1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The previous trading day saw the Shanghai zinc futures show a volatile rebound, closing with a positive line. The trading volume increased, the long positions slightly decreased, and the short positions increased. It was a volume - shrinking rebound. The price rebound led long - position holders to exit and wait, while short - position holders continued to suppress. The market may experience a short - term volatile consolidation. Technically, the price closed below the long - term moving average with weak support. The short - term KDJ indicator rose and operated in the weak area. The trend indicator declined, with the long - position strength rising and the short - position strength falling, and the dominance of short - position strength narrowing. The operation suggestion for Shanghai zinc ZN2605 is to expect volatile consolidation [18]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In January 2026, global zinc plate production was 1.127 million tons, consumption was 1.0925 million tons, with a supply surplus of 34,500 tons. Global zinc ore production in January was 1.023 million tons, which is bearish [2]. 3.2 Basis - The spot price was 23,260, and the basis was - 120, which is bearish [2]. 3.3 Inventory - On March 27, LME zinc inventory decreased by 275 tons to 115,375 tons compared to the previous day, and the Shanghai Futures Exchange zinc inventory warrants decreased by 1,632 tons to 95,760 tons compared to the previous day, which is bullish [2]. 3.4 Market Trends - The previous day, Shanghai zinc showed a volatile rebound, closing below the 20 - day moving average, with the 20 - day moving average trending downward, which is bearish [2]. 3.5 Main Positions - The main net long positions decreased, which is bullish [2]. 3.6 Futures Exchange Zinc Futures Quotes on March 27 - The trading volume of zinc futures on March 27 was 187,228 lots, and the total open interest was 177,539 lots, with a decrease of 4,398 lots [3]. 3.7 Domestic Main Spot Market Quotes on March 27 - The price of 0 zinc in Shanghai was 23,210 - 23,310 yuan/ton, up 370 yuan; in Guangdong, it was 23,170 - 23,270 yuan/ton, up 340 yuan; in Tianjin, it was 23,160 - 23,260 yuan/ton, up 365 yuan; in Zhejiang, it was 23,190 - 23,290 yuan/ton, up 365 yuan [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (2025/3/16 - 2026/3/26) - As of March 26, 2026, the total social inventory of zinc ingots in major Chinese markets was 214,400 tons, a decrease of 146,000 tons compared to March 19 and a decrease of 51,000 tons compared to March 23 [5]. 3.9 Zinc Warehouse Receipt Report on March 27 - The total zinc warehouse receipts on March 27 were 95,760 tons, a decrease of 1,632 tons [6]. 3.10 LME Zinc Inventory Distribution and Statistics on March 27 - The total LME zinc inventory on March 27 was 115,375 tons, a decrease of 275 tons [7]. 3.11 National Main City Zinc Concentrate Price Summary on March 27 - The price of 50% zinc concentrate in most regions was 20,050 yuan/ton, with an increase of 300 yuan/ton, and in some regions like Kunming and Chifeng, it was 19,950 yuan/ton, also with an increase of 300 yuan/ton [9]. 3.12 National Market Zinc Ingot Smelter Price Quotes on March 27 - The price of 0 zinc ingots from various smelters increased by 370 yuan/ton [12]. 3.13 Domestic Refined Zinc Production in February 2026 - The production of refined zinc in February 2026 was 470,900 tons, a month - on - month decrease of 1.72% and a year - on - year increase of 10.01%. The planned production for March was 490,200 tons [14]. 3.14 Zinc Concentrate Processing Fee Quotes on March 27 - The domestic zinc concentrate processing fee for 50% grade was mostly in the range of 1,400 - 1,600 yuan/metal ton, and the import processing fee for 48% grade was 20 US dollars/dry ton [16]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on March 27 - The total trading volume of zinc by members was 190,605 lots, an increase of 53,063 lots. The total long positions were 67,842 lots, a decrease of 121 lots, and the total short positions were 70,026 lots, an increase of 704 lots [17].

