Core Viewpoint - The report from the National Bureau of Statistics indicates that China's zinc production in August 2025 reached 651,000 tons, representing a year-on-year increase of 22.8% [1] Production Insights - In August, domestic smelters increased production, with regular maintenance occurring in regions such as Hunan and Gansu. In contrast, areas like Shaanxi and Inner Mongolia focused on resuming operations after maintenance. Additionally, new production capacity in regions like Jiangxi and Inner Mongolia continued to be released, leading to a month-on-month increase in zinc production [1] - In September, SMM reported that maintenance at smelters was primarily concentrated in Henan, Inner Mongolia, Hunan, and Yunnan. Some recycled zinc enterprises experienced a decline in production due to rising raw material prices and tight supply. However, production increased in regions such as Hunan, Shaanxi, Gansu, and Hubei, resulting in an overall production adjustment [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Under the influence of macro factors, zinc prices may show a strong trend. Considering the long - term oversupply of zinc, investors can lightly short at high prices; for arbitrage, it is advisable to wait and see [5]. - From a fundamental perspective, domestic refined zinc supply may decrease slightly in September. Although there is an expectation of the "Golden September and Silver October" consumption peak season, current terminal orders are lackluster, and domestic social inventories are continuously increasing. In contrast, LME inventories are decreasing, and the LME 0 - 3 has turned into a Back structure and is gradually expanding, which still supports LME zinc prices. Affected by overseas macro factors and LME zinc prices, the center of short - term Shanghai zinc prices may rise [6]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Strategies** - **Unilateral Trading**: Zinc prices may be strong under macro influence. Due to long - term oversupply, short positions can be lightly established at high prices [5]. - **Arbitrage**: Temporarily wait and see [5]. Chapter 2: Market Data No specific data analysis content is provided in the given text, only some data item names such as "Spot Premium", "Absolute Price and Monthly Spread", "Shanghai Zinc Trading Volume and Open Interest", etc. Chapter 3: Fundamental Data - **Zinc Ore Supply** - **Production**: From January to June 2025, global zinc concentrate production was 6158300 tons, a year - on - year increase of 407300 tons or 7.08%. Overseas production was 4188300 tons, a year - on - year increase of 339300 tons or 8.81%, and Chinese production was 1970000 tons, a year - on - year increase of 68000 tons or 3.58%. In August 2025, SMM zinc concentrate production was 344800 metal tons, a month - on - month decrease of 0.58% and a year - on - year decrease of 4.51%. It is expected to be 314500 metal tons in September, a month - on - month decrease of 8.79% [31]. - **Import**: In July 2025, imported zinc concentrate was 501400 tons (physical tons), a month - on - month increase of 51.97% (171500 physical tons) and a year - on - year increase of 33.58%. From January to July, the cumulative imported zinc concentrate was 3035400 tons (physical tons), a cumulative year - on - year increase of 45.2%. The top three import source countries in July were Australia, Peru, and Russia [40]. - **Total Domestic Supply**: In July 2025, the total domestic supply of zinc concentrate was about 572400 metal tons, a year - on - year increase of 7.69%. From January to July, the cumulative total supply was 3453600 metal tons, a cumulative year - on - year increase of 12.76% [43]. - **Processing Fees**: In September, the monthly processing fee for domestic Zn50 zinc concentrate reached 3950 yuan/ton, an increase of 2350 yuan/ton compared to December 2024. On September 12, the weekly processing fee for domestic Zn50 zinc concentrate was 3850 yuan/metal ton, and the SMM imported zinc concentrate index rose by 2.5 US dollars/dry ton to 98.75 US dollars/dry ton [47]. - **Refined Zinc Supply** - **Global**: In June 2025, global refined zinc production was 1156500 tons, a year - on - year decrease of 2.22%. In May, global refined zinc demand was 1183700 tons, a year - on - year increase of 2.7%. There was a shortage of 27200 tons. From January to June 2025, global refined zinc production was 6665600 tons, a year - on - year decrease of 213600 tons or 3.11%; consumption was 6597600 tons, a year - on - year decrease of 17300 tons or 0.26%. There was a cumulative surplus of 68000 tons [53]. - **Domestic**: In August 2025, the domestic refined zinc enterprise operating rate was 96.34%, a month - on - month increase of 2.5%. SMM China's refined zinc production in August was 626200 tons, a month - on - month increase of 23400 tons or 3.88%, and a year - on - year increase of 28.77%. From January to August, the cumulative production was 4469000 tons, a year - on - year increase of 7.49%. It is expected that the domestic refined zinc production in September will be 609800 tons, a month - on - month decrease of 1.64 tons or 2.61%, and a year - on - year increase of 22.14% [56]. - **Import**: In July 2025, the import of refined zinc was 17900 tons, a month - on - month decrease of 18100 tons or 50.35%, and a year - on - year decrease of 2.97%. From January to July, the cumulative import was 209900 tons, a cumulative year - on - year decrease of 12.72%. The top three import countries in July were Kazakhstan, Australia, and India [58]. - **Consumption** - **Downstream开工率**: The downstream zinc开工率 increased significantly this week, mainly due to the resumption of production of enterprises restricted by environmental protection, but terminal orders have not improved significantly. With the approaching of the traditional consumption peak season, the start - up of downstream enterprises and new orders need to be monitored [6]. - **Inventory** - **Domestic**: As of September 11, the total inventory of SMM's seven - region zinc ingots was 154200 tons, an increase of 5200 tons compared to September 4 and an increase of 2100 tons compared to September 8 [6]. - **LME**: On September 11, LME zinc inventory was 50500 tons, a decrease of 2550 tons compared to September 5 [6].

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]