1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The slow resumption of tin mines in Myanmar's Wa State and the closure of 1,000 illegal tin mines in Indonesia's Bangka Belitung lead to a tight supply - demand expectation. However, multiple Fed officials' hawkish stance on a December rate cut may put pressure on tin prices. The high tin price also leads to less downstream just - in - time procurement. Overall, the price of Shanghai tin may be adjusted [1]. 3. Summary According to Relevant Data Shanghai Tin Futures - On November 14, 2025, the closing price of the active contract of Shanghai tin spot was 298,140, a decrease of 6,690 compared to the previous day. The trading volume was 151,802 lots, a decrease of 47,866 lots; the open interest was 43,594 lots, a decrease of 7,253 lots; the inventory was 8,699 tons, an increase of 234 tons. The basis of Shanghai tin (spot - futures) was - 2,140, an increase of 2,790; the spread between the near - month and the first - continuous contract of Shanghai tin was - 890, an increase of 1,440; the spread between the first - continuous and the second - continuous contract of Shanghai tin was - 390, a decrease of 60; the spread between the second - continuous and the first - continuous contract of Shanghai tin was - 110, an increase of 70 [1]. London Tin Futures - On November 14, 2025, the closing price of the LME 3 - month tin futures (electronic trading) was 36,860, a decrease of 205 compared to the previous day. The spread between the 0 - 3 - month contracts of LME tin futures was - 87.5, a decrease of 102.8; the spread between the 3 - 15 - month contracts of LME tin futures was 131, a decrease of 36. The global inventory of LME tin was 3,065 tons, with no change; the registered warrants of LME tin were 2,950, with no change; the cancelled warrants of LME tin were 115, with no change. The ratio of Shanghai tin to London tin was 8.04, a decrease of 0.14 [1]. 4. Supply - Demand and Inventory Situation Supply - The resumption of tin mines in Myanmar's Wa State is slow, and Indonesia has closed 1,000 illegal tin mines in Bangka Belitung. The processing fee of domestic tin concentrates has dropped significantly, indicating a tight supply - demand expectation. The operating rates of refined tin production capacity in Yunnan and Jiangxi, China, have increased (or remained flat) compared to last week [1]. Demand - The daily processing fee of photovoltaic solder strips has decreased month - on - month. The new energy vehicle and artificial intelligence fields bring optimistic demand expectations, but the high tin price leads to less downstream just - in - time procurement [1]. Inventory - The inventory of refined tin in the Shanghai Futures Exchange, the social inventory of tin ingots in China, and the inventory of refined tin in the London Metal Exchange have all increased compared to last week [1]. 5. Trading Strategy - Lightly short the main contract on rallies. Pay attention to the support level around 260,000 - 270,000 and the resistance level around 300,000 - 310,000 for Shanghai tin, and the support level around 33,000 - 35,000 and the resistance level around 38,000 - 40,000 for London tin [1].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The slow resumption of tin mines in Wa State, Myanmar, and the closure of 1,000 illegal tin mines in Bangka Belitung, Indonesia, along with the decreasing domestic tin concentrate processing fees, indicate a tight supply - demand outlook. However, the arrival of the domestic traditional consumption off - season may cause the Shanghai tin price to remain volatile [2]. 3. Summary According to the Directory 3.1 Shanghai Tin Futures Data - On November 6, 2025, the closing price of the active contract of Shanghai tin spot was 283,420, up 1,330 from the previous day; the trading volume was 46,812 lots, a decrease of 24,353 lots; the open interest was 303,802 lots, a decrease of 2,237 lots; and the inventory was 5,865 tons, a decrease of 94 tons [2]. - The SMM No. 1 tin average price was 282,800, up 1,500 from the previous day; the basis of Shanghai tin was - 620, up 170; the spread between the near - month and the first - continuous contract of Shanghai tin was - 280, up 370; the spread between the first - continuous and the second - continuous contract of Shanghai tin was - 230, down 130; the spread between the second - continuous and the first - continuous contract of Shanghai tin was 10, up 20 [2]. 3.2 London Tin Futures Data - On November 6, 2025, the closing price of the LME 3 - month tin futures (electronic session) was 35,760, up 15 from the previous day; the spread between the LME tin futures 0 - 3 months contract was 30, down 9.5; the spread between the LME tin futures 3 - 15 months contract was 187, up 10 [2]. - The global inventory of LME tin was 2,975 tons, unchanged from the previous day; the LME tin registered warrants were 2,840, unchanged; the LME tin cancelled warrants were 135, unchanged; the ratio of Shanghai - London tin prices was 7.93, up 0.03 [2]. 3.3 Supply - Demand and Inventory Situation - Supply side: The resumption of tin mines in Wa State, Myanmar, is slow, Indonesia has closed 1,000 illegal tin mines in Bangka Belitung, and the domestic tin concentrate processing fees are decreasing, indicating a tight supply - demand outlook. The operating rate of refined tin production capacity in Yunnan and Jiangxi has decreased (or remained flat) compared with last week [2]. - Demand side: The daily processing fee of photovoltaic solder strips has decreased month - on - month, and the high tin price has led to less procurement by downstream users on a need - to - buy basis [2]. - Inventory side: The inventory of refined tin in the Shanghai Futures Exchange has increased compared with last week; the social inventory of tin ingots in China has decreased compared with last week; the inventory of refined tin in the London Metal Exchange has increased compared with last week [2]. 3.4 Trading Strategy - Close short positions at low prices, pay attention to the support level around 260,000 - 270,000 and the resistance level around 290,000 - 300,000 for Shanghai tin, and the support level around 33,000 - 35,000 for London tin [2].

