Group 1 - The mainstream factory price of ordinary square billets in Tangshan and Qian'an remains stable at 2950 CNY/ton and 2960 CNY/ton respectively, with warehouse spot prices including tax reported at 3030 CNY/ton [3] - The market for steel billets is experiencing weak overall transactions, with downstream finished product prices remaining stable [3] - In the Tangshan section, the main prices for various steel products are stable, including I-beams at 3260 CNY/ton, angle steel at 3250 CNY/ton, and channel steel between 3220-3250 CNY/ton, indicating a slowdown in downstream demand [3] Group 2 - The price of 355 band steel in Tangshan remains stable at a mainstream price of 3170 CNY/ton, while the 145 band steel market also shows stability with a mainstream price of 3200 CNY/ton, although transaction volumes are weak [3] - The market for hot-rolled and cold-rolled base materials is stable, with the mainstream price for 1500 wide ordinary open flat plates at 3240 CNY/ton and manganese open flat plates at 3380 CNY/ton, indicating average transaction activity [3] - The price for medium and thick plates in Tangshan is stable, with ordinary plates (14-20mm) at 3240 CNY/ton and low-alloy plates at 3420 CNY/ton, as the market remains cautious [3] Group 3 - The construction steel market in Tangshan shows stability in early trading, with the price of third-grade rebar at 3160 CNY/ton, third-grade small rebar at 3150 CNY/ton, and thread steel at 3370 CNY/ton, although transactions are not favorable [4]

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].

Core Viewpoint - Hebei Light Industry Import and Export Group Co., Ltd. was fined by Tianjin Dongjiang Customs for false declaration in export activities, impacting the country's export tax rebate management [1][6]. Group 1: Violation Details - On May 27, 2025, Hebei Light Industry Import and Export Group declared the export of galvanized pipes and plastic-coated pipes, with a total declared price of €70,528 [3]. - The correct commodity code for the declared items should have been 7306309000, which has a 0% export tax rebate, instead of the incorrectly declared 7326909000, which has a 13% rebate [5]. - The company had previously exported similar items in May 2024, declaring a total price of €45,179.52, also using the incorrect commodity code [5]. Group 2: Penalty Information - Tianjin Dongjiang Customs imposed a fine of RMB 60,000 on Hebei Light Industry Import and Export Group based on relevant customs laws and regulations [6]. - The penalty was issued under the provisions of the Customs Law of the People's Republic of China and related administrative penalty regulations [6]. Group 3: Company Background - Hebei Light Industry Import and Export Group Co., Ltd. was established on December 25, 1998, with a registered capital of RMB 120 million [10]. - The legal representative of the company is Sun Xinqiang, and it is currently listed as active and registered [10].

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].

