Group 1 - The core viewpoint of the articles highlights the positive impact of the strong appreciation of the Renminbi on market sentiment, leading to a rise in zinc prices [1][2] - The overnight Shanghai zinc price increased by 0.43%, closing at 23,105 yuan/ton, with a rise of 100 yuan [1] - The macroeconomic environment indicates expectations of looser monetary policy, which lowers the opportunity cost of non-interest-bearing assets, enhancing the investment attractiveness of industrial metals like zinc [1] Group 2 - The closure of the zinc export window and increased domestic refinery maintenance in December, along with a continuous decline in zinc ingot social inventory, support the current trading activities [2] - Downstream consumption shows resilience, and the consumption outlook for 2026 is not overly pessimistic, considering the low consumption base in 2025 [2] - The short-term price of Shanghai zinc is expected to fluctuate within the range of 22,800 to 23,800 yuan/ton [2]

Meeting Overview - The fourth temporary meeting of the ninth board of directors of Yunnan Luoping Zinc Electric Co., Ltd. was held on December 24, 2025, with all six directors present, and the meeting was deemed legal and effective [2]. Resolutions Passed - The board approved a proposal for the company to borrow RMB 45 million from its controlling shareholder, Qujing Development Investment Group Co., Ltd., with a borrowing period of one year and an interest rate controlled within 5% [3][9]. - The board approved the establishment of a "Talent Introduction and Job Security Management Measures" to accelerate talent acquisition and ensure a high-quality workforce [3]. - The board approved the liquidation and cancellation of its wholly-owned subsidiary, Yunnan Chiwei Trading Co., Ltd. [4]. - The board approved the delegation of a third-party organization to publicly recruit a production vice president [5]. - The board approved the delegation of a third-party organization to publicly recruit a board secretary [5]. Related Transactions - The borrowing from the controlling shareholder is classified as a related party transaction, with the controlling shareholder holding 22.396% of the company's shares [10][14]. - The total amount of related transactions with the controlling shareholder since the beginning of the year is RMB 250,000 [20]. Financial and Operational Impact - The borrowed funds are intended to meet the company's daily operational needs and reduce financing costs, which is expected to have a positive impact on the company's development [18]. - The liquidation of the subsidiary is aimed at optimizing the management structure and reducing management costs, which will not significantly affect the overall business development [25]. Recruitment Initiatives - The company is seeking to recruit a production vice president with over 10 years of experience in the non-ferrous metal smelting industry and a strong background in zinc smelting processes [28][30]. - The company is also looking to recruit a board secretary with at least 5 years of experience in securities affairs, preferably with experience in IPOs and major asset restructurings [35].

Core Insights - The article highlights a collaborative benchmarking exchange activity conducted by Shaanxi Zinc Industry Co., Ltd., focusing on sharing management experiences and improving operational capabilities among different workshops [1][3]. Group 1: Activity Overview - The benchmarking exchange activity involved workshops for zinc powder, liquid production, mobile operations, and sulfuric acid, fostering a cooperative atmosphere for development [1]. - A specialized learning exchange meeting was held in the sulfuric acid workshop, where the workshop director welcomed participants and shared recent key work experiences [3]. Group 2: Key Practices and Discussions - The sulfuric acid workshop emphasized several practices, including stable and efficient management, quality cost optimization, performance assessment to enhance team vitality, safety management, and environmental protection [3]. - Participants engaged in in-depth discussions on topics such as process optimization, cost control, safety hazard management, and team building, fostering a vibrant exchange of ideas [3]. Group 3: Outcomes and Future Plans - The activity served as a demonstration of team cohesion and commitment to continuous improvement, with workshops expressing intentions to establish a regular communication platform [3]. - The goal is to transform learning outcomes into practical results, contributing to the safe and stable operation and high-quality development of Shaanxi Zinc Industry [3].

