瑞达期货研究院 「2026.01.09」 沪锌市场周报 采需平淡库存累增 预计锌价震荡调整 研究员： 王福辉 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 来源：瑞达期货研究院 3 行情回顾：本周沪锌主力冲高回调，周线涨跌幅为2.99%，振幅4.79%。截止本周主力合约收盘报价23970元 /吨。 行情展望：宏观面，美国劳动力市场未显明显压力，上周首次申请失业救济人数环比微增至20.8万，低于 预期21.2万；美债收益率反弹、美元四周新高。基本面，上游锌矿进口量高位，但国内锌矿年末减产；国 内炼厂采购国产矿竞争加大，国内外加工费均明显下跌，国内炼厂利润收缩，预计产量将继续受限。不过 近期伦锌价格回调，沪伦比值回升，出口窗口存在重新关闭可能。需求端，下游市场逐步转向淡季，地产 板块构成拖累，基建、家电板块也呈现走弱，而汽车等领域政策支持带来部分亮点。下游市场以逢低按需 采购为主，近期锌价快速走高，下游采购寡淡，现货升水偏高持稳，但国内库存回升明显；LME ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The report predicts that Shanghai zinc will fluctuate and adjust, with support at 22,900 yuan/ton and resistance at 23,400 yuan/ton [5]. 3. Summary by Relevant Catalogs 3.1. Weekly Key Points Summary - **Market Review**: This week, the main contract of Shanghai zinc fluctuated strongly, with a weekly increase of 0.46% and an amplitude of 1.78%. As of the end of this week, the closing price of the main contract was 23,170 yuan/ton [5]. - **Market Outlook**: Macroscopically, the US has ended the previous administration's trade investigation on Chinese chips and will not impose additional tariffs on Chinese chips for the next 18 months. Fundamentally, upstream zinc ore imports have declined, and domestic smelters' production is expected to decrease significantly. The export window may close again. On the demand side, the downstream market is gradually entering the off - season, with the real - estate sector dragging down, and the infrastructure and home - appliance sectors weakening, while the automobile and other sectors have some policy - supported highlights. Domestic inventories continue to decline, while LME zinc inventories have increased significantly [5]. 3.2. Futures and Spot Market - **Price and Ratio**: As of December 26, 2025, the closing price of Shanghai zinc was 23,170 yuan/ton, up 105 yuan/ton or 0.46% from December 19, 2025. As of December 24, 2025, the closing price of LME zinc was 3,086.5 US dollars/ton, up 13 US dollars/ton or 0.42% from December 18, 2025. The Shanghai - London ratio has rebounded [10]. - **Net Position and Open Interest**: As of December 26, 2025, the net position of the top 20 in Shanghai zinc was 5,746 lots, an increase of 678 lots from December 19, 2025. The open interest was 200,417 lots, an increase of 6,815 lots or 3.52% from December 19, 2025 [16]. - **Price Spreads**: As of December 26, 2025, the aluminum - zinc futures spread was 765 yuan/ton, a decrease of 115 yuan/ton from December 19, 2025. The lead - zinc futures spread was 5,615 yuan/ton, a decrease of 570 yuan/ton from December 19, 2025 [19]. - **Spot Premiums**: As of December 26, 2025, the spot price of 0 zinc ingots was 23,230 yuan/ton, unchanged from December 19, 2025. The spot premium was 55 yuan/ton, a decrease of 100 yuan/ton from last week. As of December 24, 2025, the LME zinc near - month to 3 - month spread was - 28.26 US dollars/ton, a decrease of 6.69 US dollars/ton from December 17, 2025 [25][26]. - **Inventories**: As of December 24, 2025, LME refined zinc inventories were 106,875 tons, an increase of 9,175 tons or 9.39% from December 17, 2025. As of December 19, 2025, SHFE refined zinc inventories were 76,017 tons, a decrease of 4,560 tons or 5.66% from last week. As of December 25, 2025, domestic refined zinc social inventories were 111,400 tons, a decrease of 7,300 tons or 6.15% from December 18, 2025 [29]. 3.3. Industry Situation - **Upstream**: In October 2025, global zinc ore production was 1.1009 million tons, a month - on - month increase of 1.21% and a year - on - year increase of 4.87%. In November 2025, the import volume of zinc ore concentrates was 519,018.96 tons, a month - on - month increase of 52.31% and a year - on - year increase of 14.06% [35]. - **Supply - Side**: - **Global Supply Gap**: In October 2025, global refined zinc production was 1.2187 million tons, with a year - on - year increase of 108,400 tons or 9.76%. Consumption was 1.2193 million tons, a year - on - year increase of 44,200 tons or 3.76%. The global refined zinc gap was 600 tons, compared to a gap of 64,800 tons in the same period last year. The WBMS reported a global zinc market supply - demand balance of - 35,700 tons in September 2024 [40][41]. - **Production Forecast**: In November 2025, zinc production was 654,000 tons, a year - on - year increase of 13.3%. From January to November 2025, the cumulative zinc output was 6.842 million tons, a year - on - year increase of 9.5%. However, production is expected to decline [44]. - **Export Window**: In November 2025, the import volume of refined zinc was 18,229.93 tons, a year - on - year decrease of 48.15%. The export volume was 42,815.55 tons, a year - on - year increase of 8748.45% [47]. - **Downstream**: - **Galvanized Sheets**: From January to November 2025, the inventory of galvanized sheets (strips) of major domestic enterprises was 942,600 tons, a year - on - year increase of 9.06%. In November 2025, the import volume of galvanized sheets (strips) was 36,700 tons, a year - on - year decrease of 19.91%. The export volume was 317,900 tons, a year - on - year increase of 11% [50][51]. - **Real Estate**: From January to November 2025, the new housing construction area was 534.567 million square meters, a year - on - year decrease of 20.58%. The housing completion area was 394.5393 million square meters, a year - on - year decrease of 17.58%. The funds in place of real - estate development enterprises were 8.514519 trillion yuan, a year - on - year decrease of 11.9%. Personal mortgage loans were 1.1786 trillion yuan, a year - on - year decrease of 15.1% [56][57]. - **Infrastructure**: In November 2025, the real - estate development climate index was 91.9, a decrease of 0.52 from last month and 0.61 from the same period last year. From January to November 2025, infrastructure investment increased by 0.13% year - on - year [62][63]. - **Home Appliances**: In November 2025, the refrigerator production was 9.442 million units, a year - on - year increase of 5.6%. From January to November 2025, the cumulative refrigerator production was 99.342 million units, a year - on - year increase of 1.2%. In November 2025, the air - conditioner production was 15.026 million units, a year - on - year decrease of 23.4%. From January to November 2025, the cumulative air - conditioner production was 245.361 million units, a year - on - year increase of 1.6% [65]. - **Automobiles**: In November 2025, China's automobile sales volume was 3,428,998 units, a year - on - year increase of 3.4%. The automobile production volume was 3,531,579 units, a year - on - year increase of 2.76% [70].

