1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report 2. Core Viewpoints - The price of tin declined and then partially recovered on March 20, 2026, with a trend strength of 0, indicating a neutral outlook [1][3] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures and Spot Market**: The closing price of the Shanghai Tin main contract was 345,730, down 6.61%, and the night - session closing price was 345,820, down 2.31%. The LME Tin 3M electronic disk closed at 45,345, down 3.21%. The trading volume and positions of the two contracts also changed, with the Shanghai Tin main contract's trading volume increasing by 35,639 to 234,003 and positions decreasing by 996 to 29,801; the LME Tin 3M electronic disk's trading volume decreasing by 402 to 1,013 and positions decreasing by 991 to 22,097 [2] - **Inventory and Warehouse - Receipt Data**: The inventory of Shanghai Tin decreased by 1,037 to 10,275, and the inventory of LME Tin decreased by 10 to 8,955. The cancellation - warrant ratio of LME Tin was 6.57%, down 0.38% [2] - **Spot and Price Difference**: The SMM 1 tin ingot price was 369,500, down 10,850; the Yangtze River Non - ferrous 1 tin average price was 355,100, down 13,300. The LME Tin (spot/three - month) spread was - 213, down 10. Other spreads also showed different changes [2] - **Industrial Chain Key Price Data**: The prices of 40% tin concentrate in Yunnan, 60% tin concentrate in Guangxi, 63A solder bars, and 60A solder bars all decreased, with decreases of 10,850, 10,850, 7,000, and 6,500 respectively [2] 3.2 Macro and Industry News - White House officials stated that the US has no current plans to ban oil and gas exports - Trump said he had told Israel not to attack energy facilities in Iran - The China Securities Regulatory Commission held a symposium on the "15th Five - Year Plan" for the capital market with investment institutions - An American F - 35 fighter jet made an emergency landing, which was confirmed by the Iranian Revolutionary Guard [4]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is expected to perform well in 2025, with a strategic focus on growth, projecting net profits for 2026-2028 to be HKD 186 billion, HKD 206 billion, and HKD 229 billion, representing year-on-year growth rates of 4.8%, 10.5%, and 11.2% respectively, with current price-to-earnings ratios of 27.5, 24.9, and 22.4 times [1] Group 1: Financial Performance - In 2025, HKEX reported a 30% year-on-year increase in total revenue and other income to HKD 292 billion, and a 36% increase in net profit attributable to shareholders to HKD 178 billion, with Q4 showing a 15% year-on-year growth, slightly down from Q3 [1] - The revenue structure for 2025 showed that cash, derivatives, and commodities accounted for 50%, 24%, and 11% of total revenue respectively [1] - Cash business revenue increased by 56% year-on-year to HKD 147 billion, driven by strong trading volume, with the average daily turnover (ADT) rising by 90% to HKD 2,498 billion [1] - The revenue from the Stock Connect program increased by HKD 15.7 billion year-on-year to HKD 43.2 billion, accounting for 14.8% of HKEX's total revenue [1] Group 2: Derivatives Performance - The trading volume of financial derivatives showed divergence, with total revenue and other income increasing by 11%, but below the overall company growth rate [2] - The average daily trading volume of futures contracts decreased by 6% due to a 16% drop in daily average contracts for the Hang Seng Index and Hang Seng China Enterprises Index, leading to a 7% decline in futures trading revenue [2] - Conversely, the daily trading volume of stock options increased by 22%, with higher fee options trading becoming more active, offsetting the decline in futures trading revenue [2] Group 3: Investment and Strategic Initiatives - In 2025, HKEX's net investment income increased by HKD 1.84 billion to HKD 51.1 billion, with expectations for 2026 influenced by various factors including collateral arrangements and fluctuations in HIBOR [3] - Operating expenses for 2025 increased by only 2% year-on-year, with EBITDA growth outpacing revenue growth by 10 percentage points, reflecting the company's scale effects and cost control capabilities [3] - HKEX is actively pursuing strategic measures to enhance its multi-asset ecosystem, including acquiring a 20% stake in a clearing company for HKD 4.55 billion, which will strengthen its fixed income and currency product offerings [4] - The exchange is also expanding its international influence, with seven international issuers from countries like Kazakhstan, Singapore, Thailand, and the UAE listing in 2025, and over ten international companies currently in the IPO queue [4]

