Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided reports Group 2: Core Viewpoints - The zinc market showed a slight decline. The trend strength of zinc is -1, indicating a weak bearish outlook [1][2][3] Group 3: Summary by Relevant Catalogs 1. Zinc Market Data - **Prices**: The closing price of the main Shanghai zinc futures contract was 22,205 yuan/ton, down 0.69%; the closing price of the LME zinc 3M electronic disk was 2,784 dollars/ton, down 0.45%. The prices of Shanghai Zamak - 5 zinc alloy, Shanghai Zamak - 3 zinc alloy, and zinc oxide ≥99.7% all decreased by 100 yuan/ton [1] - **Trading Volume and Open Interest**: The trading volume of the main Shanghai zinc futures contract was 110,478 lots, an increase of 14,740 lots; the trading volume of LME zinc was 8,911 lots, a decrease of 2,062 lots. The open interest of the main Shanghai zinc futures contract was 105,576 lots, an increase of 8,821 lots; the open interest of LME zinc was 192,766 lots, a decrease of 1,232 lots [1] - **Premiums and Discounts**: The premium/discount of Shanghai 0 zinc was -40 yuan/ton, up 10 yuan/ton; the LME CASH - 3M premium/discount was -10 dollars/ton, down 10.5 dollars/ton [1] - **Inventory**: Shanghai zinc futures inventory remained unchanged at 32,538 tons, while LME zinc inventory decreased by 3,650 tons to 72,200 tons. The LME zinc cancelled warrants decreased by 1,850 tons to 28,600 tons, and the LME off - warrant (T + 3) decreased by 593 tons to 15,640 tons [1] 2. News - The Ministry of Industry and Information Technology and other departments aim to further standardize the competition order in the photovoltaic industry, including strengthening industrial regulation, curbing low - price disorderly competition, standardizing product quality, and supporting industry self - discipline [2]

Report Industry Investment Rating - The report does not provide an industry investment rating. Core View - Zinc prices are under pressure [1] - The zinc trend strength is -1, indicating a relatively bearish outlook [2][3] Summary by Relevant Catalogs Fundamental Tracking - **Prices**: The closing price of Shanghai Zinc main contract was 22,600 yuan/ton, down 0.13%; the closing price of LME Zinc 3M electronic disk was 2,848 dollars/ton, up 1.42% [1] - **Volumes**: The trading volume of Shanghai Zinc main contract was 78,345 lots, down 1,626; the trading volume of LME Zinc was 8,564 lots, up 58 [1] - **Open Interests**: The open interest of Shanghai Zinc main contract was 85,986 lots, down 1,502; the open interest of LME Zinc was 194,301 lots, up 1,359 [1] - **Premiums and Discounts**: Shanghai 0 zinc premium/discount was -55 yuan/ton, down 5; LME CASH - 3M premium/discount was -4.76 dollars/ton, down 1.18 [1] - **Inventories**: Shanghai Zinc futures inventory was 16,192 tons, up 424; LME zinc inventory was 78,475 tons, down 1,075 [1] News - In July in China, the new social financing was 1.16 trillion yuan, RMB loans decreased by 50 billion yuan, and the M2 - M1 gap narrowed. From January to July, the cumulative increment of social financing scale was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year [2]

1. Report Industry Investment Rating - The investment rating for zinc is "Oscillating upward" [1] 2. Core View of the Report - The report presents a detailed analysis of the zinc market's fundamentals, including price, trading volume, open interest, premium/discount, inventory, and related product prices, as well as relevant news and trend strength [1][2] 3. Summary According to Related Catalogs 3.1 Fundamentals Tracking - **Prices**: The closing price of SHFE zinc main contract was 22,380 yuan/ton with 0.00% change, and LME zinc 3M electronic trading closed at 2,750 dollars/ton with -0.15% change [1] - **Trading Volume**: SHFE zinc main contract volume was 89,569 lots, an increase of 4,120 lots, while LME zinc volume was 7,339 lots, a decrease of 826 lots [1] - **Open Interest**: SHFE zinc main contract open interest was 94,254 lots, a decrease of 4,218 lots, and LME zinc open interest was 190,784 lots, an increase of 162 lots [1] - **Premium/Discount**: Shanghai 0 zinc premium/discount was -20 yuan/ton with no change, and LME CASH - 3M premium/discount was -13.16 dollars/ton, a decrease of 2.29 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 14,375 tons, a