Group 1 - The core viewpoint of the articles highlights the significant increase in tin prices due to Indonesia's crackdown on illegal tin mining, which has raised concerns about potential supply shortages in the global tin market [1][2] - On September 29, tin prices surged over 3% in London, surpassing $35,510 per ton, while the Shanghai Futures Exchange's main tin contract reached 283,000 yuan per ton, marking the highest prices since May [1][2] - Market analysts expect that despite weak demand currently, there is optimism for a recovery in demand during the traditional peak season of "Golden September and Silver October," coupled with low refined tin inventories [1][4] Group 2 - Indonesia's President Prabowo Subianto announced the closure of 1,000 illegal tin mines on Sumatra Island, which has caused market turbulence due to the region's significance in global tin mining [2] - However, some analysts believe the actual impact on Indonesia's overall tin production will be limited, as the closed illegal mines were small-scale operations and the country has sufficient legal mining capacity [2][3] - Prior to Indonesia's crackdown, tin supply was already tight, with domestic refined tin production expected to decrease due to maintenance in Yunnan and underwhelming recovery in Myanmar's tin mining [3][4] Group 3 - Although the demand side has not shown strong momentum, there are signs of improvement, with some sectors like semiconductors and automotive chips providing support for tin demand [4] - As of August 2025, the monthly operating rate of tin solder in domestic sample enterprises was 73.22%, an increase from July's 71.36%, driven by tightening supply expectations and seasonal stocking [4] - Despite the overall market being in a "weak supply and demand" balance, there is still market anticipation for a potential recovery in demand during the peak consumption season [4][5] Group 4 - In the context of increasing short-term supply shocks, analysts generally believe that tin prices will maintain a strong oscillating trend [5][6] - Jinrui Futures indicates that the crackdown on illegal mining is pushing the industry towards formalization, with limited impact expected on the legitimate supply chain [5] - The balance sheet data shows a refined tin production growth rate of approximately -2.2% and a demand growth rate adjustment to -2.4%, indicating a continuing annual shortfall in refined tin [5][6]

格隆汇9月30日｜A股市场锡矿股走强，其中，锡业股份涨停，华锡有色逼近涨停。消息面上，印尼政 府近日暂停190家违规矿企，下令关停1000个非法采矿点，并严抓锡矿走私，这引发锡矿供应担忧，刺 激锡价飙升，沪锡攀升至28万元/吨，伦锡涨至3.55万美元/吨水平，均创4月中旬以来新高。 ...

9月29日（周一），印尼总统普拉博沃·苏比安托周一下令关闭苏门答腊岛邦加-勿里洞省（Bangka Belitung）1,000个非法采矿点。 这项举措于9月1日启动，据总统称，预计到2026年将避免国家损失高达45万亿卢比（约合28亿美元）。 普拉博沃表示："邦加-勿里洞省约80%的锡矿产量都是通过各种渠道被走私到国外的，途径包括小型船只和客运轮船等。" 他强调，所有走私通道现已全部封锁，"完全没有退路，就连乘独木舟也走不通了。" 总统还强调了采矿废料中所含稀土矿物的潜在价值，他指出尽管这些资源价值颇高，但长期以来却一直被忽视。 普拉博沃指示海关与税务总局招募化学专家，以协助识别这些矿产，同时重申其政府坚决打击非法采矿行为并加强国家财政收入的决心。 （文华综合） ...

新华财经雅加达9月29日电（记者冯钰林）印度尼西亚总统普拉博沃·苏比延多29日表示，已经下令关闭 苏门答腊岛（Sumatra island）邦加-勿里洞省（Bangka Belitung）的1000座非法锡矿，并全面封堵走私 通道。 他同时强调，邦加-勿里洞省锡矿废料中蕴含丰富稀土矿物，其高价值长期被忽视，已责成海关部门招 募化学专家，对相关废料进行稀土含量检测，并重申政府将坚定打击非法采矿、提升国家收入的决心。 普拉博沃表示，该项行动预计到2026年可为国家挽回45万亿印尼盾（约合27亿美元）的损失。 （文章来源：新华财经） 邦加-勿里洞省是全球重要的锡矿开采中心，在国际锡供应链中占据关键地位。 普拉博沃指出，小船和客运渡轮等走私渠道目前已被彻底切断。自9月1日专项行动启动以来，印尼当局 已成功拦截近八成走私锡矿。 ...

