Report Industry Investment Rating - Not provided in the content Core View of the Report - The previous trading day saw the Shanghai zinc futures fluctuate, closing with a doji star, accompanied by shrinking trading volume. In terms of positions, long positions slightly decreased while short positions increased, indicating a rebound on shrinking volume. The price rebounded but long - position holders exited to wait and see, while short - position holders continued to enter the market to suppress. In the short term, the market may fluctuate repeatedly. Technically, the price closed below the long - term moving average with weak support from the moving average. The short - term KDJ indicator rose and was operating in the weak zone. The trend indicator declined, with both long and short forces increasing, and the dominance of short forces narrowing. The operation suggestion is that the Shanghai zinc contract ZN2512 will fluctuate and rebound [20]. Summary by Relevant Catalogs 1. Fundamental Information - In August 2025, global zinc plate production was 1.1507 million tons, consumption was 1.1717 million tons, resulting in a supply shortage of 21,000 tons. From January to August 2025, global zinc plate production was 9.0885 million tons, consumption was 9.3698 million tons, with a supply shortage of 281,300 tons. In August 2025, global zinc ore production was 1.0696 million tons, and from January to August 2025, it was 8.4457 million tons [2]. 2. Basis Information - The spot price was 21,930 yuan, and the basis was - 70 yuan, showing a neutral situation [2]. 3. Inventory Information - On October 22, the LME zinc inventory decreased by 1,975 tons to 35,300 tons compared with the previous day, and the SHFE zinc inventory warrants decreased by 1,059 tons to 65,209 tons compared with the previous day [2]. 4. Futures Market Quotes - On October 22, the trading volume of zinc futures contracts on the futures exchange totaled 160,966 lots, with a total trading value of 1.77017246 billion yuan, and the total open interest was 229,833 lots, an increase of 299 lots [3]. 5. Domestic Spot Market Quotes - On October 22, the prices of zinc - related products in the domestic spot market showed different trends. For example, the price of zinc concentrate was 17,080 yuan/ton, down 40 yuan/ton; the price of zinc ingots was 21,930 yuan/ton, down 50 yuan/ton; the price of galvanized sheets was 3,963 yuan/ton, up 2 yuan/ton; the price of galvanized pipes was 4,358 yuan/ton, down 2 yuan/ton [4]. 6. Zinc Ingot Inventory Statistics - From October 9 to October 20, 2025, the total social inventory of zinc ingots in major domestic markets increased from 136,200 tons to 162,900 tons. Compared with October 13, it increased by 9,400 tons; compared with October 16, it increased by 7,300 tons [5]. 7. Futures Exchange Zinc Warrant Report - On October 22, the total zinc warrants on the futures exchange were 65,209 tons, a decrease of 1,059 tons compared with the previous day. Among them, the warrants in Guangdong were 37,874 tons (unchanged), in Jiangsu were 323 tons (a decrease of 99 tons), and in Tianjin were 27,012 tons (a decrease of 960 tons) [6]. 8. LME Zinc Inventory Distribution - On October 21, the total LME zinc inventory was 35,300 tons, a decrease of 1,975 tons compared with the previous day. The inventory in Singapore was 33,850 tons, a decrease of 1,975 tons; the inventory in Port Klang was 1,325 tons (unchanged); the inventory in Hong Kong was 125 tons (unchanged) [8]. 9. Zinc Ingot Smelter Price Quotes - On October 22, the prices of zinc ingots from major domestic smelters all decreased by 40 yuan/ton. For example, the price of zinc ingots from Hunan Zhuzhou Smelting was 22,170 yuan/ton, from Liaoning Huludao Zinc Industry was 22,600 yuan/ton, and from Guangdong Zhongjin Lingnan was 21,900 yuan/ton [13]. 10. Domestic Refined Zinc Production in September 2025 - In September 2025, the planned production of refined zinc was 506,800 tons, the actual production was 499,900 tons, a month - on - month decrease of 3.53% and a year - on - year increase of 16.13%. The production was 1.35% lower than the planned value, and the capacity utilization rate was 74.80%. The planned production in October was 509,600 tons [16]. 11. Zinc Concentrate Processing Fee Quotes - On October 22, the processing fees for zinc concentrates in different regions showed different levels. For domestic zinc concentrates with a grade of 50%, the average processing fee in different regions ranged from 3,100 to 3,800 yuan/metal ton; for imported zinc concentrates with a grade of 48%, the average processing fee was 105 US dollars/dry ton [18]. 