Report Summary 1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints - The previous trading day saw the Shanghai Zinc futures show a volatile rebound, closing with a positive line. The trading volume shrank, and both long and short positions reduced, with more reduction in long positions. It was a volume - shrinking rebound, indicating that long - position holders were actively exiting while short - position holders were also on the sidelines. The market may experience short - term volatile consolidation. Technically, the price closed above the moving average system with strong support. The short - term KDJ indicator rose and operated in the strong zone, while the trend indicator declined, suggesting a decrease in long - position strength and an increase in short - position strength, with the advantage of long - position holders narrowing. The Shanghai Zinc ZN2512 is expected to have a volatile rebound [19]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In August 2025, global zinc plate production was 1.1507 million tons, consumption was 1.1717 million tons, resulting in a supply shortage of 21,000 tons. From January to August 2025, global zinc plate production was 9.0885 million tons, consumption was 9.3698 million tons, with a supply shortage of 281,300 tons. In August 2025, global zinc ore production was 1.0696 million tons, and from January to August 2025, it was 8.4457 million tons, presenting a bullish signal [2]. 3.2 Basis - The spot price was 22,760, and the basis was +80, showing a neutral situation [2]. 3.3 Inventory - On November 12, the LME zinc inventory increased by 575 tons to 35,875 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants increased by 372 tons to 70,890 tons, indicating a bearish factor [2]. 3.4 Market Trends - The previous day, Shanghai Zinc showed a volatile rebound, closing above the 20 - day moving average, with the 20 - day moving average trending upwards, a bullish sign [2]. 3.5 Main Positions - The main positions were net short, and the short positions decreased, which was a bearish signal [2]. 3.6 Futures Market Quotes on November 12 - For different delivery months of zinc futures, details such as opening price, closing price, trading volume, and open interest were provided. For example, for the zn2512 contract, the opening price was 22,565, the closing price was 22,680, the trading volume was 71,426 lots, and the open interest was 105,905 lots with a decrease of 1,570 lots [3]. 3.7 Domestic Spot Market Quotes on November 12 - The domestic spot market quotes included zinc concentrate and zinc ingots. The domestic zinc concentrate spot TC was 2,700 yuan/metal ton, a decrease of 100 yuan/metal ton; the imported zinc concentrate comprehensive TC was 100 US dollars/dry ton, unchanged. The price of 0 zinc in different regions varied, such as 22,760 yuan/ton in Shanghai, 22,530 yuan/ton in Guangdong (a decrease of 50 yuan/ton), 22,655 yuan/ton in Tianjin (a decrease of 40 yuan/ton), and 22,745 yuan/ton in Zhejiang (a decrease of 10 yuan/ton) [4]. 3.8 Zinc Ingot Inventory Statistics in Main Markets - From October 30 to November 10, 2025, the total inventory of zinc ingots in major Chinese markets decreased from 163,200 tons to 161,500 tons. Compared with November 3, the inventory decreased by 800 tons; compared with November 6, it decreased by 100 tons [5]. 3.9 Zinc Warehouse Receipt Report on November 12 - The total zinc warehouse receipts on the futures exchange were 70,890 tons, an increase of 372 tons. Among them, the warehouse receipts in Guangdong increased by 498 tons, while those in Tianjin decreased by 126 tons [6]. 3.10 LME Zinc Inventory Distribution and Statistics on November 12 - The LME zinc inventory had different changes at various locations. The total inventory was 35,875 tons, an increase of 575 tons compared to the previous day. The registered warehouse receipts were 31,950 tons, and the注销 warehouse receipts were 3,925 tons, with a注销 ratio of 10.94% [7]. 3.11 Zinc Concentrate Processing Fees on November 12 - The zinc concentrate processing fees varied by region. For domestic 50% - grade zinc concentrate, the average processing fee was generally around 2,700 yuan/metal ton, with a decrease of 100 - 200 yuan/metal ton in most regions. The imported 48% - grade zinc concentrate processing fee was 100 US dollars/kiloton [17]. 3.12 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on November 12 - For the zn2512 contract, the total trading volume of members was 113,074 lots, a decrease of 11,512 lots. The total long - position volume was 73,076 lots, a decrease of 1,076 lots, and the total short - position volume was 70,165 lots, a decrease of 859 lots. Leading futures companies like CITIC Futures had significant positions in trading volume, long positions, and short positions [18]. 3.13 Domestic Refined Zinc Production in October 2025 - The planned production value in October was 509,600 tons, and the actual production was 524,300 tons, with a month - on - month increase of 4.87% and a year - on - year increase of 18.38%. The production was 2.88% higher than the planned value, and the capacity utilization rate was 73.33%. The planned production for November was 522,300 tons [15].