Report Industry Investment Rating - Not provided Core Viewpoints - Due to the weakening US job market, the expectation of the Fed's interest rate cut has increased, but the expected resumption of tin mines in Myanmar's Wa State and Congo-Kinshasa, along with the continuous increase in the operating rate of domestic refined tin production capacity, may limit the upside space of Shanghai tin prices. It is recommended that investors wait and see, focusing on the support levels around 248,000 - 258,000 and the resistance levels around 274,000 - 283,000 for Shanghai tin, and the support levels around 30,000 - 32,000 and the resistance levels around 34,000 - 36,000 for London tin [2] Summary by Related Contents Market Data - On August 13, 2025, the closing price of Shanghai tin was 267,940, a decrease of 380 compared to the previous day; the trading volume was 44,115 lots, a decrease of 37,387 lots; the open interest was 24,776 lots, a decrease of 1,155 lots; the inventory was 7,332 tons, an increase of 33 tons [2] - The closing price of LME 3 - month tin futures (electronic trading) on August 13, 2025, was 33,700, a decrease of 70 compared to the previous day [2] - The total inventory of refined tin at home and abroad decreased compared to last week [1][2] Industry News - According to the data released by the Indonesian Ministry of Trade for June, the total export volume of tin ingots decreased by 18.2% to 4,465 tons, with a year - on - year increase of 0.1%. Exports to Singapore increased by 15.1% month - on - month to 1,063.95 tons, while exports to China decreased by 35.7% month - on - month to 953.85 tons [2] - Stellar Resources extended the exclusive period for the use of infrastructure in the Comstock mining area adjacent to the Heemskirk tin mine project by 6 months. The company is evaluating three development plans and focusing on tailings storage solutions [2] Supply and Demand Analysis - Supply side: Tin mines in Myanmar's Wa State and Congo - Kinshasa are expected to resume production; domestic refined tin production capacity operating rate has increased; the inventory of refined tin in the Shanghai Futures Exchange has increased, while the social inventory in China and the inventory in the London Metal Exchange have decreased [2] - Demand side: The daily processing fee of photovoltaic solder strips has decreased, which may lead to a decrease in the operating rate of China's tin solder production capacity in August and an increase in inventory; the production volume of China's tin - plated sheets in August may increase [2] Trading Strategy - It is recommended that investors wait and see, focusing on the support and resistance levels of Shanghai tin and London tin [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The resumption of production at the Wabang Manxiang tin mine in Myanmar still takes time and the fee standard has increased, there are still disruptions in refined tin production in Malaysia, and the inventories of refined tin at home and abroad are decreasing. These factors may cause the price of Shanghai tin to be cautiously bullish. It is recommended that investors hold their previous long positions cautiously, paying attention to the support levels and pressure levels of Shanghai tin and London tin [2]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Shanghai Tin Futures**: On April 28, 2025, the closing price of the active contract was 260,570, down 2,270 from the previous day; trading volume was 48,003 lots, down 24,008 lots; open interest was 12,035 lots, down 5,566 lots; inventory was 8,722 tons, down 192 tons [1]. - **Shanghai Tin Basis and Spreads**: The SMM 1 tin semi - average price was 260,200, down 2,800; the Shanghai tin basis was - 370, down 530; the spread between the near - month and the first - consecutive contract was - 20, up 50; the spread between the first - consecutive and the second - consecutive contract was 80, down 320 [1]. - **London Tin**: The closing price of the LME 3 - month tin futures (electronic trading) on April 25 was 31,975; the LME tin 0 - 3 - month contract spread was - 166.99; the LME tin 3 - 15 - month contract spread was - 135; the LME global tin inventory was 2,845 tons; the LME registered inventory was 2,415 tons; the cancelled warrants were 430 tons; the Shanghai - London tin price ratio was 8.15, down 0.07 [1]. 3.2 Project Information - **Oropesa Project**: It will make the company the first European vertically - integrated tin producer from mine to metal. The feasibility study outlines a 1.4 - million - ton - per - year open - pit mine, expected to produce an average of 3,405 tons of tin per year over a 12 - year mine life and be processed at a local smelter in Spain. The first ore reserve report shows a reserve of 15.9 million tons, with a tin grade of 0.36% and a metal content of 57,900 tons [1]. 3.3 Industry News - **Wabang Mining**: On April 23, 2025, a symposium on the resumption of production of the Manxiang tin mine was held, clarifying the process of obtaining mining, concentrator, and exploration licenses. The new fee standards are significantly higher than those in 2023, which will increase the cost pressure on low - altitude mines and small - and medium - sized concentrators. The full resumption of normal mining is expected to take about two months, and the resumption of production in Wabang and the restart of the Bisie tin mine in Congo (Kinshasa) may relieve supply pressure to some extent [1]. 3.4 Supply and Demand Analysis - **Supply**: The resumption of production in Wabang and Congo (Kinshasa) may affect domestic tin ore production and imports, and domestic tin concentrate processing fees are expected to decline, indicating a tight supply of domestic tin ore. The supply of scrap tin is expected to increase, and the production of recycled tin in China in May may increase. The operating rates of refined tin production capacity in Jiangxi and Yunnan have decreased, and the production and inventory of refined tin in China in May may decrease. The export volume of Malaysia's MSC smelting company may increase, and the import volume of refined tin in China in June may increase [1]. - **Demand**: The daily processing fee of photovoltaic solder strips has decreased, and the operating rate of tin solder production capacity in China in May may decline. The import volume of solder strips in China in May may decrease, and the export volume may increase. The production volume of tin - plated sheets in China in June may increase, while the import and export volumes may decrease. The operating rate of lead - acid battery production capacity in China has increased [1].