1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The demand improvement for zinc is limited, and the price shows a volatile performance. The strength - weakness analysis is neutral [2]. - The inventory accumulation is becoming more obvious. The galvanizing start - up rate has a marginal increase [3][4]. - On the supply side, the supply is increasing. With the increase in zinc concentrate, the inventory of zinc concentrate in smelters and ports is relatively abundant, and the smelter profit is at a historical median. The supply pressure has increased, and the excess logic is gradually reflected in the social inventory accumulation. On the consumption side, it is still in the off - season, with insufficient new orders. Although there is some resilience in rigid demand, the demand improvement is very limited, and the industry start - up rate has little room to rise without more favorable policies. In the short term, the zinc price shows a volatile performance due to factors such as the increase in the inventory accumulation slope, the fading of domestic macro - sentiment, and the expectation of strong supply and weak demand in August. In the medium - to - long term, the strategy of shorting on rallies is recommended. For the internal - external strategy, Shanghai zinc may be relatively weaker during the period of increasing supply and decreasing demand in the domestic off - season, and the positive spread positions within the short - to - medium - term (within a quarter) can be continued to hold [4]. 3. Summaries According to Relevant Catalogs 3.1 Market Review - **Price Performance**: The closing price of Shanghai zinc main contract last week was 22,515, with a weekly increase of 0.87%. The closing price of the night session yesterday was 22,555, with a night - session increase of 0.18%. The closing price of LmeS - zinc3 last week was 2834, with a weekly increase of 3.83% [7]. - **Trading Volume and Open Interest Changes**: The trading volume of Shanghai zinc main contract last Friday was 81,428, a decrease of 23,693 compared with the previous week. The open interest was 94,895, a decrease of 13,189 compared with the previous week. The trading volume of LmeS - zinc3 was 8402, a decrease of 5705 compared with the previous week, and the open interest was 193,958, an increase of 4615 compared with the previous week [7]. - **Price Difference Changes**: The LME zinc premium changed from - 10.96 to - 0.23, an increase of 10.73. The bonded - area zinc premium changed from - 30 to 140, an increase of 170. The spot premium of Shanghai 0 zinc changed from 0 to - 35, a decrease of 35, etc. [7]. 3.2 Industry Chain Vertical and Horizontal Comparison - **Inventory**: Zinc ore and smelter finished product inventories have risen to high levels, and the visible inventory of zinc ingots has increased [9]. - **Profit**: Zinc ore profits are at the forefront of the industry chain, and smelting profits are relatively good. Mine enterprise profits are stable in the short term and at a historical median. Smelting profits are also stable and at a historical median. Galvanized pipe enterprise profits are stable but at a medium - to - low level in the same period [11][12]. - **Start - up Rate**: The zinc concentrate start - up rate has increased and is at a median level in the same period in history. The refined zinc start - up rate has declined but is at a high level in the same period in history. The downstream galvanizing start - up rate has increased, while the die - casting zinc start - up rate has decreased, and both are at a medium - to - low level in history [13][14]. 3.3 Trading Aspects - **Spot**: The spot premium has a slight decline. Overseas premiums are relatively stable, with a slight decrease in Antwerp, and the LME CASH - 3M structure has an obvious change [17][23]. - **Price Difference**: The near - end of Shanghai zinc shows a C structure, and the far - end structure is gradually moving out of the back structure [25]. - **Inventory**: The inventory at a low level shows a stable and rising trend, and the inventory accumulation is becoming more obvious. The open interest - to - inventory ratio continues to decline. The LME inventory is mainly concentrated in the Singapore area, with a short - term slight decrease and at a median level in the same period in history. The bonded - area inventory is stable, and the total global visible zinc inventory has a slight decline [31][36][39]. - **Futures**: The domestic open interest is at a median level in the same period in history [40]. 3.4 Supply - **Zinc Concentrate**: The import of zinc concentrate has declined. The domestic zinc ore production is at a median level in history. The recovery rate of processing fees for domestic and imported ores has slowed down. The zinc ore arrival volume is at a median level, and the smelter raw material inventory is abundant and at a high level in the same period in history [43][44]. - **Refined Zinc**: The smelting output has a marginal recovery. The smelter finished product inventory is at a medium - to - high level in the same period in history, and the zinc alloy output is at a high level. The refined zinc import volume is at a historical median [45][48]. 3.5 Zinc Demand - The refined zinc consumption growth rate is positive. The downstream monthly start - up rate has a slight decline, and most are at a medium - to - low level in the same period in history [54][57]. - The real estate is still at a low level, while the power grid shows a structural increase [69]. 3.6 Overseas Factors - The European Continental benchmark Dutch natural gas futures price and the ICE EU carbon quota main contract price are presented, which may affect the zinc market through factors such as energy costs and production costs [71][72].

