1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The fundamentals of lead show a decrease in inventory, which supports the price. The strength - weakness analysis is neutral, and the price range is 16,000 - 17,000 yuan/ton [3]. - This week, lead prices fluctuated at a low level. The geopolitical situation in the Middle East put pressure on risk assets, but factors such as reduced production of recycled lead and increased demand supported the price. The supply of primary lead increased, while some recycled lead enterprises cut production. Downstream enterprises increased raw material replenishment at low prices, causing a rapid decline in domestic social inventory. It is expected that the price will be supported, and appropriate low - buying is recommended. When the profit of recycled lead is repaired, long - positions can be closed. Attention can be paid to the possibility of term positive spreads [7]. 3. Summary by Relevant Catalogs 3.1 Trading Aspect: Price, Spread, Inventory, Funds, Transaction, and Position - **Price**: The Shanghai Lead Index fluctuated between 16,300 - 16,500 yuan/ton this week. The closing price of the Shanghai Lead main contract last week was 16,555 yuan/ton, with a weekly increase of 1.63%. The closing price of the night session yesterday was 16,455 yuan/ton, with a night - session decrease of 0.60%. The LmeS - Lead 3 price last week was 1,935.5, with a weekly increase of 2.46% [7][8]. - **Spread**: The LME lead 0 - 3 spot discount is relatively large. The spread between recycled lead and primary lead decreased by 25 yuan/ton compared to the previous week. The spread between the near - month and the first - continuous contract decreased by 5 yuan/ton [8]. - **Inventory**: As of March 26, the domestic lead social inventory was 57,800 tons, lower than 77,600 tons on March 19. The Shanghai Lead warehouse receipt inventory decreased by 5,711 tons, and the total Shanghai Lead inventory decreased by 8,531 tons. The LME lead inventory decreased by 1,025 tons, and the注销仓单 ratio increased by 2.32% [7][8]. - **Transaction and Position**: The trading volume of the Shanghai Lead main contract decreased by 19,821 lots compared to the previous week, and the position decreased by 27,025 lots. The trading volume of LmeS - Lead 3 decreased by 2,881 lots, and the position increased by 6,194 lots [8]. 3.2 Lead Supply: Lead Concentrate, Waste Battery, Primary Lead, and Recycled Lead - **Lead Concentrate**: The import volume, actual consumption, and production of lead concentrate are presented in the report. The import TC and domestic TC are also shown. The lead concentrate smelting profit and the lead concentrate operating rate are also included [23][25][26]. - **Primary Lead**: The production and weekly operating rate of primary lead are provided. The by - products of primary lead, such as silver and sulfuric acid, are also mentioned [30][33]. - **Recycled Lead**: The production, operating rate, cost, and profit of recycled lead are presented. The raw material inventory of recycled lead smelting enterprises and the price of waste electric vehicle batteries are also included [32][37][38]. - **Import and Export**: The net import of refined lead, the monthly import volume of lead ingots, the import profit and loss, and the export volume of lead ingots are shown [40]. 3.3 Lead Demand: Lead - Acid Battery and Terminal - **Lead - Acid Battery**: The operating rate of lead - acid batteries, the monthly finished - product inventory days of lead - acid battery enterprises and dealers, and the export volume of batteries are presented [43]. - **Terminal Consumption**: The actual consumption of lead, the monthly production of automobiles and motorcycles are shown [45].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, lead prices were under continuous pressure. The lowest price of the SHFE Lead 2605 contract during the week was 16,245 yuan/ton, with a weekly decline of 1.90%. The strengthening of the US dollar index and the continuous increase in domestic inventories exerted downward pressure on prices. However, the expected reduction in secondary lead production limited the downside space for prices [7]. - In terms of supply, primary lead production increased while secondary lead production slowed down. Smelters in Henan and Yunnan planned to resume production in mid-March. Secondary lead smelting was in a loss of 200 - 350 yuan/ton, and