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1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Views of the Report - The sharp decline in zinc prices this week was due to the cross - variety liquidity shock caused by the weakening of precious metals and the fundamental risks previously highlighted. The demand support in the zinc market in the first quarter is not strong, and there is an overvaluation risk when zinc prices are above 25,000 yuan/ton [3]. - From the perspective of fundamentals and market sentiment, zinc prices may continue to decline weakly before the Spring Festival, but the current price drop may help build momentum for the peak season market after the festival [3]. - In terms of fundamentals, short - term zinc supply continues to be marginally loose. The arrival volume of domestic zinc ore in January was high, and port inventories reached a three - month high. Some domestic smelters have sufficient raw material inventories, and the planned zinc ingot production in February is expected to decrease by 52,000 - 57,000 tons month - on - month [3]. - On the downstream side, the decline in prices has marginally improved the willingness to purchase, but the procurement intensity of leading enterprises has not met market expectations. Downstream enterprises have entered the seasonal shutdown cycle for the Spring Festival, and the weighted operating rate has returned to the historical seasonal level. It is predicted that the peak inventory accumulation during the Spring Festival will be about 210,000 tons, and the inventory will start to decline rapidly in late March [3]. - In terms of price, the current profit margin of smelters provides cost support at around 23,000 yuan/ton [3]. - In terms of the internal - external price ratio, it is expected that the structure of weak domestic and strong external markets will continue in the first quarter. The uncertainty of European natural gas prices has postponed the expectation of overseas smelter复产, and some mines have lowered their production plans in Q4 2025, which provides continuous support for the external market. There is also a possibility that the zinc ingot export window may open again [3]. 3. Summary by Directory 3.1 Weekly Views - The decline in zinc prices was due to precious metal weakness and fundamental risks. Before the Spring Festival, zinc prices may continue to decline, but it may benefit the post - festival market. The short - term supply is loose, and downstream demand is affected by the Spring Festival shutdown. The expected peak inventory during the Spring Festival is about 210,000 tons, and the inventory will start to decline in late March. The cost support is around 23,000 yuan/ton, and the internal - external price ratio may maintain a weak domestic and strong external structure [3]. 3.2 Historical Spring Festival Data - The relationship between inventory reduction time and zinc price trends is not significant, and it mainly depends on long - term supply - demand logic. Zinc prices mostly decline during the Spring Festival. Historically, the first quarter is often at a relatively high price level, and the sharp decline in pre - festival zinc prices this year may improve downstream purchasing willingness and increase the probability of rapid post - festival inventory reduction [4]. 3.3 Monthly Balance Sheet - It is estimated that the zinc ingot production in January 2026 will be about 532,000 tons, and there will be a small - scale maintenance in February, with a planned month - on - month decrease of 52,000 tons. In terms of imports and exports, the zinc ingot export volume increased significantly in November and December 2025. In 2026, a low import volume is expected. It is predicted that the peak inventory of domestic zinc ingot social inventory during the Spring Festival will reach 210,000 tons, and the inventory will start to decline rapidly from March to April [5]. 3.4 Main Industry News - Antamina's 2026 production guidance was further reduced by 70,000 metal tons. MMG's zinc ore production in Q4 2025 increased by 2% year - on - year. Glencore's 2025 zinc production increased by 7% year - on - year, and its 2026 production guidance is 700,000 - 740,000 tons. Xinjiang Huoshaoyun Lead - Zinc Mine announced a public tender for the sale of 50,000 tons of lead - zinc ore [7]. 3.5 Zinc Concentrate Production and Processing Fees - In December 2025, domestic zinc concentrate production was 287,800 metal tons, a month - on - month decrease of 7.58% and a year - on - year increase of 5.85%. The cumulative production from January to December was 3.657 million tons, a cumulative year - on - year decrease of 1.21%. The production in January 2026 is expected to be 292,600 tons. The domestic zinc concentrate TC has stopped falling and stabilized since late December, with an average of 1,500 yuan/metal ton this week. The import zinc concentrate processing fee index is 25.5 US dollars/dry ton, a week - on - week decrease of 4.25 US dollars/dry ton, and the import profit of zinc ore has dropped to a small loss [10]. 3.6 Zinc Concentrate Import - In December 2025, the import volume of zinc ore and concentrates was 462,500 tons, a month - on - month decrease of 10.87% and a year - on - year increase of 1.15%. The cumulative import volume from January to December was 5.3305 million physical tons, a cumulative year - on - year increase of 30.1%. The main import sources are Peru, Australia, and South Africa. Due to the arrival cycle, the import volume in December decreased, but it is expected to increase significantly in January. As of February 4, 2026, the import profit and loss of zinc concentrate was - 64 yuan/ton, and the zinc ore import window has been closed since January 26 [14]. 