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: November 28, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) [1][2] Investment Rating - No investment rating provided in the report Core Views Bullish Factors - Multiple domestic policies to stabilize growth have been introduced, boosting the long - term zinc consumption outlook and warming market sentiment [3] - Some smelters are undergoing regular maintenance, which is expected to slightly affect domestic refined zinc production [3] Bearish Factors - Environmental protection policies in northern regions restrict the operation of some galvanized enterprises, dragging down downstream actual demand [3] - The processing fees for imported zinc concentrates remain high, with sufficient raw material supply for the smelting end and decent profits [3] Trading Advice - Market is intertwined with bullish and bearish factors, with policy expectations competing against weak reality. It is advisable to closely monitor inventory changes and macro - sentiment [3] Summary by Directory Processing and Terminal Demand - Data on galvanized sheet coil market sentiment index, weekly inventory, and steel mill weekly production are presented in a seasonal chart. The inventory and production data are shown from 2021 - 2025, and the market sentiment index is from 2023 - 2025 [4] - Seasonal charts of net exports of galvanized sheet (strip), die - cast zinc alloy, color - coated sheet (strip), and zinc oxide are provided, with data from 2021 - 2025 [6][8][9][10] - Charts on real - estate development investment, engineering progress, sales area, unsold area, and land and housing transaction data are presented, including 100 - major - city land transaction area and 30 - major - city housing transaction volume, with data from different time periods [11][13][15] - Chart on infrastructure fixed - asset investment (excluding rural households) completion is presented, showing cumulative year - on - year data for different sectors from 2020 - 2025 [16][17] Supply and Supply - side Profits - Seasonal charts of zinc concentrate monthly import volume, zinc concentrate TC, SMM zinc ingot monthly production, China's zinc ingot monthly production plus import volume, zinc concentrate raw - material inventory days, and various zinc inventories (LME, SHFE, etc.) are provided, with data from 2021 - 2025 [19][21][23][24][27] - Chart on refined zinc enterprise production profit and processing fees is presented, showing data from 2022 - 2024 [23] Futures and Spot Market Review - Charts on domestic and international zinc price trends, Shanghai zinc main contract trading volume and open interest, LME zinc closing price vs. US dollar index, LME zinc premium/discount, zinc ingot basis in three locations, and Tianjin zinc ingot basis seasonality are provided, with data covering different time periods from 2022 - 2025 [30][31][32][34][36]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The fundamentals of the zinc market are mixed, with short - term support at the bottom. It is expected that Shanghai zinc will fluctuate at a high level, and attention should be paid to the range of 22,300 - 22,600 yuan/ton [7]. Summary by Directory 1. Week - to - Week Highlights - **Market Review**: This week, the main contract of Shanghai zinc fluctuated and adjusted, with a weekly increase of 0.13% and an amplitude of 1.43%. As of the end of this week, the closing price of the main contract was 22,425 yuan/ton [7]. - **Market Outlook**: - **Macro - level**: The Price Department of the National Development and Reform Commission organized a symposium on the cost determination of disorderly price competition. In October, the profits of industrial enterprises above designated size in China decreased by 5.5% year - on - year, while the manufacturing and power sectors grew rapidly in the first 10 months [7]. - **Fundamentals**: Upstream, the import volume of zinc ore declined, and the loss of importing zinc concentrates in China widened. Domestic smelters started winter raw material reserves and preferred domestic zinc concentrates, leading to a significant drop in processing fees and a contraction in smelter profits. Overseas supply remained tight, and the export window was open. On the demand side, the downstream market was entering the off - season, with the real estate sector dragging down, and the infrastructure and home appliance sectors weakening, while the automotive sector had some bright spots. Downstream buyers purchased on demand at low prices [7]. - **Technical - level**: The position decreased while the price adjusted, and both long and short positions were cautious. Attention should be paid to the support of MA60 [7]. 2. Futures and Spot Markets - **Price Fluctuation**: As of November 28, 2025, the closing price of Shanghai zinc was 22,425 yuan/ton, up 30 yuan/ton (0.13%) from November 21, 2025. As of November 27, 2025, the closing price of LME zinc was 3,022 US dollars/ton, up 18.5 US dollars/ton (0.62%) from November 21, 2025 [10]. - **Net Position of Top 20 in Shanghai Zinc**: As of November 28, 2025, the net position of the top 20 in Shanghai zinc was 8,558 lots, an increase of 1,085 lots from November 21, 2025. The position volume of Shanghai zinc was 188,919 lots, a decrease of 6,325 lots (3.24%) from November 21, 2025 [14]. - **Price Spreads**: As of November 28, 2025, the aluminum - zinc futures spread was 815 yuan/ton, a decrease of 240 yuan/ton from November 21, 2025. The lead - zinc futures spread was 5,335 yuan/ton, an increase of 105 yuan/ton from November 21, 2025 [18]. - **Spot Premiums**: As of November 28, 2025, the spot price of 0 zinc ingots was 22,360 yuan/ton, a decrease of 120 yuan/ton (0.53%) from November 21, 2025. The spot premium was 45 yuan/ton, an increase of 40 yuan/ton from the previous week. As of November 27, 2025, the spread between the near - month and 3 - month LME zinc was 165.44 US dollars/ton, an increase of 30.69 US dollars/ton from November 20, 2025 [24]. - **Inventory**: As of November 27, 2025, the LME refined zinc inventory was 50,800 tons, an increase of 4,725 tons (10.26%) from November 20, 2025. As of November 28, 2025, the Shanghai Futures Exchange refined zinc inventory was 95,916 tons, a decrease of 4,431 tons (4.42%) from the previous week. As of November 27, 2025, the domestic refined zinc social inventory was 140,600 tons, a decrease of 19,000 tons (11.9%) from November 20, 2025 [27]. 