Group 1 - The core viewpoint of the article indicates that the RMB appreciation has led to a decline in the related sectors, with a drop of 0.68% compared to the previous trading day, and the Shanghai Composite Index closing at 4075.92, down 0.64% [1] - The main beneficiaries of the RMB appreciation include companies like Caesar Travel and Zhongxin Tourism, which saw increases of 3.86% and 2.61% in their stock prices, respectively [1] - The leading decliner in the RMB appreciation beneficiary sector was Tongling Nonferrous Metals, which fell by 6.14% [2] Group 2 - The net outflow of main funds from the RMB appreciation beneficiary sector was 840 million yuan, while retail investors saw a net inflow of 696 million yuan [2] - The stock performance of various companies in the RMB appreciation beneficiary sector showed mixed results, with some companies like China Eastern Airlines and China Southern Airlines experiencing slight gains [1][2] - The trading volume for Tongling Nonferrous Metals was significant, with 7.39 million shares traded, resulting in a transaction amount of 5.379 billion yuan [2] Group 3 - The data indicates that the main net inflow for China Duty Free Group was 17.4 million yuan, while retail investors had a net outflow of 178 million yuan [3] - The stock of Zhongxin Tourism had a main net inflow of 85.04 million yuan, but retail investors experienced a net outflow of 106 million yuan [3] - The overall market sentiment reflected a cautious approach, with significant net outflows from several companies in the sector [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The Shanghai copper market opened lower and moved lower, with an intraday decline of nearly 4%. The release dates of the US January non - farm payrolls report and CPI report have been postponed. China's non - ferrous metal industry plans to improve the copper resource reserve system and may have halted some copper smelting projects. In January, the output of electrolytic copper in China increased, but it is expected to decline in February. High copper prices in January suppressed demand, and the terminal new energy market performed poorly. The Chilean National Copper Commission has raised the 2026 copper price forecast. In the short term, the copper market is under pressure due to the approaching holiday demand vacuum and inventory accumulation, but it is expected to be strong in the long - term due to supply tightness [1] 3. Summary by Relevant Catalogs Market Analysis - The Shanghai copper futures opened lower and moved lower, with an intraday decline of nearly 4%. The US has postponed the release of January non - farm payrolls and CPI reports. China plans to improve the copper resource reserve system and may have halted some smelting projects. The 1 - month SMM China electrolytic copper output was 117.93 million tons, with a month - on - month increase of 0.10% and a year - on - year increase of 16.32%. It is expected to decrease by 3.04% month - on - month in February but increase by 8.06% year - on - year. High copper prices in January suppressed demand, and the new energy market was affected by purchase tax, while traditional and power industries showed resilience. The Chilean National Copper Commission raised the 2026 copper price forecast to $4.95 per pound. In the short term, the market is under pressure due to the holiday demand vacuum and inventory accumulation, but strong in the long - term due to supply tightness [1] Futures and Spot Market Conditions - Futures: Shanghai copper opened lower and moved lower, with an intraday decline of nearly 4%. Spot: The spot premium in East China was - 75 yuan/ton, and in South China was - 130 yuan/ton. On February 4, 2026, the LME official price was $13328/ton, and the spot premium was - 81 dollars/ton [3] Supply Side - As of February 3, the spot rough smelting fee (TC) was - 50.3 dollars/dry ton, and the spot refining fee (RC) was - 5.22 cents/pound [8] Fundamental Tracking - Inventory: SHFE copper inventory was 16.07 million tons, an increase of 907 tons from the previous period. As of February 2, Shanghai bonded area copper inventory was 9.03 million tons, a decrease of 0.86 million tons from the previous period. LME copper inventory was 18.06 million tons, an increase of 1925 tons from the previous period. COMEX copper inventory was 58.42 thousand short tons, an increase of 1892 short tons from the previous period [12]

