锌产业周报-20250919

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: September 19, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Report Industry Investment Rating - Not provided in the given content Core Viewpoints Bullish Factors - Global zinc supply shortage supports a relatively strong price [3] - Clear fundamental bullish factors, with the supply - demand structure favoring zinc prices, but the market reaction on the trading board is weak [3] Bearish Factors - The spot basis has been continuously negative (Shanghai -70 yuan/ton), indicating a weak spot market [3] - Weak downstream demand and average trading volume suppress the upward momentum of prices [3] Trading Consultation Viewpoint - The fundamentals are bullish, but the market performance on the trading board is contrary to expectations, and the market reaction is weaker than expected. Risks need to be vigilant [3] Summary by Directory Processing and Terminal Demand - Analyzed the market sentiment index, inventory, production, and net export/import of galvanized steel coils, die - cast zinc alloys, color - coated sheets, and zinc oxide, as well as real - estate development investment, engineering progress, sales, and land transactions, and infrastructure fixed - asset investment [4][6][9] Supply and Supply - Side Profits - Studied the monthly import volume of zinc concentrates, processing fees, zinc ingot production, enterprise production profits, raw material inventory days, and exchange inventories [19][21][22] Futures and Spot Market Review - Reviewed the price trends of domestic and foreign zinc futures, trading volume, open interest, the relationship between LME zinc prices and the US dollar index, basis trends, etc [27][28][29]