年度报告—锌 渊龙寻底，待势而升 | [T走ab势le_评R级ank：] | | 锌：看涨 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 | 年 | 12 | 月 | 24 | 日 | [★Ta矿bl冶e_平Su衡mmary] 26 年全球锌矿产量增速下滑，增量主要集中在国内，海外增量主 要在于非标矿，进口矿增量集中在俄罗斯、南非和伊朗等地区， 而内弱外强格局维持，锌矿进口或将受到比价压制。海外炼厂存 在复产预期，但矿增量难以满足国内外冶炼产能的共同释放，即 矿端最宽松的阶段或已过去。26 年矿冶平衡将有所收紧，相较于 25 年，TC 运行中枢或更低，锌价运行中枢或将更高。 ★锌锭平衡 有 色 金 属 26 年国内炼厂有望继续释放产能，海外炼厂复产空间将受到低价 长单和原料供应充裕程度的限制。内需方面，预计基建领域能够 继续托底需求，主要是十五五首年的政策托底预期和 2H25 固定 资产投资的低基数表现；耐消需求将整体承压，主要是受到需求 前置释放和政策效应边际递减的影响，内需增速较 25 年有一定 下滑。新兴市场提供 ...

【环球时报驻韩国特约记者 黎枳银】受法律争议与经营管理分歧影响，美国主导的关键矿产供应链重 构计划正面临不确定性。据多家韩媒22日报道，作为韩美矿产战略合作的标杆项目——韩国锌冶炼龙 头"高丽亚铅"在美推进的田纳西州冶炼厂项目，正因公司内部激烈的股权与经营权纠纷深陷司法程序， 面临严峻的工期延误风险。 此前，该项目曾被寄予厚望。美国国防部近期刚确认将与高丽亚铅展开合作，计划在田纳西州斥资74亿 美元建造一座冶炼厂。旨在应对从汽车到军工的多个产业关键材料与日俱增的供应链风险。美国商务部 长卢特尼克更是在社媒上称该协议是"美国的重大胜利"。白宫官员表示，自上世纪70年代以来，美国就 没有建造过这样的大型锌冶炼厂。 案件的焦点集中在即将于12月26日进行的第三方定向增资计划。高丽亚铅现任会长崔润范拟于12月26日 通过向合资公司定向增发新股，由Crucible JV取得高丽亚铅10%的股份。然而，这一融资方案遭到了公 司最大股东联盟英丰与MBK的强烈抵制。英丰与MBK向法院申请禁令，指责在合资最终协议尚未签署 的情况下，崔氏此举实为稀释对手股权、巩固经营权的"异常操作"。 韩国《朝鲜日报》在17日的一篇报道中称，高 ...

Group 1 - Today's Shanghai zinc futures showed weak performance, with the main contract closing at 23,090 CNY/ton, up 15 CNY, a 0.07% increase from the previous settlement price of 23,075 CNY/ton [1] - The trading volume for the Shanghai zinc 2602 main contract was 133,845 lots, a decrease of 579 lots, while the open interest increased by 2,495 lots to 93,107 lots [1] - The latest price for London zinc was reported at 3,084.5 USD, an increase of 6.5 USD [1] Group 2 - Domestic spot zinc prices experienced a slight decline, with the average price for 0 zinc reported at 23,100 CNY/ton, down 40 CNY, and 1 zinc at 23,020 CNY/ton, also down 40 CNY [1][2] - The current domestic social inventory of zinc has decreased to 76,000 tons, marking a four-month low, which provides some support for zinc prices [3] - The demand side remains weak, particularly in the galvanizing industry, where operational levels are declining due to environmental restrictions and poor end-user demand, leading to a subdued market for zinc [3]

Core Viewpoint - The geopolitical situation and interest rate cut expectations are in a tug-of-war, leading to a stable overnight performance in zinc prices, with tight supply and declining processing fees impacting the market dynamics [1][2]. Group 1: Market Performance - Overnight London zinc showed weak fluctuations, closing at $3078 per ton, with a trading volume of 7997 lots, a decrease of 497 lots, and an open interest increase of 449 lots to 227,461 lots [1]. - The Shanghai zinc market also experienced weak fluctuations, with the main contract closing at 23,025 yuan per ton, down 50 yuan, a decline of 0.22% [1]. Group 2: Supply and Demand Dynamics - Domestic and international ore supply is tightening, with processing fees reduced by 1250 yuan per metal ton since early September, indicating a reality of supply tightness [2]. - The actual output of smelters in November did not meet expectations due to raw material supply constraints and low processing fees affecting profits, with further production declines expected in December [2]. - Domestic social inventory continues to decrease, providing support for zinc prices, but demand remains lackluster, particularly in the galvanizing sector where operating rates are average [2]. Group 3: Industry Challenges - Environmental policies in northern regions are restricting the operation of heavy trucks below the National VI standard, leading to extended raw material and finished product turnover cycles, which is expected to keep operating levels stable [2]. - In the die-casting zinc alloy sector, poor end-user demand has resulted in inventory buildup, with high zinc prices suppressing consumption and downstream buyers only maintaining essential purchases [2].