Report Industry Investment Rating - No information provided in the content. Core Viewpoints - The export window for zinc ingots is open, and some domestic zinc ingots are flowing out. The Shanghai zinc futures price has remained high, but the weak fundamental consumption is expected to suppress the subsequent zinc price. The Shanghai-London ratio is expected to remain stable next week [6]. Summary by Directory 1. Weekly Review - **Supply - Side**: The domestic zinc concentrate processing fee (TC) decreased by 7.02% to 2650 yuan/metal ton. The import zinc concentrate TC continued to deteriorate, with the ordinary zinc ore offer at 60 - 100 dollars/dry ton. The galvanizing, zinc oxide, and die - casting zinc alloy开工 rates decreased by 4.19%, 0.96%, and 2.95% respectively. The decrease in the galvanizing开工 rate was due to environmental protection restrictions in some regions, which are expected to end soon. The die - casting zinc alloy开工 rate decreased due to production problems in some enterprises and the rising zinc price [6]. - **Demand - Side**: In the south, the improvement in weather led to increased orders for some terminal projects such as greenhouse pipes and transportation. Export orders were relatively stable due to tariff negotiations [6]. - **Inventory**: As of November 6, the SMM seven - region zinc ingot inventory decreased by 0.30 tons to 15.87 tons compared to November 3. The Shanghai and Guangdong inventories decreased due to downstream pick - up and exports. The bonded area inventory decreased to 0.38 tons, and the LME zinc inventory dropped to 0 tons. The spot trading was average, and the spot premium was expected to remain weak [6]. - **Futures and Spot Prices**: The Shanghai - London ratio rose to around 7.4, and the zinc ingot import window remained closed. The London zinc price was under pressure from the strong US dollar but was supported by the low inventory. The Shanghai zinc price rose rapidly but fluctuated due to weak domestic consumption. In terms of spot prices, the Guangdong spot premium was expected to continue to fluctuate, the Shanghai spot premium was expected to remain volatile, and the Tianjin spot premium might rise slightly after the end of environmental protection restrictions [8][12][13]. 2. Supply Side - **Processing Fee**: In November, the domestic zinc ore processing fee declined rapidly, increasing the raw material procurement pressure on smelters. The SMM predicted a slight decrease in zinc ingot production in November compared to October, but the overall supply remained strong. The zinc ingot export window has been open since October and November, and the export expectation has boosted the domestic zinc price [16]. - **Production and Import**: From January to September 2025, the cumulative import of zinc concentrate was 400.9 million tons, a year - on - year increase of 41.3%. In September, the import of zinc concentrate was 50.5 million tons, a year - on - year increase of 25.0% and a month - on - month increase of 8.2%. The import of refined zinc and zinc alloy decreased slightly year - on - year. In September, the import of refined zinc was 2.3 million tons, a year - on - year decrease of 57.0% [32]. 3. Demand Side - **Downstream Prices and Production**: The report provided historical price trends of downstream products such as zinc alloy, zinc oxide, and hot - dip galvanizing. The weekly production and开工 rates of downstream industries such as galvanizing, die - casting, and zinc oxide were also presented, but specific changes were not detailed [36][39]. 4. Inventory Changes - **Futures Inventory**: The LME zinc inventory dropped to 0 tons, and the SHFE zinc inventory decreased by 3.10%. - **Spot Inventory**: The SMM seven - region zinc ingot inventory decreased, and the bonded area inventory also decreased due to exports [6][44][46]. 5. Macroeconomic Influences - The report presented historical trends of exchange rates, the Shanghai - London ratio, the US dollar index, and the US federal funds target rate, but did not elaborate on their specific impacts on the zinc market [51].

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core View - The report suggests that the Shanghai zinc futures (ZN2511) are expected to oscillate weakly. The conclusion is based on a comprehensive analysis of multiple factors, including the fundamental supply - demand situation, basis, inventory, market trends, and positions of major players [2][20]. Group 3: Summary by Directory 1. Fundamentals - In July 2025, global zinc sheet production was 1.1515 million tons and consumption was 1.1629 million tons, resulting in a supply shortage of 11,300 tons. From January to July, production was 7.9452 million tons and consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons, and from January to July, it was 7.3437 million tons [2]. 2. Basis - The spot price of zinc was 21,860 yuan, and the basis was +0, indicating a neutral situation [2]. 3. Inventory - On September 24, LME zinc inventory decreased by 1,375 tons to 44,400 tons, while SHFE zinc inventory warrants increased by 744 tons to 57,357 tons [2][6]. 4. Market Trends - The previous day, Shanghai zinc futures showed an oscillating downward trend, closing below the 20 - day moving average, with the 20 - day moving average pointing downward, presenting a bearish signal [2]. 5. Major Player Positions - The major players held a net long position, but the long positions decreased, showing a bullish tendency [2]. 6. Futures Market Quotes on September 24 - For the zinc futures contract, different delivery months had various price movements. For example, the 2510 contract had a previous settlement price of 21,945 yuan, a closing price of 21,845 yuan, and a decrease of 100 yuan. The trading volume was 38,405 lots, and the trading value was 420.67467 million yuan [3]. 7. Domestic Spot Market Quotes on September 24 - The prices of zinc - related products such as zinc concentrate, zinc ingots, galvanized sheets, galvanized pipes, zinc alloys, zinc powder, zinc oxide, and secondary zinc oxide all showed different degrees of decline [4]. 