3. Industry Situation - **Upstream - Zinc Ore**: In September 2025, the global zinc ore output was 1.0666 million tons, a month - on - month decrease of 2.29% and a year - on - year increase of 6.15%. In October 2025, the import volume of zinc ore concentrates was 340,863.41 tons, a month - on - month decrease of 32.48% and a year - on - year increase of 3.28% [33][34]. - **Supply - End - Global Refined Zinc**: According to WBMS, the global refined zinc market was in short supply. In September 2025, the global refined zinc output was 1.1952 million tons, a year - on - year increase of 85,800 tons (7.73%); the consumption was 1.1749 million tons, a year - on - year increase of 13,900 tons (1.2%); and there was a surplus of 20,300 tons, compared with a deficit of 51,600 tons in the same period last year [35][39]. - **Supply - End - Refined Zinc Production**: In October 2025, the zinc output in China was 665,000 tons, a year - on - year increase of 15.7%. From January to October, the cumulative zinc output was 6.184 million tons, a year - on - year increase of 8.5% [43]. - **Supply - End - Refined Zinc Export**: In October 2025, the import volume of refined zinc was 18,836.76 tons, a year - on - year decrease of 67.39%; the export volume was 8,518.67 tons, a year - on - year increase of 3824.82% [46]. - **Downstream - Galvanized Sheets**: From January to October 2025, the inventory of galvanized sheets (strips) of major domestic enterprises was 919,400 tons, a year - on - year increase of 16.85%. In October 2025, the import volume of galvanized sheets (strips) was 23,800 tons, a year - on - year decrease of 48.74%; the export volume was 328,100 tons, a year - on - year increase of 14.57% [49][50]. - **Downstream - Real Estate**: From January to October 2025, the new housing construction area was 490.6139 million square meters, a year - on - year decrease of 19.87%; the housing completion area was 348.61 million square meters, a year - on - year decrease of 16.31%. The funds in place for real estate development enterprises were 7.885278 trillion yuan, a year - on - year decrease of 9.7%, among which personal mortgage loans were 1.0834 trillion yuan, a year - on - year decrease of 12.8% [55][56]. - **Downstream - Infrastructure**: From January to October 2025, the infrastructure investment increased by 1.51% year - on - year [62]. - **Downstream - Home Appliances**: In October 2025, the refrigerator output was 8.788 million units, a year - on - year decrease of 6%. From January to October, the cumulative refrigerator output was 89.959 million units, a year - on - year increase of 0.9%. In October 2025, the air - conditioner output was 14.204 million units, a year - on - year decrease of 13.5%. From January to October, the cumulative air - conditioner output was 230.344 million units, a year - on - year increase of 3% [64]. - **Downstream - Automobiles**: In October 2025, the sales volume of Chinese automobiles was 3,322,094 units, a year - on - year increase of 8.82%; the output was 3,358,716 units, a year - on - year increase of 12.09% [68].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - This week, the main contract of Shanghai Zinc rebounded from a low level, with a weekly increase of 2.04% and an amplitude of 2.59%. It is expected that zinc prices will stabilize and adjust. Macroscopically, there are differences in the Fed's attitude towards interest rate cuts. Fundamentally, the import volume of zinc ore at home and abroad has increased, the growth of zinc ore processing fees has slowed down, the profit space of smelters is large, and the production enthusiasm has increased. The output of refined zinc has reached a high level. However, the overseas zinc ore is tight, resulting in an expansion of import losses and a decrease in the inflow of imported zinc. The demand side is affected by the real - estate sector, but there are some bright spots in the automobile and home - appliance sectors. Technically, the short - selling atmosphere has weakened. It is recommended to wait and see or go long on dips [5]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Review**: This week, the main contract of Shanghai Zinc rebounded from a low level, with a weekly increase of 2.04% and an amplitude of 2.59%. As of the end of this week, the closing price of the main contract was 22,270 yuan/ton [5]. - **Market Outlook**: Macroscopically, there are differences in the Fed's attitude towards interest rate cuts. Fundamentally, the import volume of zinc ore at home and abroad has increased, the growth of zinc ore processing fees has slowed down, the profit space of smelters is large, and the production enthusiasm has increased. The output of refined zinc has reached a high level. However, the overseas zinc ore is tight, resulting in an expansion of import losses and a decrease in the inflow of imported zinc, and the export window is expected to open. The traditional peak season effect is dull, and the real - estate sector is a drag, while the automobile and home - appliance sectors have some bright spots. The domestic social inventory has increased, and the LME inventory has continued to decline. Technically, the short - selling atmosphere has weakened, and attention should be paid to the competition around MA60 [5]. - **Strategy Suggestion**: It is recommended to wait and see or go long on dips [5]. 