Report Summary 1. Investment Rating - Unilateral: Cautiously bullish [5] - Arbitrage: Neutral [5] 2. Core View - The spot market has entered a calm period. The domestic consumption is still in the recovery stage, and the social inventory has entered a downward channel. The zinc ore provides favorable support for zinc prices, and there is a possibility of overseas production cuts. The zinc price has priced in risks relatively fully, and if the Middle East crisis stabilizes later, the upward elasticity of zinc prices is still expected. In the long term, both the supply of ore and downstream consumption remain optimistic [4] 3. Summary by Directory Spot Market - LME zinc spot premium is -$24.76/ton. SMM Shanghai zinc spot price increased by 60 yuan/ton to 22,920 yuan/ton, with a spot premium of -65 yuan/ton; SMM Guangdong zinc spot price increased by 50 yuan/ton to 22,980 yuan/ton, with a spot premium of -30 yuan/ton; Tianjin zinc spot price increased by 60 yuan/ton to 22,900 yuan/ton, with a spot premium of -85 yuan/ton [1] Futures Market - On March 25, 2026, the main SHFE zinc contract opened at 22,875 yuan/ton and closed at 22,935 yuan/ton, down 65 yuan/ton from the previous trading day. The trading volume was 96,768 lots, and the open interest was 101,745 lots. The highest price during the day reached 23,115 yuan/ton, and the lowest price reached 22,830 yuan/ton [2] Inventory Situation - As of March 25, 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 116,475 tons, a decrease of 625 tons from the previous trading day [3]

Group 1: Report Industry Investment Rating - Unilateral: Cautiously bullish; Arbitrage: Neutral [5] Group 2: Core View of the Report - The continuous rise in crude oil prices and the downward adjustment of interest - rate cut expectations in the macro - aspect, along with concerns about stagflation, have led to a significant short - term decline in the absolute price of zinc ingots. As downstream consumption recovers, the spot market transaction activity has increased. The import of ore TC is still in a state of slight decline, and the domestic smelting profit is acceptable. The smelting enthusiasm is high, and the ore end supports the zinc price. In the long run, without trading the recession, the overseas consumption is still optimistic [4] Group 3: Summary According to Relevant Catalogs Important Data - **Spot**: LME zinc spot premium is -$48.17 per ton. SMM Shanghai zinc spot price is 23,200 yuan/ton, a change of -670 yuan/ton from the previous trading day, with a spot premium of -95 yuan/ton; SMM Guangdong zinc spot price is 23,230 yuan/ton, a change of -680 yuan/ton, with a spot premium of -85 yuan/ton; Tianjin zinc spot price is 23,190 yuan/ton, a change of -690 yuan/ton, with a spot premium of -105 yuan/ton [1] - **Futures**: On March 18, 2026, the main contract of SHFE zinc opened at 23,650 yuan/ton and closed at 23,325 yuan/ton, a decrease of 545 yuan/ton from the previous trading day. The trading volume was 104,120 lots, and the position was 65,911 lots. The highest price was 23,665 yuan/ton, and the lowest price was 23,260 yuan/ton [2] - **Inventory**: As of March 18, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 275,800 tons, a change of 7,000 tons from the previous period. The LME zinc inventory was 118,025 tons, a change of -350 tons from the previous trading day [3]

Report Industry Investment Rating - Unilateral: Cautiously bullish; Arbitrage: Neutral [5] Core View - Downstream consumption continues to recover, and the zinc price is expected to perform well in the long - term, but there are concerns about recession trading due to rising oil prices [1][4] Summary by Related Catalogs Important Data Spot - LME zinc spot premium is -$41.31 per ton. SMM Shanghai zinc spot price is 24,310 yuan per ton, with a change of 20 yuan from the previous trading day and a spot premium of -120 yuan per ton. SMM Guangdong zinc spot price is 24,340 yuan per ton, with a change of 30 yuan and a spot premium of -90 yuan per ton. Tianjin zinc spot price is 24,320 yuan per ton, with a change of 20 yuan and a spot premium of -110 yuan per ton [1] Futures - On March 12, 2026, the main SHFE zinc contract opened at 24,245 yuan per ton, closed at 24,300 yuan per ton, down 120 yuan from the previous trading day. The trading volume for the day was 109,003 lots, and the open interest was 72,726 lots. The highest price during the day was 24,460 yuan per ton, and the lowest was 24,095 yuan per ton [2] Inventory - As of March 12, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 268,800 tons, with a change of 6,600 tons from the previous period. As of the same date, LME zinc inventory was 98,750 tons, with a change of -150 tons from the previous trading day [3] Market Analysis - Downstream construction is continuously recovering, but market transactions are generally quiet. Downstream buyers only make purchases based on rigid demand, and it is difficult to repair the spot discount. There are still short - term disruptions in the zinc ore supply. Although the Middle East crisis has shown signs of easing, there are continuous risks in the Strait of Hormuz, and transportation is still hindered. The spot quotation TC of imported zinc ore is around $10 per ton, and the ore price supports the zinc price. Although the by - product profit is substantial, due to the rising overseas energy costs, the probability of overseas smelting restart is small. The domestic smelting loss is continuously narrowing, and there is still enthusiasm for supply. Downstream consumption has entered the post - holiday resumption stage, and the inventory inflection point is expected to arrive. There are still good expectations for domestic and overseas consumption, and the zinc price is expected to perform well in the long - term, but attention should be paid to the concerns about recession trading caused by the continuous rise in oil prices [4] Strategy - Unilateral: Cautiously bullish; Arbitrage: Neutral [5]

Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [6] Core View - Although the downstream has a rigid demand for procurement due to the resumption of work and production, the overall spot market transactions are still sluggish. The short - term supply of zinc ore is still subject to interference, and the overseas shipping volume has not recovered. The spot price of imported zinc ore supports the zinc price. The probability of overseas smelting resumption is small, while the domestic smelting losses are narrowing. The downstream consumption has entered the post - holiday resumption stage, and the inventory inflection point is expected to arrive. The zinc price is still expected to perform well in the long term [5] Summary by Directory Important Data - **Spot**: The LME zinc spot premium is -$33.45 per ton. The SMM Shanghai zinc spot price increased by 80 yuan/ton to 24,290 yuan/ton, with a spot premium of -110 yuan/ton; the SMM Guangdong zinc spot price increased by 90 yuan/ton to 24,310 yuan/ton, with a spot premium of -90 yuan/ton; the Tianjin zinc spot price increased by 80 yuan/ton to 24,300 yuan/ton, with a spot premium of -100 yuan/ton [2] - **Futures**: On March 11, 2026, the main SHFE zinc contract opened at 24,460 yuan/ton and closed at 24,385 yuan/ton, a decrease of 20 yuan/ton from the previous trading day. The trading volume was 74,804 lots, and the open interest was 74,220 lots. The highest price during the day was 24,500 yuan/ton, and the lowest was 24,350 yuan/ton [3] - **Inventory**: As of March 11, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 262,200 tons, a change of 5,900 tons from the previous period. The LME zinc inventory was 98,900 tons, a decrease of 50 tons from the previous trading day [4] Market Analysis - The downstream has a rigid demand for procurement due to the resumption of work and production, but the overall spot market transactions are still sluggish. The short - term supply of zinc ore is still subject to interference, and the overseas shipping volume has not recovered. The spot price of imported zinc ore supports the zinc price. The probability of overseas smelting resumption is small due to the rising overseas energy costs. The domestic smelting losses are narrowing, and the supply enthusiasm remains. The downstream consumption has entered the post - holiday resumption stage, and the inventory inflection point is expected to arrive. The zinc price is still expected to perform well in the long term [5] Strategy - Unilateral: Cautiously bullish. Arbitrage: Neutral [6]

Group 1 - The market is experiencing a cautious sentiment ahead of the US-Iran nuclear talks, leading to a decline in oil prices and a drop in zinc prices, with LME zinc falling by 0.61% to close at $3367 per ton [1] - Domestic zinc processing fees remain low, indicating tight zinc ore supply, while zinc ingot supply pressure is not significant, suggesting support for zinc prices [2] - Recent data shows that domestic zinc ingot inventories have increased to 87,025 tons, a 33.57% rise compared to January 30, which is exerting pressure on zinc prices [2] Group 2 - The Chicago Federal Reserve President expressed optimism about potential interest rate cuts later this year, emphasizing the need for caution to prevent overheating of the economy and inflation [1] - The ongoing indirect negotiations between the US and Iran are being closely monitored by global financial markets, with positive signals from the mediation party indicating significant progress [1] - The short-term outlook for zinc prices is expected to fluctuate within a high range of 24,200 to 24,650 yuan per ton, as supply increases and demand remains weak [2]

