Report Industry Investment Rating No information provided. Core Viewpoints - The probability that the Fed will keep interest rates unchanged in October is 8.1%, and the probability of a 25 - basis - point rate cut is 91.9%. For December, the probability of keeping rates unchanged is 1%, the probability of a cumulative 25 - basis - point rate cut is 18.5%, and the probability of a cumulative 50 - basis - point rate cut is 80.5% [7]. - The zinc market is currently flat with small price fluctuations. The Fed's rate cut is in line with market expectations. The decline in the Shanghai - London ratio has widened losses in refined zinc and imported ore imports, partially offset by an increase in imported ore processing fees [7]. - On the supply side, domestic smelters' operating rates have increased due to profit incentives, leading to increased refined zinc output and accelerated inventory accumulation. Overseas high - cost smelters are facing losses and have cut production, causing a continuous decline in LME inventories. The trend of increasing losses in refined zinc imports reflects the different situations of domestic and overseas smelting [7]. - From a global perspective, the supply of zinc ore is gradually becoming more abundant. Although the transmission from increased ore production to increased smelting output is delayed due to overseas smelter production cuts, the sufficient domestic smelting capacity can digest the increased ore output, ultimately leading to an increase in refined zinc production [7]. - On the demand side, it remains relatively stable, mainly maintaining the existing level. With supply increasing and demand stable, there is a tendency for an oversupply in the zinc market [7]. - In the short and medium term, the probability of a significant decline in zinc prices is low. In the long term, the expectation of a shift from balance to oversupply in the zinc market remains unchanged. It is advisable to lay out long - term short positions on rallies, and enterprises can purchase as needed for now [7]. Summary by Directory Part 1: Core Viewpoints - Summarized above [7] Part 2: Industry Fundamental - Supply Side - **Zinc Concentrate Output**: In June 2025, global zinc concentrate output was 1.0814 million tons, a year - on - year increase of 7.11%. The 2025 international long - term zinc ore TC price was set at $80/ton, the lowest in history, but the supply of zinc ore is still showing a marginal loosening trend [8]. - **Zinc Concentrate Imports and Processing Fees**: From January to August 2025, China's cumulative imports of zinc concentrate were 3.5033 million physical tons, a year - on - year increase of 44.02%. As of September 19, the imported ore processing fee was reported at $111.25/ton, and the domestic ore processing fee was reported at 3850 yuan/ton, showing a divergence between the two [11]. - **Smelter Profit Estimation**: The profit of domestic ore smelting remains good, while imported ore has turned into a loss due to the internal - external price ratio issue [14]. - **Refined Zinc Output**: In June 2025, global refined zinc output was 1.1565 million tons, a year - on - year decrease of 2.22%. In August 2025, domestic refined zinc output was 624,600 tons, a year - on - year increase of 28% [17]. - **Refined Zinc Import Profit and Import Volume**: From January to August 2025, China's cumulative net imports of refined zinc were 222,400 tons. The refined zinc import window is currently closed [20]. Part 3: Industry Fundamental - Consumption Side - **Refined Zinc Initial - stage Consumption**: In July 2025, domestic galvanized sheet output was 2.35 million tons, a year - on - year increase of 4.44%. The apparent consumption of galvanized products is relatively low, indicating weak actual demand and active destocking of hidden inventory in the industrial chain [25]. - **Refined Zinc Terminal Consumption**: From January to August 2025, the cumulative year - on - year growth rate of infrastructure investment completion (excluding electricity) has declined. The back - end of the real estate market has stabilized at a low level, but front - end indicators such as new construction and construction are still weak [27]. - **Refined Zinc Terminal Consumption**: In August 2025, domestic automobile production was 2.815 million vehicles, a year - on - year increase of 12.95%. With consumer loan interest subsidies and the release of a new round of national subsidy funds, household appliance consumption is expected to maintain its resilience [29]. Part 4: Other Indicators - **Inventory**: Inventory shows an increase domestically and a decrease overseas. As domestic smelters continue to increase output, the trend of inventory accumulation in social warehouses will continue [32]. - **Spot Premium and Discount**: As of September 19, the LME 0 - 3 premium and discount for zinc was reported at a premium of $50.91/ton. With a significant increase in social inventory, the domestic spot premium is low [35]. - **Exchange Positions**: As of September 12, the net long position of LME zinc investment funds was 28,762 lots. The weighted position of SHFE zinc has recently stabilized [38].

