The global zinc market is highly fragmented, with primary and secondary smelters accounting for 56% of the market. China is the global leader in the manufacture of zinc in 2016. Other prominent suppliers of zinc are Australia, India, South Korea, Japan, and Central and South America. Hindustan Zinc and Binani Industries are the major zinc manufacturers in India. Even though the smelting capacity is high, the actual supply of zinc is less than the rated capacity due to the increasing depletion of mines. This will negatively impact the zinc supply in Southeast Asia and Europe. Smelters around the world are facing supply deficiency since 2011. This has resulted in a reduction in capacity utilization of the production plants. Capacity expansion will be done on a large scale by smelters in China during the forecast period. Expansion projects such as Greenfield and Brownfield investments will be carried out in countries such as South Korea, Japan, Kazakhstan, and India to increase the smelting capacity.

煤炭板块全周呈现震荡走高走势，上周末端冲高回落，煤炭指数全周收盘于3336.38 点，全周上涨2.04%，跑赢沪深300 指数4.62 个百分点。除永泰能源停牌之外，上市公司多数收涨，35 家上市公司中31 家收涨，3 家收跌。*ST 山煤（600546）（11.66%）、*ST 煤气（000968）（10.46%）、开滦股份（600997）（7.07%）、山西焦化（600740）（6.49%）四家公司涨幅居前。新露天煤业（002128）（-2.36%）、美锦能源（000723）（-1.60%）、中国神华（601088）（-0.22%）三家公司跌幅较深。

近期煤炭市场平稳运行，煤炭价格止跌企稳。2017 年前三季度，我国GDP 增速6.9%，增速与上半年持平，三季度，我国GDP 同比增长6.8%，较前两季度略有下降。我们认为目前从宏观和行业视角来看有以下变化，一是接下来限产因素对经济边际影响减弱，二是汇率升值对出口的影响边际减弱。

供给端，在产能与库存出清背景下，有效产能不足，且释放乏力，18 年煤炭产量增速数据将较17 年下滑。以中国为代表的全球煤炭供给自然出清，产能利用率在17 年已攀升至高位，但由于行业长周期下行、供需区域结构问题恶化、产品结构问题显现、运能运力无法快速调整、环保安监执法力度趋强等多重因素影响，煤炭有效供给仍明显不足，且有进一步显性化趋势。伴随国家加快产能置换与生产能力核定，当前已形成的产能绝大多数已在贡献产量。

周内环渤海动力煤指数持平，港口煤价止跌回升，且有较大涨幅。