下游订单水平维持刚需，消费电子需求不振，光伏需求维持疲软，11月组件排产较10月下滑，家电市场 部分领域订单明显减少，且11月排产较10月下滑，传统旺季已经过去，据下游反馈出口订单水平还是偏 低，恢复较慢，尽管中美关税措施有调整，但是整体外贸水平较弱，现阶段整体需求暂时维持弱势。 对于后市，金瑞期货评论表示，国内锡矿供应或呈环比增加态势，产量环比上升。需求端持续低迷，消 费电子需求不振，高价进一步抑制下游采购意愿，企业多以刚需备货为主。随着宏观情绪支撑边际减 弱，锡价预计延续高位震荡运行。 （文华综合） 沪锡小幅反弹，结束三连阴走势，主力合约收涨1.19%，报293370元/吨。锡矿供应恢复缓慢，制约冶炼 企业产量提升。需求方面，虽然锡价连续回落，但仍处于偏高水平，下游加工企业对当前价格观望居 多，鲜有入市补货。近期美联储官员表态偏鹰，压制市场风险偏好，关注即将发布的美国重要宏观数据 对降息预期的指引。 云南及江西两地的锡锭冶炼厂生产情况整体呈现高位企稳状态，但进一步增长动力不足的态势。云南地 区生产恢复明显，冶炼企业停产检修结束后生产活动快速恢复，部分企业的原料供应得到补充，不过， 当地的锡矿原料供应依旧偏 ...

