1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The resumption progress of tin mines in Wa State, Myanmar has great uncertainty, and Thailand prohibits Myanmar from transporting tin ore through its territory, restricting the supply of tin ore imports. The Bisie mine in Congo plans to resume production in stages, and currently, the tin ore processing fee remains at a historically low level. On the smelting side, the Yunnan production area is facing a shortage of raw materials and cost pressures, while the waste recycling system in the Jiangxi production area is under pressure, and the operating rate remains at a low level. On the demand side, after the rush to install in the photovoltaic industry ended, the operating rate of some producers decreased, and the electronics industry entered the off - season with a strong wait - and - see sentiment. Recently, the tin price has been widely adjusted, with downstream buyers purchasing on dips, the domestic inventory has decreased slightly, and the overseas inventory continues to decline with an increase in LME cancelled warrants. Technically, there is a divergence between long and short positions at a low position in holdings, and the price is adjusted in a wide range. It is recommended to wait and see, with a reference range of 262,000 - 270,000 yuan/ton [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 266,740 yuan/ton, up 3,850 yuan/ton; the closing price of the LME 3 - month tin is 33,250 US dollars/ton, down 70 US dollars/ton. The closing price of the August - September contract of Shanghai tin is - 20 yuan/ton, up 10 yuan/ton. The main contract holding volume of Shanghai tin is 26,471 lots, down 162 lots. The net holding of the top 20 futures of Shanghai tin is 1,701 lots, up 611 lots. The total inventory of LME tin is 2,060 tons, up 75 tons, and the cancelled warrants of LME tin is 615 tons, up 50 tons. The Shanghai Futures Exchange inventory of tin is 7,198 tons, up 243 tons [3] 3.2 Spot Market - The Shanghai Futures Exchange warehouse receipt of tin is 6,685 tons, down 53 tons. The SMM 1 tin spot price is 265,000 yuan/ton, unchanged; the Yangtze River Non - ferrous Market 1 tin spot price is 264,930 yuan/ton, down 500 yuan/ton. The basis of the main contract of Shanghai tin is - 1,740 yuan/ton, down 3,850 yuan/ton, and the LME tin premium (0 - 3) is 12 US dollars/ton, up 32 US dollars/ton [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 1.21 million tons, down 0.29 million tons. The average price of 40% tin concentrate processing fee is 10,500 yuan/ton, unchanged. The average price of 40% tin concentrate is 255,300 yuan/ton, down 1,700 yuan/ton; the average price of 60% tin concentrate is 259,300 yuan/ton, down 1,700 yuan/ton. The average price of 60% tin concentrate processing fee is 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the import volume of refined tin is 3,762.32 tons, up 143.24 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 172,130 yuan/ton, unchanged. The cumulative output of tin - plated sheets (strips) is 1.6014 million tons, up 0.1445 million tons; the export volume of tin - plated sheets is 140,700 tons, down 33,900 tons [3] 3.6 Industry News - China's CPI in June increased by 0.1% year - on - year, the core CPI reached a 14 - month high, and the year - on - year decline of PPI widened to 3.6%. Trump announced that starting from August 1, the US will impose a 20% tariff on Philippine products, a 25% tariff on Brunei and Moldova, and a 30% tariff on Algeria, Iraq, Libya, and Sri Lanka. The new tariff on Brazil announced by Trump far exceeds the previous one. The China Association of Automobile Manufacturers reported that the sales volume of new energy vehicles in China in June increased by 26.7% year - on - year [3]