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: September 19, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Report Industry Investment Rating - Not provided in the given content Core Viewpoints Bullish Factors - Global zinc supply shortage supports a relatively strong price [3] - Clear fundamental bullish factors, with the supply - demand structure favoring zinc prices, but the market reaction on the trading board is weak [3] Bearish Factors - The spot basis has been continuously negative (Shanghai -70 yuan/ton), indicating a weak spot market [3] - Weak downstream demand and average trading volume suppress the upward momentum of prices [3] Trading Consultation Viewpoint - The fundamentals are bullish, but the market performance on the trading board is contrary to expectations, and the market reaction is weaker than expected. Risks need to be vigilant [3] Summary by Directory Processing and Terminal Demand - Analyzed the market sentiment index, inventory, production, and net export/import of galvanized steel coils, die - cast zinc alloys, color - coated sheets, and zinc oxide, as well as real - estate development investment, engineering progress, sales, and land transactions, and infrastructure fixed - asset investment [4][6][9] Supply and Supply - Side Profits - Studied the monthly import volume of zinc concentrates, processing fees, zinc ingot production, enterprise production profits, raw material inventory days, and exchange inventories [19][21][22] Futures and Spot Market Review - Reviewed the price trends of domestic and foreign zinc futures, trading volume, open interest, the relationship between LME zinc prices and the US dollar index, basis trends, etc [27][28][29]

Group 1: Report Information - Date of the report: September 15, 2025 [2] - Researchers: Yu Dian, Tao Cunhui, Xue Yuan, Shen Yumeng, Zhong Hong [2] Group 2: Industry Investment Rating - No information provided Group 3: Core View - No information provided Group 4: Data Summary Production - Actual production of Angle and Channel Steel on September 12, 2025, was 34.12 tons, a week - on - week increase of 16.16 tons compared to September 5 [2] - Actual production of H - shaped Steel on September 12, 2025, was 31.5 tons, a week - on - week increase of 5.8 tons [2] - Actual production of Color - coated Steel Coils on September 12, 2025, was 16.59 tons, a week - on - week increase of 0.14 tons [2] - Actual production of Galvanized Steel Coils on September 12, 2025, was 88.47 tons, a week - on - week increase of 0.37 tons [2] - The combined actual production of Angle and Channel Steel, H - shaped Steel, Color - coated Steel Coils, and Galvanized Steel Coils on September 12, 2025, was 170.7 tons, a week - on - week increase of 22.47 tons [2] Apparent Demand - Apparent demand for Angle and Channel Steel on September 12, 2025, was 30.3 tons, a week - on - week increase of 8.19 tons [2] - Apparent demand for H - shaped Steel on September 12, 2025, was 30.5 tons, a week - on - week increase of 4.99 tons [2] - Apparent demand for Color - coated Steel Coils on September 12, 2025, was 17 tons, a week - on - week increase of 1.34 tons [2] - Apparent demand for Galvanized Steel Coils on September 12, 2025, was 84.9 tons, a week - on - week increase of 1.28 tons [2] - The combined apparent demand for Angle and Channel Steel, H - shaped Steel, Color - coated Steel Coils, and Galvanized Steel Coils on September 12, 2025, was 162.8 tons, a week - on - week increase of 15.8 tons [2] Inventory Steel Mill Inventory - Steel mill inventory of Angle and Channel Steel on September 12, 2025, was 97.64 tons, a week - on - week increase of 4.64 tons [2] - Steel mill inventory of H - shaped Steel on September 12, 2025, was 19.74 tons, a week - on - week increase of 1.1 tons [2] - Steel mill inventory of Color - coated Steel Coils on September 12, 2025, was 16.04 tons, a week - on - week increase of 0.02 tons [2] - Steel mill inventory of Galvanized Steel Coils on September 12, 2025, was 47.32 tons, a week - on - week increase of 1.02 tons [2] - The combined steel mill inventory of Angle and Channel Steel, H - shaped Steel, Color - coated Steel Coils, and Galvanized Steel Coils on September 12, 2025, was 180.7 tons, a week - on - week increase of 6.78 tons [2] Social Inventory - Social inventory of Angle and Channel Steel on September 12, 2025, was 58.65 tons, a week - on - week decrease of 0.78 tons [2] - Social inventory of H - shaped Steel on September 12, 2025, was 64.79 tons, a week - on - week decrease of 0.14 tons [2] - Social inventory of Color - coated Steel Coils on September 12, 2025, was 25.61 tons, a week - on - week decrease of 0.45 tons [2] - Social inventory of Galvanized Steel Coils on September 12, 2025, was 123.5 tons, a week - on - week increase of 2.52 tons [2] - The combined social inventory of Angle and Channel Steel, H - shaped Steel, Color - coated Steel Coils, and Galvanized Steel Coils on September 12, 2025, was 272.6 tons, a week - on - week increase of 1.15 tons [2] Total Inventory - Total inventory of Angle and Channel Steel on September 12, 2025, was 156.3 tons, a week - on - week increase of 3.86 tons [2] - Total inventory of H - shaped Steel on September 12, 2025, was 84.5 tons, a week - on - week increase of 0.96 tons [2] - Total inventory of Color - coated Steel Coils on September 12, 2025, was 41.65 tons, a week - on - week decrease of 0.43 tons [2] - Total inventory of Galvanized Steel Coils on September 12, 2025, was 170.82 tons, a week - on - week increase of 3.54 tons [2] - The combined total inventory of Angle and Channel Steel, H - shaped Steel, Color - coated Steel Coils, and Galvanized Steel Coils on September 12, 2025, was 453.3 tons, a week - on - week increase of 7.93 tons [2] Other Inventory - Steel billet inventory in mainstream warehouses on September 12, 2025, was 136.4 tons, a week - on - week decrease of 5.75 tons [2] - Steel billet inventory in 61 Tangshan steel - rolling enterprises on September 12, 2025, was 61.1 tons, a week - on - week increase of 1.42 tons [2] - The combined steel billet inventory was 197.5 tons, a week - on - week decrease of 4.33 tons [2] - Inventory of Hot - rolled Strip Steel in steel mills on September 12, 2025, was 36.86 tons, a week - on - week increase of 0.56 tons [2] - Social inventory of Hot - rolled Strip Steel on September 12, 2025, was 91.6885 tons, a week - on - week increase of 1.85 tons [2] - Inventory of High - quality Special Steel in steel mills on September 12, 2025, was 141.5 tons, a week - on - week decrease of 0.61 tons [2] - Social inventory of High - quality Special Steel on September 12, 2025, was 129.93 tons, a week - on - week decrease of 1.76 tons [2] - Social inventory of Welded Pipe on September 12, 2025, was 81.02 tons, a week - on - week decrease of 0.41 tons [2] - Social inventory of Seamless Pipe on September 12, 2025, was 69.28 tons, a week - on - week increase of 0.63 tons [2] - The total inventory of sample small - variety steel on September 12, 2025, was 1201.1 tons, a week - on - week increase of 3.8582 tons [2]