Core Insights - Hong Kong Stock Exchange (HKEX) achieved record-breaking performance in 2025, driven by multiple business lines including spot, derivatives, commodities, and cross-border connectivity, alongside a significant increase in IPO service revenue [3][12] - The total revenue for HKEX reached HKD 29.161 billion, a 30% year-on-year increase, while net profit attributable to shareholders was HKD 17.754 billion, up 36%, exceeding revenue growth [3][12] - The strong performance in the IPO market, with 119 new listings raising HKD 28.58 billion, marked a threefold increase compared to 2024, reclaiming the top position globally for IPO financing [6][15] Business Performance - The growth in trading and settlement fee income became the primary growth driver, with significant increases in listing fees due to a surge in new stock numbers and financing scale [5][14] - The average daily trading volume in the Hong Kong spot market reached a historical high, with the average daily turnover of the Shanghai-Hong Kong Stock Connect at RMB 2.124 trillion, a 42% increase from 2024, and the Hong Kong Stock Connect showing a remarkable 151% growth [5][14] - The derivatives and commodities markets also saw substantial growth, with average daily trading volumes for futures and options increasing significantly, and the London Metal Exchange (LME) achieving a record daily trading volume of 717,000 contracts, an 8% increase from 2024 [5][14] Market Trends - The IPO market's revival is attributed to ongoing reforms in the listing system, including the introduction of a "special route" for technology and biotech companies, which allowed for confidential submissions [6][16] - The Hong Kong government outlined three core reform directions in the 2026-2027 budget, focusing on revising listing requirements, enhancing the listing framework for structured products, and digitizing market infrastructure [8][17] - The HKEX aims to strengthen its role as a global financial hub by enhancing cross-border connectivity and fostering a diverse ecosystem, while also responding to the growing interest from global investors in Asian markets, particularly Chinese assets [4][9][18]

Core Viewpoint - The Shanghai financial sector has introduced a significant policy initiative aimed at enhancing the market capabilities of non-ferrous metal commodities and increasing their global pricing influence through a comprehensive action plan consisting of 18 specific measures [1]. Group 1: Market Integration and Infrastructure - The action plan emphasizes "spot-futures linkage" and focuses on the interconnection of non-ferrous metal futures, spot, and derivative markets [2]. - It supports deep cooperation between the Shanghai Clearing House and the Shanghai Futures Exchange in clearing and risk management, promoting the application of "bulk commodity clearing" to improve transaction efficiency and security [2]. - The plan aims to enhance the breadth of services in the futures market by developing new products that cater to the needs of emerging industries such as new energy and new materials [2]. Group 2: Market Participation and Risk Management - The policy encourages various non-ferrous metal application enterprises, including those in automotive, construction, and home appliance manufacturing, to actively participate in futures and OTC derivative markets [2]. - It advocates for state-owned enterprises to use options to hedge risks and promotes a pricing model based on "futures price + premium" in trade settlements [2]. - These measures aim to break down barriers between the real economy and financial markets, allowing upstream and downstream enterprises in the supply chain to benefit from financial services [2]. Group 3: Internationalization and Pricing Influence - The plan seeks to enhance the internationalization of the market and increase the influence of "Shanghai prices" by expanding the high-level institutional opening of the futures market [3]. - It introduces an innovative "overseas warehousing and cross-border delivery" business model, allowing more non-ferrous metal varieties to be registered for delivery by foreign enterprises [4]. - This shift signifies a transition from "bringing in" to "going out," enabling "Shanghai prices" to reflect not only domestic supply and demand but also impact global trade [4]. Group 4: Market Ecosystem and Technological Integration - The action plan includes fostering a market ecosystem by cultivating trade leaders with supply chain service capabilities and exploring the establishment of a market maker system for OTC derivatives [4]. - It emphasizes the application of blockchain technology in the non-ferrous metal sector to promote cross-platform data sharing and establish corporate credit archives [4]. - The plan also aims to enhance the functionality of the national bulk commodity warehouse receipt registration center and explore legal enhancements for warehouse receipts to address issues related to rights confirmation and financing [4]. Group 5: Expert Evaluation and Strategic Implications - Analysts have praised the action plan for its depth and breadth, particularly highlighting the significance of "cross-border delivery" and "warehouse receipt legislation" in addressing industry pain points [4]. - The exploration of "overseas warehousing" is expected to significantly enhance the international representativeness of Chinese futures prices, attracting more foreign capital [4]. - The application of blockchain technology and the exploration of warehouse receipt legislation are seen as milestone developments in resolving trust issues in bulk commodity trade, potentially lowering risk management costs for financial institutions [5].

