铅：海外库存减少，支撑价格，沪铅连三进口盈亏

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Overseas inventory reduction supports the price of lead [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price: The closing price of the main contract of Shanghai lead futures was 17,420 yuan/ton, down 0.06%, and the closing price of the 3M electronic disk of LME lead was 2,045 dollars/ton, up 0.42% [1] - Volume: The trading volume of the main contract of Shanghai lead futures was 27,206 lots, a decrease of 16,966 lots, and the trading volume of LME lead was 10,307 lots, an increase of 3,259 lots [1] - Open Interest: The open interest of the main contract of Shanghai lead futures was 59,818 lots, a decrease of 2,680 lots, and the open interest of LME lead was 152,994 lots, an increase of 2,647 lots [1] - Premium and Discount: The premium of Shanghai 1 lead was 0 yuan/ton, unchanged; the LME CASH - 3M premium was -8.5 dollars/ton, an increase of 6.46 dollars/ton [1] - Import Profit and Loss: The spot import profit and loss of lead ingots was -366.93 yuan/ton, a decrease of 208.33 yuan/ton; the import profit and loss of Shanghai lead continuous three - month contract was -225.6 yuan/ton, a decrease of 119.72 yuan/ton [1] - Inventory: The inventory of Shanghai lead futures was 21,903 tons, unchanged; the LME lead inventory was 203,700 tons, a decrease of 1,800 tons; the LME lead cancelled warrants were 101,750 tons, a decrease of 1,800 tons [1] - Recycled Lead: The price of recycled refined lead was 17,200 yuan/ton, an increase of 25 yuan/ton; the comprehensive profit and loss of recycled lead was 222 yuan/ton, an increase of 25 yuan/ton [1] 3.2 News - The State Council General Office plans to strengthen research, development, and application of key core technologies in the field of artificial intelligence, and promote the application and standard construction of the unmanned system in the land, sea, and air [2] - The Democratic Party has softened its stance, while the Republican Party has rejected but admitted progress. Trump's chief economic advisor warns that the government shutdown will have a far more serious impact on the economy than expected, and the US Q4 GDP growth rate may be halved [2] - The trend strength of lead is 0, indicating a neutral outlook [2]