Report Title - Zinc Industry Weekly Report, dated August 29, 2025 [1] Core Views Bullish Factors - China's zinc consumption is growing, with apparent consumption rising steadily, which supports demand [3]. - Both domestic and overseas inventories have slightly decreased, alleviating supply pressure [3]. Bearish Factors - Global zinc consumption is declining, especially in Western countries or regions, and inventories remain at a high level [3]. - Supply is abundant, processing fees are rising, it's the off - demand season, and inventories are increasing [3]. Trading Advisory View - The fundamental support for zinc is insufficient, but the expectation of the Fed's interest rate cut may provide macro - level support [3]. Summary by Related Catalogs Processing and End - User Demand - The report presents data on the market sentiment index of galvanized coils, their weekly inventory, and steel mills' weekly production, all with seasonal trends. It also shows the seasonal data of net exports of galvanized sheets (strips), die - cast zinc alloy, color - coated sheets (strips), and zinc oxide, as well as data related to the real estate market such as development investment, engineering progress, sales area, and unsold area, and 100 - large - city land transaction area and 30 - large - city commercial housing transaction volume. Additionally, it includes infrastructure fixed - asset investment data [4][6][8][11][13][16][17][19] Supply and Supply - Side Profits - Data on the seasonal monthly import volume of zinc concentrates, zinc concentrate TC, SMM zinc ingot monthly production, zinc ingot monthly production plus imports, zinc concentrate raw material inventory days, and LME and SHFE zinc inventories are provided, along with the production profit and processing fees of refined zinc enterprises [22][24][25][26][28][29] Futures and Spot Market Review - It shows the trends of domestic and foreign zinc prices, the trading volume and open interest of Shanghai zinc futures, the relationship between LME zinc closing price and the US dollar index, LME zinc's premium and discount, and the basis of zinc ingots in three locations [31][32][33][35][40]

Group 1: Report Information - Report Title: Small Variety Steel Weekly Data [2] - Report Date: August 4, 2025 [2] - Researchers: Yu Dian, Tao Cunhui, Xue Yuan, Ran Yumeng, Zhong Hong [2] Group 2: Industry Investment Rating - No industry investment rating information is provided in the report. Group 3: Core View - The report presents the weekly data of small variety steels in 2025, including actual production, apparent demand, steel enterprise inventory, social inventory, and total inventory for different types of steel products such as I-beams, H-beams, color-coated coils, galvanized coils, etc. It also shows the steel billet inventory and sample small variety steel inventory, along with their week-on-week changes [2]. Group 4: Summary by Steel Product Type I-beams (I-beams, Channels, Angles) - Actual Production: 36.76 tons on August 1, 2025, up 2.71 tons from July 25, 2025 [2] - Apparent Demand: 33.4 tons on August 1, 2025, down 6.59 tons from July 25, 2025 [2] - Steel Enterprise Inventory: 86.65 tons on August 1, 2025, up 4 tons from July 25, 2025 [2] - Social Inventory: 58.1 tons on August 1, 2025, down 0.59 tons from July 25, 2025 [2] - Total Inventory: 144.8 tons on August 1, 2025, up 3.41 tons from July 25, 2025 [2] H-beams - Actual Production: 22.97 tons on August 1, 2025, down 1.96 tons from July 25, 2025 [2] - Apparent Demand: 26 tons on August 1, 2025, down 3.17 tons from July 25, 2025 [2] - Steel Enterprise Inventory: 17.4 tons on August 1, 2025, down 0.8 tons from July 25, 2025 [2] - Social Inventory: 65.53 tons on August 1, 2025, down 2.25 tons from July 25, 2025 [2] - Total Inventory: 82.9 tons on August 1, 2025, down 3.05 tons from July 25, 2025 [2] Color-coated Coils - Actual Production: 15.94 