1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The supply of tin ore is currently tight, with slow resumption of production in Myanmar's Wa State. Although the mining permits have been approved, the export volume of tin ore is still far below the normal level, and the supply gap cannot be effectively filled. The long - term demand expectations from emerging fields such as new energy vehicles and AI servers support the tin price. It is expected that the tin price will remain stable or have a slight rebound [12][13]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - Cost side: The mining permits in Myanmar's Wa State have been approved, but the resumption of production is slow. It is expected that the supply of tin ore will significantly recover in the fourth quarter. In September 2025, China's imported tin concentrate physical volume was 8714 tons, a significant decline from the previous month. The import volume from countries like Congo (Kinshasa) decreased due to shipping, but it is at a normal level. The import volume from Myanmar is increasing, and short - term supply shows improvement [12]. - Supply side: The resumption of tin mining in Myanmar's Wa State is slow and difficult to increase production before November. The raw material shortage in Yunnan's smelting enterprises persists, and the tin concentrate processing fee (TC) in Yunnan remains low. In Jiangxi, the supply of crude tin is insufficient due to a significant reduction in scrap, and the refined tin output remains low. The raw material inventory of domestic smelters is generally less than 30 days, and some enterprises carried out maintenance in September, with capacity utilization likely to remain low [12]. - Demand side: Traditional fields such as consumer electronics and tinplate show weak consumption, but emerging fields like new energy vehicles and AI servers provide long - term demand support for the tin price. In the peak season of October, the operating rate of domestic tin solder enterprises showed a slight recovery. Downstream enterprises mainly replenish inventory at low prices. As of the end of October, the total social inventory of major tin ingots in China was 7698 tons, a decrease of 654 tons from September [12]. - Conclusion: In October, the tin price fluctuated mainly following the non - ferrous metal sector. The supply tension supports the tin price, and it is expected to remain stable or have a slight rebound [12][13]. 3.2 Futures and Spot Market - No specific text summary content provided, only relevant charts such as the basis of Shanghai tin main contract and LME tin premium (0 - 3) are presented [19] 3.3 Cost Side - The short - term supply of tin ore is generally tight, and the processing fee remains low [26]. 3.4 Supply Side - No specific text summary content provided, only relevant charts such as domestic refined tin monthly output, domestic recycled tin monthly output, tin output and operating rate in Yunnan and Jiangxi regions, refined tin export and import profits, domestic refined tin import volume, and Indonesia's refined tin import and export are presented [30][32][35] 3.5 Demand Side - Semiconductor sales: China's semiconductor sales growth rate rebounded slightly, and global semiconductor sales maintained high growth [44]. - Consumer electronics: The production of domestic computers and smartphones is presented in charts, but no specific text summary is provided [46]. - Household appliances: The production of household appliances such as washing machines, air conditioners, refrigerators, and color TVs is presented in charts, but no specific text summary is provided [48][50]. - Photovoltaic: The production of photovoltaic cells and cumulative photovoltaic installation in China are presented in charts, but no specific text summary is provided [52]. - Other fields: Tin consumption in the tinplate field continues to decline as aluminum cans have almost completely replaced tinplate cans in the beverage packaging field. PVC production increased slightly year - on - year in the first half of the year, and PVC stabilizers are a major consumer of tin compounds [55]. - Downstream enterprises: The operating rate of downstream solder enterprises and domestic apparent tin consumption are presented in charts, but no specific text summary is provided [57]. 3.6 Supply - Demand Balance - No specific text summary content provided, only relevant charts such as China's social inventory and LME inventory are presented [61]