Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [5] Core View - In November, domestic and overseas zinc ore TC decreased significantly, squeezing smelter profits and potentially reducing supply pressure. Overseas warehouse receipts remain low with high premiums, and domestic inventories are falling, and micro - data is turning from bearish to bullish while the macro background remains positive [4] Key Data Summary Spot - LME zinc spot premium is $128.30/ton. SMM Shanghai zinc spot price is 22,630 yuan/ton, with a premium of - 40 yuan/ton; SMM Guangdong zinc spot price is 22,590 yuan/ton, with a premium of - 80 yuan/ton; Tianjin zinc spot price is 22,590 yuan/ton, with a premium of - 80 yuan/ton [1] Futures - On November 13, 2025, the SHFE zinc main contract opened at 22,630 yuan/ton, closed at 22,740 yuan/ton, up 100 yuan/ton from the previous trading day. The trading volume was 97,686 lots, and the position was 102,938 lots. The highest price was 22,760 yuan/ton, and the lowest was 22,550 yuan/ton [2] Inventory - As of November 13, 2025, SMM's seven - region zinc ingot inventory was 157,900 tons, down 1,700 tons from the previous period. LME zinc inventory was 37,800 tons, up 1,925 tons from the previous trading day [3] Market Analysis Summary - In November, domestic and overseas zinc ore TC decreased significantly. The smelting comprehensive profit has been compressed from about 1,400 yuan/ton to about 300 yuan/ton, and high - cost areas are facing losses. Overseas warehouse receipts are still low, and domestic inventories are falling [4] Strategy Summary - Unilateral: Cautiously bullish. Arbitrage: Neutral [5]

Group 1: Investment Ratings - Unilateral: Cautiously bullish; Arbitrage: Neutral [6] Group 2: Core Views - In November, domestic zinc concentrate treatment charges (TC) dropped significantly, and overseas TC also decreased synchronously. With strong demand from smelters for zinc concentrate, TC is expected to decline further. [5] - As TC drops, smelting comprehensive profits are severely compressed, leading to losses in high - cost areas, which will suppress smelting enthusiasm and reduce supply - side pressure more than expected. [5] - Overseas zinc inventories are still low despite a slight increase in warehouse receipts, with high spot premiums. Domestic inventories are falling, and the export window is fully open, with the possibility of a significant seasonal decline in social inventories. [5] - Micro - data has almost fully shifted from bearish to bullish, while the macro - economic background remains positive. [5] Group 3: Summary by Related Catalogs Important Data - **Spot**: LME zinc spot premium is $176.55 per ton. SMM Shanghai zinc spot price is 22,660 yuan per ton, with a change of 90 yuan from the previous trading day and a premium of - 45 yuan per ton. SMM Guangdong zinc spot price is 22,630 yuan per ton, up 100 yuan, with a premium of - 75 yuan per ton. Tianjin zinc spot price is 22,620 yuan per ton, up 90 yuan, with a premium of - 85 yuan per ton. [2] - **Futures**: On November 11, 2025, the SHFE zinc main contract opened at 22,770 yuan per ton, closed at 22,675 yuan per ton, down 60 yuan. The trading volume was 81,702 lots, and the open interest was 107,475 lots. The highest price was 22,810 yuan per ton, and the lowest was 22,630 yuan per ton. [3] - **Inventory**: As of November 11, 2025, SMM seven - region zinc ingot inventory is 159,600 tons, a change of 9,000 tons from the previous period. LME zinc inventory is 35,300 tons, a change of 400 tons from the previous trading day. [4] Market Analysis - Domestic and overseas zinc concentrate TC are both declining, and smelting profits are compressed, which will reduce supply - side pressure. [5] - Overseas inventories are low with high spot premiums, and domestic inventories are falling, with the export window open. [5] Strategy - Unilateral trading is advised to be cautiously bullish, and arbitrage is neutral. [6]