recyclers were not keen on stockpiling, resulting in a tight supply of scrap batteries. The recovery speed of secondary lead enterprises slowed down, and the resumption of production of some secondary lead producers was postponed [7]. - The operating rate of lead-acid battery enterprises remained stable, and finished battery inventories continued to decline. With lead prices remaining weak, large - scale enterprises significantly increased their enthusiasm for restocking at low prices and made substantial purchases of warehouse receipts and spot goods during the week [7]. - As of March 19, the domestic social inventory of lead was 77,600 tons, slightly higher than 76,500 tons on March 12, and the inventory growth rate slowed down. The spot premium of lead strengthened, rising from a discount of 25 yuan/ton on March 13 to par on March 20 [7]. - Trading Strategy: Given the relatively low lead prices and increased disruptions in secondary lead supply, the expected downward space for prices is limited. Previous short positions can be reduced [7]. 3. Summary According to Relevant Catalogs 3.1 Trading Aspects: Price, Spread, Inventory, Capital, Transaction, Position - **Price**: The SHFE Lead 2605 contract had a weekly decline of 1.90%, with the lowest price of 16,245 yuan/ton. The SHFE lead主力 had a previous closing price of 16,290 yuan/ton, a weekly decline of 1.60%, and a night - session closing price of 16,415 yuan/ton with a night - session increase of 0.77%. LmeS - Lead 3 had a previous closing price of 1,943.5 yuan/ton and a weekly increase of 2.13% [7][8]. - **Spread**: The LME lead premium (0 - 3) increased by 8.93 from - 47.55 to - 38.62. The Shanghai 1 lead spot premium increased by 20 from - 25 to - 5. The secondary lead - primary lead spread increased by 25 from 0 to 25. The near - month to the next - month contract spread decreased by 15 from - 20 to - 35 [8]. - **Inventory**: The SHFE lead warehouse receipt inventory decreased by 8,845 to 58,174 tons, the SHFE total lead inventory decreased by 9,939 to 66,110 tons, the social inventory increased by 1,100 to 77,600 tons, and the LME lead inventory decreased by 400 to 284,100 tons. The cancellation ratio of LME lead increased by 0.88% to 2.77% [8]. - **Transaction and Position**: The trading volume of the SHFE lead主力 increased by 30,675 to 76,606 lots, and the position increased by 29,460 to 93,141 lots. The trading volume of LmeS - Lead 3 decreased by 207 to 7,154 lots, and the position increased by 6,194 to 142,000 lots [8]. 3.2 Lead Supply: Lead Concentrate, Scrap Battery, Primary Lead, Secondary Lead - **Lead Concentrate**: The import volume, consumption, production, and inventory data of lead concentrate over the years are presented in the charts. The import TC increased by 10 to - 135 US dollars/ton, and the domestic TC remained unchanged at 250 yuan/ton. The import lead concentrate smelting profit increased by 22 to - 1,744 yuan/ton, and the domestic lead concentrate smelting profit remained unchanged at - 3,000 yuan/ton [8][22]. - **Primary Lead and Secondary Lead**: Primary lead production increased, and some smelters in Henan and Yunnan planned to resume production in mid - March. Secondary lead production slowed down due to a loss of 200 - 350 yuan/ton and a tight supply of scrap batteries. The production and operating rate data of primary lead and secondary lead over the years are presented in the charts [7][29][30]. - **Primary Lead By - products**: The price of 1 silver, the price of 98% sulfuric acid in East China, and the silver by - product output data over the years are presented in the charts [33][34]. - **Secondary Lead**: The cost, profit and loss, raw material inventory of secondary lead, and the price of scrap electric vehicle batteries over the years are presented in the charts [37][39]. - **Import and Export**: The net import volume, import volume, export volume, and import profit and loss data of refined lead over the years are presented in the charts [40]. 3.3 Lead Demand: Lead - Acid Battery, Terminal - **Battery**: The operating rate, finished - product inventory days of lead - acid battery enterprises and dealers, and export volume data of lead - acid batteries over the years are presented in the charts [43]. - **Consumption and Terminal**: The actual lead consumption, monthly output of automobiles and motorcycles over the years are presented in the charts [45].