3.2 Futures and Spot Market - **Price and Ratio**: This week, the price of Shanghai Zinc futures rose, and the Shanghai - London ratio decreased. As of October 10, 2025, the closing price of Shanghai Zinc was 22,270 yuan/ton, up 225 yuan/ton or 1.02% from September 25, 2025. As of October 9, 2025, the closing price of London Zinc was 3,014 US dollars/ton, up 2.5 US dollars/ton or 0.08% from October 3, 2025 [8]. - **Net Position and Total Position**: As of October 10, 2025, the net position of the top 20 in Shanghai Zinc was 65 lots, an increase of 8,155 lots from September 25, 2025. The total position of Shanghai Zinc was 215,372 lots, a decrease of 23,090 lots or 9.68% from September 25, 2025 [12]. - **Price Spreads**: As of October 10, 2025, the aluminum - zinc futures price spread was 1,290 yuan/ton, an increase of 10 yuan/ton from September 25, 2025. The lead - zinc futures price spread was 5,130 yuan/ton, an increase of 175 yuan/ton from September 25, 2025 [16]. - **Premium and Discount**: As of October 10, 2025, the spot price of 0 zinc ingot was 22,340 yuan/ton, up 380 yuan/ton or 1.73% from September 25, 2025. The spot discount was 55 yuan/ton, an increase of 50 yuan/ton from last week. As of October 9, 2025, the LME zinc near - month and 3 - month spread was 66.8 US dollars/ton, a decrease of 8.62 US dollars/ton from October 2, 2025 [22]. - **Inventory**: As of October 10, 2025, the LME refined zinc inventory was 37,950 tons, a decrease of 1,850 tons or 4.65% from October 3, 2025. The Shanghai Futures Exchange refined zinc inventory was 106,950 tons, an increase of 8,940 tons or 9.12% from last week. As of October 9, 2025, the domestic refined zinc social inventory was 136,100 tons, an increase of 800 tons or 0.59% from September 25, 2025 [25]. 3.3 Industry Situation - **Upstream**: In July 2025, the global zinc ore output was 1.0762 million tons, a month - on - month increase of 0.73% and a year - on - year increase of 10.28%. In August 2025, the import volume of zinc ore concentrates was 467,301.43 tons, a month - on - month decrease of 6.51% and a year - on - year increase of 30.83% [31][32]. - **Supply - side - Global**: According to ILZSG data, in July 2025, the global refined zinc output was 1.1993 million tons, a year - on - year increase of 75,300 tons or 6.7%. The global refined zinc consumption was 1.1691 million tons, a year - on - year increase of 10,100 tons or 0.87%. The global refined zinc surplus was 30,200 tons, compared with a deficit of 35,000 tons in the same period last year. According to WBMS, in June 2024, the global zinc market supply - demand balance was - 27,800 tons [37][38]. - **Supply - side - Domestic**: In August 2025, the zinc output was 651,000 tons, a year - on - year increase of 22.8%. From January to August, the cumulative zinc output was 4.836 million tons, a year - on - year increase of 5.4%. In August 2025, the refined zinc import volume was 25,656.83 tons, a year - on - year decrease of 3.59%, and the export volume was 310.91 tons, a year - on - year decrease of 84.57% [41][44]. - **Downstream - Galvanized Sheets**: From January to August 2025, the inventory of galvanized sheets (strips) of domestic major enterprises was 853,700 tons, a year - on - year increase of 18.36%. In August 2025, the import volume of galvanized sheets (strips) was 42,900 tons, a year - on - year decrease of 7.27%, and the export volume was 335,200 tons, a year - on - year increase of 9.19% [47]. - **Downstream - Real Estate**: From January to August 2025, the new housing construction area was 398.0101 million square meters, a year - on - year decrease of 19.54%. The housing completion area was 276.9354 million square meters, a year - on - year decrease of 18.94%. The funds in place for real - estate development enterprises were 6.431803 trillion yuan, a year - on - year decrease of 8%. Among them, personal mortgage loans were 885.679 billion yuan, a year - on - year decrease of 10.5% [52][53]. - **Downstream - Infrastructure**: In August 2025, the real - estate development climate index was 93.05, a decrease of 0.28 from last month and an increase of 0.81 from the same period last year. From January to August 2025, the infrastructure investment increased by 5.42% year - on - year [58]. - **Downstream - Home Appliances**: In August 2025, the refrigerator output was 9.4532 million units, a year - on - year increase of 2.5%. From January to August, the cumulative refrigerator output was 70.1891 million units, a year - on - year increase of 1.9%. The air - conditioner output was 16.8188 million units, a year - on - year increase of 12.3%. From January to August, the cumulative air - conditioner output was 199.6462 million units, a year - on - year increase of 5.8% [61]. - **Downstream - Automobiles**: In August 2025, the sales volume of Chinese automobiles was 2,856,590 units, a year - on - year increase of 16.44%. The production volume was 2,815,413 units, a year - on - year increase of 12.96% [65].

Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints - This week, the main contract of Shanghai Zinc oscillated at a low level, with a weekly change of +0.07% and an amplitude of 1.76%. As of the end of this week, the closing price of the main contract was 22,155 yuan/ton [4]. - Macroscopically, the expansion speed of the US ISM Services PMI reached the fastest in half a year, with weak employment and still high prices. The ADP employment growth in the US in August slowed down significantly to 54,000 people, and the number of initial jobless claims last week rose to 237,000, the highest since June [4]. - Fundamentally, the import volume of zinc ore at home and abroad has increased, and the zinc ore processing fee has continued to rise. Coupled with the obvious increase in sulfuric acid prices, the profits of smelters have been further repaired, and the production enthusiasm has increased. New production capacities in various places have been gradually released, and the resumption of production of previously overhauled capacities has accelerated the supply growth. Currently, the import loss continues to expand, and the inflow of imported zinc has decreased. On the demand side, the downstream is at the end of the off - season. The inventory pressure of galvanized sheets is not large, and the operating rate of processing enterprises has shown a stable and rising trend. Recently, zinc prices have fallen to a low level, but downstream enterprises have maintained the action of purchasing on demand, with a dull trading atmosphere. Domestic social inventories have increased, and the spot premium has slightly increased at a low level. Overseas LME inventories have decreased significantly, and the spot premium has risen, which provides support for zinc prices [4]. - Technically, the position has increased while the price has fallen, and the short - selling sentiment has heated up. Attention should be paid to the support at the 22,000 mark [4]. - Operationally, it is recommended to wait and see for the time being, or go long lightly on dips [4]. Summary by Directory 1. Week - to - Week Key Points Summary - **Market Review**: The main contract of Shanghai Zinc oscillated at a low level this week, with a weekly change of +0.07% and an amplitude of 1.76%. As of the end of this week, the closing price of the main contract was 22,155 yuan/ton [4]. - **Market Outlook**: Macroeconomic indicators in the US show mixed signals. Fundamentally, supply is increasing while demand is still in the off - season transition. Technically, the short - selling atmosphere is rising [4]. - **Strategy Recommendation**: It is recommended to wait and see or go long lightly on dips [4]. 