Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The price of Shanghai tin may be strong first and then weak due to factors such as the decline in US tariffs on China, potential relaxation of US restrictions on chip exports to Gulf countries, the expected resumption of tin mines in Wa State, Myanmar, and the increase in refined tin inventories at home and abroad. Investors are advised to wait and see, paying attention to the support and pressure levels of Shanghai tin and London tin [1] Group 3: Summary by Relevant Catalogs Market Data - On May 15, 2025, the closing price of the Shanghai tin futures active contract was 265,210 yuan, down 560 yuan from the previous day; the trading volume was 72,966 lots, a decrease of 13,194 lots; the open interest was 30,513 lots, a decrease of 997 lots; the inventory was 8,163 tons, a decrease of 16 tons [1] - The closing price of the LME 3 - month tin futures (electronic trading) on May 15, 2025, was 32,814 US dollars, up 160 US dollars from the previous day; the LME tin global inventory was 2,745 tons, unchanged from the previous day [1] Company News - Inner Mongolia Xingye Yinxi Mining Co., Ltd. plans to have its wholly - owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., conduct an off - market conditional offer to acquire all the issued shares of Atlantic Tin Limited at a price of 0.24 Australian dollars per share [1] Supply - side Information - In the supply side, Myanmar's Wa State's mining policies have changed, and the Bisie tin mine in Congo (Kinshasa) has复产. These factors may lead to a decrease in China's tin ore production and imports in May, and the domestic tin concentrate processing fee has been oscillating downward, indicating a tight supply expectation. The supply of scrap tin is expected to increase but still remains tight. The operating rates of refined tin production capacity in Yunnan and Jiangxi have decreased, and the production and inventory of refined tin in China in May may decrease. The export volume of Indonesia's refined tin in May may increase, and China's refined tin imports and exports may both increase [1] Demand - side Information - In the demand side, the daily processing fee of photovoltaic welding strips has decreased, which may lead to a decrease in the operating rate and inventory of China's tin solder production capacity in May. The import and export volume of welding strips in May may change, and the production, import, and export volume of tin - plated sheets in May may also change. The operating rate of China's lead - acid battery production capacity has increased [1] Trading Strategy - Investors are advised to wait and see, paying attention to the support level of 230,000 - 250,000 yuan and the pressure level of 270,000 - 280,000 yuan for Shanghai tin, and the support level of 28,000 - 30,000 US dollars and the pressure level of 33,000 - 35,000 US dollars for London tin [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The price of tin is expected to be strong first and then weak due to the initial results of Sino - US tariff negotiations, the possible relaxation of US restrictions on chip exports to Gulf countries, the expected resumption of the tin mine in Myanmar's Wa State, and the increase in refined tin inventories at home and abroad. Investors are advised to wait and see, focusing on the support levels around 230,000 - 250,000 for Shanghai tin, 265,000 - 280,000 for resistance, and 28,000 - 30,000 for support and 32,000 - 34,000 for resistance for London tin [6]. 3. Summary by Relevant Information Company News - Inner Mongolia Xingye Yinxi Mining Co., Ltd. plans to have its wholly - owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., conduct an off - market conditional offer to acquire all the issued shares of Atlantic Tin Limited at a price of A$0.24 per share. The company will provide financial support for this transaction [3]. Market Data - **Shanghai Tin Futures**: On May 9, 2025, the closing price of the active contract was 259,540, down 1,940 from the previous day; the trading volume was 71,445 lots, a decrease of 32,879; the open interest was 30,130 lots, down 834; the inventory was 8,402 tons, up 68 [2]. - **Shanghai Tin Basis and Spreads**: The SMM 1 tin average price was 259,600, down 2,600 from the previous day; the basis was 60, down 660; the spread between the near - month and the first - continuous contract was - 240, up 60; the spread between the first - continuous and the second - continuous contract was 30, up 10; the spread between the second - continuous and the third - continuous contract was 30, down 200 [2]. - **London Tin**: The closing price of the LME 3 - month tin futures (electronic trading) on May 9, 2025, was 31,885, up 8 from the previous day; the 0 - 3 - month contract spread was - 43.01, up 115.06; the 3 - 15 - month contract spread was - 32, up 67.90; the global inventory was 2,705 tons, unchanged; the registered warrants were 2,395, unchanged; the cancelled warrants were 310, unchanged; the Shanghai - London tin price ratio was 8.14, down 0.06 [2]. Supply and Demand Analysis - **Supply Side**: In Myanmar, the Manxiang tin mine in Wa State clarified the process of obtaining mining and exploration licenses on April 23 and significantly increased fees. Full resumption of normal mining may take about 2 months. Alphamin Resources announced the resumption of the Bisie tin mine in North Kivu Province, Congo (the production in 2024 and 2025 is 17,300 and 20,000 tons respectively). Domestic tin ore production (imports) in May may decrease (increase). The domestic tin concentrate processing fee is oscillating downward, indicating a tight supply expectation. The supply of scrap tin is expected to increase but cannot change the tight situation. The production of recycled tin in China in May may not increase. The operating rates of refined tin production capacity in Yunnan and China (Jiangxi) decreased (remained flat) compared with last week, and the production (inventory) of refined tin in China in May may decrease (decrease). Malaysia's MSC smelting company suspended tin production due to a natural gas pipeline explosion on April 1. Indonesia tightened the qualification review of exporters and adjusted the quota allocation mechanism. PT Tinah, an Indonesian state - owned tin mining company, plans to increase tin production and sales in 2025 from 18,915 and 17,507 tons to 21,545 and 19,065 tons respectively, and exports in May may increase. China's refined tin imports (exports) in May may increase (increase). The inventory of refined tin in the Shanghai Futures Exchange decreased compared with last week, the social inventory of tin ingots in China increased, and the inventory of refined tin in the London Metal Exchange increased [4]. - **Demand Side**: The daily processing fee of photovoltaic welding ribbons decreased, and the operating rate (inventory) of tin solder production capacity in China in May may decrease (decrease). China's imports (exports) of welding ribbons in May may decrease (increase). The production (imports, exports) of tin - plated sheets in China in May may increase (decrease, decrease). The operating rate of China's lead - acid battery production capacity increased compared with last week [4].