1. Report Industry Investment Rating - The lead industry is rated as "Weak", with a price range of 16,300 - 17,300 yuan/ton [3] 2. Core Viewpoints - The lead market shows a pattern of both supply and demand increasing, but considering the continuous increase in inventory, it exerts pressure on the phased price. It is expected that the lead price will remain weak overall, and previous short positions can continue to be held [7] 3. Summary by Directory 3.1 Transaction Aspect - **Price and Spread**: The Shanghai lead main contract (PB00.SHF) closed at 16,555 yuan/ton last week, with a weekly decline of 1.31%. The night - session closing price was 16,395 yuan/ton, a decline of 0.97%. The LME lead 3 - month contract (LmeS - lead3) closed at 1,979, with a weekly increase of 1.70%. The LME lead (0 - 3) spot premium was - 47.55, a decrease of 4.64 compared to the previous week. The Shanghai 1 lead spot premium was - 25 yuan/ton, an increase of 10 yuan/ton compared to the previous week [8] - **Inventory**: As of March 12, the domestic lead social inventory was 76,500 tons, higher than 67,200 tons on March 5. The Shanghai lead warehouse receipt inventory was 67,019 tons, an increase of 12,643 tons compared to the previous week. The Shanghai lead total inventory was 76,049 tons, an increase of 9,220 tons compared to the previous week. The LME lead inventory was 284,500 tons, a decrease of 1,400 tons compared to the previous week [8] - **Trading Volume and Open Interest**: The trading volume of the Shanghai lead main contract last week was 45,931 lots, an increase of 6,668 lots compared to the previous week. The open interest was 63,681 lots, an increase of 6,006 lots compared to the previous week. The trading volume of the LME 3 - month lead contract was 7,361 lots, an increase of 95 lots compared to the previous week. The open interest was 142,000 lots, an increase of 6,194 lots compared to the previous week [8] 3.2 Lead Supply - **Lead Concentrate**: The import volume, production, actual consumption, and inventory of lead concentrate in previous years are presented in the report. The import TC was - 145 US dollars/ton, and the domestic TC was 250 yuan/ton, both remaining unchanged compared to the previous week. The lead concentrate smelting profit (processing) is also shown in the report [24][26][27] - **Primary and Secondary Lead**: The production and weekly operating rates of primary lead and secondary lead in previous years are presented. The production of primary lead is increasing, and some smelters are gradually resuming production. The profit of secondary lead is suppressed, and the willingness of recyclers to hoard goods is not strong, resulting in a tight supply of waste batteries. Secondary lead enterprises are gradually resuming production, and it is expected that the production of secondary lead will gradually increase [7][30] - **Waste Batteries and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises, the price of waste electric vehicle batteries, the cost, and the profit and loss of secondary lead in previous years are presented [33][34][35] - **Import and Export**: The net import of refined lead, the monthly import volume of Chinese lead ingots, the import profit and loss of lead, and the export volume of lead ingots in previous years are presented [37] 3.3 Lead Demand - **Lead - Acid Batteries**: The operating rate of lead - acid battery enterprises, the monthly finished - product inventory days of lead - acid battery enterprises and dealers, and the export volume of batteries in previous years are presented. The operating rate of lead - acid battery enterprises is rising, and the finished - product batteries are continuously reducing inventory [7][41] - **Consumption and End - Users**: The actual consumption of lead, the monthly production of automobiles, and the monthly production of motorcycles in previous years are presented. The consumption of automotive lead - acid batteries shows a seasonal decline, but the consumption of lead - acid batteries for energy storage and two - wheeled vehicles is increasing [7][43]

1. Report Industry Investment Rating - The lead industry is rated as "Weak", with a price range of 16,300 - 17,300 yuan/ton [3] 2. Core Viewpoints - This week, lead prices rebounded and then slightly declined. The highest price of Shanghai lead during the week was 17,010 yuan/ton, with a weekly decline of 0.09%. Geopolitical factors in the Middle East have little impact on lead prices, and the logic of lead mainly depends on supply - demand fundamentals [9] - On the supply side, primary lead production increased as some smelters gradually resumed production. Recycling lead profit slightly recovered, but the supply of scrap batteries was tight. However, considering the gradual resumption of production by recycling enterprises, it is expected that the production of recycled lead will gradually increase. Lead - acid battery