Core Viewpoint - The company, Innovation New Materials (600361.SH), emphasizes its production of aluminum alloy rods as fundamental materials across various application fields, highlighting its adaptability to market demands and diverse product specifications [1] Group 1: Product Offerings - The company produces aluminum alloy rods in different grades (1 series to 7 series) and specifications (Ø73mm to Ø760mm), catering to various industry needs [1] - Specific grades mentioned include 2A12 and 7075 aluminum alloy rods, which are widely used in aerospace, rail transportation, and new energy sectors [1] Group 2: Market Position - The company has accumulated market experience over several decades, focusing on downstream demand to enhance its product offerings [1] - Despite the extensive application of its aluminum rods, the company currently does not have products directly used in the aerospace sector [1]

Core Viewpoint - The A-share market experienced a collective decline, with major indices falling significantly, indicating a potential shift in market sentiment and investment strategies. Market Performance - As of the midday close, the Shanghai Composite Index fell by 1.03%, the Shenzhen Component Index by 1.81%, and the ChiNext Index by 1.94% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.45 trillion, a decrease of 168.2 billion compared to the previous trading day, with over 3,600 stocks declining [1] Key Variables Impacting the Market - A structural deleveraging is occurring, as evidenced by a reduction of 13.9 billion in financing balances despite a previous market rebound [2] - The U.S. market's leveraged lending index has continued to decline, indicating a bearish trend since reaching a peak on January 13 [2] - Significant changes in the narrative surrounding technology, particularly in AI, are impacting market valuations, with Oracle's layoffs highlighting challenges in AI financing [2] Sector Performance - Consumer sectors such as media, tourism, food and beverage, retail, medical beauty, and traditional Chinese medicine showed strength, with several stocks hitting the daily limit [2] - New consumption concepts like the "grain economy" and "pet economy" also saw gains, alongside rebounds in AI-related applications [2] - Conversely, sectors like metals, gold, silver, and the photovoltaic industry faced significant declines, with multiple stocks hitting the daily limit down [3][4][6] Institutional Insights - Eastern Securities noted a cooling in active trading as the Spring Festival approaches, with rapid sector rotation affecting short-term trading experiences, but a strong rebound after recent declines suggests a more stable market outlook [8] - Tianfeng Securities anticipates a more sustained "Spring Festival rally" this year due to favorable policy expectations and increased consumer demand [9] - CITIC Securities highlighted low-orbit communication satellite chains as a promising segment within the commercial aerospace industry, expected to transition from technology validation to large-scale industrialization around 2026 [10]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In February, the global financial market enters a multi - variable intertwined period with a triple game among global order fission, Fed policy disputes, and China's economic resilience. The market pricing logic shifts from single - liquidity driven to a two - dimensional one of policy fit and global pattern adaptability [2] - The fission of the global order intensifies the implementation difficulty of the "rate - cut + balance - sheet reduction" policy if Jovash comes to power. China's economy becomes a global anchor of certainty, and the industrial main line shows characteristics of differentiation and aggregation [2] - The RMB exchange rate is affected by the mixed US economic data. The US dollar index lacks upward momentum, and the RMB exchange rate may have reduced endogenous appreciation power and enhanced linkage with the US dollar index [3] - Stock index is expected to adjust before the Spring Festival and may strengthen again after the festival. Treasury bonds will maintain a short - term shock [5][7] - The freight rate of the container shipping European line will continue to fluctuate in the short term, with limited upside and downside space [9][11] - The volatility of the lithium carbonate futures market is at a historical high, and it is recommended to consider selling volatility strategies and taking a long position on dips in the medium - to - long term. Industrial silicon and polysilicon will maintain a shock pattern [12] - Copper prices will be mainly in shock before the festival, with a low risk - return ratio. Aluminum prices are expected to rise in the long - term and adjust in the short - term. Alumina is expected to be weak in the long - term and have short - term disturbances. Zinc, nickel - stainless steel, tin, and lead will maintain a shock pattern [15][17] - The external soybean market will be strong in the short - term, and the internal soybean meal market will follow the cost rebound in the short - term. Vegetable oils will enter a shock period [23][26] - Fuel oil will