铅：关注旺季消费成色

Report Summary 1) Report Industry Investment Rating No information provided regarding the industry investment rating. 2) Report's Core View The report focuses on the lead market, tracking its fundamentals and mentioning relevant news. It suggests paying attention to the consumption performance of lead during the peak season [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Prices: The closing price of the main Shanghai lead futures contract was 17,085 yuan/ton, up 0.06% from the previous day, while the LME 3M electronic lead contract closed at $2,017/ton, down 0.98% [1]. - Trading Volumes: The trading volume of the main Shanghai lead futures contract was 31,556 lots, a decrease of 20,905 lots, and the LME lead trading volume was 6,377 lots, a decrease of 761 lots [1]. - Open Interest: The open interest of the main Shanghai lead futures contract was 52,444 lots, a decrease of 1,035 lots, and the LME lead open interest was 144,891 lots, a decrease of 1,790 lots [1]. - Premiums and Discounts: The premium of Shanghai 1 lead was -20 yuan/ton, up 5 yuan/ton, and the LME CASH - 3M premium was -$33.62/ton, down $11.04/ton [1]. - Inventory: The Shanghai lead futures inventory was 55,130 tons, an increase of 2,229 tons, and the LME lead inventory was 260,950 tons, an increase of 11,575 tons [1]. - Other Indicators: The price of waste electric vehicle batteries was 10,275 yuan/ton, down 25 yuan/ton, and the LME lead cancelled warrants were 51,925 tons, a decrease of 2,550 tons [1]. News In June, China's social financing increment was 4.2 trillion yuan, new RMB loans were 2.24 trillion yuan, and the M2 - M1 gap narrowed [1]. Trend Intensity The lead trend intensity was 0, indicating a neutral outlook, with the range of trend intensity being an integer within [-2, 2] [1].