enterprises have started to resume work and production, with a rapid increase in battery operating rates. Logistics has gradually recovered, and stores have increased their demand for lead - acid batteries, leading to a continuous reduction in battery finished - product inventory [9] - In terms of social inventory, the total inventory of lead ingots in five regions increased, being at a moderately high level compared to the same period in history, but the inventory growth rate significantly slowed down. High inventory put pressure on the spot market, and the spot discount widened. The Shanghai Futures Exchange has specified that recycled lead (alternative delivery product) will have a discount of 150 yuan/ton compared to primary lead (standard product), starting from March 17, which will also affect the premium and discount of primary lead. The pricing mechanism has changed from "primary lead pricing" to "dual - track pricing of primary and recycled lead". When the premium of primary lead is too high, downstream users will turn to recycled lead, suppressing the premium and discount range of primary lead [9] - For trading strategies, in the lead market, there is a pattern of both supply and demand increasing. However, considering more delivery products, it is necessary to comprehensively consider the inventory of recycled lead and primary lead. It is expected that lead prices will remain weak overall [9] 3. Summary by Directory 3.1 Trading Aspects (Price, Spread, Inventory, Capital, Transaction, Position) - **Price and Spread**: The closing price of the Shanghai lead main contract last week was 16,775 yuan/ton, with a weekly decline of 0.39%. The closing price of the night session yesterday was 16,765 yuan/ton, with a night - session decline of 0.06%. The LME lead 3 - month contract had a closing price of 1,953 last week, with a decline of 0.36% [10] - **Inventory**: The Shanghai lead warehouse receipt inventory decreased by 2,441 tons to 54,376 tons; the total Shanghai lead inventory increased by 2,162 tons to 66,829 tons; the social inventory increased by 100 tons to 67,200 tons; the LME lead inventory decreased by 200 tons to 285,900 tons, and the proportion of cancelled warehouse receipts was 1.97%, an increase of 0.12% compared to the previous week [10] - **Transaction and Position**: The trading volume of the Shanghai lead main contract last week was 39,263 lots, a decrease of 9,806 lots compared to the previous week, and the position was 57,675 lots, a decrease of 6,169 lots. The trading volume of the LME 3 - month lead contract was 7,266 lots, an increase of 1,755 lots, and the position was 142,000 lots, an increase of 6,194 lots [10] 3.2 Lead Supply (Lead Concentrate, Waste Battery, Primary Lead, Recycled Lead) - **Lead Concentrate**: The import volume, actual consumption, and domestic production of lead concentrate showed certain trends over the years. The lead concentrate inventory in Lianyungang also fluctuated. The import TC and domestic TC had their own values, and the lead smelting profit (processing) also changed over time [27][29][30] - **Primary Lead and Recycled Lead**: Primary lead production and the combined production of primary and recycled lead showed an upward trend in some periods. The operating rates of primary lead and recycled lead also changed. The by - product output of silver and the price of 1 silver, as well as the price of sulfuric acid in East China, were also presented [34][35][36] - **Waste Battery and Recycled Lead**: The raw material inventory of recycled lead smelting enterprises, the price of waste electric vehicle batteries, the cost and profit of recycled lead all had their own trends [39][40][41] - **Import and Export**: The net import of refined lead, the monthly import volume of Chinese lead ingots, the import profit and loss, and the export volume of lead ingots were presented [42] 3.3 Lead Demand (Lead - Acid Battery, Terminal) - **Battery**: The operating rate of lead - acid batteries increased, and the finished - product inventory days of lead - acid battery enterprises and dealers decreased. The export volume of batteries also showed certain trends [46] - **Consumption and Terminal**: The actual consumption of lead, the monthly output of automobiles and motorcycles all had their own trends [48]