12. Shanghai Futures Exchange Member Zinc Trading and Position Ranking - For the zinc contract zn2512 on October 22, the total trading volume of members was 160,980 lots, a decrease of 2,283 lots compared with the previous day; the total long positions were 88,461 lots, a decrease of 131 lots; the total short positions were 94,885 lots, an increase of 1,036 lots [19].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The short - term view is that the previous trading day saw Shanghai Zinc oscillate and rebound, with increased trading volume and both long and short positions increasing, more so for the long positions. The market may oscillate and weaken in the short term. Technically, the price is below the long - term moving average with weak support. The short - term KDJ indicator is rising in the weak area, the trend indicator is falling, the long - side strength is rising, the short - side strength is falling, and the dominance of the short - side is narrowing. It is recommended that Shanghai Zinc ZN2512 will oscillate and weaken [17]. Group 3: Summary by Related Catalogs 1. Fundamental Information - In August 2025, global zinc plate production was 1150700 tons, consumption was 1171700 tons, with a supply shortage of 21000 tons. From January to August 2025, production was 9088500 tons, consumption was 9369800 tons, with a supply shortage of 281300 tons. In August 2025, global zinc ore production was 1069600 tons, and from January to August 2025, it was 8445700 tons, which is bullish [2]. - The basis is +10 with a spot price of 21980, which is neutral [2]. - On October 21, LME zinc inventory decreased by 50 tons to 37275 tons, and SHFE zinc inventory warrants decreased by 151 tons to 66268 tons, which is bullish [2]. - The previous day, Shanghai Zinc oscillated and rebounded, closing below the 20 - day moving average with the 20 - day moving average pointing down, which is bearish [2]. - The main positions are net short, and short positions are decreasing, which is bearish [2]. 2. Futures Exchange Quotes - On October 21, for zinc futures, different delivery months had various price movements. For example, for the 2511 contract, the previous settlement was 21880, the opening price was 21895, the high was 22035, the low was 21870, the closing price was 21965, the settlement reference price was 21955, with an increase of 85 and 75 respectively, trading volume of 54001 lots, and turnover of 592882.08. There were also details for other contracts like 2512, 2601, etc. [3]. 3. Domestic Spot Market Quotes - On October 21, in the domestic spot market, the price of zinc concentrate in Lin was 17120 yuan/ton, up 50 yuan/ton; zinc ingot in Aoshi was 21980 yuan/ton, up 70 yuan/ton; galvanized sheet in China was 3961 yuan/ton, down 6 yuan/ton; galvanized pipe in Tiantian was 4360 yuan/ton, down 5 yuan/ton; zinc alloy in Ningbo was 22490 yuan/ton, up 70 yuan/ton; zinc powder in Changsha was 27270 yuan/ton, up 80 yuan/ton; zinc oxide in Taizhou was 20500 yuan/ton, unchanged; and secondary zinc oxide in Lin 8 Xiaocun was 7790 yuan/ton, unchanged [4]. 4. Zinc Ingot Inventory Statistics - From October 9 to October 20, 2025, the total social inventory of zinc ingots in major Chinese markets increased from 13.62 million tons to 16.29 million tons. Compared with October 13, it increased by 0.94 million tons, and compared with October 16, it increased by 0.73 million tons [5]. 5. Zinc Warehouse Receipt Report - On October 21, the total zinc warehouse receipts in the futures exchange were 66268 tons, a decrease of 151 tons. In Shanghai, the total was 0 tons; in Guangdong, it was 37874 tons; in Jiangsu, it was 422 tons; in Zhejiang, it was 0 tons; and in Tianjin, it was 27972 tons [6]. 6. LME Zinc Inventory Distribution - On October 21, the LME zinc inventory was 37275 tons, a decrease of 50 tons from the previous day. The registered warrants were 24425 tons, and the cancelled warrants were 12850 tons, with a cancellation ratio of 34.47% [7]. 7. Zinc Concentrate Price Summary - On October 21, in major domestic cities, the price of 50% - grade zinc concentrate in different regions such as Jiyuan, Chenzhou, etc., all increased by 50 yuan/ton, with prices ranging from 16820 to 17120 yuan/ton [8]. 8. Zinc Ingot Smelter Price Quotes - On October 21, for 0 zinc ingots with a purity of ≥99.995%, the prices of different brands such as Hunan Zhuzhou Juzhuan (Torch), Liaoning Huludao Zinc Industry (Huzinc), etc., all increased by 70 yuan/ton, with prices ranging from 21640 to 22640 yuan/ton [11]. 9. Domestic Refined Zinc Production in September 2025 - In September 2025, the planned production of refined zinc was 5068000 tons, the actual production was 4999000 tons, a month - on - month decrease of 3.53%, a year - on - year increase of 16.13%, and a 1.35% shortfall compared to the plan. The capacity utilization rate was 74.80%, and the planned production for October was 5096000 tons [13]. 