Core Viewpoint - The demand for tin solder is expected to accelerate due to AI-driven computing infrastructure, innovation cycles in smart devices, and the electrification/intelligentization of automobiles, with a projected CAGR of 7% from 2024 to 2030 [1][2]. Group 1: Demand Drivers - The demand for tin solder is driven by AI advancements, smart device innovation, and the automotive sector's shift towards electrification and intelligence [2]. - Traditional demand is also expected to benefit from global fiscal and monetary policy easing, with a growing urgency for "safety stock" in the context of de-globalization, leading to a projected global tin demand CAGR of 4.3% from 2024 to 2030 [2]. Group 2: Supply Constraints - Major tin-producing regions are facing resource constraints and frequent disruptions, with China's tin reserves and static reserve-to-production ratio declining due to insufficient prior exploration [3]. - Indonesia is experiencing multiple issues, including shrinking tin reserves, declining grades, and increased mining difficulties, compounded by frequent policy changes that exacerbate supply disruptions [3]. - Myanmar's previous extensive mining practices have led to significant declines in grade and output, with uncertainties surrounding the resumption of production in the Wa region [3]. - Other regions have projects mostly in early stages, and the supply elasticity of recycled tin is limited due to the miniaturization of solder [3]. Group 3: Supply-Demand Balance and Price Outlook - The supply-demand balance is expected to remain tight, with projected supply-demand ratios for tin from 2025 to 2030 being -6%, -1%, +1%, +1.6%, +1%, and -0.3% respectively [4]. - The continuous decline in global tin ore grades is pushing up industry cost lines, alongside rising global inflation expectations and geopolitical risk premiums, which may elevate the incentive prices for potential global tin mining projects [4]. Group 4: Investment Recommendations - Since 2020, the central price of tin has increased, leading to overall improved industry profitability and valuation normalization, with the current industry PE at the 21st percentile of the past five years [5]. - The industry remains bullish on tin prices and valuation expansion, recommending a focus on companies like Tin Industry Co., Ltd. (000960.SZ) that have strong resource endowments and growth potential [5].