8. Zinc Ingot Inventory Statistics in Major Domestic Markets - From September 11 to September 22, the total zinc ingot inventory in major domestic markets changed. Compared with September 15, it decreased by 50,000 tons, and compared with September 18, it decreased by 37,000 tons [5]. 9. Zinc Warrant Report on September 24 - The total zinc warrants on the SHFE were 57,357 tons, an increase of 744 tons. Different regions had different changes in warrants, such as an increase of 500 tons in Guangdong and an increase of 394 tons in Tianjin [6]. 10. LME Zinc Inventory Distribution on September 24 - The total LME zinc inventory was 44,400 tons, a decrease of 1,375 tons from the previous day. The registered warrants were 30,725 tons, and the cancelled warrants were 13,675 tons, with a cancellation ratio of 30.80% [8]. 11. Zinc Concentrate Prices in Major Domestic Cities on September 24 - Zinc concentrate prices in major domestic cities showed a downward trend, with most prices dropping by 20 - 50 yuan per ton [9]. 12. Zinc Ingot Smelter Prices on September 24 - The prices of zinc ingots from different smelters all decreased by 60 yuan per ton [13]. 13. Domestic Refined Zinc Production in June 2025 - The production of refined zinc in June 2025 was 471,800 tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The capacity utilization rate was 87.10%, and the planned production for July was 470,300 tons [15]. 14. Zinc Concentrate Processing Fees on September 23 - Zinc concentrate processing fees varied by region. For example, in some regions with a 50% grade, the average processing fee was 3,800 - 4,100 yuan per metal ton, and the import processing fee for 48% grade was 100 US dollars per dry ton [17]. 15. Ranking of Zinc Trading and Positions of SHFE Members on September 24 - For the zn2511 contract, in terms of trading volume, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures. In terms of long positions, the top three were CITIC Futures, Dongzheng Futures, and COFCO Futures. In terms of short positions, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures [18]. 16. Short - term View - The previous trading day, Shanghai zinc futures showed an oscillating downward trend. The trading volume shrank, and both long and short positions increased, with short positions increasing more. Technically, the price closed below the moving average system, and short - term indicators showed a weak trend. It is recommended that the Shanghai zinc ZN2511 contract will oscillate weakly [20].

Group 1: Report Overview - Report Name: Zinc Futures Daily Report [1] - Date: September 16, 2025 [2] Group 2: Industry Investment Rating - Not mentioned in the provided content Group 3: Core Viewpoints - The Shanghai Zinc 2510 contract closed at 22,310 yuan/ton, up 30 yuan or 0.13%, with reduced volume and positions. The 10 - 11 spread was -5. Domestic processing fees have limited upward momentum, and the SMM domestic monthly TC for zinc concentrate is 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose 2.5 dollars/dry ton to 96.25 dollars/dry ton. By - product sulfuric acid prices declined due to supply recovery. Despite a contraction in comprehensive profits, they remain at a relatively high level. In September, more smelters are under maintenance, and some secondary zinc enterprises face tight raw material supply and rising prices, so the monthly output is expected to decline by 1 - 20,000 tons to around 600,000 tons, with the supply side remaining generally loose. After the parade, logistics and production restrictions in North and Central China were lifted, and the operating rates in the primary consumption sectors increased month - on - month. However, the improvement in the consumption side is slowly transmitted upstream, and social inventories continued to accumulate on Monday, with a slower accumulation pace. The domestic and foreign inventory performances are differentiated, with LME zinc inventories dropping to around 50,000 tons, and concerns about overseas refined zinc supply have caused a spot premium, strengthening the 0 - 3B. Weak US employment data has consolidated the expectation of interest rate cuts, and the rising center of London zinc has a driving effect on the domestic market. However, the weak fundamentals of Shanghai zinc and the absence of an inflection point in inventory reduction result in insufficient upward driving force, maintaining a range - bound pattern, with a reference range of 22,000 - 22,600 yuan/ton [7] Group 4: Market Review - **Futures Market Quotes**: The opening, closing, highest, lowest prices, changes, change rates, positions, and position changes of Shanghai Zinc 2509, 2510, and 2511 contracts are presented. Shanghai Zinc 2510 closed at 22,310 yuan/ton, up 30 yuan or 0.13%, with positions decreasing by 5,694 to 92,003 hands [7] - **Processing Fees and Supply**: Domestic processing fees have limited upward momentum, with local quotes showing a narrow decline but no downward trend. The SMM domestic monthly TC for zinc concentrate is 3,850 yuan/metal ton, and the SMM imported zinc concentrate index rose 2.5 dollars/dry ton to 96.25 dollars/dry ton. Sulfuric acid prices declined, and although comprehensive profits contracted, they are still at a relatively high level. In September, smelter maintenance increased, and some secondary zinc enterprises faced raw material issues, with expected monthly output dropping by 1 - 20,000 tons to around 600,000 tons [7] - **Consumption and Inventory**: After the parade, consumption in the primary sectors improved, but the improvement was slowly transmitted upstream. Social inventories continued to accumulate on Monday, with a slower pace. LME zinc inventories dropped to around 50,000 tons, and overseas supply concerns led to a spot premium [7] Group 5: Industry News - On September 15, 2025, the mainstream transaction prices of 0 zinc, 1 zinc, and high - end brands like Shuangyan in different regions (including Shanghai, Ningbo, Tianjin, and Guangdong) are reported, along with their quotes relative to the SMM average price, the 2510 contract, and the Shanghai