锌：高位回落

1. Report Industry Investment Rating - No information provided 2. Core View - The report shows that zinc prices are falling from high levels, with a zinc trend strength of -1, indicating a bearish view [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price and Volume: The closing price of the Shanghai Zinc main contract was 23,075 yuan/ton, up 0.02%, while the LME Zinc 3M electronic disk closed at 3,089 dollars/ton, down 1.33%. The trading volume of the Shanghai Zinc main contract was 118,200 lots, a decrease of 11,503 lots, and the LME Zinc trading volume was 9,024 lots, a decrease of 944 lots. The open interest of the Shanghai Zinc main contract was 93,179 lots, a decrease of 8,075 lots, and the LME Zinc open interest was 222,185 lots, a decrease of 217 lots [1]. - Premium and Discount: The premium of Shanghai 0 zinc was 65 yuan/ton, unchanged; the LME CASH - 3M premium was 162.99 dollars/ton, a decrease of 3.74 dollars/ton. The premium of Guangdong 0 zinc was -15 yuan/ton, an increase of 10 yuan/ton; the premium of Tianjin 0 zinc was -45 yuan/ton, an increase of 10 yuan/ton [1]. - Inventory: Shanghai Zinc futures inventory was 54,770 tons, a decrease of 1,297 tons, and LME Zinc inventory was 59,800 tons, an increase of 1,650 tons. The LME Zinc cancelled warrants were 4,525 tons, a decrease of 350 tons, and the LME off - warrant (T + 3) was 29,793 tons, an increase of 2,513 tons [1]. - Related Products: The price of 1.0mm hot - dipped galvanized coil was 4,117 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 24,295 yuan/ton, a decrease of 120 yuan/ton, and the price of Shanghai Zamak - 3 zinc alloy was 23,745 yuan/ton, a decrease of 120 yuan/ton. The price of zinc oxide (≥99.7%) was 22,000 yuan/ton, a decrease of 100 yuan/ton [1]. 3.2 News - China's November CPI rose 0.7% year - on - year, the highest since March 2024, and the PPI's year - on - year decline slightly widened. In November, consumer spending continued to recover, with the CPI down 0.1% month - on - month and up 0.7% year - on - year, with the year - on - year increase mainly driven by the turn of food prices from decline to increase. The core CPI excluding food and energy prices rose 1.2% year - on - year. Affected by factors such as the optimization of the supply - demand structure of some domestic industries and the transmission of international commodity prices, the PPI rose 0.1% month - on - month for two consecutive months and fell 2.2% year - on - year [1].