1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The previous trading day saw the Shanghai zinc futures show a volatile rebound, closing with a positive line, an enlarged trading volume, and both long and short positions reducing, with more long - positions cut. The short - term market may experience a volatile consolidation. Technically, the price is below the long - term moving average with weak support. The short - term KDJ indicator is rising and operating in the strong zone, while the trend indicator is falling, with both long and short forces increasing and starting to stalemate. The operation suggestion for Shanghai zinc ZN2510 is a volatile consolidation [2][19] 3. Summary by Related Catalogs Fundamental Analysis - In April 2025, global zinc plate production was 1153000 tons and consumption was 1130200 tons, with a supply surplus of 22700 tons. From January to April, production was 4451400 tons and consumption was 4507900 tons, with a supply shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons, which is a bullish signal [2] - The basis is - 35 with the spot price at 22270, indicating a neutral situation [2] - On September 12, LME zinc inventory decreased by 100 tons to 50525 tons, and SHFE zinc inventory warrants increased by 980 tons to 45905 tons, showing a neutral situation [2] - The previous day, Shanghai zinc showed a volatile rebound, closing above the 20 - day moving average which is downward, indicating a neutral situation [2] - The main net position is long, but long positions are decreasing, which is a bullish signal [2] Futures Exchange Zinc Futures Market - On September 12, in the zinc futures market, different delivery months had various price changes. For example, the contract 2510 had a previous settlement of 22225, an opening price of 22250, a high of 22360, a low of 22180, and a closing price of 22305, with a price increase of 80 [3] Domestic Main Spot Market - On September 12, in the domestic main spot market, the price of zinc concentrate in Linzhou was 16860 yuan/ton with an increase of 40 yuan/ton; the price of zinc ingot in Aoding was 22270 yuan/ton with an increase of 50 yuan/ton; the price of galvanized sheet in China was 4038 yuan/ton with a decrease of 3 yuan/ton; the price of galvanized pipe in China was 4447 yuan/ton with a decrease of 3 yuan/ton; the price of zinc alloy in Ningbo was 22780 yuan/ton with an increase of 50 yuan/ton; the price of zinc powder in Changsha was 27450 yuan/ton with an increase of 50 yuan/ton; the price of zinc oxide in Taizhou was 20600 yuan/ton with no change; the price of secondary zinc oxide in Linquwaicun was 7857 yuan/ton with no change [4] National Main Market Zinc Ingot Inventory - From September 1 to September 11, the total inventory of zinc ingots in the main domestic markets increased from 133300 tons to 144000 tons. Compared with September 4, it increased by 5500 tons, and compared with September 8, it increased by 4200 tons [5] Futures Exchange Zinc Warrant Report - On September 12, in the zinc warrant report, different regions and warehouses had different warrant quantities and changes. For example, in Shanghai, the total warrant quantity was 50 tons with no change; in Guangdong, the total warrant quantity increased by 226 tons; in Tianjin, the total warrant quantity increased by 754 tons [6] LME Zinc Inventory Distribution - On September 12, the LME zinc inventory in Singapore decreased by 100 tons to 50425 tons, and the cancellation ratio was 34.61% [7] National Main City Zinc Concentrate Price - On September 12, in the national main cities, the price of 50% - grade zinc concentrate in different regions such as Jiyuan, Kunming, and Hechi all increased by 40 yuan/ton [8] National Market Zinc Ingot Smelter Price - On September 12, in the national market, the price of 0 zinc ingot from different smelters such as Hunan Xiuzhou Zhihai, Sanbianshisishidishiba, and Guangdong Zhongjin Lingnan all increased by 50 yuan/ton [12] Domestic Refined Zinc Production in June 2025 - In June 2025, the planned production of refined zinc was 459700 tons, and the actual production was 471800 tons, with 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 470300 tons [14] Zinc Concentrate Processing Fee - On September 12, the zinc concentrate processing fees in different regions varied. For 50% - grade zinc concentrate, the fees in different regions such as HER THE, Hushidao, and Hechi were in the range of 3550 - 4200 yuan/metal ton, and the import processing fee for 48% - grade zinc concentrate was 85 - 105 dollars/thousand tons [16] Shanghai Futures Exchange Member Zinc Trading and Position Ranking - For the contract zn2510 on September 12, in terms of trading volume, the top three were Guotai Junan, CITIC Futures, and Dongzheng Futures; in terms of long positions, the top three were Dongzheng Futures, Jianxin Futures, and CITIC Futures; in terms of short positions, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures [17]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The consumption side of zinc has slightly improved, and the operating rate has rebounded, with a neutral strength analysis [2]. - The inventory accumulation rhythm continues, and the galvanizing operating rate has slightly increased [3]. - Domestic zinc supply has increased as