Precious Metals Industry - Central banks worldwide are increasing their gold reserves to diversify risk, with China's central bank having increased its gold holdings for 14 consecutive months [1] - The global monetary easing expectations are rising, leading to a weaker dollar, which enhances the attractiveness of precious and non-ferrous metals priced in dollars [1] - The market for precious metals is expected to experience a broad rally starting in early 2026, characterized by a resonance between financial and industrial attributes [1] - Key players in the precious metals sector include Shandong Gold, Zijin Mining, Chifeng Jilong Gold Mining, and Guoyuan Platinum, all of which are focusing on optimizing production and expanding operations [3] Non-Ferrous Metals Industry - The demand for non-ferrous metals such as silver, copper, and aluminum is growing due to the rigid requirements from emerging industries like photovoltaics, electric vehicles, and AI servers [1] - The market dynamics for non-ferrous metals are changing, driven by both traditional infrastructure demand and new energy sectors [1] - Major companies in the non-ferrous metals sector include Luoyang Molybdenum, Northern Rare Earth, Huayou Cobalt, and Tin Industry Co., which are involved in mining, refining, and processing of various metals [4]

Core Viewpoint - The report from Changjiang Securities highlights that Xiyu Co. has grown to become the largest integrated tin enterprise globally, with a domestic market share of 48% and a global market share of 25% in refined tin for 2024 [1] Company Overview - Xiyu Co. has a static tin resource that can be developed for 20 years, and with exploration and mining efforts, the dynamic development period may extend to 62 years [1] - The company has a potential resource-to-reserve ratio that could reach 82 years by utilizing tailings [1] - The integration of group-managed mines and potential external acquisitions may ensure that Xiyu Co.'s tin resources can last for another century, emphasizing the value of tin [1] Industry Context - Tin is recognized as a crucial material in the semiconductor sector, often referred to as the "metal of the future" [1] - The supply-demand dynamics of metals indicate that tin stands out among other metals [1] - As a leading provider of high-purity and long-duration tin, Xiyu Co. is expected to experience significant growth and recognition in the market [1]

Core Viewpoint - The company, Xiyegongsi (000960.SZ), announced a cash dividend distribution plan for the first three quarters of 2025, indicating a commitment to returning value to shareholders through cash dividends rather than stock bonuses or capital increases [1] Summary by Categories Dividend Distribution - The profit distribution is based on a total share capital of 1,645,431,952 shares, excluding 370,000 repurchased shares [1] - The company will distribute a cash dividend of 1.10 RMB per 10 shares (including tax), totaling 180,997,514.72 RMB [1] - The record date for the dividend distribution is set for January 26, 2026, with the ex-dividend date on January 27, 2026 [1]

Core Viewpoint - The company, Xiyegongsi (000960.SZ), announced a cash dividend distribution plan for the first three quarters of 2025, indicating a commitment to returning value to shareholders through cash dividends rather than stock bonuses or capital increases [1] Summary by Categories Dividend Distribution - The profit distribution is based on a total share capital of 1,645,431,952 shares, excluding 370,000 repurchased shares [1] - The company will distribute a cash dividend of 1.10 RMB per 10 shares (including tax), totaling 180,997,514.72 RMB [1] - The record date for the dividend distribution is set for January 26, 2026, with the ex-dividend date on January 27, 2026 [1]

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2026-004 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 | 锡 | KY02 | | 云南锡业股份有限公司 2025 年前三季度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 1、云南锡业股份有限公司（以下简称"公司"）实施的 2025 年前三季度权益 分派方案为：以公司现有总股本剔除已回购股份 370,000 股后的 1,645,431,952 股为基数，向全体股东每 10 股派发现金股利 1.10 元人民币（含税），不送红股， 不以资本公积金转增股本，共计派发现金股利 180,997,514.72 元。 2、按总股本折算的每 10 股现金分红为 1.099752 元（按公司总股本折算每 10 股现金分红比例时保留小数点后六位数，最后一位直接截取，不四舍五入）。 本次利润分配实施后的除息价格=股权登记日收盘价-按 ...

