锌：国内持续去库

Group 1: Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core View - There is no clear core view presented in the report. Group 3: Summary of Related Catalogs 1. Fundamental Tracking - Price and Volume: The closing price of Shanghai Zinc main contract was 23,605 yuan/ton, up 2.65%; the closing price of LME Zinc 3M electronic disk was 3,139 dollars/ton, down 1.84%. The trading volume of Shanghai Zinc main contract was 189,030 lots, an increase of 95,968 lots; the trading volume of LME Zinc was 18,374 lots, a decrease of 1,756 lots. The open interest of Shanghai Zinc main contract was 91,374 lots, an increase of 2,875 lots; the open interest of LME Zinc was 223,499 lots, an increase of 3,372 lots [1]. - Premium and Discount: The premium of Shanghai 0 zinc was 65 yuan/ton, unchanged; the premium of LME CASH - 3M was 83 dollars/ton, down 87 dollars/ton. The premium of Guangdong 0 zinc was -15 yuan/ton, unchanged; the import bill of lading premium was 135 dollars/ton, unchanged. The premium of Tianjin 0 zinc was -45 yuan/ton, unchanged; the spot import profit and loss of zinc ingots was -4,080.64 yuan/ton, a decrease of 283.09 yuan/ton [1]. - Inventory: Shanghai Zinc futures inventory was 51,282 tons, a decrease of 1,520 tons; LME zinc inventory was 61,925 tons, an increase of 1,575 tons. The LME zinc cancelled warrants were 4,225 tons, a decrease of 225 tons; the LME off - warrant (T + 3) was 34,540 tons, an increase of 3,761 tons [1]. - Related Products: The tax - included price of 1.0mm hot - dipped galvanized coil was 4,113 yuan/ton, down 4 yuan/ton. The price of Shanghai Zamak - 5 zinc alloy was 24,925 yuan/ton, an increase of 590 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 24,375 yuan/ton, an increase of 590 yuan/ton. The price of zinc oxide ≥99.7% was 22,600 yuan/ton, an increase of 500 yuan/ton [1]. 2. News - The Ministry of Commerce and other three departments will strengthen the coordination between commerce and finance to boost consumption. They will strengthen consumer finance services for large durable consumer goods and digital products, encourage the use of digital RMB smart contract red envelopes, and explore the use of various methods such as financing guarantee, loan discount, and risk compensation to guide credit funds to key consumption areas [2]. 3. Trend Intensity - The trend intensity of zinc was 1, indicating a relatively positive trend, with the range of trend intensity being integers in the [-2, 2] interval [2][3].