Report Industry Investment Rating - The report does not provide an industry investment rating. Core View - Zinc prices are under pressure [1] - The zinc trend strength is -1, indicating a relatively bearish outlook [2][3] Summary by Relevant Catalogs Fundamental Tracking - **Prices**: The closing price of Shanghai Zinc main contract was 22,600 yuan/ton, down 0.13%; the closing price of LME Zinc 3M electronic disk was 2,848 dollars/ton, up 1.42% [1] - **Volumes**: The trading volume of Shanghai Zinc main contract was 78,345 lots, down 1,626; the trading volume of LME Zinc was 8,564 lots, up 58 [1] - **Open Interests**: The open interest of Shanghai Zinc main contract was 85,986 lots, down 1,502; the open interest of LME Zinc was 194,301 lots, up 1,359 [1] - **Premiums and Discounts**: Shanghai 0 zinc premium/discount was -55 yuan/ton, down 5; LME CASH - 3M premium/discount was -4.76 dollars/ton, down 1.18 [1] - **Inventories**: Shanghai Zinc futures inventory was 16,192 tons, up 424; LME zinc inventory was 78,475 tons, down 1,075 [1] News - In July in China, the new social financing was 1.16 trillion yuan, RMB loans decreased by 50 billion yuan, and the M2 - M1 gap narrowed. From January to July, the cumulative increment of social financing scale was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year [2]

Report Investment Rating - The zinc industry is rated as "Under Pressure" [1] Core View - Zinc is expected to run under pressure [1] Summary by Directory Fundamental Tracking - **Futures Prices**: The closing price of SHFE zinc main contract was 22,250 yuan/ton, down 0.58%; the closing price of LME zinc 3M electronic disk was 2,738 dollars/ton, down 1.40% [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 136,140 lots, an increase of 6,783 lots; the trading volume of LME zinc was 11,463 lots, a decrease of 1,997 lots [1] - **Open Interest**: The open interest of SHFE zinc main contract was 94,177 lots, a decrease of 13,455 lots; the open interest of LME zinc was 194,167 lots, an increase of 1,614 lots [1] - **Premium and Discount**: Shanghai 0 zinc premium was 30 yuan/ton, down 10 yuan/ton; LME CASH - 3M premium was -0.36 dollars/ton, down 5.04 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 9,171 tons, an increase of 298 tons; LME zinc inventory was 113,400 tons, an increase of 8,150 tons [1] - **Related Products Prices**: The price of 1.0mm hot - dipped galvanized coil was 4,255 yuan/ton, an increase of 10 yuan/ton; the price of Shanghai Zamak - 5 zinc alloy was 23,355 yuan/ton, down 250 yuan/ton [1] News - China's social financing increment in June was 4.2 trillion yuan, new RMB loans were 2.24 trillion yuan, and the M2 - M1 gap narrowed [2] Trend Intensity - The zinc trend intensity is -1, indicating a bearish outlook [2]