Group 1: Report Industry Investment Rating - The investment rating for the tin industry is "strongly bullish", with a trend strength of 2, indicating the most bullish outlook [1][3] Group 2: Core View of the Report - The tin market is experiencing a strong upward trend, as evidenced by significant price increases in both futures and spot markets [1][2] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - **Futures and Spot Prices**: The closing price of the Shanghai Tin main contract was 413,170 with a daily increase of 8.92%, and the night - session closing price was 436,540 with a night - session increase of 9.18%. The LME Tin 3M electronic disk closed at 54,000 with a daily increase of 9.88% [2] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract was 404,698, a decrease of 65,525 from the previous day, and the open interest was 42,405, a decrease of 448. The trading volume of the LME Tin 3M electronic disk was 1,536, a decrease of 14, and the open interest was 23,559, an increase of 271 [2] - **Inventory and Cancelled Warrant Ratio**: The Shanghai Tin inventory was 7,107, an increase of 862, and the LME Tin inventory was 5,930, unchanged. The cancelled warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2] - **Spot and Price Spreads**: The SMM 1 tin ingot price increased by 25,300 to 405,500, and the Yangtze River Non - ferrous 1 tin average price increased by 30,000 to 410,000. The LME Tin (spot/three - month) spread increased by 22 to - 65 [2] - **Industry Chain Key Prices**: The price of 40% tin concentrate in Yunnan increased by 25,300 to 393,500, and the price of 60% tin concentrate in Guangxi increased by 25,300 to 397,500 [2] 2. Macro and Industry News - The US will suspend all visas for 75 countries, covering nearly one - third of the world - US retail sales in November increased by 0.6% month - on - month, exceeding expectations, driven by a rebound in car sales and holiday consumption - The Japanese yen fell to an 18 - month low, and the Japanese Finance Minister warned of "not excluding any means" to rescue the market - China's Foreign Ministry stated that US officials said the US was withdrawing personnel from major Middle - East bases [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - During the holiday, the tin market showed stable fluctuations. The trend strength of tin is 1, indicating a neutral outlook [1][3] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Tin main contract was 326,330, down 2.47% from the previous day, with a trading volume of 441,257 (down 12,067 from the day before) and an open interest of 43,769 (down 6,392). The LME Tin 3M electronic disk closed at 42,195, up 5.46%, with a trading volume of 180 (down 9) and an open interest of 13,988 (up 53) [1] - **Inventory Data**: Shanghai Tin inventory was 7,772, down 133 from the previous day, and LME Tin inventory was 5,330, up 185. The cancellation - warrant ratio of LME Tin was 6.57%, down 0.38% [1] - **Spot and Price Difference Data**: The SMM 1 tin ingot price was 339,800 (down 800), the Yangtze River Non - ferrous 1 tin average price was 321,600 (down 22,300). The LME Tin (spot/three - month) spread was 95 (down 35), the spread between the nearby contract and the consecutive first contract remained unchanged at 130,660, and the spot - to - futures main contract spread was - 12,990 (down 18,340) [1] - **Industrial Chain Key Price Data**: The price of 40% tin concentrate in Yunnan was 327,800 (down 800), the price of 60% tin concentrate in Guangxi was 331,800 (down 800), and the prices of 63A and 60A solder bars remained unchanged at 227,250 and 217,750 respectively [1] 3.2 Macro and Industry News - The US launched an air strike on Venezuela, and Trump claimed to have captured Maduro and his wife. China called on the US to ensure their safety and stop regime - change efforts. Russia also urged the US to release Maduro [2] - OPEC+ will maintain the plan to suspend production increases in the first quarter [2] - Yushu Technology clarified that it has not applied for a "green channel" and its listing work is progressing normally [2] 3.3 Trend Intensity - The trend intensity of tin is 1, with the range of values being integers in the [-2, 2] interval. -2 represents the most bearish view, and 2 represents the most bullish view [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The