run weakly, low - sulfur fuel oil will have a low cracking spread, and asphalt will be in a sideways consolidation [28][30] - Platinum and palladium are expected to have a bull market in the medium - to - long term, and gold and silver will continue to rise in the medium - to - long term with short - term shock adjustments [33][35] - Pulp and offset paper will be in a range - bound shock. LPG will be affected by geopolitics in the short - term. PX - PTA is recommended to go long on dips, and PTA's high processing fees are expected to be difficult to maintain. MEG - bottle chips will lack upward drivers. Polyolefins will be in a shock consolidation. Pure benzene - styrene will be affected by export rumors. Rubber will show a differentiated trend [39][40][41][42][43][44][46][48][51] - Urea prices are expected to decline in the medium - to - long term, and it is recommended to exit long positions. Glass and soda ash will continue to shock [56][57][58][60] - Propylene's fundamentals are relatively stable, and its cost fluctuates greatly. Rebar and hot - rolled coils will be in a bottom - range shock. Iron ore is expected to increase production. The rebound of coking coal and coke is not expected to be strong and sustainable. Ferrosilicon and ferromanganese will be in a shock pattern with bottom support and upper pressure [60][62] - The price of live pigs may be affected by cold snaps in the short - term. Cotton prices are expected to rise but are constrained by the internal - external price difference. The upward space of domestic sugar prices is limited. Egg prices are expected to decline. Apples may be difficult to fall due to delivery contradictions. Red dates will be in a low - level shock. Logs may have increased price fluctuations [66][67][68][69][73][78][79][80] Summary by Directory Financial Futures - **Macro**: The US ADP employment data in January was lower than expected. The central bank deployed key work in the credit market in 2026, and the US will release important economic data such as non - farm employment and CPI inflation reports [1] - **RMB Exchange Rate**: The US economic data is mixed. The RMB exchange rate against the US dollar declined due to the slight strengthening of the US dollar index. It is recommended that export enterprises lock in forward exchange settlement on rallies, and import enterprises adopt a rolling foreign exchange purchase strategy [3][4] - **Stock Index**: Before the Spring Festival, the stock index may adjust due to the tightening of funds and risk - aversion by investors. After the festival, it may strengthen again if the spring rally continues [5][7] - **Treasury Bonds**: The treasury bonds will maintain a short - term shock due to the lack of strong driving factors [7][8] - **Container Shipping European Line**: The market is affected by geopolitical risks and weak fundamentals. The freight rate will continue to fluctuate in the short term, with limited upside and downside space [9][10][11] Commodities New Energy - **Lithium Carbonate**: The downstream restocking is coming to an end, and the spot prices of the lithium battery industry chain are weakening. It is recommended to consider selling volatility strategies and taking a long position on dips in the medium - to - long term [12] - **Industrial Silicon & Polysilicon**: The spot market of the industrial silicon and photovoltaic industry chains is generally weak. In the short term, industrial silicon prices will be in a shock pattern, and it is recommended to reduce positions before the Spring Festival for polysilicon [12][13][14] Non - ferrous Metals - **Copper**: The import window opening will increase post - festival supply. Copper prices will be mainly in shock before the festival, with a low risk - return ratio [15][16] - **Aluminum Industry Chain**: Aluminum prices are expected to rise in the long - term and adjust in the short - term. Alumina is expected to be weak in the long - term and have short - term disturbances. Zinc, nickel - stainless steel, tin, and lead will maintain a shock pattern [17][18][19][20][22] Oils and Fats, Feeds - **Oilseeds**: The external soybean market is supported by the expected increase in Chinese purchases, and the internal soybean meal market will follow the cost rebound in the short - term. The rapeseed meal is affected by import rumors and weak demand [23][24][25] - **Vegetable Oils**: The vegetable oil market will enter a shock period, and it is recommended to pay attention to the MPOB data [26][27] Energy and Oil and Gas - **Fuel Oil**: The supply of high - sulfur fuel oil is gradually recovering, and the demand is weak. The low - sulfur fuel oil has sufficient supply and stable demand, with limited upward drivers [28][29] - **Asphalt**: The asphalt price is in a sideways consolidation. The