Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [5] Core View - Zinc prices have fallen, and there is restocking behavior in the spot market, but social inventories are increasing and are about to exceed the same period in the past five years. Spot liquidity has improved, but procurement remains cautious. On the cost side, the TC of domestic and imported ores continues to rise, smelting profits are increasing, and smelting enthusiasm persists. The supply-side increase expectation remains unchanged. With the further improvement of smelter raw material reserves, the available days of ore have not declined despite the continuous increase in smelting output. It is expected that the TC will continue to rise. The pressure on the supply side continues to be prominent. Even with a strong performance during the consumption peak season, the domestic inventory accumulation expectation remains unchanged, and the current inventory accumulation is accelerating. If the expectation of the consumption peak season fails, zinc prices will face significant pressure. Even when other non-ferrous metals are strengthening, zinc prices are expected to show a relatively weak trend, but the impact of overseas inventories needs to be watched [4] Key Data Summary Spot Market - LME zinc spot premium is $1.70 per ton. The SMM Shanghai zinc spot price increased by 210 yuan/ton to 23,420 yuan/ton, with a spot premium of -55 yuan/ton. The SMM Guangdong zinc spot price increased by 230 yuan/ton to 23,490 yuan/ton, with a spot premium of -35 yuan/ton. The Tianjin zinc spot price increased by 210 yuan/ton to 23,390 yuan/ton, with a spot premium of -85 yuan/ton [1] Futures Market - On March 30, 2026, the main SHFE zinc contract opened at 23,250 yuan/ton and closed at 23,540 yuan/ton, up 285 yuan/ton from the previous trading day. The trading volume for the day was 104,645 lots, and the position was 97,355 lots. The highest intraday price reached 23,575 yuan/ton, and the lowest was 23,190 yuan/ton [2] Inventory - As of March 30, 2026, the total inventory of zinc ingots in SMM's seven major regions was 248,200 tons, a decrease of 1,400 tons from the previous period. As of the same date, the LME zinc inventory was 115,275 tons, a decrease of 100 tons from the previous trading day [3]

Report Industry Investment Rating - Unilateral: Cautiously bullish. - Arbitrage: Neutral [6] Core Viewpoints - Zinc prices have declined, and there is restocking behavior in the spot market. However, social inventories are increasing and are about to exceed the same period in the past five years. Spot liquidity has improved, but purchases remain cautious. - The TC of domestic and imported zinc ores continues to rise, leading to higher smelting profits and sustained smelting enthusiasm. The supply is expected to increase, and the TC is expected to continue rising. - The pressure on the supply side is increasing, and domestic inventory accumulation is expected to continue even during the peak consumption season. If the peak consumption season fails to meet expectations, zinc prices will face significant pressure and may show a relatively weak trend compared to other non - ferrous metals. Attention should be paid to the impact of overseas inventories [5] Key Data Spot Market - LME zinc spot premium is -$20.74 per ton. - SMM Shanghai zinc spot price decreased by 80 yuan/ton to 22,840 yuan/ton, with a spot premium of -65 yuan/ton. - SMM Guangdong zinc spot price decreased by 60 yuan/ton to 22,920 yuan/ton, with a spot premium of -30 yuan/ton. - Tianjin zinc spot price decreased by 80 yuan/ton to 22,820 yuan/ton, with a spot premium of -85 yuan/ton [2] Futures Market - On March 26, 2026, the main SHFE zinc contract opened at 23,010 yuan/ton and closed at 23,070 yuan/ton, up 110 yuan/ton from the previous trading day. The trading volume was 96,062 lots, and the open interest was 103,163 lots. The highest price during the day was 23,105 yuan/ton, and the lowest was 22,865 yuan/ton [3] Inventory - As of March 26, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 249,500 tons, a decrease of 5,700 tons from the previous period. - As of March 26, 2026, the LME zinc inventory was 115,650 tons, a decrease of 825 tons from the previous trading day [4]

