锌产业周报-20250817

Report Information - Report Title: Zinc Industry Weekly Report - Date: August 15, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Investment Rating - No investment rating information is provided in the report. Core Viewpoints Bullish Factors - Low inventory levels in domestic and international futures exchanges and high concentration of warehouse receipts support zinc prices [3]. - Tightening supply of imported zinc ore restricts raw materials for smelters, causing disruptions on the supply side [3]. Bearish Factors - New zinc ingot production capacity is being released in China, leading to a continuous increase in supply and an oversupply situation in the fundamentals [3]. - Downstream consumption is in the traditional off - season, with a decline in terminal开工 and insufficient orders resulting in cautious procurement for essential needs [3]. Trading Advice - It is recommended to adopt a phased range - trading strategy for Shanghai zinc futures [3]. Summary by Directory Processing and Terminal Demand - The report presents data on the market sentiment index, inventory, production, and net exports of galvanized steel coils, as well as net imports of die - cast zinc alloys, net exports of color - coated sheets and zinc oxide, and indicators related to the real estate and infrastructure sectors [5][7][10][15] Supply and Supply - side Profits - Data on the monthly import volume of zinc concentrate, TC (treatment charges), monthly production of zinc ingots, production profit and processing fees of refined zinc enterprises, raw material inventory days, and inventory in exchanges are provided [18][20][21] Futures and Spot Market Review - Information on the price trends of domestic and international zinc, trading volume and open interest of Shanghai zinc futures, relationship between LME zinc price and the US dollar index, and basis trends are presented [27][28][29]