2. Futures and Spot Markets - **Futures Prices**: This week, Shanghai Zinc futures prices were weak, and the Shanghai - London ratio decreased. As of September 5, 2025, the closing price of Shanghai Zinc was 22,155 yuan/ton, up 15 yuan/ton or 0.07% from August 29, 2025. As of September 4, 2025, the closing price of London Zinc was 2,838 US dollars/ton, up 51 US dollars/ton or 1.83% from August 29, 2025 [7]. - **Net Positions of Top 20 Traders**: As of September 5, 2025, the net position of the top 20 traders in Shanghai Zinc was - 11,394 lots, a decrease of 3,473 lots from August 29, 2025. The open interest of Shanghai Zinc was 226,104 lots, an increase of 2,413 lots or 1.08% from August 29, 2025 [11]. - **Price Spreads**: As of September 5, 2025, the aluminum - zinc futures price spread was 1,460 yuan/ton, an increase of 60 yuan/ton from August 29, 2025. The lead - zinc futures price spread was 5,255 yuan/ton, a decrease of 5 yuan/ton from August 29, 2025 [15]. - **Spot Premiums**: As of September 5, 2025, the spot price of 0 zinc ingots was 22,060 yuan/ton, up 40 yuan/ton or 0.18% from August 29, 2025. The spot discount was 65 yuan/ton, a decrease of 10 yuan/ton from last week. As of September 4, 2025, the LME zinc near - month to 3 - month spread was 16.21 US dollars/ton, an increase of 19.51 US dollars/ton from August 28, 2025 [21]. - **Inventories**: As of September 4, 2025, LME refined zinc inventories were 54,750 tons, a decrease of 3,250 tons or 5.6% from August 28, 2025. As of September 5, 2025, Shanghai Futures Exchange refined zinc inventories were 87,032 tons, an increase of 1,052 tons or 1.22% from last week. As of September 4, 2025, domestic refined zinc social inventories were 138,300 tons, an increase of 8,400 tons or 6.47% from August 28, 2025 [24]. 3. Industry Situation - **Upstream**: In June 2025, global zinc ore production was 1.0814 million tons, a month - on - month increase of 2.86% and a year - on - year increase of 7.11%. In July 2025, the import volume of zinc ore concentrates was 501,424.97 tons, a month - on - month increase of 51.97% and a year - on - year increase of 37.75% [30]. - **Supply Side - Global Refined Zinc Supply**: According to ILZSG data, in June 2025, global refined zinc production was 1.1565 million tons, a year - on - year decrease of 26,300 tons or 2.22%; global refined zinc consumption was 1.1837 million tons, a year - on - year increase of 31,100 tons or 2.7%; the global refined zinc gap was 27,200 tons, compared with a surplus of 30,200 tons in the same period last year. According to the WBMS report, in June 2024, the global zinc market supply - demand balance was - 27,800 tons [35][36]. - **Supply Side - Refined Zinc Production**: In July 2025, zinc production was 617,000 tons, a year - on - year increase of 13.8%. From January to July, the cumulative zinc output was 4.166 million tons, a year - on - year increase of 1.3% [39]. - **Supply Side - Refined Zinc Imports**: In July 2025, the import volume of refined zinc was 17,903.91 tons, a year - on - year decrease of 2.97%; the export volume of refined zinc was 406.07 tons, a year - on - year decrease of 85.11% [42]. - **Downstream - Galvanized Sheets**: From January to July 2025, the inventory of galvanized sheets (strips) of major domestic enterprises was 790,300 tons, a year - on - year increase of 7.92%. In July 2025, the import volume of galvanized sheets (strips) was 30,900 tons, a year - on - year decrease of 39.92%; the export volume was 346,700 tons, a year - on - year increase of 43.29% [45]. - **Downstream - Real Estate**: From January to July 2025, the new housing start - up area was 352.0614 million square meters, a year - on - year decrease of 19.5%; the housing completion area was 250.3441 million square meters, a year - on - year decrease of 21.19%. The funds in place for real estate development enterprises were 5.728655 trillion yuan, a year - on - year decrease of 7.5%; among them, personal mortgage loans were 791.8 billion yuan, a year - on - year decrease of 9.3% [50][51]. - **Downstream - Infrastructure Investment**: In July 2025, the real estate development climate index was 93.34, down 0.25 from the previous month and up 1.23 from the same period last year. From January to July 2025, infrastructure investment increased by 7.29% year - on - year [56]. - **Downstream - Home Appliances**: In July 2025, refrigerator production was 8.7307 million units, a year - on - year increase of 5%. From January to July, the cumulative refrigerator production was 59.6315 million units, a year - on - year increase of 0.9%. In July 2025, air - conditioner production was 20.5965 million units, a year - on - year increase of 1.5%. From January to July, the cumulative air - conditioner production was 183.4554 million units, a year - on - year increase of 5.1% [60]. - **Downstream - Automobiles**: In July 2025, the sales volume of Chinese automobiles was 2,593,410 units, a year - on - year increase of 14.66%; the production volume was 2,591,084 units, a year - on - year increase of 13.33% [63].