Core Viewpoint - The tin market is experiencing fluctuations with the main contract rising by 1.04% to 286,560 yuan/ton, influenced by tight domestic ore supply despite long-term easing expectations from Myanmar's Wa State resumption of production [1] Supply and Demand Dynamics - Domestic mining sources remain tight, impacting the overall supply of tin [1] - The operating rate of tin smelting plants in Yunnan and Jiangxi stabilized at a high of 69.13%, but further increases are limited due to ongoing tightness in tin ore supply [1] - The seasonal maintenance of large smelting plants in Yunnan has concluded, leading to production recovery, but the supply of tin ore remains constrained [1] Market Conditions - Despite the approval of mining licenses in Myanmar's Wa State, actual export volumes are significantly below normal levels due to the rainy season and slow resumption of production, failing to fill the supply gap [1] - Recent declines in tin prices have spurred some downstream replenishment demand, but limited warehouse arrivals have resulted in a reduction of social tin inventory [1] Future Outlook - Jinrui Futures comments that recent price fluctuations are primarily driven by macroeconomic disturbances, with a slight accumulation expected under domestic baseline conditions, while overseas markets continue to experience low inventory levels [1] - Overall, the divergence between macroeconomic factors and fundamentals suggests that tin prices are likely to maintain a high-level oscillation [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Last week, Shanghai Tin (SHFE Tin) showed an overall oscillatory trend. On November 7, 2025, the spot price of Mysteel's comprehensive 1 tin was 283,750 yuan/ton, with little fluctuation in futures prices and basis during the period [11]. - Refined tin production in September was 9,770 tons, down both month - on - month and year - on - year, and is expected to return to normal in October. Domestic tin ore production from January to August totaled 50,200 tons, with a slight year - on - year increase, remaining stable. The resumption of mining production in Myanmar has repeatedly affected the price range [11]. - In September, the demand for integrated circuits, automobiles, and PVC maintained good growth, while the demand in traditional sectors such as computers, some white goods, and photovoltaics slowed down. It is expected that the demand in emerging sectors will remain resilient in October, while the demand in some traditional sectors will be adjusted [11]. - The ore end remains tight, and processing fees continue to decline weakly. Overall, profits will remain low under the interference of the ore end [11]. - LME and SHFE inventories increased slightly week - on - week, while social inventories decreased slightly week - on - week [11]. - Due to insufficient supply, the domestic economy remains resilient, and the prosperity of semiconductors, automobiles, etc. generally maintains an upward trend. Overseas uncertainties are still high, and there is still an expectation of interest rate cuts in the later period. The ore end situation is unstable. In terms of operation, those with heavy positions can appropriately reduce their positions, and conduct light - position long - biased trading, with the weekly support level around 273,000 - 275,000 yuan/ton. For options, sell out - of - the - money put options [11]. 3. Summary by Directory 3.1 Week - on - Week Viewpoints and Strategies - **Market Conditions**: SHFE Tin oscillated last week. On November 7, 2025, the spot price of 1 tin was 283,750 yuan/ton, with little change in futures prices and basis [11]. - **Supply**: Refined tin production in September was 9,770 tons, down month - on - month and year - on - year, expected to recover in October. Domestic tin ore production from January to August was 50,200 tons, with a slight year - on - year increase. The resumption of mining in Myanmar affected price points [11]. - **Demand**: In September, the demand for integrated circuits, automobiles, and PVC increased well, while traditional sectors slowed down. In October, emerging sectors are expected to maintain demand resilience, and some traditional sectors will be adjusted. The tariff adjustment on US - originated goods and the decline in China's October PMI are also factors [11]. - **Cost and Profit**: The ore end is tight, processing fees are declining, and profits will remain low [11]. - **Inventory**: LME, SHFE inventories increased slightly week - on - week, and social inventories decreased slightly [11]. - **Strategy**: Due to supply shortages, domestic economic resilience, and overseas uncertainties, heavy - position holders can reduce positions, conduct light - position long - biased trading with a support level of 273,000 - 275,000 yuan/ton. Sell out - of - the - money put options. Focus on macro - measures, mining disturbances, Indonesian export speed, and consumption data [11]. - **Influence Factors Analysis**: Production has a neutral impact as the ore supply is expected to ease; downstream demand is bullish as the industry demand outlook is positive; inventory is bullish due to inventory depletion; imports and exports are neutral with stable net exports; market sentiment is bearish; cost and profit are neutral with low processing fees; and the macro - environment is neutral with no new policies [12]. 3.2 Industrial Chain Structure The report mentions the tin industrial chain, but no detailed content is provided. 3.3 Futures and Spot Markets The report presents graphs of SHFE and LME tin futures and spot prices and basis, but no specific analysis is given [17]. 3.4 Inventory - As of November 6, 2025, SHFE inventory was 5,865 tons, increasing slightly week - on - week. As of November 5, 2025, LME total inventory was 2,975 tons, also increasing slightly week - on - week. As of October 31, 2025, refined tin social inventory was 7,698 tons, decreasing slightly week - on - week [27][31]. 3.5 Cost and Profit As of November 6, 2025, the processing fee for Yunnan's refined ore was 11,000 yuan/ton, and that for Guangxi's was 7,000 yuan/ton, continuing to be weak [35]. 3.6 Supply - In September 2025, refined tin production was 9,770 tons, significantly decreasing month - on - month due to major factory maintenance, and is expected to return to normal supply in October. Domestic tin ore production in August was 6,854.21 tons, increasing slightly month - on - month [40]. - In September 2025, the capacity utilization rate of tin enterprises was about 64.23%, showing a decline [47]. 3.7 Demand - In September 2025, China's automobile production was 3.227 million vehicles, a year - on - year increase of 13.7%. In August 2025, China's electronic computer production was 32.66 million units, a year - on - year decrease of 4.8% [51]. - In October 2025, China's PVC production was 2.1281 million tons, a year - on - year increase of 9.6%. In September 2025, China's mobile electronic communication production was 150.29 million units, a year - on - year decrease of 9.4% [54]. - In September 2025, China's air - conditioner production was 18.0948 million units, a year - on - year decrease of 3%. In September 2025, China's refrigerator production was 10.1275 million units, a year - on - year decrease of 2% [58]. - In September 2025, China's washing - machine production was 11.7848 million units, a year - on - year increase of 5.6%. In September 2025, China's color TV production was 20.6305 million units, a year - on - year increase of 3.9% [62]. - In September 2025, China's solar energy production was 70.87 million kilowatts, a year - on - year decrease of 1%. In September 2025, China's integrated circuit production was 43.7 million pieces, a year - on - year increase of 5.9% [66]. 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 [71]. 3.9 Supply - Demand Table The report provides a tin balance sheet from 2017 to 2025E, showing China's and overseas production, global supply, China's and overseas demand, and global supply - demand balance. For example, in 2025E, China's production is expected to be 184,500 tons, overseas production 185,000 tons, global supply 369,500 tons, China's demand 193,000 tons, overseas demand 186,000 tons, and the global supply - demand balance is - 9,500 tons [74].

