Report Industry Investment Rating - Not explicitly provided in the report Core View - The fundamentals of the zinc market are turning positive, with low LME inventory levels, high overseas premiums, and a continuously open Chinese export window. Domestic social inventory is declining, and the supply - side pressure is expected to ease in the future. The current zinc valuation is low, and there is optimism about future consumption despite some fluctuations in the US December interest - rate cut expectations [4] Summary by Related Content Important Data - **Spot**: LME zinc spot premium is $163.36 per ton. SMM Shanghai zinc spot price is 22,450 yuan per ton, up 50 yuan from the previous trading day, with a spot premium of 50 yuan per ton. SMM Guangdong zinc spot price is 22,410 yuan per ton, up 70 yuan, with a spot premium of - 20 yuan per ton. Tianjin zinc spot price is 22,390 yuan per ton, up 50 yuan, with a spot premium of - 10 yuan per ton [1] - **Futures**: On November 27, 2025, the main SHFE zinc contract opened at 22,480 yuan per ton, closed at 22,415 yuan per ton, down 55 yuan. The trading volume was 114,645 lots, and the open interest was 101,749 lots. The highest price was 22,565 yuan per ton, and the lowest was 22,410 yuan per ton [2] - **Inventory**: As of November 27, 2025, SMM seven - region zinc ingot inventory was 148,100 tons, down 2,900 tons from the previous period. LME zinc inventory was 50,800 tons, up 875 tons from the previous trading day [3] Market Analysis - The fundamentals are favorable. Although LME inventory is rising, the absolute level is low, overseas premiums are high, and the Chinese export window is open. Domestic social inventory is decreasing, and the number of warehouse receipts is falling. Despite low downstream procurement enthusiasm, spot premiums are stable due to low arrivals. TC prices are falling at home and abroad, and smelting costs are facing losses, which may lead to reduced supply - side pressure in the future [4] Strategy - **Unilateral**: Cautiously bullish [5] - **Arbitrage**: Inter - period positive spread arbitrage [5]

Report Summary 1. Report Industry Investment Rating - Unspecified 2. Report's Core View - The social inventory of zinc ingots is unlikely to continue accumulating and may even experience destocking, with strong consumption despite high domestic supply [5]. - The expected growth rate of supply is declining, and if the TC continues to fall, the supply - side pressure is expected to ease [5]. - LME warehouse receipts remain at a low level, the spot premium is still high, the export window remains open, and the warehouse receipt risk has not been alleviated [5]. - Micro - data is gradually shifting from bearish to bullish, and the macro - economic background remains positive [5]. 3. Summary by Related Catalogs Important Data - **Spot**: The LME zinc spot premium is $98.23 per ton. The SMM Shanghai zinc spot price is 22,500 yuan per ton with a change of 0 yuan from the previous trading day and a spot premium of - 55 yuan per ton. The SMM Guangdong zinc spot price is 22,460 yuan per ton, down 20 yuan from the previous trading day, with a spot premium of - 95 yuan per ton. The Tianjin zinc spot price is 22,460 yuan per ton, down 20 yuan from the previous trading day, with a spot premium of - 95 yuan per ton [2]. - **Futures**: On November 6, 2025, the main SHFE zinc contract opened at 22,605 yuan per ton, closed at 22,675 yuan per ton, up 65 yuan from the previous trading day. The trading volume was 100,028 lots, and the open interest was 113,005 lots. The highest price was 22,685 yuan per ton, and the lowest was 22,535 yuan per ton [3]. - **Inventory**: As of November 6, 2025, the total inventory of SMM seven - region zinc ingots was 158,700 tons, a decrease of 3,000 tons from the previous period. The LME zinc inventory was 34,100 tons, an increase of 100 tons from the previous trading day [4]. Market Analysis - The raw material inventory days of smelters are decreasing, and due to winter storage demand, the demand for ore procurement is strong, leading to a significant decline in domestic and overseas ore TC and squeezing smelting profits [5]. - The expected year - on - year growth rate of supply in November is expected to fall below 20%, and the daily average output is decreasing month - on - month [5]. Strategy - **Single - sided**: Cautiously bullish [6]. - **Arbitrage**: Neutral [6]