Core Viewpoint - The domestic zinc market has experienced a significant price increase, driven by macroeconomic factors and supply-demand dynamics [2][3]. Group 1: Market Performance - Today's Shanghai zinc futures showed a strong oscillation, with the main contract opening at 24,560 CNY/ton, reaching a high of 24,855 CNY/ton, and closing at 24,475 CNY/ton, up 125 CNY, or 0.51% [1]. - The trading volume for the Shanghai zinc 2603 contract increased by 54,828 hands to 243,101 hands, while open interest rose by 8,993 hands to 120,299 hands [1]. - The latest London zinc price reported at 3,218 USD, an increase of 16 USD [1]. Group 2: Price Statistics - The ccmn comprehensive zinc price for 0 zinc reported between 24,550-24,650 CNY/ton, averaging 24,600 CNY, up 260 CNY; 1 zinc ranged from 24,470-24,570 CNY/ton, averaging 24,520 CNY, also up 260 CNY [1]. - In Guangdong, the 0 zinc price was reported between 24,250-24,550 CNY/ton, averaging 24,400 CNY, up 270 CNY; 1 zinc ranged from 24,180-24,480 CNY/ton, averaging 24,330 CNY, also up 270 CNY [1]. Group 3: Supply and Demand Dynamics - The domestic zinc market is characterized by weak supply and demand; while there is a marginal increase in supply expectations, it limits the rebound potential of zinc prices [3]. - The processing fees for domestic zinc concentrate have generally declined, with northern regions experiencing larger decreases than southern regions [3]. - The import window has opened, leading to increased transactions of imported ore, with processing fees fluctuating between 40-50 USD/dry ton [3]. Group 4: Market Sentiment and Future Outlook - The macroeconomic sentiment is driving market price trends, with surrounding metals contributing to heightened zinc price enthusiasm [3]. - Short-term zinc prices are expected to maintain a strong pattern, with potential testing of key resistance levels [3].

Group 1 - The core viewpoint of the articles indicates that the zinc market is experiencing a mixed sentiment, with domestic supply and demand both weak, yet supported by surrounding metal price increases and favorable policies [1][2]. - The overnight London zinc price fluctuated, closing at $3202 per ton, down $12 or 2.05%, with a trading volume of 19,113 lots, an increase of 7,933 lots [1]. - The domestic zinc market is expected to maintain a strong trend due to low processing fees and supportive policies, despite marginal increases in supply that may limit price rebounds [2]. Group 2 - The macroeconomic environment shows that the U.S. December CPI rose by 2.7% year-on-year, aligning with expectations and maintaining market anticipation for potential interest rate cuts by the Federal Reserve [1]. - The processing fees for domestic zinc concentrate have generally declined, with northern regions experiencing larger decreases than southern regions, while the import window has opened, leading to increased transactions of imported ore [2]. - The overall market sentiment is influenced by macroeconomic factors and the performance of surrounding metals, with expectations of a short-term increase in zinc prices due to heightened emotional responses in the market [2].

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - TCL Technology reported a revenue of 136.065 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.50%. The net profit attributable to shareholders reached 3.047 billion yuan, up 99.75% year-on-year, while the net profit excluding non-recurring items was 2.429 billion yuan, showing a significant increase of 233.33% [4][5] - In Q3 2025, the company achieved a revenue of 50.403 billion yuan, a year-on-year increase of 17.69% and a quarter-on-quarter increase of 10.67%. The net profit attributable to shareholders for the quarter was 1.163 billion yuan, up 119.44% year-on-year and 33.57% quarter-on-quarter [4][5] Summary by Sections Core Business Performance - The semiconductor display business generated 78.01 billion yuan in revenue for the first three quarters of 2025, a growth of 17.5% year-on-year, with a net profit of 6.1 billion yuan, up 53.5% year-on-year. The net profit attributable to TCL Technology's shareholders was 3.9 billion yuan, an increase of 41.9% [5] - The company maintained a competitive advantage in large-size displays, with a market share increase of 5 percentage points to 25%. In the small and medium-sized segments, significant progress was made, with IT sector MNT sales growing by 10% and notebook sales surging by 63% [5] OLED and Semiconductor Materials - The OLED business remains stable, with the flexible OLED mobile market ranking fourth globally. The G5.5 printed OLED production line is ramping up capacity from 3K/month to 9K/month, with continuous improvements in product yield and quality [6] - The semiconductor materials business achieved a revenue of 4.24 billion yuan in the first three quarters of 2025, a year-on-year growth of 28.7%, positioning the company as the largest and most comprehensive semiconductor materials enterprise in China [6] New Energy and Photovoltaic Business - The new energy photovoltaic business generated sales revenue of 16.01 billion yuan in the first three quarters of 2025, with a quarter-on-quarter improvement of 22%. The company is optimizing its product and customer structure and has established strategic partnerships with several major state-owned enterprises [7][8] Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 4.54 billion, 9.07 billion, and 12.04 billion yuan, respectively, with corresponding EPS of 0.22, 0.44, and 0.58 yuan. The PE ratios for these years are projected to be 19.65, 9.84, and 7.41 times [9]

Group 1 - The core viewpoint emphasizes the need for better coordination between effective markets and proactive government in advancing the construction of a unified national market [1] - In terms of revitalizing existing stock, the focus will be on capacity governance in key industries, encouraging innovation and moderate competition in emerging fields while preventing blind following and chaotic market behaviors [1] - Traditional sectors will prioritize innovation-driven transformation and upgrading to avoid low-level, homogeneous, and repetitive construction, while also breaking the cycle of "involutionary competition" [1] Group 2 - The principle of moderate foresight will be upheld, avoiding excessive advancement, and ensuring the effective construction and utilization of infrastructure to maximize multiple effects [1]