罗平锌电公告，信息披露义务人罗平控股将其所持锌电公司100%股权无偿划转至震东集团，导致罗平 控股将其间接所持罗平锌电1617万股股份转让至震东集团。本次权益变动前，罗平控股通过锌电公司间 接持有上市公司1617万股股份，占上市公司总股本的5.0001%。本次权益变动完成后，罗平控股将不再 持有上市公司股份。 ...

中信期货研究（有⾊每⽇报告） 2026-01-08 供应扰动忧虑继续，基本金属维持强势 有⾊观点：供应扰动忧虑继续，基本⾦属维持强势 交易逻辑：美联储独立性受损及弱美元预期仍在发酵；12月10-11日中央 经济工作会议召开，定调较为积极，继续"国补"，12月31日财政部确认 26年第一批625亿元两新补贴资金拨付；元旦期间，美国打击委内瑞拉， 整体上看，宏观面预期有反复，但稳定。原料端延续偏紧局面，铜陵有色 公告米拉多铜矿二期延期；冶炼端仍有扰动预期，整体供应端支撑较强。 初端开工环比继续走弱；终端，伴随着两新支持资金到位，家电、汽车和 消费电子等终端消费或有望改善，远期供需仍有收紧预期。整体来看，中 短期，弱美元预期+供应扰动担忧逻辑没变，现实弱需求影响有限，供应 扰动担忧继续推高基本金属，继续关注铜铝锡低吸做多机会；长期，国内 潜在增量刺激政策预期仍在，并且铜铝锡供应扰动问题仍在，供需仍有趋 紧预期，看好铜铝锡价格走势。 投资咨询业务资格：证监许可【2012】669号 ⻛险提⽰：供应扰动；国内政策刺激超预期；美联储鸽派不及预期； 国内需求复苏不及预期；经济衰退。 有⾊与新材料团队 研究员： 郑非凡 从业资 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2026-01-06 供应扰动忧虑继续，基本金属大幅走高 有⾊观点：供应扰动忧虑继续，基本⾦属⼤幅⾛⾼ 交易逻辑：美联储独立性受损及弱美元预期仍在发酵；12月10-11日中央 经济工作会议召开，定调较为积极，继续"国补"，12月31日财政部确认 26年第一批625亿元两新补贴资金拨付；元旦期间，美国打击委内瑞拉， 整体上看，宏观面预期有反复，但稳定。原料端延续偏紧局面，铜陵有色 公告米拉多铜矿二期延期；冶炼端仍有扰动预期，整体供应端支撑较强。 初端开工环比继续走弱；终端，伴随着两新支持资金到位，家电、汽车和 消费电子等终端消费或有望改善，远期供需仍有收紧预期。整体来看，中 短期，弱美元预期+供应扰动担忧逻辑没变，现实弱需求影响有限，供应 扰动担忧继续推高基本金属，继续关注铜铝锡低吸做多机会；长期，国内 潜在增量刺激政策预期仍在，并且铜铝锡供应扰动问题仍在，供需仍有趋 紧预期，看好铜铝锡价格走势。 铜观点：供应收缩预期较强，铜价延续⾼位运⾏。 氧化铝观点：成本⽀撑有效性较弱，氧化铝价仍旧承压。 铝观点：资⾦情绪乐观，铝价⼤幅上⾏。 铝 ...

什邡磷化工分公司现有磷酸盐系列装置，磷酸盐产能42万吨/年;复合肥系列装置，复合肥产能30万吨/ 年。什邡磷化工分公司于2026年1月对磷酸盐系列装置实施停产检修和设备更新改造。本次停产预计为 期1个月，计划于2026年2月初恢复生产。 什邡有色金属分公司现有锌冶炼生产装置一套，锌锭产能10万吨/年;锌合金生产装置一套，锌合金产能 10万吨/年。什邡有色金属分公司自2026年1月起对锌冶炼装置实施停产检修和设备更新改造。本次停产 预计为期5个月，计划于2026年6月初恢复生产。 宏达股份（600331）(600331.SH)公告，公司什邡有色金属分公司和什邡磷化工分公司将对部分生产装 置进行停产检修和设备更新改造。 ...

