重要数据 现货方面：LME锌现货升水为-31.93美元/吨。SMM上海锌现货价较前一交易日变化-120元/吨至24530元/吨，SMM 上海锌现货升贴水-45元/吨；SMM广东锌现货价较前一交易日-120元/吨至24490元/吨，广东锌现货升贴水-115元/ 吨；天津锌现货价较前一交易日-110元/吨至24500元/吨，天津锌现货升贴水-75元/吨。 期货方面：2026-02-25沪锌主力合约开于24515元/吨，收于24645元/吨，较前一交易日-10元/吨，全天交易日成交52469 手，全天交易日持仓26600手，日内价格最高点达到24705元/吨，最低点达到24455元/吨。 新能源及有色金属日报 | 2026-02-26 现货市场恢复尚需时间 库存方面：截至2026-02-25，SMM七地锌锭库存总量为20.97万吨，较上期变化4.94万吨。截止2026-02-25，LME 锌库存为99825吨，较上一交易日变化-1425吨。 市场分析 节后现货市场成交情况仍需时间，下游尚在放假期间，现货升贴水难有表现。海外不确定扰动仍然存在，地缘政 治危机、关税调整以及降息大周期不改，同时需要警惕矿产资源保护风险外 ...

Core Viewpoint - The article highlights the ongoing efforts by various government departments in China to address issues related to abandoned mines and illegal mining activities, emphasizing the importance of responsibility and accountability in resource protection and safety production [1] Group 1: Inspection and Enforcement Actions - Six special working groups led by multiple government departments have been deployed to 12 key regions across the country to conduct inspections and enforcement against abandoned mines and illegal mining activities [1] - As of now, a total of 96,666 abandoned mines have been identified nationwide, with an overall sealing completion rate of 92.72% [1] - Since the initiation of the rectification work, 568 cases of illegal mining have been investigated, resulting in 338 administrative penalties and 102 cases referred to judicial authorities, with 403 individuals facing criminal penalties [1] Group 2: Accountability and Future Actions - The inspections focus on ensuring comprehensive checks, effective sealing, strong enforcement, and sound mechanisms to hold local authorities accountable [1] - A total of 31 local government officials and regulatory personnel have been interviewed for inadequate performance, with 29 receiving disciplinary actions [1] - The State Council's Work Safety Committee will continue to organize inspections to further enforce accountability and strengthen the protection of mineral resources and safety production [1]

Group 1 - The article discusses the efforts by various government departments in China to conduct inspections and enforcement actions against abandoned mines and illegal mining activities, with a focus on ensuring comprehensive checks and effective closures [1] - A total of 96,666 abandoned mines have been identified nationwide, with an overall closure completion rate of 92.72% [1] - Since the initiation of the rectification work, there have been 568 cases of illegal mining activities investigated, resulting in 338 administrative penalties and 403 criminal punishments [1] Group 2 - The next steps involve continued inspections and enforcement actions to further strengthen the responsibilities of local governments in protecting mineral resources and ensuring safety in production [1]

Group 1 - The State Council's Work Safety Committee has dispatched working groups to conduct inspections on illegal mining activities across 12 key regions in China [1] - The inspections focus on the thoroughness of investigations, effectiveness of closures, strength of enforcement, and soundness of mechanisms to combat illegal mining [1] - A total of 96,666 abandoned mines have been identified nationwide, with an overall closure completion rate of 92.72% [1] Group 2 - Since the initiation of the crackdown, authorities have investigated 568 cases of illegal mining, resulting in 338 administrative penalties and 102 cases referred to judicial authorities [1] - Criminal penalties have been imposed on 403 individuals, and 31 local government officials have been interviewed for inadequate performance [1] - The State Council's Work Safety Committee will continue to organize inspections to reinforce responsibilities and enhance the protection of mineral resources and safety production [1]

Core Viewpoint - The article highlights the ongoing efforts by various government departments in China to address issues related to abandoned mines and illegal mining activities, emphasizing the importance of responsibility and accountability in resource protection and safety production [1]. Group 1: Inspection and Enforcement Actions - Six special working groups led by multiple government departments have been deployed to 12 key regions across the country to conduct inspections and enforcement actions against abandoned mines and illegal mining activities [1]. - As of now, a total of 96,666 abandoned mines have been identified nationwide, with an overall sealing completion rate of 92.72% [1]. - Since the initiation of the rectification work, there have been 568 cases of illegal mining activities investigated, resulting in 338 administrative penalties and 102 cases referred to judicial authorities, with 403 individuals facing criminal penalties [1]. Group 2: Accountability and Future Actions - The government has conducted 31 discussions with local government officials and regulatory personnel for inadequate performance, leading to 29 disciplinary actions [1]. - The State Council's Work Safety Committee Office will continue to organize inspections to further enforce accountability and strengthen the protection of mineral resources and safety production [1].

Group 1 - The core viewpoint of the news is the joint action taken by the Jiangxi Province Guangchang County Natural Resources Bureau and the County Public Security Bureau to combat illegal mining activities and related criminal behaviors in the mineral resources sector [1][2] - A special action plan has been developed to implement a comprehensive monitoring system using satellite remote sensing and intelligent video monitoring platforms to oversee mining activities [1] - The special working group emphasizes thorough inspections of licensed mines, abandoned mining areas, historical illegal mining sites, and various construction projects to ensure no illegal activities are overlooked [1] Group 2 - The Guangchang Bureau is utilizing various outreach methods, including the internet and promotional materials, to encourage public reporting of illegal mining activities [2] - As of now, no instances of unlicensed mining or licensed mines exceeding their permitted boundaries have been reported in the county [2] - The bureau plans to expand its inspection coverage and establish a connection with the prosecution authorities to ensure that any illegal mining activities that meet criminal criteria are promptly addressed [2]

Core Insights - China has initiated a special operation named "Shield" to combat the illegal outflow of strategic minerals, marking a significant enforcement action against smuggling activities [1] - The new Mineral Resources Law, effective from July 1, 2025, represents a comprehensive revision aimed at addressing key issues in mineral exploration and extraction, enhancing the legal framework for resource management [3][5] Group 1: Enforcement Actions - The operation "Shield" involved customs authorities intercepting a cargo ship carrying antimony ingots disguised as industrial raw materials, highlighting China's commitment to curbing illegal mineral exports [1] - Trade data revealed that Thailand and Mexico exported 3,834 tons of antimony oxide to the U.S. within a few months, surpassing the total from the previous three years, indicating a surge in smuggling activities [1] Group 2: Legislative Changes - The revised Mineral Resources Law introduces a direct acquisition system for mining rights, resolving the challenges faced by explorers in transitioning to mining operations [3] - The law mandates that all mining operations must adhere to an ecological restoration principle, linking mining permits to the responsibility of land rehabilitation [5] Group 3: Strategic Implications - The U.S. has been actively seeking to reduce its dependence on Chinese rare earths through initiatives like the "Critical Minerals Initiative," which aims to create alternative supply chains [3] - The legal reforms in China signal a shift in the perception of strategic minerals from ordinary commodities to critical assets in national security and international competition [7]