tons on August 1, 2025, down 0.7 tons from July 25, 2025 [2] - Apparent Demand: 16.4 tons on August 1, 2025, up 0.53 tons from July 25, 2025 [2] - Steel Enterprise Inventory: 15.43 tons on August 1, 2025, down 0.14 tons from July 25, 2025 [2] - Social Inventory: 25.75 tons on August 1, 2025, down 0.27 tons from July 25, 2025 [2] - Total Inventory: 41.18 tons on August 1, 2025, down 0.41 tons from July 25, 2025 [2] Galvanized Coils - Actual Production: 90.55 tons on August 1, 2025, up 0.49 tons from July 25, 2025 [2] - Apparent Demand: 91.4 tons on August 1, 2025, up 0.92 tons from July 25, 2025 [2] - Steel Enterprise Inventory: 44.71 tons on August 1, 2025, down 1.05 tons from July 25, 2025 [2] - Social Inventory: 108.04 tons on August 1, 2025, up 0.16 tons from July 25, 2025 [2] - Total Inventory: 152.75 tons on August 1, 2025, down 0.89 tons from July 25, 2025 [2] Steel Billet Inventory - Mainstream Warehouse: 122.3 tons on August 1, 2025, up 5.52 tons from July 25, 2025 [2] - Rolling Steel Enterprises Adjusting Billet: 73.6 tons on August 1, 2025, down 3.1 tons from July 25, 2025 [2] - Total: 195.9 tons on August 1, 2025, up 2.42 tons from July 25, 2025 [2] Other Steel Products - Hot-rolled Strip Steel (Steel Enterprise Inventory): 31.65 tons on August 1, 2025, down 0.37 tons from July 25, 2025 [2] - Hot-rolled Strip Steel (Social Inventory): 68.2241 tons on August 1, 2025, up 0.85 tons from July 25, 2025 [2] - Welded Pipe (Social Inventory): 82.51 tons on August 1, 2025, up 0.06 tons from July 25, 2025 [2] - Seamless Pipe (Social Inventory): 70.09 tons on August 1, 2025, up 0.55 tons from July 25, 2025 [2] - Special Steel (Steel Enterprise Inventory): 135.25 tons on August 1, 2025, down 2.53 tons from July 25, 2025 [2] - Special Steel (Social Inventory): 127.93 tons on August 1, 2025, up 0.03 tons from July 25, 2025 [2] Sample Small Variety Steel Inventory - Total Inventory on August 1, 2025: 1133.2 tons, up 0.07 tons from July 25, 2025 [2]

Core View - China's zinc consumption is growing steadily, supporting the demand fundamentals [3] - Low prices are forcing some zinc enterprises to cut production, alleviating supply pressure [3] - Negative factors: Social inventories are continuously accumulating slightly, indicating oversupply; zinc consumption in Western developed countries has dropped significantly, dragging down global demand [3] - Trading consultation view: It is recommended to monitor changes in social inventories to judge market trends [3] Processing and End - User Demand Galvanized Sheet and Coil - Galvanized sheet and coil market sentiment index (weekly) is presented with data from 2023 - 2025 [5] - Galvanized sheet and coil weekly inventory - seasonal data from 2021 - 2025 is provided [5] - Steel mill galvanized sheet and coil weekly production - seasonal data from 2021 - 2025 is shown [5] Net Exports and Imports - Net export seasonality of galvanized sheets (strips), die - cast zinc alloys, color - coated sheets (strips), and zinc oxide are presented with data from 2021 - 2025 [6][9] Real Estate - Cumulative year - on - year data of real estate development investment, project progress, sales area, and unsold area from 2015 - 2024 are provided [12][14] - Seasonal data of 100 large - and medium - sized cities' land transaction area and 30 large - and medium - sized cities' commercial housing transaction volume from 2021 - 2025 are shown [16][17] Infrastructure - Cumulative year - on - year data of infrastructure fixed - asset investment (excluding rural households) in transportation, warehousing, postal services, water conservancy, environment, public facilities management, and tertiary