Report Industry Investment Rating - The investment rating for tin is "Range-bound" [1] Report's Core View - The report provides the latest data on tin's fundamentals, including price, trading volume, inventory, and key industrial chain prices, and also presents relevant macro and industry news [2][3] Summary by Related Catalogs Fundamental Tracking - **Futures and Spot Market Data**: The closing price of the Shanghai Tin main contract was 271,260 with a daily increase of 0.31%, and the night - session closing price was 272,130 with a night - session increase of 0.27%. The LME 3M electronic tin price was 34,700 with a daily increase of 0.19%. The trading volume of the Shanghai Tin main contract was 57,815, an increase of 9,155 from the previous day, and the position was 26,606, a decrease of 744. The trading volume of the LME 3M electronic tin was 180, a decrease of 9, and the position was 13,988, an increase of 53 [2] - **Inventory Data**: The Shanghai Tin inventory was 7,504, an increase of 22, and the LME tin inventory was 2,385, a decrease of 25. The LME tin注销仓单 ratio was 6.57%, a decrease of 0.38% [2] - **Spot Price Data**: The SMM 1 tin ingot price and the Yangtze River Non - ferrous 1 tin average price were both 271,100, an increase of 1,000 from the previous day. The LME tin (spot/three - month) spread was 45, an increase of 18 [2] - **Industrial Chain Key Price Data**: The price of 40% tin concentrate in Yunnan was 259,100, an increase of 1,000, and the price of 60% tin concentrate in Guangxi was 263,100, an increase of 1,000. The price of 60A solder bar was 175,750, an increase of 500 [2] Macro and Industry News - US inflation was basically in line with expectations. In August, the core CPI increased by 3.1% year - on - year and 0.3% month - on - month. The number of initial jobless claims in the US last week increased to 263,000, a nearly four - year high [3] - The European Central Bank kept interest rates unchanged for two consecutive meetings, believing that inflation pressure was under control. ECB President Lagarde made hawkish remarks [3] - China's State Council will carry out comprehensive reform pilot projects on the market - based allocation of factors in 10 regions [3] - China's Ministry of Commerce will closely monitor Mexico's tax - increasing trends and take necessary measures [3] - Alibaba open - sourced the Qwen3 - Next model [3] - Tesla's new growth point: The earliest delivery of the Model Y L in China will be in November, and its stock price rose 6% [4] Trend Intensity - The trend intensity of tin is 0, indicating a neutral view [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The price of lead is fluctuating, with the Shanghai lead futures and London lead futures showing certain price changes and trading volume and position adjustments [1] 3. Summary by Relevant Sections 3.1 Fundamental Tracking - **Price**: The closing price of the Shanghai lead main contract was 16,900 yuan/ton, up 0.63% from the previous day; the closing price of the London lead 3M electronic market was 1,988.5 US dollars/ton, up 0.53% [1] - **Volume and Open Interest**: The trading volume of the Shanghai lead main contract was 41,772 lots, a decrease of 3,543 lots; the trading volume of London lead was 6,327 lots, an increase of 1,905 lots. The open interest of the Shanghai lead main contract was 49,603 lots, a decrease of 864 lots; the open interest of London lead was 158,239 lots, an increase of 784 lots [1] - **Premium and Discount**: The premium of Shanghai 1 lead was -30 yuan/ton, an increase of 5 yuan/ton; the LME CASH - 3M premium was -42.5 US dollars/ton, unchanged [1] - **Inventory**: The inventory of Shanghai lead futures was 59,737 tons, an increase of 6,048 tons; the LME lead inventory was 232,625 tons, a decrease of 4,375 tons [1] - **Recycled Lead**: The price of recycled electric vehicle batteries was 10,000 yuan/ton, a decrease of 25 yuan/ton; the comprehensive profit and loss of recycled lead was -198 yuan/ton, an increase of 105 yuan/ton [1] 3.2 News - The State Council will carry out comprehensive reform pilot projects on the market - based allocation of factors in 10 regions including Beijing Sub - center, key cities in southern Jiangsu, Hangzhou, Ningbo, Wenzhou, and Hefei Metropolitan Area [2] - US inflation was basically in line with expectations. The core CPI in August increased by 3.1% year - on - year and 0.3% month - on - month, the same as Wall Street expectations and July. The number of initial jobless claims in the US last week increased to 263,000, reaching a nearly four - year high [2] - The lead trend strength is 0, indicating a neutral view [2]

