内外比值仍在走扩

Group 1: Report Industry Investment Rating - The investment rating for both unilateral and arbitrage strategies is neutral [5] Group 2: Report's Core View - The internal - external ratio of zinc is widening, with the pattern of strong overseas and weak domestic markets continuing. The domestic fundamentals are weak, with high supply pressure, increasing social inventory, and weak spot purchasing enthusiasm. Overseas, there is strong support from rising interest - rate cut expectations and continuous de - stocking. The internal - external ratio has further expanded, but the export window has not opened, and the contradiction between domestic and overseas markets remains [4] Group 3: Summary by Related Catalogs Important Data Spot - LME zinc spot premium is $26.76 per ton. SMM Shanghai zinc spot price is 22,230 yuan per ton, with a premium of - 65 yuan per ton; SMM Guangdong zinc spot price is 22,220 yuan per ton, with a premium of - 100 yuan per ton; Tianjin zinc spot price is 22,210 yuan per ton, with a premium of - 85 yuan per ton [1] Futures - On September 16, 2025, the main SHFE zinc contract opened at 22,290 yuan per ton, closed at 22,255 yuan per ton (down 50 yuan from the previous trading day), with a trading volume of 96,641 lots and a position of 84,991 lots. The highest price was 22,370 yuan per ton, and the lowest was 22,245 yuan per ton [2] Inventory - As of September 16, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 160,600 tons, a change of 6,400 tons from the previous period. The LME zinc inventory was 48,975 tons, a change of - 1,175 tons from the previous trading day [3] Strategy - Unilateral strategy: Neutral; Arbitrage strategy: Neutral [5]