铅：偏强运行

Report Summary 1. Industry Investment Rating - The investment rating for the lead industry is "偏强运行" (Relatively strong operation) [1] 2. Core View - The lead market is expected to operate relatively strongly, with a trend strength of 1, indicating a relatively positive outlook [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Prices: The closing price of the main Shanghai lead futures contract was 17,190 yuan/ton, up 1.36% from the previous day, and the closing price of the LME 3M electronic lead contract was 2,012 dollars/ton, up 0.25% [1] - Volumes and Positions: The trading volume of the main Shanghai lead futures contract was 56,352 lots, an increase of 23,555 lots, and the open interest was 48,344 lots, an increase of 4,060 lots. The trading volume of LME lead was 8,788 lots, an increase of 3,488 lots, and the open interest was 152,973 lots, a decrease of 51 lots [1] - Premiums and Discounts: The premium/discount of Shanghai 1 lead was -35 yuan/ton, a decrease of 10 yuan/ton, and the LME CASH - 3M premium/discount was -23.5 dollars/ton, an increase of 4.5 dollars/ton [1] - Inventory: Shanghai lead futures inventory was 44,667 tons, an increase of 427 tons, and LME lead inventory was 275,250 tons, a decrease of 2,125 tons. The LME lead cancelled warrants were 70,900 tons, a decrease of 2,125 tons [1] - Recycled Lead: The price of recycled electric vehicle batteries was 10,250 yuan/ton, an increase of 25 yuan/ton, and the price of recycled refined lead was 16,875 yuan/ton, an increase of 175 yuan/ton. The comprehensive profit and loss of recycled lead was -361 yuan/ton, an increase of 128 yuan/ton [1] 3.2 News - Trump stated that the conflict between Israel and Iran might break out again soon, the cease - fire progress was "very smooth", the US would not tolerate Iran's continued nuclear activities, and the US would hold talks with Iran next week, hinting at possible adjustments to sanctions [1] 3.3 Trend Intensity - The trend intensity of lead is 1, with the range of trend intensity being an integer in the [-2, 2] interval, where -2 represents the most bearish and 2 represents the most bullish [1]