Group 1: Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core View - The report focuses on zinc, with a trend intensity of 0, indicating a neutral view. It also presents news about Iran nuclear - related negotiations and the market's reaction to Nvidia's earnings [1][2][3]. Group 3: Summary by Directory 1. Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 24,570 yuan/ton, down 0.57%; LME zinc 3M electronic trading closed at 3,387 dollars/ton, down 0.01%. SHFE zinc main contract trading volume was 94,374 lots, an increase of 10,354 lots; LME zinc trading volume was 9,705 lots, a decrease of 4 lots [1]. - **Position and Premium**: SHFE zinc main contract open interest was 92,762 lots, an increase of 3,278 lots; LME zinc open interest was 229,485 lots, a decrease of 782 lots. Shanghai 0 zinc premium was - 45 yuan/ton, unchanged; LME CASH - 3M premium was - 29.64 dollars/ton, an increase of 2.29 dollars/ton [1]. - **Inventory**: SHFE zinc futures inventory was 65,572 tons, an increase of 253 tons; LME zinc inventory was 98,400 tons, a decrease of 1,425 tons. LME zinc cancelled warrants were 7,500 tons, a decrease of 1,825 tons [1]. - **Related Products**: The price of 1.0mm hot - dipped galvanized coil was 4,013 yuan/ton, unchanged; the price of Shanghai Zamak - 5 zinc alloy was 25,710 yuan/ton, down 70 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 25,135 yuan/ton, down 70 yuan/ton; the price of zinc oxide ≥99.7% was 23,200 yuan/ton, down 100 yuan/ton [1]. 2. News - **Iran Nuclear Negotiation**: Iran's foreign minister said that the two sides are close to reaching a consensus in some areas, and technical negotiations will be held in Vienna next Monday. The Omani foreign minister said the negotiations have "made significant progress", but media reported that there are still large differences between the two sides [2]. - **Nvidia's Earnings**: Nvidia has exceeded revenue expectations for 14 consecutive quarters, but the market is concerned about the sustainability of AI demand and Nvidia's supply constraints. Its other business segments underperformed despite strong growth in the data center business [2][3]. 3. Trend Intensity - The trend intensity of zinc is 0, indicating a neutral view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [3].

锌：跟随宏观波动 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 2026 年 02 月 13 日 【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 | 24670 | 0.12% | 伦锌 3M 电子盘收 | 3418 | 0.59% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 63473 | 20594 | 伦锌成交量（手） | 10803 | 2795 | | （手） | | | | | | | 沪锌主力持仓量 | 82084 | 3215 | 伦锌持仓量（手） | 227792 | -7690 | | （手） | | | | | | | 上海 0# 锌升贴水 | -30 | 0 | LME CASH-3M 升 | -17.8 | 1.75 | | （元/吨） | | | 贴水（美元/吨） ...

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core Viewpoints of the Report - The new bond king, Gundlach, believes that the Fed will not cut interest rates before Powell's term ends. He bets there won't be further rate - cuts during Powell's tenure, while the market expects two 25 - basis - point cuts by the end of 2026. He also suggests allocating 30% - 40% to unhedged international stocks [2]. - During the UK Prime Minister Starmer's visit to China, China and the UK reached a series of positive outcomes, including developing a comprehensive strategic partnership, establishing a high - level climate and nature partnership, resuming high - level security dialogue, and holding mechanism - based dialogues. China is considering unilateral visa - free policies for UK citizens and reducing the import tariff on whisky from 10% to 5% [2][3]. - The trend strength of zinc is 1, indicating a relatively positive but not extremely strong trend [3]. 3) Summary by Relevant Catalogs 3.1. Zinc Fundamentals - **Price**: The closing price of the Shanghai Zinc main contract was 25,950 yuan/ton, up 1.35% from the previous day, and the LME 3M zinc electronic trading closed at $3,375.5/ton, up 0.51% [1]. - **Volume and Open Interest**: The trading volume of the Shanghai Zinc main contract was 329,041 lots, an increase of 44,544 lots; its open interest was 114,501 lots, a decrease of 3,698 lots. The LME zinc trading volume was 14,007 lots, an increase of 2,658 lots, and its open interest was 234,070 lots, an increase of 913 lots [1]. - **Premium and Discount**: The premium of Shanghai 0 zinc was 0 yuan/ton, down 5 yuan/ton from the previous day. The LME CASH - 3M spread was -$32.06/ton, down $1.25/ton [1]. - **Inventory**: The Shanghai zinc futures inventory was 28,341 tons, an increase of 29 tons, while the LME zinc inventory was 110,375 tons, a decrease of 175 tons [1]. - **Related Products**: The price of 1.0mm hot - dipped galvanized coil was 4053 yuan/ton, unchanged; the price of Shanghai Zamak - 5 zinc alloy was 26,540 yuan/ton, up 50 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 25,965 yuan/ton, up 50 yuan/ton; the price of zinc oxide (≥99.7%) was 23,900 yuan/ton, unchanged [1].

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].

