Group 1: Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core View - There is no clear core view presented in the report. Group 3: Summary of Related Catalogs 1. Fundamental Tracking - **Price and Volume**: The closing price of Shanghai Zinc main contract was 23,605 yuan/ton, up 2.65%; the closing price of LME Zinc 3M electronic disk was 3,139 dollars/ton, down 1.84%. The trading volume of Shanghai Zinc main contract was 189,030 lots, an increase of 95,968 lots; the trading volume of LME Zinc was 18,374 lots, a decrease of 1,756 lots. The open interest of Shanghai Zinc main contract was 91,374 lots, an increase of 2,875 lots; the open interest of LME Zinc was 223,499 lots, an increase of 3,372 lots [1]. - **Premium and Discount**: The premium of Shanghai 0 zinc was 65 yuan/ton, unchanged; the premium of LME CASH - 3M was 83 dollars/ton, down 87 dollars/ton. The premium of Guangdong 0 zinc was -15 yuan/ton, unchanged; the import bill of lading premium was 135 dollars/ton, unchanged. The premium of Tianjin 0 zinc was -45 yuan/ton, unchanged; the spot import profit and loss of zinc ingots was -4,080.64 yuan/ton, a decrease of 283.09 yuan/ton [1]. - **Inventory**: Shanghai Zinc futures inventory was 51,282 tons, a decrease of 1,520 tons; LME zinc inventory was 61,925 tons, an increase of 1,575 tons. The LME zinc cancelled warrants were 4,225 tons, a decrease of 225 tons; the LME off - warrant (T + 3) was 34,540 tons, an increase of 3,761 tons [1]. - **Related Products**: The tax - included price of 1.0mm hot - dipped galvanized coil was 4,113 yuan/ton, down 4 yuan/ton. The price of Shanghai Zamak - 5 zinc alloy was 24,925 yuan/ton, an increase of 590 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 24,375 yuan/ton, an increase of 590 yuan/ton. The price of zinc oxide ≥99.7% was 22,600 yuan/ton, an increase of 500 yuan/ton [1]. 2. News - The Ministry of Commerce and other three departments will strengthen the coordination between commerce and finance to boost consumption. They will strengthen consumer finance services for large durable consumer goods and digital products, encourage the use of digital RMB smart contract red envelopes, and explore the use of various methods such as financing guarantee, loan discount, and risk compensation to guide credit funds to key consumption areas [2]. 3. Trend Intensity - The trend intensity of zinc was 1, indicating a relatively positive trend, with the range of trend intensity being integers in the [-2, 2] interval [2][3].

【趋势强度】 2025 年 12 月 11 日 锌：高位回落 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 23075 | 0.02% | 伦锌 3M 电子盘收 | 3089 | -1.33% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 118200 | -11503 | 伦锌成交量（手） | 9024 | -944 | | （手） | | | | | | | 沪锌主力持仓量 | 93179 | -8075 | 伦锌持仓量（手） | 222185 | -217 | | （手） | | | | | | | 上海 0# 锌升贴水 | 65 | 0 | LME CASH-3M 升 | 162.99 | -3.74 | | （元/吨） | | | ...

2025 年 12 月 10 日 锌：压力渐显 数据来源：Bloomberg，Reuters，同花顺 iFinD，SMM，国泰君安期货研究 【新闻】 1. 何立峰：中美应不断拉长合作清单，为两国经贸关系打开新的合作空间。何立峰表示，今年以来中 美两国元首多次通话并在韩国釜山成功会晤，达成一系列重要共识。双方应在两国元首战略引领下，坚持 正确方向，保持合作势头，不断拉长合作清单、压缩问题清单。中国即将迈入"十五五"规划开局之年，将 持续扩大高水平对外开放，欢迎更多美国企业来华投资兴业，力促中美经贸关系平稳健康可持续发展。（华 尔街见闻） 2. 美批准向中国出售英伟达 H200 人工智能芯片，外交部回应。中国外交部发言人郭嘉昆表示："我们 注意到有关报道。中方一贯主张中美通过合作实现互利共赢。"（华尔街见闻） 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期 货 研 究 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | ...

2025 年 12 月 08 日 锌：关注供应端扰动 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 23305 | 1.92% | 伦锌 3M 电子盘收 | 3098.5 | 0.44% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 163149 | -1198 | 伦锌成交量（手） | 13271 | 38 | | （手） | | | | | | | 沪锌主力持仓量 | 107552 | 1868 | 伦锌持仓量（手） | 222390 | 503 | | （手） | | | | | | | 上海 0# 锌升贴水 | 75 | 5 | LME CASH-3M 升 | 163 | -79.66 | | （元/吨） | | | 贴水（美元/吨） ...

