Report Summary 1. Report Industry Investment Rating - No investment rating was provided in the report [1] 2. Core View - The report monitors the fundamentals of tin, including price, trading volume, inventory, and industry chain prices, and also mentions some macro - and industry - related news, but does not present a clear core view [1][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures and Spot Data**: - **Prices**: The closing price of the Shanghai Tin main contract was 352,430 with a daily increase of 1.91%, and the night - session closing price was 354,680 with a night - session increase of 0.69%. The price of the LME Tin 3M electronic disk was 44,820 with a daily increase of 2.35% [1] - **Trading Volume and Position**: The trading volume of the Shanghai Tin main contract was 215,643, a decrease of 33,699 from the previous day, and the position was 18,892, a decrease of 2,195. The trading volume of the LME Tin 3M electronic disk was 526, an increase of 82, and the position was 21,704, an increase of 161 [1] - **Inventory**: The inventory of Shanghai Tin was 8,144, a decrease of 408, and the inventory of LME Tin was 8,780, a decrease of 25. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [1] - **Spot Prices and Spreads**: The SMM 1 tin ingot price was 357,600, an increase of 13,900 from the previous day. The Yangtze River Non - Ferrous 1 tin average price was 357,600, an increase of 14,200. The LME Tin (spot/three - month) spread was - 245, an increase of 21. The spread between the near - month contract and the consecutive - first contract was 157,000, an increase of 6,830. The spread between the spot and the futures main contract was 5,170, an increase of 9,740 [1] - **Industry Chain Prices**: The price of 40% tin concentrate (Yunnan) was 341,600, an increase of 13,900. The price of 60% tin concentrate (Guangxi) was 345,600, an increase of 13,900. The price of 63A solder bar was 237,750, an increase of 8,500, and the price of 60A solder bar was 227,750, an increase of 8,500 [1] 3.2 Trend Intensity - The trend intensity of tin is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [2] 3.3 Macro and Industry News - Google released KV cache compression technology, causing the US stock storage sector to decline collectively - Iran rejected the US cease - fire plan, stating that it would not allow Trump to decide the cease - fire time - Due to the blockage of the Strait of Hormuz, Saudi Arabia "seeks survival by changing routes", and the exports from the Red Sea port of Yanbu are approaching the target of 5 million barrels - Trump is forming a technology committee, and 13 industry leaders such as Zuckerberg, Huang Renxun, and Ellison may be nominated [3]

Group 1: Report Date and Industry Outlook - The report is dated March 19, 2026, and indicates that the macro - sentiment for tin is weak [1] Group 2: Research Analysts - The investment consulting analyst is Liu Yuxuan (License No.: Z0020476), and the contact person is Tang Wenhao (Futures License No.: F03152608) [2] Group 3: Fundamental Data of Tin Futures - The closing price of the Shanghai Tin main contract was 370,000, with a daily decline of 2.59%, and the night - session closing price was 357,660, with a decline of 3.39%. The closing price of the LME Tin 3M electronic disk was 45,345, with a decline of 3.21% [2] - The trading volume of the Shanghai Tin main contract was 198,364, a decrease of 23,965 from the previous day, and the position was 30,797, a decrease of 903. The trading volume of the LME Tin 3M electronic disk was 1,013, a decrease of 402, and the position was 22,097, a decrease of 991 [2] - The Shanghai Tin futures inventory was 11,312, a decrease of 361, and the LME Tin inventory was 8,965, an increase of 220. The LME Tin注销仓单 ratio was 6.57%, a decrease