1. Report Industry Investment Rating - The investment rating for the lead industry is neutral, with a price range of 16,300 - 17,100 yuan/ton [3] 2. Core Viewpoints - The lead market shows a situation of both supply and demand increasing, and the price is expected to remain volatile. The production of primary lead is increasing as some smelters gradually resume production, while the enthusiasm for the resumption of secondary lead production is poor due to continuous losses. On the consumption side, terminal consumption is gradually recovering, and battery companies are expected to increase raw material inventory at low prices. The total inventory of lead ingots in five regions has increased, and the absolute inventory is at a moderately high level compared to the same period in history. However, the spot premium is near par, indicating the willingness of downstream enterprises to buy at low prices. Geopolitical risks in Iran may drive up the prices of aluminum, copper, zinc, and potentially lead. [7] - In the unilateral trading strategy, considering the supply - demand situation and macro - geopolitical support, the lead price is expected to remain stable. Given the large losses in secondary lead, investors can focus on the opportunity to buy at low prices during the later de - stocking period. [7] 3. Summary by Relevant Catalogs 3.1 Trading Aspects - **Price and Spread**: The closing price of the main SHFE lead contract last week was 16,840 yuan/ton, with a weekly increase of 0.84%, and the closing price of the night session yesterday was 1,6770 yuan/ton, with a decrease of 0.42%. The closing price of LmeS - Lead 3 last week was 1,984, with a weekly increase of 0.89%. The LME lead premium changed from - 47.13 to - 44.63, an increase of 2.5; the bonded area lead premium remained unchanged at 97.5; the Shanghai 1 lead spot premium remained at 0; the secondary - primary lead spread remained at - 25; the spread between the near - month and the first - continuous contract changed from - 65 to - 40, an increase of 25; the lead spot import loss increased from 582.13 yuan/ton to 658.93 yuan/ton, an increase of 76.80 yuan/ton; the SHFE lead 3M import loss increased from 496.54 yuan/ton to 623.95 yuan/ton, an increase of 127.41 yuan/ton [8]. - **Inventory**: The SHFE lead warehouse receipt inventory last week was 56,817 tons, an increase of 5,485 tons; the SHFE total lead inventory was 64,667 tons, an increase of 8,128 tons; the social inventory was 67,100 tons, an increase of 13,200 tons; the LME lead inventory was 286,100 tons, a decrease of 1,025 tons, and the proportion of cancelled warrants was 1.84%, a decrease of 0.35 percentage points [8]. - **Trading Volume and Open Interest**: The trading volume of the main SHFE lead contract last Friday was 49,069 lots, an increase of 2,158 lots compared to the previous week, and the open interest was 63,844 lots, a decrease of 5,663 lots compared to the previous week. The trading volume of LmeS - Lead 3 last Friday was 5,511 lots, an increase of 1,221 lots compared to the previous week, and the open interest was 142,000 lots, an increase of 6,194 lots compared to the previous week [8]. 3.2 Lead Supply - **Lead Concentrate**: The import volume, actual consumption, and production of lead concentrate are presented in different time - series data. The import TC of lead concentrate increased from - 150 to - 145 US dollars/ton, and the import smelting profit increased from - 2,192 yuan/ton to - 2,048 yuan/ton; the domestic TC remained at 250 yuan/ton, and the domestic smelting profit remained at - 3,000 yuan/ton [8][26]. - **Primary and Secondary Lead**: The production of primary lead is increasing, and some smelters are gradually resuming production. Secondary lead enterprises are facing continuous losses, resulting in poor enthusiasm for resuming production. The by - product output of primary lead includes silver and sulfuric acid, and their prices in different years are shown in the report. The production and cost - profit situation of secondary lead are also presented, with the profit of secondary lead decreasing from 312 yuan/ton to 240 yuan/ton [7][32][37]. - **Waste Batteries and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises, the price of waste electric vehicle batteries, the cost, and the profit - loss situation of secondary lead are also analyzed in the report [35][36][37]. - **Imports and Exports**: The net import of refined lead, the monthly import and export volume of lead ingots in China, and the import profit - loss situation are presented in the report [38]. 3.3 Lead Demand - **Lead - Acid Batteries**: The operating rate of lead - acid battery enterprises, the monthly finished - product inventory days of battery enterprises and dealers, and the export volume of batteries are analyzed in the report [42]. - **Consumption and End - Users**: The actual consumption of lead, the monthly output of automobiles and motorcycles are presented in the report, showing the relationship between lead consumption and end - user industries [44].