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the main contract of Shanghai Zinc fluctuated and declined, with a weekly change of -1.02% and an amplitude of 1.29%. The closing price of the main contract was 22,275 yuan/ton. Looking ahead, macro - factors show that the preliminary value of the US manufacturing PMI in August reached 53.3, hitting a new high in more than three years and increasing inflation pressure. In terms of fundamentals, the import volume of zinc ore at home and abroad has risen, the zinc ore processing fee has continued to increase, and the sulfuric acid price has risen significantly, leading to a further repair of smelter profits and increased production enthusiasm. New production capacities are being released, and previously overhauled capacities are resuming production, accelerating the growth of supply. Currently, the import loss continues to expand, and the inflow of imported zinc has decreased. On the demand side, it is the off - season, the operating rate of processing enterprises has decreased year - on - year. After the recent decline in zinc prices, downstream enterprises mainly purchase on - demand at low prices, and the overall transaction has improved. Domestic social inventories have slightly decreased, and the spot premium has remained stable. Overseas LME inventories have decreased significantly, and the LME spot premium has been adjusted downward, which may weaken the support for domestic zinc prices. Technically, the price is adjusting at a low position of holdings, and attention should be paid to the support at 22,200. It is recommended to wait and see or go long lightly at low prices [4]. 3. Summaries According to Relevant Catalogs 3.1 Week - to - Week Summary - **Market Review**: The main contract of Shanghai Zinc fluctuated and declined this week, with a weekly change of -1.02% and an amplitude of 1.29%. The closing price of the main contract was 22,275 yuan/ton [4]. - **Market Outlook**: Macroeconomic factors include the high US manufacturing PMI and inflation pressure. Fundamentally, supply is increasing, and demand is in the off - season. Technically, attention should be paid to the support at 22,200 [4]. - **Strategy Suggestion**: It is recommended to wait and see or go long lightly at low prices [4]. 3.2 Futures and Spot Market - **Price and Ratio**: The price of Shanghai Zinc futures declined this week, and the Shanghai - London ratio decreased. As of August 22, 2025, the closing price of Shanghai Zinc was 22,275 yuan/ton, a decrease of 230 yuan/ton from August 15, 2025, with a decline of 1.02%. As of August 21, 2025, the closing price of LME Zinc was 2,767 US dollars/ton, a decrease of 75.5 US dollars/ton from August 15, 2025, with a decline of 2.66% [9]. - **Net Position and Open Interest**: As of August 22, 2025, the net position of the top 20 in Shanghai Zinc was -7,709 lots, a decrease of 26,519 lots from August 15, 2025. The open interest of Shanghai Zinc was 211,313 lots, a decrease of 4,138 lots from August 15, 2025, with a decline of 1.92% [12]. - **Price Spreads**: As of August 22, 2025, the aluminum - zinc futures spread was 1,645 yuan/ton, a decrease of 90 yuan/ton from August 15, 2025. The lead - zinc futures spread was 5,495 yuan/ton, a decrease of 160 yuan/ton from August 15, 2025 [16]. - **Premium and Discount**: As of August 22, 2025, the spot price of 0 zinc ingot was 22,210 yuan/ton, a decrease of 250 yuan/ton from August 15, 2025, with a decline of 1.11%. The spot discount was 45 yuan/ton, an increase of 20 yuan/ton from last week. As of August 21, 2025, the LME zinc near - month and 3 - month spread was -7.54 US dollars/ton, a decrease of 6.98 US dollars/ton from August 14, 2025 [22]. - **Inventory**: As of August 21, 2025, the LME refined zinc inventory was 69,375 tons, a decrease of 8,075 tons from August 14, 2025, with a decline of 10.43%. As of August 22, 2025, the SHFE refined zinc inventory was 77,838 tons, an increase of 1,035 tons from last week, with an increase of 1.35%. As of August 21, 2025, the domestic refined zinc social inventory was 117,600 tons, an increase of 7,600 tons from August 14, 2025, with an increase of 6.91% [25]. 3.3 Industry Situation - **Upstream**: In May 2025, the global zinc ore output was 1.0193 million tons, a month - on - month decrease of 2.37% and a year - on - year increase of 2.49%. In July 2025, the import volume of zinc ore concentrates was 501,424.97 tons, a month - on - month increase of 51.97% and a year - on - year increase of 37.75% [31]. - **Supply - Side**: In May 2025, the global refined zinc output was 1.1164 million tons, a decrease of 48,700 tons from the same period last year, with a decline of 4.18%. The global refined zinc consumption was 1.1605 million tons, an increase of 36,800 tons from the same period last year, with an increase of 3.27%. The global refined zinc gap was 44,100 tons. In July 2025, the zinc output was 617,000 tons, a year - on - year increase of 13.8%. From January to July, the cumulative zinc output was 4.166 million tons, a year - on - year increase of 1.3%. In July 2025, the refined zinc import volume was 17,903.91 tons, a year - on - year decrease of 2.97%. The refined zinc export volume was 406.07 tons, a year - on - year decrease of 85.11% [36][40][43]. - **Downstream**: - Galvanized sheet (strip): From January to June 2025, the inventory of domestic major enterprises' galvanized sheet (strip) was 790,300 tons, a year - on - year increase of 21.31%. In July 2025, the import volume of galvanized sheet (strip) was 30,900 tons, a year - on - year decrease of 39.92%. The export volume was 346,700 tons, a year - on - year increase of 43.29% [46]. - Real estate: From January to July 2025, the new housing construction area was 352.0614 million square meters, a year - on - year decrease of 19.5%. The housing completion area was 250.3441 million square meters, a year - on - year decrease of 21.19%. The funds in place for real estate development enterprises were 5.728655 trillion yuan, a year - on - year decrease of 7.5%. Among them, personal mortgage loans were 791.8 billion yuan, a year - on - year decrease of 9.3% [51][52]. - Infrastructure: In July 2025, the real estate development climate index was 93.34, a decrease of 0.25 from last month and an increase of 1.23 from the same period last year. From January to July 2025, the infrastructure investment increased by 7.29% year - on - year [57]. - Home appliances: In July 2025, the refrigerator output was 8.7307 million units, a year - on - year increase of 5%. From January to July, the cumulative refrigerator output was 59.6315 million units, a year - on - year increase of 0.9%. In July 2025, the air - conditioner output was 20.5965 million units, a year - on - year increase of 1.5%. From January to July, the cumulative air - conditioner output was 183.4554 million units, a year - on - year increase of 5.1% [61]. - Automobile: In July 2025, the Chinese automobile sales volume was 2,593,410 units, a year - on - year increase of 14.66%. The automobile production volume was 2,591,084 units, a year - on - year increase of 13.33% [64].