10. Zinc Concentrate Processing Fee Quotes - On October 21, the processing fees for 50% - grade zinc concentrate in different domestic regions such as FFF 3BF, Huludao, etc., showed different price ranges and changes. The import processing fee for 48% - grade zinc concentrate was 95 - 115 dollars/dry ton, with an average of 105 dollars/dry ton [15]. 11. SHFE Member Zinc Trading and Position Ranking - For the zn2512 contract on October 21, in terms of trading volume, the top three were Guotai Junan with 35970 lots (an increase of 22065 lots), CITIC Futures with 30173 lots (a decrease of 2000 lots), and Dongzheng Futures with 21961 lots (an increase of 788 lots). In terms of long positions, the top three were CITIC Futures with 16101 lots (an increase of 1533 lots), Guoxin Futures with 7628 lots (an increase of 59 lots), and Dongzheng Futures with 6652 lots (an increase of 1099 lots). In terms of short positions, the top three were CITIC Futures with 21346 lots (an increase of 412 lots), Qiankun Futures with 10707 lots (a decrease of 623 lots), and Guotai Junan with 9335 lots (an increase of 471 lots) [16].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The previous trading day saw Shanghai Zinc experiencing a volatile downward trend, closing with a negative line, increased trading volume, and both long and short positions increasing, with a larger increase in short positions. Overall, it was a decline on heavy volume. As the price dropped, long - position entrances were active, while short - position pressure also intensified. In the short term, the market may continue to weaken. Technically, the price closed below the moving average system, losing its support. Short - term indicator KDJ declined and operated in the weak zone; the trend indicator showed that the long - position strength decreased, the short - position strength increased, and the dominance of short - position strength expanded. The operation suggestion is that Shanghai Zinc ZN2511 will weaken in a volatile manner [19]. 3. Summary by Relevant Catalogs Fundamental Analysis - In July 2025, global zinc plate production was 1.1515 million tons, consumption was 1.1629 million tons, with a supply shortage of 11,300 tons. From January to July, global zinc plate production was 7.9452 million tons, consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons. From January to July, global zinc ore production was 7.3437 million tons, which is a bullish factor [2]. - The basis was +110 with the spot price at 21,940, indicating a bullish sign [2]. - On October 17, LME zinc inventory decreased by 275 tons to 38,025 tons compared to the previous day, and SHFE zinc inventory warrants decreased by 149 tons to 67,317 tons compared to the previous day, which is bullish [2]. - The previous day, Shanghai Zinc showed a volatile downward trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is bearish [2]. - The main positions were net short, and the short positions decreased, which is bearish [2]. - LME inventory warrants remained at a low level, while SHFE warrants remained at a high level [2]. Futures Exchange Zinc Futures Market on October 17 - The total trading volume of zinc futures on October 17 was 193,359 lots, with a total trading value of 2.11968143 billion yuan, and the total open interest was 229,292 lots, an increase of 9,437 lots [3]. Domestic Main Spot Market Quotes on October 17 - Zinc concentrate in Linzhou was priced at 17,090 yuan/ton, down 60 yuan/ton. Zinc ingots in a certain area were priced at 21,940 yuan/ton, down 70 yuan/ton. Galvanized sheets in a certain area were priced at 3,969 yuan/ton, unchanged. Galvanized pipes in a certain area were priced at 4,373 yuan/ton, down 3 yuan/ton. Zinc alloy in Ningbo was priced at 22,400 yuan/ton, down 70 yuan/ton. Zinc powder in Changsha was priced at 27,170 yuan/ton, down 60 yuan/ton. Zinc oxide in Taizhou was priced at 20,500 yuan/ton, down 200 yuan/ton. Secondary zinc oxide in a certain area was priced at 7,790 yuan/ton, unchanged [4]. National Main Market Zinc Ingot Inventory Statistics (2025/9/29 - 2025/10/16) - As of October 16, the total social inventory of zinc ingots in major Chinese markets was 1.556 million tons, an increase of 195,000 tons compared to October 9 and an increase of 21,000 tons compared to October 13 [5]. Zinc Warehouse Receipt Report on October 17 - The total zinc warehouse receipts on October 17 were 67,317 tons, a decrease of 149 tons compared to the previous day. Among them, the warehouse receipts in Guangdong were 37,874 tons, in Jiangsu were 447 tons (a decrease of 75 tons), and in Tianjin were 