of 0.38% [2] Spot and Price Difference - The SMM 1 tin ingot price was 369,500, a decrease of 10,850 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 368,400, a decrease of 12,200. The LME Tin (spot/three - month) spread was - 203, a decrease of 112 [2] - The spread between the near - month contract and the consecutive first contract was 174,570, a decrease of 2,740, and the spread between spot and the futures main contract was - 1,600, a decrease of 7,090 [2] Key Industrial Prices - The price of 40% tin concentrate (Yunnan) was 353,500, a decrease of 10,850; the price of 60% tin concentrate (Guangxi) was 357,500, a decrease of 10,850 [2] - The price of 63A solder bar was 245,250, a decrease of 7,000, and the price of 60A solder bar was 234,750, a decrease of 6,500 [2] Group 4: Macro and Industry News - The Fed kept interest rates unchanged as expected, pointed out the uncertainty of the Middle East impact, raised inflation expectations, and still expected one interest - rate cut this year [2] - The Middle East conflict escalated, with Israel and Iran attacking key energy facilities, causing a sharp rise in international oil and gas prices [4] - US inflation exceeded expectations across the board, with the February PPI up 3.4% year - on - year and the core PPI at 3.9%, a one - year high [4] - Trump said that his visit to China might be postponed by five to six weeks [4] Group 5: Trend Strength - The trend strength of tin is - 1, indicating a weak outlook. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [3]

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Report Core View - The report focuses on tin, suggesting to pay attention to its stabilization situation. The trend intensity of tin is 1, indicating a neutral stance [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - **Prices**: The closing price of the Shanghai Tin main contract was 383,710 with a daily decline of 2.40%, and the night - session closing price was 397,630 with a 3.51% increase. The closing price of the LME Tin 3M electronic disk was 50,095 with a 0.09% increase [2]. - **Volume and Open Interest**: The trading volume of the Shanghai Tin main contract was 301,708, an increase of 4,940 from the previous day, and the open interest was 35,900, a decrease of 2,671. The trading volume of the LME Tin 3M electronic disk was 944, an increase of 657, and the open interest was 22,015, an increase of 308 [2]. - **Inventory**: The inventory of Shanghai Tin was 10,124, a decrease of 123, and the LME Tin inventory was 8,025, an increase of 250. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2]. - **Spot and Spread Data**: - **Spot Prices**: The SMM 1 tin ingot price was 396,950, a decrease of 9,900 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 382,400, a decrease of 17,700 [2]. - **Spreads**: The LME Tin (spot/three - month) spread was 19, an increase of 92; the spread between the near - month contract and the consecutive first - month contract was 186,730, a decrease of 7,000; the spread between the spot and the futures main contract was - 1,310, a decrease of 7,750 [2]. - **Industrial Chain Price Data**: - The prices of 40% tin concentrate (Yunnan) and 60% tin concentrate (Guangxi) both decreased by 9,900 to 380,950 and 384,950 respectively. The prices of 63A and 60A solder bars decreased by 6,000 to 262,750 and 251,250 respectively [2]. 3.2 Macro and Industry News - Iran's parliamentary speaker said that international oil prices may remain in the triple - digits for an extended period. Iran claimed to have "destroyed" a US military helicopter base in Kuwait. Saudi Arabia started to cut oil production as storage space is full. MiniMax released new lobster skills, and its stock price soared 20% during intraday trading, leading the AI sector [4].