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: August 1, 2025 [1] - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - Not provided in the report Core Views - **Lido Factors**: Low domestic zinc ingot inventory supports prices, and China's apparent zinc consumption shows steady growth with strong demand [3] - **Negative Factors**: Supply growth is accelerating, with new capacity releases and restarts leading to oversupply, and a slight inventory build weakens the fundamental pattern [3] - **Trading Advisory View**: Institutions are bullish on SHFE zinc due to favorable inventory conditions [3] Summary by Directory Processing and End - User Demand - **Galvanized Sheet Coil**: Market sentiment index, weekly inventory, weekly production, and net export data are presented seasonally from 2021 - 2025 [5][6] - **Die - Casting Zinc Alloy**: Net import data is provided seasonally from 2021 - 2025 [6] - **Color - Coated Sheet (Strip) and Zinc Oxide**: Net export data is shown seasonally from 2021 - 2025 [8][9][10] - **Real Estate**: Data on real estate development investment, engineering progress, sales area, and land transactions are presented as cumulative year - on - year and seasonal data from 2015 - 2025 [11][13][15] - **Infrastructure**: Cumulative year - on - year data of infrastructure fixed - asset investment (excluding rural households) in various sectors from 2020 - 2024 are provided [17][18] Supply and Supply - Side Profits - **Zinc Concentrate**: Monthly import volume, TC, and raw material inventory days are presented seasonally from 2021 - 2025 [20][22][26] - **Zinc Ingot**: Monthly production, production + import volume, and inventory data in various forms (LME, SHFE, etc.) are shown seasonally from 2021 - 2025 [23][24][27] - **Refined Zinc Enterprises**: Production profit and processing fee data are provided from 2022 - 2024 [23] Futures and Spot Market Review - **Price Trends**: Domestic and international zinc price trends are presented from 2023 - 2025 [29] - **Volume and Open Interest**: Volume and open interest data of SHFE zinc futures are provided from 2023 - 2025 [30] - **Price Relationships**: Relationships between LME zinc price and US dollar index, LME zinc spreads, and zinc ingot basis data are presented [31][33][36]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the main contract of Shanghai Zinc declined and then rebounded, with a weekly change of -0.13% and an amplitude of 2.72%. As of the end of this week, the closing price of the main contract was 22,380 yuan/ton [4]. - In terms of the macro - aspect, there are differences within the Fed. Some believe that the impact of tariffs on inflation will not be long - lasting, while others expect it to last until next year. Bentsen said Trump has unique abilities in identifying and solving problems but may lack patience in implementation. Two interest rate cuts are expected this year [4]. - Fundamentally, the import volume of zinc ore at home and abroad has increased, and the zinc ore processing fee has continued to rise. Coupled with a significant increase in sulfuric acid prices, the smelter's profit has been further repaired, and production enthusiasm has increased. New production capacities in various regions have been gradually released, and the previously shut - down capacities have resumed production, leading to a faster growth in supply. Currently, the import window is closed, and the inflow of imported zinc has decreased. On the demand side, the downstream has entered the off - season, and the operating rate of processing enterprises has decreased year - on - year. Recently, zinc prices have been adjusting widely. Downstream buyers mainly purchase at low prices and still have a low acceptance of high - priced zinc. Domestic social inventories have increased slightly, and the spot premium is at a low level. The LME zinc premium overseas has risen, and inventories have continued to decline, driving up domestic prices [4]. - Technically, positions have decreased, and both long and short sides are cautious. The price is oscillating within a range, and attention should be paid to the resistance at 22,500 [4]. - Operationally, it is recommended to wait and see or conduct range operations [4]. Summaries by Directory 1. Week - on - Week Summary - **Market Review**: The main contract of Shanghai Zinc declined and then rebounded this week, with a weekly change of -0.13% and an amplitude of 2.72%. The closing price of the main contract was 22,380 yuan/ton [4]. - **Market Outlook**: In the macro - aspect, Fed members have different views on tariff - related inflation. Two interest rate cuts are expected this year. Fundamentally, supply is increasing due to factors like increased zinc ore imports and processing fees. Demand is weak as it is the off - season. Technically, the price is in a range - bound oscillation [4]. - **Strategy Recommendation**: Suggest waiting and seeing or conducting range operations [4]. 2. Futures and Spot Market - **Price and Ratio**: As of July 11, 2025, the closing price of Shanghai Zinc was 22,380 yuan/ton, down 30 yuan/ton from July 4, a decrease of 0.13%. As of July 10, 2025, the closing price of LME zinc was 2,777 dollars/ton, up 39 dollars/ton from July 4, an increase of 1.42%. The Shanghai - London ratio has decreased [9]. - **Net Positions and Open Interest**: As of July 11, 2025, the net positions of the top 20 in Shanghai Zinc were 33,000 lots, a decrease of 4,442 lots from July 4. The open interest was 252,089 lots, a decrease of 10,644 lots or 4.05% from July 4 [11]. - **Price Spreads**: As of July 11, 2025, the aluminum - zinc futures spread was 1,685 yuan/ton, a decrease of 90 yuan/ton from July 4. The lead - zinc futures spread was 5,305 yuan/ton, an increase of 190 yuan/ton from July 4 [18]. - **Premiums**: As of July 11, 2025, the spot price of 0 zinc ingot was 22,510 yuan/ton, up 20 yuan/ton from July 4, an increase of 0.09%. The spot premium was 5 yuan/ton, a decrease from last week. As of July 10, 2025, the LME zinc near - month and 3 - month spread was 4.68 dollars/ton, an increase of 26.67 dollars/ton from July 3 [24]. - **Inventories**: As of July 11, 2025, LME refined zinc inventories were 105,250 tons, a decrease of 7,075 tons or 6.3% from July 4. Shanghai Futures Exchange refined zinc inventories were 49,981 tons, an increase of 4,617 tons or 10.18% from last week. As of July 10, 2025, domestic refined zinc social inventories were 72,500 tons, an increase of 8,900 tons or 13.99% from July 3 [27]. 3. Industry Situation - **Upstream**: In April 2025, global zinc ore production was 1.0192 million tons, a month - on - month decrease of 0.61% and a year - on - year increase of 9.71%. In May 2025, the import volume of zinc ore concentrates was 491,522.01 tons, a month - on - month decrease of 0.64% and a year - on - year increase of 85.28% [31]. - **Supply - side**: - According to WBMS, there is a global shortage of refined zinc supply [32]. - In May 2025, China's zinc production was 583,000 tons, a year - on - year decrease of 2.3%. From January to May, the cumulative zinc output was 2.919 million tons, a year - on - year decrease of 3% [39]. - In May 2025, the import volume of refined zinc was 26,716.51 tons, a year - on - year decrease of 39.85%. The export volume was 1,414.24 tons, a year - on - year increase of 65.97% [42]. - **Downstream**: - From January to May 2025, the inventory of galvanized sheets (strips) of major domestic enterprises was 769,300 tons, a year - on - year increase of 12.49%. In May 2025, the import volume of galvanized sheets (strips) was 36,800 tons, a year - on - year decrease of 32.3%. The export volume was 338,500 tons, a year - on - year increase of 24.57% [45]. - From January to May 2025, the new housing construction area was 231.8361 million square meters, a year - on - year decrease of 22.95%. The housing completion area was 183.8514 million square meters, a year - on - year decrease of 40.94%. From January to May 2025, the funds in place for real estate development enterprises were 4.023241 trillion yuan, a year - on - year decrease of 5.3%. Among them, personal mortgage loans were 564.452 billion yuan, a year - on - year decrease of 8.5% [48][49]. - In May 2025, the real estate development climate index was 93.72, a decrease of 0.13 from the previous month and an increase of 1.81 from the same period last year. From January to May 2025, infrastructure investment increased by 10.42% year - on - year [53][54]. - In May 2025, refrigerator production was 8.51 million units, a year - on - year decrease of 3.3%. From January to May, the cumulative refrigerator production was 40.713 million units, a year - on - year decrease of 1.5%. In May 2025, air - conditioner production was 29.48 million units, a year - on - year increase of 1.6%. From January to May, the cumulative air - conditioner production was 134.909 million units, a year - on - year increase of 5.9% [56][57]. - In May 2025, China's automobile sales volume was 2,686,337 units, a year - on - year increase of 11.15%. The automobile production was 2,648,536 units, a year - on - year increase of 11.65% [61].

