锌产业周报-20260202

Report Information - Report Title: Zinc Industry Weekly Report [1] - Report Date: February 2, 2026 [1] - Author: Chen Naixuan (Z002313) [2] - Reviewer: Tang Yun (Z0002422) [2] Investment Rating - Not provided in the report Core Viewpoints - Likely Positive Factors: LME and SHFE zinc inventories decreased, indicating tightened supply; the net long positions of the main contract increased, suggesting a bullish market sentiment [3] - Likely Negative Factors: Entering the seasonal consumption off - season, terminal orders are weak; the arrival of imported ore increased, and the rising raw material inventory suppresses prices [3] - Trading Advice: It is recommended to pay attention to supply - demand changes and maintain a wait - and - see attitude [3] Summary by Directory Processing and Terminal Demand - Galvanized Sheet Coil: Market sentiment index, weekly inventory, steel mill weekly production, and net export seasonal data are presented, sourced from Wind [4] - Other Products: Net export seasonal data of color - coated sheets (strips), zinc oxide, and net import seasonal data of die - cast zinc alloys are provided, sourced from Wind [7][8][9] - Real Estate: Data on real estate development investment, engineering progress, sales area, and unsold area cumulative year - on - year, as well as land transaction area and housing transaction volume in large and medium - sized cities are included, sourced from Wind [10][11][12][13][14] - Infrastructure: Data on infrastructure fixed - asset investment (excluding rural households) completion are provided, sourced from Wind [15][16] Supply and Supply - Side Profits - Zinc Concentrate: Monthly import volume, raw material inventory days, and weekly processing fees (domestic and imported) are presented, sourced from Wind [18][19][20] - Zinc Ingot: Monthly production, production + import volume, and refined zinc enterprise production profit and processing fees are provided, sourced from Wind [21][22][23] - Inventory: LME zinc inventory, SHFE zinc inventory, and exchange zinc ingot inventory are included, sourced from Wind [24][25] Futures and Spot Market Review - Zinc Price Trends: Domestic and foreign zinc price trends, LME zinc closing price vs. US dollar index, and LME zinc (spot/three - month) and 3 - 15 spread are presented, sourced from Wind [27][29][30][31] - Trading Volume and Open Interest: Shanghai zinc main contract trading volume and open interest are provided, sourced from Wind [28] - Basis: Zinc ingot three - place basis trends and Tianjin zinc ingot basis seasonality are presented, sourced from Wind [33][34][35]