Jin Rong Jie·2026-01-26 03:42Industry Overview - The zinc supply side is tightening, with domestic smelting enterprises increasing raw material demand ahead of the holiday, driven by the re-industrialization process in Asia, Africa, and Latin America, leading to a positive fundamental outlook for related industries [1] - The market's focus on zinc is driven by three main factors: the recovery of industrial demand from infrastructure and manufacturing in Asia, Africa, and Latin America; the ongoing tightness in zinc supply evidenced by declining smelting fees; and expectations of limited domestic zinc demand decline supported by fiscal policy [1][2] Related Industries - Non-ferrous metal smelting and rolling processing industry: This midstream sector is closely linked to the zinc industry, with tight zinc concentrate supply pushing up raw material costs for smelting enterprises, creating negotiation space for processing fees [3] - Galvanized products industry: Benefiting from the recovery of manufacturing and infrastructure in Asia, Africa, and Latin America, the demand for overseas galvanized sheet orders is gradually increasing, which is expected to boost domestic galvanized enterprises' export business and production capacity utilization [3] - Non-ferrous metal mining and selection industry: The tight supply situation in zinc mining highlights the advantages of companies with quality zinc reserves, allowing them to withstand raw material price fluctuations and ensure production stability [3] Industry Chain Companies - Chihong Zn & Ge Co., Ltd.: The company specializes in the mining, smelting, deep processing, and sales of zinc, lead, and germanium products, possessing rich zinc resource reserves and a high raw material self-sufficiency rate, while also extending its business into zinc deep processing [4] - Zhongjin Lingnan Nonfemet Company: Engaged in the mining, smelting, deep processing, and financial investment of non-ferrous metals, the company has multiple operational zinc mining projects and stable zinc concentrate production capacity, ensuring raw material supply for smelting [4] - Zhuhai Huajin Zinc Industry Group: Focused on zinc smelting and deep processing, the company boasts advanced zinc smelting technology and a diverse range of zinc products, serving various downstream industries with high product quality and market reputation [4]