Group 1 - The company Zhongyifeng Luopusijin Material Technology Co., Ltd. has applied for a patent for a "suspension window structure and assembly equipment" with publication number CN120443942A, filed on June 2025 [1] - The patent application describes a suspension window structure that includes a frame body and window frame, featuring a movable chamber for the window frame to slide, and an installation chamber connected to the movable chamber [1] - The installation mechanism consists of a track base, partition blocks, sliding seat, support frame, and sealing components, with multiple partition blocks dividing the installation chamber into individual chambers connected to the movable chamber [1] Group 2 - Zhongyifeng Luopusijin Material Technology Co., Ltd. was established in 1993 and is located in Suzhou, primarily engaged in non-ferrous metal smelting and rolling processing [2] - The company has a registered capital of 674.9248 million RMB and has invested in 9 enterprises, participated in 60 bidding projects, and holds 211 trademark records and 1148 patent records [2] - Additionally, the company possesses 11 administrative licenses [2]

天眼查资料显示，双环传动（重庆）精密科技有限责任公司，成立于1999年，位于重庆市，是一家以从 事有色金属冶炼和压延加工业为主的企业。企业注册资本33501.026872万人民币。通过天眼查大数据分 析，双环传动（重庆）精密科技有限责任公司参与招投标项目17次，财产线索方面有商标信息1条，专 利信息116条，此外企业还拥有行政许可29个。 金融界2025年8月9日消息，国家知识产权局信息显示，双环传动（重庆）精密科技有限责任公司取得一 项名为"一种齿轮铜套压装工装"的专利，授权公告号CN223198452U，申请日期为2024年10月。 专利摘要显示，本实用新型属于齿轮加工技术领域，尤其是一种齿轮铜套压装工装，包括支撑构件以及 与之相配合的下压构件；支撑构件包括压装底座，压装底座内滑动设置有用于卡置铜套的定位芯轴，且 压装底座顶端外侧壁设有与齿轮相匹配的齿轮卡槽，底端设有法兰，定位芯轴与法兰之间设有第一压缩 弹簧，定位芯轴的顶部侧壁设有用于支撑铜套的安装卡台；下压构件包括上接头，上接头的顶端开有连 接槽，底端设有上压头。压装底座安装在压装机的工作台面上，上接头安装在压装机的下压动力机构 上，铜套卡置在定位芯轴 ...

Group 1: Consumer Price Index (CPI) - In July, the CPI increased by 0.4% month-on-month, reversing a 0.1% decline from the previous month, with year-on-year growth remaining flat [1][3] - The year-on-year CPI was primarily influenced by lower food prices, which decreased by 1.6%, contributing approximately 0.29 percentage points to the CPI decline [1] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024 [1] Group 2: Producer Price Index (PPI) - The PPI decreased by 0.2% month-on-month in July, but the decline was less than the previous month, marking the first narrowing of the decline since March [5] - Seasonal factors and uncertainties in the international trade environment contributed to price decreases in several industries, including a 1.4% drop in non-metallic mineral products [5][6] - The prices in coal mining and washing, black metal smelting, and photovoltaic equipment manufacturing saw reduced declines compared to the previous month, indicating improved market competition [6] Group 3: Economic Outlook - The National Bureau of Statistics indicated that prices are expected to gradually rise in the second half of the year, supported by stable economic performance and effective domestic demand expansion policies [6]