28,996 tons (a decrease of 74 tons) [6]. LME Zinc Inventory Distribution and Statistics on October 17 - On October 17, LME zinc inventory decreased by 275 tons compared to the previous day [7]. National Main City Zinc Concentrate Price Summary on October 17 - Zinc concentrates with a 50% grade in various regions such as Jiyuan, Kunming, and Hechi all decreased by 60 yuan/ton [9]. National Market Zinc Ingot Smelter Price Quotes on October 17 - Zinc ingots of 0 grade from various smelters such as Hunan Zhizhihai, Liaoning Huludao Zinc Industry, and Guangdong Zhongjin Lingnan all decreased by 70 yuan/ton [12]. Domestic Refined Zinc Production in September 2025 - In September 2025, the planned production of refined zinc was 506,800 tons, the actual production was 499,900 tons, a month - on - month decrease of 3.53% and a year - on - year increase of 16.13%. The production was 1.35% lower than the planned value, and the capacity utilization rate was 74.80%. The planned production for October was 509,600 tons [14]. Zinc Concentrate Processing Fee Quotes on October 17 - Zinc concentrate processing fees in different domestic regions ranged from 3,000 - 3,900 yuan/metal ton for 50% grade concentrates, and the import processing fee for 48% grade concentrates was 105 US dollars/kiloton [16]. Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on October 17 - For the zn2512 contract, the total trading volume of the top 20 futures companies was 130,772 lots, an increase of 11,837 lots compared to the previous day. The total long - position volume was 77,815 lots, an increase of 10,127 lots, and the total short - position volume was 79,759 lots, an increase of 13,424 lots [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The Shanghai zinc futures (ZN2511) are expected to oscillate and weaken. The LME inventory warrants remain at a low level, while the SHFE warrants continue to increase. The overall analysis of various indicators shows a mixed situation, with some indicators being bullish, some neutral, and some bearish [2][18]. 3. Summary by Related Catalogs 3.1 Fundamentals - In July 2025, global zinc plate production was 1.1515 million tons, consumption was 1.1629 million tons, resulting in a supply shortage of 11,300 tons. From January to July, global zinc plate production was 7.9452 million tons, consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons, and from January to July, it was 7.3437 million tons, which is a bullish factor [2]. 3.2 Basis - The spot price is 22,010, and the basis is +70, indicating a neutral situation [2]. 3.3 Inventory - On October 16, the LME zinc inventory decreased by 50 tons to 38,300 tons compared to the previous day. On October 15, the SHFE zinc inventory warrants increased by 1,800 tons to 67,466 tons compared to the previous day, showing a neutral situation [2]. 3.4 Market Trends - The previous day, Shanghai zinc showed an oscillating trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a bearish factor [2]. 3.5 Main Positions - The main net position is short, and the short positions increased, indicating a bearish situation [2]. 3.6 Futures Exchange Zinc Futures Quotes (October 16) - The trading volume of all contracts was 192,896 lots, with a total trading value of 2.11928299 billion yuan. The total open interest was 219,855 lots, an increase of 15,504 lots [3]. 3.7 Domestic Main Spot Market Quotes (October 16) - The prices of zinc concentrate, zinc ingots, galvanized sheets, galvanized pipes, zinc alloys, zinc powder, zinc oxide, and secondary zinc oxide all showed varying degrees of decline or remained unchanged [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (September 29 - October 16, 2025) - As of October 16, the total social inventory of zinc ingots in major Chinese markets was 1.556 million tons, an increase of 195,000 tons compared to October 9 and 21,000 tons compared to October 13 [5]. 3.9 Futures Exchange Zinc Warrant Report (October 16) - The total zinc warrants in the SHFE on October 16 were 67,466 tons, an increase of 1,800 tons compared to the previous day [6]. 3.10 LME Zinc Inventory Distribution and Statistics (October 16) - The total LME zinc inventory on October 16 was 38,300 tons, a decrease of 50 tons compared to the previous day [7]. 3.11 National Main City Zinc Concentrate Price Summary (October 16) - The prices of zinc concentrate in major cities across the country decreased by 50 yuan/ton [8]. 3.12 National Market Zinc Ingot Smelter Price Quotes (October 16) - The prices of zinc ingots from major smelters showed varying degrees of decline [11]. 3.13 Domestic Refined Zinc Production in September 2025 - The planned production value in September was 506,800 tons, the actual production was 499,900 tons, a month - on - month decrease of 3.53% and a year - on - year increase of 16.13%. The planned production in October is 509,600 tons [14]. 