Core Insights - The State Council has approved pilot reforms for market-oriented allocation of factors in 10 regions, aiming to address key issues in the current factor market allocation system [1][2] - The pilot reforms focus on enhancing the market for land, data, and environmental resources, aiming to remove institutional barriers to the free flow and efficient allocation of these factors [1] Group 1: Land Factor Reforms - The pilot will grant greater autonomy in land resource management to the trial regions, allowing them to match new construction land with population trends [2] - Innovations in industrial land supply will include long-term leasing, flexible supply periods, and support for the conversion of different types of industrial land [2] - Efforts will be made to revitalize underutilized land and promote the redevelopment of low-efficiency land, including the establishment of standards for identifying low-efficiency land [2] Group 2: Data and Environmental Resource Reforms - The pilot aims to accelerate the development and application of data, focusing on realizing data value and enhancing its efficient use [1] - Improvements in the market transaction mechanisms for environmental resources will be pursued, addressing the construction of market mechanisms [1]

【智通财经9月12日早间新闻精选】 1、国务院同意自9月11日起2年内开展北京城市副中心、苏南重点 城市、杭甬温、合肥都市圈、福厦泉、郑州市、长株潭、粤港澳大湾区内地九市、重庆市、成都市等10 个要素市场化配置综合改革试点，原则同意有关实施方案。 2、据报道，墨西哥称计划对中国等国征收 50%的关税。外交部发言人林剑在昨日的例行记者会上表示，中方坚决反对在他人胁迫下以各种名目对 华设限，损害中方的正当权益，将会根据实际情况坚决维护自身权益。 3、商务部新闻发言人就墨西哥 拟对有关贸易伙伴提高进口关税税率事答记者问。商务部表示，将密切关注墨方提税动向，并对有关最 终措施进行认真评估。中方将根据实际情况采取必要措施，坚决维护自身正当合法权益。 4、中国人民 银行与印度尼西亚央行共同启动双边交易本币结算框架和二维码互联互通合作项目。 5、商务部国际贸 易谈判代表兼副部长李成钢9月9日主持召开外贸企业圆桌会。李成钢表示，商务部将会同相关方面认真 落实稳外贸政策措施，推动解决外贸企业的困难和问题，全力稳住外贸基本盘。 6、据中国汽车工业协 会11日发布数据显示，今年1至8月份，我国汽车产销量分别完成2105.1万辆和2 ...

Core Insights - The State Council has approved a pilot program for comprehensive reform of factor market-oriented allocation in several regions, aiming to optimize resource allocation efficiency and maximize benefits [2][3] Group 1: Importance of the Reform - Deepening factor market-oriented allocation reform is crucial for building a unified national market and establishing a high-level socialist market economy [3] - The pilot program is significant for improving the factor market system and mechanisms, promoting high-quality economic development [3] Group 2: Pilot Regions and Their Characteristics - Ten regions have been approved for the pilot program, including Beijing's urban sub-center, Suzhou, Hangzhou, Hefei, Fuzhou, Zhengzhou, Changsha, the Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu [4][5] - These regions are characterized by strong development foundations and represent over 25% of the national economic total in 2024 [5] Group 3: Highlights of the Pilot Program - The pilot program features strong representativeness, covering traditional factors like land and labor, as well as new factors such as data and computing power [5][6] - Emphasis on systematic integration and collaborative efficiency in reform measures to enhance targeted factor allocation [6] - The program encourages localized approaches, allowing regions to tailor their reform tasks based on specific needs and strengths [6] Group 4: Implementation and Support - The National Development and Reform Commission will work with pilot regions to implement the reforms, evaluate their effectiveness, and promote replicable models nationwide [7] - Various ministries, including the Ministry of Natural Resources and the Ministry of Industry and Information Technology, will support the pilot regions in exploring efficient allocation of land and technology [7][8] - Financial support will be enhanced for pilot regions to facilitate effective service supply and promote digital financial development [8]

Group 1 - In the first eight months of this year, China's automobile production and sales both exceeded 20 million units for the first time [1] - In the first half of this year, China's cross-border e-commerce import and export value reached approximately 1.3 trillion yuan, setting a new historical high [1][1] - The preliminary assessment of the Dadongou gold mine in Liaoning Province indicates a gold resource volume of nearly 1,500 tons, potentially becoming another world-class gold mine in China after the Shandong Jiaodong gold mine [1] Group 2 - The State Council has approved the implementation of comprehensive reform pilot projects for market-oriented allocation of factors in ten areas, including the Beijing urban sub-center [1] - The National Health Commission will offer HPV vaccination services to eligible girls this year [1]

