1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Last week, the main contract price of Shanghai zinc futures first declined and then rebounded. The Fed is divided on a December rate cut, increasing the market's risk aversion. Fundamentals are relatively balanced, with reduced concerns about LME squeezes. Domestic smelters are planning more production cuts due to falling processing fees, but new projects in Xinjiang are ramping up. Demand is in the off - season, with slow destocking in China. In the short term, zinc prices are expected to fluctuate widely at low levels, and in the long - term, zinc ingot surpluses may increase, keeping prices under pressure [3][10]. 3. Summary by Directory 3.1 Transaction Data - From November 14th to 21st, SHFE zinc decreased from 22,425 yuan/ton to 22,395 yuan/ton, a drop of 30 yuan/ton; LME zinc decreased from 3014.5 dollars/ton to 2992 dollars/ton, a drop of 22.5 dollars/ton. The SHFE - LME ratio increased from 7.44 to 7.48. SHFE inventory decreased by 545 tons to 100347 tons, LME inventory increased by 8350 tons to 47,325 tons, and social inventory decreased by 0.52 million tons to 15.27 million tons. The spot premium increased from - 40 yuan/ton to 10 yuan/ton [4]. 3.2 Market Review - Last week, the main contract of Shanghai zinc switched to ZN2601, with prices first falling and then rebounding. As the Fed's December rate - cut expectation declined, the US dollar held above 100, pressuring risk assets. With the slow increase in LME inventory, concerns about squeezes eased. After the price decline, downstream point - pricing increased, and the price found support near the 40 - day moving average and rebounded weakly, closing at 22390 yuan/ton, a weekly decline of 0.16%. LME zinc stabilized after a high - level decline, with the 60 - day moving average providing support, closing at 2992 dollars/ton, a weekly decline of 0.75% [5]. - In the spot market, at the beginning of the week, the market supply was tight, and traders raised prices, with the spot premium rising. As pre - sold goods and factory shipments arrived, the market supply increased, and the spot premium declined. As of November 21st, LME zinc inventory was 47,325 tons, a weekly increase of 8350 tons; SHFE inventory was 100347 tons, a decrease of 545 tons from the previous week. As of November 20th, social inventory was 15.27 million tons, a decrease of 0.39 million tons from Monday and 0.52 million tons from last Thursday. Shanghai's inventory increased slightly due to some smelters resuming production, while Guangdong and Tianjin's inventories decreased due to downstream restocking after the price decline [6]. 3.3 Industry News - As of November 21st, the domestic zinc concentrate processing fee decreased by 250 yuan/metal ton to 2350 yuan/metal ton, and the imported zinc concentrate processing fee decreased by 10.45 dollars/dry ton to 73.05 dollars/dry ton [11]. - In October, zinc ore imports were 34.09 million metal tons, a month - on - month decrease of 32.56% and a year - on - year increase of 2.97%. Refined zinc imports were 1.88 million tons, a month - on - month decrease of 16.94% and a year - on - year decrease of 67.39%. Refined zinc exports were 8519 tons, a month - on - month increase of 6041 tons. Galvanized sheet exports were 129.94 million tons, a month - on - month increase of 5.97%. Die - cast zinc alloy exports were 268.71 tons, a month - on - month decrease of 58.67% [11]. - As of the end of October, the Zhugongtang lead - zinc mine's mining and beneficiation project had completed an investment of 555 million yuan in 2025, with smooth infrastructure progress. The beneficiation plant is expected to complete a trial run by the end of December, and the tailings pond will start trial operation. The underground equipment is expected to start a trial run in June 2026 [11]. - Xinjiang Baochen Supply Chain Co., Ltd. is selling zinc ingots on behalf of Xinjiang Kunlun Zinc Industry Co., Ltd. through online reverse bidding, including 3000 tons of 1 zinc ingots and 7000 tons of 0 zinc ingots [12].