3.7 Zinc Concentrate Port Inventory - As of January 29, the weekly inventory of seven major ports was 377,500 tons, a week - on - week increase of 81,000 tons, reaching a three - month high. The arrival volume of zinc concentrate decreased significantly in December, but it increased again in early January after the import window opened in late December [18]. 3.8 Zinc Smelter Production - In January 2026, SMM's refined zinc production in China increased by 8,500 tons month - on - month to 560,600 tons, slightly lower than the initial expectation. The raw material inventory days of domestic smelters in January increased by 1.4 days to 23.7 days. Although the processing fee has only stopped falling and remains at a low level since December, the significant increase in zinc prices in January has repaired the smelter's profit. It is expected that the domestic zinc ingot production in February will decrease by 52,000 - 57,000 tons month - on - month, and the production level is basically the same as that in January after excluding the difference in the number of days in the month. The actual demand will be the key to maintaining the smelter's profit, which needs to be verified during the post - Spring Festival peak season [24]. 3.9 Refined Zinc Import - In December 2025, China imported 8,700 tons of refined zinc and exported 27,200 tons, with a net export of 18,500 tons. The main import countries are Kazakhstan and Iran, and the main export destinations are Taiwan, China, Singapore, and Hong Kong. The domestic zinc ingot spot export window has been closed since mid - December, and the import loss has expanded as of February 5. It is expected that the pattern of tight external and loose internal markets will continue in the first half of 2026, and there is a possibility that the zinc ingot export window may open again [27]. 3.10 Downstream Zinc Processing - The weighted operating rate of domestic zinc downstream primary processing enterprises this week was 39.52%, a week - on - week decrease of 7.16 percentage points, returning to the historical seasonal level. The average holiday days of downstream enterprises are 22 days, an increase of 1 day year - on - year. All enterprises will resume work from late February to early March [29]. - The operating rate of galvanizing enterprises on February 5 was 38.6%, a week - on - week decrease of 7.59 percentage points. The raw material inventory increased slightly, and the finished product inventory decreased. The average holiday days of 34 galvanizing sample enterprises are 20 days, an increase of 1 day year - on - year, and they will resume production from late February to early March [31]. - The operating rate of die - casting zinc alloy enterprises on February 5 was 42.42%, a week - on - week decrease of 3.95 percentage points. The raw material inventory decreased, and the finished product inventory increased. The average holiday days of 20 die - casting zinc alloy sample enterprises are 23.1 days, an increase of 1.1 days year - on - year, and they will resume work around the eighth day of the first lunar month or the Lantern Festival [39]. - The operating rate of zinc oxide enterprises on February 5 was 50.37%, a week - on - week decrease of 8.15 percentage points. The raw material inventory decreased to the historical low level, and the finished product inventory increased to the historical high level. The industry shows obvious differentiation in holiday arrangements, and the downstream orders also show structural differences [45]. 3.11 Domestic Inventory - As of January 30, the total inventory of refined zinc in the Shanghai Futures Exchange was 65,200 tons, a week - on - week decrease of 7,997 tons. As of February 5, the SMM seven - region zinc ingot social inventory was 133,900 tons, a week - on - week increase of 16,700 tons. It is expected that the domestic market will enter the seasonal inventory accumulation period during the Spring Festival, with a peak inventory of about 210,000 tons, and the inventory will start to decline in late March [52]. 3.12 LME Inventory - LME inventory has been increasing in Singapore, Hong Kong, and Kaohsiung warehouses since late October. It reached a recent peak of 112,300 tons on January 19 and then continued to decline slightly. As of February 5, the LME inventory was 107,800 tons, a week - on - week decrease of 1,950 tons. The LME cancellation warrant ratio rose to a three - month high, with 13,275 tons of cancelled warrants. The global visible inventory this week was 234,300 tons, a week - on - week increase of 9,200 tons, showing a seasonal inventory accumulation trend [55]. 3.13 Structure & Arbitrage - Since late January, the domestic spot price has been at a slight discount to the Shanghai zinc main contract. On Thursday this week, the average price in Shanghai was at a discount of 30 yuan/ton to the main 2603 contract, a narrowing of 25 yuan/ton compared with last week. The Contango structure of Shanghai zinc has significantly converged. It is recommended to pay attention to the 4 - 7 inter - period positive arbitrage opportunity [59]. - The outer market has returned to the Contango structure since mid - December. As of February 5, the LME zinc 0 - 3 spread was at a discount of 20.75 US dollars/ton, and the discount range is narrowing. In the case of continuous inventory reduction overseas, the LME market shows an abnormal convex structure, and a positive arbitrage strategy can be considered [62]. - The CashReport and WarrantBandingReport show that the market concentration has increased slightly recently, and there is one position with a 30 - 39% warrant holding [63].