spot price [8][9] Group 6: Data Overview - The report includes figures such as the SMM seven - region weekly zinc ingot inventory (in 10,000 tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and the SHFE inter - month spread, with data sources from SMM, Wind, and the research and development department of Jianxin Futures [11][13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Fed's potential rate - cut in September and the weakening US dollar are favorable for risk assets, but the uncertainty of the Fed's personnel changes may disrupt market risk appetite. The domestic economy has the basis to achieve the annual growth target, and mild stimulus measures are expected to be introduced [2][87]. - Zinc concentrate supply is steadily recovering, with the growth of domestic ore processing fees slowing down and the acceleration of the recovery of imported ore processing fees. In September, due to more refinery maintenance plans, refined zinc production is expected to decrease by 2.62% to 60.98 tons, and zinc ingot imports still face large losses [2][87]. - Zinc demand is differentiated. Infrastructure construction is expected to speed up, and the issuance of the third batch of ultra - long - term special treasury bonds supports the domestic sales of durable goods. The delay of Sino - US tariff policies eases the export pressure of related products, and the concentrated grid - connection of deep - sea projects promotes the development of the wind power industry. However, the real estate market is weak, photovoltaic demand is overdrawn, and galvanized sheets are affected by anti - dumping, which will drag down consumption [2][87]. - Overall, the Fed's potential rate - cut and domestic economic support policies provide support for zinc prices. With the reduction of supply pressure and the approaching of the traditional peak demand season, zinc prices are expected to stabilize and rebound in September. Attention should be paid to whether the improvement in consumption can be effectively realized [2][87][88] 3. Summary According to Related Catalogs 3.1 Zinc Market Review - In August, the main contract price of Shanghai zinc fluctuated in a narrow range at a low level, with a monthly decline of 0.92%. London zinc's center of gravity moved slightly upward, with a monthly increase of 1.88% [6]. 3.2 Macroeconomic Analysis 3.2.1 US Situation - The US economy is mixed. Employment is cooling, inflation is moderate, and the Fed's stance has turned dovish. The probability of a rate cut in September is high, and the US dollar is in a weak position, which is favorable for risk assets. However, the uncertainty of the Fed's personnel changes will affect market risk appetite [8][9][10]. 3.2.2 Eurozone Situation - The eurozone's manufacturing prosperity is continuously recovering, inflation is stable, and the employment market is improving. The ECB is expected to keep interest rates unchanged in September, but the political crisis in France may put pressure on the euro [11][13]. 3.2.3 Domestic Situation - Most domestic economic indicators slowed down in July, but exports showed strong resilience. The annual growth target can still be achieved, and mild stimulus measures are expected to be introduced [14][15]. 3.3 Zinc Fundamental Analysis 3.3.1 Zinc Ore Supply - Global zinc concentrate supply is recovering. Overseas zinc concentrate is expected to increase by about 550,000 tons this year, and domestic zinc concentrate is expected to increase by about 100,000 tons. Zinc concentrate processing fees are rising, and zinc ore imports in July exceeded expectations [28][32][33]. 3.3.2 Refined Zinc Supply - In 2025, from January to June, global refined zinc production decreased year - on - year. Domestic production increased, while overseas production decreased. In September, refined zinc production is expected to decrease by 2.62% month - on - month, and zinc ingot imports are expected to decline [38][44][45]. 3.3.3 Refined Zinc Demand - From January to June 2025, global refined zinc consumption increased year - on - year. In the overseas market, the improvement of real estate and automobile consumption is uncertain. In the domestic market, the start - up of downstream primary processing enterprises in September is expected to improve, and the export of galvanized sheets has resilience. Traditional consumption sectors such as infrastructure and real estate show different trends, and emerging consumption sectors such as new energy have both opportunities and challenges [52][59][61]. 3.3.4 Inventory - In August, LME zinc inventory decreased rapidly, and domestic social inventory increased seasonally. In September, domestic social inventory is expected to turn to destocking [85]. 3.4 Summary and Outlook - The Fed's potential rate - cut and domestic economic support policies support zinc prices. With the reduction of supply pressure and the approaching of the traditional peak demand season, zinc prices are expected to stabilize and rebound in September. Attention should be paid to the improvement of consumption [87][88].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the main contract of Shanghai Zinc fluctuated and declined, with a weekly change of -1.02% and an amplitude of 1.29%. The closing price of the main contract was 22,275 yuan/ton. Looking ahead, macro - factors show that the preliminary value of the US manufacturing PMI in August reached 53.3, hitting a new high in more than three years and increasing inflation pressure. In terms of fundamentals, the import volume of zinc ore at home and abroad has risen, the zinc ore processing fee has continued to increase, and the sulfuric acid price has risen significantly, leading to a further repair of smelter profits and increased production enthusiasm. New production capacities are being released, and previously overhauled capacities are resuming production, accelerating the growth of supply. Currently, the import loss continues to expand, and the inflow of imported zinc has decreased. On the demand side, it is the off - season, the operating rate of processing enterprises has decreased year - on - year. After the recent decline in zinc prices, downstream enterprises mainly purchase on - demand at low prices, and the overall transaction has improved. Domestic social inventories have slightly decreased, and the spot premium has remained stable. Overseas LME inventories have decreased significantly, and the LME spot premium has been adjusted downward, which may weaken the support for domestic zinc prices. Technically, the price is adjusting at a low position of holdings, and attention should be paid to the support at 22,200. It is recommended to wait and see or go long lightly at low prices [4]. 