Group 1: Report Overview - Report date: March 5, 2026 [1] - Report topic: Tin - Pay attention to the stabilization of risk appetite [1] - Analysts: Liu Yuxuan, Tang Wenhao (contact person) [2] Group 2: Investment Rating - Tin trend strength: 1, indicating a neutral view, with the range of trend strength being [-2, 2], where -2 is most bearish and 2 is most bullish [3] Group 3: Core View - The report focuses on the stabilization of risk appetite for tin and provides detailed tracking of tin's fundamentals and relevant macro and industry news [1][2][4] Group 4: Fundamental Tracking Futures and Spot Data - **Futures prices**: The closing price of the Shanghai Tin main contract was 401,130 with a daily decline of 5.17%, and the night - session closing price was 406,590 with a 2.84% increase; the LME Tin 3M electronic disk closing price was 51,200 with a 2.84% increase [2] - **Trading volume and open interest**: The trading volume of the Shanghai Tin main contract was 383,838, a decrease of 80,562 from the previous day, and the open interest was 39,459, a decrease of 76; the trading volume of the LME Tin 3M electronic disk was 470, a decrease of 974, and the open interest was 21,677, an increase of 116 [2] - **Futures inventory**: The Shanghai Tin inventory was 10,898, a decrease of 418; the LME Tin inventory was 7,780, an increase of 50, and the注销仓单 ratio was 6.57%, a decrease of 0.38% [2] - **Spot prices**: The SMM 1 tin ingot price was 408,500, a decrease of 4,450; the Yangtze River Non - ferrous 1 tin average price was 410,900, an increase of 4,300; the LME tin (spot/three - month) spread was 19, unchanged; the spread between the near - month contract and the consecutive first contract was 204,170, an increase of 8,760; the spread between the spot and the futures main contract was 9,770, a decrease of 1,940 [2] Industrial Chain Key Price Data - The price of 40% tin concentrate (Yunnan) was 392,500, a decrease of 4,450; the price of 60% tin concentrate (Guangxi) was 396,500, a decrease of 4,450; the price of 63A solder bar was 269,750, a decrease of 3,000; the price of 60A solder bar was 258,250, a decrease of 2,500 [2] Group 5: Macro and Industry News - The US Defense Secretary said that the US - Iran conflict may last for 8 weeks or longer [4] - Qatar will completely stop liquefied natural gas production on Wednesday [4] - Demand has recovered, and the US ISM non - manufacturing activity in February reached the largest expansion rate since 2022 [4] - The EU is expected to be exempted from the US tariff increase to 15% [4]

Group 1: Report Information - Report date: March 2, 2026 [1] - Report title: Tin: Pay Attention to Macroeconomic and Geopolitical Impacts [1] Group 2: Analyst Information - Analyst: Liu Yuxuan, Investment Consulting Qualification Number: Z0020476, Email: liuyuxuan023982@gtjas.com [2] - Contact person: Tang Wenhao, Futures Qualification Number: F03152608, Email: tangwenhao@gtht.com [2] Group 3: Fundamental Tracking Futures and Spot Market - **Prices and Changes**: - Shanghai Tin main contract: Yesterday's closing price was 453,240 with a daily increase of 8.53%; night - session closing price was 455,610 with a night - session increase of 5.65% [2] - LME Tin 3M electronic disk: Yesterday's closing price was 58,050 with a daily increase of 6.74% [2] - **Trading Volume and Open Interest**: - Shanghai Tin main contract: Yesterday's trading volume was 391,133, an increase of 227,884 from the previous day; open interest was 55,792, an increase of 42,991 [2] - LME Tin 3M electronic disk: Yesterday's trading volume was 1,272, an increase of 650; open interest was 21,387, a decrease of 231 [2] - **Inventory and Warehouse - Receipt Information**: - Shanghai Tin inventory was 11,418, a decrease of 138 from the previous day [2] - LME Tin inventory was 7,550, a decrease of 25; the cancelled - warehouse - receipt ratio was 6.57%, a decrease of 0.38% [2] Spot and Price Difference - **Spot Prices**: - SMM 1 tin ingot price was 430,000, an increase of 15,100 from the previous day [2] - Yangtze River Non - ferrous 1 tin average price was 430,400, an increase of 15,300 [2] - **Price Differences**: - LME Tin (spot/three - month) spread was 19, an increase of 24 [2] - Near - month contract to continuous - first - contract spread was 256,110, an increase of 39,730 [2] - Spot to futures main - contract spread was - 