Group 1 - The core business of the company is focused on phosphorus chemicals and non-ferrous metal zinc smelting, with main products including zinc ingots, zinc alloys, phosphate series products, and compound fertilizers [1] - The company holds a 30% stake in Tibet Hongda Duolong Mining Co., Ltd., which currently possesses exploration rights for the Duolong Copper Mine and the Dubuzaxi Copper Mine [1] - Tibet Hongda Duolong Mining Co., Ltd. is actively advancing the "exploration to production" transition and the preliminary preparations for the development of the Duolong Copper Mine, aiming to convert high-quality resources into actual benefits as soon as possible [1]

Group 1: Digital Economy and AI Development - Guangxi's local enterprise, North Investment Xinchuan Technology Investment Group, showcased AI glasses that facilitate cross-border services, enhancing tourism experiences for both Malaysian and Chinese visitors [2] - The company has established a China-Malaysia AI application cooperation center, successfully developing key applications such as a multicultural model and a certification system, aiming to position Guangxi as a leader in the digital economy [2] - The goal is to achieve an artificial intelligence industry output value exceeding 100 billion yuan by 2027 [2] Group 2: Maritime Economy and Infrastructure - Guangxi Beibu Gulf International Port Group reported a significant milestone with the loading of the 10 millionth container at the automated terminal, marking a transformation in port operations [3] - The completion of the Pinglu Canal in 2026 is expected to shorten shipping routes by approximately 560 kilometers, enhancing the efficiency of goods transportation and supporting high-quality development of Guangxi's maritime economy [3] Group 3: Green Transformation and Industry Innovation - The Southern Nonferrous Metals Company in Nandan County has implemented a green zinc smelting process, overcoming traditional pollution issues through technological advancements [4] - The establishment of a 300,000-ton zinc oxygen pressure leaching production system represents a significant step towards sustainable industrial practices [4] Group 4: Community Development and Democratic Practices - The implementation of a representative voting system for public welfare projects in Yulin has led to the successful completion of 200 out of 203 projects, significantly improving local infrastructure and community satisfaction [5] - This system emphasizes the importance of grassroots participation in decision-making, enhancing the effectiveness of public service delivery [5] Group 5: Ethnic Unity and Education - The integration of various ethnic cultural elements into the curriculum at a kindergarten in Baise promotes ethnic unity and cultural awareness among children [6] - Future initiatives will focus on leveraging artificial intelligence to enhance education in ethnic minority regions, fostering a sense of national unity [6] Group 6: Agricultural Development and Rural Revitalization - The establishment of a cooperative in Liu Zhou has successfully increased the income of local farmers by promoting high-quality agricultural products through standardized cultivation and guaranteed purchase contracts [7] - The cooperative model has expanded from a few acres to over 800 acres, demonstrating the potential for rural revitalization through community collaboration and expert guidance [7]

Report Title - Zinc Futures and Options February 2026 Report [1] Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - **Macro**: The Fed has paused rate cuts, and the manufacturing sectors in China and the US show resilience. Geopolitical disturbances, the emphasis on key supply chains in AI, high - tech manufacturing, and energy transition have amplified the positive impact on the supply side. Capital flowing from precious metals to non - ferrous metals has boosted sector rotation. However, there is a divergence between strong expectations and actual demand, and a significant correction due to weakening expectations should be guarded against [6]. - **Supply**: Zinc concentrate supply is seasonally tight. Domestic smelters have completed winter stockpiling, but some lead - zinc mines in China had routine maintenance and shutdowns in January, weakening domestic supply. Overseas mines are also affected by factors like the Iran situation and community protests. European natural gas price hikes and low LME inventories have strengthened the external market. Domestic refined zinc shows a situation of weak supply and demand and is in a stage of inventory accumulation [6]. - **Demand**: In 2026, the real estate sector is stabilizing and recovering. Manufacturing is expected to be led by high - end manufacturing and AI development. There is a divergence between price increases and seasonal weakness in the downstream. In terms of imports and exports, the export performance was good in 2025, and in 2026, the incremental space for zinc demand is still mainly in the overseas market. The domestic and export demand for galvanized products is expected to remain strong [6]. - **Inventory**: Domestic inventory is recovering, while