Core Viewpoint - The report from Everbright Securities highlights the increasing importance of strategic metals (copper, aluminum, cobalt, nickel, tin, antimony, tungsten, rare earths) due to supply disruptions and the limitations in production capacity in China and abroad [1][2]. Group 1: Strategic Metal Storage Initiatives - Australia announced a strategic reserve plan for critical minerals worth AUD 1.2 billion, with AUD 185 million allocated for necessary mineral reserves, prioritizing antimony, gallium, and rare earths [2] - The European Commission approved a resource revival action plan to raise EUR 3 billion for supply chain strategies, establishing a platform to support critical material reserves [2] - The U.S. Defense Logistics Agency (DLA) plans to procure USD 500 million in cobalt, USD 245 million in antimony, USD 100 million in tantalum, and USD 45 million in scandium [2] Group 2: Investment Opportunities in Strategic Metals - The focus on strategic metal storage in the U.S. and Australia presents significant investment opportunities, particularly in metals with concentrated supply chains and security risks, such as cobalt from the Democratic Republic of Congo and lithium from South America [3] - The rapid development of AI and energy transition is expected to drive demand for copper, aluminum, and tin, although supply constraints exist for these metals [4] - Military-related metals like tungsten, antimony, and rare earths are facing tightening supply, with production declines attributed to lower resource grades and regulatory controls [5] Group 3: Supply Concentration and Constraints - Copper, lithium, cobalt, and nickel supply is highly concentrated in South America, the Democratic Republic of Congo, and Indonesia, with Chile and Peru accounting for 35% of global copper production and the Democratic Republic of Congo producing 76% of global cobalt [4] - The rapid growth of AI is expected to significantly increase demand for copper, aluminum, and tin, but supply for these metals is constrained [4] - Tungsten, antimony, and rare earths are critical for military applications, but their production has decreased due to resource management practices and regulatory measures [5] Group 4: Investment Recommendations - For copper, recommended companies include Zijin Mining, Luoyang Molybdenum, and Western Mining [5] - For aluminum, Yunnan Aluminum is recommended, with China Aluminum as a focus [5] - For cobalt and nickel, Huayou Cobalt is recommended, with attention to Liqin Resources and Shengtun Mining [5] - For tungsten, focus on China Tungsten High-tech [5] - For tin, Xiyang Tin Industry is recommended, with interest in Xingye Silver Tin [5] - For antimony, Huaxi Nonferrous is highlighted, and for rare earths, Northern Rare Earth is recommended with a focus on China Rare Earth [5]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights the renewed focus on strategic metal reserves by countries like Australia, the EU, and the US, indicating a significant increase in the importance of "critical mineral resources" since 2025 [2][3]. - The strategic metal storage initiatives are expected to create investment opportunities, particularly in metals with concentrated supply chains and those essential for AI and energy transition [2][3]. Summary by Sections Strategic Metal Storage Initiatives - Australia announced a AUD 1.2 billion strategic reserve plan for critical minerals, prioritizing antimony, gallium, and rare earths [1]. - The EU plans to raise EUR 3 billion for a supply chain strategy, establishing a platform for critical materials [1]. - The US plans to procure USD 500 million of cobalt, USD 245 million of antimony, USD 100 million of tantalum, and USD 45 million of scandium [1]. Investment Opportunities - The report identifies investment opportunities in metals with high supply concentration and security risks, such as cobalt from the Democratic Republic of Congo, copper and lithium from South America, and nickel from Indonesia [2]. - It emphasizes the demand for copper, aluminum, and tin driven by AI and energy transition, while noting supply constraints for these metals [3]. - Military-related metals like tungsten, antimony, and rare earths are highlighted as having tight supply, with significant applications in defense [3]. Company Recommendations - The report recommends several companies based on their strategic positioning in the metals market: - Copper: Zijin Mining, Western Mining, and Luoyang Molybdenum [4]. - Aluminum: Yunnan Aluminum and China Aluminum [4]. - Cobalt and Nickel: Huayou Cobalt and others [4]. - Tungsten: China Tungsten High-Tech [4]. - Tin: Xiyang Tin and others [4]. - Antimony: Huaxi Nonferrous [4]. - Rare Earths: Northern Rare Earth and others [4].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [10]. Core Insights - The non-ferrous metals sector is experiencing a general upward trend, with significant price increases across various metals, driven by macroeconomic factors and supply chain dynamics [11][19]. - The report highlights the impact of U.S. tariffs and trade policies on the supply and demand dynamics of key metals, particularly copper and aluminum [2][3]. - The report emphasizes the importance of monitoring inventory levels and production capacities, as these factors are critical in determining future price movements [26][35]. Summary by Sections Precious Metals - Concerns over tariffs have led to a temporary pullback in silver prices, but the long-term outlook remains positive [1]. - The report suggests monitoring companies such as 兴业银锡 and 盛达资源 for potential investment opportunities [1]. Industrial Metals - Copper inventories are rising, particularly in the U.S., raising concerns about supply tightness in non-U.S. regions [2]. - The report notes that while high copper prices are suppressing end-user demand, the long-term consumption outlook remains strong due to infrastructure investments [2]. Aluminum - The aluminum market is expected to experience price fluctuations due to geopolitical tensions and macroeconomic policies [3]. - The report indicates that production cuts in aluminum processing are occurring, particularly in regions like Guizhou and Henan [3]. Nickel - Nickel prices are on an upward trend, supported by supply tightening expectations from Indonesia [4]. - The report highlights the importance of monitoring companies like 华友钴业 and 力勤资源 for investment opportunities [4]. Tin - Supply chain bottlenecks and macroeconomic factors are providing short-term support for tin prices [5]. - The report suggests that companies like 华锡有色 and 兴业银锡 may benefit from these market conditions [5]. Lithium - Lithium prices are experiencing wide fluctuations due to export policy expectations and demand uncertainties [6]. - The report recommends关注 companies such as 赣锋锂业 and 天齐锂业 for potential investment [6]. Cobalt - Progress in cobalt shipments from the Democratic Republic of Congo is expected to support high cobalt prices in the short term [9]. - The report suggests monitoring companies like 华友钴业 and 腾远钴业 for investment opportunities [9].