22,840, a decrease of 23,760 [2] Industrial Chain Key Price Data - 40% tin concentrate (Yunnan) price was 416,000, an increase of 15,100 from the previous day [2] - 60% tin concentrate (Guangxi) price was 420,000, an increase of 15,100 [2] - 63A solder bar price was 283,750, an increase of 9,500 [2] - 60A solder bar price was 271,250, an increase of 9,000 [2] Group 4: Trend Intensity - Tin trend intensity is 1, with the range of trend intensity being integers in the [-2, 2] interval. The strength categories are weak, relatively weak, neutral, relatively strong, and strong, where -2 means most bearish and 2 means most bullish [3] Group 5: Macro and Industry News - Iran's Supreme Leader Ayatollah Khamenei was assassinated and died [4] - Iran's military said that the US "Lincoln" aircraft carrier was attacked by 4 Iranian ballistic missiles [4] - Iran's former President Mahmoud Ahmadinejad was assassinated and died [4] - Wang Yi said that the Middle East situation may be pushed into a dangerous abyss, and China is highly concerned [4]

Group 1: Report's Investment Rating for the Industry - The investment rating for the tin industry is "shockingly strong" [1] Group 2: Core View of the Report - The trend strength of tin is 1, with the range of trend strength being integers in the [-2, 2] interval. -2 represents the most bearish view, and 2 represents the most bullish view [3] Group 3: Summary Based on the Directory Fundamental Tracking - **Futures Data**: The closing price of the main contract of Shanghai Tin yesterday was 429,570, with a daily increase of 5.03%, and the closing price of the night session was 447,140, with a night - session increase of 4.09%. The price of the LME Tin 3M electronic disk was 56,605, with a daily increase of 7.49%. The trading volume of the main contract of Shanghai Tin increased by 102,997 to 378,618, and the position increased by 33,940 to 56,254. The trading volume of the LME Tin 3M electronic disk increased by 361 to 890, and the position increased by 202 to 23,931 [2] - **Inventory and Warehouse - Receipt Data**: The inventory of Shanghai Tin was 8,582, a decrease of 34. The inventory of LME Tin was 7,195, and the cancellation warehouse - receipt ratio was 6.57%, a decrease of 0.38% [2] - **Spot and Price - Difference Data**: The SMM 1 tin ingot price was 420,300, an increase of 17,050. The average price of Yangtze River Non - ferrous 1 tin was 423,300, an increase of 20,000. The LME tin (spot/three - month) premium was - 245, a decrease of 56. The spread between the near - month contract and the consecutive - first contract was 233,310, an increase of 19,730. The spread between the spot and the main futures contract was 14,290, an increase of 29,410 [2] - **Industrial Chain Price Data**: The price of 40% tin concentrate (Yunnan) was 406,300, an increase of 17,050. The price of 60% tin concentrate (Guangxi) was 410,300, an increase of 17,050. The price of 63A solder bar was 277,750, an increase of 11,000. The price of 60A solder bar was 265,250, an increase of 10,000 [2] Macro and Industry News - Negotiations among delegations from Ukraine, the US, and Russia in Abu Dhabi, UAE have ended - Huang Renxun, the founder of NVIDIA, visited China again, with his first stop being NVIDIA's new office in Shanghai - OpenAI's API business increased its annual recurring revenue by $1 billion last month - The central bank governor stated to promote the internationalization of the RMB in an orderly manner [4]

Group 1: Report Industry Investment Rating - The investment rating for the tin industry is "strongly bullish", with a trend strength of 2, indicating the most bullish outlook [1][3] Group 2: Core View of the Report - The tin market is experiencing a strong upward trend, as evidenced by significant price increases in both futures and spot markets [1][2] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - **Futures and Spot Prices**: The closing price of the Shanghai Tin main contract was 413,170 with a daily increase of 8.92%, and the night - session closing price was 436,540 with a night - session increase of 9.18%. The LME Tin 3M electronic disk closed at 54,000 with a daily increase of 9.88% [2] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract was 404,698, a decrease of 65,525 from the previous day, and the open interest was 42,405, a decrease of 448. The trading volume of the LME Tin 