Report Summary 1. Industry Investment Rating - The investment rating for the tin industry is "Oscillating and Consolidating" [1] 2. Core View - The report provides comprehensive data on the tin market, including price movements, trading volumes, inventory levels, and key industrial prices. The trend strength of tin is rated as 0, indicating a neutral stance [1][3] 3. Summary by Directory 3.1 Fundamental Tracking - **Price and Volume Data**: - The closing price of the Shanghai Tin main contract was 392,080 with a daily increase of 5.03%, and the night - session closing price was 379,270 with a decrease of 3.41%. - The price of the LME Tin 3M electronic - disk futures was 48,360 with a decrease of 3.85% [2] - **Trading Volume and Open Interest**: - The trading volume of the Shanghai Tin main contract was 319,493, a decrease of 53,942 from the previous day, and the open interest was 35,914, an increase of 481. - The trading volume of the LME Tin 3M electronic - disk was 616, a decrease of 523, and the open interest was 25,406, an increase of 155 [2] - **Inventory Data**: - The inventory of Shanghai Tin was 7,411, a decrease of 377. - The inventory of LME Tin was 7,110, an increase of 15, and the注销仓单 ratio was 6.57%, a decrease of 0.38% [2] - **Spot and Spread Data**: - The SMM 1 tin ingot price was 395,050, an increase of 13,150. - The Yangtze River Non - ferrous 1 tin average price was 395,500, an increase of 18,100. - The LME Tin (spot/three - month) spread was - 241, an increase of 59. - The spread between the near - month contract and the consecutive - first contract was 194,960, unchanged. - The spread between the spot and the futures main contract was 12,160, an increase of 27,410 [2] - **Industrial Chain Key Price Data**: - The price of 40% tin concentrate in Yunnan was 381,050, an increase of 13,150. - The price of 60% tin concentrate in Guangxi was 385,050, an increase of 13,150. - The price of 63A solder bar was 261,250, an increase of 8,000. - The price of 60A solder bar was 250,250, an increase of 8,000 [2] 3.2 Macro and Industry News - President Xi Jinping had a phone call with former US President Donald Trump. - Negotiations between Iran and the US will be held in Oman on the 6th. - The China Photovoltaic Industry Association stated that space photovoltaic technology is still in the initial stage of exploration and verification. - NASDAQ plans to introduce a "fast - track inclusion" rule to handle large - scale IPOs such as SpaceX [4] 3.3 Trend Strength - The trend strength of tin is 0, indicating a neutral view, with the range of trend strength values being in the [- 2,2] integer interval, where - 2 is the most bearish and 2 is the most bullish [3]

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The report indicates that tin is in a phase of decline and consolidation, with a trend strength of -1, suggesting a bearish outlook [1][3]. Group 3: Summary by Directory 1. Fundamental Tracking - **Price and Volume Data**: The closing price of the Shanghai Tin main contract was 392,650, with a daily decline of 11.00%, and the night - session closing price was 360,000, with a decline of 12.38%. The closing price of the LME Tin 3M electronic - disk futures was 45,605, with a decline of 9.87%. The trading volume of the Shanghai Tin main contract decreased by 277,948 to 190,922, and the position decreased by 1,757 to 38,322. The trading volume of the LME Tin 3M electronic - disk increased by 153 to 1,143, and the position decreased by 14 to 25,211 [2]. - **Inventory Data**: The inventory of Shanghai Tin decreased by 427 to 8,097, and the inventory of LME Tin increased by 10 to 7,105. The cancellation warrant ratio of LME Tin was 6.57%, with a decrease of 0.38% [2]. - **Spot and Price Difference Data**: The SMM 1 tin ingot price decreased by 35,900 to 392,750, the Yangtze River Non - ferrous 1 tin average price decreased by 31,000 to 392,500. The LME Tin (spot/three - month) spread decreased by 27 to - 227, the spread between the nearby contract and the consecutive first contract remained unchanged at 198,590, and the spread between the spot and the futures main contract increased by 6,130 to - 16,500 [2]. - **Industrial Chain Price Data**: The price of 40% tin concentrate (Yunnan) decreased by 35,900 to 378,750, the price of 60% tin concentrate (Guangxi) decreased by 35,900 to 382,750, the price of 63A solder bar decreased by 22,500 to 260,250, and the price of 60A solder bar decreased by 21,500 to 248,750 [2]. 2. Macro and Industry News - Iran's Foreign Ministry Spokesperson stated that the details of talks with the US are still in the decision - making stage. The Shanghai Futures Exchange issued a notice on market risk control. Ant CEO issued an internal letter to increase incentives for "pioneering contributions" in AI. Medvedev confirmed that Russia and the US are having secret consultations [4].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The tin market is in a high-level consolidation [1]. Group 3: Summary by Directory Fundamental Tracking - **Price Data**: The closing price of the Shanghai Tin main contract was 433.000 with a daily increase of 4.80%, and the night - session closing price was 418.860 with a decrease of 3.27%. The price of the LME Tin 3M electronic - disk futures was 52.775 with a decrease of 2.27% [2]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract was 592,217, an increase of 187,519 from the previous day, and the open interest was 38,481, a decrease of 3,924. The trading volume of the LME Tin 3M electronic - disk was 2,851, an increase of 1,315, and the open interest was 23,960, an increase of 401 [2]. - **Inventory Data**: The inventory of Shanghai Tin was 9,526, an increase of 2,419, and the inventory of LME Tin was 5,925, a decrease of 5. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2]. - **Spot Price**: The SMM 1 tin ingot price was 426,000, an increase of 20,500 from the previous day. The Yangtze River Non - ferrous 1 tin average price was 435,000, an increase of 25,000 [2]. - **Industry Chain Price**: The 40% tin concentrate (Yunnan) price was 414,000, an increase of 20,500. The 60% tin concentrate (Guangxi) price was 418,000, an increase of 20,500 [2]. Macro and Industry News - The State - owned Assets Supervision and Administration Commission of the State Council will strengthen the role of state - owned enterprises as the main body of technological innovation and cultivate leading technology enterprises [2]. - Goldman Sachs plans to issue at least $12 billion in bonds [3]. - The People's Bank of China has lowered the policy tool interest rate by 0.25 percentage points, and there is still room for reserve requirement ratio cuts and interest rate cuts this year [4]. - The demand for AI chips remains strong, TSMC's Q4 net profit increased by 35%, and its full - year capital expenditure in 2025 reached $40.9 billion [5]. Trend Strength - The tin trend strength is 0, indicating a neutral outlook. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [6].