Report Industry Investment Rating - Not provided in the given content Core Viewpoint of the Report - The previous trading day saw the Shanghai zinc futures show a volatile rebound, closing with a positive line, an increase in trading volume, and both long and short positions increasing, with the short positions increasing more. Overall, it was a volume - driven rebound. The price rebounded with long positions slowly entering the market, while short positions actively suppressed. The market may experience short - term volatile consolidation. Technically, the price closed below the long - term moving average with weak support from the moving average. The short - term KDJ indicator rose and operated in the weak area. The trend indicator rose, with the long - position strength increasing and the short - position strength decreasing, and the dominance of the short - position strength narrowing. The operation suggestion is that the Shanghai zinc ZN2605 will experience volatile consolidation [19]. Summary by Relevant Catalogs 1. Fundamental Information - In November 2025, global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November, global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, global zinc ore production was 1.069 million tons, and from January to November, it was 12.1419 million tons [2]. 2. Basis - The spot price was 22,890, and the basis was +180 [2]. 3. Inventory - On March 26, the LME zinc inventory decreased by 825 tons to 115,650 tons compared to the previous day, and the SHFE zinc inventory warrants decreased by 1,078 tons to 97,392 tons compared to the previous day [2]. 4. Market Trends - The previous trading day, Shanghai zinc showed a volatile rebound, closing below the 20 - day moving average, and the 20 - day moving average was downward [2]. 5. Main Positions - The main positions were net long, and the long positions decreased [2]. 6. Futures Exchange Zinc Futures Quotes on March 26 - The trading volume of zinc futures on March 26 was 145,087 lots, and the total open interest was 181,937 lots, with a decrease of 3,856 lots [3]. 7. Domestic Main Spot Market Quotes on March 26 - The domestic zinc concentrate spot TC was 1,500 yuan/metal ton, and the comprehensive TC for imported zinc concentrate was 20 US dollars/dry ton. The price of 0 zinc in Shanghai was 22,840 - 22,940 yuan/ton, in Guangdong was 22,830 - 22,930 yuan/ton, in Tianjin was 22,795 - 22,895 yuan/ton, and in Zhejiang was 22,825 - 22,925 yuan/ton [4]. 8. National Main Market Zinc Ingot Inventory Statistics (2025/3/16 - 2026/3/26) - As of March 26, 2026, the total inventory of zinc ingots in the main domestic markets was 214,400 tons, a decrease of 146,000 tons compared to March 19 and a decrease of 51,000 tons compared to March 23 [5]. 9. Futures Exchange Zinc Warrant Report on March 26 - The total zinc warrants on the SHFE on March 26 were 97,392 tons, a decrease of 1,078 tons compared to the previous day [6]. 10. LME Zinc Inventory Distribution and Statistics on March 26 - The total LME zinc inventory on March 26 was 115,650 tons, a decrease of 825 tons compared to the previous day [8]. 11. National Main City Zinc Concentrate Price Summary on March 26 - Not provided in detail, only the title is given [10]. 12. National Market Zinc Ingot Smelter Price Quotes on March 26 - The prices of 0 zinc from different smelters decreased by 80 yuan/ton [13]. 13. Domestic Refined Zinc Production in February 2026 - The production in February 2026 was 470,900 tons, a month - on - month decrease of 1.72% and a year - on - year increase of 10.01%. The planned production in March was 490,200 tons [15]. 14. Zinc Concentrate Processing Fee Quotes on March 26 - The domestic zinc concentrate processing fee for 50% grade was generally 1,400 - 1,600 yuan/metal ton, and the imported zinc concentrate processing fee for 48% grade was 10 - 30 US dollars/dry ton [17]. 15. Shanghai Futures Exchange Member Zinc Trading and Position Ranking on March 26 - The total trading volume of members was 144,805 lots, an increase of 2,074 lots. The total long positions were 68,856 lots, an increase of 641 lots, and the total short positions were 70,600 lots, an increase of 1,948 lots [18].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The report expects Shanghai zinc to fluctuate and adjust, and suggests paying attention to the range of 22,500 - 23,500 yuan/ton [3][4] Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main Shanghai zinc contract was 23,070 yuan/ton, up 135 yuan; the spread between the May - June contracts was -10 yuan/ton, unchanged [3] - The LME three - month zinc quote was 3,081 US dollars/ton, up 42.5 US dollars; the total position of Shanghai zinc was 181,937 lots, down 4,363 lots [3] - The net position of the top 20 in Shanghai zinc was -3,299 lots, down 2,396 lots; the Shanghai zinc warehouse receipt was 0 tons, unchanged [3] - The inventory of the Shanghai Futures Exchange was 152,266 tons, up 4,918 tons; the LME inventory was 116,475 tons, down 625 tons [3] 2. Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network was 22,840 yuan/ton, down 80 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market was 22,730 yuan/ton, down 330 yuan [3] - The basis of the ZN main contract was -230 yuan/ton, down 215 yuan; the LME zinc premium (0 - 3) was -20.74 US dollars/ton, up 4.02 US dollars [3] - The ex - factory price of 50% zinc concentrate in Kunming was 19,800 yuan/ton, up 50 yuan; the price of 85% - 86% crushed zinc in Shanghai was 15,950 yuan/ton, unchanged [3] 3. Upstream Situation - The WBMS zinc supply - demand balance was 29,000 tons, up 55,700 tons; the ILZSG zinc supply - demand balance was 9,200 tons, up 84,300 tons [3] - The global zinc mine production was 1.0104 million tons, down 59,600 tons; the domestic refined zinc production was 675,000 tons, up 21,000 tons [3] - The zinc ore import volume was 414,000 tons, down 180,800 tons [3] 4. Industry Situation - The refined zinc import volume was 4,518.01 tons, down 19,594.63 tons; the refined zinc export volume was 3,866.38 tons, up 1,847.88 tons [3] - The zinc social inventory was 219,700 tons, down 9,200 tons [3] 5. Downstream Situation - The production of galvanized sheets was 2.4 million tons, down 60,000 tons; the sales volume of galvanized sheets was 2.38 million tons, down 30,000 tons [3] - The new housing construction area was 50.839 million square meters, down 536.86 million square meters; the housing completion area was 63.2042 million square meters, down 540.2771 million square meters [3] - The automobile production was 3.4115 million vehicles, down 107,500 vehicles; the air - conditioner production was 21.6289 million units, up 6.6029 million units [3] 6. Option Market - The implied volatility of the at - the - money call option for zinc was 18.76%, down 0.67%; the implied volatility of the at - the - money put option for zinc was 18.76%, down 0.67% [3] - The 20 - day historical volatility of the at - the - money zinc option was 23.45%, up 0.08%; the 60 - day historical volatility of the at - the - money zinc option was 20.47%, up 0.03% [3] 7. Industry News - The negotiation between the US and Iran is uncertain. Iran rejects the US cease - fire proposal, while the White House says the negotiation is ongoing and productive. The Iranian military says it may open other fronts if the enemy takes ground action [3] - Iran's permanent mission to the UN says non - belligerent ships can pass through the Strait of Hormuz safely after coordination. COSCO Shipping Lines resumes new bookings to some Middle - East countries but ships won't pass through the Strait of Hormuz [3] - As of the end of February, the total installed power generation capacity in China was 3.95 billion kilowatts, up 15.9% year - on - year. The installed capacity of solar power generation was 1.23 billion kilowatts, up 33.2% year - on - year; the installed capacity of wind power was 650 million kilowatts, up 22.8% year - on - year [3] 8. Macro - level Information - The Fed governor says the current Fed policy is dragging down the economy and the Fed should cut interest rates to the neutral level this year. The inflation forecast for this year is raised to 2.7% due to the oil price shock [3] - The ECB President says the ECB will take decisive action if the soaring energy costs lead to broader inflation, and is currently assessing the impact of the Middle - East situation [3] 9. Viewpoint Summary - The upstream zinc ore imports are at a high level, but the domestic zinc ore has seasonal production cuts. The domestic smelters' competition for domestic ore increases, and the processing fees at home and abroad remain low. However, the sulfuric acid price is rising, and the domestic smelters' profits are expanding. After the festival, the smelters' enthusiasm for resuming production is expected to increase [3] - The Shanghai - London ratio has rebounded, and the export window has closed again. On the demand side, the downstream market is still in the off - season. The real estate sector is a drag, while the infrastructure and home appliance sectors are slowly recovering without obvious increments. The policy support in the automobile and other fields brings some bright spots [3] - The downstream market mainly purchases on - demand at low prices. Recently, the zinc price has fallen, and the downstream purchases are still weak. The spot premium is at a low level, and the domestic social inventory has decreased slightly. The LME zinc inventory has increased, and the spot premium remains low. Technically, the position has decreased and the price is fluctuating, with both long and short positions trading cautiously [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term trend of Shanghai zinc futures (ZN2605) is expected to be in a consolidation phase. The previous trading day saw a sideways movement, with shrinking trading volume. Long positions increased slightly while short positions decreased slightly. Technically, the price is below the moving - average system, and short - term indicators show a weak upward trend, with the bearish force gaining an advantage [2][17]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In November 2025, the global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a surplus of 29,000 tons. From January to November, the global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a shortage of 350,400 tons. In November, the global zinc ore production was 1.069 million tons, and from January to November, it was 12.1419 million tons [2]. 3.2 Basis - The spot price of zinc was 22,980, and the basis was +45, indicating a neutral situation [2]. 3.3 Inventory - On March 25, the LME zinc inventory decreased by 625 tons to 116,475 tons, and the SHFE zinc inventory warrant decreased by 1,354 tons to 98,470 tons [2][6][7]. 3.4 Futures Market Quotes - On March 25, the trading volume of zinc futures on the SHFE totaled 158,313 lots, with a total trading value of 1.81794209 billion yuan. The open interest was 185,793 lots, an increase of 365 lots [3]. 3.5 Spot Market Quotes - On March 25, the price of domestic zinc concentrate was 1,500 yuan/metal ton, and the import comprehensive TC was 20 US dollars/kiloton. The price of 0 zinc in different regions showed an upward trend, with an increase of 50 - 70 yuan/ton [4]. 3.6 Zinc Ingot Inventory Statistics - From March 12 to March 23, 2026, the total social inventory of zinc ingots in major Chinese markets decreased from 231,100 tons to 219,500 tons, a decrease of 16,700 tons compared to March 16 and 9,500 tons compared to March 19 [5]. 3.7 Zinc Warrant Report - On March 25, the total SHFE zinc warrant was 98,470 tons, a decrease of 1,354 tons. The decrease mainly occurred in Guangdong, Jiangsu, Zhejiang, and Tianjin [6]. 3.8 LME Zinc Inventory Distribution - On March 25, the LME zinc inventory decreased by 625 tons to 116,475 tons [7]. 3.9 Zinc Concentrate Price - On March 25, the price of 50% - grade zinc concentrate in major domestic cities was 19,720 - 19,820 yuan/ton, with an increase of 50 yuan/ton [9]. 3.10 Zinc Ingot Smelter Price - On March 25, the price of 0 zinc ingots from major domestic smelters increased by 60 yuan/ton [12]. 3.11 Domestic Refined Zinc Production in February 2026 - The planned production in February was 468,700 tons, and the actual production was 470,900 tons, a year - on - year increase of 10.01% and a month - on - month decrease of 1.72%. The capacity utilization rate was 65.87%, and the planned production in March was 490,200 tons [13]. 3.12 Zinc Concentrate Processing Fee - On March 25, the domestic zinc concentrate processing fee for 50% - grade was 1,400 - 1,700 yuan/metal ton, and the import processing fee for 48% - grade was 10 - 30 US dollars/kiloton [15]. 3.13 SHFE Member Zinc Trading and Position Ranking - On March 25, the total trading volume of SHFE members in zinc futures was 146,163 lots, a decrease of 60,163 lots. The total long position was 68,913 lots, an increase of 224 lots, and the total short position was 69,639 lots, a decrease of 321 lots [16].