1. Report Industry Investment Rating - Unilateral: Cautiously bullish. - Arbitrage: Neutral. [5] 2. Core View of the Report - In November, domestic and overseas zinc ore TC decreased significantly. With strong demand from smelters for ore procurement, TC is expected to decline further. - As TC drops, smelting comprehensive profit has been severely compressed, suppressing smelting enthusiasm and potentially reducing supply - side pressure more than expected. - Overseas warehouse receipt inventory remains low with risks, and domestic inventory is falling, with a possible downward shift in the inventory center. Micro - data is turning from bearish to bullish, and the macro - economic background remains favorable. [4] 3. Summary According to Related Catalogs Important Data - **Spot**: LME zinc spot premium is $152.26/ton. SMM Shanghai zinc spot price is 22,570 yuan/ton, down 70 yuan/ton from the previous trading day, with a premium of - 45 yuan/ton. SMM Guangdong and Tianjin zinc spot prices are 22,530 yuan/ton, down 70 yuan/ton from the previous trading day, with a premium of - 85 yuan/ton. [1] - **Futures**: On November 10, 2025, the SHFE zinc main contract opened at 22,720 yuan/ton, closed at 22,670 yuan/ton, down 15 yuan/ton from the previous trading day. The trading volume was 104,875 lots, and the position was 110,752 lots. The highest price was 22,735 yuan/ton, and the lowest was 22,530 yuan/ton. [2] - **Inventory**: As of November 10, 2025, the total inventory of SMM seven - region zinc ingots is 159,600 tons, up 900 tons from the previous period. LME zinc inventory is 34,900 tons, unchanged from the previous trading day. [3] Market Analysis - Domestic and overseas zinc ore TC decreased significantly in November. With strong procurement demand from smelters, TC is expected to decline further. - The smelting comprehensive profit has been compressed from about 1,400 yuan/ton to about 300 yuan/ton, and high - cost areas are facing losses, which will suppress smelting enthusiasm and reduce supply - side pressure. - Overseas warehouse receipt inventory is low with risks, and domestic inventory is falling, with a possible downward shift in the inventory center. Micro - data is turning from bearish to bullish, and the macro - economic background remains favorable. [4] Strategy - Unilateral: Cautiously bullish. - Arbitrage: Neutral. [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]

Report Summary 1. Industry Investment Rating - Unilateral: Cautiously bullish [6] - Arbitrage: Neutral [6] 2. Core View - Overseas premiums for zinc have strengthened further, and the export profit of refined zinc in China has continued to expand. The previous bearish logic for zinc prices has begun to change due to macro - favorable factors [1][5]. 3. Summary by Relevant Catalogs Important Data - **Spot**: The LME zinc spot premium is $230.29 per ton. SMM Shanghai zinc spot price increased by 70 yuan/ton to 21,940 yuan/ton, with a spot premium of - 50 yuan/ton; SMM Guangdong zinc spot price increased by 90 yuan/ton to 21,910 yuan/ton, with a spot premium of - 95 yuan/ton; Tianjin zinc spot price increased by 70 yuan/ton to 21,940 yuan/ton, with a spot premium of - 50 yuan/ton [2]. - **Futures**: On October 21, 2025, the main SHFE zinc contract opened at 21,915 yuan/ton and closed at 21,970 yuan/ton, up 85 yuan/ton from the previous trading day. The trading volume was 108,521 lots, and the open interest was 130,442 lots. The highest price was 22,045 yuan/ton, and the lowest was 21,875 yuan/ton [3]. - **Inventory**: As of October 21, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 165,300 tons, a change of 2,500 tons from the previous period. The LME zinc inventory was 37,275 tons, a change of - 50 tons from the previous trading day [4]. Market Analysis - Overseas premiums have strengthened, and the export profit of refined zinc in China has expanded. Domestic smelters are still actively purchasing domestic zinc ores, leading to a decline in domestic TC. Although imported ores are still expensive due to the domestic - foreign zinc price ratio, their processing fees may also be adjusted downward. The domestic market remains in surplus, but with the opening of the export window, the accumulation of social inventory is expected to be less than expected. The comprehensive smelting profit has narrowed, and if this situation persists or the sulfuric acid price drops, smelting enthusiasm may be dampened, and domestic supply pressure is expected to ease [5].