数据显示，1月5日上海0#锌锭现货价格报价23970.00元/吨，相较于期货主力价格（23820.00元/吨）升 水150.0元/吨。 （1月5日）全国锌价格一览表 1月5日，上期所锌期货仓单41374吨，环比上个交易日减少1045吨。 国内炼厂减产延续，1月锌锭产出预计环比基本持平。消费淡季，但十五五开局，开门红预期下消费仍 存韧性。 分析观点： 瑞达期货（002961）研报：宏观面，《求是》杂志最新定调，政策预期上，政策力度要符合市场预期， 政策要一次性给足，不能采取添油战术，导致市场与政策陷入博弈状态。基本面，上游锌矿进口量下 滑，因内外比价继续走差，中国进口锌精矿亏损扩大；国内炼厂原料冬季储备已经启动，更倾向采购国 产锌精矿，不过炼厂采购国产矿竞争加大，国内外加工费均明显下跌，国内炼厂利润收缩，预计产量将 明显下降。不过近期伦锌价格回调，沪伦比值回升，出口窗口存在重新关闭可能。需求端，下游市场逐 步转向淡季，地产板块构成拖累，基建、家电板块也呈现走弱，而汽车等领域政策支持带来部分亮点。 下游市场以逢低按需采购为主，近期锌价震荡调整，成交平淡按需采购，现货升水偏高持稳，国内库存 延续下降；LME锌库存累 ...

锌产业链周度报告 国泰君安期货研究所 有色及贵金属组 季先飞 （首席分析师/联席行政负责人） 投资咨询从业资格号：Z0012691 王宗源（联系人） 期货从业资格号：F03142619 日期：2026年01月04日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 锌：关注价格上方压力 强弱分析：中性 国内库存继续去化 Special report on Guotai Junan Futures 第 2 页 镀锌开工回升 资料来源：SMM、钢联、同花顺、Bloomberg、国泰君安期货研究所 ◆ 国内供应端逐渐复产。当下国产矿加工费集中在1200-1600/金属吨，下方调整空间 相对有限。同时进口窗口已经打开，近期Antamina锌精矿有20美元附近成交，普通 锌精矿报盘40-50美元/干吨，进口矿加工费仍有进一步下滑可能；临近年底，前期检 修的冶炼厂将陆续复产，预计1月锌锭供应量环比将出现增长； ◆ 需求季节性回落。镀锌、氧化锌、压铸锌合金订单持续低迷， ...

瑞达期货研究院 「2025.12.31」 沪锌市场周报 炼厂减产延续去库 预计锌价震荡偏强 研究员： 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 来源：瑞达期货研究院 「 期现市场」 本周沪锌期价上涨 沪伦比值震荡 图1、沪锌与伦锌期价 3 行情回顾：本周沪锌主力震荡上涨，周线涨跌幅为+0.45%，振幅2.03%。截止本周主力合约收盘报价23275 元/吨。 行情展望：宏观面，美联储会议纪要："大多数"官员预计12月后适合继续降息，部分主张"一段时间" 按兵不动。2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划已提前下达。基本面，上游 锌矿进口量下滑，因内外比价继续走差，中国进口锌精矿亏损扩大；国内炼厂原料冬季储备已经启动，更 倾向采购国产锌精矿，不过炼厂采购国产矿竞争加大，国内外加工费均明显下跌，国内炼厂利润收缩，预 计产量将明显下降。不过近期伦锌价格回调，沪伦比值回升，出口窗口存在重新关闭可能。需求端，下游 市场逐步转向 ...