3. Summaries According to Relevant Catalogs 3.1 Week - to - Week Summary - **Market Review**: The main contract of Shanghai Zinc fluctuated and declined this week, with a weekly change of -1.02% and an amplitude of 1.29%. The closing price of the main contract was 22,275 yuan/ton [4]. - **Market Outlook**: Macroeconomic factors include the high US manufacturing PMI and inflation pressure. Fundamentally, supply is increasing, and demand is in the off - season. Technically, attention should be paid to the support at 22,200 [4]. - **Strategy Suggestion**: It is recommended to wait and see or go long lightly at low prices [4]. 3.2 Futures and Spot Market - **Price and Ratio**: The price of Shanghai Zinc futures declined this week, and the Shanghai - London ratio decreased. As of August 22, 2025, the closing price of Shanghai Zinc was 22,275 yuan/ton, a decrease of 230 yuan/ton from August 15, 2025, with a decline of 1.02%. As of August 21, 2025, the closing price of LME Zinc was 2,767 US dollars/ton, a decrease of 75.5 US dollars/ton from August 15, 2025, with a decline of 2.66% [9]. - **Net Position and Open Interest**: As of August 22, 2025, the net position of the top 20 in Shanghai Zinc was -7,709 lots, a decrease of 26,519 lots from August 15, 2025. The open interest of Shanghai Zinc was 211,313 lots, a decrease of 4,138 lots from August 15, 2025, with a decline of 1.92% [12]. - **Price Spreads**: As of August 22, 2025, the aluminum - zinc futures spread was 1,645 yuan/ton, a decrease of 90 yuan/ton from August 15, 2025. The lead - zinc futures spread was 5,495 yuan/ton, a decrease of 160 yuan/ton from August 15, 2025 [16]. - **Premium and Discount**: As of August 22, 2025, the spot price of 0 zinc ingot was 22,210 yuan/ton, a decrease of 250 yuan/ton from August 15, 2025, with a decline of 1.11%. The spot discount was 45 yuan/ton, an increase of 20 yuan/ton from last week. As of August 21, 2025, the LME zinc near - month and 3 - month spread was -7.54 US dollars/ton, a decrease of 6.98 US dollars/ton from August 14, 2025 [22]. - **Inventory**: As of August 21, 2025, the LME refined zinc inventory was 69,375 tons, a decrease of 8,075 tons from August 14, 2025, with a decline of 10.43%. As of August 22, 2025, the SHFE refined zinc inventory was 77,838 tons, an increase of 1,035 tons from last week, with an increase of 1.35%. As of August 21, 2025, the domestic refined zinc social inventory was 117,600 tons, an increase of 7,600 tons from August 14, 2025, with an increase of 6.91% [25]. 3.3 Industry Situation - **Upstream**: In May 2025, the global zinc ore output was 1.0193 million tons, a month - on - month decrease of 2.37% and a year - on - year increase of 2.49%. In July 2025, the import volume of zinc ore concentrates was 501,424.97 tons, a month - on - month increase of 51.97% and a year - on - year increase of 37.75% [31]. - **Supply - Side**: In May 2025, the global refined zinc output was 1.1164 million tons, a decrease of 48,700 tons from the same period last year, with a decline of 4.18%. The global refined zinc consumption was 1.1605 million tons, an increase of 36,800 tons from the same period last year, with an increase of 3.27%. The global refined zinc gap was 44,100 tons. In July 2025, the zinc output was 617,000 tons, a year - on - year increase of 13.8%. From January to July, the cumulative zinc output was 4.166 million tons, a year - on - year increase of 1.3%. In July 2025, the refined zinc import volume was 17,903.91 tons, a year - on - year decrease of 2.97%. The refined zinc export volume was 406.07 tons, a year - on - year decrease of 85.11% [36][40][43]. - **Downstream**: - Galvanized sheet (strip): From January to June 2025, the inventory of domestic major enterprises' galvanized sheet (strip) was 790,300 tons, a year - on - year increase of 21.31%. In July 2025, the import volume of galvanized sheet (strip) was 30,900 tons, a year - on - year decrease of 39.92%. The export volume was 346,700 tons, a year - on - year increase of 43.29% [46]. - Real estate: From January to July 2025, the new housing construction area was 352.0614 million square meters, a year - on - year decrease of 19.5%. The housing completion area was 250.3441 million square meters, a year - on - year decrease of 21.19%. The funds in place for real estate development enterprises were 5.728655 trillion yuan, a year - on - year decrease of 7.5%. Among them, personal mortgage loans were 791.8 billion yuan, a year - on - year decrease of 9.3% [51][52]. - Infrastructure: In July 2025, the real estate development climate index was 93.34, a decrease of 0.25 from last month and an increase of 1.23 from the same period last year. From January to July 2025, the infrastructure investment increased by 7.29% year - on - year [57]. - Home appliances: In July 2025, the refrigerator output was 8.7307 million units, a year - on - year increase of 5%. From January to July, the cumulative refrigerator output was 59.6315 million units, a year - on - year increase of 0.9%. In July 2025, the air - conditioner output was 20.5965 million units, a year - on - year increase of 1.5%. From January to July, the cumulative air - conditioner output was 183.4554 million units, a year - on - year increase of 5.1% [61]. - Automobile: In July 2025, the Chinese automobile sales volume was 2,593,410 units, a year - on - year increase of 14.66%. The automobile production volume was 2,591,084 units, a year - on - year increase of 13.33% [64].