decrease of 432 tons, and LME zinc inventory was 89,225 tons, a decrease of 3,050 tons [1] - **Related Product Prices**: The price of 1.0mm hot - dipped galvanized coil (tax - included) was 4,395 yuan/ton, an increase of 10 yuan/ton; Shanghai Zamak - 5 zinc alloy was 23,505 yuan/ton, an increase of 30 yuan/ton; Shanghai Zamak - 3 zinc alloy was 22,955 yuan/ton, an increase of 30 yuan/ton; zinc oxide ≥99.7% was 21,400 yuan/ton, an increase of 100 yuan/ton [1] 3.2 News - There are ongoing differences in the US - Japan trade agreement, and the US plans to impose an additional 15% tariff on the existing tariff base. Japan requests the US to correct the tariff implementation [2] 3.3 Trend Strength - The trend strength of zinc is 0, indicating a neutral outlook [2][3]

Group 1: Report Industry Investment Rating - The investment rating for the zinc industry is "Oscillating Downward" [1] Group 2: Core View of the Report - The report presents the latest data on zinc's fundamentals, including prices, trading volumes, open interests, premiums, and inventories, and indicates a downward trend for zinc [1] Group 3: Summary Based on Related Content 1. Zinc Market Data - **Prices**: The closing price of SHFE zinc main contract was 22,320 yuan/ton, down 0.11%; the closing price of LME zinc 3M electronic trading was 2,729.5 dollars/ton, down 1.18% [1] - **Trading Volumes**: The trading volume of SHFE zinc main contract was 105,121 lots, a decrease of 77,539 lots; the trading volume of LME zinc was 14,107 lots, an increase of 2,308 lots [1] - **Open Interests**: The open interest of SHFE zinc main contract was 108,084 lots, a decrease of 2,397 lots; the open interest of LME zinc was 189,343 lots, a decrease of 568 lots [1] - **Premiums and Discounts**: Shanghai 0 zinc premium was 0 yuan/ton, unchanged; LME CASH - 3M premium was -6 dollars/ton, a decrease of 4.2 dollars/ton [1] - **Inventories**: SHFE zinc futures inventory was 14,982 tons, a decrease of 76 tons; LME zinc inventory was 100,825 tons, a decrease of 3,975 tons [1] 2. News - People's Bank of China Deputy Governor Zou Lan stated that from the first - half financial data, the effect of monetary policy in supporting the real economy was relatively obvious. At the end of June, the year - on - year growth rate of the stock of social financing scale was 8.9%, M2 increased by 8.3% year - on - year, and RMB loans increased by 7.1% year - on - year [2] 3. Trend Intensity - The trend intensity of zinc is -1, indicating a relatively bearish outlook [2][3]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The zinc market is continuing to accumulate inventory. The prices of both Shanghai zinc futures and LME zinc futures have declined, with the Shanghai zinc main - contract closing price at 22345 yuan/ton, down 1.43%, and the LME zinc 3M electronic - disk closing price at 2795.5 dollars/ton, down 0.68% [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Prices**: The Shanghai zinc main - contract closing price decreased by 1.43% to 22345 yuan/ton, and the LME zinc 3M electronic - disk closing price decreased by 0.68% to 2795.5 dollars/ton [1]. - **Trading Volume**: The trading volume of the Shanghai zinc main - contract increased by 41252 to 182660 lots, while the LME zinc trading volume decreased by 701 to 8740 lots [1]. - **Open Interest**: The open interest of the Shanghai zinc main - contract decreased by 5764 to 110481 lots, and the LME zinc open interest increased by 1164 to 189911 lots [1]. - **Premium and Discount**: The Shanghai 0 zinc premium increased by 10 to 0 yuan/ton, and the LME CASH - 3M premium increased by 1.23 to - 2.69 dollars/ton [1]. - **Inventory**: The Shanghai zinc futures inventory decreased by 174 to 15058 tons, and the LME zinc inventory decreased by 4250 to 104800 tons [1]. 3.2 News - The US is increasing pressure as the tariff deadline approaches, with multiple countries sending delegations to Washington for negotiations. Trump announced an agreement with South Korea and plans to sign a new executive order on Thursday to impose higher tariffs on countries that fail to reach trade agreements [2]. 3.3 Trend Intensity - The zinc trend intensity is - 1, indicating a relatively bearish outlook according to the defined range of [-2, 2] where - 2 is the most bearish and 2 is the most bullish [2][3].