Meeting Overview - The meeting was convened by the board of directors of Yunnan Luoping Zinc Electric Co., Ltd [3] - The meeting took place on December 29, 2025, at 10:00 AM, with both on-site and online voting options available [4][6] - The meeting was held at the company's office building in Longjiabian, Luoping County, Yunnan Province [5] Attendance - A total of 177 shareholders attended the meeting, representing 89,853,300 shares, which is 27.7844% of the total voting shares [8] - Among them, 2 shareholders attended in person, representing 88,597,600 shares (27.3961%), while 175 shareholders participated via online voting, representing 1,255,700 shares (0.3883%) [9][10] - 175 minority shareholders attended, representing 1,255,700 shares (0.3883%) through online voting [11] Proposal Voting Results - The proposal regarding the insurance for directors and senior management was approved with 89,594,200 shares in favor (99.7116%), 247,600 shares against (0.2756%), and 11,500 shares abstaining (0.0128%) [14] - Among minority shareholders, 996,600 shares voted in favor (79.3661%), 247,600 shares against (19.7181%), and 11,500 shares abstained (0.9158%) [15] Legal Opinion - The legal opinion was provided by Beijing Deheng (Kunming) Law Firm, confirming that the meeting's convening, attendance, voting procedures, and results complied with legal and regulatory requirements [17]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The market trading theme revolves around the overseas interest - rate cut cycle and the expectation of manufacturing recovery, with a warm risk preference. The fundamental situation is a mix of long and short factors. In the short term, zinc prices are expected to fluctuate strongly supported by macro - bullish sentiment and inventory reduction, but LME inventory accumulation and domestic supply recovery will limit the upside space [3][8][9] Summary by Sections Transaction Data - From December 19th to 26th, the SHFE zinc price rose from 23,065 yuan/ton to 23,170 yuan/ton, an increase of 105 yuan/ton; the LME zinc price rose from 3078 dollars/ton to 3086.5 dollars/ton, an increase of 8.5 dollars/ton. The SHFE - LME ratio rose from 7.49 to 7.51. The SHFE inventory decreased by 3054 tons to 72963 tons, while the LME inventory increased by 6975 tons to 106,875 tons. The social inventory decreased by 0.75 million tons to 11.47 million tons, and the spot premium decreased by 10 yuan/ton to 80 yuan/ton [4] Market Review - Last week, the main contract of SHFE zinc fluctuated narrowly, closing at 23170 yuan/ton with a weekly increase of 0.41%. LME zinc also had a narrow - range fluctuation, closing at 3086.5 dollars/ton with a weekly increase of 0.28%. In the spot market, as the year - end approached, traders sold more goods, and the spot premium decreased. The downstream's purchasing weakened in the second half of the week [5] Macroeconomic Situation - The US GDP in Q3 was stronger than expected, and the initial jobless claims data last week was better than expected, leading the market to slightly increase the expectation of a Fed rate cut in January next year. The domestic central bank's Q4 meeting pointed out to continue implementing a moderately loose monetary policy and strengthen counter - cyclical and cross - cyclical adjustments [3][6][8] Fundamental Analysis - **Supply**: In January 2026, the domestic and foreign zinc concentrate processing fees continued to decline month - on - month, but the SHFE - LME ratio has recovered to open the zinc concentrate import window, and the weekly processing fees have stopped falling. The supply of refined zinc in January 2026 is expected to increase by about 15,000 tons month - on - month, and the supply pressure has a marginal increase [3][8] - **Demand**: The lifting of environmental protection restrictions in the north and project rush in the south supported the increase in the operating rate of galvanizing enterprises. The operating rates of die - casting zinc alloy and zinc oxide enterprises also increased. However, the new round of environmental protection control in the north is approaching, and the enterprises' operations are still under pressure [3][8] Industry News - In January 2026, the average domestic and foreign zinc concentrate processing fees were 1400 yuan/metal ton and 79.04 dollars/dry ton respectively, showing a month - on - month decrease. In November, the zinc concentrate import volume increased year - on - year and month - on - month, the refined zinc import volume decreased year - on - year and month - on - month, and the refined zinc export volume led to a net export of 24,600 tons. GMI will continue to provide loans to Shuka to acquire LEM Mining and Kabwe Zinc Mine [10]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The report predicts that Shanghai zinc will fluctuate and adjust, with support at 22,900 yuan/ton and resistance at 23,400 yuan/ton [5]. 3. Summary by Relevant Catalogs 3.1. Weekly Key Points Summary - **Market Review**: This week, the main contract of Shanghai zinc fluctuated strongly, with a weekly increase of 0.46% and an amplitude of 1.78%. As of the end of this week, the closing price of the main contract was 23,170 yuan/ton [5]. - **Market Outlook**: Macroscopically, the US has ended the previous administration's trade investigation on Chinese chips and will not impose additional tariffs on Chinese chips for the next 18 months. Fundamentally, upstream zinc ore imports have declined, and domestic smelters' production is expected to decrease significantly. The export window may close again. On the demand side, the downstream market is gradually entering the off - season, with the real - estate sector dragging down, and the infrastructure and home - appliance sectors weakening, while the automobile and other sectors have some policy - supported highlights. Domestic inventories continue to decline, while LME zinc inventories have increased significantly [5]. 