Group 1: General Information - Report Name: Zinc Futures Daily Report [1] - Date: August 22, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - **Futures Market Quotes**: - The main contract of SHFE zinc 2510 closed at 22,240 yuan/ton, up 30 yuan with a 0.14% increase, with reduced volume and positions. The positions decreased by 568 lots to 110,426 lots. - LME zinc inventory decreased by 1,875 tons to 69,375 tons, with the entire decline from Singapore. The 0 - 3 spread was C9.33. - The domestic zinc market has a core contradiction of abundant concentrates and sufficient refined zinc, and social inventory has been accumulating, reflecting the surplus pressure. From January to July, the cumulative year - on - year increase in imported zinc concentrates was 45.2%. In August, the processing fee continued to rise, with the imported zinc concentrate index at 90.3 US dollars/dry ton and the domestic zinc concentrate TC stable at 3,900 yuan/metal ton. High TC and high sulfuric acid prices have expanded smelters' profit margins. In August, there were few domestic maintenance activities, and the refined zinc output may increase to 621,500 tons. - The downstream is in the off - season, and although there are policy supports on the demand side, the weakness is still obvious. The operating load in the primary consumption field remains at a low level. Overall, the pattern of strong overseas and weak domestic markets continues. The domestic market is difficult to fall deeply due to the influence of the overseas market. There is an expectation of a switch from the off - season to the peak season in late August, and the callback space of SHFE zinc is limited, with short - term wide - range fluctuations [7]. Group 3: Industry News - **Shanghai Market**: On August 21, 2025, the mainstream transaction price of 0 zinc was 22,240 - 22,305 yuan/ton, and that of Shuangyan was 22,360 - 22,415 yuan/ton. In the morning, the market quoted a premium of 20 - 40 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a discount of 10 yuan/ton to the 2509 contract [8]. - **Ningbo Market**: The mainstream price of 0 zinc was 22,220 - 22,275 yuan/ton. The regular brands in Ningbo were quoted at a discount of 40 yuan/ton to the 2509 contract and at par to the Shanghai spot price [8]. - **Tianjin Market**: The mainstream transaction price of 0 zinc was 22,210 - 22,280 yuan/ton, and that of Zijin was 22,230 - 22,310 yuan/ton. 0 zinc was generally quoted at a discount of 30 - 50 yuan/ton to the 2509 contract, and Zijin was quoted at a discount of 0 - 30 yuan/ton to the 2509 contract. The Tianjin market was at a discount of about 20 yuan/ton to the Shanghai market [8][9]. - **Guangdong Market**: The mainstream transaction price of 0 zinc was 22,150 - 22,255 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the 2510 contract and at a discount of 30 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong narrowed [9]. Group 4: Data Overview - The report provides data on the seven - region weekly zinc ingot inventory of SMM, LME zinc inventory, the price trends of zinc in two markets, and the SHFE monthly spread, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [13][14]

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 19, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not mentioned Core View - The core contradiction of abundant zinc ore and refined zinc in the zinc market is more prominent during the off - season of demand, and the inventory accumulation trend continues. The zinc market supply remains loose, and the demand is hard to improve substantially as it has not stepped out of the off - season. Although the macro - atmosphere is warm, the weak fundamental pattern is difficult to resonate with it. The Shanghai zinc has given back its previous gains, and the current pattern of strong overseas and weak domestic continues. The domestic market is driven by the overseas market and is unlikely to fall deeply. There is an expectation of a switch from the off - season to the peak season for demand in the second half of the month, and the callback space of Shanghai zinc is limited, with short - term wide - range fluctuations as the main trend [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: The main contract of Shanghai zinc (2509) closed at 22,340 yuan/ton, down 180 yuan, a decline of 0.80%, with reduced volume and positions, and the position was 69,630 lots. The 2510 contract closed at 22,360 yuan/ton, down 185 yuan, a decline of 0.82%, and the position increased by 5,691 lots to 96,755 lots. The 2511 contract closed at 22,360 yuan/ton, down 190 yuan, a decline of 0.84%, and the position decreased by 63,418 lots to 27,646 lots [7] - **Fundamentals**: The supply of zinc ore is loose, which pushes up the processing fee. The import zinc concentrate index is reported at 82.25 US dollars/dry ton, and the monthly average TC of domestic zinc concentrates by SMM remains stable at 3,900 yuan/metal ton. High TC and high sulfuric acid prices year - on - year drive the continuous expansion of smelters' profit margins, and smelters have sufficient production enthusiasm. The domestic refined zinc output in August may increase to 621,500 tons, and the supply side remains abundant. The downstream off - season characteristics are significant. Although there are demand - supporting policies, the weakness is hard to cover in the short term, and the operating load in the primary consumption field is still in a weak range [7] 2. Industry News - **August 18, 2025 Transactions**: The mainstream transaction price of 0 zinc was concentrated at 22,305 - 22,415 yuan/ton, and Shuangyan was traded at 22,385 - 22,525 yuan/ton. The mainstream transaction price of 1 zinc was 22,235 - 22,345 yuan/ton. In the