锡锭

Search documents
锡:加速上行
Guo Tai Jun An Qi Huo· 2025-10-10 01:46
2025 年 10 月 10 日 锡:加速上行 | 王蓉 | 投资咨询从业资格号:Z0002529 | wangrong013179@gtjas.com | | --- | --- | --- | | 刘雨萱 | 投资咨询从业资格号:Z0020476 | liuyuxuan023982@gtjas.com | 【基本面跟踪】 锡基本面数据 | 锡基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | | | | 昨日收盘价 | 日涨幅% | 昨日夜盘收盘价 | 夜盘涨幅 | | | 沪锡主力合约 | 287,090 | 4.75% | 287,400 | 0.82% | | 期 货 | 伦锡3M电子盘 | 36,820 | 1.57% | - | - | | 及 现 | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 货 电 | 沪锡主力合约 | 78,981 | 14,274 | 34,948 | 5,657 | | 子 盘 | 伦锡3M电子盘 | 180 | - 9 | 13,988 | 5 3 | | | | 昨日期货库存 | ...
2025年4季度有色金属分析报告:有色金属季报四季度旺季支撑价格成色决定高度
Hua Bao Qi Huo· 2025-09-29 13:57
有色金属季报 四季度 旺季支撑价格 成色决定高度 投资咨询业务资格: 从业资格号:F3059924 投资咨询号:Z0002978 电话:010-62688526 ——2025 年 4 季度有色金属分析报告 从业资格号:F3078638 投资咨询号:Z0018248 电话:010-62688555 从业资格号:F3038114 投资咨询号:Z0014834 电话:010-62688541 从业资格号:F3059529 投资咨询号:Z0018932 电话:010-62688516 从业资格号:F03127144 投资咨询号:Z0020161 电话:021-20857653 内容摘要: 有色金属季报 四季度 从业资格号:F3059924 投资咨询号:Z0002978 电话:010-62688526 宏观:海外方面,受全球需求疲软、贸易摩擦及供应链重构影响,美国经济增长动能有所 放缓。制造业表现疲软,并未出现反转信号,但服务业相对强劲成为经济增长的主要引擎,劳 动力市场增长近乎停滞,下行风险上升,通胀水平呈小幅反弹趋势,核心通胀粘性仍较强,且 关税政策不确定性或继续推高通胀压力。市场普遍预期美联储 10 月份降息概率 ...
有色金属周报:自由港铜矿超预期减产,看好铜板块机会-20250928
SINOLINK SECURITIES· 2025-09-28 08:25
Investment Rating - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating a high level of market activity and potential for growth in these sectors [13][16]. Core Insights - Copper prices have surged due to unexpected production cuts, leading to significant supply shortages and rapid price increases [13]. - Aluminum is showing signs of recovery with inventory levels decreasing and downstream processing rates improving, suggesting a potential for sustained high profitability [15]. - Precious metals, particularly gold, are expected to rise further due to market anticipation of continuous interest rate cuts [16]. Summary by Sections Copper - This week, LME copper price increased by 2.09% to $10,205.00 per ton, while Shanghai copper rose by 3.20% to 82,500 yuan per ton [14]. - Supply side: The import copper concentrate processing fee index rose to -$40.36 per ton; national copper inventory decreased by 4,400 tons to 140,100 tons [14]. - Consumption side: Brass rod enterprises' operating rate was 48.49%, showing a slight increase of 0.71 percentage points [14]. Aluminum - This week, LME aluminum price decreased by 1.01% to $2,649.00 per ton, and Shanghai aluminum fell by 0.24% to 20,700 yuan per ton [15]. - Supply side: Electrolytic aluminum ingot inventory in major consumption areas dropped by 21,000 tons to 617,000 tons [15]. - Demand side: Downstream processing enterprises' operating rate increased by 0.8 percentage points to 63.0%, driven by pre-holiday stocking [15]. Precious Metals - This week, COMEX gold price rose by 0.23% to $3,789.80 per ounce, with SPDR gold holdings increasing by 5.15 tons to 1,005.72 tons [16]. - The market is experiencing fluctuations due to U.S. tariffs and escalating geopolitical risks, contributing to a volatile trading environment [16]. Rare Earths - The price of praseodymium and neodymium oxide decreased, while the export volume of magnetic materials saw significant growth [32]. - Domestic rare earth separation enterprises are preparing for production halts, indicating potential supply constraints [32]. Antimony - Antimony ingot price is at 174,900 yuan per ton, showing a decrease of 2.26% [33]. - The demand for antimony is expected to recover as the photovoltaic glass market stabilizes [33]. Molybdenum - Molybdenum concentrate price is 4,450 yuan per ton, with a slight decrease of 0.45% [34]. - The demand for molybdenum is expected to rise as major steel mills resume procurement [34]. Tin - Tin ingot price increased by 1.74% to 273,700 yuan per ton, with inventory decreasing by 6.14% [35]. - The supply-demand dynamics are favorable, supported by strong inventory levels and demand from the semiconductor sector [35].
