Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core Viewpoints - Last week, Shanghai tin (SHFE) showed an overall oscillating and slightly stronger trend. On October 24, 2025, the spot price of 1 tin was 282,000 yuan/ton, with small price fluctuations and little change in the basis [11]. - In September 2025, the refined tin output was 9,770 tons, decreasing both month - on - month and year - on - year, and is expected to return to normal in October. The domestic tin ore output from January to August was 50,200 tons, showing a slight year - on - year increase. The resumption process of tin mines in Myanmar has affected the price range [11]. - In September, the demand growth rates of integrated circuits, automobiles, and PVC remained good, while the demand in traditional sectors such as computers, some white goods, and photovoltaics slowed down. In October, the demand in emerging sectors is expected to maintain its resilience, while the demand in some traditional sectors will be adjusted [11]. - The tin ore supply remains tight, and the processing fees continue to decline weakly. Overall, profits will remain at a low level under the influence of ore supply disruptions [11]. - LME inventory increased slightly week - on - week, SHFE inventory decreased slightly week - on - week, and social inventory increased slightly week - on - week [11]. - Due to insufficient supply, the domestic economy still has resilience, and the semiconductor and automobile industries are generally on an upward trend. There is still high uncertainty overseas, and there is an expectation of interest rate cuts in the future. With the repeated disruptions in the ore supply, the recommended trading strategy is to take a long - biased approach, with the weekly support level around 272,000 - 275,000 yuan/ton. For options, sell out - of - the - money put options [11]. 3. Summary by Directory 3.1 Week - ly Viewpoints and Strategies - **Market Conditions**: SHFE tin oscillated slightly stronger last week. The spot price of 1 tin was 282,000 yuan/ton on October 24, 2025, with small price fluctuations and little change in the basis [11]. - **Supply**: In September 2025, refined tin output was 9,770 tons, decreasing due to factory maintenance, and is expected to return to normal in October. The domestic tin ore output in August was 6,854.21 tons, showing a slight month - on - month increase [11][43]. - **Demand**: In September, the demand for integrated circuits, automobiles, and PVC increased well, while traditional sectors like computers and some white goods slowed down. In October, emerging sectors are expected to maintain demand resilience, and some traditional sectors will adjust [11]. - **Cost and Profit**: The tin ore supply is tight, and processing fees are declining weakly. Profits will remain low under ore supply disruptions [11]. - **Inventory**: LME inventory increased slightly week - on - week, SHFE inventory decreased slightly week - on - week, and social inventory increased slightly week - on - week [11][28][32]. - **Strategy**: Take a long - biased approach, with the weekly support level around 272,000 - 275,000 yuan/ton. Sell out - of - the - money put options. Pay attention to macro - policies, disruptions in Myanmar and Congo tin mines, Indonesia's export speed, and consumption data [11]. 3.2 Industry Chain Structure The report mentions the tin industry chain, but no detailed content is provided. 3.3 Futures and Spot Markets The report shows the SHFE and LME tin futures and spot prices and basis, but no detailed analysis is provided [17]. 3.4 Inventory - As of October 23, 2025, SHFE inventory was 5,470 tons, decreasing slightly week - on - week. As of October 22, 2025, LME total inventory was 2,720 tons, increasing slightly week - on - week [28]. - As of October 19, 2025, the refined tin social inventory was 7,925 tons, increasing slightly week - on - week [32]. 3.5 Cost and Profit As of October 23, 2025, the processing fee for Yunnan concentrate was 11,000 yuan/ton, and that for Guangxi concentrate was 7,000 yuan/ton. The processing fees continued to be weak [38]. 3.6 Supply - In September 2025, refined tin output was 9,770 tons, decreasing due to factory maintenance, and is expected to return to normal in October. The domestic tin ore output in August was 6,854.21 tons, showing a slight month - on - month increase [43]. - In September 2025, the capacity utilization rate of tin enterprises was about 64.23%, showing a decline [50]. 