长江有色：股油双涨提振风险偏好 12日锌价或上涨

Group 1 - The core viewpoint is that the global artificial intelligence industry is rapidly growing, which, along with macroeconomic factors, is boosting market sentiment and leading to an expected increase in zinc demand ahead of the Chinese New Year [1][2]. - The London zinc price experienced a slight increase of 0.57%, closing at $3149 per ton, with a trading volume of 11,232 lots, indicating a decrease in trading activity [1]. - Domestic zinc supply remains tight, with zinc concentrate processing fees at low levels, while social inventory of zinc ingots increased by 5.82% to 73,900 tons, reflecting weakened purchasing willingness from downstream due to high zinc prices [2]. Group 2 - The U.S. labor department reported a slowdown in employment growth for December, which supports expectations for the Federal Reserve to maintain interest rates, contributing to positive market sentiment [1]. - The semiconductor industry is projected to reach $75.3 billion in sales by November 2025, marking a year-on-year growth of 29.8%, driven by the ongoing development of the artificial intelligence sector [1]. - The Ministry of Finance and the State Administration of Taxation in China announced the cancellation of VAT export rebates for photovoltaic products starting April 1, 2026, aimed at rationalizing foreign market prices and reducing trade friction risks [2].