Group 1: Report Investment Rating - Unilateral: Cautiously bullish; Arbitrage: Neutral [5] Group 2: Core View - Zinc prices have fallen, and there is restocking in the spot market, but social inventories are increasing and may soon exceed the five - year average. The supply pressure is prominent, and the domestic inventory build - up is expected to continue even during the peak consumption season. Zinc prices may be under pressure if the peak - season consumption expectation fails, and may show a relatively weak trend compared to other non - ferrous metals, but the impact of overseas inventories should be noted [4] Group 3: Key Data Summary Spot - LME zinc spot premium is $59.11 per ton. SMM Shanghai zinc spot price is 22,140 yuan per ton, up 310 yuan from the previous trading day, with a spot premium of - 35 yuan per ton. SMM Guangdong zinc spot price is 22,170 yuan per ton, up 310 yuan, with a premium of - 45 yuan per ton. Tianjin zinc spot price is 22,140 yuan per ton, up 320 yuan, with a premium of - 35 yuan per ton [1] Futures - On October 9, 2025, the SHFE zinc main contract opened at 22,040 yuan per ton, closed at 22,315 yuan per ton, up 380 yuan. The trading volume was 137,234 lots, and the open interest was 113,253 lots. The highest price was 22,340 yuan per ton, and the lowest was 21,950 yuan per ton [2] Inventory - As of October 9, 2025, the total inventory of SMM seven - region zinc ingots is 150,200 tons, a change of 8,800 tons from the previous period. LME zinc inventory is 38,250 tons, with no change from the previous trading day [3] Group 4: Market Analysis - Zinc prices have dropped, and there is restocking in the spot market, but social inventories are increasing. The cost of domestic and imported zinc concentrates (TC) is rising, and smelting profits are increasing, leading to high smelting enthusiasm. The supply is expected to increase, and the pressure on the supply side is prominent. Even during the peak consumption season, domestic inventory build - up is expected, and the current inventory build - up is accelerating. If the peak - season consumption expectation fails, zinc prices will face greater pressure [4] Group 5: Strategy - Unilateral: Cautiously bullish; Arbitrage: Neutral [5]

Report Industry Investment Rating - The rating for both unilateral and arbitrage strategies is neutral [6] Core Viewpoints - Overseas zinc inventory reduction trend remains unchanged; domestic supply pressure persists, and long - term inventory accumulation is expected. However, overseas factors support zinc prices, and attention should be paid to post - balance changes [1][5] Summary by Directory Important Data - **Spot**: LME zinc spot premium is $39.84 per ton. SMM Shanghai zinc spot price dropped by 320 yuan/ton to 21,630 yuan/ton, with a spot premium of - 25 yuan/ton. SMM Guangdong zinc spot price dropped by 330 yuan/ton to 21,660 yuan/ton, with a spot premium of - 50 yuan/ton. Tianjin zinc spot price dropped by 330 yuan/ton to 21,620 yuan/ton, with a spot premium of - 35 yuan/ton [2] - **Futures**: On September 29, 2025, the SHFE zinc main contract opened at 21,930 yuan/ton, closed at 21,800 yuan/ton (down 235 yuan/ton from the previous trading day), with a trading volume of 180,545 lots and a position of 142,400 lots. The highest price was 21,950 yuan/ton, and the lowest was 21,665 yuan/ton [3] - **Inventory**: As of September 29, 2025, the total inventory of SMM seven - region zinc ingots was 141,400 tons, a decrease of 90,000 tons from the previous period. LME zinc inventory was 41,950 tons, a decrease of 825 tons from the previous trading day [4] Market Analysis - During the long holiday, downstream开工率 decreased. Before the holiday, with the decline of absolute prices, downstream actively purchased, and the spot discount was repaired, especially in Guangdong. The supply pressure in China remains. The TC of domestic zinc mines in October continued to decline, while the TC of imported zinc mines was as high as $140 per ton. The smelting profit of the industry was maintained, and the short - term replenishment behavior could not change the long - term inventory accumulation expectation. Overseas inventory problems remained unresolved, the export window was not opened, and the hawkish attitude overseas supported the zinc price [5] Strategy - **Unilateral**: Neutral [6] - **Arbitrage**: Neutral [6]