price of tin is trending upwards, with the Shanghai tin main contract and LME tin 3M electronic disk showing increases in prices and trading volume. The trend strength of tin is rated as 1, indicating a neutral to slightly positive outlook [1][4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures and Spot Market**: The Shanghai tin main contract closed at 292,440 yuan with a daily increase of 1.48%, and the LME tin 3M electronic disk closed at 37,405 US dollars with a daily increase of 1.93%. The trading volume and open interest of the Shanghai tin main contract increased significantly compared to the previous day [1] - **Inventory and Warehouse Receipts**: The inventory of Shanghai tin decreased by 136 tons to 5,446 tons, while the inventory of LME tin increased by 40 tons to 3,055 tons. The cancellation warehouse receipt ratio of LME tin was 6.57%, a decrease of 0.38% from the previous day [1] - **Spot and Price Difference**: The SMM 1 tin ingot price increased by 1,500 yuan to 282,800 yuan, and the Yangtze River Non - ferrous 1 tin average price increased by 4,300 yuan to 292,400 yuan. The spot - to - futures main contract price difference increased by 2,680 yuan to 4,220 yuan [1] - **Industrial Chain Key Price Data**: The prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi increased by 1,500 yuan, and the prices of 63A and 60A solder bars increased by 1,000 yuan [1] 3.2 Macro and Industry News - **US Economic and Policy News**: After the end of the shutdown, the US October inflation and employment reports may not be released. The Atlanta Fed President who advocates "no rate cut in December" will retire in February next year. The US Treasury Secretary will adjust the national debt issuance structure according to investor demand. The US Supreme Court will hold a court debate on the Fed Governor Cook case on January 21 [2] - **Global Commodity Market**: OPEC lowered the global oil demand forecast, and the oil price dropped by 4% as the Q3 market shifted from "supply shortage" to "supply surplus" [2] - **Chinese Market Policy**: China Securities Regulatory Commission Vice - Chairman Li Ming stated to prevent large market fluctuations [2] - **Corporate News**: Due to strong demand for AI servers, Hon Hai's Q3 net profit increased by 17% year - on - year, exceeding expectations, and its revenue increased by 11%. Alphabet's Waymo will supply highway self - driving taxis [2][3] 3.3 Trend Intensity - The trend intensity of tin is 1, within the range of [-2, 2], indicating a neutral to slightly positive view on the tin market [4]

Group 1: Report Overview - Report Date: June 3, 2025 [1] - Report Title: Tin: Stop Falling and Rebound [1] Group 2: Analysts - Analyst 1: Wang Rong, Investment Consulting Qualification Number: Z0002529, Email: wangrong013179@gtjas.com [2] - Analyst 2: Liu Yuxuan, Investment Consulting Qualification Number: Z0020476, Email: liuyuxuan023982@gtjas.com [2] Group 3: Tin Fundamental Data Futures - **Shanghai Tin Main Contract**: Yesterday's closing price was 250,300 with a daily decline of 2.94%; night - session closing price was 250,300 with a night - session decline of 2.87%. Yesterday's trading volume was 149,442, an increase of 47,675 from the previous day; open interest was 33,504, an increase of 4,894 from the previous day [2]. - **LME Tin 3M Electronic Disk**: Yesterday's closing price was 30,545 with a daily increase of 1.04%. Yesterday's trading volume was 180, a decrease of 9 from the previous day; open interest was 13,988, an increase of 53 from the previous day [2]. Inventory - **LME Tin**: Yesterday's inventory was 2,605, a decrease of 75 from the previous day. The cancellation warrant ratio was 6.57%, a decrease of 0.38% from the previous day [2]. Spot and Price Difference - **SMM 1 Tin Ingot Price**: Yesterday it was 264,400, a decrease of 1,000 from the previous day [2]. - **Yangtze River Non - Ferrous 1 Tin Average Price**: Yesterday it was 251,100, a decrease of 7,800 from the previous day [2]. - **LME Tin (Spot/Three - Month) Premium**: Yesterday it was - 107, a decrease of 29 from the previous day [2]. - **Near - Month Contract to Consecutive First Contract Spread**: Yesterday it was 53,640, unchanged from the previous day [2]. - **Spot to Futures Main Contract Spread**: Yesterday it was - 6,770, a decrease of 8,670 