Report Industry Investment Rating - Unilateral: Cautiously bullish; Arbitrage: Neutral [5] Core View - Zinc prices have declined, and there is restocking behavior in the spot market, but social inventories are increasing and are about to exceed the same period in the past five years. Spot liquidity has improved, but procurement remains cautious. On the cost side, the TC of domestic and imported ores continues to rise, smelting profits are increasing, and smelting enthusiasm persists. The supply-side increase expectation remains unchanged. With the further improvement of smelter raw material reserves, the number of available days of ore has not declined despite the continuous increase in smelting output. It is expected that the TC will continue to rise. The pressure on the supply side continues to be prominent. Even if there is a strong performance during the peak consumption season, the expectation of inventory accumulation in China remains unchanged, and the current inventory accumulation is accelerating. If the expectation of the peak consumption season fails, zinc prices will face significant pressure. Even when other non-ferrous metals are strengthening, zinc prices are expected to show a relatively weak trend, but the impact of overseas inventories needs to be watched [4] Summary by Relevant Catalogs Important Data - **Spot**: The LME zinc spot premium is -$20.79 per ton. The SMM Shanghai zinc spot price increased by 190 yuan/ton to 22,860 yuan/ton, with a spot premium of -60 yuan/ton; the SMM Guangdong zinc spot price increased by 190 yuan/ton to 22,930 yuan/ton, with a spot premium of -30 yuan/ton; the Tianjin zinc spot price increased by 180 yuan/ton to 22,840 yuan/ton, with a spot premium of -80 yuan/ton [1] - **Futures**: On March 24, 2026, the main SHFE zinc contract opened at 22,960 yuan/ton and closed at 22,975 yuan/ton, up 180 yuan/ton from the previous trading day. The trading volume for the day was 133,880 lots, and the open interest was 101,592 lots. The highest intraday price reached 23,150 yuan/ton, and the lowest was 22,905 yuan/ton [2] - **Inventory**: As of March 24, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 255,200 tons, a decrease of 10,900 tons from the previous period. As of the same date, the LME zinc inventory was 117,100 tons, a decrease of 75 tons from the previous trading day [3]

Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [5] Core View - The decline in zinc prices has led to a potential inflection point in inventory. The fall in prices has spurred downstream purchasing enthusiasm, and with the recovery of downstream consumption, the social inventory inflection point may have emerged. The import ore TC is still slightly declining, and the domestic smelting profit is acceptable, with high smelting enthusiasm. The high energy cost overseas makes the probability of smelting复产 low, and the price decline provides a good opportunity for buy - hedging [1][4] Summary by Related Catalogs Important Data Spot - LME zinc spot premium is -$41.47 per ton. SMM Shanghai zinc spot price decreased by 380 yuan/ton to 22,820 yuan/ton, with a spot premium of -85 yuan/ton; SMM Guangdong zinc spot price decreased by 380 yuan/ton to 22,850 yuan/ton, with a spot premium of -70 yuan/ton; Tianjin zinc spot price decreased by 380 yuan/ton to 22,810 yuan/ton, with a spot premium of -95 yuan/ton [1] Futures - On March 19, 2026, the main SHFE zinc contract opened at 23,150 yuan/ton and closed at 22,690 yuan/ton, a decrease of 740 yuan/ton from the previous trading day. The trading volume was 104,726 lots, and the open interest was 57,712 lots. The highest price was 23,150 yuan/ton, and the lowest was 22,640 yuan/ton [2] Inventory - As of March 19, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 266,100 tons, a decrease of 9,700 tons from the previous period. As of the same date, LME zinc inventory was 117,850 tons, a decrease of 175 tons from the previous trading day [3] Market Analysis - Powell's speech caused market sentiment fluctuations, leading to a rapid decline in the SHFE zinc price, which stimulated downstream purchasing enthusiasm and the continuous repair of the spot discount. With the recovery of downstream consumption, the spot market trading activity increased, and the social inventory inflection point may have appeared. The import ore TC is still slightly declining, the import window is closed, and the domestic smelting profit is acceptable, so the smelting enthusiasm is high, and there is a high rigid demand for ore. There may be freight disturbances later, and the ore end supports the zinc price. Overseas, due to high energy costs, the probability of smelting复产 is still low even with rich by - product benefits. The price decline releases some risks of liquidity crisis or recession, providing a good buy - hedging opportunity [4] Strategy - Unilateral: Cautiously bullish. Arbitrage: Neutral [5]

Group 1: Report Industry Investment Rating - Unilateral: Cautiously bullish; Arbitrage: Neutral [6] Group 2: Core View of the Report - Zinc prices have declined, and there is restocking behavior in the spot market, but social inventories are increasing and are about to exceed the levels of the past five years. Spot liquidity has improved, and procurement remains cautious. The TC of domestic and imported ores continues to rise, smelting profits are increasing, and smelting enthusiasm persists. The supply-side pressure continues to be prominent, and the domestic inventory accumulation is expected to continue even during the peak consumption season. If the expectations for the peak consumption season are not met, zinc prices will face significant pressure, and they may show a relatively weak trend even when other non-ferrous metals are strong. However, the impact of overseas inventories needs to be monitored [5] Group 3: Summary by Related Catalogs Important Data - **Spot**: The LME zinc spot premium is -$28.21 per ton. The SMM Shanghai zinc spot price decreased by 150 yuan/ton to 24,210 yuan/ton, with a spot premium of -105 yuan/ton. The SMM Guangdong zinc spot price decreased by 140 yuan/ton to 24,220 yuan/ton, with a spot premium of -95 yuan/ton. The Tianjin zinc spot price decreased by 130 yuan/ton to 24,220 yuan/ton, with a spot premium of -95 yuan/ton [2] - **Futures**: On March 10, 2026, the main SHFE zinc contract opened at 24,505 yuan/ton, closed at 24,415 yuan/ton, down 90 yuan/ton from the previous trading day. The trading volume was 104,691 lots, and the holding volume was 74,747 lots. The highest price during the day was 24,525 yuan/ton, and the lowest was 24,300 yuan/ton [3] - **Inventory**: As of March 10, 2026, the total inventory of zinc ingots in seven locations monitored by SMM was 262,200 tons, an increase of 5,900 tons from the previous period. As of the same date, the LME zinc inventory was 98,950 tons, an increase of 4,150 tons from the previous trading day [4]