1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core View of the Report - The previous trading day saw the Shanghai zinc futures show a volatile trend, closing with a doji star, accompanied by an increase in trading volume. Both long and short positions reduced, with long positions decreasing more significantly. Overall, it was a volatile market with reduced trading volume. The price was volatile, and long - position holders actively exited, while short - position holders also exited to wait and see. In the short term, the market is expected to consolidate. Technically, the price closed below the moving - average system, which lost its short - term support. The short - term KDJ indicator rose and was operating in the weak zone, alleviating the oversold condition. The trend indicator rose, with the long - position strength increasing and the short - position strength decreasing, and the dominance of short - position strength narrowing. The operation suggestion is that the Shanghai zinc ZN2605 will be in a consolidation phase [17]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In November 2025, global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November, global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, global zinc ore production was 1.069 million tons. From January to November, global zinc ore production was 12.1419 million tons. The overall situation is bullish [2]. 3.2 Basis - The spot price was 22,910, and the basis was - 65, indicating a neutral situation [2]. 3.3 Inventory - On March 24, LME zinc inventory decreased by 75 tons to 117,100 tons compared to the previous day, and the SHFE zinc inventory warrants decreased by 774 tons to 99,824 tons compared to the previous day, showing a bullish situation [2]. 3.4 Market Trends - The previous day, Shanghai zinc showed a volatile trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, indicating a bearish situation [2]. 3.5 Main Positions - The main positions were net long, but long positions decreased, showing a bullish situation [2]. 3.6 Futures Market Quotes on March 24 - The trading volume of zinc futures on March 24 was 206,373 lots, with a total trading value of 2.37325189 billion yuan. The open interest was 185,428 lots, a decrease of 5,547 lots compared to the previous day. Different delivery months had different price changes and trading volumes [3]. 3.7 Domestic Spot Market Quotes on March 24 - The price of zinc concentrate spot TC was 1,500 yuan/metal ton, and the comprehensive TC of imported zinc concentrate was 20 US dollars/dry ton. The price of 0 zinc in different regions such as Shanghai, Guangdong, Tianjin, and Zhejiang had different price ranges and increases [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics - From March 12 to March 23, 2026, the total inventory of zinc ingots in the main domestic markets decreased from 231,100 tons to 219,500 tons, a decrease of 16,700 tons compared to March 16 and 9,500 tons compared to March 19 [5]. 3.9 Futures Exchange Zinc Warrant Report on March 24 - The total zinc warrants on March 24 were 99,824 tons, a decrease of 774 tons compared to the previous day. Different regions had different changes in warrants, with some increasing and some decreasing [6]. 3.10 LME Zinc Inventory Distribution on March 24 - The total LME zinc inventory on March 24 was 117,100 tons, a decrease of 75 tons compared to the previous day. Different storage locations had different inventory changes [7]. 3.11 National Main City Zinc Concentrate Price Summary on March 24 - The price of 50% - grade zinc concentrate in different regions such as Jiyuan, Linzhou, and Kunming was mostly 19,770 yuan/ton, with an increase of 150 yuan/ton [8]. 3.12 National Market Zinc Ingot Smelter Price Quotes on March 24 - The price of 0 zinc ingots from different smelters such as Zhengzhou Express, Sanmenxia Century, and Guangdong Zhongjin Lingnan increased by 190 yuan/ton [11]. 3.13 Domestic Refined Zinc Production in February 2026 - The planned production in February 2026 was 468,700 tons, and the actual production was 470,900 tons, a month - on - month decrease of 1.72% and a year - on - year increase of 10.01%. The capacity utilization rate was 65.87%, and the planned production for March was 490,200 tons [13]. 3.14 Zinc Concentrate Processing Fee Quotes on March 24 - The processing fees of 50% - grade zinc concentrate in different domestic regions were mostly between 1,400 - 1,600 yuan/metal ton, and the processing fee of imported 48% - grade zinc concentrate was 20 US dollars/ton [15]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on March 24 - The total trading volume of members was 211,557 lots, an increase of 29,277 lots. The total long - position volume was 68,967 lots, a decrease of 1,979 lots, and the total short - position volume was 70,117 lots, a decrease of 305 lots [16].