1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The previous trading day saw Shanghai zinc experiencing a volatile downward trend, closing with a negative candlestick, increased trading volume, a reduction in long - positions, and an increase in short - positions. The market may maintain a volatile weakening trend in the short term. Technically, the price is above the long - term moving average with strong support, but short - term indicators suggest a decline in bullish power and an increase in bearish power. The recommendation is that Shanghai zinc ZN2509 will show a volatile weakening trend [22]. 3. Summary by Related Catalogs 3.1 Fundamental Analysis - In April 2025, global zinc plate production was 1.153 million tons, consumption was 1.1302 million tons, with a supply surplus of 22,700 tons. From January to April, production was 4.4514 million tons, consumption was 4.5079 million tons, with a supply shortage of 56,500 tons. Global zinc mine production from January to April was 4.0406 million tons, which is a bullish factor [2]. - The basis is +5 with a spot price of 22,350, indicating a neutral situation [2]. - On July 31, LME zinc inventory decreased by 4,250 tons to 104,800 tons, and SHFE zinc inventory warrants decreased by 174 tons to 15,058 tons, which is a bullish factor [2]. - The previous day, Shanghai zinc showed a volatile downward trend, closing below the 20 - day moving average, while the 20 - day moving average was upward, indicating a neutral situation [2]. - The main positions are net short, and short positions are decreasing, which is a bearish factor [2]. 3.2 Futures Exchange Market - On July 31, for the zinc futures contracts, the 2508 contract had a settlement price of 22,650, an opening price of 22,585, a high of 22,640, a low of 22,280, and a closing price of 22,355, with a decrease of 295 or 285. The trading volume was 14,662 lots, and the open interest decreased by 5,736 to 11,618 lots. Similar data are provided for other contracts such as 2509, 2510, etc. [3]. 3.3 Domestic Spot Market - On July 31, the price of zinc concentrate in Lin was 17,020 yuan/ton, down 320 yuan/ton; the price of zinc ingot was 22,350 yuan/ton, down 400 yuan/ton; the price of galvanized sheet was 4,108 yuan/ton, down 10 yuan/ton; the price of galvanized pipe was 4,498 yuan/ton, unchanged; the price of zinc alloy in Ningbo was 22,850 yuan/ton, down 380 yuan/ton; the price of zinc powder in Changsha was 27,360 yuan/ton, down 350 yuan/ton; the price of zinc oxide in Taizhou was 20,700 yuan/ton, down 300 yuan/ton; the price of secondary zinc oxide in Chenzhou was 7,694 yuan/ton, unchanged [4]. 3.4 Zinc Ingot Inventory - From July 17 to July 28, the total social inventory of zinc ingots in major Chinese markets increased from 74,200 tons to 83,600 tons. Compared with July 21, it increased by 8,100 tons; compared with July 24, it increased by 2,800 tons [5]. 3.5 Zinc Warehouse Receipts - On July 31, the total SHFE zinc warehouse receipts were 15,058 tons, a decrease of 174 tons. The warehouse receipts in Tianjin decreased by 174 tons to 11,522 tons, while other regions such as Shanghai, Guangdong, Jiangsu, and Zhejiang had relatively stable or zero - change warehouse receipt situations [6]. 3.6 LME Zinc Inventory - On July 31, the LME zinc inventory decreased by 4,250 tons to 104,800 tons [2][8]. 3.7 Zinc Ingot Smelter Prices - On July 31, the prices of 0 zinc ingots from various smelters such as Hunan Zhuzhou Smelting, Liaoning Huludao Zinc Industry, etc., all decreased by 380 yuan/ton [14]. 3.8 Refined Zinc Production - In June 2025, the planned production of refined zinc was 459,700 tons, and the actual production was 471,800 tons, with a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The production was 2.63% higher than the planned value, and the capacity utilization rate was 87.10%. The planned production for July is 470,300 tons [16]. 3.9 Zinc Concentrate Processing Fees - On July 31, zinc concentrate processing fees in different regions varied. For example, in some regions with a 50% grade, the processing fees ranged from 3,400 - 4,000 yuan/metal ton, and the imported 48% grade had a processing fee of 70 US dollars/dry ton [18]. 