1. Report's Investment Rating for the Industry - Unilateral: Neutral [5] - Arbitrage: Neutral [5] 2. Core Viewpoints of the Report - The downstream is entering the holiday period, with the operating rate continuously declining. Even though zinc prices have fallen, downstream buyers are still mainly adopting a wait - and - see attitude. The seasonal off - season this year is in sync with previous years, and the previous increase in absolute prices did not have a negative impact on downstream consumption. Social inventories are starting the initial stage of accumulation, with the expected peak of inventory accumulation at 20 - 250,000 tons. The import TC of ore continues to decline, the import window is closed, and it is difficult for the import TC to rise before the new Benchmark is signed. Although the prices of sulfuric acid and by - products are rising, integrated smelting still faces partial losses. There is no obvious pressure on the supply of zinc ingots falling short of expectations, and there is still long - term optimism about consumption and macro factors [4] 3. Summary by Relevant Catalogs Important Data Spot - LME zinc spot premium is -$22.23 per ton. The SMM Shanghai zinc spot price decreased by 320 yuan per ton to 24,580 yuan per ton, with a spot premium of - 35 yuan per ton. The SMM Guangdong zinc spot price decreased by 340 yuan per ton to 24,560 yuan per ton, with a spot premium of - 55 yuan per ton. The Tianjin zinc spot price decreased by 320 yuan per ton to 24,530 yuan per ton, with a spot premium of - 85 yuan per ton [1] Futures - On February 5, 2026, the main SHFE zinc contract opened at 24,785 yuan per ton, closed at 24,395 yuan per ton, down 440 yuan per ton from the previous trading day. The trading volume for the whole trading day was 196,623 lots, and the position was 70,531 lots. The highest intraday price reached 24,980 yuan per ton, and the lowest was 24,390 yuan per ton [2] Inventory - As of February 5, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 133,900 tons, an increase of 82,000 tons from the previous period. As of the same date, the LME zinc inventory was 107,800 tons, a decrease of 400 tons from the previous trading day [3] Market Analysis - The downstream is in the holiday period with falling operating rates. Social inventories are starting to accumulate, and the expected peak is 20 - 250,000 tons. The import TC of ore is on a downward trend, the import window is closed, and it is difficult for the import TC to rise before the new Benchmark is signed. Integrated smelting has partial losses, and there is no obvious pressure on supply falling short of expectations. Long - term optimism remains for consumption and macro factors [4] Strategy - Unilateral: Neutral. Arbitrage: Neutral [5]

1. Report Industry Investment Rating - Unilateral: Neutral [5] - Arbitrage: Neutral [5] 2. Core View of the Report - Consumption has entered the off - season, with the output of downstream processed products declining month - on - month. The market trading is rather sluggish despite the decline in absolute prices. Social inventories have started to accumulate slowly, with the absolute inventory value still at a relatively low level over the years, and the expected peak of inventory accumulation is 20 - 250,000 tons. The import TC of ore continues to decline, and the import window is closed. Although the prices of sulfuric acid and by - products are rising, smelting still faces some losses, and the pressure of continuous short - supply of zinc ingots is not obvious. In the long term, the report is still optimistic about consumption and macro factors [4] 3. Summary by Related Catalogs Important Data Spot - LME zinc spot premium is - $5.35/ton. SMM Shanghai zinc spot price increased by 80 yuan/ton to 25,050 yuan/ton, with a spot premium of - 45 yuan/ton. SMM Guangdong zinc spot price increased by 70 yuan/ton to 25,070 yuan/ton, with a spot premium of - 25 yuan/ton. Tianjin zinc spot price increased by 80 yuan/ton to 25,000 yuan/ton, with a spot premium of - 95 yuan/ton [1] Futures - On February 3, 2026, the main SHFE zinc contract opened at 24,975 yuan/ton and closed at 24,960 yuan/ton, down 200 yuan/ton from the previous trading day. The trading volume for the whole trading day was 315,836 lots, and the open interest was 82,293 lots. The highest intraday price reached 25,240 yuan/ton, and the lowest was 24,615 yuan/ton [2] Inventory - As of February 3, 2026, the total inventory of zinc ingots in SMM's seven major regions was 125,700 tons, an increase of 8,600 tons from the previous period. As of the same date, LME zinc inventory was 108,975 tons, a decrease of 125 tons from the previous trading day [3]

Report Industry Investment Rating - Unilateral: Neutral [5] - Arbitrage: Neutral [5] Core View of the Report - The fundamentals are relatively strong, but the social inventory has not shown an accumulating trend despite entering the consumption off - season. The overall spot premium is stable, but it is declining in Tianjin. The domestic ore supply is weak, but the winter stockpiling of domestic smelters is basically completed with the supplement of imported ore. The imported ore continues to decline, and it's difficult for the imported ore TC to rise before the new Benchmark signing. Comprehensive smelting still faces losses, and the supply pressure of zinc ingots is not obvious. Consumption is still optimistic in the long - term, with low inventory pressure, but short - term sentiment has a great impact. Be vigilant against the overall correction driven by the non - ferrous sector [4] Summary by Relevant Catalogs Important Data - **Spot**: LME zinc spot premium is -$32.06/ton. SMM Shanghai zinc spot price is 25,290 yuan/ton, up 50 yuan/ton from the previous trading day, with a spot premium of 0 yuan/ton. SMM Guangdong zinc spot price is 25,360 yuan/ton, up 60 yuan/ton, with a spot premium of 20 yuan/ton. Tianjin zinc spot price is 25,240 yuan/ton, up 50 yuan/ton, with a spot premium of - 50 yuan/ton [1] - **Futures**: On January 29, 2026, the main SHFE zinc contract opened at 25,450 yuan/ton and closed at 25,950 yuan/ton, up 735 yuan/ton from the previous trading day. The trading volume was 329,041 lots, and the open interest was 114,501 lots. The highest price during the day was 26,300 yuan/ton, and the lowest was 25,260 yuan/ton [2] - **Inventory**: As of January 29, 2026, the total SMM seven - region zinc ingot inventory was 117,200 tons, up 400 tons from the previous period. The LME zinc inventory was 109,750 tons, down 625 tons from the previous trading day [3]