Group 1: Investment Rating - Unspecified [No relevant doc] Group 2: Core View - Zinc prices have strong support at the lower end. In the short term, there are still interferences on the zinc ore supply side, and the probability of overseas smelting restart is small. Although the domestic smelting losses are continuously narrowing and the supply enthusiasm remains, the current social inventory is high. However, it is expected that the inventory inflection point is approaching. In the long term, if the recession does not occur, the consumption at home and abroad still has good expectations, and zinc prices are still expected to perform well. The overseas inventory continues to decline, and the LME premium is expected to rise [1][5] Group 3: Summary of Key Data Spot - The LME zinc spot premium is -$1.50 per ton. The SMM Shanghai zinc spot price decreased by 50 yuan/ton to 22,510 yuan/ton, with a spot premium of -50 yuan/ton; the SMM Guangdong zinc spot price decreased by 50 yuan/ton to 22,490 yuan/ton, with a spot premium of -70 yuan/ton; the Tianjin zinc spot price decreased by 50 yuan/ton to 22,500 yuan/ton, with a spot premium of -60 yuan/ton [2] Futures - On August 14, 2025, the main SHFE zinc contract opened at 22,600 yuan/ton and closed at 22,480 yuan/ton, down 190 yuan/ton from the previous trading day. The trading volume for the whole trading day was 78,030 lots, and the position was 80,798 lots. The highest intraday price reached 22,640 yuan/ton, and the lowest reached 22,430 yuan/ton [3] Inventory - As of August 14, 2025, the total inventory of zinc ingots in seven places monitored by SMM was 129,200 tons, a change of 10,000 tons from the previous period. As of August 14, 2025, the LME zinc inventory was 77,450 tons, a change of -1,025 tons from the previous trading day [4] Group 4: Market Analysis - There are still interferences on the short - term supply side of zinc ore, such as the increase in shipping costs and concerns about Iranian zinc ore supply. The spot quotation TC of imported zinc ore is about $10 per ton. In the long - term contract, Korea Zinc signed a TC of $85 per ton with Teck Resources but increased the precious metal pricing. Due to the increase in overseas energy costs, the probability of overseas smelting restart is small. The domestic smelting losses are continuously narrowing, and the supply enthusiasm remains. The downstream consumption has entered the post - holiday resumption stage. Although the current social inventory is high, the inventory inflection point is expected to arrive. In the short term, it is necessary to be vigilant about the market's trading of recession expectations, but in the long term, if the recession does not occur, the consumption at home and abroad still has good expectations, and zinc prices are still expected to perform well. The overseas inventory continues to decline, and the LME premium is expected to rise [5] Group 5: Strategy - Unilateral: Cautiously bullish - Arbitrage: Neutral [6]

Report Industry Investment Rating - Unilateral strategy: Neutral. [5] - Arbitrage strategy: Neutral. [5] Core Viewpoints - Zinc prices have declined, and there is restocking behavior in the spot market, but social inventories are increasing and are about to exceed the same period in the past five years. Spot liquidity has improved, but procurement remains cautious. [4] - The TC of domestic and imported zinc ores continues to rise, smelting profits are increasing, and smelting enthusiasm persists. The supply is expected to increase, and the upward trend of TC is expected to continue. [4] - Supply pressure is prominent, domestic inventory accumulation is expected even during the peak consumption season, and if the peak - season consumption expectations are not met, zinc prices will face significant pressure and may show a relatively weak trend. [4] Summary by Relevant Catalogs Important Data Spot - LME zinc spot premium is -$16.64 per ton. SMM Shanghai zinc spot price increased by 240 yuan/ton to 24,710 yuan/ton, with a spot premium of -105 yuan/ton. SMM Guangdong zinc spot price increased by 250 yuan/ton to 24,700 yuan/ton, with a premium of -115 yuan/ton. Tianjin zinc spot price increased by 240 yuan/ton to 24,700 yuan/ton, with a premium of -115 yuan/ton. [1] Futures - On March 5, 2026, the main SHFE zinc contract opened at 24,580 yuan/ton, closed at 24,520 yuan/ton, down 15 yuan/ton from the previous trading day. The trading volume was 153,707 lots, and the open interest was 82,611 lots. The highest price was 24,870 yuan/ton, and the lowest was 24,465 yuan/ton. [2] Inventory - As of March 5, 2026, the total SMM seven - region zinc ingot inventory was 256,300 tons, an increase of 1,700 tons from the previous period. The LME zinc inventory was 95,000 tons, a decrease of 250 tons from the previous trading day. [3]

