长江有色：人民币强势升值提振风险情绪 26日锌价或上涨

Group 1 - The core viewpoint of the articles highlights the positive impact of the strong appreciation of the Renminbi on market sentiment, leading to a rise in zinc prices [1][2] - The overnight Shanghai zinc price increased by 0.43%, closing at 23,105 yuan/ton, with a rise of 100 yuan [1] - The macroeconomic environment indicates expectations of looser monetary policy, which lowers the opportunity cost of non-interest-bearing assets, enhancing the investment attractiveness of industrial metals like zinc [1] Group 2 - The closure of the zinc export window and increased domestic refinery maintenance in December, along with a continuous decline in zinc ingot social inventory, support the current trading activities [2] - Downstream consumption shows resilience, and the consumption outlook for 2026 is not overly pessimistic, considering the low consumption base in 2025 [2] - The short-term price of Shanghai zinc is expected to fluctuate within the range of 22,800 to 23,800 yuan/ton [2]