Report Information - Report Title: Zinc Futures Daily Report [1] - Date: April 30, 2025 [2] Investment Rating - No investment rating information provided in the report. Core View - The Shanghai zinc futures market showed narrow - range adjustments. The main contract closed at 22,550 yuan/ton, up 35 yuan or 0.16%, with reduced volume and positions. Due to macro - risk disturbances during the holiday, it is advisable to hold light positions. Attention should be paid to the adjustment of margin ratios during the Labor Day holiday, with the holiday margin ratio for Shanghai zinc adjusted to 20% and the post - holiday ratio to 14% [7]. Summary by Section 1. Market Review - **Futures Market Quotes**: For SHFE zinc, the 2505 contract opened at 22,800 yuan/ton, closed at 22,790 yuan/ton, with a high of 22,840 yuan/ton, a low of 22,760 yuan/ton, up 15 yuan or 0.07%, and the position decreased by 3,577 to 16,881 lots. The 2506 contract opened at 22,520 yuan/ton, closed at 22,550 yuan/ton, up 35 yuan or 0.16%, and the position decreased by 3,301 to 114,582 lots. The 2507 contract opened at 22,260 yuan/ton, closed at 22,325 yuan/ton, up 60 yuan or 0.27%, and the position increased by 1,185 to 58,409 lots [7]. - **LME Zinc Inventory**: LME zinc inventory decreased by 1,775 tons to 177,550 tons, with all the decrease from Singapore warehouses. The 0 - 3 spread was C35.72, the SHFE - LME ratio was 8.66, and the ratio excluding exchange rate was 1.21. The profit from spot imports narrowed but the window remained open [7]. - **Spot Market**: Some imported zinc ingots entered the market before the holiday, and downstream buyers had basically completed pre - holiday stockpiling. The spot volume was limited, and the premium remained stable. The premium in the Shanghai market for the 05 contract was 150 - 190 yuan/ton, the Tianjin market had a premium of 60 yuan/ton over the Shanghai market, and the Guangdong market had a premium of 455 yuan/ton for the 06 contract, with the Shanghai - Guangdong spread widening [7]. 2. Industry News - **April 29, 2025 Zinc Prices**: The mainstream transaction price of 0 zinc was concentrated between 22,925 - 23,030 yuan/ton, and Shuangyan zinc was traded between 23,125 - 23,190 yuan/ton. The mainstream transaction price of 1 zinc was between 22,855 - 22,960 yuan/ton. In different regions, the premiums and price ranges varied. For example, in the Shanghai market, the premium for ordinary domestic zinc to the 2505 contract was 150 - 190 yuan/ton [8]. - **Regional Price and Premium Details**: In the Ningbo market, the mainstream brand 0 zinc was traded at 22,985 - 23,040 yuan/ton, with a premium of 195 yuan/ton for the 2505 contract and a premium of 30 yuan/ton over the Shanghai spot. In the Guangdong market, the mainstream brand 0 zinc was traded at 22,965 - 23,165 yuan/ton, with a premium of 455 yuan/ton for the 2506 contract and a premium of 60 yuan/ton over the Shanghai spot. In the Tianjin market, the 0 zinc ingot was traded at 23,010 - 23,140 yuan/ton, and the premium over the 2505 contract was 230 - 350 yuan/ton, with the Shanghai - Tianjin spread narrowing [8][9].

撰写品种：沥青 撰写时间：2025 年 4 月 28 日 回顾周期：周度 研究员 ：何宁 咨询证号：Z0001219 沥青周度报告 一、本周沥青期货行情回顾 本周沥青期货主力合约 BU2506 呈现先扬后抑的态势。主力合约开盘价为 3369 元 / 吨，周内最高价触及 3430 元 / 吨，最低价下探至 3345 元 / 吨，最终收盘价 为 3401 元 / 吨，较上周收盘价下跌 5 元，跌幅 0.15%。结算价为 3385 元 / 吨。 成交量方面：本周累计成交约 85 万手，日均成交 17 万手，较上周活跃度有所下 降。持仓量环比上周减持 19448 手，收于 14.36 万手，显示市场资金参与度有所降低。 供给端：国内 54 家主要沥青企业厂库库存为 89.7 万吨，环比下降 3.6 万吨。 不过，国内 104 家贸易商库存为 194.6 万吨，虽环比仅下降 0.2 万吨，但整体库存 水平仍处于高位。 需求端：尽管天气持续转暖，理论上有利于道路施工等下游需求的释放，但实际情 况并不乐观。重交沥青开工率仅为 28.5%，虽较上周略有上升，但仍处于历史同期较低 水平。改性沥青产能利用率为 7.2%，环比增加 ...