锌：跟随宏观波动

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report focuses on the zinc market, stating that zinc follows macro - fluctuations. The trend strength of zinc is 0, indicating a neutral view [1][3]. 3. Summary by Directory 3.1 Fundamental Tracking - Price: The closing price of the Shanghai zinc main contract was 24,670 yuan/ton, up 0.12% from the previous day, and the LME zinc 3M electronic trading closing price was 3,418 dollars/ton, up 0.59% [1]. - Volume and Open Interest: The trading volume of the Shanghai zinc main contract was 63,473 lots, an increase of 20,594 lots from the previous day; the LME zinc trading volume was 10,803 lots, an increase of 2,795 lots. The open interest of the Shanghai zinc main contract was 82,084 lots, an increase of 3,215 lots; the LME zinc open interest was 227,792 lots, a decrease of 7,690 lots [1]. - Premiums and Discounts: Shanghai 0 zinc premium/discount was - 30 yuan/ton, unchanged from the previous day; LME CASH - 3M premium/discount was - 17.8 dollars/ton, an increase of 1.75 dollars/ton [1]. - Inventory: Shanghai zinc futures inventory was 43,060 tons, an increase of 725 tons; LME zinc inventory was 103,500 tons, a decrease of 1,750 tons [1]. - Related Product Prices: The price of 1.0mm hot - dipped galvanized coil was 4,033 yuan/ton, unchanged; the price of Shanghai Zamak - 5 zinc alloy was 25,730 yuan/ton, an increase of 20 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 25,155 yuan/ton, an increase of 20 yuan/ton; the price of zinc oxide (≥99.7%) was 23,200 yuan/ton, unchanged [1]. 3.2 News - Automobile Industry: China's official regulations on the automobile industry state that "selling at a price lower than production cost" has significant legal risks. The new rules aim to prevent price competition [2]. - US Politics: US Treasury Secretary Bezant agreed to transfer the investigation of Powell from the Department of Justice to the Senate Banking Committee to persuade Republican Senator Tillis to stop blocking the nomination of Wash as the Fed Chairman [2]. 3.3 Trend Intensity The trend intensity of zinc is 0, within the range of [-2, 2], indicating a neutral view on the zinc market [3].