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Report's Core View - The report focuses on zinc, suggesting to pay attention to LME zinc inventory, and the zinc trend strength is neutral with a value of 0 [1][3] Group 3: Summary by Relevant Catalogs Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 22,345 yuan/ton, up 1.57%; the closing price of LME zinc 3M electronic disk was 3,019.5 dollars/ton, up 0.87%. The trading volume of SHFE zinc main contract was 164,360 lots, an increase of 62,086 lots; the trading volume of LME zinc was 12,135 lots, an increase of 182 lots. The open interest of SHFE zinc main contract was 124,740 lots, a decrease of 7,952 lots; the open interest of LME zinc was 221,889 lots, an increase of 300 lots [1] - **Premium and Discount**: The premium of Shanghai 0 zinc was -55 yuan/ton, unchanged; the premium of LME CASH - 3M was 338.74 dollars/ton, an increase of 43.74 dollars/ton. The premium of Guangdong 0 zinc was -90 yuan/ton, unchanged; the import bill of lading premium was 135 dollars/ton, unchanged. The premium of Tianjin 0 zinc was -55 yuan/ton, unchanged; the spot import profit and loss of zinc ingots was -5,664.34 yuan/ton, a decrease of 247.52 yuan/ton [1] - **Inventory**: SHFE zinc futures inventory was 65,529 tons, an increase of 320 tons; LME zinc inventory was 34,700 tons, a decrease of 600 tons. The LME zinc cancelled warrants were 9,850 tons, a decrease of 1,025 tons; the LME off - warrant (T + 3) was 11,581 tons, a decrease of 25 tons [1] - **Related Product Prices**: The tax - included price of 1.0mm hot - dipped galvanized coil was 4,183 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 23,275 yuan/ton, an increase of 200 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 22,725 yuan/ton, an increase of 200 yuan/ton. The price of zinc oxide ≥99.7% was 21,200 yuan/ton, an increase of 200 yuan/ton [1] News - China and the US will hold economic and trade consultations in Malaysia from October 24th to 27th, with Chinese Vice - Premier He Lifeng leading the Chinese delegation [2] - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward the main goals for economic and social development during the 15th Five - Year Plan period and the goal of achieving significant leaps in economic, technological, national defense, comprehensive national strength and international influence by 2035 [2][3] Trend Strength - The zinc trend strength is 0, indicating a neutral outlook [3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View The report focuses on the zinc market, showing an internal - external differentiation situation. The trend strength of zinc is rated as neutral [1][3]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Prices**: The closing price of SHFE zinc main contract was 21,940 yuan/ton, down 0.34%; the closing price of LME zinc 3M electronic disk was 2,940.5 dollars/ton, down 0.29% [1]. - **Trading Volume**: The trading volume of SHFE zinc main contract was 91,938 lots, a decrease of 32,328 lots; the trading volume of LME zinc was 12,267 lots, a decrease of 7,005 lots [1]. - **Open Interest**: The open interest of SHFE zinc main contract was 87,075 lots, a decrease of 2,837 lots; the open interest of LME zinc was 224,550 lots, an increase of 749 lots [1]. - **Premiums and Discounts**: Shanghai 0 zinc premium/discount was - 40 yuan/ton, an increase of 10 yuan/ton; LME CASH - 3M premium/discount was 129.5 dollars/ton, an increase of 14.5 dollars/ton [1]. - **Inventory**: SHFE zinc futures inventory was 67,466 tons, an increase of 1,800 tons; LME zinc inventory was 38,300 tons, a decrease of 50 tons [1]. - **Related Products**: The price of 1.0mm hot - dipped galvanized coil was 4,200 yuan/ton, down 13 yuan/ton; the price of Shanghai Zamak - 5 zinc alloy was 23,095 yuan/ton, down 90 yuan/ton [1]. News The US intends to extend the suspension period of tariffs on Chinese goods in exchange for China delaying the implementation of rare - earth export controls. China's Ministry of Foreign Affairs has stated its stance on rare - earth export controls and Sino - US economic and trade issues [1].

Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core Viewpoints - There is no clear core viewpoint explicitly stated in the content. Group 3: Summary of Related Catalogs Fundamental Tracking - **Price Changes**: The closing price of the main contract of Shanghai Zinc was 22,045 yuan/ton, up 0.85%; the closing price of LME Zinc 3M electronic disk was 2,922.5 dollars/ton, up 1.14% [1]. - **Trading Volume**: The trading volume of the main contract of Shanghai Zinc was 158,280 lots, an increase of 48,547 lots; the trading volume of LME Zinc was 10,392 lots, an increase of 1,957 lots [1]. - **Open Interest**: The open interest of the main contract of Shanghai Zinc was 131,286 lots, a decrease of 10,581 lots; the open interest of LME Zinc was 217,087 lots, an increase of 1,804 lots [1]. - **Premium and Discount**: The premium of Shanghai 0 zinc was -55 yuan/ton, up 5 yuan/ton; the premium of LME CASH - 3M was 40 dollars/ton, unchanged [1]. - **Inventory Changes**: The inventory of Shanghai Zinc futures was 56,583 tons, a decrease of 774 tons; the inventory of LME Zinc was 43,800 tons, a decrease of 600 tons [1]. News - The annualized quarterly rate of the US GDP in the second quarter was revised up to 3.8%, the highest in nearly two years. The PCE price index was 2.6%. The upward revision was mainly due to unexpectedly strong consumer spending and a decline in imports, but inflation pressure was more stubborn than previously estimated [2]. Trend Intensity - The trend intensity of zinc is 0, indicating a neutral trend [2][3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Views - Zinc prices showed a slight decline, with the closing price of Shanghai Zinc's main contract down 1.11% to 21,845 yuan/ton, while the closing price of LME Zinc 3M electronic trading was up 0.05% to 2,900 dollars/ton [1]. - Multiple Fed officials support shifting the inflation target from 2% to a range - based system, and with Powell's term ending next May, the market anticipates a structural change in the Fed under new leadership [2]. - The trend strength of zinc is 0, indicating a neutral outlook [2][3]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Prices**: Shanghai Zinc's main contract price decreased, while LME Zinc 3M electronic trading price slightly increased. The prices of related zinc products such as hot - dipped galvanized coils, zinc alloys, and zinc oxide also declined [1]. - **Volume and Open Interest**: The trading volume of Shanghai Zinc's main contract decreased by 15,195 lots to 125,331 lots, and its open interest increased by 9,947 lots to 140,372 lots. The trading volume of LME Zinc increased by 938 lots to 10,805 lots, and its open interest increased by 493 lots to 216,077 lots [1]. - **Premiums and Discounts**: The premiums of Shanghai, Guangdong, and Tianjin 0 zinc showed different changes, and the LME CASH - 3M premium decreased by 9.01 dollars/ton to 45.99 dollars/ton [1]. - **Inventory**: Shanghai Zinc's futures inventory increased by 1,559 tons to 56,613 tons, while LME Zinc inventory decreased by 1,050 tons to 45,775 tons. The LME zinc注销仓单 decreased by 500 tons to 14,950 tons, and the LME off - warrant (T + 3) increased by 591 tons to 13,727 tons [1]. [News] - Multiple Fed officials including理事米兰, 鲍曼, and Atlanta Fed President Bostic support using an inflation target range instead of the current 2% precise target. The issue is still under discussion within the Fed despite the exclusion in the August five - year policy framework assessment [2].

Report Industry Investment Rating - Zinc investment rating: Oscillating weakly [1] Core Viewpoints - Zinc trend strength is 0, indicating a neutral view [3] Summary by Relevant Catalogs Fundamental Tracking - **Prices**: The closing price of SHFE zinc main contract was 22,310 yuan/ton, up 0.18%; the closing price of LME zinc 3M electronic disk was 2,807 dollars/ton, up 0.05% [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 114,993 lots, an increase of 21,819 lots; the trading volume of LME zinc was 8,014 lots, a decrease of 233 lots [1] - **Open Interest**: The open interest of SHFE zinc main contract was 107,827 lots, a decrease of 891 lots; the open interest of LME zinc was 192,457 lots, an increase of 964 lots [1] - **Premium and Discount**: Shanghai 0 zinc premium/discount was -45 yuan/ton, down 5 yuan/ton; LME CASH - 3M premium/discount was -4.61 dollars/ton, up 2.89 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 36,213 tons, a decrease of 153 tons; LME zinc inventory was 60,025 tons, a decrease of 5,500 tons [1] News - The selection of the Fed Chairperson will be announced in autumn, with 11 potential candidates, and the final 3 - 4 candidates will be recommended after interviews [2] - Next week, the US Congress will have a crucial vote on the Fed's independence, which is highly politicized due to Trump's decision to fire Fed Governor Cook [2]

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]