Group 1: Report Industry Investment Rating - Unilateral strategy: Neutral [5] - Arbitrage strategy: Neutral [5] Group 2: Core View of the Report - The weakening of the US dollar and the Middle - East crisis have led to a rise in zinc prices, but high prices have dampened downstream procurement enthusiasm, causing the spot premium to decline [4] - The fundamentals are relatively strong. Although it is gradually entering the consumption off - season, there is no inventory accumulation trend in social inventories [4] - Domestic zinc ore supply remains weak, but winter reserve inventory of domestic smelters is basically completed due to imported ore supplements [4] - Imported ore continues to decline. Before the new - year Benchmark is signed, it is difficult for the imported ore TC to rise [4] - Comprehensive smelting is still facing losses, and the supply pressure of zinc ingots is unlikely to appear [4] - Long - term consumption is still promising, inventory pressure is not high, zinc price valuation is still low, and the callback space of zinc prices is limited even if short - term sentiment weakens [4] Group 3: Summary by Relevant Catalogs Important Data Spot - LME zinc spot premium is -$30.81 per ton [1] - SMM Shanghai zinc spot price rises by 480 yuan/ton to 25,240 yuan/ton, with a spot premium of 5 yuan/ton [1] - SMM Guangdong zinc spot price rises by 480 yuan/ton to 25,300 yuan/ton, with a spot premium of 20 yuan/ton [1] - Tianjin zinc spot price rises by 500 yuan/ton to 25,190 yuan/ton, with a spot premium of - 45 yuan/ton [1] Futures - On January 28, 2026, the main SHFE zinc contract opens at 24,920 yuan/ton and closes at 25,605 yuan/ton, up 605 yuan/ton from the previous trading day [2] - The trading volume for the whole trading day is 284,497 lots, and the holding volume is 118,199 lots [2] - The highest intraday price reaches 25,645 yuan/ton, and the lowest reaches 24,820 yuan/ton [2] Inventory - As of January 28, 2026, the total inventory of zinc ingots in seven SMM regions is 116,800 tons, a decrease of 2,000 tons from the previous period [3] - As of January 28, 2026, the LME zinc inventory is 110,375 tons, a decrease of 175 tons from the previous trading day [3]

Report Summary 1. Investment Rating - Unilateral: Neutral [5] - Arbitrage: Neutral [5] 2. Core View - Despite entering the consumption off - season, actual consumption is strong, social inventory shows no accumulation trend, and the overall situation is positive. Domestic mine supply is weak but supplemented by imported mines. The decline of imported mines continues, and it's hard for import TC to rise. Comprehensive smelting faces losses, so zinc ingot supply pressure is not obvious. Long - term consumption is promising, inventory pressure is low, and zinc price is undervalued with limited downward adjustment space [4]. 3. Summary by Category Spot Market - LME zinc spot premium is -$32.62/ton. SMM Shanghai zinc spot price is 24,680 yuan/ton, with a change of 60 yuan/ton from the previous trading day and a premium of 35 yuan/ton. SMM Guangdong zinc spot price is 24,750 yuan/ton, with a change of 100 yuan/ton and a premium of 25 yuan/ton. Tianjin zinc spot price is 24,620 yuan/ton, with a change of 60 yuan/ton and a premium of -25 yuan/ton [1] Futures Market - On January 26, 2026, the main SHFE zinc contract opened at 24,715 yuan/ton, closed at 24,725 yuan/ton, up 160 yuan/ton from the previous trading day. The trading volume was 207,921 lots, and the position was 121,627 lots. The highest price was 24,880 yuan/ton, and the lowest was 24,635 yuan/ton [2] Inventory - As of January 26, 2026, the total inventory of SMM seven - region zinc ingots was 116,800 tons, a change of -2,000 tons from the previous period. LME zinc inventory was 111,325 tons, a change of -175 tons from the previous trading day [3]