锡业股份跌2.04%,成交额2.30亿元,主力资金净流出1315.77万元
Xin Lang Cai Jing· 2025-09-23 02:45
Core Viewpoint - Yunnan Tin Company Limited's stock price has experienced fluctuations, with a year-to-date increase of 46.72% but a recent decline of 6.15% over the past five trading days [1] Company Overview - Yunnan Tin Company Limited, established on November 22, 1998, and listed on February 21, 2000, is located in Kunming, Yunnan Province. The company specializes 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%) [1] Financial Performance - For the first half of 2025, Yunnan Tin achieved operating revenue of 21.093 billion yuan, representing a year-on-year growth of 12.35%. The net profit attributable to shareholders was 1.062 billion yuan, reflecting a year-on-year increase of 32.76% [2] Shareholder Information - As of September 19, 2025, the number of shareholders for Yunnan Tin was 81,200, a slight increase of 0.07% from the previous period. The average circulating shares per person decreased by 0.07% to 20,258 shares [2] - The company has distributed a total of 2.15 billion yuan in dividends since its A-share listing, with 1.103 billion yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 27.8531 million shares, an increase of 4.7697 million shares from the previous period. Additionally, Guangfa Multi-Factor Mixed Fund became a new fifth-largest shareholder with 24.3778 million shares [3]
锡业股份涨2.01%,成交额2.99亿元,主力资金净流出1491.57万元
Xin Lang Cai Jing· 2025-09-19 03:09
Core Viewpoint - Yunnan Tin Company Limited has shown significant stock performance with a year-to-date increase of 51.75%, despite a recent decline of 8.31% over the last five trading days [1] Group 1: Stock Performance - As of September 19, the stock price reached 20.85 CNY per share, with a market capitalization of 34.315 billion CNY [1] - The trading volume was 2.99 billion CNY, with a turnover rate of 0.88% [1] - The stock has experienced a 6.98% increase over the past 20 days and a 34.52% increase over the past 60 days [1] Group 2: Financial Performance - For the first half of 2025, the company reported a revenue of 21.093 billion CNY, representing a year-on-year growth of 12.35% [2] - The net profit attributable to shareholders was 1.062 billion CNY, reflecting a year-on-year increase of 32.76% [2] Group 3: Business Overview - Yunnan Tin Company specializes in the exploration, mining, and smelting of metals such as tin, zinc, copper, and indium [1] - The main revenue sources include tin ingots (43.61%), supply chain business (20.31%), and copper products (18.04%) [1] Group 4: Shareholder Information - As of September 10, the number of shareholders increased to 81,200, with an average of 20,271 circulating shares per shareholder [2] - The company has distributed a total of 2.15 billion CNY in dividends since its A-share listing, with 1.103 billion CNY in the last three years [3]
筑起烽火中的科技长城
Ren Min Ri Bao· 2025-09-06 21:54
Core Viewpoint - The articles highlight the significant contributions of Chinese scientists during the wartime period, emphasizing their dedication to supporting the nation through various scientific and technological advancements in response to the challenges posed by the war [1][2][3][4][5][6]. Group 1: Contributions of Scientists - Chen Kangbai returned from Germany to lead scientific efforts in wartime, significantly increasing salt production in the Shaanxi-Gansu-Ningxia border area by nearly 10 times, alleviating financial difficulties [2]. - Zhang Guangdou, after returning from Harvard, designed and oversaw the construction of the Taohuaxi Hydropower Station, which provided crucial power to military factories, becoming a key energy support during the war [3]. - Letianyu led a research team to collect over 2,000 important specimens, providing essential scientific data for agricultural development in the border area, which facilitated the "development of Nanniwan" project [4]. - Hua Shoujun developed a new paper-making process using local materials, which resolved the paper shortage in the border area, allowing for better communication and documentation during the war [5]. Group 2: Geological and Mineral Research - Xie Jiarong conducted geological surveys in various regions, establishing the only machine-operated tin mine in Hunan, which helped supply materials for the war effort [5][6]. - His team created a geological map covering nearly 100,000 square kilometers, identifying key mineral resources that supported the war [6].
