint - The company, Xiyu Co., Ltd. (stock code: 000960), reported that its production and operational conditions are normal, with no significant changes in the internal and external operating environment [1] Group 1: Operational Status - The company confirmed that its main product, tin metal, has seen a price increase recently [1] - Tin smelting and processing fees are currently running at a low level [1] Group 2: Disclosure and Major Events - The company, its controlling shareholders, and their concerted actions do not have any undisclosed major matters related to the company or any significant matters in the planning stage [1]

Core Viewpoint - The company announced that its stock price has experienced significant fluctuations, with a cumulative deviation of +20% over three consecutive trading days, indicating abnormal trading activity [1] Group 1: Company Operations - The company's production and operational conditions are currently normal, with no significant changes in the internal or external operating environment [1] - The main product, tin metal, has seen a price increase recently, while tin smelting processing fees remain at low levels [1] Group 2: Disclosure and Trading Activity - The company, its controlling shareholders, and their concerted parties do not have any undisclosed significant matters related to the company or any major matters in the planning stage [1] - There have been no recent media reports that could have significantly impacted the company's stock trading price with undisclosed major information [1] - During the period of abnormal stock fluctuations, the controlling shareholders and their concerted parties did not engage in buying or selling the company's stock [1]

Investment Rating - The industry rating is "Recommended" indicating a positive outlook for the sector [4]. Core Insights - In Q2 2025, the production of tin metal increased by 22% quarter-on-quarter to 3,775 tons, while sales rose by 8% to 3,109 tons [1]. - The average selling price of tin metal in H1 2025 was $32,816 per ton, an increase of 8% compared to $30,397 per ton in the same period last year [1]. - The company aims for a tin ore production target of 21,500 tons and a tin metal production target of 21,545 tons for the year 2025 [6]. Production and Sales Summary - In Q2 2025, the company's tin ore production was 3,782 tons, a year-on-year decrease of 23% but an 18% increase quarter-on-quarter [1]. - The land-based tin ore production was 804 tons, down 52% year-on-year and down 50% quarter-on-quarter [1]. - The sea-based tin ore production was 2,978 tons, a decrease of 8% year-on-year but an increase of 84% quarter-on-quarter [1]. - The sales volume of tin metal in Q2 2025 was 3,109 tons, reflecting a year-on-year decrease of 35% but an 8% increase quarter-on-quarter [1]. Financial Performance Summary - In Q2 2025, the company's revenue was 21.2 trillion Indonesian Rupiah, a year-on-year increase of 2% but a quarter-on-quarter decrease of 20% [3]. - The cost of goods sold in Q2 2025 was 16.5 trillion Indonesian Rupiah, a year-on-year decrease of 2% and a quarter-on-quarter decrease of 13% [3]. - The operating profit for Q2 2025 was 232 billion Indonesian Rupiah, a year-on-year increase of 59% but a quarter-on-quarter decrease of 56% [3]. - The net profit for Q2 2025 was 183.21 billion Indonesian Rupiah, a quarter-on-quarter decrease of 58% [3]. Market Position and Strategy - In H1 2025, domestic sales accounted for 8% of tin metal sales, while exports made up 91%, with Japan, South Korea, and Singapore being the top three export destinations [2]. - The company plans to enhance resource management, strengthen market position, and support the electric vehicle ecosystem as part of its strategy for 2025 [6].