morning, the market quoted a premium of 20 - 30 yuan/ton to the SMM average price, and there were few quotes against the market. In the second trading session, ordinary domestic brands quoted a discount of 20 - 10 yuan/ton to the 2509 contract, Honglu - v quoted at par to the 2509 contract, Huize quoted a premium of 50 - 60 yuan/ton to the 2509 contract, and the high - price brand Shuangyan quoted a premium of 60 - 100 yuan/ton to the 2509 contract [8] - **Regional Market Conditions**: In the Ningbo market, the mainstream brand 0 zinc was traded at about 22,285 - 22,375 yuan/ton, and the regular brands in Ningbo quoted a discount of 50 yuan/ton to the 2509 contract and at par to the Shanghai spot. In the Tianjin market, 0 zinc ingots were mainly traded at 22,270 - 22,400 yuan/ton, and Zijin was traded at 22,310 - 22,420 yuan/ton. 1 zinc ingots were traded at around 22,210 - 22,3320 yuan/ton, and the price of Huludao was 22,950 yuan/ton. In the Guangdong market, the mainstream 0 zinc was traded at 22,225 - 22,380 yuan/ton, and the mainstream brands quoted a discount of 90 yuan/ton to the 2510 contract and a discount of 20 yuan/ton to the Shanghai spot [8][9] 3. Data Overview - Not elaborated in the provided content

Report Industry Investment Rating No relevant information provided. Core Viewpoint Zinc ore's visible inventory is decreasing marginally, but the TC of zinc concentrate is still on an upward trend. The production schedule of zinc smelting is expected to be high, and the domestic social inventory of zinc ingots is rising rapidly. Downstream consumption shows no obvious improvement, and the domestic zinc ingot market remains in an oversupply situation. The registered zinc ingot warrants overseas have reached a new low since 2024, but the reduction rate has slowed down slightly, the monthly spread of LME zinc has decreased marginally, and the structural disturbances in the LME market are gradually subsiding. In the medium term, the scenario of industry oversupply remains unchanged, and zinc prices still face significant downward risks [11]. Summary by Directory 1. Weekly Assessment - **Price Review**: Last Friday, the Shanghai Zinc Index closed up 0.15% at 22,521 yuan/ton, with a total open interest of 215,500 lots for unilateral trading. As of 15:00 on Friday afternoon, LME Zinc 3S rose 18.5 to $2,835.5/ton compared to the same period the previous day, with a total open interest of 193,700 lots. The average price of SMM 0 zinc ingot was 22,450 yuan/ton, with a Shanghai basis of -50 yuan/ton, Tianjin basis of -60 yuan/ton, and Guangdong basis of -70 yuan/ton. The price difference between Shanghai and Guangdong was 20 yuan/ton [11]. - **Domestic Structure**: According to Shanghai Nonferrous Metals data, the domestic social inventory of zinc continued to increase to 129,200 tons. The zinc ingot futures inventory on the Shanghai Futures Exchange was 20,000 tons, the basis in the Shanghai region of the domestic market was -50 yuan/ton, and the spread between the continuous contract and the first - month contract was -25 yuan/ton. **Overseas Structure**: The LME zinc ingot inventory was 77,500 tons, and the LME zinc ingot cancelled warrants were 32,000 tons. The basis of the cash - 3S contract in the overseas market was -$0.56/ton, and the 3 - 15 spread was -$2.97/ton. **Cross - Market Structure**: After excluding exchange rates, the on - screen Shanghai - London ratio was 1.108, and the import profit and loss of zinc ingots was -2,025.53 yuan/ton [11]. - **Industry Data**: The domestic TC of zinc concentrate was 3,900 yuan/metal ton, and the import TC index was $90/dry ton. The port inventory of zinc concentrate was 213,000 physical tons, and the factory inventory of zinc concentrate was 625,000 physical tons. The weekly operating rate of galvanized structural parts was 58.54%, with a raw material inventory of 13,000 tons and a finished product inventory of 372,000 tons. The weekly operating rate of die - cast zinc alloy was 47.61%, with a raw material inventory of 9,000 tons and a finished product inventory of 11,000 tons. The weekly operating rate of zinc oxide was 56.95%, with a raw material inventory of 2,000 tons and a finished product inventory of 6,000 tons [11]. - **Industry Information**: South American mining company Nexa Resources announced that its Cerro Pasco integrated mining area, which includes the Atacocha and El Porvenir mines, was partially shut down temporarily due to an illegal blockade by a small number of people from the San Juan de Milpo community. The mines involved have an annual zinc production of 63,000 - 74,000 metal tons and lead production of 34,000 - 39,000 metal tons, and the current production guidance remains unchanged [11]. 2. Macroeconomic Analysis The report presents multiple charts related to the US fiscal and debt situation, the Fed's balance sheet, dollar liquidity, manufacturing PMIs of China and the US, and new and unfilled orders in the US manufacturing and non - ferrous metals industries, but no specific analysis conclusions are provided [14][16][19]. 