2026年2月2日，锡业股份（sz000960）触及跌停，跌停价35.84元，涨幅-9.99%，总市值589.86亿元，流 通市值589.86亿元，截止发稿，总成交额35.77亿元。 根据喜娜AI异动分析，锡业股份跌停原因可能如下，关联交易+子公司负债+回购进度慢： 1、公司自身 经营存在风险：2026 年预计关联交易达 197.06 亿元，存在依赖风险。同时，德国子公司资产负债率 89.78%，财务风险较大。而且股份回购 5 个月仅完成 700 万元，占计划下限 35%，回购进度不及预 期，这些因素都可能使得投资者对公司的信心下降，从而导致股价跌停。 2、行业情况及形势影响：全 球锡矿供应紧张，原料采购压力增大，可能影响公司的生产成本。并且锡行业周期性波动明显，锡价受 宏观因素影响大，公司业绩存在波动风险，这些行业特性在一定程度上影响了投资者对锡业股份的预 期。 3、概念题材与市场热点：锡业股份属于有色金属行业，特别是锡金属概念题材。近期有色金属板 块整体可能受到资金流向形势、金属价格波动等因素影响。如果同概念相关板块整体表现不佳，锡业股 份也会受到拖累。 4、资金流向与技术面：从资金流向看，可能有大量资金 ...

2月2日，锡业股份跌7.81%，截至发稿，报36.71元/股，成交2.63亿元，换手率0.43%，总市值604.17亿 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%。 国泰金龙行业精选混合（020003）基金经理为陈异。 截至发稿，陈异累计任职时间3年228天，现任基金资产总规模8.59亿元，任职期间最佳基金回报 2.36%， 任职期间最差基金回报2.36%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.c ...

Investment Rating - The report indicates a positive outlook for the small metals sector, with expectations of price increases and performance improvements in the coming months [58]. Core Insights - The small metals index rose by 7.49% during the reporting period, outperforming the Shanghai Composite Index by 8.03% [12]. - The report highlights significant price movements in various metals, with rare earth elements showing strong price increases, particularly praseodymium and neodymium oxide, which rose by 11.03% to 748,700 CNY/ton [2][13]. - The report emphasizes the ongoing supply-side reforms and the increasing demand for rare earths, particularly in the context of global inventory replenishment needs [15][17]. Summary by Sections Stock Market and Commodity Price Performance - The small metals index closed at 38,048.84 points, reflecting a 7.49% increase, which is 2.11 percentage points lower than the non-ferrous metals index [12]. - Key commodity prices showed varied trends, with praseodymium oxide increasing by 11.03%, dysprosium oxide decreasing by 10.74%, and tungsten concentrate rising by 19.24% [13]. Main Product Fundamentals and Views Rare Earths - The price of praseodymium and neodymium oxide reached 748,700 CNY/ton, driven by supply-side reforms and increased processing fees [2][15]. - The report suggests that the rare earth sector will continue to see valuation and performance improvements, with 2026 being a critical year for resolving competitive issues within the industry [17]. Tin - Tin ingot prices increased by 2.17% to 423,600 CNY/ton, with expectations of continued upward trends due to supply constraints from Indonesia and Myanmar [3][24]. - The demand for tin is anticipated to benefit from the recovery in semiconductors and automotive electronics [24]. Tungsten - Tungsten concentrate prices rose by 19.24% to 600,700 CNY/ton, supported by increased strategic reserves in the U.S. and domestic demand [3][33]. - The report highlights the potential for sustained price increases due to military and civilian demand [33]. Antimony - Antimony ingot prices increased by 1.26% to 164,100 CNY/ton, with expectations of price recovery driven by export improvements [4][40]. - The report notes a significant drop in antimony exports, indicating potential for future price increases as demand stabilizes [40]. Molybdenum - Molybdenum concentrate prices remained stable at 4,010 CNY/ton, with molybdenum iron prices rising by 0.79% to 256,000 CNY/ton [5][43]. - The report suggests that low inventory levels and increased defense spending may support future price increases [43].