Report Industry Investment Rating - Unilateral: Neutral [5] - Arbitrage: Neutral [5] Report's Core View - The market has entered a pre - holiday state with stable spot discounts, low absolute price fluctuations, and few spot market transactions. Downstream开工 has significantly declined, but the seasonal performance is in sync with previous years without additional negative impacts. The supply pressure is not high, and although social inventory has entered the accumulation cycle, the absolute inventory value is not high. After the Fed Chairman's expected trading ended, the risk of a decline in the absolute zinc price has been released, and the depth of the off - season correction may be limited. The long - term expectations for consumption and the macro - economy are still positive, and it is mainly about risk avoidance in the short term before the long holiday [4] Summary of Related Contents by Directory Important Data Spot - LME zinc spot premium is -$23.73 per ton. SMM Shanghai zinc spot price decreased by 200 yuan/ton to 24,460 yuan/ton, with a spot premium of - 35 yuan/ton; SMM Guangdong zinc spot price dropped by 200 yuan/ton to 24,440 yuan/ton, with a spot premium of - 55 yuan/ton; Tianjin zinc spot price fell by 200 yuan/ton to 24,410 yuan/ton, with a spot premium of - 85 yuan/ton [1] Futures - On February 10, 2026, the main SHFE zinc contract opened at 24,465 yuan/ton, closed at 24,455 yuan/ton, down 130 yuan/ton from the previous trading day. The trading volume was 93,513 lots, and the open interest was 60,049 lots. The highest price was 24,555 yuan/ton, and the lowest was 24,330 yuan/ton [2] Inventory - As of February 10, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 148,500 tons, a change of 14,500 tons from the previous period. LME zinc inventory was 106,750 tons, with a change of - 175 tons from the previous trading day [3]

Group 1 - The core viewpoint indicates that despite a decline in the US stock market, the weakening US dollar provides price support for zinc, with a slight increase in London zinc prices by 0.14% [1][2] - The domestic TC (treatment charge) remains low, and the supply tightness in the mining sector persists, which supports zinc prices [1][2] - The market sentiment is cautious due to the potential delay of non-farm payroll data caused by the US government shutdown, leading to a lack of macroeconomic guidance [2] Group 2 - The zinc concentrate market is expected to tighten initially and then loosen by 2025, as overseas mines recover and new mines come online, leading to a rise in TC and a shift in industry profits towards the smelting sector [2] - Domestic northern mines are undergoing seasonal maintenance, which has closed the import window due to the low Shanghai-London zinc price ratio, prompting smelters to rely on domestic ore [2] - Despite a strong demand for raw materials from smelters, the upcoming Chinese New Year may lead to increased holidays and reduced operating rates, putting pressure on zinc prices [2]

Group 1: Report Investment Rating - Unilateral trading: Cautiously bullish [5] - Arbitrage: Neutral [5] Group 2: Core View - The suspension of KZ and YP zinc delivery by the LME has limited impact. The brand's inventory in LME is only 600 tons and it's mainly for direct downstream sales, and delivery rights will be restored after procedure updates. Downstream consumption is entering the off - season, social inventory accumulation is slow, smelter raw material availability days are low, short - term TC is hard to rise, smelting comprehensive profit is difficult to repair, January production may be lower than expected, supply pressure is expected to decrease, zinc price has limited downside even with emotional pullbacks [4] Group 3: Key Data Spot - LME zinc spot premium: -$14.32/ton. SMM Shanghai zinc spot price: changed by 840 yuan/ton to 25410 yuan/ton, spot premium: 35 yuan/ton. SMM Guangdong zinc spot price: changed by 860 yuan/ton to 25410 yuan/ton, spot premium: 35 yuan/ton. Tianjin zinc spot price: changed by 840 yuan/ton to 25350 yuan/ton, spot premium: -25 yuan/ton [1] Futures - On 2026 - 01 - 15, SHFE zinc main contract opened at 24740 yuan/ton, closed at 25090 yuan/ton (up 500 yuan/ton from previous trading day), with trading volume of 502358 lots and positions of 142972 lots, intraday high: 25650 yuan/ton, intraday low: 24475 yuan/ton [2] Inventory - As of 2026 - 01 - 15, SMM seven - region zinc ingot inventory: 11.84 tons (down 0.05 tons from previous period). As of the same date, LME zinc inventory: 106700 tons (down 25 tons from previous trading day) [3]