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]

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]