铅价持续偏弱，操作暂转变为逢高卖出套保

1. Report Industry Investment Rating - The investment rating is cautiously bearish [3] 2. Core View of the Report - After the Fed's interest - rate meeting, most non - ferrous metals showed an upward trend, but some varieties are expected to decline after delivery. The lead market is currently in a situation of weak supply and demand. Since the Spring Festival in 2025 is relatively late, the downstream restocking period before the festival is still early. The current operation strategy is to sell on rallies for hedging, with the selling range between 17,000 yuan/ton and 17,100 yuan/ton [3] 3. Summary by Relevant Catalogs Market News and Important Data Spot Market - On December 16, 2025, the LME lead spot premium was -$51.52/ton. The SMM1 lead ingot spot price decreased by 150 yuan/ton to 16,825 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by -25 yuan/ton to 25.00 yuan/ton. The SMM Guangdong lead spot price decreased by 150 yuan/ton to 16,875 yuan/ton. The SMM Henan lead spot price decreased by 150 yuan/ton to 16,825 yuan/ton. The SMM Tianjin lead spot premium decreased by 150 yuan/ton to 16,825 yuan/ton. The lead concentrate - scrap price difference remained unchanged at 0 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 9,875 yuan/ton. The price of waste white shells decreased by 50 yuan/ton to 10,025 yuan/ton. The price of waste black shells remained unchanged at 10,275 yuan/ton [1] Futures Market - On December 16, 2025, the main contract of Shanghai lead opened at 17,015 yuan/ton and closed at 16,825 yuan/ton, a decrease of 185 yuan/ton compared with the previous trading day. The trading volume was 40,679 lots, a decrease of 833 lots compared with the previous trading day. The position was 29,732 lots, a decrease of 2,664 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 17,015 yuan/ton and the lowest point reaching 16,810 yuan/ton. In the night session, the main contract of Shanghai lead opened and closed at 16,825 yuan/ton, unchanged from the afternoon close [2] Inventory - On December 16, 2025, the total SMM lead ingot inventory was 22,000 tons, an increase of 1,400 tons compared with the same period last week. As of December 16, the LME lead inventory was 268,450 tons, an increase of 17,725 tons compared with the previous trading day [2] Strategy - The strategy is to sell on rallies for hedging, with the selling range between 17,000 yuan/ton and 17,100 yuan/ton [3]