锌：库存去化

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core Viewpoints of the Report - The new bond king, Gundlach, believes that the Fed will not cut interest rates before Powell's term ends. He bets there won't be further rate - cuts during Powell's tenure, while the market expects two 25 - basis - point cuts by the end of 2026. He also suggests allocating 30% - 40% to unhedged international stocks [2]. - During the UK Prime Minister Starmer's visit to China, China and the UK reached a series of positive outcomes, including developing a comprehensive strategic partnership, establishing a high - level climate and nature partnership, resuming high - level security dialogue, and holding mechanism - based dialogues. China is considering unilateral visa - free policies for UK citizens and reducing the import tariff on whisky from 10% to 5% [2][3]. - The trend strength of zinc is 1, indicating a relatively positive but not extremely strong trend [3]. 3) Summary by Relevant Catalogs 3.1. Zinc Fundamentals - Price: The closing price of the Shanghai Zinc main contract was 25,950 yuan/ton, up 1.35% from the previous day, and the LME 3M zinc electronic trading closed at $3,375.5/ton, up 0.51% [1]. - Volume and Open Interest: The trading volume of the Shanghai Zinc main contract was 329,041 lots, an increase of 44,544 lots; its open interest was 114,501 lots, a decrease of 3,698 lots. The LME zinc trading volume was 14,007 lots, an increase of 2,658 lots, and its open interest was 234,070 lots, an increase of 913 lots [1]. - Premium and Discount: The premium of Shanghai 0 zinc was 0 yuan/ton, down 5 yuan/ton from the previous day. The LME CASH - 3M spread was -$32.06/ton, down $1.25/ton [1]. - Inventory: The Shanghai zinc futures inventory was 28,341 tons, an increase of 29 tons, while the LME zinc inventory was 110,375 tons, a decrease of 175 tons [1]. - Related Products: The price of 1.0mm hot - dipped galvanized coil was 4053 yuan/ton, unchanged; the price of Shanghai Zamak - 5 zinc alloy was 26,540 yuan/ton, up 50 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 25,965 yuan/ton, up 50 yuan/ton; the price of zinc oxide (≥99.7%) was 23,900 yuan/ton, unchanged [1].