影视院线概念持续下挫，博纳影业、横店影视二连跌停，中国电影、光线传媒、幸福蓝海跟跌。 港股今日小幅高开，恒生指数高开0.58%，恒生科技指数涨0.86%。 2月25日，三大指数小幅高开，沪指高开0.15%，深成指高开0.21%，创业板指高开0.15%；科创综指高开0.2%。 全市超2900只个股高开上涨，磷化工、小金属等板块指数涨幅居前。 | 小金属 | 玻璃玻纤 | 农化制品 | | --- | --- | --- | | 1.29% | 1.27% | 1.09% | | 云南铭业 9.87% | 山东玻纤 9.73% | 澄星股份 9.97% | | 稀土 | 能源金属 | 有色金属 | | 1.06% | 0.82% | 0.67% | | 中稀有色 1.70% | 赣锋锂业 1.43% | 云南铭业 9.87% | 磷化工板块延续昨日强势，澄星股份2连板，和邦生物、金正大、六国化工、川金诺、云天化跟涨。消息面上，美国宣布将元素磷及草甘膦等关键除草剂 纳入国防关键物资。此前2025年11月，美国内政部及USGS已新将磷酸盐纳入关键矿产清单。此举导致全球磷供应链重构，国际磷肥价格突破700美元/ 吨。 ...

证券日报网讯2月24日，锡业股份（000960）在互动平台回答投资者提问时表示，根据中登公司下发的 相关数据，截至2026年2月13日收市，公司登记在册的股东人数为111918户。 ...

Investment Rating - The report indicates a positive outlook for the small metals sector, with the Shenyin Wanguo Small Metals Index rising by 3.25% during the period, outperforming both the Shenwan Nonferrous Index and the CSI 300 Index by 10.21 percentage points and 4.23 percentage points, respectively [2][13]. Core Insights - The report highlights that the prices of rare earth elements have reached new highs, driven by supply-side reforms and increasing overseas inventory demand. The prices for praseodymium and neodymium oxide rose by 13.51%, dysprosium oxide by 9.02%, and terbium oxide by 5.90% [3][18][19]. - Tin prices have shown volatility, with a decrease of 10.74% in the current period. The potential ban on tin raw material exports from Indonesia may create significant replenishment demand for tin processing companies, positively impacting tin prices in the long term [4][28]. - Tungsten prices have increased significantly, with tungsten concentrate rising by 15.99% and ammonium paratungstate by 15.11%. The report suggests that the strategic reserve initiatives in the U.S. may elevate tungsten's priority in global markets [4][40]. - Antimony prices have shown a slight increase, with antimony ingot prices up by 0.62% and antimony concentrate by 2.13%. The report anticipates a recovery in exports, which could lead to a price rebound [5][47]. - Molybdenum prices have stabilized, with molybdenum concentrate prices increasing by 2.97% and ferromolybdenum by 3.33%. The report notes that low inventory levels and increased defense spending may support further price increases [6][51]. Summary by Sections 1. Stock Market and Commodity Price Performance - The Shenyin Wanguo Small Metals Index closed at 39,286.62 points, reflecting a 3.25% increase [2][13]. - Commodity prices for rare earths, tungsten, and molybdenum have shown upward trends, while tin prices have decreased [16]. 2. Main Product Fundamentals and Insights 2.1 Rare Earths - The report emphasizes the ongoing supply-side reforms and the rising prices of rare earths, with significant export demand expected to continue [3][18][19]. 2.2 Tin - The potential export ban from Indonesia could lead to increased demand for tin processing, positively affecting prices in the long run [4][28]. 2.3 Tungsten - The report highlights the strategic importance of tungsten in global markets, with prices rising significantly due to supply constraints and increased military spending [4][40]. 2.4 Antimony - Antimony prices are expected to recover as export conditions improve, with a focus on high-growth resource companies [5][47]. 2.5 Molybdenum - Molybdenum prices are projected to rise due to low inventory levels and increased demand from the defense sector [6][51].