Report Industry Investment Rating - Unilateral: Cautiously bearish [4] - Arbitrage: Neutral [5] Core View - Zinc prices have declined, and there is restocking in the spot market, but social inventories are increasing and approaching the five - year average. Spot liquidity has improved, but procurement remains cautious. The TC of domestic and imported ores continues to rise, leading to higher smelting profits and sustained smelting enthusiasm. The supply is expected to increase, and the pressure on the supply side is prominent. Even during the peak consumption season, domestic inventory accumulation is expected, and if the consumption peak expectations are not met, zinc prices will face significant pressure [4]. Key Points by Category Important Data Spot - LME zinc spot premium is $6.12 per ton. SMM Shanghai zinc spot price is 22,100 yuan per ton, with a change of 90 yuan from the previous trading day and a spot premium of - 35 yuan per ton. SMM Guangdong zinc spot price is 22,100 yuan per ton, with a change of 100 yuan and a spot premium of - 75 yuan per ton. Tianjin zinc spot price is 22,090 yuan per ton, with a change of 100 yuan and a spot premium of - 85 yuan per ton [1] Futures - On September 1, 2025, the main SHFE zinc contract opened at 22,250 yuan per ton and closed at 22,175 yuan per ton, a change of 80 yuan from the previous trading day. The trading volume was 139,706 lots, and the open interest was 116,185 lots. The highest price was 22,300 yuan per ton, and the lowest was 22,125 yuan per ton [2] Inventory - As of September 1, 2025, the total inventory of SMM seven - region zinc ingots is 146,300 tons, with a change of 18,000 tons from the previous period. As of the same date, LME zinc inventory is 55,875 tons, a change of - 625 tons from the previous trading day [3] Market Analysis - Zinc prices have fallen, and there is restocking in the spot market, but social inventories are increasing and approaching the five - year average. Spot liquidity has improved, but procurement remains cautious. The TC of domestic and imported ores continues to rise, leading to higher smelting profits and sustained smelting enthusiasm. The supply is expected to increase, and the pressure on the supply side is prominent. Even during the peak consumption season, domestic inventory accumulation is expected, and if the consumption peak expectations are not met, zinc prices will face significant pressure [4] Strategy - Unilateral: Cautiously bearish, but the impact of overseas inventories needs to be monitored [4] - Arbitrage: Neutral [5]

Group 1: Report Industry Investment Rating - Unilateral: Neutral; Arbitrage: Short allocation option among non-ferrous varieties [6] Group 2: Core View of the Report - Zinc ingot spot market has sufficient arrivals, domestic warehouse receipts are increasing rapidly, zinc prices fluctuate with the general trend of non-ferrous metals, downstream purchasing power is poor, and spot discounts show a slight expanding trend. The import TC is rising, smelters have sufficient raw material inventory, and port inventory is increasing. The smelting profit remains above 1000 yuan/ton, and zinc price decline has little impact on smelting profit. Even in the peak consumption season, the domestic inventory accumulation expectation remains unchanged. If the expectation of the peak consumption season fails, zinc prices will face greater pressure, but the impact of overseas inventory needs attention [1][5] Group 3: Summary by Relevant Catalogs Important Data - **Spot**: LME zinc spot premium is -$4.61/ton. SMM Shanghai zinc spot price is -10 yuan/ton to 22,270 yuan/ton, with