industry infrastructure construction from 2020 - 2024 are presented [20] Supply and Supply - Side Profits Zinc Concentrate - Monthly import volume seasonality of zinc concentrate from 2021 - 2025 is provided [22] - Zinc concentrate TC (treatment charge) data from 2022 - 2025 are presented [24] Zinc Production - Monthly production seasonality of SMM zinc ingots from 2021 - 2025 is shown [25] - China's zinc ingot monthly production + import volume seasonality from 2021 - 2025 is provided [26] Inventory - Zinc concentrate raw material inventory days from 2021 - 2025 are presented [28] - LME and SHFE zinc inventory data from 2021 - 2025 are provided, including total inventory and futures inventory [28][29] Futures and Spot Market Review Zinc Prices - Domestic and international zinc price trends from 2023 - 2025 are presented [31] - LME zinc closing price vs. US dollar index from 2022 - 2025 are shown [34] Trading Volume and Open Interest - Trading volume and open interest of Shanghai zinc futures' main contract from 2023 - 2025 are presented [32] Premiums and Discounts - LME zinc (spot/three - month) and 3 - 15 premiums and discounts from 2023 - 2025 are presented [35] - Seasonal data of LME zinc (spot/three - month) premiums and discounts from 2021 - 2025 are provided [36] - Seasonal data of Tianjin zinc ingot basis from 2021 - 2025 are presented [38] - Three - location zinc ingot basis trends from 2023 - 2025 are shown [40]

Core Viewpoint - The credit rating of Benxi Steel Plate Co., Ltd. remains stable at AA+/Stable, with the "Benxi Convertible Bond" rated AAA, reflecting the company's market position, product structure, and financing capabilities despite challenges in the steel industry [1][2]. Company Overview - Benxi Steel Plate is a major steel producer in Liaoning Province, with a strong market position and a favorable product structure [6][10]. - The company has a significant production capacity, with annual capacities of 10.51 million tons for pig iron, 13.35 million tons for crude steel, and 24.28 million tons for steel products [8][10]. Financial Performance - The total assets of the company increased from 444.60 billion yuan in 2022 to 465.18 billion yuan in 2023, but decreased to 458.16 billion yuan in 2024 [1][2]. - The company reported a net loss of 16.48 billion yuan in 2023 and 49.60 billion yuan in 2024, indicating a significant decline in profitability [2][15]. - The debt level rose significantly, with total liabilities increasing from 250.86 billion yuan in 2022 to 333.17 billion yuan in 2024 [1][2]. Industry Context - The steel industry is facing downward pressure due to weak demand and falling steel prices, which have led to increased losses for companies like Benxi Steel Plate [4][5]. - The company is planning a major asset swap that may significantly change its business scope and operational focus, which requires close monitoring [7][6]. Operational Insights - The company has a strong supply chain for raw materials, primarily sourcing iron ore and coal from both domestic and international suppliers, ensuring stable production costs [11][12]. - The production facilities are advanced, with ongoing investments in energy efficiency and environmental upgrades, although these require significant capital expenditures [10][16]. Future Outlook - The credit rating agency expects the company's credit level to remain stable over the next 12 to 18 months, but highlights potential risks from market fluctuations and operational changes [1][3]. - The company is focusing on high-value products and expanding its market presence, including overseas markets, to mitigate domestic demand challenges [10][11].