short - term price will be in shock, with limited upside and downside space [30][31] Precious Metals - **Platinum & Palladium**: The prices are affected by multiple factors such as sector linkage and policy uncertainties. They are expected to have a bull market in the medium - to - long term, and it is recommended to pay attention to long - position opportunities on dips [33][34][35] - **Gold & Silver**: The prices are in a short - term shock adjustment and are expected to rise in the medium - to - long term. It is recommended to go long on dips [35][36][37][38] Chemicals - **Pulp - Offset Paper**: The pulp and offset paper markets will be in a range - bound shock. It is recommended to wait and hold previous short positions [39][40] - **LPG**: The LPG market is affected by geopolitical factors in the short - term. The supply is neutral - low, and the demand is weak due to PDH maintenance [40][41] - **PTA - PX**: The PX - PTA market is affected by supply and demand. It is recommended to go long on dips for PX and short the processing fees of PTA [42][43] - **MEG - Bottle Chips**: The MEG market lacks upward drivers and is expected to be in a range - bound shock. It is recommended to pay attention to geopolitical risks [43][44][46] - **Polyolefins**: The polyolefin market will be in a shock consolidation. The short - term pattern of PP is slightly stronger than that of PE, and it is recommended to wait and see [46][47][48] - **Pure Benzene - Styrene**: The pure benzene - styrene market is affected by export rumors. The short - term supply of styrene will increase, and it is recommended to wait and see [48][49][50] - **Rubber**: The rubber market shows a differentiated trend. Natural rubber may be affected by inventory and demand, and synthetic rubber is affected by the price of butadiene. It is recommended to hold light positions [51][54][57] - **Urea**: The urea price is expected to decline in the medium - to - long term, and it is recommended to exit long positions [56][57] - **Glass & Soda Ash**: The glass and soda ash markets will continue to shock, with the soda ash supply remaining high in the long - term and the glass in a supply - demand weak pattern [58][59][60] - **Propylene**: The propylene market is affected by cost and supply - demand. The cost fluctuates greatly, and the short - term fundamentals can provide some support [60][61] Building Materials and Metals - **Rebar & Hot - Rolled Coils**: The rebar and hot - rolled coils will be in a bottom - range shock due to the contradiction between supply and demand. The price is supported by cost and policy [62] - **Iron Ore**: The iron ore market is in a pre - festival off - season. The supply is abundant, and the demand is expected to increase. The price has limited downside space [62] - **Coking Coal & Coke**: The rebound of coking coal and coke is not expected to be strong and sustainable due to factors such as seasonal demand and cost transmission [62][63] - **Ferrosilicon & Ferromanganese**: The ferrosilicon and ferromanganese will be in a shock pattern with bottom support and upper pressure due to the contradiction between cost support and supply - demand pressure [64][65] Agricultural and Soft Commodities - **Live Pigs**: The price of live pigs may be affected by cold snaps in the short - term, and it is recommended to wait and see [66][67][68] - **Cotton**: The cotton price is expected to rise but is constrained by the internal - external price difference. It is recommended to go long on dips [68][69] - **Sugar**: The upward space of domestic sugar prices is limited due to weak demand and low international sugar prices [69][70][72] - **Eggs**: The egg price is expected to decline due to the "supply - strong, demand - weak" pattern [73] - **Apples**: The apple market is in the middle - late stage of stocking. The price may be difficult to fall due to delivery contradictions [78][79] - **Red Dates**: The red date market will be in a low - level shock, and the price will face pressure in the long - term [79][80] - **Logs**: The log market may have increased price fluctuations due to the suspension of some delivery warehouses and low inventory. It is recommended to wait and see [81][82][83]

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公司与产经 07 |煤炭产业:基本面持续改善,价格中枢上移 有色市场 · 结构分化,波动加 煤炭产业：基本面持续改善，价格中枢上移 截至2月4日收盘，万得央企煤炭概念指数、万得煤炭开采精选指数涨幅分别达到7.61%和7.58%，中煤 能源、恒源煤电、充矿能源、山西焦煤、潞安环能、山煤国际、晋控煤业等一批个股涨停。煤炭企业人 士、研究员认为，短期内煤价或受印尼矿商暂停现货煤炭出口等消息的扰动。从中长期来看，煤炭供需 基本面有望持续改善，年度价格中枢有望上移。 2月3日，国家高端智库中国石油集团经济技术研究院发布最新预测：2026年，全球石油市场将在"供需 过剩现实"与"地缘冲突风险"之间动态博弈，布伦特油价中枢或维持在每桶60美元至 65美元；全球天然 气市场整体表现为需求增速回升、供应增量高于需求。 有色市场：结构分化，波动加剧 在2月3日中国有色金属工业协会举办的2025年有色金属工业经济运行情况新闻发布会上，协会相关负责 人表示，2025年全球主要有色金属价格整体呈现显著上行态势，我国规上有色金属工业企业利润总额创 历史新高。展望2026年，有色金属市场或有结构性分化，波动程度加剧，价格中枢或仍有上行潜力 ...