3.7 Demand - In September 2025, China's automobile output was 3.227 million vehicles, a year - on - year increase of 13.7%. In August 2025, China's electronic computer output was 32.66 million units, a year - on - year decrease of 4.8% [54]. - In September 2025, China's PVC output was 2.0307 million tons, a year - on - year increase of 4.9%. In September 2025, China's mobile electronic communication output was 150.29 million units, a year - on - year decrease of 9.4% [57]. - In September 2025, China's air - conditioner output was 18.0948 million units, a year - on - year decrease of 3%. China's refrigerator output in September 2025 was 10.1275 million units, a year - on - year decrease of 2% [61]. - In September 2025, China's washing machine output was 11.7848 million units, a year - on - year increase of 5.6%. China's color TV output in September 2025 was 20.6305 million units, a year - on - year increase of 3.9% [65]. - In September 2025, China's solar energy output was 70.87 million kilowatts, a year - on - year decrease of 1%. China's integrated circuit output in September 2025 was 43.7 million pieces, a year - on - year increase of 5.9% [69]. 3.8 Import and Export In September 2025, China imported 8,700 tons of tin ore, 1,269 tons of tin ingots, and exported 1,789 tons of refined tin [74]. 3.9 Supply - Demand Table The report provides a tin balance sheet from 2017 to 2025E, showing the production, demand, and supply - demand balance of China and the world in different years [77].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints - The A-share market is expected to enter a high-level oscillation phase, waiting for a direction decision. It is recommended to buy put options to protect long positions or partially take profits on previous positions [2]. - The bond market sentiment is expected to continue to stabilize, and it is advisable to lightly test long positions on bond futures during pullbacks [2]. - Gold is oscillating strongly, and it is recommended to buy gold options and construct a bull spread strategy. Silver long positions should be held above $38 [2]. - The container shipping index is weakly oscillating, and short positions on the October contract should be continued [2]. - For steel products, it is possible to try long positions as the apparent demand has stopped falling and rebounded. For iron ore, coking coal, coke, etc., it is recommended to go long at low prices [2]. - For non-ferrous metals, copper is expected to see inventory depletion near the peak season, and it is recommended to refer to the price range. For other non-ferrous metals, different trading strategies are given according to their respective fundamentals [2]. - In the energy and chemical sector, different trading strategies are provided for each variety based on their supply and demand, cost, and other factors [2]. - In the agricultural products sector, different trading strategies are recommended for each variety according to their market conditions [2]. - For special commodities, trading strategies such as taking partial profits on previous short positions and going short at high prices are proposed [2]. - In the new energy sector, it is recommended to wait and see for polysilicon and lithium carbonate [2]. 3. Summary by Relevant Catalogs Financial Sector - **Stock Index Futures**: A-share market is expected to enter high-level oscillation. It is recommended to buy put options to protect long positions or partially take profits on previous positions [2]. - **Bond Futures**: Bond market sentiment is expected to continue to stabilize. It is advisable to lightly test long positions on bond futures during pullbacks [2]. - **Precious Metals**: Gold is oscillating strongly. It is recommended to buy gold options and construct a bull spread strategy. Silver long positions should be held above $38 [2]. Commodity Sector - **Shipping Index**: The container shipping index is weakly oscillating, and short positions on the October contract should be continued [2]. - **Steel and Iron Ore**: For steel products, it is possible to try long positions as the apparent demand has stopped falling and rebounded. For iron ore, it is recommended to go long at low prices in the range of 770 - 820 [2]. - **Coking Coal and Coke**: Due to a sudden mine accident and partial coal mine shutdowns, coking coal futures are expected to rebound. It is recommended to go long at low prices. Coke is also recommended to go long at low prices as the coking profit continues to repair [2]. - **Non-Ferrous Metals**: Copper is expected to see inventory depletion near the peak season. Different trading strategies are given for other non-ferrous metals according to their fundamentals [2]. - **Energy and Chemicals**: Different trading strategies are provided for each variety based on their supply and demand, cost, and other factors, such as going long, shorting, or waiting and seeing [2]. - **Agricultural Products**: Different trading strategies are recommended for each variety according to their market conditions, such as going long, shorting, or waiting and seeing [2]. - **Special Commodities**: Trading strategies such as taking partial profits on previous short positions and going short at high prices are proposed [2]. - **New Energy**: It is recommended to wait and see for polysilicon and lithium carbonate [2].