LME zinc inventory has recovered from a low level but remains relatively tight. The LME 0 - 3 spread is in a slight contango state, and the strong LME zinc price boosts the domestic market [6]. - **Outlook**: In February 2026, geopolitical changes will affect the non - ferrous and precious metals sectors. Supply - demand mismatches around the Spring Festival and capital flows during the holiday may lead to a temporary cooling of the market. However, the downside space is expected to be limited. Buy - hedgers can consider the opportunity to buy on dips. The market is expected to operate in the range of 24,000 - 27,000 yuan/ton, and after a full correction, a long - biased strategy on dips can be considered [6]. Summary by Directory Global Macro and Zinc Market - **Long - term Zinc Price Trends**: After the subprime mortgage crisis, factors such as global liquidity floods, supply - side reforms, the Fed's QE, the European energy crisis, the COVID - 19 pandemic, the Fed's tightening cycle, and the current Fed's rate - cut expectations and geopolitical disturbances have all affected zinc prices [10]. - **Weakening US Dollar Trend**: In 2026, the Fed is expected to cut rates twice. Concerns about policy continuity and independence, political risks, global capital re - balancing, and the strengthening of external currencies all contribute to a weakening US dollar [12]. - **Manufacturing Recovery**: Zinc prices are highly correlated with global manufacturing sentiment. The Fed's rate - cut expectations and the recovery of manufacturing data support non - ferrous metals. However, the strong performance of the sector has exceeded the manufacturing recovery rhythm, and there is a divergence between strong expectations and weak reality [16]. - **US Stagflation Expectations**: The US employment market growth is slowing, inflation is volatile, and geopolitical situations are causing oil price fluctuations [19]. - **Domestic Policy Support**: China will maintain a loose fiscal and moderately loose monetary policy in 2026. There will be continued optimization and upgrading in consumer goods and large - scale equipment renewal, and infrastructure construction related to technology development will also continue [24]. Zinc Supply Analysis - **Overseas Zinc Mine Production**: In Q3 2025, the total output of tracked mines decreased slightly quarter - on - quarter by 0.9% but increased year - on - year by 9.69%. From January to September 2025, it increased year - on - year by 11.35%, with an incremental contribution of about 400,000 tons. Mines like Antamina, Kipushi, Tara, and Gamsberg are the main sources of incremental production in 2025 [31]. - **Global Zinc Mine Output**: In 2025, global zinc mine supply rebounded after three years of decline. In 2026, there is still room for growth, but overseas growth may slow down while China's growth may emerge. The copper/zinc ratio may lead to an adjustment in mine - end increments [37]. - **Domestic Zinc Mine Production**: In 2025, domestic zinc concentrate production increased by about 70,000 tons year - on - year. In 2026, projects like Huoshaoyun and Zhugongtang may bring an increase of 100,000 - 200,000 tons and 50,000 - 80,000 tons respectively [39]. - **Zinc Concentrate Imports**: In 2025, zinc concentrate imports reached 5,325,542.08 tons, a year - on - year increase of 30.62% [44]. - **Global Refined Zinc Production**: In 2025, refined zinc production recovered to some extent, but the improvement from the mine end to zinc ingot production was affected by overseas profit factors [47]. - **Processing Fees**: In January 2026, domestic and imported processing fees weakened seasonally, indicating a strong mine end [51]. - **Refined Zinc Enterprise Profits**: Refined zinc enterprises are in a loss situation, but the long - term contract price in 2026 has generally increased [55]. - **Refined Zinc Output**: In 2025, refined zinc output increased with profit recovery, but it weakened at the end of the year and in early 2026, and is expected to decline during the Spring Festival [59]. - **Refined Zinc Imports and Exports**: In 2025, imports decreased by 31.78% year - on - year, and exports increased by 459.90%. In 2026, there is still a possibility of intermittent export window openings [63]. Zinc Demand Analysis - **Apparent and Actual Consumption**: In 2025, the apparent consumption of zinc ingots was mostly higher than the five - year average and slightly higher than the actual consumption, indicating an improvement in supply. However, supply decreased significantly at the end of the year [69]. - **Galvanizing Enterprises**: The operating rate of galvanizing enterprises was weak, with limited recovery in actual consumption. There is still an expectation of capacity release, and export demand has development potential [73]. - **Zinc Die - Casting Enterprises**: The operating rate of zinc die - casting alloy enterprises was better in the first half of 2025 but weakened in the second half. There was a polarization between large and small factories [76]. - **Zinc Oxide Industry**: The operating rate of the zinc oxide industry was weak, with a significant decline