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Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report indicates that zinc faces a situation of surplus in the long - term, which will put pressure on its price [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 22,190 yuan/ton, up 0.07%, and the closing price of LME zinc 3M electronic disk was 2,655.5 dollars/ton, up 0.74%. The trading volume of SHFE zinc main contract was 140,017 lots, a decrease of 82,058 lots, and the trading volume of LME zinc was 6,713 lots, an increase of 346 lots [1]. - **Position and Premium**: The open interest of SHFE zinc main contract was 119,170 lots, a decrease of 737 lots, and the open interest of LME zinc was 216,461 lots, an increase of 3,291 lots. The premium of Shanghai 0 zinc decreased by 20 yuan/ton to 480 yuan/ton, and the LME CASH - 3M premium increased by 6 dollars/ton to - 27 dollars/ton [1]. - **Inventory**: SHFE zinc futures inventory was 1,903 tons, a decrease of 150 tons, and LME zinc inventory was 170,325 tons, a decrease of 325 tons. The LME zinc cancelled warrants were 70,225 tons, an increase of 3,450 tons [1]. 3.2 News - The Q1 monetary policy report of the People's Bank of China states that it will give full play to the dual functions of the total amount and structure of monetary policy tools, and explore and expand the central bank's macro - prudential and financial stability functions. The price control idea should shift from preventing "price gouging" to preventing "low - price dumping". The expansion of Chinese government debt remains sustainable, and there is still room for financial support for consumption [2]. 3.3 Trend Intensity The trend intensity of zinc is - 1, indicating a relatively bearish view, with the range of trend intensity being integers in the [-2, 2] interval [2].

中国人民银行5月9日发布2025年第一季度中国货币政策执行报告。报告强调，为支持物价合理回升营造 良好的货币金融环境。市场专家认为，促进物价合理回升需要解决一些深层次的供需结构矛盾。业内专 家认为，价格首先取决于商品供需关系，货币是次要因素。当前货币供应增长持续快于经济增速，但物 价仍处低位。增加货币供给，供需关系没有改善，不能有效提高需求。如果推动供给扩张，供过于求格 局下，物价低迷状况很难改变。价格调控思路上，要从以前的防"哄抬物价"转向防"低价倾销"。如果企 业一味扩张产量，甚至是低价竞争，对物价压制作用会持续存在，长期看，也不利于市场秩序维护和企 业经营稳健性。政府价格管理要从鼓励企业"以价换量"转向引导企业"以质取胜"。报告提到的技术创 新、品牌建设、服务质量、市场细分等多元化竞争策略是企业未来的经营方向。(中证金牛座) ...

Core Viewpoint - The recent issuance of the "Opinions on Improving the Price Governance Mechanism" by the Central Committee and the State Council aims to deepen price reform and enhance the price governance mechanism, which is essential for improving resource allocation efficiency and macroeconomic governance during the high-quality development phase [1]. Group 1: Price Governance Mechanism - The price governance mechanism is crucial for resource allocation efficiency, impacting every transaction in daily life and ensuring a well-functioning market [1]. - Currently, 97.5% of commodity and service prices in China are determined by the market, with an average annual CPI increase of approximately 1.6%, indicating a well-structured government pricing mechanism that supports steady economic development [1]. Group 2: Key Tasks and Mechanisms - The "Opinions" outline key tasks including the establishment of four mechanisms: a market price formation mechanism, a price guidance mechanism for key sectors, a price regulation mechanism to maintain reasonable price levels, and a transparent market price supervision mechanism, along with strengthening the foundational capabilities of price governance [2]. - The emphasis is on allowing the market to determine prices wherever possible, which is expected to guide enterprises towards innovation and transformation [2]. Group 3: Regulation and Supervision - Price regulation is necessary, especially in public utilities and services, to ensure that prices remain within a reasonable range, addressing the direct impact on consumers and businesses [3]. - A transparent and predictable price supervision system is essential for maintaining market order and enhancing confidence among business entities, necessitating a comprehensive regulatory framework to prevent violations and promote fair competition [3].

