锌2026年报

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The fundamentals of zinc are gradually improving, and zinc prices may recover in the future [2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - Zinc Concentrate Production: Overseas, the total production of some overseas mining enterprises from Q1 to Q3 in 2025 was 34.305 million tons, a year - on - year increase of 11.24%. The total production in 2024 was 41.928 million tons, a year - on - year decrease of 4.42%. The production of some overseas mining enterprises in the future is expected to have a total increase of 23.27 million tons in 2026 compared with 2025. Domestically, the total production of some domestic mining enterprises is expected to increase by 20.7 million tons in 2026 compared with 2025 [16][34][35]. - Refined Zinc Supply and Demand: - Global: In 2025E, the global refined zinc production was 14.05 million tons, and the consumption was 13.9 million tons, with a supply - demand surplus of 150,000 tons. In 2026E, the production is expected to be 14.2 million tons, and the consumption is expected to be 14.109 million tons, with a supply - demand surplus of 91,000 tons [116]. - Domestic: In 2025E, China's refined zinc production was 6.852 million tons, and the consumption was 7 million tons, with a supply - demand surplus of 107,000 tons. In 2026E, the production is expected to be 6.93 million tons, and the consumption is expected to be 7.05 million tons, with a supply - demand surplus of 80,000 tons [115]. - Zinc Smelter Capacity: - Domestic: From 2025 - 2026, the total new capacity of domestic mineral zinc smelters was 1.57 million tons, and the total new capacity of recycled zinc smelters was 501,000 tons. The new capacity in 2025 was 1.146 million tons, and the expected new capacity in 2026 was 1.225 million tons [69]. - Overseas: The total production of some overseas zinc smelters is expected to increase by 1.88 million tons in 2026 compared with 2025 [71]. 3.2 Market Demand - Real Estate: The report presents data on real - estate development investment, commercial housing transaction area, new construction area, and completion area, but no clear trend analysis is provided [75][76]. - Infrastructure: In 2025, from January to November, the cumulative fixed - asset investment in infrastructure construction was 2.2413413 trillion yuan, a year - on - year increase of 0.13%. Among them, the power, heat, gas, and water production and supply industry increased by 10.70%, the transportation, warehousing, and postal industry decreased by 0.10%, and the water conservancy, environment, and public facilities management industry decreased by 6.30% [86]. - Automobile: The report shows data on automobile production, new - energy vehicle production, and automobile exports, but no clear trend analysis is provided [94][97][99]. - White Goods: In 2025, from January to November, the cumulative production of white goods was 45.78 million units, a year - on - year increase of 0.03%. Among them, the air - conditioner production was 24.5361 million units, a year - on - year increase of 1.60%; the refrigerator production was 9.9342 million units, a year - on - year increase of 1.20%; and the washing - machine production was 11.3097 million units, a year - on - year increase of 6.30% [101]. 3.3 Future Outlook and Strategy Recommendation No specific content on future outlook and strategy recommendation is provided in the part that meets the requirements.