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term trend of Shanghai zinc ZN2605 is expected to be a volatile rebound. The previous trading day saw a volatile decline in Shanghai zinc, with shrinking trading volume and a reduction in both long and short positions, with more short positions being reduced. Technically, the price is below the moving - average system, and short - term indicators show signs of alleviating oversold conditions while the trend indicator indicates an increase in both long and short forces, with the short - side advantage expanding [2][17]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In November 2025, global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November 2025, global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, global zinc ore production was 1.069 million tons, and from January to November, it was 12.1419 million tons, which is a bullish factor [2]. 3.2 Basis - The spot price is 22,730, and the basis is - 70, which is a neutral factor [2]. 3.3 Inventory - On March 23, LME zinc inventory decreased by 500 tons to 117,175 tons compared to the previous day. On the same day, the zinc inventory warrants of the Shanghai Futures Exchange decreased by 1,911 tons to 100,598 tons compared to the previous day, which is a bullish factor [2]. 3.4 Market Trends - On the previous trading day, Shanghai zinc showed a volatile decline, closing below the 20 - day moving average with the 20 - day moving average pointing downwards, which is a bearish factor [2]. 3.5 Main Positions - The main players hold net long positions, with a reduction in long positions, which is a bullish factor [2]. 3.6 Futures Exchange Zinc Futures Quotes on March 23 - The quotes of zinc futures contracts with different delivery months are provided, including previous settlement prices, opening prices, high prices, low prices, closing prices, price changes, trading volumes, and open interest changes [3]. 3.7 Domestic Main Spot Market Quotes on March 23 - The spot TC of domestic zinc ore is 1,500 yuan/metal ton, and the comprehensive TC of imported zinc ore is 20 US dollars/dry ton. The price of 0 zinc in different regions such as Shanghai, Guangdong, Tianjin, and Zhejiang is also provided, along with price changes [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (2025/3/12 - 2026/3/23) - The inventory of zinc ingots in main markets such as Shanghai, Guangdong, Tianjin, etc. from March 12, 2025, to March 23, 2026, is presented. The total inventory on March 23, 2026, is 2.195 million tons, showing a decrease compared to March 16 and March 19 [5]. 3.9 Futures Exchange Zinc Warrant Report on March 23 - The zinc warrant situation in different regions and warehouses is reported, with a total of 100,598 tons, a decrease of 1,911 tons compared to the previous day [6]. 3.10 LME Zinc Inventory Distribution and Statistics on March 23 - The distribution and changes of LME zinc inventory in major global warehouses are provided, with a total inventory of 117,175 tons, a decrease of 500 tons compared to the previous day [7]. 3.11 National Main City Zinc Concentrate Price Summary on March 23 - The prices and price changes of 50% - grade zinc concentrates in regions such as Jiyuan, Kunming, and Hechi are provided, with a price drop of 200 yuan in all regions [8]. 3.12 National Market Zinc Ingot Smelter Price Quotes on March 23 - The price quotes of 0 zinc ingots from different smelters such as Torch, Huludao Zinc Industry, and Zhongquan Lingnan are provided, with a price drop of 240 yuan for all [11]. 3.13 Domestic Refined Zinc Production in February 2026 - The planned production in February is 468,700 tons, the actual production is 470,900 tons, with a month - on - month decrease of 1.72% and a year - on - year increase of 10.01%. The production plan for March is 490,200 tons [13]. 3.14 Zinc Concentrate Processing Fee Quotes on March 23 - The zinc concentrate processing fees in different regions, including the minimum, maximum, and average prices, are provided, with domestic prices ranging from 1,400 - 1,600 yuan/metal ton and the imported price being 20 US dollars/dry ton [15]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on March 23 - The trading volume, long - position volume, and short - position volume rankings of different members, as well as their respective changes, are provided. The total trading volume is 186,200, the total long - position volume is 70,946 with a decrease of 96, and the total short - position volume is 70,993 with a decrease of 2,999 [16].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report anticipates a weak adjustment in Shanghai zinc prices, and suggests to pay attention to the support level at 24,000 yuan [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract is 22,800 yuan/ton, down 135 yuan; the 05 - 06 contract spread of Shanghai zinc is -30 yuan/ton, down 15 yuan [3] - The LME three - month zinc quotation is 3,056 dollars/ton, down 17.5 dollars; the total open interest of Shanghai zinc is 190,975 lots, down 7,875 lots [3] - The net open interest of the top 20 in Shanghai zinc is -2,059 lots, an increase of 3,358 lots; the Shanghai zinc warehouse receipts are 0 tons, unchanged [3] - The SHFE inventory is 152,266 tons, an increase of 4,918 tons; the LME inventory is 117,675 tons, a decrease of 175 tons [3] 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,670 yuan/ton, down 240 