Everbright Securities released a research report stating that recently, M23 has disrupted key tin supply routes in the NorthKivu region, and the tight pattern of tin ore supply may increase. Tin resources are scarce. The global static storage ratio is 15 years. As the grade of resources in traditional major production areas declines and mining costs gradually rise, mine supply will continue to decline; demand for demand-side semiconductors will increase, and the overall center of tin prices will gradually move upward in 2024-2025, which is optimistic about the stock price performance of listed companies in the tin industry. We recommend Tin Industry Co., Ltd. (000960.SZ), and it is recommended to focus on Xingye Silver Tin (000426.SZ) and Huaxi Nonferrous (600301.SH).