SMM Analysis：As of September 10, LME zinc inventory dropped to around 50,000 mt, hitting a low since June 2023, while the LME zinc 0-3 premium expanded to $23.01/mt. Amid "squeeze" risks, LME zinc prices continued to rise since late August. However, domestic zinc inventory kept accumulating, and SHFE zinc remained in the doldrums due to the surplus logic. The SHFE/LME price ratio weakened again, significantly narrowing China's zinc export losses. Market attention on the zinc export window gradually increased.....

According to media reports, electrification is penetrating deeply into multiple fields such as ships, aircraft, robots, and construction machinery, driving lithium batteries from single-point high growth to multi-point outbreaks. The high demands for energy density, safety, and lightweighting in emerging application scenarios are forcing rapid evolution in material systems and manufacturing technologies, with solid-state batteries becoming a key variable in reshaping the landscape.