3M electronic disk was 1,536, a decrease of 14, and the open interest was 23,559, an increase of 271 [2] - **Inventory and Cancelled Warrant Ratio**: The Shanghai Tin inventory was 7,107, an increase of 862, and the LME Tin inventory was 5,930, unchanged. The cancelled warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2] - **Spot and Price Spreads**: The SMM 1 tin ingot price increased by 25,300 to 405,500, and the Yangtze River Non - ferrous 1 tin average price increased by 30,000 to 410,000. The LME Tin (spot/three - month) spread increased by 22 to - 65 [2] - **Industry Chain Key Prices**: The price of 40% tin concentrate in Yunnan increased by 25,300 to 393,500, and the price of 60% tin concentrate in Guangxi increased by 25,300 to 397,500 [2] 2. Macro and Industry News - The US will suspend all visas for 75 countries, covering nearly one - third of the world - US retail sales in November increased by 0.6% month - on - month, exceeding expectations, driven by a rebound in car sales and holiday consumption - The Japanese yen fell to an 18 - month low, and the Japanese Finance Minister warned of "not excluding any means" to rescue the market - China's Foreign Ministry stated that US officials said the US was withdrawing personnel from major Middle - East bases [4]

Group 1: Report Industry Investment Rating - The investment rating for tin is "Oscillating Strongly" [1] Group 2: Core Viewpoints of the Report - The trend strength of tin is 1, with the range of trend strength values being integers in the [-2, 2] interval. The classification of strength levels is as follows: weak, relatively weak, neutral, relatively strong, and strong, where -2 indicates the most bearish and 2 indicates the most bullish [3] Group 3: Summary of Each Section 1. Fundamental Tracking - **Futures Data**: The closing price of the main contract of Shanghai Tin futures was 352,540 with a daily increase of 0.83%, and the night - session closing price was 359,980 with a night - session increase of 3.15%; the closing price of the LME Tin 3M electronic disk was 45,700 with a daily increase of 4.64% [2] - **Trading Volume and Open Interest**: The trading volume of the main contract of Shanghai Tin futures was 253,086, a decrease of 147,359 from the previous day, and the open interest was 40,737, an increase of 1,939; the trading volume of the LME Tin 3M electronic disk was 588, a decrease of 477, and the open interest was 23,214, an increase of 335 [2] - **Inventory Data**: The futures inventory of Shanghai Tin was 6,429, a decrease of 359; the futures inventory of LME Tin was 5,415, an increase of 10, and the cancelled warrant ratio was 6.57%, a decrease of 0.38% [2] - **Spot Prices and Spreads**: The SMM 1 tin ingot price was 349,750, a decrease of 5,300 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 350,900, a decrease of 2,000; the LME tin (spot/three - month) spread was - 30, an increase of 9; the spread between the nearby contract and the consecutive first contract was 157,480, an increase of 3,620; the spread between the spot and the futures main contract was 1,260, an increase of 7,410 [2] - **Industrial Chain Key Price Data**: The price of 40% tin concentrate (Yunnan) was 337,750, a decrease of 5,300; the price of 60% tin concentrate (Guangxi) was 341,750, a decrease of 5,300; the price of 63A solder bar was 233,250, a decrease of 3,500; the price of 60A solder bar was 223,250, a decrease of 3,500 [2] 2. Macro and Industry News - Trump said there will be no more oil or funds flowing into Cuba - British officials have not ruled out the possibility of deploying troops in Greenland - The National Commercial Work Conference stated to deeply implement the special action to boost consumption - Trump was reported to have received a briefing on the military strike plan against Iran [4]