Report Industry Investment Rating - Not provided in the content Core View of the Report - The previous trading day saw the Shanghai zinc futures fluctuate and decline, closing with a negative candlestick, increasing trading volume, and both long and short positions reducing, with more long - position reduction. The market may fluctuate and weaken in the short term. Technically, the price is above the long - term moving average, which provides strong support. The short - term KDJ indicator is rising and operating in the strong area, while the trend indicator is falling, with the long - position strength decreasing and the short - position strength increasing, and the short - position strength advantage expanding. The Shanghai zinc ZN2511 is expected to fluctuate and weaken [2][20]. Summary by Relevant Catalogs 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, and from January to July, it was 7.3437 million tons, which is bullish [2]. 2. Basis Analysis - The spot price was 22,260, and the basis was +5, which is neutral [2]. 3. Inventory Analysis - On October 13, LME zinc inventory decreased by 475 tons to 37,475 tons compared to the previous day, and the SHFE zinc inventory warrants decreased by 1,030 tons to 59,614 tons compared to the previous day, which is neutral [2]. 4. Futures Market Quotes - On October 13, in the SHFE zinc futures market, different delivery months showed price declines. For example, for the 2511 contract, the previous settlement price was 22,385, the opening price was 22,450, the closing price was 22,255, with a decline of 130, and trading volume was 177,344 lots, and the open interest was 669,101 lots, a decrease of 4,835 lots [3]. 5. Spot Market Quotes - On October 13, in the domestic main spot market, prices of various zinc - related products mostly declined. For example, zinc concentrate in Linzhou decreased by 70 yuan/ton to 17,350 yuan/ton, and zinc ingots in Shanghai decreased by 90 yuan/ton to 22,260 yuan/ton [4]. 6. Zinc Ingot Inventory Statistics - From September 25 to October 13, 2025, the total social inventory of zinc ingots in major Chinese markets increased from 135,400 tons to 153,500 tons. Compared with September 29, it increased by 25,100 tons, and compared with October 9, it increased by 17,400 tons [5]. 7. Zinc Warehouse Receipt Report - On October 13, the total SHFE zinc warehouse receipts were 59,614 tons, a decrease of 1,030 tons. Among them, the warehouse receipts in Shanghai decreased by 100 tons to 374 tons, in Guangdong decreased by 176 tons to 34,463 tons, and in Tianjin decreased by 754 tons to 24,255 tons [6]. 8. LME Zinc Inventory Distribution - On October 13, the LME zinc inventory was 37,475 tons, a decrease of 475 tons compared to the previous day. The注销仓单 was 14,575 tons, accounting for 38.89% [8]. 9. Zinc Concentrate Price Summary - On October 13, in major domestic cities, the price of 50% - grade zinc concentrate was mostly 17,050 - 17,350 yuan/ton, with a decrease of 70 yuan/ton [9]. 10. Zinc Ingot Smelter Price Quotes - On October 13, the prices of 0 zinc ingots from major smelters decreased by 100 yuan/ton. For example, the price of zinc ingots from Hunan Zhuzhou Smelter was 22,470 yuan/ton, and from Liaoning Huludao Zinc Industry was 23,320 yuan/ton [13]. 11. 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 planned production for October is 509,600 tons [15]. 12. Zinc Concentrate Processing Fee Quotes - On October 13, the zinc concentrate processing fees in different domestic regions varied. For example, the average processing fee for 50% - grade zinc concentrate in the standard area was 3,400 yuan/metal ton, and the average processing fee for imported 48% - grade zinc concentrate was 105 US dollars/dry ton [17]. 13. SHFE Member Zinc Trading and Position Ranking - For the zn2511 contract on October 13, in terms of trading volume, CITIC Futures ranked first with 60,024 lots, an increase of 7,572 lots. In terms of long - position holdings, CITIC Futures ranked first with 7,036 lots, an increase of 184 lots. In terms of short - position holdings, CITIC Futures ranked first with 13,443 lots, a decrease of 1,634 lots [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The short - term trend of Shanghai zinc ZN2511 is expected to be an oscillating rebound. The previous trading day saw Shanghai zinc decline in an oscillating manner, with a shrinking trading volume. Both long and short positions reduced, with more long - position reductions. Technically, the price is below the long - term moving average, and the moving average support is weak. The short - term indicator KDJ is declining and operating in the weak area. The trend indicator shows that the long - position strength is rising, the short - position strength is falling, and the dominance of short - position strength is narrowing [2][19]. 3. Summary According to Relevant Catalogs 3.1 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, 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, showing a bullish signal [2]. 3.2 Basis - The spot price of zinc is 21,880 yuan/ton, with a basis of +80, indicating a neutral situation [2]. 3.3 Inventory - On October 8, LME zinc inventory increased by 50 tons to 38,250 tons compared to the previous day. On September 30, the Shanghai Futures Exchange zinc inventory warrant decreased by 2,043 tons to 57,221 tons compared to the previous day, showing a neutral situation [2]. 3.4 Market Trends - On September 30, the trading volume of zinc futures on the futures exchange was 254,693 lots, and the open interest was 234,904 lots, with a decrease of 16,120 lots [3]. 3.5 Spot Market - On September 30, the price of zinc concentrate in Lin was 16,540 yuan/ton, up 160 yuan/ton; the price of zinc ingots in Shanghai was 21,880 yuan/ton, up 210 yuan/ton; the price of galvanized sheets in China was 4,004 yuan/ton, down 14 yuan/ton; the price of galvanized pipes in China was 4,412 yuan/ton, down 3 yuan/ton; the price of zinc alloy in Ningbo was 22,380 yuan/ton, up 200 yuan/ton; the price of zinc powder in Changsha was 27,130 yuan/ton, up 200 yuan/ton; the price of zinc oxide in Taizhou was 20,350 yuan/ton, unchanged; the price of secondary zinc oxide in Lin was 7,835 yuan/ton, unchanged [4]. 3.6 Zinc Ingot Inventory - From September 18 to September 29, the total inventory of zinc ingots in major domestic 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]. 3.7 Zinc Concentrate Processing Fees - On September 29, the average processing fee for 50% grade zinc concentrate in different regions ranged from 3,500 to 4,100 yuan/metal ton, and the processing fee for imported 48% grade zinc concentrate was 105 US dollars/dry ton [16]. 3.8 Futures Company Transaction and Position Ranking - For the zinc contract zn2511 on September 30, among the top 20 futures companies in terms of trading volume, the total trading volume was 256,677 lots, a decrease of 20,576 lots compared to the previous day; the total long - position volume was 86,076 lots, a decrease of 10,322 lots; the total short - position volume was 88,608 lots, a decrease of 7,283 lots [17].