锌产业周报-20251128

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: November 28, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) [1][2] Investment Rating - No investment rating provided in the report Core Views Bullish Factors - Multiple domestic policies to stabilize growth have been introduced, boosting the long - term zinc consumption outlook and warming market sentiment [3] - Some smelters are undergoing regular maintenance, which is expected to slightly affect domestic refined zinc production [3] Bearish Factors - Environmental protection policies in northern regions restrict the operation of some galvanized enterprises, dragging down downstream actual demand [3] - The processing fees for imported zinc concentrates remain high, with sufficient raw material supply for the smelting end and decent profits [3] Trading Advice - Market is intertwined with bullish and bearish factors, with policy expectations competing against weak reality. It is advisable to closely monitor inventory changes and macro - sentiment [3] Summary by Directory Processing and Terminal Demand - Data on galvanized sheet coil market sentiment index, weekly inventory, and steel mill weekly production are presented in a seasonal chart. The inventory and production data are shown from 2021 - 2025, and the market sentiment index is from 2023 - 2025 [4] - Seasonal charts of net exports of galvanized sheet (strip), die - cast zinc alloy, color - coated sheet (strip), and zinc oxide are provided, with data from 2021 - 2025 [6][8][9][10] - Charts on real - estate development investment, engineering progress, sales area, unsold area, and land and housing transaction data are presented, including 100 - major - city land transaction area and 30 - major - city housing transaction volume, with data from different time periods [11][13][15] - Chart on infrastructure fixed - asset investment (excluding rural households) completion is presented, showing cumulative year - on - year data for different sectors from 2020 - 2025 [16][17] Supply and Supply - side Profits - Seasonal charts of zinc concentrate monthly import volume, zinc concentrate TC, SMM zinc ingot monthly production, China's zinc ingot monthly production plus import volume, zinc concentrate raw - material inventory days, and various zinc inventories (LME, SHFE, etc.) are provided, with data from 2021 - 2025 [19][21][23][24][27] - Chart on refined zinc enterprise production profit and processing fees is presented, showing data from 2022 - 2024 [23] Futures and Spot Market Review - Charts on domestic and international zinc price trends, Shanghai zinc main contract trading volume and open interest, LME zinc closing price vs. US dollar index, LME zinc premium/discount, zinc ingot basis in three locations, and Tianjin zinc ingot basis seasonality are provided, with data covering different time periods from 2022 - 2025 [30][31][32][34][36]