ואני נסכתי - המלכתי והטעם שהוא נסיכי כמו חמשת מלכי מדין שהיו נסיכי סיחון. ודע כי הסמיכה פעם היא מהנכבד לנבזה והפך הדבר כמו אתה הוא מלכי אלהים. But I have installed (וַאֲנִי נָסַכְתִּי - va'ani nasakhti): [This means] I have made king (himlakhti). And the meaning is that he is My prince (nesikhi). Similar [usage connecting this root to rulership is found] regarding "the five kings of Midian who were princes (nesikhei) of Sihon" (Joshua 13:21). And know that the construct state (semikhut - e.g., "king of X") sometimes proceeds from the honored [noun] to the less esteemed [noun], and sometimes the opposite, like [in (Psalm 44:5)] "You are my King, O God" (Atah hu Malki Elokim) [where "God" is the more honored noun].
ואני נסכתי מלכי - ה' הוא נחלתו והם עמך ונחלתך וכמוהו להשתחות למלך ה' צבאות - שהוא המשיח, כדרך וישתחוו לו כל מלכים, כי אילו היה על השם היה הלמד פתוח. "But I have installed My king" (va'ani nasakhti malki): [This relationship is like how Israel is God's portion, e.g.,] "Ad-nai is his inheritance" (Deuteronomy 10:9) and [conversely] "They are Your people and Your inheritance" (Deuteronomy 9:29). [The king is God's designated representative]. And similar to it [the concept of a designated king related to God] is [the phrase in (Zechariah 14:16-17)] "to bow down to the King, Ad-nai of hosts" (le-hishtachavot le-melekh Ad-nai tzeva'ot). [This title "King, Ad-nai of hosts" in Zechariah] refers to the Messiah. This is in the manner of (Psalm 72:11) "And all kings shall bow down to him" (ve-yishtachavu lo kol melakhim). For if [the phrase le-melekh ("to the King") in (Zechariah 14:16)] were referring [directly] to HaShem, the Lamed [prefix] would have a patach vowel [i.e., it would likely be לַמֶּלֶךְ - la-melekh].