锌：内外盘共振

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The zinc market shows an internal - external resonance situation, with a current trend strength of -1, indicating a relatively bearish outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Prices: The closing price of SHFE zinc main contract was 23,030 yuan/ton, down 1.71%; the closing price of LME zinc 3M electronic disk was 3,095 dollars/ton, down 1.40% [1]. - Trading Volume: The trading volume of SHFE zinc main contract was 138,540 lots, a decrease of 30,038 lots; the trading volume of LME zinc was 15,151 lots, a decrease of 3,223 lots [1]. - Open Interest: The open interest of SHFE zinc main contract was 73,193 lots, a decrease of 10,109 lots; the open interest of LME zinc was 232,789 lots, a decrease of 3,203 lots [1]. - Premiums and Discounts: Shanghai 0 zinc premium was 85 yuan/ton, up 15 yuan/ton; LME CASH - 3M premium was - 31.61 dollars/ton, down 122.21 dollars/ton [1]. - Inventory: SHFE zinc futures inventory was 51,134 tons, an increase of 431 tons; LME zinc inventory was 64,475 tons, unchanged [1]. 3.2 News - US Retail Sales: In October, US retail sales were flat overall, but core indicators greatly exceeded expectations, with the retail sales control group for GDP calculation up 0.8% month - on - month, the largest increase since June [2]. - Eurozone Manufacturing PMI: In December, the Eurozone manufacturing PMI accelerated contraction. Germany's manufacturing PMI dropped to 47.7, while France's PMI rose to 50.6, reaching a 40 - month high [2][3]. 3.3 Trend Strength - The zinc trend strength is -1, within the range of [-2, 2], indicating a relatively bearish sentiment [3].