锡价短期下跌，中长期投资价值凸显

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Views - The short-term decline in tin prices highlights the medium to long-term investment value [4] - The macro environment is tightening, leading to a decrease in risk appetite [5] - Supply and demand dynamics are weakening, with insufficient fundamental support [7] - The industry chain is experiencing transmission difficulties, causing accelerated capital withdrawal [8] - Despite short-term pressures, tin remains a strategic metal with increasing importance in high-growth sectors [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong relative performance with returns of 82.53% compared to the CSI 300 index [2] Supply and Demand - Supply side: Significant accumulation of visible inventory indicates a loosening of market supply, with production and export activities in major raw material regions recovering [7] - Demand side: Facing seasonal and structural challenges, traditional sectors lack large-scale replenishment motivation, while emerging sectors have not provided sufficient incremental demand [7] Market Sentiment - The tightening macro environment has suppressed market sentiment, with a strong dollar negatively impacting commodity prices like tin [5] - Regulatory measures aimed at curbing speculation have led to a significant reduction in market risk appetite [5] Investment Recommendations - The significant pullback in tin prices poses short-term pressure on related listed companies, with potential compression of profit growth [8] - Long-term investment opportunities in the tin sector are still worth monitoring, particularly in companies like Xingye Yinxin, Xiyu Shares, and Huaxi Nonferrous [8]