expected. With the increase in zinc concentrate supply, smelters and port zinc concentrate inventories are relatively abundant. However, there will be some maintenance in September, leading to a month - on - month contraction in supply. The consumption side has slightly improved, but terminal demand is relatively weak. In the short term, zinc prices may fluctuate within a narrow range, and in the medium to long term, a short - selling strategy on rallies is recommended. For internal and external strategies, SHFE zinc may be relatively weaker during the period of increased domestic supply and decreased demand, and short - term (within a quarter) positive spread positions can be held [5]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Price and Trading Volume**: The closing price of SHFE zinc main contract last week was 22,305, with a weekly increase of 0.68%, and the night - session closing price was 22,300, with a decrease of 0.02%. The closing price of LmeS - zinc3 last week was 2,956, with a weekly increase of 3.45%. The trading volume of SHFE zinc main contract last Friday was 103,603, a decrease of 2,073 from the previous week, and the position was 97,697, a decrease of 13,613 from the previous week. The trading volume of LmeS - zinc3 last Friday was 14,507, an increase of 3,814 from the previous week, and the position was 204,806, an increase of 5,836 from the previous week [6]. - **Inventory**: SHFE zinc warrant inventory increased by 5,133 to 45,905, and the total SHFE zinc inventory increased by 7,617 to 94,649. Social inventory increased by 5,300 to 154,200. LME zinc inventory decreased by 3,525 to 50,525, and the bonded area inventory remained unchanged at 8,000 [6]. 3.2 Industry Chain Vertical and Horizontal Comparison - **Inventory**: Zinc ore and smelter finished product inventories have risen to high levels, and visible zinc ingot inventories have increased [10]. - **Profit**: Zinc ore profits are at the forefront of the industrial chain, and smelting profits are at a medium - high level in history. Mining enterprise profits are stable in the short term and at a medium historical level. Smelting profits are stable and at a medium - high historical level. Galvanized pipe enterprise profits are stable and at a medium - low level in the same period [12][13]. - **Operating Rate**: The zinc concentrate operating rate has declined and is at a medium level in the same period in history. The refined zinc operating rate has increased and is at a high level in the same period in history. The downstream galvanizing operating rate has decreased, the die - casting zinc operating rate has increased, and the zinc oxide operating rate has increased, all at relatively low historical levels [14][15]. 3.3 Trading Aspect - **Spot**: The spot premium has slightly declined. Overseas premiums are relatively stable, with a slight decrease in Antwerp, and the LME CASH - 3M structure has changed significantly [18][21]. - **Spread**: SHFE zinc shows a C structure [23]. - **Inventory**: Inventory accumulation continues, and the position - to - inventory ratio continues to decline. LME inventory is mainly concentrated in Singapore. The total LME inventory has slightly decreased in the short term and is at a medium - low level in the same period in history. The CASH - 3M is related to LME off - warrant inventory. The bonded area inventory is stable, and the total global visible zinc inventory has slightly increased [31][37][40]. - **Position and Trading Volume**: The domestic position is at a medium level in the same period in history [41]. 3.4 Supply - **Zinc Concentrate**: Zinc concentrate imports have increased significantly. Domestic zinc ore production is at a medium historical level. Imported ore processing fees continue to rise, and domestic ore processing fees remain flat. The zinc ore arrival volume is at a medium level, and smelter raw material inventories are abundant and at a high level in the same period in history [44][45]. - **Refined Zinc**: Smelting production has increased and is at a high level in the same period in history. Smelter finished product inventories have increased and are at a high level in the same period in history. Zinc alloy production is at a high level. Refined zinc imports are at a medium historical level [52][54]. - **Recycled Zinc Raw Materials**: Some data on recycled zinc raw materials such as the operating rate of independent electric arc furnace steel mills, the average price of galvanized pipe slag, and the waste steel daily consumption of steel mills are provided, but no overall summary is given [57][58][59]. 3.5 Demand - **Refined Zinc Consumption**: The consumption growth rate of refined zinc is positive [63]. - **Downstream Operating Rate**: The downstream monthly operating rate has slightly decreased, and most are at medium - low levels in the same period in history [66][67]. - **Terminal Demand**: Real estate is still at a low level, and the power grid shows structural increments [79]. 3.6 Overseas Factors - Natural gas, carbon, and electricity prices in Europe are provided, such as the European Continental benchmark Dutch natural gas futures price, the ICE EU carbon quota main contract price, and electricity prices in some European countries, but no overall summary is given [81][82][83].