from May to June and a continuous decline from October to December [80]. Zinc Inventory Analysis - **Exchange Inventories**: As of the end of January 2026, LME zinc inventory was 110,000 tons, a year - on - year decrease of 39.13%, and SHFE zinc inventory was 65,154 tons, a year - on - year increase of 199.13%. Both overseas and domestic inventories are at relatively low historical levels [86]. - **Social Inventories**: As of January 2026, social inventories have recovered from a low level and are at a relatively high level in recent years, indicating a situation of increasing supply and weakening demand [89]. Zinc Supply - Demand Balance - **Global Refined Zinc**: In 2025, global refined zinc supply is expected to be slightly in surplus, and in 2026, the surplus is expected to expand to 290,000 tons [94]. - **Domestic Refined Zinc**: In 2025, domestic refined zinc turned to a slight surplus. In 2026, domestic production is expected to increase further, and there may be intermittent export opportunities, maintaining a surplus pattern [97]. Zinc Technical Analysis - Since the fourth quarter of 2025, zinc has been in an upward channel. In January 2026, it accelerated its rise but faced adjustment pressure at the end of the month. After breaking through last year's high, the upper - resistance level has expanded above 27,000 yuan. A long - biased strategy on dips can be considered [102]. Arbitrage Analysis - **Domestic - Overseas and Cross - Variety Arbitrage**: The zinc Shanghai - London ratio is highly correlated with the RMB - US dollar exchange rate. The import window for zinc has opened intermittently, and there may be opportunities for cross - market reverse arbitrage and export. The copper - zinc ratio reached a new high at the end of 2025, but there may be room for the ratio to return in 2026 [109]. Zinc Option Market - **Option Volatility Analysis**: In 2025, the historical and implied volatilities of Shanghai zinc options showed a trend of rising and then falling. Different option strategies can be adopted according to different volatility levels [113]. Summary: Zinc Market Outlook and Operational Suggestions - In February 2026, zinc is expected to maintain high volatility. Supply - demand mismatches, macro and mine - end changes may intensify fluctuations. The market is expected to operate in the range of 24,000 - 27,000 yuan/ton. Option strategies such as selling out - of - the - money calls during the consolidation period and buying zinc and selling copper for arbitrage can be considered. For the industrial side, buy - hedging can be considered at low levels after a full correction, and sell - hedging opportunities currently exist [121].

证券日报网讯1月26日，罗平锌电（002114）在互动平台回答投资者提问时表示，公司将会根据发展需 要择机推进主业相关矿山的资源开发与利用。 ...

Core Viewpoint - The company, Hongda Co., is expected to report a significant net loss for the year 2025, with projected losses ranging from 70 million to 82 million yuan, primarily due to challenges in its zinc smelting, natural gas chemical, and phosphate chemical segments [1]. Group 1: Zinc Smelting - The zinc smelting segment is facing pressure from increased domestic zinc production capacity and weakened downstream demand, leading to a decline in zinc product prices. The price of 0 zinc ingots dropped from 25,800 yuan per ton at the beginning of the year to a low of 21,950 yuan per ton in June [1]. - The company is experiencing a cost disadvantage as the production costs of products made from early-year inventory remain high, resulting in a situation where sales prices are lower than production costs [1]. - Despite rising prices for by-products like silver and copper, the significant increase in raw material costs continues to challenge the profitability of the zinc smelting business, leading to expected losses for the year [1]. Group 2: Natural Gas Chemicals - In the natural gas chemical sector, the company is facing increased competition due to a decline in coal prices, which has lowered production costs for ammonia producers, resulting in a rise in ammonia supply and a continuous drop in prices [1]. - The average selling price of ammonia from the company's subsidiary, Sichuan Mianzhu Chuanrun Chemical Co., decreased by 298.27 yuan per ton, representing a decline of 12.22% compared to the previous year [1]. - This competitive environment has led to significant losses in the company's natural gas chemical business for 2025 [1]. Group 3: Phosphate Chemicals - The phosphate chemical segment is impacted by low agricultural product prices and extreme weather conditions in key sales regions, leading to a cautious attitude among end-users and a decline in both sales volume and prices of compound fertilizers [1]. - The prices of key raw materials such as urea and potassium fertilizer have surged, resulting in increased production costs and a decrease in gross margins [1]. - Although the sales volume and prices of phosphate products saw a slight increase compared to the previous year, the tight supply of sulfur in the market has led to a significant price increase of 1,096 yuan per ton, or 103%, further raising production costs and reducing profitability in this segment [1].