2020-2025年中国精炼铜(电解铜)产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：江西铜业（600362）,云南铜业（000878）,紫金矿业（601899）,铜陵有色（000630）,西部矿 业（601168）,白银有色（601212）,楚江新材（002171）,海亮股份（002203）,鑫科材料（600255）,锡 业股份（000960） 相关报告：智研咨询发布的《2026-2032年中国电解铜箔行业市场现状分析及投资前景评估报告》 根据国家统计局数据显示：2025年12月中国精炼铜(电解铜)产量为133万吨，同比增长9.1%；2025年1- 12月中国精炼铜(电解铜)累计产量为1472万吨，累计增长10.4%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Group 1 - The core viewpoint emphasizes that three rare metal giants possess explosive potential that surpasses even the military industry, driven by their scarcity, policy support, and demand elasticity [1][20][32] - The Ministry of Industry and Information Technology and eight other departments forecast an average annual growth of about 5% in the non-ferrous metal industry from 2025 to 2026, listing 12 metals, including rare earths, tungsten, molybdenum, and tin, as strategic scarce resources [3][20] - China holds significant advantages in rare metals, with 36% of global rare earth reserves and over 90% of heavy rare earth supply, controlling the Baiyun Obo mine, which accounts for over 80% of national rare earth oxide reserves [3][20][26] Group 2 - Molybdenum is referred to as the "invisible heart" of the aerospace and military industries, with global annual production around 250,000 tons, 80% of which is used in high-temperature alloys and military components [7][8] - The price of molybdenum is projected to increase by 19.5% year-on-year by 2026, with full-year orders already booked, indicating strong demand [9][12] - Tin is identified as a critical metal for AI and photovoltaic applications, with a global supply-demand ratio of only 24 years, and China implementing export controls to restrict supply [13][15][18] Group 3 - The three companies discussed are recognized as industry leaders, with verified resource reserves, production capacity, and technological barriers [26][27][28] - The investment potential in rare metals is characterized by resource monopoly, policy protection, and increasing demand, suggesting a more stable and elastic price trajectory compared to military stocks [20][21][22] - The article concludes that as the market fully recognizes the value of these three giants, they are likely to experience significant price appreciation [32][35]

Group 1 - Yunnan Tin Company Limited experienced a 5.11% decline in stock price, reaching 36.06 CNY per share, with a trading volume of 1.467 billion CNY and a turnover rate of 2.44%, resulting in a total market capitalization of 59.348 billion CNY [1] - The company's main business involves exploration, mining, beneficiation, and smelting of metals such as tin, zinc, copper, and indium, with the revenue composition being 43.61% from tin ingots, 20.31% from supply chain business, and 18.04% from copper products [1] - The supply chain business includes 12.77% from copper products, 7.08% from zinc products, and 5.57% from tin products, with additional contributions from other products [1] Group 2 - Guotai Fund holds a significant position in Yunnan Tin Company, with the Guotai Jinlong Industry Select Mixed Fund (020003) owning 1.8507 million shares, accounting for 6.01% of the fund's net value, making it the third-largest holding [2] - The fund has reported a floating loss of approximately 3.5904 million CNY today, with a total fund size of 858 million CNY and a year-to-date return of 16.78% [2] - The fund's performance over the past year shows a return of 38.14%, ranking 2644 out of 8132 in its category, while since inception, it has achieved a return of 1203.11% [2]

Group 1 - The core viewpoint of the articles indicates a decline in non-ferrous metal stocks, with significant drops in companies such as Xiyeg股份 (over 4%), Northern Rare Earth, and Xiamen Tungsten (over 3%) [1] - Industrial non-ferrous related ETFs have also experienced a decline, with an overall drop exceeding 2% [1] - Despite short-term market fluctuations, brokerages suggest that the long-term outlook for cyclical resource sectors, including industrial non-ferrous metals, remains promising due to industrial structural optimization and sustained demand growth [2] Group 2 - Performance trend models indicate that the current valuation of the industrial non-ferrous sector is reasonable, with potential for a rebound in the future [2] - Investors are advised to focus on the potential performance of these sectors within the supply chain and to seize investment opportunities arising from significant price declines [2]

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2026-011 | | --- | --- | --- | --- | --- | | 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 关于高级管理人员辞职的公告 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。 云南锡业股份有限公司（以下简称"公司"）董事会于 2026 年 2 月 12 日收到 公司副总经理王建伟先生的书面辞职报告，王建伟先生因工作岗位变动申请辞去 公司副总经理职务（董事会聘任的原到期日为 2026 年 2 月 3 日，目前公司尚未 完成董事会换届工作，具体详见公司披露的《云南锡业股份有限公司关于董事任 期届满的提示性公告》公告编号：2026-008）。根据《中华人民共和国公司法》 《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》及 《云南锡业股份有限公司章程》的有关规定，王建伟先生的辞职报告自送达公司 董事会时生效。 ...

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2026-010 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 债券简称：24 | 锡 | KY02 | | 4、本公告中占有表决权股份总数的百分比例均保留 4 位小数，若其各分项 数值之和与合计数值存在尾差，均为四舍五入原因造成。 特别提示： 1、本次股东会未出现否决议案情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 3、云南锡业股份有限公司（以下简称"公司"）于 2026 年 1 月 28 日以公告 形式向公司全体股东发出召开 2026 年第二次临时股东会的通知，2026 年 2 月 12 日披露了关于召开 2026 年第二次临时股东会的提示性公告。 一、会议的召开情况 云南锡业股份有限公司 2026 年第二次临时股东会决议公告 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、召开时间 （1）现场会议时间：2026 年 2 月 12 日（ ...

Group 1 - The company Yunnan Tin Company Limited announced the resignation of its Deputy General Manager, Wang Jianwei, due to a job change, effective February 12, 2026. After resigning, he will not hold any position in the company or its subsidiaries [1][1][1] Group 2 - Investors Ge Weidong and Fang Wenyuan have jointly invested 1 billion yuan each in Jianghuai, leading to a significant increase in the company's stock price. Historical analysis shows that retail investors participating in private placements have experienced both gains and losses [1][1][1]