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 每日精选： 每日重点关注品种逻辑解析 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭、硅铁、锰硅 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PX、PTA、乙二醇、短纤、瓶片、纯苯、苯乙烯、LLDPE、PP、甲醇、烧 碱、PVC、尿素、纯碱、玻璃、天然橡胶、合成橡胶 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@g ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On February 4, 2026, most domestic futures main contracts rose. Metals such as silver, gold, and copper showed significant increases, while some agricultural products and bonds declined. Different commodities have their own supply - demand and market factors affecting their prices. Overall, the market is affected by factors such as geopolitical situations, production policies, and seasonal demand changes [7][8]. 3. Summary by Relevant Catalogs Commodity Performance - **Futures Market Overview**: As of February 4, most domestic futures main contracts rose. Metals like silver, gold, platinum, and palladium had substantial gains, while some agricultural products like rapeseed meal and rapeseed declined slightly. Stock index futures generally rose, and bond futures mostly fell. In terms of capital flow, funds flowed into contracts such as silver 2604 and gold 2604, and flowed out of contracts such as CSI 2603 [7][8]. Market Analysis - **Copper (SHFE)**: Copper prices continued to rise due to news of improving the copper resource reserve system and the rebound of external precious metals. In January, the production of electrolytic copper increased year - on - year, and it is expected to decrease slightly in February. The demand was affected by high prices in January, but the long - term outlook for copper is positive [10]. - **Lithium Carbonate**: The price of lithium carbonate showed a narrow increase. The production rate was high, but the monthly output decreased. Some lithium mines were shut down for rectification, and the inventory continued to decline. The downstream demand was strong, and it is expected to stabilize and strengthen [13]. - **Crude Oil**: OPEC+ members will maintain the plan to suspend the increase in oil production in March. Although the demand is in the off - season, the US crude oil inventory decreased more than expected. The global economy growth forecast was raised, and the demand concern was alleviated, but the supply is still in an oversupply situation [14]. - **Asphalt**: The asphalt production rate and shipment volume decreased, and the inventory rate remained low. The supply of Venezuelan heavy crude oil was restricted, which affected production and cost. It is expected to follow the crude oil price and fluctuate, and it is recommended to take reverse arbitrage [16]. - **PP**: The downstream start - up rate of PP decreased slightly, the enterprise start - up rate was at a medium - low level, and the inventory was at a low level in recent years. Due to the unstable geopolitical situation and the rebound of crude oil prices, it is expected to fluctuate within a range, and the L - PP spread is expected to decline [18]. - **Plastic**: The start - up rate of plastic decreased slightly, and the downstream start - up rate was at a low level. New production capacity was put into operation, and the demand was weak. It is expected to fluctuate within a range, and the L - PP spread is expected to decline [19]. - **PVC**: The start - up rate of PVC increased slightly, and the downstream start - up rate decreased. The export orders increased, but the social inventory was still high. It is expected to fluctuate strongly due to the policy and market sentiment [21]. - **Coking Coal**: The price of coking coal rose. The production and import decreased marginally, and the inventory of mines decreased. The downstream winter storage was in the final stage, and the next round of coke price increase is expected to be difficult [24]. - **Urea**: The price of urea turned red at the end of the day. The production was higher than the same period in previous years, and the upstream factory's order - attracting pressure increased. The inventory decreased before the Spring Festival, and it is expected to be weakly stable before the festival [25].