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoint - The zinc market shows a narrow - range oscillation pattern [1] 3. Summary by Related Content 3.1 Zinc Market Data - **Prices**: The closing price of SHFE zinc main contract was 22,655 yuan/ton, up 0.04%; the closing price of LME zinc 3M electronic trading was 2,805.5 dollars/ton, down 0.83% [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 127,217 lots, down 65,890 lots; the trading volume of LME zinc was 9,331 lots, up 1,056 lots [1] - **Open Interest**: The open interest of SHFE zinc main contract was 117,616 lots, down 6,845 lots; the open interest of LME zinc was 189,856 lots, up 1,083 lots [1] - **Premium and Discount**: Shanghai 0 zinc premium/discount was - 5 yuan/ton, down 5 yuan/ton; LME CASH - 3M premium/discount was - 1.95 dollars/ton, down 0.15 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 15,307 tons, up 1,540 tons; LME zinc inventory was 112,150 tons, down 3,350 tons [1] 3.2 News - China and the US will continue to extend the suspension of the 24% part of the US reciprocal tariffs and China's counter - measures for 90 days. The two sides held a candid, in - depth and constructive exchange on economic and trade issues [2] 3.3 Trend Intensity - The trend intensity of zinc is 0, indicating a neutral view. The range of trend intensity is integers within [- 2,2], where - 2 means most bearish and 2 means most bullish [2][3]

Group 1: Report Industry Investment Rating - Zinc investment rating indicates a downward trend, with a trend strength of -1 [3] Group 2: Core View of the Report - The zinc market is expected to fluctuate and weaken [1] Group 3: Summary by Relevant Catalogs 1. Zinc Market Data - The closing price of Shanghai Zinc's main contract was 22,645 yuan/ton, down 1.05% from the previous day; the closing price of LME Zinc 3M electronic trading was 2,829 dollars/ton, down 0.40% [1] - The trading volume of Shanghai Zinc's main contract was 193,107 lots, an increase of 41,021 lots; the trading volume of LME Zinc was 8,275 lots, a decrease of 2,398 lots [1] - The open interest of Shanghai Zinc's main contract was 124,461 lots, a decrease of 4,767 lots; the open interest of LME Zinc was 188,773 lots, a decrease of 1,902 lots [1] - The premium of Shanghai 0 zinc was 0 yuan/ton, an increase of 20 yuan/ton; the LME CASH - 3M premium was -1.8 dollars/ton, a decrease of 10.8 dollars/ton [1] - The premium of Guangdong 0 zinc was -95 yuan/ton, a decrease of 5 yuan/ton; the import bill of lading premium was 135 dollars/ton, unchanged [1] - The premium of Tianjin 0 zinc was -50 yuan/ton, an increase of 20 yuan/ton; the spot import profit and loss of zinc ingots was -1,546.1 yuan/ton, a decrease of 34.31 yuan/ton [1] - The difference between ZN00 and ZN01 was -30 yuan/ton, an increase of 10 yuan/ton; the import profit and loss of Shanghai Zinc's third - consecutive contract was -1,360.31 yuan/ton, a decrease of 46.07 yuan/ton [1] - Shanghai Zinc's futures inventory was 13,767 tons, an increase of 478 tons; LME Zinc's inventory was 115,500 tons, a decrease of 275 tons [1] - The tax - included price of 1.0mm hot - dipped galvanized coil was 4,385 yuan/ton, unchanged; LME Zinc's cancelled warrants were 54,950 tons, an increase of 150 tons [1] - The price of Shanghai Zamak - 5 zinc alloy was 23,825 yuan/ton, a decrease of 120 yuan/ton; LME off - warrant (T + 3) was 19,243 tons, a decrease of 2,712 tons [1] - The price of Shanghai Zamak - 3 zinc alloy was 23,275 yuan/ton, a decrease of 120 yuan/ton; the price of zinc oxide ≥99.7% was 21,600 yuan/ton, a decrease of 100 yuan/ton [1] 2. News - Trump shortened the deadline for reaching an agreement with Russia on the Russia - Ukraine conflict to 10 - 12 days, causing crude oil to rise nearly 3% during the session [2] - Chile expects to obtain tariff exemptions from Trump, which caused New York copper to fall more than 6% and copper mining stocks to generally decline [2][3]

