锌：震荡上行

1. Report Industry Investment Rating - The investment rating for zinc is "Oscillating upward" [1] 2. Core View of the Report - The report presents a detailed analysis of the zinc market's fundamentals, including price, trading volume, open interest, premium/discount, inventory, and related product prices, as well as relevant news and trend strength [1][2] 3. Summary According to Related Catalogs 3.1 Fundamentals Tracking - Prices: The closing price of SHFE zinc main contract was 22,380 yuan/ton with 0.00% change, and LME zinc 3M electronic trading closed at 2,750 dollars/ton with -0.15% change [1] - Trading Volume: SHFE zinc main contract volume was 89,569 lots, an increase of 4,120 lots, while LME zinc volume was 7,339 lots, a decrease of 826 lots [1] - Open Interest: SHFE zinc main contract open interest was 94,254 lots, a decrease of 4,218 lots, and LME zinc open interest was 190,784 lots, an increase of 162 lots [1] - Premium/Discount: Shanghai 0 zinc premium/discount was -20 yuan/ton with no change, and LME CASH - 3M premium/discount was -13.16 dollars/ton, a decrease of 2.29 dollars/ton [1] - Inventory: SHFE zinc futures inventory was 14,375 tons, a decrease of 432 tons, and LME zinc inventory was 89,225 tons, a decrease of 3,050 tons [1] - Related Product Prices: The price of 1.0mm hot - dipped galvanized coil (tax - included) was 4,395 yuan/ton, an increase of 10 yuan/ton; Shanghai Zamak - 5 zinc alloy was 23,505 yuan/ton, an increase of 30 yuan/ton; Shanghai Zamak - 3 zinc alloy was 22,955 yuan/ton, an increase of 30 yuan/ton; zinc oxide ≥99.7% was 21,400 yuan/ton, an increase of 100 yuan/ton [1] 3.2 News - There are ongoing differences in the US - Japan trade agreement, and the US plans to impose an additional 15% tariff on the existing tariff base. Japan requests the US to correct the tariff implementation [2] 3.3 Trend Strength - The trend strength of zinc is 0, indicating a neutral outlook [2][3]