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Group 1: Investment Rating - The unilateral strategy is cautiously bullish, and the arbitrage strategy is neutral [6] Group 2: Core View - Overseas uncertainties still exist, including the escalation of the Middle - East geopolitical crisis and the uncertainty of US tariffs. The zinc price first rose and then fell on the first trading day after the Spring Festival. The Spring Festival inventory accumulation is similar to previous years, and attention should be paid to the post - festival de - stocking rhythm. The low TC at the mine end supports the price, the sulfuric acid price is rising, and the comprehensive smelting loss is narrowing. If the inventory cannot continue to rise after the festival, there is an optimistic long - term expectation for macro and actual consumption, and opportunities for buying and hedging at low prices should be sought [5] Group 3: Key Data Spot - The LME zinc spot premium is -$31.25 per ton. The SMM Shanghai zinc spot price increased by 310 yuan/ton to 24,650 yuan/ton, with a spot premium of -40 yuan/ton. The SMM Guangdong zinc spot price increased by 300 yuan/ton to 24,610 yuan/ton, with a spot premium of -80 yuan/ton. The Tianjin zinc spot price increased by 320 yuan/ton to 24,610 yuan/ton, with a spot premium of -80 yuan/ton [2] Futures - On February 24, 2026, the main SHFE zinc contract opened at 24,205 yuan/ton, closed at 24,625 yuan/ton, up 180 yuan/ton from the previous trading day. The trading volume was 59,306 lots, and the open interest was 35,129 lots. The highest price was 24,835 yuan/ton, and the lowest was 24,205 yuan/ton [3] Inventory - As of February 24, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 209,700 tons, a change of 49,400 tons from the previous period. The LME zinc inventory was 101,250 tons, a change of -300 tons from the previous trading day [4]