Report Information - Report Title: Zinc Industry Weekly Report - Report Date: January 12, 2026 [1] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - **Likely Positive Factors**: Supply pressure has eased due to increased smelter maintenance and wider comprehensive smelting losses in December, while demand remains strong with continuous decline in social inventory and low zinc price valuation [3]. - **Likely Negative Factors**: There is an expected increase in future supply, causing a temporary peak in Shanghai zinc futures and limiting short - term upward momentum. Also, it has entered the seasonal consumption off - season with weak terminal orders and the impact of environmental inspections in the north [3]. - **Trading Advice**: Current trading is cautious. It is recommended to closely monitor the reduction in smelter production and changes in terminal consumption orders to assess short - term support [3]. Section Summaries 1. Processing and Terminal Demand - **Galvanized Sheet Coils**: Data on market sentiment index, weekly inventory, steel mill weekly production, and net exports are presented, sourced from Wind [4]. - **Other Products**: Data on net exports of color - coated sheets, zinc oxide, and related real - estate and infrastructure investment indicators are provided, all sourced from Wind [7][10][15] 2. Supply and Supply - Side Profits - **Zinc Concentrate**: Information on monthly import volume, TC (treatment charge), and raw material inventory days is given, sourced from Wind [18][20][24]. - **Zinc Ingot**: Data on monthly production, production + import volume, enterprise production profit, and various inventory data (LME, SHFE, etc.) are provided, sourced from Wind [21][22][25] 3. Futures and Spot Market Review - **Zinc Price Trends**: Information on domestic and international zinc price trends, LME zinc closing price vs. US dollar index, and various premium and basis data are presented, sourced from Wind [27][29][31]

锌产业周报 2025/12/12 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责 ...

Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report [1][2] Group 2: Core Viewpoints - The traditional peak season effect of "Golden September and Silver October" is mediocre, the real estate sector is a drag, and policy support in the automotive and home appliance sectors brings some highlights. Downstream demand recovery is insufficient, the market mainly makes on - demand purchases at low prices, domestic inventory increases, and LME zinc destocking slows down. Technically, the long - position atmosphere slightly weakens, and attention should be paid to the MA10 support. It is recommended to wait and see for now [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai zinc futures contract is 22,680 yuan/ton, up 5 yuan; the 12 - 01 contract spread of Shanghai zinc is - 40 yuan/ton, down 10 yuan; the LME three - month zinc quote is 3,069 US dollars/ton, down 16.5 US dollars; the total open interest of Shanghai zinc is 227,385 lots, up 489 lots; the net open interest of the top 20 in Shanghai zinc is 15,184 lots, down 222 lots; Shanghai zinc warehouse receipts are 70,890 tons, up 372 tons; the SHFE inventory is 100,208 tons, down 3,208 tons; the LME inventory is 35,300 tons, up 400 tons [2] 现货市场 - The spot price of 0 zinc on Shanghai Non - ferrous Metals Network is 22,610 yuan/ton, down 50 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,490 yuan/ton, down 170 yuan; the basis of the ZN main contract is - 70 yuan/ton, down 55 yuan; the LME zinc premium (0 - 3) is 117.04 US dollars/ton, down 59.51 US dollars; the arrival price of 50% zinc concentrate in Kunming is 18,340 yuan/ton, up 30 yuan; the price of 85% - 86% broken zinc in Shanghai is 16,050 yuan/ton, unchanged [2] Upstream Situation - The WBMS zinc supply - demand balance is - 27,800 tons, down 5,700 tons; the ILZSG zinc supply - demand balance is 47,900 tons, up 17,700 tons; the global zinc mine production by ILZSG is 1.0976 million tons, up 21,400 tons; domestic refined zinc production is 651,000 tons, up 34,000 tons; zinc ore imports are 505,400 tons, up 38,100 tons [2] Industry Situation - Refined zinc imports are 22,677.51 tons, down 2,979.32 tons; refined zinc exports are 2,477.83 tons, up 2,166.92 tons; the social zinc inventory is 161,700 tons, down 100 tons [2] Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, up 10,000 tons; the monthly sales of galvanized sheets are 2.28 million tons, down 90,000 tons; the monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters; the monthly housing completion area is 311.2888 million square meters, up 34.3534 million square meters; the monthly automobile production is 3.227 million vehicles, up 474,600 vehicles; the monthly air - conditioner production is 18.0948 million units, up 1.276 million units [2] Option Market - The implied volatility of at - the - money call options on zinc is 12.2%, down 0.03%; the implied volatility of at - the - money put options on zinc is 12.2%, down 0.03%; the 20 - day historical volatility of at - the - money zinc options is 8.63%, up 0.12%; the 60 - day historical volatility of at - the - money zinc options is 8.93%, down 0.05% [2] Industry News - The Q3 monetary policy report of the People's Bank of China states that it is natural for the growth rate of financial aggregates to decline in the future, and a reasonable interest rate ratio relationship should be maintained. ADP data shows that in the four weeks ending October 25, the number of private - sector payroll positions in the US decreased by an average of 11,250 per week, with a total reduction of 45,000 jobs in the month, the largest monthly decline in employment since March 2023. The US small - business confidence index dropped to a six - month low in October due to deteriorating profitability and reduced economic optimism [2]