Group 1 - The non-ferrous metal sector experienced a significant decline, with notable drops in stock prices for several companies [1] - Zhongtung High-tech fell over 8%, while Xiamen Tungsten dropped more than 7% [1] - Other companies such as Xiyang Co. and Xingye Silver Tin also saw their stock prices decline [1]

Group 1 - Yunnan Tin Company Limited's stock price dropped by 5.22% to 44.31 CNY per share, with a trading volume of 1.63 billion CNY and a turnover rate of 2.15%, resulting in a total market capitalization of 72.93 billion CNY [1] - The company's main business involves the 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, 7.90% from other products, and 5.57% from tin products, with additional contributions from zinc products and other categories [1] Group 2 - Huayin Research Selected Stocks Fund (004352) holds 26,800 shares of Yunnan Tin Company, representing 3.96% of the fund's net value, making it the third-largest holding [2] - The fund has experienced a floating loss of approximately 65,400 CNY today, with a total fund size of 18.84 million CNY and a year-to-date return of 19.94%, ranking 193 out of 5,551 in its category [2] - Over the past year, the fund achieved a return of 71.47%, ranking 486 out of 4,285, and has a cumulative return of 111.4% since its inception [2]

Core Viewpoint - The company currently produces tin ingots and is primarily involved in deep processing products through its affiliated company, Yunxi New Materials [2] Group 1 - An investor inquired about the possibility of the company producing collectible tin bars and whether there are plans to develop such a business in the future [2] - The company confirmed that its current tin products are limited to tin ingots [2] - The main deep processing products related to tin are handled by the company's affiliated entity, Yunxi New Materials [2]

Group 1 - The core viewpoint of the articles highlights the strong performance of precious metals, particularly gold and silver, driven by geopolitical risks and central bank purchases [1][2] - As of January 28, the spot gold price surpassed $5200 per ounce, with major gold jewelry brands in China quoting prices above 1600 yuan per gram [1] - The global official gold reserves have surpassed U.S. Treasury securities for the first time in 30 years, indicating a shift in reserve asset preferences [1] Group 2 - In the copper market, Zambia's copper production is expected to grow by 8% to 890,346 tons by 2025, although it falls short of the 1 million tons target [2] - The London Metal Exchange copper price fell below $13,000, but long-term demand is supported by investments in AI data centers and China's State Grid [2] - The silver market has seen a year-to-date increase of over 55%, with a single-day jump of 8% on January 27 [2] Group 3 - The Precious Metals ETF (516650) closely tracks a series of sub-indices, selecting 50 large, liquid listed companies from related sectors, with top holdings including Shandong Gold and Zhongjin Gold [2]

2026 年 01 月 27 日 铜铝下游开工率有所回升，高价接受度提升 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 有色金属(申万) 24.5 37.5 131.2 沪深 300 1.1 -0.2 23.3 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 (%) 有色金属 沪深300 相关研究 1、《有色金属行业周报：1 月美联 储进一步降息的概率较高，黄金上 行动力较足》2026-01-20 2、《有色金属行业周报：美国非农 就业人数不及预期，贵金属进一步 上行》2026-01-13 3、《有色金属行业周报：LME 铜库 存注销，推动铜价走高》2025-12- 09 ▌贵金属：PCE 数据温和叠加年内仍将降息，支撑贵 金属价格 价格方面，周内伦敦黄金价格为 4946.25 美元/盎司，环比 1 月 16 日+335.20 ...

Summary of Key Points Core Viewpoint - On January 28, a total of 14 companies announced 15 stock repurchase updates, indicating a trend of companies engaging in buyback programs to enhance shareholder value [1]. Group 1: First Disclosure of Buyback Plans - Two companies, Greenmei and Davi Co., disclosed their stock repurchase plans for the first time, with proposed buyback amounts not exceeding 3.03 million and 0.23 million respectively [1]. Group 2: Approval of Buyback Plans by Shareholders - Three companies, New Open Source, Guangdong Hongtu, and Guangji Pharmaceutical, had their buyback plans approved by shareholders, with the highest proposed repurchase amounts being 50 million, 18.10 million, and 0.42 million respectively [1]. Group 3: Progress of Buyback Implementation - The companies with the highest buyback amounts in progress include Heng Rui Pharmaceutical, Jingji Agricultural, and Xingfa Group, with repurchase amounts of 605 million, 94.46 million, and 65.54 million respectively [1]. Group 4: Completed Buybacks - The companies that have completed their buybacks with the highest amounts are Huitai Medical, Xiye Co., and Aopu Technology, with completed repurchase amounts of 250 million, 7.01 million, and 0.85 million respectively [1].

Group 1 - The company, Yunnan Tin Company Limited, announced that its ninth board meeting for 2026 was held on January 26, 2026, via telecommunication voting [1] - The meeting reviewed the proposal for the early termination of the share repurchase plan and the cancellation of repurchased shares [1] Group 2 - International gold prices have surpassed $5,000, marking a 280% increase over the past seven years [1] - Experts suggest that the future trajectory of gold prices will depend significantly on the U.S. dollar, with a focus on the international monetary system, interest rate cuts, and technological revolutions [1]