印度尼西亚总统普拉博沃·苏比延多29日表示，已经下令关闭苏门答腊岛（Sumatra island）邦加-勿里洞 省（Bangka Belitung）的1000座非法锡矿，并全面封堵走私通道。 普拉博沃表示，该项行动预计到2026年可为国家挽回45万亿印尼盾（约合27亿美元）的损失。 （文章来源：新华财经） 普拉博沃指出，小船和客运渡轮等走私渠道目前已被彻底切断。自9月1日专项行动启动以来，印尼当局 已成功拦截近八成走私锡矿。 他同时强调，邦加-勿里洞省锡矿废料中蕴含丰富稀土矿物，其高价值长期被忽视，已责成海关部门招 募化学专家，对相关废料进行稀土含量检测，并重申政府将坚定打击非法采矿、提升国家收入的决心。 邦加-勿里洞省是全球重要的锡矿开采中心，在国际锡供应链中占据关键地位。 ...

8月进口锡精矿及其矿砂在数量上主要呈现减少态势的来源地有刚果（金），玻利维亚等地。其中，刚果（金）8月进口量为2452.69实物吨（折合约1382.67 金属吨），同比下降7.74%，环比下降15.56%；玻利维亚8月进口锡矿量为505.80实物吨（折合约119.32金属吨），环比下降7.45%。 数据来源：海关总署 数据来源：海关总署 2025年8月，中国进口的锡精矿及其矿砂在数量上环比呈现增加态势的来源地有缅甸、澳大利亚以及东南亚周边地区。就缅甸而言，其境内的佤邦地区目前 虽已开启复产进程，但实际进展并不如预期顺利。一方面，缅甸锡矿的品位呈现出下降趋势，且由于采用地下开采方式，这使得开采难度不断增大，开采成 本也随之持续攀升。另一方面，在选矿工艺环节中所使用的药剂，全部需要从中国进口。随着原矿品位的降低，药剂成本逐渐上升，这在一定程度上抑制了 矿企复产的积极性。尽管目前已有50%-60%的坑道重新开启，但又面临着招工困难、设备调试耗时较长以及部分坑道被弃用等诸多问题，因此暂时还未能实 现规模化的产出。 澳大利亚的主要锡矿山开采历史悠久，虽然储量有所下降，但依然具有一定的开采潜力。澳大利亚8月的进口锡矿量环 ...

Group 1 - The global refined tin production in July 2025 is projected to be 25,600 tons, while the consumption is expected to be 27,400 tons, resulting in a supply shortage of 1,800 tons [2] - From January to July 2025, the global refined tin production totals 203,300 tons, with consumption at 214,200 tons, leading to a supply shortage of 10,900 tons [2] - The global tin ore production in July 2025 is estimated at 20,700 tons [2] Group 2 - The total global tin ore production from January to July 2025 is reported to be 176,700 tons [2]

