锡：加速上行

Report Summary 1) Report Industry Investment Rating - The report gives a positive investment rating for tin, with a trend strength of 1, indicating a relatively bullish outlook [5]. 2) Core Viewpoint - The price of tin is accelerating upward [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of the Shanghai Tin main contract was 287,090 yuan, with a daily increase of 4.75%, and the night - session closing price was 287,400 yuan, with a night - session increase of 0.82%. The price of the LME Tin 3M electronic disk was 36,820 dollars, with a daily increase of 1.57%. The trading volume and open interest of the Shanghai Tin main contract increased compared to the previous day, while the trading volume of the LME Tin 3M electronic disk decreased slightly and the open interest increased [2]. - Inventory Data: The inventory of Shanghai Tin was 5,851 tons, and the inventory of LME Tin was 2,390 tons, a decrease of 115 tons from the previous day. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% from the previous day [2]. - Spot and Price Difference Data: The SMM 1 tin ingot price was 284,200 yuan, an increase of 7,000 yuan from the previous day. The Yangtze River Non - ferrous 1 tin average price was 283,600 yuan, an increase of 12,500 yuan from the previous day. The LME tin (spot/three - month) spread was - 57 dollars, an increase of 8 dollars from the previous day [2]. - Industrial Chain Key Price Data: The prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi increased by 7,000 yuan compared to the previous day. The prices of 63A and 60A solder bars also increased [2]. Macro and Industry News - China's Ministry of Commerce issued four announcements regarding export controls on rare earths, lithium batteries, and super - hard materials. - The US government shutdown remains unresolved, with the Senate rejecting the appropriation bill seven times. - The US Bureau of Labor Statistics plans to release September CPI data during the government shutdown. - The US provided 20 billion dollars in financial support to Argentina, and the peso rose. - China's National Development and Reform Commission and the State Administration for Market Regulation issued a notice to regulate price competition. - The Israeli government approved a cease - fire agreement in Gaza. - Microsoft predicts that the shortage of data center supply will continue until 2026. - Altman said that OpenAI will have more major deals after those with Nvidia, Oracle, and AMD [3][4].