锡基本面数据 | | 昨日收盘价 | | 日涨幅% | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪锡主力合约 伦锡3M电子盘 | 401,130 51,200 | -5.17% 2.84% | 406,590 - | 2.84% - | | 期 货 | | | | | | | 及 现 | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 货 电 | 沪锡主力合约 | 383,838 | -80,562 | 39,459 | -76 | | 子 盘 | 伦锡3M电子盘 | 470 | -974 | 21,677 | 116 | | | 昨日期货库存 | | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪 锡 | 10,898 | -418 | - | - | | | 伦 锡 | 7,780 | 5 0 | 6.57% | -0.38% | | | | | 昨 日 | 前 日 | 较前日变动 | | 现 货 | SMM 1#锡锭价格 | | 408,500 | 412,950 | -4,450 | | 及 ...

锡：关注宏观地缘影响 2026 年 3 月 2 日 | 刘雨萱 | 投资咨询从业资格号：Z0020476 | liuyuxuan023982@gtjas.com | | --- | --- | --- | | 唐文豪（联系人） | 期货从业资格号：F03152608 | tangwenhao@gtht.com | 【宏观及行业新闻】（资料来源：华尔街见闻） 【趋势强度】 锡趋势强度：1 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示最看空，2 表示最看多。 请务必阅读正文之后的免责条款部分 1 【基本面跟踪】 锡基本面数据 | | 昨日收盘价 | | 日涨幅% | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | 期 货 | 沪锡主力合约 | 453,240 | 8.53% | 455,610 | 5.65% | | | 伦锡3M电子盘 | 58,050 | 6.74% | - | - | | 及 现 | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 货 电 | 沪锡主力合 ...

瑞银:看好具身AI的垂 东方证券:地缘政治、 为资产定价的关键 机构:铜金比率破401 升幅或可达60% N NECE WOULD THE USE IN 沪指收涨0.39%，小金属板块延续涨势；日韩股市2月27日收盘涨跌不一；沪锡主力合约日间盘收涨逾8%，机构建议待情绪企稳后再择机入场；拓维信息获 资金净流入15.69亿元；瑞银：看好具身AI的垂直应用领域；机构：铜金比率破40年极限低位 铜潜在升幅或可达60%。 【资金风向标】 拓维信息获资金净流) (机构观点) 2月27日，中证转债指数收跌0.14%，报525.2点。其中，伟测转债涨7.73%，亿田转债涨7.45%，广联转债涨6.24%；恒帅转债跌8.11%，安集转债跌7.40%， 汇成转债跌6.99%。 【资金风向标】 Choice数据显示，2月27日，资金净流入额排名前十的个股依次是拓维信息、包钢股份、昆仑万维、华胜天成、湖南黄金、平潭发展、永泰能源、御银股 份、双良节能、杭钢股份。其中，拓维信息获净流入15.69亿元。 【机构观点】 瑞银财富管理投资总监办公室2月27日发表机构观点称，看好具身AI的垂直应用领域，包括人形机器人、先进驾驶辅助系统和工业 ...

沪锡主力合约日内大涨超6%，现报411400元/吨。伦锡日内涨超4%，现报52450美元/吨。 (本文来自第一财经) 沪锡主力合约日内大涨超6%，现报411400元/吨。伦锡日内涨超4%，现报52450美元/吨。 (本文来自第一财经) ...

2026.02. 13 本文字数：1092，阅读时长大约2分钟 作者 | 一财阿驴 11:31 A股午盘丨创业板指半日跌近1% 截至午盘，沪指跌0.7%，深成指跌0.67%，创业板指跌0.96%，科创综指涨0.34%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | ww 19 | 4105.04 | -28.98 | -0.70% | | 399001 | 深证成指 | Nº M | 14187.44 | -95.55 | -0.67% | | 399006 | 创业板指 | Non Ma | 3295.99 | -32.07 | -0.96% | | 000680 | 科创综指 | rest and | 1822.29 | 6.14 | 0.34% | 盘面上，油气、海运、黄金、基本金属、煤炭、化工板块跌幅靠前，CPO概念股回调。半导体、商 业航天、存储器、人形机器人题材活跃。 沪深两市半日成交额1.2万亿，较上个交易日缩量1256亿。全市场超2600只下跌。 11:26 上 ...

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]

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].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In the short - term, tin prices are vulnerable to market sentiment, geopolitical situations, and short - term supply - demand changes, with intensified fluctuations and high risks. It's recommended that investors participate cautiously to avoid sharp volatility. In the long - term, the core support for the upward shift of tin prices remains solid, and it's advisable to wait for market sentiment to stabilize or prices to have a reasonable correction and then adopt a strategy of going long on dips. [7][8] 3. Summary by Relevant Catalogs 3.1 Market Performance - Affected by the retreat of US technology stocks and the rising expectation of Fed tightening, tin prices dropped significantly from the night session on January 29th. As of February 2nd, the main contract of Shanghai tin hit the 11% daily limit down to 392,650 yuan/ton. [1] 3.2 Driving Factors 3.2.1 Impact of US Technology Stocks and Fed Expectations - Microsoft's Q4 2025 earnings report showed that huge capital expenditures in AI infrastructure, model training, and cloud services did not lead to significant revenue growth. This concern hit the high - valuation logic of technology stocks, especially AI concept stocks. Microsoft's stock price plunged over 10% on January 30th, with a single - day market value evaporation of about $420 billion. [2] - The news that Kevin Warsh will be nominated as the next Fed Chairman on January 29th, and the official announcement by Trump on January 30th. Warsh is a "hawk" on monetary policy. The expectation of his taking office led to the anticipation of accelerated global dollar liquidity tightening, causing a sell - off in precious metals and non - ferrous metals. [3] 3.2.2 Supply Recovery in Myanmar - From November to December 2025, China's imports of tin ore and concentrates from Myanmar increased significantly year - on - year. In November, imports were 7,190.21 physical tons (about 1,636.05 metal tons), with a month - on - month increase of 89.94% and a year - on - year increase of 92.16%. In December, imports were 6,205.43 physical tons (1,342.37 metal tons), a 17.95% month - on - month decrease but a 183.32% year - on - year increase. [5] - The recovery of Myanmar's supply eased the tight domestic tin ore supply, and the processing fees of smelters increased. As of February 2nd, the processing fee of 40% tin concentrates in Yunnan rose to 14,000 yuan/ton, a monthly increase of 2,000 yuan/ton; the processing fee of 60% tin concentrates in Guangxi, Hunan, and Jiangxi also rose to 10,000 yuan/ton, a monthly increase of 2,000 yuan/ton. [6] 3.3 Future Outlook - In the long - term, the upward shift of tin prices is supported by three factors: long - term rigid constraints on the supply side (low global tin ore reserve - to - production ratio, supply disruptions in major producing areas, limited new large - scale mining projects, and rising mining costs); profound changes in the demand structure (the "AI arms race" boosting the demand for high - end semiconductor packaging and electronic soldering materials); and the re - evaluation of the strategic value of tin due to global technological competition and industrial chain security concerns. [7]