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Group 1: Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core View - The report focuses on zinc, with a trend intensity of 0, indicating a neutral view. It also presents news about Iran nuclear - related negotiations and the market's reaction to Nvidia's earnings [1][2][3]. Group 3: Summary by Directory 1. Fundamental Tracking - Price and Volume: The closing price of SHFE zinc main contract was 24,570 yuan/ton, down 0.57%; LME zinc 3M electronic trading closed at 3,387 dollars/ton, down 0.01%. SHFE zinc main contract trading volume was 94,374 lots, an increase of 10,354 lots; LME zinc trading volume was 9,705 lots, a decrease of 4 lots [1]. - Position and Premium: SHFE zinc main contract open interest was 92,762 lots, an increase of 3,278 lots; LME zinc open interest was 229,485 lots, a decrease of 782 lots. Shanghai 0 zinc premium was - 45 yuan/ton, unchanged; LME CASH - 3M premium was - 29.64 dollars/ton, an increase of 2.29 dollars/ton [1]. - Inventory: SHFE zinc futures inventory was 65,572 tons, an increase of 253 tons; LME zinc inventory was 98,400 tons, a decrease of 1,425 tons. LME zinc cancelled warrants were 7,500 tons, a decrease of 1,825 tons [1]. - Related Products: The price of 1.0mm hot - dipped galvanized coil was 4,013 yuan/ton, unchanged; the price of Shanghai Zamak - 5 zinc alloy was 25,710 yuan/ton, down 70 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 25,135 yuan/ton, down 70 yuan/ton; the price of zinc oxide ≥99.7% was 23,200 yuan/ton, down 100 yuan/ton [1]. 2. News - Iran Nuclear Negotiation: Iran's foreign minister said that the two sides are close to reaching a consensus in some areas, and technical negotiations will be held in Vienna next Monday. The Omani foreign minister said the negotiations have "made significant progress", but media reported that there are still large differences between the two sides [2]. - Nvidia's Earnings: Nvidia has exceeded revenue expectations for 14 consecutive quarters, but the market is concerned about the sustainability of AI demand and Nvidia's supply constraints. Its other business segments underperformed despite strong growth in the data center business [2][3]. 3. Trend Intensity - The trend intensity of zinc is 0, indicating a neutral view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [3].