Group 1: Industry Investment Rating - The investment rating for the zinc industry is "High-level oscillation" [1] Group 2: Core Viewpoints - The report presents the latest data on zinc's fundamentals, including prices, trading volumes, open interests, premiums, and inventories, and also mentions relevant news and trend strength [1][2] Group 3: Summary by Relevant Content 1. Zinc Fundamental Data - **Prices**: The closing price of SHFE Zinc main contract was 22,885 yuan/ton, down 0.56%; the closing price of LME Zinc 3M electronic trading was 2,829 dollars/ton, down 0.40% [1] - **Trading Volumes**: The trading volume of SHFE Zinc main contract was 152,086 lots, an increase of 83 lots; the trading volume of LME Zinc was 8,275 lots, a decrease of 2,398 lots [1] - **Open Interests**: The open interest of SHFE Zinc main contract was 129,228 lots, a decrease of 5,707 lots; the open interest of LME Zinc was 190,675 lots, an increase of 2,366 lots [1] - **Premiums**: Shanghai 0 zinc premium was -20 yuan/ton, down 5 yuan/ton; LME CASH - 3M premium was -1.8 dollars/ton, down 10.8 dollars/ton [1] - **Inventories**: SHFE zinc futures inventory was 13,289 tons, an increase of 1,349 tons; LME zinc inventory was 115,775 tons, a decrease of 1,125 tons [1] 2. News - The Chinese Ministry of Foreign Affairs clarified its stance on issues such as so - called "overcapacity" and industrial subsidies in China - EU economic and trade relations, emphasizing the complementary and win - win nature of China - EU economic and trade relations and the need for the EU to relax restrictions on high - tech product exports to China [2] 3. Trend Strength - The trend strength of zinc is -1, indicating a relatively bearish sentiment [2][3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Zinc shows a slight fluctuation [1] - Zinc trend strength is 0, indicating a neutral outlook [2][3] Group 3: Summary by Related Catalogs Fundamental Tracking - **Prices**: The closing price of SHFE zinc main contract was 22,945 yuan/ton, up 0.09%; LME zinc 3M electronic disk closed at 2,844.5 dollars/ton, up 0.73% [1] - **Trading Volume**: SHFE zinc main contract trading volume was 184,578 lots, down 66,827; LME zinc trading volume was 18,296 lots, down 111 [1] - **Open Interest**: SHFE zinc main contract open interest was 134,060 lots, up 746; LME zinc open interest was 184,683 lots, up 837 [1] - **Premiums and Discounts**: Shanghai 0 zinc premium was -15 yuan/ton, down 5; LME CASH - 3M premium was 9 dollars/ton, up 19 [1] - **Inventory**: SHFE zinc futures inventory was 12,090 tons, up 1,002; LME zinc inventory was 116,600 tons, down 1,625 [1] News - Trump's stance on "firing Powell" has softened, but he and Bessent are pressuring the Fed to cut interest rates [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The report focuses on zinc, indicating it is at a short - term high, and suggests paying attention to volume and price [1] Group 3: Summary by Relevant Catalog 1. Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 22,410 yuan/ton, up 0.76% from the previous day; the closing price of LME zinc 3M electronic trading was 2,778.5 dollars/ton, up 0.31%. The trading volume of SHFE zinc main contract was 225,824 lots, an increase of 57,715 lots; the trading volume of LME zinc was 12,465 lots, a decrease of 3,000 lots. The open interest of SHFE zinc main contract was 142,428 lots, an increase of 6,790 lots; the open interest of LME zinc was 209,978 lots, a decrease of 962 lots [1] - **Premium and Discount**: The premium of Shanghai 0 zinc was 50 yuan/ton, down 25 yuan; the premium of Guangdong 0 zinc was 95 yuan/ton, down 50 yuan; the premium of Tianjin 0 zinc was - 40 yuan/ton, down 45 yuan. The LME CASH - 3M premium was - 3 dollars/ton, up 8 dollars; the import bill of lading premium was 135 dollars/ton, unchanged [1] - **Inventory**: The SHFE zinc futures inventory was 6,372 tons, a decrease of 101 tons; the LME zinc inventory was 119,225 tons, a decrease of 625 tons. The LME zinc cancelled warrants were 27,900 tons, a decrease of 2,875 tons; the LME off - warrant (T + 3) was 39,975 tons, a decrease of 71 tons [1] 2. News - From January to May in China, the profits of industrial enterprises above designated size decreased by 1.1% year - on - year, and in May alone, they decreased by 9.1% year - on - year [2] 3. Trend Intensity - The trend intensity of zinc is 0, with the range of trend intensity being integers in the [-2, 2] interval, where -2 represents the most bearish and 2 represents the most bullish [2]