锌：易涨难跌

Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core Viewpoints - Zinc prices are likely to rise and difficult to fall [1] - Wall Street is optimistic about the medium - term outlook of silver but warns of short - term risks [2] - There is still room for the central bank to cut the reserve requirement ratio and interest rates this year [2][3] Group 3: Summary by Relevant Catalogs 1. Zinc Fundamental Data - Price: The closing price of Shanghai Zinc main contract was 25,090 yuan/ton, up 2.51%; the closing price of LME Zinc 3M electronic trading was 3,290 dollars/ton, up 2.75% [1] - Volume and Position: The trading volume of Shanghai Zinc main contract was 502,358 lots, an increase of 259,257 lots; the position was 142,972 lots, an increase of 22,673 lots. The trading volume of LME Zinc was 16,389 lots, a decrease of 2,721 lots; the position was 231,380 lots, an increase of 3,117 lots [1] - Premium and Discount: Shanghai 0 zinc premium was 35 yuan/ton, down 15 yuan/ton; LME CASH - 3M premium was - 14.32 dollars/ton, up 5.03 dollars/ton [1] - Inventory: Shanghai Zinc futures inventory was 33,810 tons, an increase of 548 tons; LME Zinc inventory was 106,700 tons, a decrease of 25 tons [1] 2. News - Trump administration decided not to impose comprehensive tariffs on key minerals such as silver and platinum for the time being, which eased market concerns [2] - The central bank cut the interest rates of various structural monetary policy tools by 0.25 percentage points and will lower the minimum down - payment ratio for commercial housing loans to 30% [2][3] 3. Trend Intensity - The trend intensity of zinc is 1, indicating a neutral - to - bullish sentiment [3]