Group 1 - International gold futures and spot prices reached new highs on the 20th, surpassing $4,800 per ounce [1] - Several gold jewelry brands have seen prices approaching 1,500 yuan per gram, with Chow Sang Sang's gold jewelry priced at 1,495 yuan per gram, an increase of 41 yuan per gram from January 20 [1] - Lao Feng Xiang's gold jewelry is priced at 1,498 yuan per gram, up 42 yuan per gram from January 20 [1] - Lao Miao's gold jewelry is priced at 1,493 yuan per gram, an increase of 38 yuan per gram from January 20 [1]

Group 1: Report Overview - The report is about tin, with the title "Tin: Breaking Through Historical Highs" and the date of January 14, 2026 [1] Group 2: Fundamental Tracking Futures and Spot Data - **Futures Prices**: The closing price of the Shanghai Tin main contract was 379,330 with a daily increase of 0.64%, and the night - session closing price was 400,300 with a night - session increase of 4.63%. The LME Tin 3M electronic disk closed at 49,145 with a 1.96% increase [2] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract was 470,223, an increase of 187,240 from the previous day, and the open interest was 42,853, a decrease of 7,782. The trading volume of the LME Tin 3M electronic disk was 1,550, an increase of 436, and the open interest was 23,240, an increase of 26 [2] - **Inventory and Warehouse - Receipt Data**: Shanghai Tin inventory was 6,245, a decrease of 88; LME Tin inventory was 5,930, an increase of 25. The LME Tin cancellation warrant ratio was 6.57%, a decrease of 0.38% [2] Spot and Price Spread - **Spot Prices**: The SMM 1 tin ingot price was 380,200, an increase of 11,650; the Yangtze River non - ferrous 1 tin average price was 380,000, an increase of 9,700 [2] - **Price Spreads**: The LME Tin (spot/three - month) spread was - 87, a decrease of 57; the spread between the nearby - month contract and the consecutive first - month contract was 185,150, unchanged; the spread between the spot and the futures main contract was 3,080, a decrease of 14,680 [2] Industry Chain Key Price Data - The price of 40% tin concentrate (Yunnan) was 368,200, an increase of 11,650; the price of 60% tin concentrate (Guangxi) was 372,200, an increase of 11,650; the price of 63A solder bar was 252,250, an increase of 7,000; the price of 60A solder bar was 241,750, an increase of 7,000 [2] Group 3: Macro and Industry News - Global central banks are drafting a statement to support Fed Chairman Powell, expected to be issued in the name of the BIS [3] - Baichuan Intelligence's Wang Xiaochuan said that Baichuan Intelligence plans to launch an IPO in 2027 [3] - The Ministry of Industry and Information Technology aims to have over 450 influential industrial Internet platforms by 2028 [3] - The Chinese Foreign Ministry stated that China's stance on maintaining the stability and security of the global critical mineral industry chain remains unchanged [3] Group 4: Trend Intensity - The tin trend intensity is 1, with the range of [-2, 2] for trend intensity, where - 2 means most bearish and 2 means most bullish [3][4]

Meme 在链上流动性不好，于是上币安现货之后流动性变好了，能买的人多了，所以给了能够出货的空间。虽然上币安现货之后也能涨，并不代表不能涨，但涨也是为了有人抄底之后更丝滑地跌…突然感觉这轮 BTC 的情况有点像了… ...

