锌：偏承压运行

Report Investment Rating - The zinc industry is rated as "Under Pressure" [1] Core View - Zinc is expected to run under pressure [1] Summary by Directory Fundamental Tracking - Futures Prices: The closing price of SHFE zinc main contract was 22,250 yuan/ton, down 0.58%; the closing price of LME zinc 3M electronic disk was 2,738 dollars/ton, down 1.40% [1] - Trading Volume: The trading volume of SHFE zinc main contract was 136,140 lots, an increase of 6,783 lots; the trading volume of LME zinc was 11,463 lots, a decrease of 1,997 lots [1] - Open Interest: The open interest of SHFE zinc main contract was 94,177 lots, a decrease of 13,455 lots; the open interest of LME zinc was 194,167 lots, an increase of 1,614 lots [1] - Premium and Discount: Shanghai 0 zinc premium was 30 yuan/ton, down 10 yuan/ton; LME CASH - 3M premium was -0.36 dollars/ton, down 5.04 dollars/ton [1] - Inventory: SHFE zinc futures inventory was 9,171 tons, an increase of 298 tons; LME zinc inventory was 113,400 tons, an increase of 8,150 tons [1] - Related Products Prices: The price of 1.0mm hot - dipped galvanized coil was 4,255 yuan/ton, an increase of 10 yuan/ton; the price of Shanghai Zamak - 5 zinc alloy was 23,355 yuan/ton, down 250 yuan/ton [1] News - China's social financing increment in June was 4.2 trillion yuan, new RMB loans were 2.24 trillion yuan, and the M2 - M1 gap narrowed [2] Trend Intensity - The zinc trend intensity is -1, indicating a bearish outlook [2]