Group 1: Report Overview - Report Title: Zinc Industry Chain Weekly Report [1] - Analyst: Ji Xianfei (Chief Analyst/Co-Administrative Head), Wang Zongyuan (Contact Person) [1] - Date: November 23, 2025 [1] Group 2: Investment Rating - No investment rating information provided in the report Group 3: Core Viewpoints - Zinc supply and demand are relatively balanced, and prices will fluctuate in the short term [2][5] - The domestic zinc market shows a pattern of small inventory reduction and a decline in galvanizing starts [3] - In the strategy, the internal and external reverse arbitrage has a certain profit - loss ratio, but the driving logic within the year is not strong, and participation should be cautious [5] Group 4: Summary by Directory 1. Market Review - **Price**: The closing price of SHFE zinc last week was 22,395 yuan/ton, with a weekly decline of 0.13%; the night - session closing price was 22,345 yuan/ton, with a decline of 0.22%. The closing price of LmeS - Zinc 3 last week was 2,992 US dollars/ton, with a weekly decline of 0.75% [6] - **Trading Volume and Open Interest**: The trading volume of SHFE zinc last Friday was 74,639 lots, a decrease of 48,993 lots from the previous week; the open interest was 52,299 lots, a decrease of 47,854 lots. The trading volume of LmeS - Zinc 3 was 12,602 lots, a decrease of 14,959 lots; the open interest was 218,189 lots, a decrease of 9,321 lots [6] - **Inventory**: SHFE zinc warehouse receipts increased by 1,144 tons, the total SHFE zinc inventory decreased by 545 tons, the social inventory decreased by 5,200 tons, the LME zinc inventory increased by 8,350 tons, and the bonded area inventory decreased by 200 tons [6] 2. Industry Chain Comparison - **Inventory**: Zinc ore and smelter finished product inventories have declined from high levels, and zinc ingot visible inventories have decreased [8] - **Profit**: Zinc ore profits are at the forefront of the industry chain, and smelting profits are at the historical median [10] - **Start - up Rate**: The zinc smelting start - up rate has declined, and the downstream start - up rate is at a historically low - to - medium level [12] 3. Trading Aspects - **Spot**: The spot premiums in Guangdong and Tianjin have significantly strengthened. Overseas premiums are differentiated, with Singapore's premium remaining stable, and LME CASH - 3M remaining around 120 US dollars [16][17] - **Spread**: SHFE zinc maintains a C - structure, but there are certain changes in the far end [19] - **Inventory**: There has been a small reduction in inventory this week, and the open - interest - to - inventory ratio has continued to decline. LME inventory is mainly concentrated in Singapore, and the total LME inventory has increased [21][25] - **Futures**: The domestic open interest is at the historical median for the same period [28] 4. Supply - **Zinc Concentrate**: Zinc concentrate imports have dropped significantly, domestic zinc ore production has increased, import ore processing fees have decreased this week, and domestic ore processing fees have decreased significantly. The arrival of zinc ore at ports is at a high level, and smelter raw material inventories have decreased [31][32] - **Refined Zinc**: Smelting output has rebounded and is at a high level for the same period in history. Smelter finished product inventories have decreased and are at a high level for the same period in history. Zinc alloy production is at a high level [39] 5. Demand - **Refined Zinc Consumption**: The consumption growth rate of refined zinc is positive [45] - **Downstream**: The monthly start - up rate of downstream industries has slightly declined, mostly at a historically low - to - medium level for the same period [48] - **Terminal**: The real estate market remains at a low level, and the power grid shows structural increments [65] 6. Overseas Factors - **Energy Prices**: The prices of European natural gas, carbon, and electricity have shown certain fluctuations, which have an impact on the profitability of overseas zinc smelters [67][68][69]