Group 1: CPI Analysis - The core CPI, excluding food and energy prices, increased by 0.8% year-on-year, marking the highest growth since March 2024, with a 0.1 percentage point increase from the previous month [2] - In July, the CPI rose by 0.4% month-on-month, reversing a 0.1% decline from the previous month, primarily driven by increases in service and industrial consumer goods prices [4] - The decrease in food prices, particularly fresh vegetables and fruits, significantly impacted the CPI, with fresh vegetable prices down 7.6% year-on-year and fruit prices up 2.8% [1][4] Group 2: PPI Analysis - The PPI fell by 0.2% month-on-month in July, but the decline was less than the previous month, marking the first narrowing of the month-on-month decline since March [6] - Seasonal factors and uncertainties in the international trade environment contributed to price decreases in several industries, including non-metallic mineral products and coal mining [6][7] - The competitive market environment in industries such as coal, steel, and photovoltaic manufacturing has led to a reduction in price declines compared to the previous month [7] Group 3: Future Price Trends - The National Bureau of Statistics anticipates a moderate recovery in prices in the second half of the year, supported by stable economic performance, effective demand expansion policies, and reduced low-price competition among enterprises [7]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.4% month-on-month in July, reversing a previous decline of 0.1%, with a year-on-year change remaining flat [1][2] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, with a continuous expansion in growth for three consecutive months [2][3] - Service prices contributed significantly to the CPI increase, with a month-on-month rise of 0.6%, driven by seasonal factors such as summer travel, impacting the CPI by approximately 0.26 percentage points [2] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was less than the previous month, marking the first narrowing of the month-on-month decline since March [4][5] - Year-on-year, the PPI fell by 3.6%, with the decline remaining consistent with the previous month, indicating some improvement in supply-demand relationships in certain industries [5] - Seasonal factors and uncertainties in international trade affected prices in several sectors, with notable decreases in construction materials and energy-related prices [4][5]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.4% month-on-month in July, which is 0.1 percentage points higher than the seasonal level [3] - The rise in CPI was primarily driven by increases in service and industrial consumer goods prices, with service prices up 0.6% and industrial consumer goods prices up 0.5% [3] - Seasonal factors, such as the summer travel peak, contributed to significant price increases in air tickets (17.9%), tourism (9.1%), hotel accommodation (6.9%), and vehicle rentals (4.4%) [3] Group 2: Core CPI Insights - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest level since March 2024 [4] - Jewelry prices, particularly gold and platinum, saw substantial increases of 37.1% and 27.3% respectively, contributing approximately 0.22 percentage points to the CPI [4] - Food prices experienced a year-on-year decline of 1.6%, primarily due to high base effects from the previous year, which negatively impacted the overall CPI [4] Group 3: PPI Overview - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was less severe than in previous months, marking the first month of narrowing decline since March [5] - Seasonal factors and uncertainties in international trade contributed to price decreases in certain industries, while domestic market competition improved, leading to reduced price declines in sectors like coal, steel, and solar energy [5][6] - Year-on-year, the PPI fell by 3.6%, with some industries experiencing price recoveries due to macroeconomic policies and demand improvements [6]

Group 1 - The core viewpoint of the article highlights the ongoing effects of domestic demand expansion policies, leading to a rise in the Consumer Price Index (CPI) and a narrowing decline in the Producer Price Index (PPI [3][4][6] - In July, the CPI increased by 0.4% month-on-month, driven by rising prices in services and industrial consumer goods, with service prices up 0.6% and industrial consumer goods prices up 0.5% [4][5] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, with significant contributions from jewelry prices [4][5] Group 2 - The PPI decreased by 0.2% month-on-month, but the decline was less than the previous month, marking the first narrowing of the month-on-month decline since March [6][7] - Seasonal factors and uncertainties in the international trade environment contributed to price declines in certain industries, such as construction materials and electricity generation [6][7] - Year-on-year, the PPI fell by 3.6%, with some industries experiencing price increases due to improved supply-demand relationships and ongoing macroeconomic policies [8]

Group 1: CPI Analysis - The Consumer Price Index (CPI) showed a month-on-month increase of 0.4% in July, reversing a previous decline of 0.1% in June, primarily driven by rising service and industrial goods prices [2][3] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, with jewelry prices significantly contributing to this rise [2][3] - Food prices decreased by 1.6% year-on-year, influenced by a high base from the previous year, which negatively impacted the overall CPI [3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was less severe than in previous months, indicating a potential stabilization in certain sectors [4][5] - Year-on-year, the PPI fell by 3.6%, with some industries experiencing price recovery due to improved supply-demand dynamics and ongoing industrial upgrades [5][6] - Specific sectors such as traditional industries and emerging industries showed positive price movements, with notable increases in prices for products like caustic soda and aircraft manufacturing [5][6]

Group 1: CPI Analysis - In July, the Consumer Price Index (CPI) increased by 0.4% month-on-month, reversing a previous decline of 0.1%, with a year-on-year change remaining flat [1][2] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, and has expanded for three consecutive months [1][2] - Service prices contributed significantly to the CPI increase, with a month-on-month rise of 0.6%, driven by seasonal factors such as summer travel [2] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was less than the previous month, indicating a narrowing of the drop for the first time since March [1][4] - Year-on-year, the PPI fell by 3.6%, with the decline remaining consistent with the previous month, reflecting ongoing macroeconomic policies and improvements in supply-demand relationships in certain industries [1][5] - Seasonal factors and international trade uncertainties have influenced price changes in various sectors, with notable decreases in construction materials and energy-related prices [4][5]