Core View - Positive factors: Declines in zinc inventories at LME and SHFE support market sentiment, and China's zinc consumption is growing steadily with relatively stable demand [3] - Negative factors: Global zinc consumption is polarized, with a significant decline in Western countries, and zinc inventories remain high due to the slowdown of the world economy [3] - Trading advisory view: Futures institutions have divergent views, with some bullish on short - term macro sentiment and others bearish due to weak fundamentals of increasing supply and decreasing demand [3] Processing and End - User Demand Galvanized Steel Coils - Market sentiment index (weekly) data from 2023/06 to 2025 is presented [5] - Weekly inventory, seasonal data from 2021 - 2025 is shown [5] - Steel mill weekly production, seasonal data from 2021 - 2025 is provided [5] Net Exports and Imports - Galvanized sheet (strip) net export seasonal data from 2021 - 2025 is given [6] - Die - cast zinc alloy net import seasonal data from 2021 - 2025 is presented [6] - Color - coated sheet (strip) net export seasonal data from 2021 - 2025 is shown [8][9] - Zinc oxide net export seasonal data from 2021 - 2025 is provided [8][10] Real Estate - Real estate development investment and project progress cumulative year - on - year data from 2015/12 to 2023/12 is shown [11][12] - Sales area cumulative year - on - year and unsold area cumulative year - on - year data from 2020/12 to 2024/12 is presented [13][14] - 30 large - and medium - sized cities' commercial housing transaction volume seasonal data from 2021 - 2025 is given [16][17] Infrastructure - Infrastructure fixed - asset investment (excluding rural households) completion data from 2020/06 to 2024/12 is provided [18][19] Futures and Spot Market Review Zinc Prices - Domestic and foreign zinc price trends from 2023/06 to 2025 are presented [22] - LME zinc closing price vs. US dollar index data from 2022/04 to 2025/04 is shown [23][26] Futures Market - SHFE zinc main contract trading volume and open interest data from 2023/06 to 2025 are given [22] - LME zinc (spot/three - month) premium and discount data from 2023/03 to 2025/03 is presented [24] - LME term structure data from 2021 - 2025 is shown [27] Basis - Three - location zinc ingot basis trends from 2023/03 to 2025/03 are provided [28][29] - Tianjin zinc ingot basis seasonal data from 2021 - 2025 is given [30][31] Supply and Supply - Side Profits Zinc Concentrate - Zinc concentrate monthly import volume seasonal data from 2021 - 2025 is presented [33] - Zinc concentrate TC data from 2022/04 to 2025/04 is shown [34][35] Zinc Ingot - SMM zinc ingot monthly production seasonal data from 2021 - 2025 is given [36] - China zinc ingot monthly production + import volume seasonal data from 2021 - 2025 is presented [37] Production and Inventory - Zinc concentrate raw material inventory days data from 2021 - 2025 is shown [38] - LME zinc total inventory seasonal data from 2021 - 2025 is given [38] - SHFE zinc inventory futures seasonal data from 2021 - 2025 is presented [39][40] Profits - Refined zinc enterprise production profit and processing fee data from 2022/06 to 2024/12 is provided [36]