Core Viewpoint - The company, Xiyu Co., Ltd. (stock code: 000960), reported that its production and operational conditions are normal, with no significant changes in the internal and external operating environment [1] Group 1: Operational Status - The company confirmed that its main product, tin metal, has seen a price increase recently [1] - Tin smelting and processing fees are currently running at a low level [1] Group 2: Disclosure and Major Events - The company, its controlling shareholders, and their concerted actions do not have any undisclosed major matters related to the company or any significant matters in the planning stage [1]

Core Viewpoint - The company announced that its stock price has experienced significant fluctuations, with a cumulative deviation of +20% over three consecutive trading days, indicating abnormal trading activity [1] Group 1: Company Operations - The company's production and operational conditions are currently normal, with no significant changes in the internal or external operating environment [1] - The main product, tin metal, has seen a price increase recently, while tin smelting processing fees remain at low levels [1] Group 2: Disclosure and Trading Activity - The company, its controlling shareholders, and their concerted parties do not have any undisclosed significant matters related to the company or any major matters in the planning stage [1] - There have been no recent media reports that could have significantly impacted the company's stock trading price with undisclosed major information [1] - During the period of abnormal stock fluctuations, the controlling shareholders and their concerted parties did not engage in buying or selling the company's stock [1]

Core Viewpoint - The company, Xiyegongsi (000960.SZ), 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 Performance - The main product, tin metal, has seen a recent price increase [1] - Tin smelting and processing fees are currently operating at a low level [1] Group 2: Market Outlook - There is uncertainty regarding whether the future market price trend of the company's main product, tin, can continue to rise [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In September 2025, the domestic tin price showed a generally oscillating and strengthening trend, and it increased significantly at the beginning of October due to Indonesia's crackdown on illegal tin mines. - In the short - term, the shortage of tin supply is obvious, and the tin price is expected to remain stable at a high level. Attention should be paid to the resumption of production progress in Myanmar at the end of October [11][13]. 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - Cost side: Although the mining permits in the Wa State of Myanmar have been approved, the resumption of production is slow. It is expected that the supply of tin ore will significantly recover in the fourth quarter. In August 2025, China's imported tin concentrate physical volume was 10,267 tons, unchanged from the previous month. Imports from countries such as the Democratic Republic of the Congo, Russia, and Bolivia decreased slightly due to shipping factors, while imports from Myanmar increased. Imports from other regions remained at previous levels [11]. - Supply side: The resumption of tin mines in the Wa State of Myanmar is slow and difficult to increase production before November. Raw material shortages in Yunnan's smelting enterprises still persist. In addition, a large - scale smelting enterprise in Yunnan started maintenance in September, leading to a significant decline in the operating rate in Yunnan this week. In Jiangxi, due to a significant reduction in scrap and insufficient supply of crude tin, the refined tin output remained at a low level. It is estimated that the domestic refined tin output in September will decrease by 29.89% month - on - month [11]. - Demand side: The new energy vehicle and AI server sectors continue to be booming, but the demand in traditional consumer electronics and home appliances, which account for the majority of demand, remains sluggish. The total production volume of air conditioners, refrigerators, and washing machines in September 2025 was 27.07 million units, a 7.2% decrease compared to the same period last year. In the short - term, with the arrival of the "Golden September and Silver October" peak season, downstream consumption has marginally improved, and the operating rate of domestic sample tin solder enterprises rebounded to 73.22% in August [11]. 