锌：具备向上弹性

Report Industry Investment Rating - Not provided Core View - Zinc has upward elasticity [1] Summary by Relevant Catalogs Fundamental Tracking - Price: The closing price of the main contract of Shanghai Zinc was 24,400 yuan/ton, up 0.21%; the closing price of the LME Zinc 3M electronic disk was 3,175 US dollars/ton, unchanged [1] - Volume and Open Interest: The trading volume of the main contract of Shanghai Zinc was 131,273 lots, a decrease of 14,813 lots; the trading volume of LME Zinc was 10,031 lots, a decrease of 1,448 lots. The open interest of the main contract of Shanghai Zinc was 118,558 lots, a decrease of 3,135 lots; the open interest of LME Zinc was 228,807 lots, a decrease of 649 lots [1] - Premium and Discount: The premium of Shanghai 0 zinc was 55 yuan/ton, unchanged; the LME CASH - 3M premium was -40.12 US dollars/ton, an increase of 3.45 US dollars/ton. The premium of Guangdong 0 zinc was 20 yuan/ton, an increase of 5 yuan/ton; the import bill of lading premium was 135 US dollars/ton, unchanged. The premium of Tianjin 0 zinc was -15 yuan/ton, unchanged; the spot import profit and loss of zinc ingots was -1,844.12 yuan/ton, an increase of 88.46 yuan/ton. ZN00 - ZN01 was -45 yuan/ton, unchanged; the import profit and loss of Shanghai Zinc continuous three was -1,779.24 yuan/ton, an increase of 30.12 yuan/ton [1] - Inventory: The inventory of Shanghai Zinc futures was 30,300 tons, a decrease of 747 tons; the LME zinc inventory was 111,700 tons, a decrease of 150 tons. The LME zinc cancelled warrants were 8,825 tons, a decrease of 150 tons; the LME off - warrant (T + 3) was 27,758 tons, a decrease of 4,958 tons [1] - Related Product Prices: The tax - included price of 1.0mm hot - dipped galvanized coil was 4,077 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 25,560 yuan/ton, an increase of 100 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 24,985 yuan/ton, an increase of 100 yuan/ton. The price of zinc oxide ≥99.7% was 23,100 yuan/ton, an increase of 100 yuan/ton [1] News - The governor of the People's Bank of China, Pan Gongsheng, said that there is still room for reserve requirement ratio cuts and interest rate cuts this year, and multiple monetary policy tools such as reserve requirement ratio cuts and interest rate cuts will be used flexibly and efficiently. He also mentioned maintaining the basic stability of the RMB exchange rate, strengthening market supervision, and establishing a mechanism to provide liquidity to non - bank institutions in specific scenarios, and continuing to use two monetary policy tools to support the capital market [2] - The final value of the US Q3 real GDP quarterly - on - quarterly growth rate was slightly revised up to 4.4%, the fastest growth rate in two years, and the core PCE inflation remained at 2.9%. The market generally expects the Fed to keep interest rates unchanged at the next week's interest - rate meeting [2][3] Trend Intensity - The trend intensity of zinc is 1, indicating a relatively strong trend [3]