Core Insights - The company has achieved a significant milestone by surpassing an annual zinc ingot production of 100,000 tons, supported by a record of 1,738 days without burning plates and a high-quality zinc ingot purity of 99.997% [1][3] - The company emphasizes a development strategy focused on "lean, digital, and green" practices, enhancing production efficiency and product quality through advanced technologies [1][4] Production and Management - Lean management is central to the company's stable operations, with a rigorous "five determinations" management system ensuring accountability and standardization [2] - The implementation of a precise production scheduling and closed-loop control model has strengthened organizational collaboration and standardized management processes, leading to continuous capacity improvement [2] Quality and Innovation - The company has achieved a balance between quantity and quality, with a zinc recovery rate that ranks among the best in the country, and has established a technical team for targeted research and development [3] - The "Red Heron-V" zinc ingot has received a brand value certificate, with a brand strength of 761 and a brand value of 2.482 billion yuan, ranking 31st among Chinese product brands [3] Environmental Sustainability - The company has invested 364 million yuan in green smelting upgrades, creating a comprehensive environmental protection system that significantly reduces emissions and waste [4] - The comprehensive energy consumption for zinc production is at an industry-leading level, with a reduction of 150 kWh per ton of zinc produced, resulting in annual energy cost savings exceeding 6 million yuan [4] Future Outlook - The company aims to continue its strong growth trajectory by integrating digitalization, lean collaboration, and green leadership, aspiring to set benchmarks in excellent operations, quality, smart management, and ecological development [4]

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Viewpoint of the Report - The zinc market is currently influenced by a mix of bullish and bearish factors, causing the Shanghai zinc price to fluctuate widely. In the short term, the expected reduction in domestic smelter production and the continuous decline in domestic social inventories support the zinc price. However, the weakening consumption and continuous inventory build - up overseas put pressure on the LME zinc price, which in turn affects the Shanghai zinc price. Traders should focus on the start - up of domestic smelters and macro factors [5]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategy 3.1.1 Trading Logic - **Supply - side**: In the mining sector, domestic zinc concentrate processing fees have stabilized. The import window for zinc concentrate has reopened, and the price difference between imported and domestic zinc concentrates has narrowed, reducing the smelters' enthusiasm for domestic zinc concentrates. The trading volume of imported zinc ore has been light recently. On the smelting side, the reduction in zinc concentrate processing fees and lower zinc prices have shrunk the profits of most domestic smelters, and there is an expected further increase in the reduction of domestic refined zinc production in December [5]. - **Demand - side**: The operating rate of galvanized enterprises has continued to decline, while the operating rates of die - casting and zinc oxide enterprises are acceptable. Domestic refined zinc consumption has gradually weakened as the consumption season approaches [5]. - **Inventory**: As of December 18, the total zinc ingot inventory in seven major regions monitored by SMM was 122,200 tons, a decrease of 6,100 tons from December 11 and 3,500 tons from December 15. The continuous decline in domestic inventories provides some support for the zinc price [5]. 3.1.2 Trading Strategy - **Single - side trading**: The zinc price is expected to fluctuate widely. - **Arbitrage trading**: It is recommended to wait and see [5]. 3.2 Market Data - The report mentions aspects such as spot premiums, basis in major consumption areas, absolute prices, monthly spreads, trading volume, and open interest of Shanghai zinc, as well as social inventories, bonded area inventories, LME inventories, LME cancelled warrant ratios, and LME inventory distribution by region, but no specific numerical analysis is provided [7][13][16][17]. 3.3 Fundamental Data 3.3.1 Zinc Ore Supply - **Global and Domestic Production**: From January to October 2025, global zinc concentrate production was 10.4892 million tons, a year - on - year increase of 737,600 tons or 7.56%. Overseas zinc concentrate production was 7.0222 million tons, a year - on - year increase of 532,600 tons or 8.21%, and Chinese zinc concentrate production was 3.467 million tons, a year - on - year increase of 205,000 tons or 6.28%. In November, domestic zinc concentrate production was 311,400 tons, a month - on - month decrease of 2.86% and a year - on - year increase of 5.24%. It is expected that December production will increase by 2.76% month - on - month to 320,000 tons [28]. - **Raw Material Inventory**: As of November, domestic smelter raw material inventory increased by 0.48 days year - on - year to 20.8 days, but has been decreasing month by month recently. The inventory of zinc concentrates in major domestic ports increased by 12,000 tons month - on - month to 312,000 tons [28][43]. 