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,370 yuan/ton, down 590 yuan [3] - The basis of the ZN main contract is -130 yuan/ton, down 105 yuan; the LME zinc cash - to - 3 - month spread is -24.61 dollars/ton, an increase of 10.22 dollars [3] - The ex - works price of 50% zinc concentrate in Kunming is 19,810 yuan/ton, an increase of 80 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,900 yuan/ton, down 100 yuan [3] 3.3 Upstream Situation - The WBMS zinc supply - demand balance is 29,000 tons, an increase of 55,700 tons; the ILZSG zinc supply - demand balance is 9,200 tons, an increase of 84,300 tons [3] - The global zinc mine production by ILZSG is 1.0104 million tons, a decrease of 59,600 tons; the domestic refined zinc production is 675,000 tons, an increase of 21,000 tons [3] - The zinc ore import volume is 414,000 tons, a decrease of 180,800 tons [3] 3.4 Industry Situation - The refined zinc import volume is 4,518.01 tons, a decrease of 19,594.63 tons; the refined zinc export volume is 3,866.38 tons, an increase of 1,847.88 tons [3] - The social zinc inventory is 236,000 tons, an increase of 4,700 tons [3] 3.5 Downstream Situation - The production of galvanized sheets is 2.4 million tons, a decrease of 60,000 tons; the sales volume of galvanized sheets is 2.38 million tons, a decrease of 30,000 tons [3] - The new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters; the housing completion area is 63.2042 million square meters, a decrease of 540.2771 million square meters [3] - The automobile production is 3.4115 million vehicles, a decrease of 107,500 vehicles; the air - conditioner production is 21.6289 million units, an increase of 6.6029 million units [3] 3.6 Option Market - The implied volatility of at - the - money call options for zinc is 22.68%, down 0.28 percentage points; the implied volatility of at - the - money put options for zinc is 22.68%, down 0.27 percentage points [3] - The 20 - day historical volatility of at - the - money zinc options is 23.91%, an increase of 0.31 percentage points; the 60 - day historical volatility of at - the - money zinc options is 20.39%, down 0.17 percentage points [3] 3.7 Industry News - The governor of the People's Bank of China, Pan Gongsheng, stated that China will continue to implement a moderately loose monetary policy and use various tools to maintain adequate liquidity [3] - The Chinese Ministry of Finance will allocate 250 billion yuan to support the replacement of consumer goods with new ones, increasing direct and inclusive policies for consumers [3] - There are tense geopolitical situations between the US, Israel, and Iran, including threats to the Strait of Hormuz and nuclear - related issues [3]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoint of the Report - The previous trading day saw the Shanghai zinc futures oscillate and rebound, closing with a positive line, accompanied by an increase in trading volume. Both long and short positions increased, with a greater increase in short positions. Overall, it was a volume - enhanced rebound. As the price rebounded, long - position investors actively entered the market, while short - position investors were even more active. Therefore, the market may oscillate and weaken in the short term. Technically, the price closed below the moving - average system, losing short - term support. The short - term KDJ indicator rose and operated in the weak zone, alleviating oversold conditions. The trend indicator rose, with the strength of long - position investors decreasing and that of short - position investors increasing, and the advantage of short - position investors expanding. The operation suggestion is that the Shanghai zinc ZN2605 will oscillate and weaken [17]. 3. Summary by Related Catalogs 3.1 Fundamental Analysis - In November 2025, global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, resulting in a supply surplus of 29,000 tons. From January to November, global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, leading to a supply shortage of 350,400 tons. In November, global zinc ore production was 1.069 million tons, and from January to November, it was 12.1419 million tons. The overall situation is bullish [2]. 3.2 Basis Analysis - The spot price is 22,970, and the basis is +35, indicating a neutral situation [2]. 3.3 Inventory Analysis - On March 20, the LME zinc inventory decreased by 175 tons to 117,675 tons compared to the previous day, and the SHFE zinc inventory warrant decreased by 95 tons to 102,509 tons compared to the previous day, showing a bullish sign [2]. 3.4 Futures Market Quotes - On March 20, for different delivery months of zinc futures, the trading volumes, prices, and changes in open interest varied. For example, for the 2604 contract, the previous settlement price was 22,925, the opening price was 22,520, the highest price was 23,090, the lowest price was 22,390, the closing price was 22,930, and the settlement reference price was 22,810, with a change of - 115. The total trading volume of all contracts was 267,062 lots, and the total open interest was 198,850 lots, with a decrease of 10,857 lots [3]. 