Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoints of the Report - The zinc market is under pressure at the upper level [1] - China's social retail sales growth slowed down in April, industrial added - value increased, fixed - asset investment had a low overall growth rate, and real estate showed a pull - back feature [2] - The zinc trend strength is - 1, indicating a relatively bearish view [2] Group 3: Summary Based on Relevant Catalogs 1. Fundamentals Tracking - **Futures Prices**: The closing price of SHFE zinc main contract was 22,455 yuan/ton, down 0.20% from the previous day; the closing price of LME zinc 3M electronic disk was 2,686 dollars/ton, down 1.47% [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 126,096 lots, an increase of 7,907 lots; the trading volume of LME zinc was 5,141 lots, a decrease of 872 lots [1] - **Open Interest**: The open interest of SHFE zinc main contract was 85,560 lots, a decrease of 8,786 lots; the open interest of LME zinc was 223,679 lots, a decrease of 4,336 lots [1] - **Premiums and Discounts**: Shanghai 0 zinc premium was 230 yuan/ton, up 5 yuan/ton; LME CASH - 3M premium was - 16.15 dollars/ton, up 10.85 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 1,701 tons, a decrease of 474 tons; LME zinc inventory was 160,800 tons, a decrease of 3,400 tons [1] - **Related Product Prices**: The price of 1.0mm hot - dipped galvanized coil was 4,240 yuan/ton, down 5 yuan/ton; the price of zinc oxide ≥99.7% was 21,600 yuan/ton, down 100 yuan/ton [1] 2. News - China's social retail sales in April increased by 5.1% year - on - year, the added value of industrial enterprises above the designated size increased by 6.1%, the fixed - asset investment from January to April increased by 4%, and the national real estate development investment decreased by 10.3% year - on - year [2]

Group 1 - The three major indices experienced a rebound despite the interest rate cut not materializing, with over 3,800 stocks rising by midday [1] - The leading sectors were materials and growth themes, while the consumer sector showed relatively weaker performance [1] - Anticipation of the upcoming May Day holiday and recent domestic demand policy expectations have led to increased investment interest in the consumer sector, with a net inflow of 43.65 million in the consumption ETF (510150) over the past five days [1] Group 2 - Since April, the booking popularity of high-star hotels has significantly outpaced that of three-star and below hotels, with four-star hotel bookings increasing by over 34% year-on-year [3] - The consumer spending is expected to grow on a month-on-month basis due to the holiday effect, benefiting the food and beverage sector, which can be accessed through the food and beverage ETF (159843) [3] - The pharmaceutical sector has seen a recent pullback, improving its value proposition, with expected net profit growth rates of 27.67% and 22.10% for 2025 and 2026, respectively [3] - The consumption 80 index, which includes a 33.5% allocation to pharmaceuticals and a 31.4% allocation to food and beverages, has a PE-TTM of only 22.45, indicating a favorable valuation compared to historical levels [3]