开工率恢复较缓，关注库存变化

Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [5] Core View - The post - holiday spot market needs time for transactions, downstream operating rates recover slowly, and spot market transactions remain weak even when traders lower premiums. Overseas uncertainties persist, and attention should be paid to the post - holiday destocking rhythm and supply - side changes. There is an optimistic long - term outlook, and opportunities for buying and hedging at low prices should be sought [4] Summary by Relevant Catalogs Spot Market - LME zinc spot premium is -$29.64 per ton. SMM Shanghai zinc spot price is 24,460 yuan per ton, a change of -70 yuan from the previous trading day, with a spot premium of -45 yuan per ton. SMM Guangdong zinc spot price is 24,430 yuan per ton, a change of -60 yuan, with a spot premium of -125 yuan per ton. Tianjin zinc spot price is 24,430 yuan per ton, a change of -70 yuan, with a spot premium of -75 yuan per ton [1] Futures Market - On February 26, 2026, the main SHFE zinc contract opened at 24,590 yuan per ton, closed at 24,570 yuan per ton, a change of -70 yuan from the previous trading day. The trading volume was 94,374 lots, and the open interest was 92,762 lots. The highest price was 24,715 yuan per ton, and the lowest was 24,450 yuan per ton [2] Inventory - As of February 26, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 219,900 tons, a change of 10,100 tons from the previous period. As of the same date, LME zinc inventory was 98,400 tons, a change of -1,425 tons from the previous trading day [3]