1. Report's Investment Rating for the Industry - No information provided 2. Core Views of the Report - **Likely Positive Factors**: Demand during the off - season is not weak, and consumption resilience supports market sentiment. China's apparent consumption is growing steadily, and the output of galvanized sheets is slowly recovering [3] - **Likely Negative Factors**: Zinc ore supply has rebounded more than expected, inventories are continuously accumulating, and the supply - demand pattern is in excess. Global consumption is differentiated, with a significant decline in demand in Western countries and high - level inventories [3] - **Trading Consultation View**: There is a divergence between the fundamental situation and macro - expectations, and there is no solid support for the upward movement of futures prices [3] 3. Summary by Related Catalogs 3.1 Processing and Terminal Demand - **Galvanized Sheet Coil**: Information includes market sentiment index (weekly), weekly inventory (seasonal), and steel mill weekly output (seasonal) [5] - **Net Exports**: There are data on the seasonal net exports of galvanized sheets (strips), die - cast zinc alloys, color - coated sheets (strips), and zinc oxide [6][8] - **Real Estate**: Data on real estate development investment, project progress, sales area, and unsold area are presented in terms of cumulative year - on - year changes, along with data on land transaction area and commercial housing transaction volume [11][13][16] - **Infrastructure**: Information on the completed amount of infrastructure fixed - asset investment (excluding rural households) is provided [19] 3.2 Supply and Supply - Side Profits - **Zinc Concentrate**: Monthly import volume (seasonal), TC (treatment and refining charges), and raw material inventory days are included [22][24][29] - **Zinc Ingot**: Monthly output (seasonal), production + import volume (seasonal), and related inventory data such as LME, SHFE, and exchange inventories are presented, along with the production profit and processing fees of refined zinc enterprises [26][27][30] 3.3 Futures and Spot Market Review - **Zinc Price Trends**: The trends of domestic and foreign zinc prices, the relationship between LME zinc closing price and the US dollar index, and the LME zinc (spot/three - month) spread are shown [32][34][36] - **Trading Volume and Open Interest**: Information on the trading volume and open interest of the Shanghai zinc futures main contract is provided [33] - **Basis**: Data on the basis trends of zinc ingots in three locations and the seasonal basis of Tianjin zinc ingots are presented [38][39]

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