Group 1: General Information - Report Name: Zinc Futures Daily Report [1] - Date: September 25, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Views - Domestic processing fees lack upward momentum, with local quotes showing a narrow decline but no downward trend [7]. - Although smelters' comprehensive profits have shrunk, they remain at a relatively high level. More smelters are undergoing maintenance in September, and the output is expected to decline by 1 - 20,000 tons month - on - month, with the monthly output expected to be around 600,000 tons. The supply side generally remains loose [7]. - Thanks to the resumption of previously shut - down and reduced - production facilities, the operating rates of galvanizing and zinc oxide have slightly increased. However, overall consumption is not ideal during the peak consumption season. The operating rate in the primary consumption sector has increased month - on - month but is weaker than the same period last year. Social inventories decreased slightly on Monday [7]. - There is still some bargain - hunting replenishment by downstream enterprises when zinc prices fall, but most of the previous price - fixing has been completed, and the spot premium has limited upward momentum. Zinc prices are expected to fluctuate between 21,800 - 22,500 yuan [7]. Group 4: Market Review - **Futures Market Quotes**: - For the contract "2510" of Shanghai Zinc, the opening price was 21,930 yuan/ton, the closing price was 21,845 yuan/ton, the highest was 21,980 yuan/ton, the lowest was 21,830 yuan/ton, the change was - 100 yuan/ton, the change rate was - 0.46%, the trading volume was 2,510, and the open interest was 42,441 with a decrease of 5,600 [7]. - For the contract "2511" of Shanghai Zinc, the opening price was 21,895 yuan/ton, the closing price was 21,860 yuan/ton, the highest was 21,985 yuan/ton, the lowest was 21,860 yuan/ton, the change was - 95 yuan/ton, the change rate was - 0.43%, the trading volume was 2,511, and the open interest was 141,867 with an increase of 1,495 [7]. - For the contract "2512" of Shanghai Zinc, the opening price was 21,905 yuan/ton, the closing price was 21,875 yuan/ton, the highest was 21,990 yuan/ton, the lowest was 21,870 yuan/ton, the change was - 80 yuan/ton, the change rate was - 0.36%, the trading volume was 2,512, and the open interest was 49,776 with an increase of 5,966 [7]. Group 5: Industry News - On September 24, 2025, the mainstream transaction price of 0 zinc was concentrated between 21,920 - 22,035 yuan/ton, that of Shuangyan was between 22,050 - 22,165 yuan/ton, and that of 1 zinc was between 21,850 - 21,965 yuan/ton [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 21,890 - 21,995 yuan/ton. The regular brands in Ningbo were quoted at a discount of 25 yuan/ton to the "2510" contract and a premium of 30 yuan/ton to Shanghai spot [8]. - In the Tianjin market, 0 zinc ingots were mainly traded between 21,890 - 22,010 yuan/ton, and 1 zinc ingots were traded around 21,800 - 21,920 yuan/ton. The price of Huludao zinc was 22,580 yuan/ton [8]. - In the Guangdong market, 0 zinc was mainly traded between 21,845 - 21,995 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the "2511" contract and at par with Shanghai spot [8]. Group 6: Data Overview - The report mentions data on the weekly inventory of SMM's seven - region zinc ingots (in 10,000 tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE's inter - month spread, but specific data values are not provided [13][15]

1. Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 23, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 2. Market Review - Futures Market: The Shanghai zinc futures market opened lower and rebounded, with the main contract switching to ZN2511, closing at 22,090 yuan/ton, up 30 yuan or 0.14%. The trading volume increased, and the open interest rose by 68,581 lots to 130,425 lots. LME zinc inventory decreased by 1,000 tons to 46,825 tons, and the overseas spot premium widened. The domestic processing fee had limited upward momentum, and the SMM zinc concentrate domestic monthly TC was 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose by 2 US dollars/dry ton to 98.25 US dollars/dry ton. The by - product sulfuric acid price was stable with a slight decline. Due to more smelter overhauls in September and supply shortages in some secondary zinc enterprises, the monthly output was expected to decline by 1 - 20,000 tons to around 600,000 tons, and the supply remained generally loose. On the demand side, the operating rates of galvanizing and zinc oxide increased slightly, but overall consumption in the peak season was not ideal. The inventory was expected to continue to decline this week, and the zinc price would continue to fluctuate between 21,800 - 22,500 yuan [7]. 3. Industry News - On September 22, 2025, the mainstream transaction prices of 0 zinc were concentrated between 19,100 - 22,065 yuan/ton, and different brands had different price ranges and premium/discount situations in different trading periods and regions such as Shanghai, Ningbo, Tianjin, and Guangdong [8][17] 4. Data Overview - There are figures showing the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads, with data sources including Wind and SMM, and the research and development department of Jianxin Futures [11][14]