一、优化新型生产要素市场化配置意义重大 在经济学中，生产要素指所有用于生产商品或提供服务的资源，通常包括土地、劳动、资本等。随着时 代变迁和科技发展，人力资本、技术、企业家精神等也越来越多地被纳入生产要素范围。目前，各界并 未就新型生产要素的定义、边界形成共识。但从我国发展实践看，培育壮大新质生产力既需要土地、劳 动、资本，也需要越来越多的新的投入，除了人力资本、技术、企业家精神之外，还有数据、空天、深 海、频谱、新能源等。比如，数字经济时代，数据成为关键生产要素已经成为普遍共识。随着培育壮大 新质生产力的实践不断丰富，我们对新型生产要素的认识将越来越全面、越来越深刻。 新型生产要素市场化配置对我们的生产生活具有十分重要的意义。一是创造更多发展机会。新要素的涌 现和崛起往往会开启一个新的时代，带来大量新的发展机会。农业经济时代土地要素最为重要，工业经 济时代资本要素的作用更加凸显，数字经济时代数据成为关键生产要素。今天我们可以预见，数据、空 天、深海、频谱、新能源，任何一个资源要素的背后都是一个甚至是十几个庞大的新产业新赛道，它们 一旦能实现高效的市场化配置，将有力促进新产业新赛道的发展。这种发展机会不仅能提 ...

党的二十届三中全会《决定》提出："完善要素市场制度和规则，推动生产要素畅通流动、各类资源高 效配置、市场潜力充分释放。"日前，全国部分地区要素市场化配置综合改革试点实施方案发布，这是 纵深推进全国统一大市场建设的重要举措。 要素市场化配置综合改革试点对全国统一大市场建设具有重要意义 市场是最稀缺的资源。深入开展要素市场化配置综合改革试点，实现要素价格市场决定、流动自主有 序、配置高效公平，有利于充分发挥我国巨大市场潜力，为实现高质量发展提供坚实支撑。 深化要素市场化配置综合改革试点，是促进经济平稳健康发展的重要抓手。当前，我国经济结构性矛盾 的根源在于要素配置扭曲。通过改革试点，探索让市场机制发挥决定性作用的要素资源配置方式，有利 于推动生产要素从低质低效领域向优质高效领域流动，释放错配资源，破除无效供给，促进经济平稳健 康发展。 深化要素市场化配置综合改革试点，是建立公平透明市场规则和法治化营商环境的关键环节。与商品和 服务市场相比，要素市场发育相对滞后。通过改革试点，消除影响要素流动的各种隐性壁垒，实现各类 要素资源在法治化轨道上自由流动、在全国范围畅通无阻，有力促进各种所有制经济依法平等使用生产 要素、 ...

（上接1版） "比如，在合肥都市圈和粤港澳大湾区内地九市等地区试点方案部署开展了海陆空全空间无人体系建设 等任务，在确保安全的前提下，探索空域、频率等方面新型要素配置方式，形成发展新动能。"李春临 说。 国家数据局副局长余英表示，这次试点将探索更大力度释放公共数据资源价值，"北京城市副中心、杭 甬温、郑州等地都将公共数据资源开发利用作为重要任务，我们将支持试点地区加强公共数据共享、开 放和授权运营，打造一批有影响力的项目，形成可复制、可推广的公共数据资源开发利用模式"。 余英还表示，这次试点将探索协同创新培育数据开发利用场景，支持地方因地制宜加大数据供给，释放 数据需求，挖掘一批可感可及的数据应用成果。另外，将支持试点地区探索数据流通交易新模式，建立 数据安全治理体系，推动高质量发展和高水平安全良性互动。 "下一步将指导试点地区加强人力资源开发，促进劳动力和人才有序流动，更好发挥人力资源要素作 用，推动综合改革试点落地见效。"人力资源社会保障部就业促进司负责人运东来说。 自然资源部自然资源开发利用司司长孔维东表示，开展要素市场化配置综合改革试点，部分试点地区的 探索内容之一是深化土地管理制度改革。即，赋予试点 ...

9月11日，国家发展改革委副主任李春临在国务院政策例行吹风会上表示，国务院批准开展要素市场化 配置综合改革试点的10个地区，包括北京城市副中心、江苏苏南重点城市、浙江杭甬温、安徽合肥都市 圈、福建福厦泉、河南郑州市、湖南长株潭、广东粤港澳大湾区内地九市、重庆市、四川成都市。这10 个地区是发展基础较好、经济增长支撑作用强的城市群、都市圈或者中心城市，改革基础条件较好，也 具有较强代表性。 （文章来源：21世纪经济报道） ...