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]

当前锡消费市场呈现"弱复苏"态势，结构分化显著。传统电子消费旺季不旺，订单疲软；而家电领域亦 普遍承压，仅白电略有支撑。尽管新能源与AI服务器等新兴需求提供长期预期，但其当前占比有限， 对整体拉动不足。社会库存持续去化支撑锡价高位运行，但高价位已显著抑制下游补库意愿，多数企业 仅维持刚性采购，后续消费力度有待观察。 沪锡震荡上扬，主力合约收涨0.65%，报286720元/吨。锡市场基本面维持供需双弱格局，价格缺乏明确 驱动。宏观面，美国消费者信心超预期下滑，凸显经济担忧，强化了市场对美联储的降息预期。市场观 望情绪浓厚，静待美联储利率会议及中美元首会晤做进一步指引。 国内锡冶炼厂基本恢复生产，月底已基本恢复达产。云南和江西的开工率在月底已见回升。但目前行业 的整体开工水平还是比较低。其核心制约在于锡矿原料供应紧张的局面未有改观。尽管缅甸佤邦采矿许 可已放开，但受制于实际复产进度迟缓，其锡矿出口量依旧低迷，原料供应瓶颈仍是制约冶炼产出的最 关键因素。 （文华综合） 对于后市，西南期货评论表示，矿端方面仍旧偏紧，佤邦复产进度推进缓慢，预计大量产出时间延后， 整体需求虽未出现强劲反弹，但在人工智能和新能源等领域的结 ...

Group 1 - The core point of the article is that Indonesia's refined tin exports in September showed a significant recovery, ending a four-month decline, with a total export volume of 4,844.21 tons, which is a year-on-year decrease of 3.94% but a month-on-month increase of nearly 50% [2][4] Group 2 - The data indicates that the September refined tin export volume marks a notable rebound for Indonesia, suggesting potential stabilization in the market after previous declines [2] - The year-on-year decrease of 3.94% highlights ongoing challenges in the refined tin export sector, despite the recent recovery [2] - The nearly 50% month-on-month increase in exports could signal a positive trend for future exports, reflecting improved demand or market conditions [2]

Group 1 - The company's stock (Securities abbreviation: Xiye Co., Securities code: 000960) experienced an abnormal trading fluctuation, with a cumulative deviation of +20% in closing prices over three consecutive trading days (September 30, October 9, and October 10, 2025) [2] - The company conducted a self-examination and confirmed that there were no corrections or supplements needed for previously disclosed information [3] - The company did not find any recent media reports that could have significantly impacted the stock price [4] Group 2 - The company's production and operational conditions are normal, with no significant changes in the internal and external operating environment [4] - The main product, tin metal, has seen a price increase, while tin smelting processing fees remain at a low level [4] - The company and its controlling shareholders did not engage in any stock trading during the period of abnormal fluctuations [5] Group 3 - The board confirmed that there are no undisclosed matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules [6] - The company will release its Q3 2025 report on the 25th of this month, and there has been no leakage of related undisclosed performance information [7]

Core Viewpoint - The company, Xiyu Co., announced that its stock trading has experienced unusual fluctuations, but its production and operational conditions remain normal, with no significant changes in the internal and external business environment [1] Group 1: Company Operations - The company confirmed that its production and operational conditions are normal [1] - There have been no significant changes in the internal and external business environment [1] Group 2: Market Conditions - The price of the company's main product, tin metal, has seen an increase recently [1] - Tin smelting and processing fees are currently operating at a low level [1] - There is uncertainty regarding whether the market price trend for tin will continue to rise in the future [1]

Core Viewpoint - The company, Xiyu Co., Ltd. (000960.SZ), reported that its production and operational conditions are normal, with no significant changes in the internal and external business environment [1] Group 1 - The main product, tin metal, has seen a recent price increase, while tin smelting processing fees remain at a low level [1] - There is uncertainty regarding the future market price trend of the company's main product, tin [1]

Core Viewpoint - The company, Xiyu Co., Ltd. (000960.SZ), reported that its production and operational conditions are normal, with no significant changes in the internal and external business environment [1] Group 1: Production and Operational Status - The company confirmed that its main product, tin metal, has seen a recent price increase [1] - Tin smelting and processing fees are currently running at a low level [1] Group 2: Market Outlook - There is uncertainty regarding the future market price trends of the company's main product, tin [1] - Investors are advised to be aware of market risks associated with potential price fluctuations [1]