3.2. Futures and Spot Market - **Price and Ratio**: As of December 26, 2025, the closing price of Shanghai zinc was 23,170 yuan/ton, up 105 yuan/ton or 0.46% from December 19, 2025. As of December 24, 2025, the closing price of LME zinc was 3,086.5 US dollars/ton, up 13 US dollars/ton or 0.42% from December 18, 2025. The Shanghai - London ratio has rebounded [10]. - **Net Position and Open Interest**: As of December 26, 2025, the net position of the top 20 in Shanghai zinc was 5,746 lots, an increase of 678 lots from December 19, 2025. The open interest was 200,417 lots, an increase of 6,815 lots or 3.52% from December 19, 2025 [16]. - **Price Spreads**: As of December 26, 2025, the aluminum - zinc futures spread was 765 yuan/ton, a decrease of 115 yuan/ton from December 19, 2025. The lead - zinc futures spread was 5,615 yuan/ton, a decrease of 570 yuan/ton from December 19, 2025 [19]. - **Spot Premiums**: As of December 26, 2025, the spot price of 0 zinc ingots was 23,230 yuan/ton, unchanged from December 19, 2025. The spot premium was 55 yuan/ton, a decrease of 100 yuan/ton from last week. As of December 24, 2025, the LME zinc near - month to 3 - month spread was - 28.26 US dollars/ton, a decrease of 6.69 US dollars/ton from December 17, 2025 [25][26]. - **Inventories**: As of December 24, 2025, LME refined zinc inventories were 106,875 tons, an increase of 9,175 tons or 9.39% from December 17, 2025. As of December 19, 2025, SHFE refined zinc inventories were 76,017 tons, a decrease of 4,560 tons or 5.66% from last week. As of December 25, 2025, domestic refined zinc social inventories were 111,400 tons, a decrease of 7,300 tons or 6.15% from December 18, 2025 [29]. 3.3. Industry Situation - **Upstream**: In October 2025, global zinc ore production was 1.1009 million tons, a month - on - month increase of 1.21% and a year - on - year increase of 4.87%. In November 2025, the import volume of zinc ore concentrates was 519,018.96 tons, a month - on - month increase of 52.31% and a year - on - year increase of 14.06% [35]. - **Supply - Side**: - **Global Supply Gap**: In October 2025, global refined zinc production was 1.2187 million tons, with a year - on - year increase of 108,400 tons or 9.76%. Consumption was 1.2193 million tons, a year - on - year increase of 44,200 tons or 3.76%. The global refined zinc gap was 600 tons, compared to a gap of 64,800 tons in the same period last year. The WBMS reported a global zinc market supply - demand balance of - 35,700 tons in September 2024 [40][41]. - **Production Forecast**: In November 2025, zinc production was 654,000 tons, a year - on - year increase of 13.3%. From January to November 2025, the cumulative zinc output was 6.842 million tons, a year - on - year increase of 9.5%. However, production is expected to decline [44]. - **Export Window**: In November 2025, the import volume of refined zinc was 18,229.93 tons, a year - on - year decrease of 48.15%. The export volume was 42,815.55 tons, a year - on - year increase of 8748.45% [47]. - **Downstream**: - **Galvanized Sheets**: From January to November 2025, the inventory of galvanized sheets (strips) of major domestic enterprises was 942,600 tons, a year - on - year increase of 9.06%. In November 2025, the import volume of galvanized sheets (strips) was 36,700 tons, a year - on - year decrease of 19.91%. The export volume was 317,900 tons, a year - on - year increase of 11% [50][51]. - **Real Estate**: From January to November 2025, the new housing construction area was 534.567 million square meters, a year - on - year decrease of 20.58%. The housing completion area was 394.5393 million square meters, a year - on - year decrease of 17.58%. The funds in place of real - estate development enterprises were 8.514519 trillion yuan, a year - on - year decrease of 11.9%. Personal mortgage loans were 1.1786 trillion yuan, a year - on - year decrease of 15.1% [56][57]. - **Infrastructure**: In November 2025, the real - estate development climate index was 91.9, a decrease of 0.52 from last month and 0.61 from the same period last year. From January to November 2025, infrastructure investment increased by 0.13% year - on - year [62][63]. - **Home Appliances**: In November 2025, the refrigerator production was 9.442 million units, a year - on - year increase of 5.6%. From January to November 2025, the cumulative refrigerator production was 99.342 million units, a year - on - year increase of 1.2%. In November 2025, the air - conditioner production was 15.026 million units, a year - on - year decrease of 23.4%. From January to November 2025, the cumulative air - conditioner production was 245.361 million units, a year - on - year increase of 1.6% [65]. - **Automobiles**: In November 2025, China's automobile sales volume was 3,428,998 units, a year - on - year increase of 3.4%. The automobile production volume was 3,531,579 units, a year - on - year increase of 2.76% [70].