a premium of -45 yuan/ton; SMM Guangdong zinc spot price is unchanged at 22,270 yuan/ton, with a premium of -70 yuan/ton; Tianjin zinc spot price is -10 yuan/ton to 22,250 yuan/ton, with a premium of -65 yuan/ton [2] - **Futures**: On August 27, 2025, the main SHFE zinc contract opened and closed at 22,310 yuan/ton, up 5 yuan/ton from the previous trading day. The trading volume was 114,993 lots, and the open interest was 107,827 lots. The highest price was 22,425 yuan/ton, and the lowest was 22,290 yuan/ton [3] - **Inventory**: As of August 27, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 138,500 tons, a change of 5,600 tons from the previous period. As of the same date, LME zinc inventory was 60,025 tons, a change of -5,500 tons from the previous trading day [4] Market Analysis - **Supply**: Zinc ingot spot market has sufficient arrivals, domestic warehouse receipts are increasing rapidly. The import TC is rising, smelters have sufficient raw material inventory, and port inventory is increasing. The smelting profit remains above 1000 yuan/ton, and zinc price decline has little impact on smelting profit, so the smelting enthusiasm remains [5] - **Consumption**: Even in the peak consumption season, the domestic inventory accumulation expectation remains unchanged. If the expectation of the peak consumption season fails, zinc prices will face greater pressure, but the impact of overseas inventory needs attention [5] Strategy - **Unilateral**: Neutral - **Arbitrage**: Short allocation option among non-ferrous varieties [6]

Report Summary 1. Report Industry Investment Rating - Unilateral: Cautiously bearish. - Arbitrage: Neutral. [6] 2. Core View of the Report - The spot market discount is still slightly weakening, and the market trading enthusiasm is poor. The TC of domestic and imported mines continues to rise, smelting profits are increasing, and the smelting enthusiasm remains high. The supply-side incremental expectation remains unchanged. Even during the peak consumption season, the domestic inventory accumulation expectation remains unchanged. If the peak consumption season expectation fails, zinc prices will face significant pressure and may show a relatively weak trend. However, the impact of overseas inventories needs to be monitored. [5] 3. Summary According to Relevant Catalogs Important Data - **Spot**: The LME zinc spot premium is -$0.23/ton. The SMM Shanghai zinc spot price increased by 60 yuan/ton to 22,530 yuan/ton, with a spot premium of -45 yuan/ton. The SMM Guangdong zinc spot price increased by 70 yuan/ton to 22,510 yuan/ton, with a spot premium of -65 yuan/ton. The Tianjin zinc spot price increased by 60 yuan/ton to 22,520 yuan/ton, with a spot premium of -55 yuan/ton. [2] - **Futures**: On August 11, 2025, the SHFE zinc main contract opened at 22,485 yuan/ton, closed at 22,590 yuan/ton, up 85 yuan/ton from the previous trading day. The trading volume was 87,765 lots, and the open interest was 93,386 lots. The highest price during the day was 22,670 yuan/ton, and the lowest was 22,425 yuan/ton. [3] - **Inventory**: As of August 11, 2025, the total inventory of SMM seven - region zinc ingots was 119,200 tons, a change of 6,000 tons from the previous period. As of the same date, the LME zinc inventory was 80,425 tons, a change of -1,075 tons from the previous trading day. [4] Market Analysis - The spot market discount is slightly weakening, and trading enthusiasm is low. The TC of domestic and imported mines continues to rise, smelting profits are increasing, and smelting enthusiasm remains high. The supply - side pressure is continuously prominent. Even during the peak consumption season, the domestic inventory accumulation expectation remains unchanged. If the peak consumption season expectation fails, zinc prices will face significant pressure and may show a relatively weak trend, but the impact of overseas inventories needs attention. [5] Strategy - Unilateral: Cautiously bearish. - Arbitrage: Neutral. [6]