1. Report Industry Investment Rating - Unilateral: Neutral. Arbitrage: Neutral. [5] 2. Core Viewpoints - Zinc prices maintain a volatile pattern. Consumption resilience and inventory changes are the main factors affecting zinc prices. The consumption side may face a test in May, with a possible sequential weakening in consumption after May. [1][4] 3. Summary by Related Catalogs 3.1 Important Data - **Spot**: LME zinc spot premium is -$36.93/ton. SMM Shanghai zinc spot price rose by 80 yuan/ton to 22,850 yuan/ton, and the spot premium fell by 15 yuan/ton to 500 yuan/ton. SMM Guangdong zinc spot price rose by 80 yuan/ton to 22,850 yuan/ton, and the spot premium fell by 15 yuan/ton to 500 yuan/ton. SMM Tianjin zinc spot price rose by 70 yuan/ton to 22,830 yuan/ton, and the spot premium fell by 25 yuan/ton to 480 yuan/ton. [2] - **Futures**: On May 8, 2025, the Shanghai zinc main contract opened at 22,245 yuan/ton, closed at 22,175 yuan/ton, down 175 yuan/ton from the previous trading day. The trading volume was 222,075 lots, an increase of 66,119 lots from the previous trading day, and the open interest was 119,907 lots, an increase of 3,206 lots. The highest price reached 22,455 yuan/ton, and the lowest price was 22,070 yuan/ton. [2] - **Inventory**: As of May 8, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 83,300 tons, an increase of 6,300 tons from the same period last week. As of the same date, LME zinc inventory was 170,650 tons, a decrease of 750 tons from the previous trading day. [3] 3.2 Market Analysis - **Spot Market**: Trading has been lukewarm. Rising absolute prices have dampened downstream purchasing enthusiasm, leading to a slight decline in spot premiums. However, overall inventory is low and supply is tight, so spot premiums remain at a high level. [4] - **Cost**: TC remains high and relatively stable, with limited upside potential in the future. But it does not affect smelters' profitability, so TC is not the main concern for now. [4] - **Supply**: The expected output in May is slightly lower, but still shows a high year - on - year growth. There may also be a delay in maintenance, so the supply pressure persists. [4] - **Consumption**: This is the current focus. The continuous decline in social inventory supports zinc prices. Consumption resilience and inventory changes are the main factors affecting zinc prices. Consumption in May may face a test, and there may be a sequential weakening in consumption after May due to the approaching end of the export rush window and over - drafting. [4]

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core View - Zinc prices are expected to maintain a short - term oscillating trend [1]. Group 3: Summary by Related Catalogs Important Data - **Spot Market**: The LME zinc spot premium is -$15.80 per ton. SMM Shanghai zinc spot price rose by 150 yuan/ton to 22,920 yuan/ton, with the premium rising by 220 yuan/ton to 490 yuan/ton. SMM Guangdong zinc spot price rose by 220 yuan/ton to 22,900 yuan/ton, with the premium rising by 290 yuan/ton to 470 yuan/ton. SMM Tianjin zinc spot price rose by 160 yuan/ton to 22,980 yuan/ton, with the premium rising by 230 yuan/ton to 550 yuan/ton [2]. - **Futures Market**: On April 14, 2025, the main SHFE zinc contract opened at 22,445 yuan/ton and closed at 22,515 yuan/ton, up 170 yuan/ton from the previous trading day. The trading volume was 155,488 lots, an increase of 22,142 lots, and the position was 105,798 lots, an increase of 41,317 lots. The intraday price fluctuated between 22,355 yuan/ton and 22,595 yuan/ton [2]. - **Inventory**: As of April 14, 2025, the total inventory of SMM seven - region zinc ingots was 105,600 tons, a decrease of 5,400 tons from the previous week. The LME zinc inventory was 117,300 tons, a decrease of 2,050 tons from the previous trading day [3]. Market Analysis - **Spot Market**: The change of the main contract led to a significant increase in the premium of the spot to the main contract, but the premium of the actual spot market transaction to the 05 contract declined [4]. - **Fundamentals**: On the supply side, the TC has not changed its upward trend so far, but the future upward space and amplitude are limited. Currently, with the high TC and price, the smelting enthusiasm is high, and the supply will continue to increase, which will limit the upward height of zinc prices. Consumption is relatively strong. The export market has not been affected by tariffs, and the year - on - year export growth rate is relatively fast. After the absolute price dropped, the downstream's enthusiasm for point - price procurement was high, the social inventory decreased significantly, the spot premium rose rapidly, and the low inventory provided favorable support for zinc prices, resulting in a range - bound trend of zinc prices [4]. Strategy - **Unilateral**: Neutral. - **Arbitrage**: Inter - period positive spread [5]