3.3.2 Zinc Ore Import - **Import Volume**: In October 2025, the import volume of zinc concentrates was 340,900 tons (physical tons), a month - on - month decrease of 32.56% (164,500 physical tons) and a year - on - year increase of 2.97%. From January to October, the cumulative import volume of zinc concentrates was 4.3489 million tons (physical tons), a cumulative year - on - year increase of 36.59%. In November, the import volume is expected to recover [30]. - **Import Source**: In October 2025, the top three import sources were Peru (95,700 physical tons, accounting for 28.1%), Australia (49,800 physical tons, accounting for 14.6%), and Russia (32,400 physical tons, accounting for 9.5%) [30]. 3.3.3 Domestic Ore Supply - Overall, domestic ore supply has decreased, and imported zinc concentrates are expected to decline. It is expected that the supply of domestic zinc concentrates in November may decrease [42]. 3.3.4 Zinc Ore Processing Fees - In December, the monthly processing fee for domestic Zn50 zinc concentrates was 2,000 yuan/ton. On December 19, the weekly processing fee for domestic Zn50 zinc concentrates was 1,600 yuan/metal ton, and the SMM imported zinc concentrate index was adjusted down by 0.43 US dollars/dry ton to 50.13 US dollars/dry ton [47]. 3.3.5 Global Refined Zinc Production - From January to October 2025, global refined zinc production was 11.5147 million tons, a year - on - year increase of 159,500 tons or 1.4%; consumption was 11.3905 million tons, a year - on - year increase of 102,900 tons or 0.91%. There was a cumulative surplus of 124,200 tons. In October, global refined zinc production was 1.2187 million tons, a year - on - year increase of 9.76%, and demand was 1.2193 million tons, a year - on - year increase of 3.76%, with a shortage of 600 tons [51]. 3.3.6 Domestic Refined Zinc Supply - **Smelter Operating Rate**: In November, the operating rate of domestic refined zinc enterprises was 87.1%, a month - on - month decrease of 3.06%. Large - scale enterprises had an operating rate of 91.56%, a month - on - month increase of 0.55%; medium - scale enterprises had an operating rate of 85.83%, a month - on - month decrease of 7.23%; small - scale enterprises had an operating rate of 76.05%, a month - on - month decrease of 4.81% [54]. - **Production Volume**: In November, SMM's domestic refined zinc production was 595,200 tons, a month - on - month decrease of 3.56% and a year - on - year increase of 16.75%. It is expected that December production will be 570,900 tons, a month - on - month decrease of 4.08% and a year - on - year increase of 10.49% [55]. 3.3.7 Zinc Ingot Import and Export - **Import**: In October 2025, the import volume of refined zinc was 18,800 tons, a month - on - month decrease of 16.94% and a year - on - year decrease of 67.39%. From January to October, the cumulative import volume was 277,000 tons, a cumulative year - on - year decrease of 26.63%. - **Export**: In October, the export volume of refined zinc was 8,500 tons, with a net import of 10,300 tons. The export volume is expected to increase in December, which will alleviate the domestic surplus situation to some extent [58][59]. 3.3.8 Downstream Consumption - **Primary Processing**: The operating rate of galvanized enterprises has continued to decline, while the operating rates of die - casting and zinc oxide enterprises are acceptable. The report also mentions the raw material and finished product inventories of primary processing enterprises, but no specific data is provided [5][66][67]. - **End - use Industries**: The report covers real - estate construction data, infrastructure investment, domestic automobile production, and domestic white - goods production, but specific numerical analysis is not provided [73][84][94][97].