Group 1: Core Views - The release of the "Opinions on Improving Price Governance Mechanism" aims to enhance market price formation, innovation in price guidance, and optimization of price regulation mechanisms to establish a high-level price governance system [1] - The goal is to improve resource allocation efficiency and enhance macroeconomic governance by refining the price governance mechanism [1][2] Group 2: Price Stability and Macro Control - Maintaining reasonable price levels is a key objective of macroeconomic regulation, with a target inflation rate of around 2% set for 2025 [2] - The "Opinions" emphasize the need for coordinated efforts between price policies and other macroeconomic policies such as fiscal, monetary, and employment policies to enhance price control effectiveness [2][3] Group 3: Market-oriented Price Reform - The "Opinions" call for deepening market-oriented price reforms in various sectors, including electricity and natural gas, and establishing a market-based pricing mechanism for essential goods and services [4][5] - The current marketization level of commodity and service prices in China has reached 97.5% [5] Group 4: Agricultural Price Policies - The "Opinions" propose to improve agricultural price policies to ensure stable and safe supply of essential agricultural products, including the establishment of a coordinated mechanism for prices, subsidies, and insurance [7][8] - The focus is on ensuring that farmers' incomes are protected while allowing market mechanisms to play a larger role in price formation [8] Group 5: Public Utility Pricing Mechanism - The "Opinions" outline the need to clarify the boundaries between government investment and user payment in public utilities, ensuring fair pricing and cost recovery [9][10] - The aim is to optimize pricing structures for public services, including water, electricity, and gas, while considering the affordability for the public [10][11]

Core Viewpoint - The article discusses the issuance of the "Opinions on Improving Price Governance Mechanism" by the Central Committee and the State Council, aiming to deepen price reform and enhance the price governance mechanism in China. Group 1: Key Points of the Opinions - The direction of reform adheres to the socialist market economy, allowing the market to determine prices where possible, facilitating the efficient flow of high-quality production factors, and effectively serving the construction of a unified national market [2][5] - The opinions emphasize the need to improve the pricing mechanism for refined oil, deepen the market-oriented reform of natural gas prices, and accelerate the establishment of a coal market pricing mechanism [2][3] - It calls for the development of important commodity spot and futures markets, optimizing rules for futures listing, trading, and regulation, and solidifying the foundation for market price formation [3][4] Group 2: Price Regulation and Monitoring - The opinions propose to abolish price policies that hinder the construction of a unified national market and fair competition, preventing inappropriate government intervention in price formation [4][10] - It emphasizes the need for a transparent and predictable market price regulation mechanism, enhancing the supervision of market price behavior and maintaining market order [13][27] - The article highlights the importance of strengthening anti-monopoly regulation and enforcement to prevent and curb monopolistic behaviors in key sectors such as transportation, tourism, and education [4][9] Group 3: Agricultural and Energy Pricing Policies - The opinions outline the need to improve agricultural pricing policies to ensure stable and safe supply of food and important agricultural products, including mechanisms for price, subsidies, and insurance [3][23] - It also emphasizes the establishment of pricing policies that promote green and low-carbon transformation in energy, including mechanisms for natural gas power generation and energy storage [6][24] Group 4: Public Services and Digital Economy - The opinions call for the establishment of pricing policies for public services to ensure equitable access, including government-guided pricing for basic services in public and private institutions [4][24] - It highlights the need for innovative pricing policies for public data to facilitate the safe and efficient development of the digital economy [25][11] Group 5: Implementation and Coordination - The article stresses the importance of inter-departmental coordination and collaboration to effectively implement the opinions, ensuring that various tasks are clearly defined and executed [15][30] - It also mentions the need for a robust price monitoring and early warning system to enhance the timeliness and relevance of price monitoring [28][29]