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The second message has to do with things wholly future. The King spoke of in the previous message, whose rejection was there foretold, is now seen coming into His kingdom. This the prophet described in two movements, which are complementary.
In the first he looked at the opposing nations as they will be dealt with in judgment, and at the Israel of God, as she will be restored through the acknowledgment of her true, though rejected, King, and by her own spiritual cleansing.
In the second movement he viewed the same events from the standpoint of the King, beginning with His rejection, and then describing His Coming, day, process, and administration.
The final victories of the King over the nations and the saving of the people of God are described. By the strength of Jehovah operating through His people the strength of the nations is discomfited, and perfect victory is assured. This victory over the nations will issue in the restoration of the spiritual Israel to supremacy under the government of One whom they had pierced.
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Morgan, G. Campbell. "Commentary on Zechariah 12". "Morgan's Exposition on the Bible". https://studylight.org/
the Fourth Week after Epiphany