3.2 Futures and Spot Market No specific text summary content provided, only relevant graphs about 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 fees remain at a low level [27]. 3.4 Supply Side - The resumption of tin mines in the Wa State of Myanmar is slow, and it is difficult to increase production before November. Yunnan's smelting enterprises face raw material shortages, and a large - scale smelting enterprise's maintenance in September led to a significant decline in the operating rate in Yunnan. In Jiangxi, due to a reduction in scrap, the supply of crude tin is insufficient, and the refined tin output remains low. It is estimated that the domestic refined tin output in September will decrease by 29.89% month - on - month [11]. 3.5 Demand Side - The new energy vehicle and AI server sectors continue to be booming, but the demand in traditional consumer electronics and home appliances remains sluggish. The total production volume of air conditioners, refrigerators, and washing machines in September 2025 decreased by 7.2% compared to the same period last year. - The year - on - year growth rate of China's semiconductor sales has slightly rebounded, and global semiconductor sales maintain high growth. - Tin consumption in the tinplate field continues to decline, mainly because aluminum cans have almost completely replaced tinplate cans in the beverage packaging field. The PVC output increased slightly year - on - year in the first half of the year [11][46][57]. 3.6 Supply - Demand Balance - Inventory: The social inventory of tin ingots continued to decline. Last Friday, the social inventory of tin ingots in major domestic markets was 8,352 tons, a decrease of 686 tons compared to September 19 [11][13].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The copper market shows a strengthening upward trend due to factors such as reduced global copper mine supply, decreased domestic inventories, and industry opposition to "involution" competition [3][4][7]. - The alumina market has limited downward space as prices are below the theoretical full - cost, but the fundamental oversupply situation restricts price rebound [11][12][15]. - The electrolytic aluminum market is expected to maintain an oscillatory upward trend, with consumption showing resilience as indicated by the reduction in social inventories [18][21]. - The casting aluminum alloy market has alloy ingot spot prices remaining stable and slightly strong, with market expectations being positive [23][25]. - The zinc market may see a small surplus in September, and the overseas market's inventory reduction may support zinc prices, but attention should be paid to the overseas delivery situation [30][31]. - The lead market is expected to maintain a high - level oscillation as multiple factors are intertwined [36][37]. - The nickel market is affected by positive news from Indonesia and the Philippines, and prices are oscillating strongly [40][42]. - The stainless steel market is expected to maintain an oscillatory trend, with cost support and slow inventory reduction [47][50]. - The tin market has limited supply improvement, weak demand, and prices are expected to maintain a high - level oscillation [54][56]. - The industrial silicon market's price is affected by polysilicon production and market sentiment, and it is recommended to participate with long positions [61][63][64]. - The polysilicon market is expected to see a small increase in inventory, and it is recommended to trade with low - long band operations [66][67][69]. - The lithium carbonate market is expected to maintain an oscillatory pattern, with supply and demand factors both having an impact [71][72][74]. 