Meeting Overview - The first temporary shareholders' meeting of Yunnan Tin Company Limited for 2026 was held on January 16, 2026, at 15:00 [4][5] - The meeting combined on-site voting and online voting [6] - The meeting was convened by the company's board of directors and presided over by Chairman Liu Lukai [7] Attendance - A total of 1,144 shareholders and their proxies attended the meeting, representing 1,057,713,738 shares, which is 64.2818% of the total voting shares [8] - Of these, 5 shareholders attended the meeting in person, representing 726,453,866 shares (44.1497% of total voting shares) [9] - 1,139 shareholders participated via online voting, representing 331,259,872 shares (20.1321% of total voting shares) [9] Resolutions Passed - The following resolutions were approved by a simple majority of the votes cast: 1. Profit distribution plan for the first three quarters of 2025 [11] 2. Proposed guarantee limit for subsidiaries for 2026 [12] 3. Proposal to conduct forward foreign exchange trading [12] 4. Application for comprehensive credit from several commercial banks for 2026 [12] 5. Hedging plan for 2026 and adjustments to the 2025 hedging plan [13] 6. Expected related party transactions for 2026, with certain shareholders abstaining from voting due to conflicts of interest [14] Legal Opinion - The legal opinion provided by Beijing Deheng (Kunming) Law Firm confirmed that the meeting's convening, attendance, and voting procedures complied with legal and regulatory requirements [14]

Core Viewpoint - The announcement from Yunnan Tin Company Limited indicates the approval of several key proposals during the first extraordinary shareholders' meeting of 2026, including profit distribution and financial strategies [1] Group 1: Profit Distribution - The company approved the profit distribution plan for the first three quarters of 2025 [1] Group 2: Financial Guarantees - The company approved a proposal regarding the estimated guarantee amount to be provided to subsidiaries for the year 2026 [1] Group 3: Foreign Exchange Transactions - The company approved a proposal to engage in forward foreign exchange trading activities [1]