锌：承压下行

Report Summary 1) Report Industry Investment Rating - The zinc industry is rated as "Pressured Downward" [1] 2) Core View of the Report - The zinc market is under pressure and showing a downward trend, with various indicators such as prices and spreads reflecting this situation [1] 3) Summary by Relevant Catalogs Fundamental Tracking - Prices: The closing price of SHFE zinc main contract was 22,360 yuan/ton, down 0.64%; the closing price of LME zinc 3M electronic disk was 2,796.5 dollars/ton, down 1.62% [1] - Trading Volume: The trading volume of SHFE zinc main contract was 95,738 lots, an increase of 12,516 lots; the trading volume of LME zinc was 10,973 lots, an increase of 3,256 lots [1] - Open Interest: The open interest of SHFE zinc main contract was 96,755 lots, an increase of 20,408 lots; the open interest of LME zinc was 193,998 lots, an increase of 3,010 lots [1] - Premiums and Discounts: Shanghai 0 zinc premium/discount was -50 yuan/ton, unchanged; LME CASH - 3M premium/discount was -5.22 dollars/ton, down 4.69 dollars/ton [1] - Inventory: SHFE zinc futures inventory was 32,538 tons, an increase of 12,518 tons; LME zinc inventory was 75,850 tons, a decrease of 475 tons [1] News - At the Jackson Hole central bank annual meeting, different institutions have different expectations for Powell's speech. Nomura expects no "clear commitment", BofA expects a hawkish stance, and Morgan Stanley expects emphasis on inflation risks [2] Trend Intensity - The trend intensity of zinc is -1, indicating a weak bearish outlook [2][3]