锡业股份20250903
2025-09-03 14:46
Summary of the Conference Call for Xiyeg股份 Company Overview - The company is involved in the tin mining and smelting industry, focusing on the production of tin ingots and other metal products such as indium, gold, silver, and tungsten [2][18]. Key Points and Arguments Production and Cost Management - The company expects to produce between 23,000 to 24,000 tons of tin ingots for the year, with a production of 48,000 tons achieved in the first half of 2025, nearing the annual target of 90,000 tons [2][4]. - The average operating cost per ton of tin ingot is approximately 166,000 yuan, with a discount coefficient reduced to 81% due to revenue reductions from new material transactions [2][6]. - The company has faced rising mining costs due to decreased resource matching and tax adjustments, but has implemented comprehensive recovery technologies to optimize smelting costs, showing positive results since 2024 [2][5]. Future Projects and Resource Recovery - The "14th Five-Year Plan" includes investments in the Kafang copper mine project and tailings resource recovery, with expectations to reach an annual recovery of 3,000 to 4,000 tons by the end of the plan [2][9][11]. - The Kafang copper mine is currently undergoing surface exploration, with potential capacity expansion beyond the current design of 1.5 million tons per year if exploration results are favorable [2][12]. Market Dynamics and Pricing - The company believes that tin demand is supported by market conditions, despite challenges in supply recovery from Myanmar, which is expected to be difficult [3][20]. - The relationship between processing fees and tin prices is inverse; rising processing fees may lead to lower tin prices, emphasizing the importance of self-mined ore profits [8][20]. - The company anticipates a slight increase in tin demand due to factors such as inventory replenishment and new product needs in sectors like photovoltaics and electric vehicles [20]. Financial Performance and Dividends - The company reported that other business revenues, including indium, gold, silver, and tungsten, exceeded 3 billion yuan in 2024, with a gross profit of nearly 1 billion yuan [2][18]. - The company plans to maintain a dividend payout ratio of no less than 30%, with potential increases based on operational performance [3][27]. Capital Expenditure and Resource Expansion - The company has been cautious with capital expenditures and acquisitions, focusing on internal resource optimization and potential external projects, although specific plans remain undisclosed [22][24]. - The company holds significant undistributed profits of over 9 billion yuan, with plans to continue dividends while considering operational performance [27]. Regulatory Environment - The company operates in Yunnan province, where there are no quota restrictions on tin mining, and it has secured control over most quality tin mines in the region [26]. Additional Important Information - The company is exploring the potential of tailings resource recovery, which, while having slightly higher processing costs, is expected to contribute significantly to future production [10][11]. - The company has not yet seen profit contributions from tungsten production, which began in May 2025, indicating a need for time to stabilize production and assess costs [15][16]. This summary encapsulates the key insights from the conference call, highlighting the company's production goals, cost management strategies, market dynamics, and future plans within the tin mining industry.
华锡有色(600301):锡、锑价格上涨驱动业绩增长,增储挖潜空间巨大
China Post Securities· 2025-09-01 05:21
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [12]. Core Views - The company's revenue for the first half of 2025 reached 2.787 billion yuan, a year-on-year increase of 23.66%, with a net profit attributable to shareholders of 382 million yuan, up 9.49% year-on-year. The second quarter saw revenues of 1.543 billion yuan, reflecting a quarter-on-quarter increase of 19.61% and a year-on-year increase of 23.94% [3]. - The growth in performance is primarily driven by rising prices of tin and antimony, alongside ongoing efficiency improvements [3]. - The company has stable production levels for tin and antimony concentrates, with tin ingot production increasing by 19.30% year-on-year [4]. - Significant improvements in profitability were noted across subsidiaries, with net profits for Huaxi Mining, Gaofeng Mining, and Fozu Mining increasing by 13.71%, 47.02%, and 123.53% respectively [4]. - Future growth potential is highlighted by ongoing projects aimed at increasing mining capacity and efficiency, including the expansion of the Gaofeng mine and the successful transition of exploration rights at the Tongkeng tin-zinc mine to mining rights [5]. Financial Projections - The company is projected to achieve revenues of 5.709 billion yuan in 2025, 6.476 billion yuan in 2026, and 7.327 billion yuan in 2027, with year-on-year growth rates of 23.28%, 13.43%, and 13.15% respectively [5][8]. - Net profit attributable to shareholders is expected to reach 829 million yuan in 2025, 953 million yuan in 2026, and 1.164 billion yuan in 2027, with growth rates of 26.02%, 14.98%, and 22.17% respectively [5][8]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 24.32, 21.15, and 17.31 respectively [5][8].
