February 2, 2026 SMM Tin Morning Brief: Futures: The most active SHFE tin contract (SN2603) traded within a narrow range overnight, closing at 412, 260 yuan/mt, down 6. 56%. Macro: (1) Seres reported that its NEV production in January 2026 reached 44, 098 units, a 121. 72% increase year-over-year, while sales amounted to 43, 034 units, up 140. 33% year-over-year. Specifically, Seres vehicle production was 40, 296 units, rising 130. 09% year-over-year; sales were 40, 012 units, an increase of 143. 50% year-over-year. Production and sales of other car models declined. The company’s total production hit 46, 233 units, up 104. 36% year-over-year, and total sales reached 45, 948 units, an increase of 104. 85% year-over-year. Final figures will be confirmed by the 2026 audit data. (2) The Administrative Committee of Beijing Economic-Technological Development Area released the "Implementation Plan for Further Accelerating the Construction of a City-Wide Artificial Intelligence Hub (2026-2027). " The plan calls for appropriately advancing frontier technology layouts, emphasizing mutual enhancement between frontier technologies and AI, promoting the "integration of quantum and AI, " building quantum computing infrastructure that combines quantum and electrical elements and incorporates four types of computing, constructing a heterogeneous concept verification platform with multiple computing technology paths, and conducting simulation tests in areas like new materials R&D and new energy power forecasting. It also highlights strengthening "6G+AI" collaboration by supporting key institutions such as 6G AI labs, building a 6G+AI integrated testing and verification platform, and performing technical verification in scenarios including embodied AI, smart factories, and smart logistics.

Additionally, it aims to explore building space-air intelligent infrastructure, deepen joint R&D in communications, remote sensing, navigation, and other areas integrated with AI, and establish a smart, efficient new-generation space-air information base. Fundamentals: (1) Supply side: Most smelters are likely to gradually suspend production for maintenance in February, coinciding with the Chinese New Year holiday. (2) Demand side: Downstream purchasing remains cautious as pre-holiday restocking has mostly concluded, with downstream enterprises gradually commencing production halts for the holiday. Spot Market: Persistently high absolute tin prices continue to curb downstream buying sentiment, resulting in sluggish overall transactions and a state characterized as "price without market. " Although the price retreat has triggered some rigid demand, slightly boosting transactions, downstream enthusiasm for pre-holiday stockpiling remains uncertain. Solder and electronics companies mostly operate with low inventory levels, generally adopting a cautious and wait-and-see approach, as elevated prices significantly suppress actual consumption. [Data Source Statement: Except for publicly available information, other data are processed by SMM based on public sources, market communications, and SMM’s internal database model, intended for reference only and not as investment advice. This information should serve as a reference and does not constitute direct investment research or decision-making guidance. Clients should make informed decisions independently and not rely solely on this content. Any client decisions are their own responsibility and unrelated to SMM. ]