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The lead market shows a pattern of weak supply and demand, with no significant driving force. The price is expected to be in a volatile range of 16,300 - 17,000 yuan/ton. The total inventory of lead in five regions has increased, but the absolute inventory is at a historically low level for the same period. The domestic lead spot premium has expanded [3]. - On the supply side, the production of primary lead is under pressure, and the spot import processing fee for lead concentrates with a 60% grade has been continuously decreasing. Many smelters in Hunan and Yunnan are planning or undergoing maintenance, and the production reduction of secondary lead due to increasing losses is on the rise. It is expected that the post - holiday resumption of work for secondary lead enterprises will be after the Lantern Festival. On the consumption side, the consumption of automotive batteries is weak, some enterprises'开工 rates have decreased significantly, and some large enterprises plan to gradually stop production for holidays. The lead - acid battery enterprises are starting to take holidays, logistics in some areas is gradually stagnant, the inventory of finished batteries is increasing, and the willingness to purchase raw lead ingots is low, resulting in a continuous decline in the battery enterprise's 开工 rate. - For trading strategies, in the unilateral strategy, considering the weak supply - demand pattern of the lead market, it is expected that the lead price will generally remain volatile. One can consider short - volatility operations. Also, due to the large losses in secondary lead, one can pay attention to the opportunity of buying on dips later [6]. 3. Summary by Related Catalogs 3.1 Transaction Aspect: Price, Spread, Inventory, Capital, Transaction Volume, and Open Interest - **Price and Spread**: The closing price of the SHFE lead main contract last week was 16,510 yuan/ton, with a weekly decline of 2.10%. The closing price of the overnight session yesterday was 16,535 yuan/ton, with an overnight increase of 0.15%. The price of LmeS - Lead 3 last week was 2,033.5 dollars, with a weekly increase of 1.93%. The LME lead spot - to - 3 - month spread was - 50.67 dollars last Friday, down 4.8 dollars from the previous week. The bonded area lead premium was 97.5 dollars, up 2.5 dollars from the previous week. The Shanghai No. 1 lead spot premium was 25 yuan/ton, down 25 yuan from the previous week. The spread between secondary lead and primary lead was 25 yuan/ton, up 75 yuan from the previous week. The spread between the near - month and the first - continuous contract was - 20 yuan/ton, down 295 yuan from the previous week [7]. - **Inventory**: The SHFE lead warehouse receipt inventory last week was 35,805 tons, an increase of 6,387 tons from the previous week. The SHFE total lead inventory was 47,824 tons, an increase of 17,240 tons from the previous week. The social inventory was 40,400 tons, an increase of 4,300 tons from the previous week. The LME lead inventory was 232,850 tons, an increase of 27,275 tons from the previous week, and the proportion of cancelled warrants was 6.80%, down 2.26% from the previous week [7]. - **Transaction Volume and Open Interest**: The trading volume of the SHFE lead main contract last week was 50,420 lots, a decrease of 72,439 lots from the previous week, and the open interest was 52,027 lots, a decrease of 4,453 lots from the previous week. The trading volume of LmeS - Lead 3 last week was 5,987 lots, a decrease of 4,655 lots from the previous week, and the open interest was 142,000 lots, an increase of 6,194 lots from the previous week [7]. 3.2 Lead Supply: Lead Concentrates, Waste Batteries, Primary Lead, and Secondary Lead - **Lead Concentrates**: The import volume, actual consumption, and production of lead concentrates from 2021 - 2025 are presented in the report. The import processing fee (TC) and domestic TC of lead concentrates are also provided, and the lead smelting profit (processing) shows fluctuations over the years. The lead concentrate 开工 rate from 2021 - 2026 is also shown [23][25][26]. - **Primary and Secondary Lead**: The production and 开工 rate of primary lead and secondary lead from 2021 - 2026 are provided. The production of primary lead and the combined production of primary and secondary lead are presented in a time - series graph. The production of silver by - products from primary lead smelting is also shown [29][30]. - **Waste Batteries and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises from 2021 - 2026 is presented. The prices of waste electric vehicle batteries, the cost of secondary lead, and the profit and loss of secondary lead are also provided [32][33][34]. - **Import and Export**: The net import of refined lead, monthly import volume of Chinese lead ingots, import profit and loss of lead, and lead ingot export volume from 2021 - 2025 are presented [35]. 3.3 Lead Demand: Lead - Acid Batteries, End - Users - **Batteries**: The 开工 rate of lead - acid batteries, the monthly finished - product inventory days of lead - acid battery enterprises and dealers, and the export volume of batteries from 2021 - 2025 are presented [39]. - **Consumption and End - Users**: The actual consumption of lead, the monthly production of automobiles and motorcycles from 2021 - 2025 are presented [41].