天风证券晨会集萃-20250829
Tianfeng Securities· 2025-08-28 23:44
Group 1 - The report highlights that after a market pullback, leading stocks that performed well during the pullback tend to show positive excess returns in the following month, indicating a quick consensus among investors to focus on "main lines" [2][26][28] - Non-main line stocks generally exhibit negative cumulative excess returns in the subsequent trading days, but this negative performance is primarily observed in the two weeks following the pullback, with potential for recovery in the following month [2][26][28] Group 2 - The convertible bond "Shenglan Zhuang 02" has an issuance scale of 1.175 billion yuan, with a bond rating of AA-/AA- and a conversion price of 54.56 yuan, indicating a relatively high pure bond value [3][29][31] - The company reported a revenue of 337 million yuan in Q1 2025, representing a year-on-year increase of 17.18%, and a net profit of 30 million yuan, which is a 38.44% increase year-on-year [3][29][31] Group 3 - The banking sector has experienced an 8.3% decline since mid-July, but this is viewed as a temporary adjustment rather than the end of a bull market, with long-term valuation recovery logic remaining intact [5][7] - The report suggests that the banking sector's appeal to medium- and long-term funds remains strong, supported by improved operating pressures due to a slowdown in interest margin decline [5][7] Group 4 - The company "Tai Ling Wei" reported a revenue of 503 million yuan in the first half of 2025, a year-on-year increase of 37.72%, and a net profit of 101 million yuan, reflecting a significant growth of 274.58% year-on-year [9][10] - The company is focusing on expanding its product offerings in the IoT chip and AI sectors, with a strong emphasis on R&D and innovation [9][10] Group 5 - "Zhejiang Jiaoke" achieved a revenue of 18.647 billion yuan in the first half of 2025, with a year-on-year increase of 1.12%, and a net profit of 545 million yuan, up 6.43% year-on-year [20][21] - The company has a strong order backlog, with a total of 133.2 billion yuan in uncompleted contracts, indicating robust future revenue potential [20][21]
锡业股份(000960):锡锌铟产量超预期,卡房矿区加强开发,资源潜力可期
Tianfeng Securities· 2025-08-28 13:41
Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The company has exceeded production expectations for tin, zinc, and indium, with total non-ferrous metal production reaching 181,300 tons in H1 2025, showing a year-on-year increase of 6.42% [2][3]. - The increase in tin prices, driven by tight supply, has positively impacted the company's gross margin for tin products, which reached 13.23% in H1 2025, up by 0.44 percentage points year-on-year [2]. - The company is enhancing the development of the Kafang mining area, which is expected to increase reserves and production of tungsten and tin, with significant resources identified [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 21.09 billion yuan, a year-on-year increase of 12.3%, and a net profit attributable to shareholders of 1.06 billion yuan, up 32.8% year-on-year [1]. - The second quarter of 2025 saw revenue of 11.36 billion yuan, a year-on-year increase of 9.5%, and a net profit of 560 million yuan, reflecting an 18.8% increase year-on-year [1]. Production and Pricing - The company’s production of tin reached 48,100 tons in H1 2025, achieving 53.4% of the annual target, while zinc production was 69,800 tons, also at 53% of the target [2]. - The average price of tin futures was 265,500 yuan per ton in H1 2025, up 5.7% year-on-year, contributing to improved profitability [2]. Market Dynamics - The supply-demand dynamics for tin are favorable, with domestic apparent demand increasing by 5.4% year-on-year to 99,800 tons in the first seven months of 2025 [3]. - The shift towards a more accommodative monetary policy by the Federal Reserve is expected to support tin prices, enhancing downstream demand [3]. Resource Development - The Kafang mining area has significant untapped resources, including 131,200 tons of copper and 2,130 tons of tungsten, with a planned annual production capacity of 150,000 tons [4]. - The company has received mining quotas for tungsten, indicating ongoing development and potential for increased profitability from this resource [4]. Future Outlook - The company’s net profit forecasts for 2025-2027 have been revised upwards to 2.56 billion, 2.73 billion, and 3.04 billion yuan respectively, reflecting positive expectations for tin prices and production growth [4].