Group 1: Industry Investment Rating - No industry investment rating information provided Group 2: Core Viewpoints - Zinc shows a slight rebound [1] - The trend strength of zinc is 0, indicating a neutral view [3] Group 3: Summary by Directory 1. Fundamental Tracking - **Prices**: The closing price of SHFE zinc main contract was 21,850 yuan/ton, up 0.16% from the previous day; the closing price of LME zinc 3M electronic disk was 2,939.5 dollars/ton, down 0.98% [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 97,686 lots, an increase of 8,999 lots; the trading volume of LME zinc was 11,101 lots, an increase of 3,731 lots [1] - **Open Interest**: The open interest of SHFE zinc main contract was 125,172 lots, an increase of 47,950 lots; the open interest of LME zinc was 224,213 lots, a decrease of 58 lots [1] - **Premiums and Discounts**: Shanghai 0 zinc premium was -40 yuan/ton, up 5 yuan/ton; LME CASH - 3M premium was 130 dollars/ton, down 10 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 66,419 tons, a decrease of 898 tons; LME zinc inventory was 37,325 tons, a decrease of 700 tons [1] 2. News - China's Q3 GDP grew 4.8% year - on - year, and 5.2% in the first three quarters. The Q3 growth rate dropped 0.4 percentage points from Q2 due to external and internal factors [2] - China's social consumer goods retail sales in September increased 3% year - on - year, slower than the 3.4% growth in August. The slowdown was affected by factors like the misaligned Mid - Autumn Festival [2][3]

Economic Indicators - The National Bureau of Statistics reported that GDP grew by 5.3% year-on-year in the first half of the year [1] - In June, the industrial added value above designated size increased by 6.8% year-on-year [1] - Fixed asset investment nationwide increased by 2.8% year-on-year in the first half of the year [1] - Retail sales of consumer goods in June rose by 4.8% year-on-year [1] - Real estate development investment nationwide decreased by 11.2% year-on-year from January to June [1] Consumer Market Outlook - The Deputy Director of the National Bureau of Statistics indicated that consumer development in the second half of the year is supported by positive factors and trends from the first half, with continued strengthening of consumption policies [2] Real Estate Market Trends - As of June 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, with the overall year-on-year decline narrowing [3] Technology Sector Developments - NVIDIA's founder and CEO announced that the U.S. has approved the export of H20 chips to China, and NVIDIA will launch the RTXpro GPU [4] Stock Market Performance - As of the midday close, the Shanghai Composite Index fell by 0.93%, the Shenzhen Component Index decreased by 0.26%, while the ChiNext Index rose by 0.64%. The Hang Seng Index and the Hang Seng Tech Index both increased by 0.2% [5]

Group 1 - The consumer goods trade-in subsidy program in Xifeng District has been suspended as of June 19, 2025, due to the exhaustion of available funds [2][3] - During the suspension period, no subsidies will be provided for products purchased through the trade-in program, both online and offline [2] - Consumers who made eligible purchases before the suspension must submit their application materials by July 5, 2025, to receive subsidies [2]