from the previous day [2]. Industrial Chain Key Price Data - **40% Tin Concentrate (Yunnan) Price**: Yesterday it was 252,400, a decrease of 1,000 from the previous day [2]. - **60% Tin Concentrate (Guangxi) Price**: Yesterday it was 256,400, a decrease of 1,000 from the previous day [2]. - **63A Solder Bar Price**: Yesterday it was 179,250, a decrease of 500 from the previous day [2]. - **60A Solder Bar Price**: Yesterday it was 171,750, a decrease of 500 from the previous day [2]. Group 4: Macro and Industry News - Trade trends affected the US stock market. The S&P 500 index had a V - shaped reversal, with a thrilling start in June. The US dollar fell to a nearly three - year low. Gold rose nearly 3% during the session, and US crude oil rose more than 5% [2][3]. - The US claimed that China violated the consensus of the China - US Geneva economic and trade talks, and the Chinese Ministry of Commerce spokesperson firmly rejected the unreasonable accusations [2][3]. - Before the EU - US negotiations, the EU warned the US that if the talks failed, counter - measures would take effect by July 14 at the latest [2][3]. - The promotion of the US tariff policy was blocked, and the Trump administration sought help from the appellate court. The US Commerce Secretary said that even if the tariff policy was cancelled, the president still had the right to take other actions [2][3]. - The US ISM manufacturing index in May contracted for three consecutive months, and the import index hit a 16 - year low [2][3]. - The Fed's "in - vogue governor" Waller said there was no evidence of long - term inflation rising and still expected a rate cut later this year [2]. - Trump said the US did not allow Iran to conduct any uranium enrichment activities [4]. Group 5: Trend Intensity - Tin trend intensity: 1. The range of trend intensity values is an integer in the [- 2,2] interval. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong. - 2 means the most bearish, and 2 means the most bullish [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The tin price has broken below the oscillation range, and the trend strength of tin is -1, indicating a bearish view [1][4] 3. Summary by Related Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of the Shanghai Tin main contract yesterday was 257,870 with a daily increase of 0.34%, and the night - session closing price was 251,810 with a decline of -2.28%. The price of the LME Tin 3M electronic disk was 30,850 with a decline of -2.05%. The trading volume and open interest of the Shanghai Tin main contract increased by 5,435 and 389 respectively compared to the previous day, while for the LME Tin 3M electronic disk, the trading volume decreased by 9 and the open interest increased by 53 [2] - **Inventory Data**: The inventory of Shanghai Tin decreased by 76 to 7,908, and the inventory of LME Tin remained unchanged at 2,680. The注销仓单 ratio of LME Tin was 6.57%, a decrease of 0.38% compared to the previous day [2] - **Spot and Spread Data**: The SMM 1 tin ingot price decreased by 1,000 to 264,400, and the Yangtze River Non - ferrous 1 tin average price decreased by 5,700 to 258,900. The LME tin (spot/three - month) spread decreased by 17 to -72 [2] - **Industrial Chain Price Data**: The prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi decreased by 1,000, and the prices of 63A and 60A solder bars decreased by 500 [2] 3.2 Macro and Industry News - Trump's government temporarily restored the tariff policy after the appellate court approved the request to stop the ruling that blocked the tariff. The White House advisor is confident in overthrowing the court's ruling, and Goldman Sachs and Morgan Stanley warned that the impact of the court's ruling may be limited [3] - Trump met with Powell and asked for an interest - rate cut, but Powell insisted on policy independence [3] - The US economy shrank slightly in the first quarter, and labor data showed that the unemployment rate in May may rise [3] - A US judge will order the government to indefinitely maintain Harvard University's student visa program [3] - Huang Renxun plans to sell up to 6 million shares of NVIDIA, worth over $800 million [3] 3.3 Trend Intensity - The trend intensity of tin is -1, indicating a bearish view. The range of trend intensity is from -2 (most bearish) to 2 (most bullish) [4]