Market Trend & Strategy - Binance's new listing strategy on both contracts and spot markets shows a tightening trend [1] - Binance's cautious approach to listing new coins during the bear market could potentially lead to a wave of wealth effect for altcoins [1] - Altcoins have been in a bear market for a long time, and their valuations have been severely reduced [1] Investment Opportunity - Sapien ($SAPEN) is the only coin in Binance's robot track [1] - Met ($MET) is a chain-based cornerstone DEX with long-term stable and considerable income [1] Risk Management - The delisting of Port3 contracts was handled very quickly [1] - The author's investment in Sapien and Met is not significant, indicating a cautious approach [1]

Cryptocurrency Listing Concerns - The industry expresses curiosity regarding Binance's decision to list "bank" (庄币) for spot trading [1] - The industry suggests "bank" (庄币) is a manipulated coin, implying Binance's listing facilitates potential dumping by the issuer [1]

Group 1: Report Overview - The report is a Maike Futures basis statistics table dated November 7, 2025, at 9:00, sourced from Wind Financial Terminal and Steel Union Data Terminal [2][3] Group 2: Core Data Metals - Copper (CU): The basis rate is 0.03%, with a spot price from SMM 1 electrolytic copper [4] - Aluminum (AL): The basis rate is -0.70%, and the spot price is 21360 from SMM A00 aluminum [4] - Zinc (ZN): The basis rate is -0.42%, and the spot price is 22500 from SMM 0 zinc ingot [4] - Lead (PB): The basis rate is -0.26%, and the spot price is 17225 from SMM 1 lead ingot [4] - Tin (Sn): The basis rate is 0.00%, and the spot price is 282800 from SMM 1 tin [4] - Nickel (NI): The basis rate is 0.95%, and the spot price is 120500 from SMM 1 electrolytic nickel [4] - Industrial Silicon: The basis rate is 4.30%, and the spot price is 9450 from SMM Hualetong Oxygen 553 silicon [4] - Lithium Carbonate: The basis rate is 0.78%, and the spot price is 80340 from domestic 99.5% [4] - Gold (AU): The basis rate is 0.27%, and the spot price is 917.51 from AuT+D: Shanghai Gold Exchange [4] - Silver (AG): The basis rate is 0.27%, and the spot price is 11421 from Ag(T+D): Shanghai Gold Exchange [4] Building Materials - Rebar (RB): The basis rate is 0.54%, and the spot price is 3200 from HRB400: 20mm: Shanghai [4] - Hot Rolled Coil (HC): The basis rate is -0.18%, and the spot price is 3250 from Q235B: 4.75mm: Shanghai [4] - Iron Ore: The basis rate is 6.36%, and the spot price is 826.9 from PB powder: 61%: Qingdao [4] - Coke: The basis rate is -1.30%, and the spot price is 1723 from quasi - first - grade ex - warehouse price: Rizhao Port [4] - Coking Coal (JIM): The basis rate is 0.99%, and the spot price is 1610.0 from Shanxi medium - sulfur main coking coal S1.3 [4] - Steam Coal (ZC): The basis rate is 2.00%, and the spot price is 810.0 from Shanxi Q5500: Qinhuangdao Port [4] - Ferrosilicon (SF): The basis rate is 0.46%, and the spot price is 5210 from FeSi75 - B: Inner Mongolia [4] - Ferromanganese (SM): The basis rate is -0.38%, and the spot price is 5850 from FeMn68Si18: Hebei [4] - Stainless Steel: The basis rate is 1.67%, and the spot price is 12800 from B04/2B: 2.0*1219: Angang Lianzhong Wuxi [4] - Glass (FG): The basis rate is -0.37%, and the spot price is 1130 from North China 5mm float glass market price [4] Agricultural Products - Soybeans: The basis rate is -0.53%, and the spot price is 3920 from domestic third - grade soybeans: Harbin [4] - Soybean Meal (M): The basis rate is 0.81%, and the spot price is 3000 from ordinary protein