3.5 Spot Market Quotes - On March 20, in the domestic spot market, the price of zinc concentrate's domestic spot TC was 1,500 yuan/metal ton, and the import comprehensive TC was 20 dollars/10 tons. For 0 zinc, the price in Aoshi was 22,920 - 23,020 yuan/ton, in Guangdong was 22,880 - 22,980 yuan/ton, in Tianjin was 22,910 - 23,010 yuan/ton, and in Zhejiang was 22,910 - 23,010 yuan/ton, with price increases [4]. 3.6 Zinc Ingot Inventory Statistics - From March 9 to March 19, 2026, the total inventory of zinc ingots in major domestic markets first increased and then decreased. Compared with March 12, the total inventory decreased by 21,000 tons, and compared with March 16, it decreased by 72,000 tons [5]. 3.7 Zinc Warehouse Receipt Report - On March 20, the total zinc warehouse receipt in the SHFE was 102,509 tons, with a decrease of 95 tons. The warehouse receipts in different regions had different changes, such as a decrease of 50 tons in Shanghai, 552 tons in Guangdong, and an increase of 507 tons in Tianjin [6]. 3.8 LME Zinc Inventory Distribution - On March 20, the LME zinc inventory decreased by 175 tons to 117,675 tons. The registered warehouse receipts were 111,600 tons, and the cancelled warehouse receipts were 6,075 tons, with a cancellation ratio of 5.16% [7]. 3.9 Zinc Concentrate Price - On March 20, in major domestic cities, the price of 50% - grade zinc concentrate in most regions was 19,820 yuan/ton, with an increase of 80 yuan/ton, while in some regions like Hechi and Chifeng, it was 19,720 yuan/ton, also with an increase of 80 yuan/ton [9]. 3.10 Zinc Ingot Smelter Price - On March 20, the price of 0 zinc ingots from different smelters increased by 90 yuan/ton. For example, the price of 0 zinc ingots from Hunan Zhuzhouhai was 23,220 yuan/ton, from Sanming Zhongxin was 23,650 yuan/ton, etc. [12]. 3.11 Domestic Refined Zinc Production in February 2026 - In February 2026, the planned production of refined zinc was 468,700 tons, and the actual production was 470,900 tons, with a month - on - month decrease of 1.72% and a year - on - year increase of 10.01%. The capacity utilization rate was 65.87%, and the planned production for March was 490,200 tons [13]. 3.12 Zinc Concentrate Processing Fee - On March 20, the processing fee for 50% - grade zinc concentrate in most domestic regions was between 1,400 - 1,600 yuan/metal ton, and the import processing fee for 48% - grade zinc concentrate was 20 dollars/1,000 tons [15]. 3.13 SHFE Member Zinc Trading and Position Ranking - On March 20, in the SHFE, for zinc futures trading, the total trading volume of 20 members was 248,540 lots, with an increase of 63,238 lots. The total long - position volume was 71,307 lots, with an increase of 544 lots, and the total short - position volume was 74,028 lots, with an increase of 4,293 lots [16].

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The short - term trend of Shanghai zinc may be weak in oscillation. Technically, the price is below the moving - average system, the short - term indicators KDJ are declining and in the weak area with increased oversold condition, and the trend indicator shows that the long - position strength is decreasing while the short - position strength is increasing. However, the operation suggestion for Shanghai zinc ZN2605 is an oscillatory rebound [18]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In November 2025, global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November, global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, global zinc ore production was 1.069 million tons, and from January to November, it was 12.1419 million tons [2]. 3.2 Basis - The spot price is 22,880, and the basis is +175, showing a bullish signal [2]. 3.3 Inventory - On March 19, LME zinc inventory decreased by 175 tons to 117,850 tons, and SHFE zinc inventory warrants increased by 1,341 tons to 102,604 tons [2]. 3.4 Disk - The previous day, Shanghai zinc showed an oscillatory downward trend, closing below the 20 - day moving average, with the 20 - day moving average downward, indicating a bearish signal [2]. 3.5 Main Positions - The main players have a net long position, and long positions are increasing, showing a bullish signal [2]. 3.6 Futures Exchange Zinc Futures Quotes on March 19 - The trading volume of zinc futures on March 19 was 269,018 lots, with a turnover of 3.08416055 billion yuan, and the open interest was 209,707 lots, an increase of 3,983 lots [3]. 3.7 Domestic Main Spot Market Quotes on March 19 - The domestic zinc concentrate current TC was 1,500 yuan/metal ton for domestic products and 20 dollars/thousand tons for imported products. The price of 0 zinc in Shanghai was 22,830 - 22,930 yuan/ton, in Guangdong was 22,760 - 22,860 yuan/ton, in Tianjin was 22,825 - 22,925 yuan/ton, and in Zhejiang was 22,825 - 22,925 yuan/ton, with price drops [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (2025/3/9 - 2026/3/19) - On March 19, 2026, the total inventory of zinc ingots in main markets was 229,000 tons, a decrease of 21,000 tons compared to March 12 and a decrease of 72,000 tons compared to March 16 [5]. 