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].

Group 1 - The company, Luoping Zinc & Electricity, is committed to continuous technological innovation to enhance the extraction of rare and precious metals from raw materials and slag, effectively promoting the utilization efficiency of mineral resources [1]

Core Viewpoint - The domestic zinc ingot inventory is increasing, while overseas London zinc inventory is decreasing, leading to a divergence in supply and demand dynamics, which may result in an expanded price gap between domestic and international markets. This situation could potentially boost domestic demand as the traditional peak consumption season approaches, with expectations for spot zinc prices to surpass 23,000 yuan/ton in September [1][8]. Inventory Dynamics - As of August 18, domestic zinc ingot social inventory reached 116,100 tons, reflecting an increase of over 27% since early August, marking five consecutive weeks of inventory accumulation, indicating weakened market consumption during the traditional off-peak season [1]. - In contrast, London zinc inventory has decreased from 75,850 tons to a near two-year low, primarily due to supply tightening caused by high energy costs affecting European smelters and increased zinc consumption driven by infrastructure investments in India and Southeast Asia [3]. Price Trends - The current market shows a "tight supply abroad and loose supply domestically" scenario, with high domestic inventory suppressing prices while overseas inventory depletion supports international zinc prices. The domestic spot prices have remained low, while London zinc prices have shown an upward trend, leading to a declining Shanghai-London price ratio, which has approached a low point not seen since May 2024 [5]. Short-term Outlook - Domestic social inventory accumulation may continue into September, while overseas supply tightness is expected to persist. The divergence in price trends is likely to continue, with the Shanghai-London price ratio potentially declining further. However, increased demand for domestic electrolytic zinc from European markets and infrastructure projects in India and Southeast Asia may help alleviate the oversupply situation domestically [7]. - The upcoming traditional consumption peak season ("Golden September and Silver October") is anticipated to provide a dual boost to domestic zinc demand, with expectations of a 10%-15% increase in demand for galvanized sheets and zinc alloys due to seasonal recovery in real estate completions and automotive production [7]. Price Forecast - Short-term domestic spot prices are expected to fluctuate between 22,000 and 23,000 yuan/ton. As the peak season effects become more pronounced, spot zinc prices are projected to break through the 23,000 yuan/ton resistance level and align more closely with London zinc price trends. However, given the high domestic inventory, the pace of price increases may be moderate, warranting close attention to inventory depletion rates and actual downstream purchasing activities [8].

Core Viewpoint - Zinc Industry Co., Ltd. reported significant growth in both revenue and net profit for the first half of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company achieved operating revenue of 8.913 billion yuan, representing a year-on-year increase of 23.92% [1] - The net profit attributable to shareholders reached 62.6537 million yuan, showing a remarkable year-on-year growth of 99.07% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 55.3439 million yuan, reflecting a substantial year-on-year increase of 158.48% [1] - Basic earnings per share stood at 0.04 yuan [1]

Core Viewpoint - Zinc Industry Co., Ltd. reported significant growth in its financial performance for the first half of 2025, indicating a strong operational momentum and profitability improvement [1] Financial Performance - The company achieved an operating revenue of 8.913 billion yuan, representing a year-on-year increase of 23.92% [1] - The net profit attributable to shareholders reached 626.537 million yuan, marking a substantial year-on-year growth of 99.07% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 553.439 million yuan, reflecting a remarkable year-on-year increase of 158.48% [1] - Basic earnings per share stood at 0.04 yuan [1]