Report Summary 1. Investment Rating - Unilateral: Cautiously bullish. - Arbitrage: Neutral [5] 2. Core View - Zinc prices have declined, and there is restocking in the spot market, but social inventories are increasing and are about to exceed the five - year average. Spot liquidity has improved, and procurement remains cautious. - The TC of domestic and imported zinc ores continues to rise, smelting profits are increasing, and the supply is expected to increase. - The pressure on the supply side is prominent, and domestic inventory accumulation is expected to continue even during the peak consumption season. If the peak - season consumption expectations are not met, zinc prices will face significant pressure [4] 3. Summary by Related Catalogs Spot Market - LME zinc spot premium is -$43.57 per ton. - SMM Shanghai zinc spot price is 24,210 yuan/ton, with a premium of 55 yuan/ton; SMM Guangdong zinc spot price is 24,200 yuan/ton, with a premium of 15 yuan/ton; Tianjin zinc spot price is 24,140 yuan/ton, with a premium of -15 yuan/ton [1] Futures Market - On January 21, 2026, the SHFE zinc main contract opened at 24,300 yuan/ton and closed at 24,350 yuan/ton, down 50 yuan/ton from the previous trading day. The trading volume was 146,086 lots, and the open interest was 121,693 lots. The highest price was 24,390 yuan/ton, and the lowest was 24,070 yuan/ton [2] Inventory - As of January 21, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 122,000 tons, an increase of 3,500 tons from the previous period. - As of January 21, 2026, LME zinc inventory was 111,850 tons, a decrease of 450 tons from the previous trading day [3]

Core Viewpoint - The company has announced a change in its signing registered accountants due to personnel changes at the auditing firm, which will not adversely affect the financial audit and internal control audit for the fiscal year 2025 [2][6]. Group 1: Change of Signing Registered Accountants - The company has appointed Wang Yifei as the new audit project partner and Zhang Yuhua as the new signing registered accountant, replacing Huang Xiao and Liu Wanzhu respectively [2]. - The quality control reviewer for the audit will be Lang Haihong [2]. Group 2: Background of New Accountants - Wang Yifei has been engaged in auditing since 2004 and has been with the auditing firm since 2006, having signed audit reports for several listed companies in the past three years [3]. - Zhang Yuhua became a certified public accountant in 2018 and has been with the auditing firm since 2020, but has not signed any audit reports for listed companies in the last three years [3]. Group 3: Integrity and Independence - The newly appointed audit project partner and signing registered accountants have no record of criminal penalties or administrative sanctions from regulatory bodies in the past three years [4]. - There are no violations of the independence requirements as per the Code of Ethics for Chinese Certified Public Accountants [5]. Group 4: Impact on the Company - The transition of responsibilities during the change has been orderly, and the change will not negatively impact the company's financial audit and internal control audit for 2025 [6].

Group 1 - The stock of Luoping Zinc & Electricity fell by 4.14% with a turnover rate of 29.01% and a trading volume of 974 million yuan, experiencing a fluctuation of 15.27% throughout the day [2] - Institutional investors net bought 23.66 million yuan while brokerage seats collectively net sold 18.58 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to its daily fluctuation value reaching 15.27%, with institutional specialized seats net buying 23.66 million yuan [2] Group 2 - The top five brokerage seats accounted for a total transaction of 181 million yuan, with a buying transaction amount of 92.83 million yuan and a selling transaction amount of 87.75 million yuan, resulting in a net buying of 5.08 million yuan [2] - Among the brokerage seats listed, four institutional specialized seats were present, with a total buying amount of 73.82 million yuan and a selling amount of 50.16 million yuan, leading to a net buying of 23.66 million yuan [2] - The stock experienced a net outflow of 21.46 million yuan from main funds today, including a net outflow of 12.67 million yuan from large orders and a net outflow of 8.79 million yuan from big orders, while the net inflow of main funds over the past five days was 44.33 million yuan [2]