铅：海外库存减少，支撑价格

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Overseas inventory reduction supports the price of lead [1] - Driven by the Fed's policy easing expectations, US Treasury yields generally declined, with the 2 - year yield falling by more than 6 basis points [2] - In China, the year - on - year decline in the profits of industrial enterprises above designated size in July narrowed to 1.5%, and the profits of high - tech manufacturing increased rapidly [2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price: The closing price of the main contract of Shanghai lead was 16,890 yuan/ton, down 0.24%; the closing price of the LME 3M electronic lead contract was 1,987 US dollars/ton, down 0.25% [1] - Trading Volume: The trading volume of the main contract of Shanghai lead was 49,426 lots, an increase of 4,245 lots; the trading volume of LME lead was 6,584 lots, an increase of 1,465 lots [1] - Open Interest: The open interest of the main contract of Shanghai lead was 49,915 lots, a decrease of 931 lots; the open interest of LME lead was 161,771 lots, an increase of 859 lots [1] - Premium and Discount: The premium of Shanghai 1 lead was 0 yuan/ton, an increase of 10 yuan/ton; the LME CASH - 3M premium was - 38.74 US dollars/ton, an increase of 5.26 US dollars/ton [1] - Import and Export Profits: The spot import profit and loss of lead ingots was - 498.78 yuan/ton, an increase of 75.11 yuan/ton; the import profit and loss of Shanghai lead continuous three - month contract was - 482.68 yuan/ton, an increase of 94.9 yuan/ton [1] - Inventory: The inventory of Shanghai lead futures was 58,275 tons, an increase of 74 tons; the LME lead inventory was 267,475 tons, a decrease of 4,075 tons [1] - Recycled Lead: The price of waste electric vehicle batteries was 10,125 yuan/ton, unchanged; the comprehensive profit and loss of recycled lead was - 341 yuan/ton, unchanged [1] 3.2 News - Driven by the Fed's policy easing expectations, US Treasury yields generally declined, with the 2 - year yield falling by more than 6 basis points [2] - In China, the year - on - year decline in the profits of industrial enterprises above designated size in July narrowed to 1.5%, and the profits of high - tech manufacturing increased rapidly [2] 3.3 Lead Trend Intensity - The lead trend intensity is 0, indicating a neutral trend [2]