3.9 Zinc Warrant Report of Futures Exchange on March 19 - The total zinc warrants on March 19 were 102,604 tons, an increase of 1,341 tons. The warrants in Shanghai decreased by 74 tons, in Guangdong decreased by 400 tons, and in Tianjin increased by 1,815 tons [6]. 3.10 LME Zinc Inventory Distribution and Statistics on March 19 - The total LME zinc inventory on March 19 was 117,850 tons, a decrease of 175 tons [7]. 3.11 National Main City Zinc Concentrate Price Summary on March 19 - The price of 50% - grade zinc concentrate in most regions was 19,740 yuan/ton, with a decrease of 310 yuan/ton, and in some regions like Hechi and Chifeng, it was 19,640 yuan/ton [9]. 3.12 National Market Zinc Ingot Smelter Price Quotes on March 19 - The price of 0 zinc ingots from various smelters decreased by 380 yuan/ton [12]. 3.13 Domestic Refined Zinc Production in February 2026 - The planned production in February was 468,700 tons, the actual production was 470,900 tons, with a month - on - month decrease of 1.72% and a year - on - year increase of 10.01%. The planned production in March is 490,200 tons [14]. 3.14 Zinc Concentrate Processing Fee Quotes on March 19 - The processing fee for domestic 50% - grade zinc concentrate was mostly between 1,400 - 1,600 yuan/metal ton, and for imported 48% - grade zinc concentrate, it was 20 dollars/thousand tons [16]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on March 19 - The total trading volume of members was 190,642 lots, an increase of 52,921 lots. The total long - position volume was 70,816 lots, an increase of 6,500 lots, and the total short - position volume was 70,853 lots, an increase of 6,584 lots [17].

Report Summary 1. Reported Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Short-term zinc prices are under pressure. The high-interest rate environment on the macro side suppresses the overall valuation of non-ferrous metals. Domestically, inventory accumulation combined with weak demand in the off-season gives short-term prices downward momentum. However, there is still support from the upstream raw material side, and the continuous decline in LME inventories indicates a marginal tightening of overseas supply. Thus, the downside space should not be overly underestimated, and short-term prices are expected to maintain a weak and volatile trend [6] 3. Summary by Relevant Catalog 3.1 Futures Market - On March 18, 2026, the opening price of the main contract of SHFE zinc 2604 was 23,650 yuan/ton, the highest price was 23,665 yuan/ton, the lowest price was 23,260 yuan/ton, the previous trading day's settlement price was 23,870 yuan/ton, and the closing price was 23,325 yuan/ton, a decline of 545 yuan/ton or 2.28% from the previous trading day's settlement price [2] 3.2 Spot Market Basis Analysis - In terms of regional spot prices, the lowest price of 1 zinc in Guangdong is 22,830 yuan/ton and the highest is 23,130 yuan/ton; the lowest price of 0 zinc in Guangdong is 22,890 yuan/ton and the highest is 23,210 yuan/ton; the lowest price of 0 zinc in Tianjin is 23,140 yuan/ton and the highest is 23,090 yuan/ton; the lowest price of 0 zinc in Beijing is 23,180 yuan/ton and the highest is 23,190 yuan/ton; the price range of 1 zinc in Chongqing is 23,180 - 23,180 yuan/ton. The regional price differences reflect relatively higher spot supply pressure in South China [3] 3.3 Market Dynamics - **Zinc Oxide Sector**: On March 18, 2026, the average market price of zinc oxide produced from zinc ingots was 22,220 yuan/ton, a decrease of 600 yuan/ton or 2.63% from the previous trading day. The average price of zinc oxide produced from zinc slag was 20,100 yuan/ton, a decrease of 600 yuan/ton from the previous trading day. Due to the high raw material costs in the early stage, the profit of the zinc oxide industry is currently squeezed. It is expected that the ex-factory price will remain stable within the week, with stable demand in the downstream rubber sector and mainly replenishing inventory as needed [4] - **Zinc Sulfate Sector**: On March 18, 2026, the price of zinc sulfate remained stable overall. The mainstream transaction price of monohydrate zinc sulfate (high - chlorine) was 7,300 - 7,400 yuan/ton, monohydrate zinc sulfate (low - chlorine) was 7,450 - 7,650 yuan/ton, 96% heptahydrate zinc sulfate was 4,200 - 4,350 yuan/ton, and 99% heptahydrate zinc sulfate was 4,400 - 4,800 yuan/ton. Current export orders of enterprises are good, domestic sales demand is differentiated, and the high - chlorine monohydrate zinc sulfate has smooth sales. It is expected that the price will remain high in the short term [4][5] 3.4 Market Outlook - Short - term zinc prices are under pressure. The high - interest rate macro - environment suppresses the overall valuation of non - ferrous metals. Domestically, inventory accumulation and weak demand in the off - season give short - term prices downward momentum. However, there is still support from the upstream raw material side, and the continuous decline in LME inventories indicates a marginal tightening of overseas supply. The downside space should not be overly underestimated, and short - term prices are expected to maintain a weak and volatile trend [6]