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: June 3, 2025 [1] Core Viewpoints Bullish Factors - Global zinc sheet supply shortage, with a cumulative shortage of 101,600 tons from January to March, and inventory continuously decreasing [3] - Decrease in zinc inventories in LME and SHFE, and basis premium supports prices [3] Bearish Factors - Rebound in imported zinc concentrate TC combined with refinery restart, strengthening the expectation of supply surplus [3] - Consumption enters the traditional off - season, galvanized demand weakens, and downstream procurement is sluggish [3] Trading Consultation Viewpoint - The SHFE zinc ZN2507 contract will maintain short - term oscillatory consolidation, with fundamental bullish and bearish factors intertwined [3] Summary by Catalog Processing and Terminal Demand - Include data on galvanized sheet coils (market sentiment index, weekly inventory, and steel mill weekly output), galvanized sheet (strip) net export, die - cast zinc alloy net import, real estate development investment, engineering progress, sales area, and land transaction area, and infrastructure fixed - asset investment [5][6][11][12][13][14][15][17][18] Futures and Spot Market Review - Include data on internal and external zinc price trends, LME term structure, zinc ingot basis trends [21][23][27] Supply and Supply - side Profits - Include data on zinc concentrate imports, processing fees, zinc ingot production, enterprise production profits, raw material inventory days, and zinc inventories in LME and SHFE [31][33][34][36][37][39]

Core View Positive Factors - Social inventory decreased by 0.25 million tons compared to last week. Downstream restocking at low prices drove the spot premium to remain stable, providing temporary support for demand [3]. - The spot price increased by 0.72% daily, and the basis premium widened to 138 yuan/ton, indicating a strong spot market [3]. Negative Factors - Mine supply is gradually recovering, with sufficient import volumes, and the market remains in an oversupply situation [3]. - Smelting profits are substantial, supply remains high, and there is an expectation of weakening demand in the medium term [3]. Trading Consultation View - It is difficult for the industry to reduce inventory. Furnace restarts in the southwest region may exacerbate the oversupply. It is recommended to maintain a short - allocation strategy [3]. Processing and Terminal Demand - The report presents data on the market sentiment index, inventory, and weekly production of galvanized coils, as well as the net export seasonality of galvanized sheets (strips) and die - cast zinc alloys. It also includes data on real estate development investment, sales, land transactions, and infrastructure fixed - asset investment [5][6][11][13][15][16]. Futures and Spot Market Review - The report shows the price trends of domestic and foreign zinc, the trading volume and open interest of SHFE zinc futures, the relationship between LME zinc prices and the US dollar index, the LME term structure, and the basis trends of zinc ingots in three locations [20][21][23][26]. Supply and Supply - Side Profits - The report provides data on the monthly import volume of zinc concentrates, zinc concentrate TC, zinc ingot production, enterprise production profits, raw material inventory days, and zinc inventory in LME and SHFE [30][32][33][35].

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: May 19, 2025 [1] - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Investment Rating - No investment rating information is provided in the report. Core Views Bullish Factors - High spot premiums are maintained, and refineries' reluctance to sell has led to a shortage of circulating supplies, supporting zinc prices [3]. - The US economic recovery and demand growth have exceeded expectations, and the easing of China-US tariffs has boosted market sentiment [3]. Bearish Factors - Domestic zinc smelters have strong production momentum, and the smooth resumption of overseas projects has increased supply-side pressure [3]. - Imported zinc ingots are arriving at ports, causing spot premiums to weaken. Weak demand during the off-season has suppressed prices [3]. Trading Advisory View - The fundamentals of the domestic zinc market provide limited support. The growth in supply and off-season demand are in a tug-of-war, and the market may maintain a volatile pattern in the short term [3]. Section Summaries Processing and End-User Demand - The report presents various data on the zinc processing and end-user demand sectors, including the market sentiment index, inventory, production, and trade data of galvanized steel coils, galvanized sheets (strips), die-cast zinc alloys, and other products. It also shows data on real estate development investment, sales, and infrastructure fixed asset investment [5][6][7][11][13][15][17]. Futures and Spot Market Review - The report includes data on the price trends of domestic and international zinc futures, trading volume, open interest, and the relationship between LME zinc prices and the US dollar index. It also presents information on the LME term structure, zinc ingot basis, and other aspects [21][22][24]. Supply and Supply-Side Profits - The report provides data on zinc concentrate imports, processing fees, zinc ingot production, enterprise production profits, raw material inventory days, and inventory levels of zinc in LME and SHFE [31][33][34][36].