3.14 Zinc Concentrate Processing Fee Quotes (October 16) - The processing fees of zinc concentrate in different regions are in a certain range, and there is no change in the price compared to the previous period [16]. 3.15 Shanghai Futures Exchange Member Zinc Trading and Position Ranking (October 16) - In the trading of the zn2511 contract, the total trading volume of the top 20 futures companies was 151,006 lots, a decrease of 51,065 lots compared to the previous day. The total long positions were 62,557 lots, a decrease of 620 lots, and the total short positions were 60,446 lots, a decrease of 1,223 lots [17].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The previous trading day saw the Shanghai Zinc futures showing a volatile trend, closing with a doji star, accompanied by shrinking trading volume. Both long and short positions reduced, with the long - side reduction being more significant. Overall, it was a volatile trend with shrinking volume. The bulls actively exited the market, and the bears also actively left. In the short term, the market may oscillate and weaken. Technically, the price closed below the moving average system, losing the support of the moving average. The short - term KDJ indicator declined, running at the strength - weakness demarcation point. The trend indicator declined, with the bullish strength decreasing and the bearish strength increasing, and the dominance of the bearish strength expanding. It is recommended that the Shanghai Zinc ZN2511 contract will oscillate and weaken [21]. 3. Summary by Related Catalogs 3.1 Fundamental Analysis - In July 2025, global zinc plate production was 1.1515 million tons, consumption was 1.1629 million tons, with a supply shortage of 11,300 tons. From January to July, global zinc plate production was 7.9452 million tons, consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons. From January to July, global zinc ore production was 7.3437 million tons, which is a bullish factor [2]. - The basis is +55, which is neutral [2]. - On October 15, the LME zinc inventory decreased by 250 tons to 38,350 tons compared with the previous day, and the SHFE zinc inventory warrants increased by 7,172 tons to 65,666 tons compared with the previous day, which is neutral [2]. - The main positions are net short, and the short positions increased, which is a bearish factor [2]. 3.2 Futures Market Quotes - On October 15, the trading volume of zinc futures contracts on the futures exchange totaled 232,694 lots, with a total trading value of 2.56184847 billion yuan. The open interest of all contracts was 210,731 lots, an increase of 675 lots [3]. 3.3 Spot Market Quotes - On October 15, the prices of zinc - related products in the domestic spot market generally declined. For example, the price of zinc concentrate in Linzhou was 17,200 yuan/ton, a decrease of 160 yuan/ton; the price of zinc ingots in Shanghai was 22,070 yuan/ton, a decrease of 200 yuan/ton [4]. 3.4 Inventory Statistics - From September 25 to October 13, the total social inventory of zinc ingots in major Chinese markets increased from 1.354 million tons to 1.535 million tons, an increase of 251,000 tons compared with September 29 and 174,000 tons compared with October 9 [5]. 3.5 Warehouse Receipt Report - On October 15, the total SHFE zinc warehouse receipts were 65,666 tons, an increase of 7,172 tons. Among them, the warehouse receipts in Guangdong increased by 3,211 tons, and those in Tianjin increased by 4,236 tons [6]. 3.6 LME Zinc Inventory - On October 15, the LME zinc inventory decreased by 250 tons to 38,350 tons. The注销 ratio in Singapore was 36.38%, and in Hong Kong, China, it was 1.89% [8]. 3.7 Zinc Concentrate Processing Fees - On October 15, the processing fees for zinc concentrates in different regions varied. For example, in HIT HA, the average processing fee for 50% grade zinc concentrate was 3,400 yuan/metal ton, and the import processing fee for 48% grade zinc concentrate was 105 US dollars/dry ton [17]. 3.8 Member Trading and Position Ranking - For the zn2511 contract on the Shanghai Futures Exchange on October 15, the total trading volume of members was 204,084 lots, an increase of 194 lots. The total long - position volume was 63,360 lots, a decrease of 2,569 lots, and the total short - position volume was 61,669 lots, a decrease of 1,671 lots [19]. 3.9 Refined Zinc Production - In September 2025, the production of refined zinc was 499,900 tons, a month - on - month decrease of 3.53% and a year - on - year increase of 16.13%. The planned production in October is 509,600 tons [15].

