锌：基本面偏承压

Group 1: Report Industry Investment Rating - Zinc industry investment trend is偏弱, with a trend intensity of -1 [2][3] Group 2: Core Viewpoints - The fundamentals of zinc are under pressure [1] Group 3: Summaries Based on Related Catalogs 1. Fundamental Tracking - Price and Volume: The closing price of SHFE zinc main contract was 22,255 yuan/ton, down 1.07%; the closing price of LME zinc 3M electronic disk was 2,741 dollars/ton, down 1.35%. The trading volume of SHFE zinc main contract was 178,683 lots, an increase of 17,759 lots; the trading volume of LME zinc was 12,088 lots, a decrease of 377 lots [1] - Inventory: SHFE zinc futures inventory was 6,824 tons, a decrease of 253 tons; LME zinc inventory was 114,900 tons, a decrease of 2,575 tons [1] - Premium and Discount: Shanghai 0 zinc premium was 35 yuan/ton, unchanged; LME CASH - 3M premium was -10.23 dollars/ton, a decrease of 7.23 dollars/ton [1] 2. News - On June 25th, the 6000t/d beneficiation expansion and renovation project (beneficiation part) of Panlong Lead - Zinc Mine of Guangxi Zhongjin Lingnan Mining Co., Ltd. started. After completion, it will achieve an annual ore - processing capacity of 1.98 million tons and an annual lead - zinc metal output of 60,000 tons [2]