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Copper prices rebounded significantly after digesting the impact of precious metal adjustments, but the copper market still faces challenges such as weak spot fundamentals, accumulating inventory, and a demand vacuum around the Spring Festival. The price may fluctuate around the Spring Festival, but the adjustment will lay a solid foundation for the medium - to long - term rise of copper prices [1]. - Alumina oscillated weakly, while aluminum alloy and Shanghai aluminum oscillated strongly. Supply disruptions have led alumina into a narrow - range repair state, but inventory is gradually accumulating. Attention should be paid to the progress of the US - Iran situation [1][2]. - Nickel prices rose. Although the phased demand has weakened, the cost support remains strong, and there may be opportunities to try long positions lightly near the cost line [2]. Group 3: Summary by Relevant Catalogs 1. Research Views Copper - Macro: The dovish - leaning Fed governor Milan said that more than 100 basis points of interest rate cuts are needed this year, and the partial shutdown of the US government is expected to end [1]. - Inventory: LME copper inventory increased by 1450 tons to 176,125 tons; Comex inventory increased by 2284 tons to 528,252 tons; SHFE copper warehouse receipts increased by 494 tons to 153,021 tons, and BC copper remained at 10,615 tons [1]. - Demand: As copper prices adjusted, the purchasing willingness increased significantly [1]. - News: The deputy secretary - general of the China Nonferrous Metals Industry Association proposed to improve the copper resource reserve system [1]. Aluminum - Price: Alumina oscillated weakly, AO2605 closed at 2806 yuan/ton, down 0.14%; aluminum alloy AD2603 closed at 22,300 yuan/ton, up 1.29%; Shanghai aluminum AL2603 closed at 23,865 yuan/ton, up 1.47% [1]. - Inventory: Aluminum ingot inventory is gradually accumulating. Attention should be paid to the US - Iran situation [1][2]. Nickel - Price: LME nickel rose 2.05% to $17,395/ton, and Shanghai nickel rose 2.34% to 135,770 yuan/ton [2]. - Inventory: LME inventory remained at 285,528 tons, and SHFE warehouse receipts increased by 1606 tons to 48,180 tons [2]. - Fundamentals: Nickel ore and nickel - iron prices strengthened in trading, and the supply may be tight. The cost support is rising. Although the demand is weakening, the price is expected to be strongly supported [2]. 2. Daily Data Monitoring Copper - Price: The price of flat - water copper increased by 870 yuan/ton, and the price of 1 bright scrap copper in Guangdong increased by 200 yuan/ton [3]. - Inventory: LME inventory increased by 1450 tons, SHFE warehouse receipts increased by 494 tons, and Comex inventory increased by 1860 tons [3]. Lead - Price: The average price of 1 lead decreased by 110 yuan/ton [3]. - Inventory: LME inventory increased by 28,775 tons, and SHFE warehouse receipts increased by 4021 tons [3]. Aluminum - Price: The Wuxi and Nanhai quotes decreased, and the price of ADC12 in South China decreased by 200 yuan/ton [4]. - Inventory: LME inventory decreased by 2000 tons, SHFE warehouse receipts increased by 253 tons, and social inventory of electrolytic aluminum increased by 34,000 tons [4]. Nickel - Price: The price of Jinchuan nickel decreased by 900 yuan/ton, and the price of 304/2B coil in Wuxi decreased by 300 yuan/ton [4]. - Inventory: LME inventory remained unchanged, SHFE nickel warehouse receipts increased by 1606 tons, and social inventory increased by 2784 tons [4]. Zinc - Price: The main settlement price decreased by 1.0%, and the price of zinc alloy Zamak3 increased by 80 yuan/ton [6]. - Inventory: SHFE inventory increased by 793 tons, LME inventory decreased by 125 tons, and social inventory increased by 0.38 million tons [6]. Tin - Price: The main settlement price decreased by 9.1%, and the price of SMM spot decreased by 10,850 yuan/ton [6]. - Inventory: SHFE inventory increased by 748 tons, and LME inventory decreased by 10 tons [6]. 3. Chart Analysis - The report provides multiple charts, including those related to spot premium and discount, SHFE near - far month spreads, LME inventory, SHFE inventory, social inventory, and smelting profits of various non - ferrous metals [11][12][19]