Core Insights - The company reported a revenue of 521 million yuan for the first half of 2025, representing a year-on-year decrease of 25.97% [1] - The net loss attributable to shareholders of the listed company was 92.19 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 65.46 million yuan, which expanded by 1247.58% year-on-year [1] - The basic loss per share was 0.29 yuan [1]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - Last week, the main contract price of Shanghai zinc futures stopped falling and stabilized. The improvement of PMI data in Europe and the US and the dovish interpretation of Powell's speech at the Jackson Hole Central Bank Annual Meeting increased the market's expectation of a Fed rate cut in September, improving market risk appetite. Domestically, the A-share market continued to strengthen [3][10]. - Fundamentally, LME zinc inventories continued to decline, supporting the pattern of stronger overseas and weaker domestic zinc markets. Affected by concentrated arrivals, the zinc ore imports in July exceeded expectations, and refineries had sufficient raw material inventories, supporting stable production. The imports of refined zinc decreased in July as expected, and it is expected to remain at the current level. The smelting end maintained high supply, while downstream consumption did not improve significantly. After the decline in zinc prices, downstream buyers actively replenished their stocks at low prices, resulting in a slight decrease in inventories, but the sustainability remains to be seen [4][10]. - Overall, Powell's dovish stance boosted the rate - cut expectation and repaired market risk appetite. There were no new contradictions in the fundamentals. The decline in LME inventories and increased low - price purchases by domestic downstream provided support, but the high supply pressure from stable mining and smelting production suppressed zinc prices. Technically, the futures price found support near the previous low. In the short term, with the boost of macro - sentiment, zinc prices are expected to repair with a volatile and upward trend [4][11]. 3. Summary by Directory 3.1 Transaction Data | Contract | August 15 | August 22 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Zinc | 22505 | 22275 | - 230 | Yuan/ton | | LME Zinc | 2796.5 | 2805.5 | 9 | US dollars/ton | | Shanghai - London Ratio | 8.05 | 7.94 | - 0.11 | - | | SHFE Inventory | 76803 | 77838 | 1035 | Tons | | LME Inventory | 76325 | 68075 | - 8250 | Tons | | Social Inventory | 11.69 | 10.37 | - 1.32 | Ten thousand tons | | Spot Premium | - 50 | - 40 | 10 | Yuan/ton | [5] 3.2 Market Review - The decline of the main contract of Shanghai zinc futures (ZN2510) slowed down last week, and it stabilized and repaired in the second half of the week. The market was waiting for Powell's speech for rate - cut guidance, and the low - price purchases by downstream led to a slight decrease in weekly inventories, providing support. The contract finally closed at 22275 Yuan/ton, with a weekly decline of 1.02%. It rose during the Friday night session [6]. - LME zinc fluctuated narrowly in the first half of the week. The market revised its rate - cut expectation, and the US dollar stabilized and rebounded, suppressing the LME zinc price. On Friday, the rate - cut expectation recovered, and the contract closed at 2805.5 US dollars/ton, with a weekly increase of 0.32% [6]. - In the spot market, as of August 22, the mainstream transaction price of Shanghai 0 zinc was concentrated between 22220 - 22290 Yuan/ton, with a discount of 10 - 0 Yuan/ton to the 2509 contract. In different markets, the prices and discounts varied. In general, downstream low - price purchases were more frequent in the first half of the week, but with no obvious improvement in consumption, purchases decreased in the second half of the week, and traders' quotes remained stable, with the premium remaining weak [7]. - In terms of inventory, as of August 22, LME zinc inventory was 68075 tons, a weekly decrease of 8250 tons. SHFE inventory was 77838 tons, an increase of 1035 tons from the previous week. As of August 21, social inventory was 13.29 million tons, an increase of 0.37 million tons from August 14 and a decrease of 0.26 million tons from August 18. The decline in the zinc price center during the week boosted downstream purchasing enthusiasm, leading to a slight decrease in inventories in many places [8]. - Macroeconomically, the preliminary value of the US S&P Global Manufacturing PMI in August reached 53.3, the highest level since May 2022, far exceeding the expected 49.5. The service PMI slightly declined to 55.4, but the significant rebound in manufacturing pushed the composite PMI to a 9 - month high of 55.4. The preliminary value of the Eurozone PMI in August rebounded from 49.8 to 50.5, breaking above the boom - bust line for the first time since June 2022, higher than the expected 49.5. The US and the EU reached a framework for a trade agreement, with the EU promising to cancel all US industrial product tariffs and plan to purchase US energy and AI chips worth billions of dollars. The Fed's July meeting minutes showed a hawkish signal, but after Powell's speech, traders increased their bets on a Fed rate cut in September [8][9]. 3.3 Industry News - As of August 22, the average weekly domestic TC of SMM Zn50 was flat at 3900 Yuan/metal ton, and the SMM imported zinc concentrate index rose by 2.2 US dollars/dry ton to 92.5 US dollars/dry ton [12]. - According to customs data, in July, zinc concentrate imports were 501,400 tons, a month - on - month increase of 51.97% and a year - on - year increase of 33.58%. From January to July, the cumulative zinc concentrate imports were 3.0354 million tons, a cumulative year - on - year increase of 45.2%. In July, refined zinc imports were 17,900 tons, a month - on - month decrease of 50.35% and a year - on - year decrease of 2.97%. From January to July, the cumulative refined zinc imports were 209,900 tons, a cumulative year - on - year decrease of 12.72%. In July, galvanized sheet exports were 1.1975 million tons, a month - on - month increase of 5.86% and a year - on - year increase of 13%. In July, die - cast zinc alloy exports were 241.35 tons, a month - on - month decrease of 61.21% [12][13]. 3.4 Related Charts - The report provides multiple charts, including the price trend charts of SHFE zinc and LME zinc, the ratio of domestic and foreign markets, spot and LME premiums, inventory data of SHFE, LME, social and bonded areas, domestic and foreign zinc ore processing fees, zinc ore import profit and loss, refined zinc net imports, domestic refined zinc production, smelter profits, and downstream primary enterprise operating rates [15][16][17].

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].