GZWRC(SH:600992) Tou Bao Yan Jiu Yuan·2025-11-10 12:52Investment Rating - The report indicates a positive investment outlook for the global tin industry, driven by resource advantages and AI technology, leading to a tight supply-demand balance that is expected to push prices upward [2]. Core Insights - The global tin industry is experiencing a new growth cycle fueled by the dual drivers of AI technology and green transformation. The demand for tin, a strategic metal, is surging in high-end manufacturing sectors such as AI chips, electric vehicles, and 5G communications, while traditional applications like solder and tin-plated boards continue to grow steadily. On the supply side, limited growth in global tin concentrate supply is due to declining ore grades, stricter environmental policies, and geopolitical factors, resulting in a sustained upward shift in tin prices [2][4][5]. Summary by Sections Industry Overview - Tin is a scarce metal with a melting point of 231.89°C, widely used in electronic soldering, food packaging, and chemical catalysis. Its abundance in the earth's crust is only 0.004%, primarily found in granite, volcanic rocks, and sedimentary metamorphic deposits [3][8]. Supply and Demand Dynamics - The global tin supply has been declining, with reserves dropping from 9.6 million tons in 2000 to 4.3 million tons in 2024. The supply is highly concentrated in a few countries, including China, Myanmar, and Australia, which face challenges such as low ore grades and declining mining yields [4][18][20]. Price Trends - The report highlights that the tin market is sensitive to supply disruptions, which can lead to significant price volatility. Historical data shows that supply disturbances have caused sharp price fluctuations, particularly during periods of reduced production in major producing countries [36][38]. Future Outlook - The report anticipates a growing supply-demand gap in the coming years, driven by the explosive growth in AI PC and server markets, which significantly increases the demand for tin. The shift towards diversified import sources for China, moving away from heavy reliance on Myanmar, is also noted as a strategic response to supply chain vulnerabilities [47][42].