1. Report Industry Investment Rating - No information provided 2. Core View - The report shows that zinc prices are falling from high levels, with a zinc trend strength of -1, indicating a bearish view [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price and Volume**: The closing price of the Shanghai Zinc main contract was 23,075 yuan/ton, up 0.02%, while the LME Zinc 3M electronic disk closed at 3,089 dollars/ton, down 1.33%. The trading volume of the Shanghai Zinc main contract was 118,200 lots, a decrease of 11,503 lots, and the LME Zinc trading volume was 9,024 lots, a decrease of 944 lots. The open interest of the Shanghai Zinc main contract was 93,179 lots, a decrease of 8,075 lots, and the LME Zinc open interest was 222,185 lots, a decrease of 217 lots [1]. - **Premium and Discount**: The premium of Shanghai 0 zinc was 65 yuan/ton, unchanged; the LME CASH - 3M premium was 162.99 dollars/ton, a decrease of 3.74 dollars/ton. The premium of Guangdong 0 zinc was -15 yuan/ton, an increase of 10 yuan/ton; the premium of Tianjin 0 zinc was -45 yuan/ton, an increase of 10 yuan/ton [1]. - **Inventory**: Shanghai Zinc futures inventory was 54,770 tons, a decrease of 1,297 tons, and LME Zinc inventory was 59,800 tons, an increase of 1,650 tons. The LME Zinc cancelled warrants were 4,525 tons, a decrease of 350 tons, and the LME off - warrant (T + 3) was 29,793 tons, an increase of 2,513 tons [1]. - **Related Products**: The price of 1.0mm hot - dipped galvanized coil was 4,117 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 24,295 yuan/ton, a decrease of 120 yuan/ton, and the price of Shanghai Zamak - 3 zinc alloy was 23,745 yuan/ton, a decrease of 120 yuan/ton. The price of zinc oxide (≥99.7%) was 22,000 yuan/ton, a decrease of 100 yuan/ton [1]. 3.2 News - China's November CPI rose 0.7% year - on - year, the highest since March 2024, and the PPI's year - on - year decline slightly widened. In November, consumer spending continued to recover, with the CPI down 0.1% month - on - month and up 0.7% year - on - year, with the year - on - year increase mainly driven by the turn of food prices from decline to increase. The core CPI excluding food and energy prices rose 1.2% year - on - year. Affected by factors such as the optimization of the supply - demand structure of some domestic industries and the transmission of international commodity prices, the PPI rose 0.1% month - on - month for two consecutive months and fell 2.2% year - on - year [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report focuses on the zinc market, indicating that zinc is facing increasing pressure. The trend strength of zinc is rated as 0, suggesting a neutral outlook [1][3]. 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 23,070 yuan/ton, down 0.92%; the closing price of LME zinc 3M electronic disk was 3,130.5 dollars/ton, up 1.03%. The trading volume of SHFE zinc main contract was 129,703 lots, a decrease of 50,551 lots; the trading volume of LME zinc was 9,968 lots, a decrease of 3,303 lots [1]. - **Inventory**: SHFE zinc futures inventory was 56,067 tons, a decrease of 2,330 tons; LME zinc inventory was 58,150 tons, an increase of 400 tons [1]. - **Premium and Discount**: Shanghai 0 zinc premium was 65 yuan/ton, a decrease of 5 yuan/ton; LME CASH - 3M premium was 166.73 dollars/ton, an increase of 3.73 dollars/ton [1]. 3.2 News - **Sino - US Economic and Trade Relations**: He Lifeng stated that China and the US should expand the cooperation list and promote the stable, healthy and sustainable development of Sino - US economic and trade relations. China will continue to expand high - level opening - up and welcome more US enterprises to invest in China [2]. - **AI Chip Sale**: The US approved the sale of NVIDIA H200 AI chips to China, and the Chinese Foreign Ministry spokesperson expressed that China advocates win - win cooperation between the two countries [2]. 3.3 Trend Strength The trend strength of zinc is 0, indicating a neutral view on the zinc market, with the range of trend strength being integers in the [-2, 2] interval [3].

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core Viewpoint of the Report - The report focuses on zinc and mentions the need to pay attention to supply - side disturbances [1] 3. Summary According to Relevant Contents 3.1 Zinc Market Data - **Price**: The closing price of the Shanghai zinc main contract was 23,305 yuan/ton, up 1.92%; the closing price of the LME zinc 3M electronic disk was 3,098.5 dollars/ton, up 0.44% [1] - **Volume**: The trading volume of the Shanghai zinc main contract was 163,149 lots, a decrease of 1,198 lots; the trading volume of LME zinc was 13,271 lots, an increase of 38 lots [1] - **Open Interest**: The open interest of the Shanghai zinc main contract was 107,552 lots, an increase of 1,868 lots; the open interest of LME zinc was 222,390 lots, an increase of 503 lots [1] - **Premium and Discount**: The premium of Shanghai 0 zinc was 75 yuan/ton, an increase of 5 yuan/ton; the LME CASH - 3M premium was 163 dollars/ton, a decrease of 79.66 dollars/ton [1] - **Inventory**: The Shanghai zinc futures inventory was 60,729 tons, a decrease of 1,299 tons; the LME zinc inventory was 55,375 tons, an increase of 1,050 tons [1] 3.2 News - In November 2025, affected by factors such as macro - economic data of major economies and monetary policy expectations, the US dollar index declined, and global financial asset prices showed mixed trends. China's foreign exchange reserve scale increased, and China's economic stability supports the basic stability of foreign exchange reserves [2] - The current US government will give up the pursuit of global hegemony and strengthen its leading position in Latin America. The "Return to Asia" strategy has a major shift [2] 3.3 Trend Intensity - The zinc trend intensity is 0, indicating a neutral view, with the range of trend intensity values being integers in the [-2, 2] interval [3]

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].