Report Summary 1. Report Date and Title - Date: January 9, 2026; Title: "Tin: Loosening at High Levels" [1] 2. Analysts and Contact Information - Analyst: Liu Yuxuan (Investment Consulting Qualification No.: Z0020476, Email: liuyuxuan023982@gtjas.com); Contact: Tang Wenhao (Futures Qualification No.: F03152608, Email: tangwenhao@gtht.com) [2] 3. Fundamental Tracking Futures - **Prices**: Shanghai Tin main contract closed at 349,640 yuan with a -2.62% daily increase and 347,430 yuan at night with a -1.53% increase; LME Tin 3M electronic disk closed at 43,675 with a -2.18% daily increase [2] - **Trading Volume and Open Interest**: Shanghai Tin main contract had 400,445 trades (-59,464 compared to the previous day) and 38,798 open interests (-5,171); LME Tin 3M electronic disk had 1,065 trades (43 more) and 660 open interests (371 more) [2] - **Inventory**: Shanghai Tin inventory was 6,788 (8 more); LME Tin inventory was 5,405 (unchanged), and the cancellation warrant ratio was 6.57% (-0.38%) [2] Spot and Price Difference - **Spot Prices**: SMM 1 tin ingot price was 355,050 yuan (-900 compared to the previous day); Yangtze River Non - Ferrous 1 tin average price was 352,900 yuan (-4,400) [2] - **Price Differences**: LME Tin (spot/three - month) spread was -52 (13 more); the spread between the near - month contract and the first - continuous contract was 153,860 (unchanged); the spread between spot and the futures main contract was -6,150 (-14,630) [2] Industrial Chain Key Price Data - 40% tin concentrate (Yunnan) price was 343,050 yuan (-900); 60% tin concentrate (Guangxi) price was 347,050 yuan (-900); 63A solder bar price was 236,750 yuan (-500); 60A solder bar price was 226,750 yuan (-500) [2] 4. Macro and Industry News - Trump hopes to visit Venezuela; the Fed reported that the one - year inflation expectation in the US rose to 3.42% (previous value: 3.2%); the Russian Foreign Ministry said that the "Volunteer Alliance" and Ukraine are the "war axis"; the World Gold Council reported that global gold ETFs set a record high in annual capital inflows in 2025 [2][4] 5. Trend Intensity - Tin trend intensity is 0, with the range of [-2, 2] representing different views from most bearish (-2) to most bullish (2) [3]

Report Summary 1. Report Industry Investment Rating - Not provided. 2. Core View - The report focuses on the tin market, showing that long - position funds faced obstacles, leading to a price increase followed by a decline [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures and Spot Electronic Disk Data**: - The closing price of the Shanghai Tin main contract was 359,050 with a daily increase of 2.93%, and the night - session closing price was 355,170 with a - 0.28% change compared to the previous day. The closing price of the LME Tin 3M electronic disk was 44,650 with a 0.34% increase [1]. - The trading volume of the Shanghai Tin main contract was 459,909, an increase of 134,924 from the previous day, and the position was 43,969, an increase of 2,774. The trading volume of the LME Tin 3M electronic disk was 180, a decrease of 9, and the position was 13,988, an increase of 53 [1]. - The inventory of Shanghai Tin was 6,780, a decrease of 306, and the inventory of LME Tin was 5,405, a decrease of 15. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [1]. - **Spot and Price Difference Data**: - The price of SMM 1 tin ingot was 355,950, an increase of 14,900 from the previous day; the average price of Yangtze River Non - ferrous 1 tin was 357,300, an increase of 15,200 [1]. - The LME Tin (spot/three - month) spread was - 65, a decrease of 35; the spread between the near - month contract and the first - continuous contract was 162,370, unchanged; the spread between the spot and the futures main contract was 8,480, an increase of 750 [1]. - **Industry Chain Key Price Data**: - The price of 40% tin concentrate in Yunnan was 343,950, an increase of 14,900; the price of 60% tin concentrate in Guangxi was 347,950, an increase of 14,900 [1]. - The price of 63A solder bar was 237,250, an increase of 9,500; the price of 60A solder bar was 227,250, an increase of 9,000 [1]. 3.2 Macro and Industry News - The memory market has entered a "super bull market" with a 40% - 50% increase expected in Q1 [2]. - Eight departments including the Ministry of Industry and Information Technology aim to accelerate the industrialization and commercialization of new terminals such as AR/VR wearable devices and brain - computer interfaces [2]. - The People's Bank of China carried out 110 billion yuan of outright reverse repurchase operations on January 8 [2]. - The US will "distribute on commission" Venezuelan oil and requires Venezuela to cut economic ties with China and Russia [2]. 3.3 Trend Intensity - The tin trend intensity is 0, indicating a neutral trend. The range of trend intensity is [- 2,2], with - 2 representing the most bearish and 2 representing the most bullish [2][3]