Report Industry Investment Rating - Not provided in the content Core Viewpoint - The short - term trend of Shanghai Zinc ZN2511 is expected to oscillate weakly. The previous trading day saw Shanghai Zinc decline in an oscillating manner, with shrinking trading volume and both long and short positions reducing, but more short - positions being cut. Technically, the price is above the long - term moving average with strong support, the short - term KDJ indicator is declining and operating in the strong area, the trend indicator is declining, and the short - side strength is dominant [2][20]. Summary by Related Catalogs 1. Fundamentals - In July 2025, global zinc plate production was 1.1515 million tons, consumption was 1.1629 million tons, with a supply shortage of 11,300 tons. From January to July, production was 7.9452 million tons, consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons, and from January to July, it was 7.3437 million tons [2]. 2. Basis - The spot price was 22,270, and the basis was + 50, indicating a neutral situation [2]. 3. Inventory - On October 14, LME zinc inventory increased by 1,125 tons to 38,600 tons, and SHFE zinc inventory warrants decreased by 1,120 tons to 58,494 tons, showing a neutral situation [2]. 4. Futures Exchange Zinc Futures Quotes (October 15) - For different delivery months, there were various price changes, trading volumes, and position changes. For example, for the 2511 contract, the previous settlement price was 22,285, the opening price was 22,330, the closing price was 22,220, down 65, with a trading volume of 124,307 lots and an open interest of 95,194 lots, a decrease of 6,505 lots [3]. 5. Domestic Main Spot Market Quotes (October 14) - Zinc concentrate in Binzhou was priced at 17,360 yuan/ton, up 10 yuan/ton; zinc ingot was 22,270 yuan/ton, up 10 yuan/ton; galvanized sheet was 3,978 yuan/ton, down 8 yuan/ton; galvanized pipe was 4,391 yuan/ton, down 8 yuan/ton; zinc alloy in Ningbo was 22,760 yuan/ton, up 10 yuan/ton; zinc powder in Changsha was 27,520 yuan/ton, up 10 yuan/ton; zinc oxide in Taizhou was 20,700 yuan/ton, unchanged; and secondary zinc oxide in Linzhou was 7,790 yuan/ton, unchanged [4]. 6. National Main Market Zinc Ingot Inventory Statistics (2025/9/25 - 2025/10/13) - The total inventory on October 13 was 153,500 tons, an increase of 25,100 tons compared to September 29 and 17,400 tons compared to October 9 [5]. 7. Futures Exchange Zinc Warrant Report (October 14) - The total warrant was 58,494 tons, a decrease of 1,120 tons. There were different changes in warrants in various regions, such as a decrease of 99 tons in Shanghai and 1,021 tons in Tianjin [6]. 8. LME Zinc Inventory Distribution and Statistics (October 14) - The inventory was 38,600 tons, an increase of 1,125 tons, with registered warrants of 24,200 tons,注销 warrants of 14,400 tons, and a cancellation ratio of 37.31% [7]. 9. National Main City Zinc Concentrate Price Summary (October 14) - Zinc concentrate with a 50% grade in different regions had prices ranging from 17,060 to 17,360 yuan/ton, all up 10 yuan/ton [9]. 10. National Market Zinc Ingot Smelter Price Quotes (October 14) - The price of 0 zinc ingots (≥99.995%) from different smelters ranged from 21,910 to 23,330 yuan/ton, mostly up 10 yuan/ton, except for Gansu Baiyin Non - ferrous, which was up 350 yuan/ton [13]. 11. Domestic Refined Zinc Production in September 2025 - The planned production in September was 506,800 tons, the actual production was 499,900 tons, a month - on - month decrease of 3.53% and a year - on - year increase of 16.13%. The planned production in October was 509,600 tons [15]. 12. Zinc Concentrate Processing Fee Quotes (October 14) - For domestic 50% grade zinc concentrate, the processing fees in different regions ranged from 3,000 to 3,900 yuan/metal ton, and for imported 48% grade, it was 105 US dollars/kiloton [17]. 13. Shanghai Futures Exchange Member Zinc Trading and Position Ranking (October 14) - In the zn2511 contract, for trading volume, the total trading volume of 20 members was 204,762 lots, down 78,944 lots; for long positions, the total was 66,347 lots, down 3,046 lots; for short positions, the total was 63,954 lots, down 4,443 lots [18].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年10月14日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 数据来源：SHFE 沪锌: 1、基本面：外媒9月17日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年7月，全球锌板产量为115.15万吨,消费量为116.29万吨,供应短 缺1.13万吨.1-7月,全球锌板产量为794.52万吨,消费量为815.85万吨,供应 短缺21.33万吨.7月份,全球锌矿产量为106.56万吨.1-7月,全球锌矿产量为 734.37万吨；偏多。 2、基差：现货22260，基差+5；中性。 3、库存：10月13日LME锌库存较上日减少475吨至37475吨，10月13日上期 所锌库存仓单较上日减少1030吨至59614吨；中性。 4、盘面：昨日沪锌震荡下跌走势 ...