1. Report Industry Investment Rating - The investment rating for the lead industry is neutral, with a price range of 16,900 - 17,500 yuan/ton [3] 2. Core Viewpoints of the Report - The lead market lacks driving forces, and prices are expected to remain volatile. The total inventory of lead in five regions has increased, but the absolute inventory is at a historically low level for the same period. The domestic lead spot has been in a premium state. [3][5] - On the supply side, the production of primary lead is under pressure, and the spot import processing fee for lead concentrates with a grade of 60% continues to decline. However, primary lead smelting enterprises in Jiangxi and other places are gradually resuming production, which is expected to increase the supply of primary lead. In the secondary lead sector, enterprise profits are compressed, and the production of smelters in Anhui, Shandong, Henan and other places is limited. At the same time, secondary lead smelting enterprises in Ningxia, Inner Mongolia and other places will have an early holiday, and the overall output of secondary lead is under pressure. [7] - On the consumption side, battery consumption is weak, and the inventory of finished batteries continues to accumulate. Against the background of weak consumption and increasing inventory of new batteries, the Spring Festival holiday of lead - acid battery enterprises will be longer than in previous years, and the holiday time will be earlier. [7] - Regarding trading strategies, in the unilateral strategy, the lead market shows a pattern of weak supply and demand. It is expected that the lead price will generally remain volatile, and short - volatility operations can be considered. In terms of the spread strategy, the domestic lead inventory has increased while the overseas inventory is under pressure. Continuous attention can be paid to the opportunity of long domestic and short overseas arbitrage. [7] 3. Summary According to Relevant Catalogs Trading Aspect: Price, Spread, Inventory, Capital, Transaction, and Position - **Price and Spread**: The closing price of the main SHFE lead contract last week was 17,095 yuan/ton, with a weekly decline of 2.17%. The closing price of the night session yesterday was 17,145 yuan/ton, with a night - session increase of 0.29%. The closing price of LmeS - lead 3 last week was 2,016.5 dollars/ton, with a weekly decline of 1.03%. The LME lead premium (0 - 3) was - 44.56 dollars/ton last Friday, a decrease of 0.38 dollars/ton compared with the previous Friday. The bonded area lead premium was 95 dollars/ton last Friday, an increase of 5 dollars/ton compared with the previous Friday. The Shanghai 1 lead spot premium was 0 yuan/ton last Friday, a decrease of 25 yuan/ton compared with the previous Friday. The spread between secondary lead and primary lead was - 125 yuan/ton last Friday, an increase of 75 yuan/ton compared with the previous Friday. The spread between the near - month and the first - continuous contract was - 60 yuan/ton last Friday, unchanged from the previous Friday. [8] - **Inventory**: The SHFE lead warrant inventory last week was 27,966 tons, an increase of 702 tons compared with the previous week. The total SHFE lead inventory was 29,351 tons, a decrease of 7,693 tons compared with the previous week. The social inventory was 34,500 tons, an increase of 2,000 tons compared with the previous week. The LME lead inventory was 215,175 tons, an increase of 8,825 tons compared with the previous week, and the proportion of cancelled warrants was 13.06%, a decrease of 8.11% compared with the previous week. [8] - **Transaction and Position**: The trading volume of the main SHFE lead contract last Friday was 37,429 lots, a decrease of 83,984 lots compared with the previous week. The position last week was 65,194 lots, a decrease of 17,474 lots compared with the previous week. The trading volume of LmeS - lead 3 last Friday was 5,194 lots, a decrease of 5,330 lots compared with the previous week. The position last week was 142,000 lots, an increase of 6,194 lots compared with the previous week. [8] Lead Supply: Lead Concentrates, Waste Batteries, Primary Lead, and Secondary Lead - **Lead Concentrates**: The import volume, actual consumption, and production of lead concentrates have shown fluctuations in previous years. The lead concentrate inventory in Lianyungang has also fluctuated. The import TC and domestic TC of lead concentrates have changed, and the smelting profit of lead concentrates (processing) has also shown different trends over the years. The operating rate of lead concentrate mines has also fluctuated. [25][27][28] - **Primary and Secondary Lead**: The production of primary lead, secondary lead, and the combined production of primary and secondary lead have shown different trends in previous years. The weekly operating rate of primary lead and the operating rate of secondary lead have also fluctuated. The by - product output of silver, the price of 1 silver, and the price of 98% sulfuric acid in East China have also changed over the years. [31][32][33] - **Waste Batteries and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises has fluctuated. The price of waste electric vehicle batteries, the cost of secondary lead, and the profit and loss of secondary lead have also changed over the years. [35][36][37] - **Import and Export**: The net import of refined lead, the monthly import volume of lead ingots in China, the import profit and loss of lead, and the export volume of lead ingots have all shown different trends in previous years. [39] Lead Demand: Lead - Acid Batteries and End - Users - **Batteries**: The operating rate of lead - acid batteries has fluctuated over the years. The monthly finished - product inventory days of lead - acid battery enterprises and dealers have also changed. The export volume of batteries has shown different trends in previous years. [43] - **Consumption and End - Users**: The actual consumption of lead has shown different trends in previous years. The monthly output of automobiles and motorcycles has also fluctuated. [45]

