铅：库存平稳，价格震荡

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report presents the latest data on the lead market, including price, trading volume, inventory, and other indicators, showing that lead inventory is stable and prices are fluctuating. It also mentions the performance of the US stock market and China's PMI data [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Price: The closing price of the Shanghai lead main contract was 16,840 yuan/ton, with a 0.00% change from the previous day; the closing price of the LME lead 3M electronic disk was 1,936.5 US dollars/ton, a -1.20% change [1]. - Trading Volume: The trading volume of the Shanghai lead main contract was 46,772 lots, a decrease of 6,889 lots; the trading volume of LME lead was 10,225 lots, an increase of 1,963 lots [1]. - Open Interest: The open interest of the Shanghai lead main contract was 59,776 lots, a decrease of 439 lots; the open interest of LME lead was 171,652 lots, a decrease of 1,623 lots [1]. - Premium and Discount: The premium of Shanghai 1 lead was -15 yuan/ton, unchanged; the LME CASH - 3M premium was -49.27 US dollars/ton, a decrease of 1.51 US dollars/ton [1]. - Inventory: The Shanghai lead futures inventory was 54,888 tons, unchanged; the LME lead inventory was 286,100 tons, unchanged [1]. - Recycled Lead: The price of recycled refined lead was 16,525 yuan/ton, a decrease of 50 yuan/ton; the comprehensive profit and loss of recycled lead was -356 yuan/ton, a decrease of 51 yuan/ton [1]. 3.2 News - US Stock Market: Strong US economic data and eased price pressure overshadowed the Middle East situation, leading to a rise in US stocks, with the Nasdaq rising more than 1% supported by technology stocks [2]. - China's PMI: China's official manufacturing PMI in February was 49, and the non - manufacturing PMI was 49.5. The RatingDog manufacturing PMI in February rose significantly to 52.1, with both domestic and foreign demand increasing, and the growth rate of new export orders reaching a new high in more than five years [2]. 3.3 Lead Trend Intensity The lead trend intensity is 0, indicating a neutral trend [2].