3. Summary by Related Catalogs 3.1 Copper - **Market Review** - Futures: The Shanghai copper 2511 contract closed at 82,710 yuan/ton, up 3.4%, and the Shanghai copper index increased its positions by 89,053 lots to 552,800 lots [2]. - Spot: The Shanghai copper spot reported a premium of 30 yuan/ton, down 25 yuan/ton from the previous trading day; the Guangdong market reported a premium of 60 yuan/ton, down 10 yuan/ton; the North China market reported a discount of 90 yuan/ton, unchanged from the previous day [2]. - **Important Information** - As of September 25, the national mainstream copper inventory decreased by 0.44 million tons to 1.401 million tons compared to Monday, and it was the first weekly decline after four consecutive weeks of increase [3]. - Goldman Sachs lowered its global copper mine supply forecasts for 2025 and 2026, with a total reduction of 525,000 tons in copper mine supply [4]. - **Logic Analysis** - The Grasberg incident has changed the long - term supply - demand structure, intensifying the tightness of copper mines. The industry's opposition to "involution" competition has increased market bullish sentiment [7]. - Consumption shows a weak peak season, and downstream acceptance of high prices is insufficient [7]. - **Trading Strategy** - Unilateral: The price is rising rapidly, and the bullish trend is strengthening [8]. - Arbitrage: Continue to hold cross - market positive arbitrage [9]. - Options: Wait and see [10] 3.2 Alumina - **Market Review** - Futures: The alumina 2601 contract increased by 48 yuan to 2,942 yuan/ton [11]. - Spot: The alumina spot prices in various regions showed a downward trend [11]. - **Related Information** - As of September 25, the national alumina inventory was 3.797 million tons, an increase of 78,000 tons from last week [12]. - The strike at the Guinean bauxite mine and the reduction in the price of mainstream mines in Guinea and Australia have affected the market [12][14]. - **Logic Analysis** - The price is below the theoretical full - cost, with limited downward space, but the fundamental oversupply situation restricts price rebound [15]. - **Trading Strategy** - Unilateral: The price rebounds slightly, and attention should be paid to the pressure around 3,000 yuan [16]. - Arbitrage: Reverse calendar spread arbitrage [17]. - Options: Wait and see [17] 3.3 Electrolytic Aluminum - **Market Review** - Futures: The Shanghai aluminum 2511 contract increased by 80 yuan to 20,765 yuan/ton [18]. - Spot: The aluminum ingot spot prices in East China, South China, and Central China all increased [18]. - **Related Information** - The US imposed a 15% tariff on EU - imported automobiles and auto products [18]. - On September 25, the domestic aluminum ingot spot inventory decreased by 23,000 tons [18]. - The 500,000 - ton first - phase electrolytic aluminum project of Indonesia's Adaro - Liqin is expected to be put into production in stages at the end of 2025 [18]. - **Trading Logic** - After the Fed's interest rate cut, the market is cautious about further cuts. The rise in copper prices has driven the rebound of LME aluminum, and the reduction in social inventories shows consumption resilience [21]. - **Trading Strategy** - Unilateral: Aluminum prices rebound with the sector [27]. - Arbitrage: Wait and see [27]. - Options: Wait and see [27] 3.4 Casting Aluminum Alloy - **Market Review** - Futures: The casting aluminum alloy 2511 contract increased by 45 yuan to 20,365 yuan/ton [23]. - Spot: The ADC12 aluminum alloy ingot spot prices in some regions increased, while others remained flat [23]. - **Related Information** - The "Notice on Implementing Policies for Regulating Investment Promotion Behaviors" has an impact on the recycled aluminum industry [23]. - On September 24, the social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi increased [23]. - **Trading Logic** - Some enterprises are stocking up for the National Day holiday, and the demand for die - casting plants is increasing, with alloy ingot prices remaining stable and slightly strong [25]. - **Trading Strategy** - Unilateral: The alloy futures price rebounds with aluminum prices [28]. - Arbitrage: Wait and see [28]. - Options: Wait and see [28] 3.5 Zinc - **Market Review** - Futures: The Shanghai zinc 2511 increased by 0.59% to 22,045 yuan/ton, and the Shanghai zinc index's positions decreased by 14,900 lots to 238,500 lots [29]. - Spot: The spot trading in the Shanghai market was average, with downstream enterprises having low enthusiasm for purchasing [29]. - **Related Information** - As of September 25, the domestic seven - region zinc ingot inventory decreased by 0.80 million tons compared to September 18 [30]. - A smelter in South China resumed production on September 25, with a total impact of 4,000 tons during the maintenance period [30]. - The winning bid price of a