3. Supply Analysis - **Zinc Concentrate Supply**: In July 2025, the domestic zinc ore production was 346,800 metal tons, a year - on - year change of -5.68% and a month - on - month change of 7.53%. From January to July, the total zinc ore production was 2,080,500 metal tons, a cumulative year - on - year change of -2.27%. In June 2025, the net import of zinc ore was 330,000 dry tons, a year - on - year change of 23.0% and a month - on - month change of -32.9%. From January to June, the cumulative net import of zinc ore was 2,533,500 dry tons, a cumulative year - on - year change of 48.0%. In June 2025, the total domestic zinc ore supply was 471,000 metal tons, a year - on - year change of 8.4% and a month - on - month change of -13.8%. From January to June, the cumulative domestic zinc ore supply was 2,873,800 metal tons, a cumulative year - on - year change of 13.5% [25][27]. - **Zinc Ingot Supply**: In July 2025, the zinc ingot production was 603,000 tons, a year - on - year change of 23.1% and a month - on - month change of 3%. From January to July, the total zinc ingot production was 3,843,000 tons, a cumulative year - on - year change of 4.7%. In June 2025, the net import of zinc ingots was 38,200 tons, a year - on - year change of 1.7% and a month - on - month change of 50.9%. From January to June, the cumulative net import of zinc ingots was 196,200 tons, a cumulative year - on - year change of -17.0%. In June 2025, the total domestic zinc ingot supply was 623,300 tons, a year - on - year change of 6.8% and a month - on - month change of 8.5%. From January to June, the cumulative domestic zinc ingot supply was 3,436,200 tons, a cumulative year - on - year change of 0.5% [33][35]. 4. Demand Analysis The weekly operating rate of galvanized structural parts was 58.54%, with a raw material inventory of 13,000 tons and a finished product inventory of 372,000 tons. The weekly operating rate of die - cast zinc alloy was 47.61%, with a raw material inventory of 9,000 tons and a finished product inventory of 11,000 tons. The weekly operating rate of zinc oxide was 56.95%, with a raw material inventory of 2,000 tons and a finished product inventory of 6,000 tons. In June 2025, the apparent domestic demand for zinc ingots was 607,800 tons, a year - on - year change of 0.9% and a month - on - month change of 5.0%. From January to June, the cumulative apparent domestic demand for zinc ingots was 3,375,200 tons, a cumulative year - on - year change of 2.7% [39][41]. 5. Supply - Demand and Inventory - **Domestic Zinc Ingot Balance**: In June 2025, the domestic zinc ingot supply - demand difference was a surplus of 15,400 tons. From January to June, the cumulative domestic zinc ingot supply - demand difference was a surplus of 61,000 tons [52]. - **Overseas Zinc Ingot Balance**: In May 2025, the overseas refined zinc supply - demand difference was a shortage of -39,800 tons. From January to May, the cumulative overseas refined zinc supply - demand difference was a surplus of 47,300 tons [55]. 6. Price Outlook - **Domestic Structure**: The domestic social inventory of zinc ingots continued to increase to 129,200 tons. The zinc ingot futures inventory on the Shanghai Futures Exchange was 20,000 tons, the basis in the Shanghai region of the domestic market was -50 yuan/ton, and the spread between the continuous contract and the first - month contract was -25 yuan/ton [60]. - **Overseas Structure**: The LME zinc ingot inventory was 77,500 tons, and the LME zinc ingot cancelled warrants were 32,000 tons. The basis of the cash - 3S contract in the overseas market was -$0.56/ton, and the 3 - 15 spread was -$2.97/ton [63]. - **Cross - Market Structure**: After excluding exchange rates, the on - screen Shanghai - London ratio was 1.108, and the import profit and loss of zinc ingots was -2,025.53 yuan/ton [66]. - **Position Analysis**: The net long position of the top 20 holders of Shanghai Zinc has rebounded again. The net long position of investment funds in LME zinc has increased, and the net short position of commercial enterprises has also increased. From the perspective of positions, it is bullish [69].

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: August 1, 2025 [1] - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - Not provided in the report Core Views - **Lido Factors**: Low domestic zinc ingot inventory supports prices, and China's apparent zinc consumption shows steady growth with strong demand [3] - **Negative Factors**: Supply growth is accelerating, with new capacity releases and restarts leading to oversupply, and a slight inventory build weakens the fundamental pattern [3] - **Trading Advisory View**: Institutions are bullish on SHFE zinc due to favorable inventory conditions [3] Summary by Directory Processing and End - User Demand - **Galvanized Sheet Coil**: Market sentiment index, weekly inventory, weekly production, and net export data are presented seasonally from 2021 - 2025 [5][6] - **Die - Casting Zinc Alloy**: Net import data is provided seasonally from 2021 - 2025 [6] - **Color - Coated Sheet (Strip) and Zinc Oxide**: Net export data is shown seasonally from 2021 - 2025 [8][9][10] - **Real Estate**: Data on real estate development investment, engineering progress, sales area, and land transactions are presented as cumulative year - on - year and seasonal data from 2015 - 2025 [11][13][15] - **Infrastructure**: Cumulative year - on - year data of infrastructure fixed - asset investment (excluding rural households) in various sectors from 2020 - 2024 are provided [17][18] Supply and Supply - Side Profits - **Zinc Concentrate**: Monthly import volume, TC, and raw material inventory days are presented seasonally from 2021 - 2025 [20][22][26] - **Zinc Ingot**: Monthly production, production + import volume, and inventory data in various forms (LME, SHFE, etc.) are shown seasonally from 2021 - 2025 [23][24][27] - **Refined Zinc Enterprises**: Production profit and processing fee data are provided from 2022 - 2024 [23] Futures and Spot Market Review - **Price Trends**: Domestic and international zinc price trends are presented from 2023 - 2025 [29] - **Volume and Open Interest**: Volume and open interest data of SHFE zinc futures are provided from 2023 - 2025 [30] - **Price Relationships**: Relationships between LME zinc price and US dollar index, LME zinc spreads, and zinc ingot basis data are presented [31][33][36]