锌：关注供应端扰动

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoint of the Report - The report focuses on zinc and mentions the need to pay attention to supply - side disturbances [1] 3. Summary According to Relevant Contents 3.1 Zinc Market Data - Price: The closing price of the Shanghai zinc main contract was 23,305 yuan/ton, up 1.92%; the closing price of the LME zinc 3M electronic disk was 3,098.5 dollars/ton, up 0.44% [1] - Volume: The trading volume of the Shanghai zinc main contract was 163,149 lots, a decrease of 1,198 lots; the trading volume of LME zinc was 13,271 lots, an increase of 38 lots [1] - Open Interest: The open interest of the Shanghai zinc main contract was 107,552 lots, an increase of 1,868 lots; the open interest of LME zinc was 222,390 lots, an increase of 503 lots [1] - Premium and Discount: The premium of Shanghai 0 zinc was 75 yuan/ton, an increase of 5 yuan/ton; the LME CASH - 3M premium was 163 dollars/ton, a decrease of 79.66 dollars/ton [1] - Inventory: The Shanghai zinc futures inventory was 60,729 tons, a decrease of 1,299 tons; the LME zinc inventory was 55,375 tons, an increase of 1,050 tons [1] 3.2 News - In November 2025, affected by factors such as macro - economic data of major economies and monetary policy expectations, the US dollar index declined, and global financial asset prices showed mixed trends. China's foreign exchange reserve scale increased, and China's economic stability supports the basic stability of foreign exchange reserves [2] - The current US government will give up the pursuit of global hegemony and strengthen its leading position in Latin America. The "Return to Asia" strategy has a major shift [2] 3.3 Trend Intensity - The zinc trend intensity is 0, indicating a neutral view, with the range of trend intensity values being integers in the [-2, 2] interval [3]