zinc mine in North China decreased by 200 yuan/metal ton [30]. - **Logic Analysis** - The refined zinc supply in September may have a small reduction, but the monthly output is still at a relatively high level. The downstream's low - price purchasing has led to a small reduction in social inventories [31]. - **Trading Strategy** - Unilateral: Affected by the external market, the Shanghai zinc price may oscillate strongly in the short term. Attention should be paid to the LME inventory change [31]. - Arbitrage: Wait and see [33]. - Options: Wait and see [33] 3.6 Lead - **Market Review** - Futures: The Shanghai lead 2511 increased by 0.09% to 17,090 yuan/ton, and the Shanghai lead index's positions decreased by 1,713 lots to 93,600 lots [32]. - Spot: The SMM1 lead average price remained unchanged, and the trading was average [35]. - **Related Information** - As of September 25, the SMM lead ingot five - region social inventory decreased by 2.13 million tons compared to September 18 [36]. - Some large - scale recycled lead smelters in Anhui and Inner Mongolia have no plans to resume production in the short term [36]. - **Logic Analysis** - The increase in lead prices has repaired the losses of recycled lead smelters, and some enterprises plan to resume production. The downstream may stock up before the National Day [37]. - **Trading Strategy** - Unilateral: The lead price may maintain a high - level oscillation in the short term [38]. - Arbitrage: Wait and see [38]. - Options: Wait and see [38] 3.7 Nickel - **Market Review** - Futures: The Shanghai nickel main contract NI2511 increased by 1,310 to 122,990 yuan/ton, and the index's positions increased by 13,909 lots [40]. - Spot: The premiums of Jinchuan nickel and Russian nickel changed [40]. - **Related Information** - The Chicago Fed President warned against continuous interest rate cuts [41]. - The Indonesian government sanctioned 25 nickel mining companies [41]. - Zhongwei Co., Ltd. has business cooperation with solid - state battery customers and has shipped nearly 50 tons of solid - state battery materials [42]. - **Logic Analysis** - The Indonesian copper mine accident and the suspension of some nickel mines in Indonesia have boosted nickel prices, but the impact on supply is limited. The net import of refined nickel in August decreased, and LME inventory is expected to increase [42]. - **Trading Strategy** - Unilateral: Oscillate strongly [43]. - Arbitrage: Wait and see [44]. - Options: Wait and see [45] 3.8 Stainless Steel - **Market Review** - Futures: The main SS2511 contract increased by 25 to 12,930 yuan/ton, and the index's positions decreased by 7,520 lots [47]. - Spot: The cold - rolled and hot - rolled stainless steel prices are within a certain range [47]. - **Related Information** - On September 25, the national mainstream stainless steel social inventory decreased for the fifth consecutive week, mainly with the digestion of 400 - series resources [48]. - The US import tariff has a serious impact on the stainless steel market [48]. - **Logic Analysis** - The stainless steel production in September has increased significantly, but the demand has not shown seasonal peak characteristics. The slow reduction in inventory and cost support lead to an oscillatory trend [50]. - **Trading Strategy** - Unilateral: Wide - range oscillation [51]. - Arbitrage: Wait and see [52] 3.9 Tin - **Market Review** - Futures: The main Shanghai tin 2510 contract closed at 273,710 yuan/ton, an increase of 2,140 yuan/ton or 0.79%, and the positions increased by 2,908 lots to 53,950 lots [54]. - Spot: The spot tin ingot price increased, but the trading was poor, and the downstream demand was weak [54]. - **Related Information** - By 2035, the global 6G user penetration rate will be 22.3% [55]. - The Indonesian government suspended the mining activities of 190 mining enterprises, including about 14 tin - mining enterprises [55]. - **Logic Analysis** - The strong US dollar index restricts price increases. The supply of tin mines is still tight, and the demand is weak. Attention should be paid to the resumption of production in Myanmar and the recovery of electronic consumption [56]. - **Trading Strategy** - Unilateral: Maintain a high - level oscillation [59]. - Options: Wait and see [60] 3.10 Industrial Silicon - **Market Review** - Futures: The industrial