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The zinc price will maintain a wide - range oscillation throughout 2026. The price will be relatively strong in the first half of the year due to the structural shortage of domestic raw materials, and the center of gravity may move slightly downward in the second half as the incremental supply is fully transmitted to zinc ingots [1]. - The global zinc mine is entering an expansion cycle (with an expected increase of 290,000 tons), but the domestic market will still be in a tight - balance state in the first half of the year. Driven by the repair of TC, the smelting output will show a trend of "first decreasing and then increasing", with an expected year - on - year growth of over 4.5% for the whole year, and the supply pressure will gradually shift from the mine end to the ingot end [1]. - Although affected by the real estate industry, at the beginning of the "15th Five - Year Plan", infrastructure (UHV, wind power) and high - end manufacturing (new energy vehicle exports) will significantly increase the zinc consumption density, effectively offsetting the decline in real estate. The actual consumption is expected to maintain positive growth and achieve a soft landing [1]. - The core fluctuation range of the SHFE Shanghai zinc main contract in 2026 is predicted to be between 21,500 - 24,800 yuan/ton, and the LME zinc will fluctuate between 2,750 - 3,350 US dollars/ton. In the first half of the year, the domestic market will be stronger than the overseas market, and the price is likely to rise. In the second half, with the arrival of imported ores, the increase in TC will drive smelters to release production. Coupled with the potential drag from the real estate completion end, supply - demand pressure will gradually emerge, and the price center of gravity may decline under pressure [1]. Summary by Relevant Catalog Chapter 2: Market Review - In the first three quarters of 2025, zinc prices fluctuated widely due to repeated macro - expectations and mismatches in industrial supply - demand rhythms. In Q1, the shortage of mines supported the price increase. In Q2, trade frictions and the strong US dollar led to a significant price correction. In Q3, the supply - demand mismatch between domestic and overseas markets led to a resistance - style upward trend with the overseas market stronger than the domestic one [3]. - In Q4, the structural contradiction in the global zinc market reached an extreme. The market shifted from unilateral gambling to cross - market arbitrage. The large gap between domestic and overseas inventories opened the export profit window for Chinese zinc ingots. The export - driven marginal inventory reduction became the core variable affecting price fluctuations, and the market established a pattern of re - balance through exports [5]. Chapter 3: Supply Side 3.1 Zinc Concentrate - In 2025, global zinc mine supply recovered. The annual output is expected to reach 12.51 million tons, a year - on - year increase of 4.6%. In 2026, the output is expected to continue to grow by 2.27% to 12.61 million tons [12]. - Overseas mine production is growing steadily, driven by the resumption of old capacities and the ramping - up of new mines. Key mining enterprises such as Glencore, Ivanhoe Mines, and Teck Resources have good production performance. In 2026, the global new zinc mine increment is about 290,000 tons, and the market will be in a tight - balance state [14][15]. - The overall cost center of global zinc mines has shifted upward. The 90 - percentile line (about $2,400 - $2,550/ton) is considered a long - term "price bottom". If the zinc price falls below this line, about 10% of high - cost mines will face cash - flow losses and trigger passive production cuts [17]. - In 2025, domestic zinc concentrate supply was sufficient in general, but production was affected by environmental and safety inspections at the end of the year. In 2026, new and resumed projects are expected to contribute about 60,000 tons of output (excluding Huoshaoyun). The Huoshaoyun lead - zinc mine needs attention regarding the commissioning of supporting smelters [22]. 3.2 Smelting End - From 2024 to the first half of 2025, the global zinc smelting industry was in a difficult situation due to the extreme shortage of mine supply. In the second half of 2025, with the supplement of imported ores and the increase in TC, domestic smelters' production willingness was positive. The cumulative zinc ingot output from January to October was 5.686 million tons, a year - on - year increase of 10.1%, and the annual output is expected to be 5.9 million tons, a year - on - year increase of 11.5% [35]. - In 2026, the long - term benchmark TC is expected to rise significantly. Domestic smelting capacity can be released with high elasticity, but the supply pressure is expected to be less than that in 2025 [35]. - For overseas smelters, high and volatile energy costs in Europe are a major risk. Other regions such as South Korea, Japan, and Canada are expected to maintain high and stable operating rates. Globally, the refined zinc output is expected to grow by 3% to 14.12 million tons in 2026, indicating a gradual entry into the inventory accumulation cycle [38]. 