DeepSeek Boosts the Performance of Domestic Models; Upward Momentum for SHFE Tin Remains Relatively Strong [SMM Tin Morning News]

SMM Tin Morning Brief on February 10, 2025: The Operation Monitoring and Coordination Bureau of the Ministry of Industry and Information Technology released information on communication services during the 2025 Chinese New Year. During the holiday, basic telecom enterprises actively utilized AI to develop innovative services, integrating their capabilities in 5G, cloud platforms, and big data, expanding AI application scenarios across multiple fields and enriching AI application offerings. All three major telecom enterprises fully integrated the DeepSeek open-source large model, achieving multi-scenario and multi-product applications. They provided dedicated computing power solutions and supporting environments for the popular DeepSeek-R1 model, facilitating the performance release of domestic large models. Last week, SHFE tin prices demonstrated strong upward momentum. At the beginning of the week, influenced by supply-side news and macroeconomic factors, SHFE tin prices opened at a relatively high level. Specifically, on Wednesday, the price of the most-traded SHFE tin contract continued to rise, increasing by over 2% for two consecutive days. However, during the night session on Thursday, due to changes in market sentiment and disruptions from news in the Myanmar region, prices experienced a slight correction towards the weekend. By Friday, as the sentiment impact from Myanmar news dissipated and positive signals emerged from the supply side, SHFE tin prices gradually stabilized and rebounded, reflecting market optimism about the future tin market. By the close of trading on Friday, SHFE tin prices had risen compared to the beginning of the week, showing an overall trend of initial decline followed by recovery. At the close, the price of the most-traded SHFE tin contract stabilized at approximately 259,000 yuan/mt. From a technical analysis perspective, after a brief adjustment last week, SHFE tin prices regained an important technical support level, indicating active market buying. Meanwhile, the increase in trading volume also reflected market optimism about the future of SHFE tin. In summary, despite some fluctuations, SHFE tin prices last week showed a trend of stabilization and recovery. However, in the spot market, as most downstream and end-user enterprises have not yet resumed operations, spot market transactions remained weak. It is expected that the spot market will return to pre-holiday trading levels after the Lantern Festival.