Core Viewpoint - The tin market is experiencing a weak supply-demand balance, with prices lacking clear drivers, while macroeconomic concerns are heightened by a decline in U.S. consumer confidence, reinforcing expectations for a Federal Reserve rate cut [1] Group 1: Market Conditions - The main tin contract rose by 0.65%, closing at 286,720 yuan/ton [1] - Domestic tin smelting plants have largely resumed production, with operating rates in Yunnan and Jiangxi showing recovery by the end of the month, although overall industry operating levels remain low [1] - The tight supply of tin ore remains a critical constraint on smelting output, despite the opening of mining permits in Myanmar's Wa region, as actual recovery progress is slow [1] Group 2: Consumption Trends - The current tin consumption market is showing signs of a "weak recovery," with significant structural differentiation [1] - Traditional electronic consumption is underperforming, with weak orders, and the home appliance sector is generally under pressure, although white goods show slight support [1] - Emerging demands from sectors like new energy and AI servers provide long-term expectations, but their current contribution to overall demand is limited [1] Group 3: Inventory and Price Outlook - Social inventory continues to deplete, supporting high tin prices; however, elevated prices have significantly suppressed downstream replenishment intentions, with most companies maintaining only essential purchases [1] - The supply side remains tight, with slow recovery in the Wa region, leading to expectations of delayed significant output [2] - Despite the lack of strong demand rebound, structural support from AI and new energy sectors indicates some resilience, with refined tin inventories further depleting, suggesting that tin prices may experience strong fluctuations [2]

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]

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].