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoint - This week, the main contract of Shanghai Zinc oscillated and adjusted, with a weekly gain - loss of +0.00% and an amplitude of 1.90%. The closing price of the main contract was 22,410 yuan/ton. - Macroscopically, the non - farm payrolls in the US in June exceeded expectations, and the unemployment rate unexpectedly dropped. The ISM services PMI index showed mixed signals, and the Fed's interest - rate cut expectations decreased significantly. - Fundamentally, the import volume of zinc ore at home and abroad increased, the zinc ore processing fees continued to rise, and the smelter profits were further repaired. The supply growth accelerated due to new capacity release and the resumption of previous maintenance capacity. The import window was closed, and the inflow of imported zinc decreased. The downstream entered the off - season, the processing enterprise operating rate decreased year - on - year, and the consumption gradually weakened. However, the increase in LME zinc premium and the decline in inventory overseas drove up the domestic price. - Technically, the positions decreased, and both long and short sides were cautious. The price returned to the previous operating range, and attention should be paid to the MA10 support. - Operationally, it is recommended to wait and see for the time being. [4] 3. Summary by Directory 3.1 Periodic and Spot Market - **Price and Ratio**: As of July 4, 2025, the closing price of Shanghai Zinc was 22,410 yuan/ton, unchanged from June 27. As of July 3, 2025, the closing price of LME zinc was 2,738 US dollars/ton, a decrease of 32 US dollars/ton or 1.16% from June 27. The Shanghai - London ratio decreased. [9] - **Net Positions and Total Positions**: As of June 26, 2025, the net positions of the top 20 in Shanghai Zinc were 23,127 lots, an increase of 21,680 lots from June 20. As of July 4, 2025, the position volume of Shanghai Zinc was 262,733 lots, a decrease of 7,500 lots or 2.78% from June 27. [11] - **Price Spreads**: As of July 4, 2025, the aluminum - zinc futures price spread was 1,775 yuan/ton, a decrease of 55 yuan/ton from June 27. As of June 27, 2025, the lead - zinc futures price spread was 5,285 yuan/ton, an increase of 250 yuan/ton from June 20. [16] - **Spot Premiums**: As of July 4, 2025, the spot price of 0 zinc ingot was 22,490 yuan/ton, a decrease of 200 yuan/ton or 0.88% from June 27. The spot premium was 65 yuan/ton, an increase from last week. As of July 3, 2025, the LME zinc near - month and 3 - month spread was - 21.99 US dollars/ton, a decrease of 19.71 US dollars/ton from June 26. [22] - **Inventory**: As of July 4, 2025, the LME refined zinc inventory was 112,325 tons, a decrease of 6,900 tons or 5.79% from June 27. The Shanghai Futures Exchange refined zinc inventory was 45,364 tons, an increase of 1,731 tons or 3.97% from last week. As of July 3, 2025, the domestic refined zinc social inventory was 63,600 tons, an increase of 4,700 tons or 7.98% from June 26. [25] 3.2 Industry Situation - **Upstream - Zinc Ore**: ILZSG data showed that in April 2025, the global zinc ore output was 1.0192 million tons, a month - on - month decrease of 0.61% and a year - on - year increase of 9.71%. Customs data showed that in May 2025, the import volume of zinc ore concentrates was 491,522.01 tons, a month - on - month decrease of 0.64% and a year - on - year increase of 85.28%. [29] - **Supply - Global Refined Zinc**: ILZSG data showed that in April 2025, the global refined zinc output was 1.1384 million tons, an increase of 0.59 million tons or 0.52% from the same period last year. The global refined zinc consumption was 1.1224 million tons, an increase of 0.0238 million tons or 2.17% from the same period last year. The global refined zinc surplus was 0.016 million tons, compared with a surplus of 0.0339 million tons in the same period last year. The WBMS report showed that the global zinc market supply - demand balance was 0.0227 million tons in April 2024. [32] - **Supply - Chinese Refined Zinc**: National Bureau of Statistics data showed that in May 2025, the zinc output was 583,000 tons, a year - on - year decrease of 2.3%. From January to May, the cumulative zinc output was 2.919 million tons, a year - on - year decrease of 3%. Customs data showed that in May 2025, the import volume of refined zinc was 26,716.51 tons, a year - on - year decrease of 39.85%, and the export volume was 1,414.24 tons, a year - on - year increase of 65.97%. [37][40] - **Downstream - Galvanized Sheets**: From January to May 2025, the inventory of galvanized sheets (strips) of major domestic enterprises was 769,300 tons, a year - on - year increase of 12.49%. In May 2025, the import volume of galvanized sheets (strips) was 36,800 tons, a year - on - year decrease of 32.3%, and the export volume was 338,500 tons, a year - on - year increase of 24.57%. [43] - **Downstream - Real Estate**: From January to May 2025, the new housing construction area was 231.8361 million square meters, a year - on - year decrease of 22.95%, and the housing completion area was 183.8514 million square meters, a year - on - year decrease of 40.94%. The funds in place for real estate development enterprises were 4.023241 trillion yuan, a year - on - year decrease of 5.3%, among which personal mortgage loans were 564.452 billion yuan, a year - on - year decrease of 8.5%. In May 2025, the real estate development climate index was 93.72, a decrease of 0.13 from the previous month and an increase of 1.81 from the same period last year. [46][47][52] - **Downstream - Infrastructure**: From January to May 2025, the infrastructure investment increased by 10.42% year - on - year. [53] - **Downstream - Home Appliances**: In May 2025, the refrigerator output was 8.51 million units, a year - on - year decrease of 3.3%. From January to May, the cumulative refrigerator output was 40.713 million units, a year - on - year decrease of 1.5%. The air - conditioner output was 29.48 million units, a year - on - year increase of 1.6%. From January to May, the cumulative air - conditioner output was 134.909 million units, a year - on - year increase of 5.9%. [55][56] - **Downstream - Automobiles**: In May 2025, the automobile sales volume in China was 2,686,337 units, a year - on - year increase of 11.15%, and the automobile output was 2,648,536 units, a year - on - year increase of 11.65%. [60]