3.10 Futures Company Trading and Position Ranking - For the zinc contract zn2509 on July 31, in terms of trading volume, the top three futures companies were Guotai Junan, CITIC Futures, and Dongzheng Futures. In terms of long - positions, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures. In terms of short - positions, the top three were CITIC Futures, Guotai Junan, and Yong'an Futures [20].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The fundamentals of zinc show that in April 2025, the global zinc sheet production was 1153000 tons, consumption was 1130200 tons, with a surplus of 22700 tons; from January to April, production was 4451400 tons, consumption was 4507900 tons, with a shortage of 56500 tons. The base - point is neutral, inventories are declining (LME and SHFE), the market is in a long - position - dominated situation, and the expected trend of zinc futures ZN2508 is to oscillate and decline [2]. - The previous trading day saw Shanghai zinc oscillate and decline, with increased trading volume, long - position reduction, and short - position increase. Technically, prices are above long - term moving averages, short - term indicators KDJ are declining, and the bullish power is decreasing while the bearish power is increasing. It is expected to oscillate and decline in the short term [20]. 3. Summary by Relevant Catalogs 3.1 Zinc Futures Market Conditions - On July 1, 2025, the zinc futures of various delivery months on the futures exchange generally showed a downward trend. For example, the contract 2507 had a previous settlement price of 22490, a closing price of 22315, a decline of 175; the contract 2508 had a previous settlement price of 22435, a closing price of 22255, a decline of 180 [3]. 3.2 Spot Market Conditions - On July 1, 2025, the prices of various zinc - related products in the domestic spot market mostly declined. For example, zinc concentrate in Shuwai Village was priced at 17180 yuan/ton, down 170 yuan/ton; zinc ingots in Shanghai were priced at 22300 yuan/ton, down 210 yuan/ton [4]. 3.3 Zinc Ingot Inventory Statistics - From June 5 to June 30, 2025, the total inventory of zinc ingots in major domestic markets increased from 58300 tons to 61800 tons. Compared with last Thursday, it increased by 2800 tons; compared with last Monday, it increased by 3600 tons [5]. 3.4 Zinc Warehouse Receipt Report - On July 1, 2025, the zinc warehouse receipts in the futures exchange showed a decrease. For example, the SHFE zinc warehouse receipts decreased by 253 tons to 6824 tons [2]. 3.5 LME Zinc Inventory Distribution - On July 1, 2025, the LME zinc inventory decreased by 2575 tons to 114900 tons [2][8]. 3.6 Zinc Concentrate Price Summary - On July 1, 2025, the prices of zinc concentrates in major domestic cities were around 17000 - 17200 yuan/ton, with a decline of 170 yuan/ton [9]. 3.7 Zinc Ingot Smelter Price Quotes - On July 1, 2025, the prices of zinc ingots from major domestic smelters mostly declined. For example, the price of 0 zinc ingots from Yunnan Chihong Zinc & Germanium was 22010 yuan/ton, down 270 yuan/ton [13]. 3.8 Domestic Refined Zinc Production Statistics - In May 2025, the production of refined zinc was 422500 tons, a month - on - month decrease of 6.19%, a year - on - year decrease of 9.74%, and a 4.86% decrease compared with the planned value. The capacity utilization rate was 78%, and the planned production in June was 453700 tons [15]. 3.9 Zinc Concentrate Processing Fee Quotes - On July 1, 2025, the domestic zinc concentrate processing fees were mostly in the range of 3200 - 3900 yuan/metal ton, and the import processing fee was 50 US dollars/kiloton [17]. 3.10 Shanghai Futures Exchange Member Zinc Trading and Position Ranking - For the contract zn2508 on July 1, 2025, in terms of trading volume, Guotai Junan ranked first with 52153 lots, a decrease of 15329 lots compared with the previous trading day; in terms of long positions, CITIC Futures ranked first with 13533 lots, an increase of 705 lots; in terms of short positions, CITIC Futures ranked first with 13802 lots, a decrease of 964 lots [19].