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]

Market Overview - The Shanghai Composite Index closed up 0.39% at 4162.88 points, while the Shenzhen Component fell 0.06% and the ChiNext Index dropped 1.04% [6] - The trading volume in the Shanghai and Shenzhen markets was 250.55 billion yuan, a decrease of 51.2 billion yuan from the previous day [6] - Over 3200 stocks in the market experienced gains [6] Sector Performance - The small metals sector continued its upward trend, with the main contract for tin rising over 8% during the day [6] - The copper-to-gold ratio has reached a 40-year low, suggesting a potential increase in copper prices of up to 60% if the ratio normalizes [9] Institutional Insights - UBS expressed optimism about the vertical applications of embodied AI, including humanoid robots, advanced driver-assistance systems, and industrial automation, highlighting the growth potential in these sectors [9] - According to Oriental Securities, geopolitical factors and supply chain resilience are becoming key in asset pricing, shifting investment logic from growth efficiency to building resilience [9] Fund Flows - Top net inflow stocks on February 27 included Tuowei Information, which saw a net inflow of 1.569 billion yuan [8]

Core Viewpoint - The main focus of the news is the significant price increase in tin futures, with the Shanghai tin futures rising over 6% and the London tin prices increasing over 4% [1][2] Group 1: Price Movements - Shanghai tin futures have surged more than 6%, currently priced at 411,400 yuan per ton [1][2] - London tin prices have increased by over 4%, currently at 52,450 dollars per ton [1][2]

Market Overview - The A-share market showed a decline at midday, with the Shanghai Composite Index down 0.7%, the Shenzhen Component Index down 0.67%, and the ChiNext Index down 0.96% [3][4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.2 trillion yuan, a decrease of 125.6 billion yuan compared to the previous trading day, with over 2,600 stocks declining [5] Sector Performance - The oil and gas, shipping, gold, basic metals, coal, and chemical sectors experienced significant declines, while semiconductor, commercial aerospace, memory storage, and humanoid robot sectors showed activity [4][6] - The film sector saw a partial recovery, with Light Media rising over 10% and other related companies following suit, supported by strong pre-sale ticket sales for the upcoming Spring Festival [6] Stock Movements - The main contract for tin on the Shanghai Futures Exchange fell by 6%, trading at 369,510 yuan per ton [6] - The stock of Shuangliang Energy hit the daily limit down after the company issued a statement regarding overseas orders, clarifying its indirect involvement in commercial aerospace projects [7] International Market Influence - The Hong Kong market opened lower, with the Hang Seng Index down 1.45% and the Hang Seng Tech Index down 1.59%, as tech stocks faced declines [12][13] - International gold prices fell below $5,000, currently around $4,965.10, impacting gold stocks in the Hong Kong market [9]

Group 1 - The Shanghai Futures Exchange's main contract for tin dropped by 8%, closing at 348,510 yuan per ton [1] - The Guangxi Futures Exchange's main contract for polysilicon fell by over 4%, settling at 48,145 yuan per ton [1]

Group 1 - The Shanghai Futures Exchange's main contract for tin experienced a significant drop of 7%, closing at 351,260 yuan per ton [1] - The main contract for international copper on the Shanghai Futures Exchange fell by over 3%, settling at 87,680 yuan per ton [1]

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]