3.3 Import and Export and Internal - External Price Ratio - In 2025, the zinc import window was mostly in a deep - loss state, especially in the second half of the year. From January to October, China's cumulative refined zinc imports were 2.77 million tons, a year - on - year decrease of 26.6%. The reason is the difference in the fundamentals of domestic and overseas markets, with overseas smelters having difficulty in restoring production due to high costs [39]. - In the future, the repair of the price ratio may be a prerequisite for the reversal of TC. With the increase in overseas mine supply and the resumption of smelter production, the shortage of LME zinc will be alleviated, the premium will decline, the price structure will turn to Contango, and the SHFE - LME price ratio will rise, narrowing the import loss [40][41]. Chapter 4: Demand Side - In 2026, China's refined zinc consumption is expected to show a slight increase of 0.5% - 1.5%, and the demand side is expected to be more resilient than the market's concerns about the drag from the real estate industry, achieving a soft landing [43]. 4.1 Real Estate - In 2025, real estate indicators such as new construction, construction, and completion areas all declined. In 2026, the real estate market will continue to drag down the zinc market. The new construction area is expected to maintain a negative growth of - 10% to - 15%, and the decline in the completion area is expected to narrow significantly to about - 10%. The direct drag on zinc consumption is expected to be about - 2.3% to - 2.7% [47][48]. 4.2 Infrastructure - In 2026, infrastructure investment will benefit from the "15th Five - Year Plan" and is expected to maintain a year - on - year growth of 6.8%. UHV grid construction will be a major highlight, and the demand for high - quality hot - dip galvanized pipes will increase significantly, making the infrastructure sector a key factor in stabilizing the demand base [50]. 4.3 Automobile - In 2025, the Chinese automobile market grew strongly, especially in terms of exports and new energy vehicle penetration. In 2026, although the new energy vehicle purchase tax will be reduced from full exemption to half exemption, the decline in battery costs and price competition among car companies will offset the impact of the policy. The output of new energy vehicles is expected to grow by 22.0%. The high - growth of automobile exports will reshape the zinc consumption structure, as export - oriented vehicles have a higher demand for zinc [52][53][54]. 4.4 Home Appliances - In 2026, the home appliance sector is expected to show a stable growth in zinc consumption, with an expected growth rate of 2.5% - 3.0%. This is mainly due to policy - driven replacement demand, the lagging dividend of real - estate completion, and the increasing demand for anti - corrosion materials in emerging markets [59][60]. 4.5 Photovoltaic and Emerging Fields - In 2026, although the growth rate of new photovoltaic installations is expected to decline to 18.0%, the absolute increment is still high. The penetration rate of Zn - Al - Mg alloy - coated brackets will further increase, and the expansion of application scenarios will ensure that the photovoltaic sector continues to contribute to zinc consumption [69]. 4.6 Downstream High - Frequency Demand Indicators - Various downstream high - frequency demand indicators such as galvanized sheet coil inventory, production, and zinc downstream consumption index show certain seasonal trends, which reflect the real - time demand situation in the zinc market [75][77]. 4.7 Inventory - In the first half of 2025, the inventory was at a historical low, and in the second half, the social inventory began to accumulate, but the accumulation rate was lower than expected. This is mainly due to stronger - than - expected demand, the integration of zinc alloy smelting capacity, and the opening of the export window. In 2026, factors affecting inventory include the recovery of the internal - external price ratio and the increase in overseas smelter production due to the rise in TC [79]. Chapter 5: Supply - Demand Balance Sheet 5.1 Global Zinc Concentrate Balance - In 2026, the global zinc concentrate supply is expected to be 12.6094 million tons, a year - on - year increase of 2.27%, and the demand is expected to be 12.6342 million tons, a year - on - year increase of 2.59%. The market will be in a tight - balance state [81]. 5.2 Global Refined Zinc Balance - In 2026, the global refined zinc output is expected to be 14.1215 million tons, a year - on - year increase of 3.01%, and the consumption is expected to be 13.9837 million tons, a year - on - year increase of 1.49%. The market will turn from a shortage to a surplus [82]. 5.3 China's Refined Zinc Balance - In 2026, China's refined zinc output is expected to be 7.172 million tons, a year - on - year increase of 4.55%. The net import is expected to decrease by 100%. The apparent consumption is expected to be 7.172 million tons, a year - on - year increase of 0.84%, and the actual consumption is expected to be 7.07 million tons, a year - on - year increase of 1.00%. The supply - demand surplus is expected to decrease by 8.92% [83].