silicon futures main contract oscillated strongly, closing at 9,055 yuan/ton, up 0.72% [61]. - Spot: The industrial silicon spot price remained stable [62]. - **Related Information** - In August, the export volume of industrial silicon products in China increased year - on - year and month - on - month [63]. - **Comprehensive Analysis** - The current inventory structure of industrial silicon is "low at both ends and high in the middle", and the production and market sentiment of polysilicon in October have a greater impact on prices [64]. - **Strategy** - Unilateral: Participate with long positions [65]. - Options: Sell out - of - the - money put options [65]. - Arbitrage: None [65] 3.11 Polysilicon - **Market Review** - Futures: The polysilicon futures main contract oscillated, closing at 51,365 yuan/ton, up 0.89% [66]. - Spot: The polysilicon spot price remained stable, and different types of polysilicon have different price ranges [66]. - **Related Information** - On September 24, Xinjiang Dongfang Hope's first - phase polysilicon production line started annual maintenance, and the third - phase project is ready for maintenance [67]. - **Comprehensive Analysis** - The polysilicon spot price is stable, and the 11 - contract faces the pressure of warehouse receipt cancellation. The demand in October is expected to weaken, but production will also decrease, and a small inventory increase is expected [69]. - **Strategy** - Unilateral: Trade with low - long band operations [70]. - Arbitrage: Reverse spread arbitrage between the 2511 and 2512 contracts [70]. - Options: Sell out - of - the - money put options [70] 3.12 Lithium Carbonate - **Market Review** - Futures: The main 2511 contract increased by 680 to 74,040 yuan/ton, the index's positions decreased by 1,551 lots, and the Guangzhou Futures Exchange's warehouse receipts increased by 560 to 40,309 tons [71]. - Spot: The SMM battery - grade and industrial - grade lithium carbonate prices decreased [71]. - **Important Information** - The US government is seeking to acquire up to 10% of the equity of American Lithium Corp [72]. - The US imposed a 15% tariff on EU - imported automobiles and auto products [72]. - **Logic Analysis** - On the supply side, the lack of processing profit and limited increase in lithium ore imports in September may affect production. On the demand side, although orders are full, the increase in the customer - supplied ratio may reduce downstream purchasing enthusiasm. Lithium prices are expected to maintain an oscillatory pattern [74]. - **Trading Strategy** - Unilateral: Wide - range oscillation [75]. - Arbitrage: Wait and see [75]. - Options: Sell a wide - straddle combination [75]

Core Viewpoint - The tin market is experiencing fluctuations with a slight upward trend, driven by improved trading in the spot market and a notable reduction in social inventory, despite weak supply and demand fundamentals [1][2]. Group 1: Market Performance - The main tin contract rose by 1.5%, closing at 272,510 yuan/ton [1]. - Last week, tin prices experienced a continuous decline, but the spot market showed slight improvement due to downstream replenishment activities [1]. - The overall order levels in September remained stable compared to August, despite being in a peak consumption season [2]. Group 2: Supply and Demand Dynamics - The supply of tin is constrained by slow recovery in Myanmar's tin mines and low operating rates at domestic smelting enterprises due to high costs and seasonal production cuts [1]. - Myanmar's Wa State tin mine exports were around 1,200 tons in August, indicating a persistent supply gap [1]. - The overall consumption level in September is expected to decline compared to previous years, with most enterprises maintaining a wait-and-see approach [2]. Group 3: Industry Outlook - The electronic industry may see increased usage of tin solder due to trends in AI and humanoid robots, although overall demand remains limited [2]. - The recent price corrections have led to improved inventory levels in downstream warehouses, suggesting a potential for gradual recovery in production and operating rates for tin solder enterprises [2]. - Despite a slight recovery in the automotive market, other sectors remain weak, but domestic inventory has significantly decreased, providing strong support for tin prices [2].