指标体系 沪锌: 1、基本面：外媒9月17日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年7月，全球锌板产量为115.15万吨,消费量为116.29万吨,供应短 缺1.13万吨.1-7月,全球锌板产量为794.52万吨,消费量为815.85万吨,供应 短缺21.33万吨.7月份,全球锌矿产量为106.56万吨.1-7月,全球锌矿产量为 734.37万吨；偏多。 交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年10月9日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2、基差：现货21880，基差+80；中性。 9月30日国内主要现货市场行情 3、库存：10月8日LME锌库存较上日增加50吨至38250吨，9月30日上期所锌 库存仓单较上日减少2043吨至57221吨；中性。 4、盘面：昨日沪锌震荡下 ...

Group 1: Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. Group 2: Report's Core View - The previous trading day saw the Shanghai Zinc futures decline in a volatile manner, closing with a negative candlestick. Trading volume increased, and both long and short positions added, with more short positions. The market is expected to be volatile and weak in the short - term. The price closed below the long - term moving average, with weak support. The short - term KDJ indicator declined and operated in the weak zone, while the trend indicator showed that the long - side strength decreased and the short - side strength increased, with the short - side advantage expanding. The recommendation is that the Shanghai Zinc ZN2511 will move weakly in a volatile pattern [2][19]. Group 3: Summary by Related Catalogs 1. Fundamentals - In July 2025, global zinc plate production was 1.1515 million tons, consumption was 1.1629 million tons, with a supply shortage of 11,300 tons. From January to July, production was 7.9452 million tons, consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons, and from January to July, it was 7.3437 million tons, indicating a bullish situation [2]. 2. Basis - The spot price was 21,670, with a basis of - 130, indicating a bearish situation [2]. 3. Inventory - On September 29, LME zinc inventory decreased by 825 tons to 41,950 tons, and the Shanghai Futures Exchange zinc inventory warrants increased by 1,691 tons to 59,264 tons, showing a neutral situation [2]. 4. Futures Market Quotes - On September 29, the trading volume of zinc futures contracts on the futures exchange totaled 695,182 lots, with a turnover of 3.06335844 billion yuan, and an open interest of 251,024 lots, an increase of 20,743 lots [3]. 5. Domestic Spot Market Quotes - On September 29, the prices of zinc - related products in the domestic spot market generally declined. For example, the price of zinc concentrate was 16,380 yuan/ton, down 250 yuan/ton; the price of zinc ingots was 21,670 yuan/ton, down 320 yuan/ton [4]. 6. Zinc Ingot Inventory Statistics - From September 18 to September 29, the total social inventory of zinc ingots in major Chinese markets decreased from 148,300 tons to 128,400 tons, a decrease of 16,200 tons compared to September 22 and 7,000 tons compared to September 25 [5]. 7. Zinc Warrant Report - On September 29, the total zinc warrants on the futures exchange were 59,264 tons, an increase of 1,691 tons. Different regions had different changes in warrants, such as an increase of 400 tons in Shanghai, 2,839 tons in Guangdong, and a decrease of 1,548 tons in Tianjin [6]. 8. LME Zinc Inventory Distribution - On September 29, the LME zinc inventory decreased by 825 tons, with different situations in various warehouses [7]. 9. Zinc Concentrate Price - On September 29, the prices of 50% - grade zinc concentrate in major domestic cities all decreased by 250 yuan/ton [8]. 10. Zinc Ingot Smelter Price - On September 29, the prices of 0 zinc ingots from major smelters decreased by 320 yuan/ton [12]. 11. Refined Zinc Production in June 2025 - In June 2025, the actual production of refined zinc was 471,800 tons, with a month - on - month increase of 11.67%, a year - on - year decrease of 2.36%, and a 2.63% increase compared to the planned value. The capacity utilization rate was 87.10%, and the planned production for July was 470,300 tons [14]. 12. Zinc Concentrate Processing Fee - On September 29, the zinc concentrate processing fees in different regions had different price ranges and changes, with import processing fees at 105 US dollars/dry ton for 48% - grade [16]. 13. Member Trading and Position Ranking - For the zinc contract zn2511 on the Shanghai Futures Exchange on September 29, the total trading volume of members was 283,338 lots, an increase of 86,084 lots; the total long positions were 97,241 lots, an increase of 10,324 lots; the total short positions were 97,542 lots, an increase of 11,277 lots [17].

