锌产业周报-20251102

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Lido Factors: Refined zinc supply remains at a low level, supporting the firmness of zinc prices. Demand is in a seasonal peak season, and consumption expectations boost market sentiment [3]. - Negative Factors: The trend of accelerated inventory accumulation is emerging, and inventory pressure suppresses price increases. The pattern of oversupply in the domestic market continues, and the widening import losses restrain the market [3]. - Trading Advisory Viewpoint: The unilateral strategy is recommended to be cautiously bullish, with a focus on tracking the dynamics of the export window [3]. Summary by Related Catalogs Processing Links and Terminal Demand - Galvanized Sheet Coil: The content includes the market sentiment index (weekly), weekly inventory - seasonality, and steel mill weekly production - seasonality [4]. - Net Exports and Imports: There are net export seasonality data for galvanized sheets (strips), color - coated sheets (strips), and zinc oxide, as well as net import seasonality data for die - cast zinc alloys [7][9][10]. - Real Estate: Data on real estate development investment and project progress cumulative year - on - year, sales area cumulative year - on - year, and unsold area cumulative year - on - year, as well as 100 major cities'成交 land area and 30 major cities' commercial housing transaction volume are presented [12][14][16]. - Infrastructure: The cumulative year - on - year data of infrastructure fixed - asset investment (excluding rural households) completion amount in transportation, warehousing and postal services, water conservancy, environment and public facilities management, tertiary industry infrastructure construction, and power, heat, gas and water production and supply industries are shown [17][18]. Supply and Supply - Side Profits - Zinc Concentrate: Monthly import volume - seasonality, TC, and raw material inventory days are provided [20][22][26]. - Zinc Ingot Production: Monthly production - seasonality of SMM zinc ingots, China's monthly zinc ingot production + import volume - seasonality are included [23][24]. - Inventory: LME zinc inventory, SHFE zinc inventory, and exchange zinc ingot inventory data are presented [26][27]. - Production Profit: The production profit and processing fees of refined zinc enterprises are shown [23]. Futures Disk and Spot Market Review - Zinc Price Trend: The trends of domestic and foreign zinc prices, LME zinc closing price vs. US dollar index are presented [29][31]. - Trading Volume and Open Interest: The trading volume and open interest of SHFE zinc main contracts are shown [30]. - Price Spread: LME zinc (spot/three - month): premium/discount, 100 - basis spread trends of zinc ingots in three places are presented [33][38].