Group 1 - The core viewpoint indicates that the tin market is experiencing a downward trend, with the main contract falling by 1.46% to 269,100 yuan/ton, influenced by the Federal Reserve's interest rate cut and limited improvement in domestic downstream consumption [1] - Domestic smelting plants are facing reduced operating rates, with a reported operating rate of 28.48% for refined tin smelting enterprises in Yunnan and Jiangxi, marking a year-to-date low [1] - The recovery of tin mines in Myanmar is slower than expected, with significant production unlikely before November, while tin mine inventories in Yunnan are below the 30-day safety line, leading to increased processing costs and some companies experiencing production losses [1] Group 2 - The outlook for the tin market suggests that the combination of the Federal Reserve's dovish statements and hawkish comments will lead to a weak and volatile price trend, with a focus on lower integer support levels [2] - The LME inventory is stabilizing and domestic consumption is not improving, which is dragging down tin prices, while the supply of refined tin remains constrained due to regular maintenance at large smelting plants [2]

Core Viewpoint - Yunnan Tin Company has successfully developed a patented device for efficiently separating tin from molten crude tin, addressing long-standing challenges in the tin smelting industry [1] Group 1: Technological Innovation - The newly patented device is designed to improve the separation process of tin, which has historically faced complex working conditions and low efficiency [1] - The technical team has integrated pneumatic drive and wireless remote control into high-temperature operations, marking a significant advancement in the industry [1] - The new equipment has achieved a sixfold increase in the efficiency of tin extraction operations, significantly enhancing the working environment for employees [1] Group 2: Industry Impact - This innovation fills a technological gap in the tin smelting industry, providing a replicable and scalable solution for green and intelligent upgrades in the sector [1] - The company aims to continue exploring technological innovations to revitalize its century-old operations and contribute to the global tin smelting industry's modernization [1]

Core Viewpoint - The tin market is experiencing limited movement with the main contract rising by 0.08% to 273,980 yuan/ton, influenced by a combination of declining domestic production and weak consumer demand [1] Group 1: Market Dynamics - Major smelting enterprises have initiated routine maintenance, leading to a noticeable decline in domestic production, while consumer demand remains weak [1] - Domestic tin inventory is high, while overseas inventory is at historical lows, creating a mixed market sentiment with limited driving forces [1] - The supply of tin ore remains tight, with delays in actual output from Myanmar expected until the fourth quarter due to seasonal and equipment supply issues [1] Group 2: Production and Supply - Domestic smelting plants are operating at low capacity, particularly in Yunnan, where raw material shortages persist [1] - Some previously shut-down enterprises are preparing to resume production, but another leading company is undergoing maintenance, suggesting an overall decline in production [1] Group 3: Pricing and Demand - Recent fluctuations in tin prices have seen a slight decline, with smelting plants showing a willingness to sell, but actual transactions remain limited [1] - Traders are actively quoting prices, noting that while tin prices have slightly decreased, they remain high, and downstream purchasing interest is weak [1] - Downstream orders continue to decline, with current consumption levels in the off-season, particularly in home appliances and photovoltaic sectors [1][2]

Group 1 - The core viewpoint of the articles indicates that the tin market is experiencing a strong reality with weak expectations, driven by slow recovery in Myanmar's tin mines and low import levels in China, alongside rising expectations for interest rate cuts by the Federal Reserve [1][2] - The main contract for tin on the Shanghai Futures Exchange rose by 2.31%, reaching 278,650 yuan per ton, marking a four-month high [1] - Domestic smelting plants are facing tight supply from the mining sector, with operating rates difficult to improve, and raw material inventories generally below 30 days [1] Group 2 - The processing fee for 40% grade tin concentrate in Yunnan remains low, and some smelting companies plan maintenance in August, which may further reduce capacity utilization [1] - The circulation of secondary materials in the Jiangxi region has decreased by over 30% year-on-year, leading to a significant shortage of crude tin supply, which restricts the recovery of refining capacity [1] - Despite rising tin prices, downstream demand remains weak, with a decline in orders for home appliances and a significant drop in photovoltaic orders, indicating a need to monitor recovery in demand during the peak consumption months of September and October [1] Group 3 - The two main factors supporting tin prices, namely low overseas inventories and strong structural demand, have not changed significantly [2] - The slow recovery of Myanmar's tin mines due to seasonal and operational constraints, along with tight raw material supplies and concerns over overseas liquidity, are providing a floor for tin prices [2] - Short-term expectations suggest that tin prices will maintain a high-level oscillation, but further significant increases will require additional positive stimuli [2]