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core View - The report suggests that the Shanghai zinc futures (ZN2511) are expected to oscillate weakly. The conclusion is based on a comprehensive analysis of multiple factors, including the fundamental supply - demand situation, basis, inventory, market trends, and positions of major players [2][20]. Group 3: Summary by Directory 1. Fundamentals - In July 2025, global zinc sheet production was 1.1515 million tons and consumption was 1.1629 million tons, resulting in a supply shortage of 11,300 tons. From January to July, production was 7.9452 million tons and consumption was 8.1585 million tons, with a supply shortage of 213,300 tons. In July, global zinc ore production was 1.0656 million tons, and from January to July, it was 7.3437 million tons [2]. 2. Basis - The spot price of zinc was 21,860 yuan, and the basis was +0, indicating a neutral situation [2]. 3. Inventory - On September 24, LME zinc inventory decreased by 1,375 tons to 44,400 tons, while SHFE zinc inventory warrants increased by 744 tons to 57,357 tons [2][6]. 4. Market Trends - The previous day, Shanghai zinc futures showed an oscillating downward trend, closing below the 20 - day moving average, with the 20 - day moving average pointing downward, presenting a bearish signal [2]. 5. Major Player Positions - The major players held a net long position, but the long positions decreased, showing a bullish tendency [2]. 6. Futures Market Quotes on September 24 - For the zinc futures contract, different delivery months had various price movements. For example, the 2510 contract had a previous settlement price of 21,945 yuan, a closing price of 21,845 yuan, and a decrease of 100 yuan. The trading volume was 38,405 lots, and the trading value was 420.67467 million yuan [3]. 7. Domestic Spot Market Quotes on September 24 - The prices of zinc - related products such as zinc concentrate, zinc ingots, galvanized sheets, galvanized pipes, zinc alloys, zinc powder, zinc oxide, and secondary zinc oxide all showed different degrees of decline [4]. 8. Zinc Ingot Inventory Statistics in Major Domestic Markets - From September 11 to September 22, the total zinc ingot inventory in major domestic markets changed. Compared with September 15, it decreased by 50,000 tons, and compared with September 18, it decreased by 37,000 tons [5]. 9. Zinc Warrant Report on September 24 - The total zinc warrants on the SHFE were 57,357 tons, an increase of 744 tons. Different regions had different changes in warrants, such as an increase of 500 tons in Guangdong and an increase of 394 tons in Tianjin [6]. 10. LME Zinc Inventory Distribution on September 24 - The total LME zinc inventory was 44,400 tons, a decrease of 1,375 tons from the previous day. The registered warrants were 30,725 tons, and the cancelled warrants were 13,675 tons, with a cancellation ratio of 30.80% [8]. 11. Zinc Concentrate Prices in Major Domestic Cities on September 24 - Zinc concentrate prices in major domestic cities showed a downward trend, with most prices dropping by 20 - 50 yuan per ton [9]. 12. Zinc Ingot Smelter Prices on September 24 - The prices of zinc ingots from different smelters all decreased by 60 yuan per ton [13]. 13. Domestic Refined Zinc Production in June 2025 - The production of refined zinc in June 2025 was 471,800 tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The capacity utilization rate was 87.10%, and the planned production for July was 470,300 tons [15]. 14. Zinc Concentrate Processing Fees on September 23 - Zinc concentrate processing fees varied by region. For example, in some regions with a 50% grade, the average processing fee was 3,800 - 4,100 yuan per metal ton, and the import processing fee for 48% grade was 100 US dollars per dry ton [17]. 15. Ranking of Zinc Trading and Positions of SHFE Members on September 24 - For the zn2511 contract, in terms of trading volume, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures. In terms of long positions, the top three were CITIC Futures, Dongzheng Futures, and COFCO Futures. In terms of short positions, the top three were CITIC Futures, Guotai Junan, and Dongzheng Futures [18]. 16. Short - term View - The previous trading day, Shanghai zinc futures showed an oscillating downward trend. The trading volume shrank, and both long and short positions increased, with short positions increasing more. Technically, the price closed below the moving average system, and short - term indicators showed a weak trend. It is recommended that the Shanghai zinc ZN2511 contract will oscillate weakly [20].