Group 1 - The company does not currently have products directly used in solid-state batteries, but its sodium carbonate and phosphate products are basic raw materials for some solid-state battery cathodes [1] - The company holds a 50% stake in Nigeria's BCT Company through its wholly-owned subsidiary, Hebang Bio (Hong Kong) Investment Co., Ltd [1] - BCT Company is primarily engaged in the mining, washing, and sales of lithium and tin ores, currently holding exploration rights for 15 lithium mines and 6 tin mines [1] Group 2 - BCT Company controls 60% of "Deep Earth Mineral Resources Limited," which has exploration rights for 5 lithium mines, and "BC Mining Company Limited," which has exploration rights for 2 lithium mines [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In August, domestic tin prices fluctuated strongly. The main reasons were the positive macro - atmosphere and the slow resumption of tin mines in Myanmar, which led to high ore prices and pushed up the center of tin prices. - On the supply side, the resumption of tin mines in Wa State, Myanmar was slow. The shortage of tin mines in Yunnan was still severe, with smelters' raw material inventory generally less than 30 days and low operating rates. Some smelting enterprises planned to conduct maintenance in September, further suppressing production. In Jiangxi, smelting enterprises maintained normal production, but the shortage of crude tin supply made it difficult to increase refined tin production. It is estimated that the refined tin production in September will decrease by 29.89% month - on - month. - On the demand side, it was the off - season for downstream consumption. Traditional consumption areas were weak. Although AI computing power increased some tin demand, the scale was still low, having limited impact on overall demand. The spot trading of tin was light due to weak terminal demand. - Overall, although the off - season consumption on the demand side was a bit weak, the short - term decline in supply was obvious. It is expected that tin prices will fluctuate mainly. [12][13] 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - Cost end: Although the mining licenses in Wa State, Myanmar have been approved, the resumption progress is slow. It is expected that the tin ore supply will not significantly recover until the fourth quarter. In July, the domestic tin ore import volume was 10,200 tons (equivalent to about 4,335 metal tons), a month - on - month decrease of 13.71% and a year - on - year decrease of 31.79%, 688 metal tons less than in June. - Supply end: The slow resumption of tin mines in Myanmar and the shortage of tin mines in Yunnan led to low smelter operating rates. It is estimated that the refined tin production in September will decrease by 29.89% month - on - month. - Demand end: The consumption of electronic products such as smartphones and tablets was sluggish. The growth of emerging industries such as servers and AI glasses was fast but the scale was low, having limited impact on tin solder demand. After the end of the photovoltaic rush - installation, the component production decreased, leading to a significant decline in the demand for photovoltaic solder strips. The demand for tin in areas such as tin - plated sheets and chemicals was relatively stable. Downstream enterprises generally had low inventory levels and mainly purchased on - demand at low prices. [12] 3.2 Futures and Spot Market No specific analysis content is provided, only figures about the basis of Shanghai tin main contract and LME tin premium/discount are presented. [19] 3.3 Cost End - The short - term supply of tin ore is generally tight, and the processing fees remain at a low level. [27] 3.4 Supply End - The resumption of tin mines in Wa State, Myanmar is slow. Yunnan has a severe shortage of tin mines, and smelters' raw material inventory is generally less than 30 days. Some smelting enterprises in Yunnan plan to conduct maintenance in September, and the refined tin production in Jiangxi is difficult to increase due to the shortage of crude tin supply. It is estimated that the refined tin production in September will decrease by 29.89% month - on - month. [12] 3.5 Demand End - Semiconductor: China's semiconductor sales growth rate rebounded slightly, and global semiconductor sales maintained high growth. - Electronics: In the second quarter of 2025, the global PC shipments increased by 8.4% year - on - year. Mobile phone consumption continued to be sluggish, and it is predicted that the global smartphone shipments in 2025 will increase by 0.6% year - on - year to 1.24 billion units. The "trade - in" subsidy policy in the first half of the year stimulated the growth of consumer electronics to some extent, but the demand recovery was limited. - Automobile: In the first half of 2025, the new energy vehicle production increased by 40% year - on - year. - Home appliances: No overall summary is provided, but data on the production of various home appliances such as washing machines, air conditioners, refrigerators, and color TVs are presented. - Photovoltaic: There was a phased rush - installation in the first five months, with the installation volume growing by nearly 100% year - on - year. After the end of the rush - installation in June, the installation volume declined significantly. - Other: Tin consumption in the tin - plate field continued to decline, while the PVC output increased slightly year - on - year in the first half of the year. [46][49][55] 3.6 Supply - Demand Balance A supply - demand balance table from January 2023 to June 2025 is provided, including data on refined tin production, export, import, social inventory, social inventory change, and apparent consumption. [73]

Group 1 - The company has completed the registration of its overseas investment project in Nigeria, holding a 50% stake in BULLCREST MINERAL RESOURCES LIMITED (BCT), which focuses on lithium and tin mining [1][2] - BCT currently possesses exploration rights for 15 lithium mines and 6 tin mines, along with additional rights through its subsidiaries [1] - The company has received the necessary approvals from the Sichuan Provincial Development and Reform Commission and the Sichuan Provincial Department of Commerce for its overseas investment [2] Group 2 - The overseas investment project is located in Kwara State, Nigeria, with a 50% ownership split between the company and AFRICORP HOLDINGS LIMITED [2] - The company acknowledges potential risks associated with the new operating environment, including cultural, legal, and policy-related challenges, and emphasizes the importance of risk assessment and management [2]