soybean meal: Zhangjiagang [4] - Rapeseed Meal (RM): The basis rate is -0.49%, and the spot price is 2660 from ordinary rapeseed meal: Nantong [4] - Rapeseed Oil (Ol): The basis rate is -1.39%, and the spot price is 9780 from rapeseed oil: Jiangsu [4] - Peanuts (PK): The basis rate is 0.20%, and the spot price is 8600 from Baisha: 45% oil content, 9% water content, Changtu [4] - Palm Oil (P): The basis rate is -1.13%, and the spot price is 8540 from 24 - degree palm oil: Guangdong [4] - Corn (C): The basis rate is -0.75%, and the spot price is 2165 from second - grade national standard corn at Bayuquan Port [4] - Corn Starch (CS): The basis rate is 1.66%, and the spot price is 2510 from factory price of corn starch: Changchun [4] - Apples (AP): The basis rate is 0.21%, and the spot price is 7800 from Qixia, Luochuan paper - bagged red apples above 80 [4] - Eggs (JD): The basis rate is 2.84%, and the spot price is 2800 from eggs: Hebei Cangzhou [4] - Live Pigs (LH): The basis rate is -0.80%, and the spot price is 11850 from three - way crossbred pigs in Henan [4] - Cotton (CF): The basis rate is 0.04%, and the spot price is 14820 from cotton price index 328: Xinjiang [4] Chemicals - Sugar (SR): The basis rate is -0.14%, and the spot price is 5720 from white sugar: Liuzhou [4] - Methanol (MA): The basis rate is 0.86%, and the spot price is 2118 from methanol: East China [4] - Ethanol (EG): The basis rate is 1.94%, and the spot price is 4000 from ethanol: East China [4] - PTA: The basis rate is -1.44%, and the spot price is 4550 from PTA: East China [4] - Polypropylene (PP): The basis rate is 0.33%, and the spot price is 7000 from Hangzhou Shaoxing Sanyuan T30S market price [4] - Styrene (EB): The basis rate is 0.00%, and the spot price is 6300 from styrene: East China [4] - Short - fiber (PF): The basis rate is -1.13%, and the spot price is 6400 from Fangxiang semi - bright natural white 1.56*38mm polyester [4] - Plastic: The basis rate is 0.14%, and the spot price is 7120 from Yangzi Petrochemical DFDA - 7042: Hangzhou [4] - PVC (V): The basis rate is 0.20%, and the spot price is 5405 from calcium carbide method: East China region [4] - Rubber (RU): The basis rate is -1.25%, and the spot price is 14350 from Thai - produced: Qingdao Free Trade Zone [4] - 20 - number Rubber (NR): The basis rate is -1.22%, and the spot price is 13037 from Thai 20 standard rubber: Qingdao Free Trade Zone [4] - Soda Ash (SA): The basis rate is 0.04%, and the spot price is 1157 from Shahe Chongqing market price [4] - Urea (UR): The basis rate is -0.64%, and the spot price is 1570 from small - particle urea: Henan [4] - Pulp (SP): The basis rate is -0.15%, and the spot price is 5500 from bleached softwood pulp: Silver Star: Chile [4] Energy - Crude Oil (SC): The basis rate is -0.02%, and the spot price is 431.8 from Chinese Shengli: Pacific Rim [4] - Fuel Oil (BU): The basis rate is -0.54%, and the spot price is 2821 from bonded marine fuel oil 380CST: Zhoushan [4] - Asphalt: The basis rate is 0.53%, and the spot price is 3100 from heavy - traffic asphalt: market price: Shandong [4] - Low - Sulfur Fuel Oil (LU): The basis rate is 0.79%, and the spot price is 3281 from marine fuel oil 0.5% low - sulfur Singapore [4] - LPG (PG): The basis rate is 1.49%, and the spot price is 4448 from market price: Guangzhou [4] Stock Index Futures - CSI 300 (IF): The basis rate is 0.48%, and the spot price is 4693.4 [4] - CSI 500 (IC): The basis rate is -0.34%, and the spot price is 7345.7 [4] - SSE 50 (IH): The basis rate is -0.07%, and the spot price is 3044.7 [4]