1. Report Industry Investment Rating - The investment rating for the lead industry is neutral, with a price range of 17,000 - 17,600 yuan/ton [3] 2. Core Viewpoints of the Report - The lead market shows a pattern of weak supply and demand, and the lead price is expected to remain volatile. On the supply side, the production of primary lead is under pressure, and the spot import processing fee for lead concentrates with a grade of 60% continues to decline. In the secondary lead sector, although the production capacity in some regions is gradually resuming, the overall production of secondary lead still faces pressure. On the consumption side, battery consumption is weak, and the inventory of finished batteries continues to accumulate. The anti - dumping policy of the GCC on Chinese lead - acid batteries has a significant impact on battery exports. In terms of inventory, the domestic five - region lead inventory has increased week - on - week, and the spot is currently at a premium [6] - For trading strategies, in the unilateral strategy, considering the weak supply - demand pattern in the lead market, shorting volatility can be considered. In the spread strategy, as domestic lead inventory increases while overseas inventory decreases, continuous attention can be paid to the opportunity of long - domestic and short - overseas arbitrage [6] 3. Summary by Directory 3.1 Trading Aspect: Price, Spread, Inventory, Capital, Transaction, and Position - **Price and Spread**: The closing price of the Shanghai lead main contract last week was 17,475 yuan/ton, with a weekly increase of 0.69%, and the closing price of the night session yesterday was 17,230 yuan/ton, with a night - session decline of 1.40%. The LME lead 3 - month contract price was 2,005.5 dollars, with a decline of 2.00%. The LME lead spot - to - 3 - month spread was - 44.18 dollars, a change of - 0.13 dollars from the previous week. The Shanghai 1 lead spot premium was 25 yuan/ton, unchanged from the previous week. The spread between secondary lead and primary lead was - 200 yuan/ton, a decrease of 50 yuan/ton from the previous week. The spread between the near - month and the first - consecutive contract was - 60 yuan/ton, a decrease of 45 yuan/ton from the previous week [7] - **Inventory**: The Shanghai lead warehouse receipt inventory was 27,264 tons, an increase of 11,076 tons from the previous week; the total Shanghai lead inventory was 37,044 tons, an increase of 6,933 tons from the previous week; the social inventory was 32,500 tons, an increase of 12,900 tons from the previous week; the LME lead inventory was 206,350 tons, a decrease of 16,375 tons from the previous week, and the proportion of cancelled warrants was 21.17%, a decrease of 5.87% from the previous week [7] - **Transaction and Position**: The trading volume of the Shanghai lead main contract last week was 121,413 lots, an increase of 62,729 lots from the previous week, and the position was 82,668 lots, an increase of 39,740 lots from the previous week. The trading volume of the LME 3 - month lead contract was 10,524 lots, an increase of 3,875 lots from the previous week, and the position was 142,000 lots, an increase of 6,194 lots from the previous week [7] 3.2 Lead Supply: Lead Concentrates, Waste Batteries, Primary Lead, and Secondary Lead - **Lead Concentrates**: The import volume, actual consumption, and domestic production of lead concentrates from 2021 - 2025 are presented in the report. The import TC of lead concentrates and the domestic TC are also shown, along with the lead smelting profit (processing). The lead concentrate inventory in Lianyungang from 2021 - 2026 is also provided, and the lead concentrate operating rate from 2021 - 2025 is presented [24][25][26] - **Primary Lead and Secondary Lead**: The production and weekly operating rate of primary lead from 2021 - 2025 are presented, as well as the combined production of primary and secondary lead, and the production and operating rate of secondary lead from 2021 - 2025. The prices of primary lead by - products such as silver and sulfuric acid, and the production of silver by - products from 2021 - 2025 are also included [28][29][30] - **Waste Batteries and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises from 2021 - 2026, the price of waste electric vehicle batteries, the cost and profit - loss of secondary lead from 2021 - 2026 are presented [31][32][33] - **Import and Export**: The net import of refined lead, the monthly import volume of Chinese lead ingots, the import profit - loss of lead, and the export volume of lead ingots from 2021 - 2025 are presented [35] 3.3 Lead Demand: Lead - Acid Batteries and End - Users - **Batteries**: The operating rate of lead - acid batteries from 2021 - 2026, the monthly finished - product inventory days of lead - acid battery enterprises and dealers from 2021 - 2025, and the export volume of batteries from 2021 - 2025 are presented [38] - **Consumption and End - Users**: The actual consumption of lead from 2021 - 2025, the monthly production of automobiles and motorcycles from 2021 - 2025 are presented [40]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The lead market shows a pattern of weak supply and demand. It is expected that the lead price will remain volatile overall. Considering the low inventory and the compressed profit of secondary lead, a strategy of buying on dips can be adopted. Attention should also be paid to the term positive spread arbitrage due to the continuous premium of the spot [7]. - Primary lead smelters are under maintenance, leading to pressured primary lead production, while the output of secondary lead is increasing. On the demand side, the purchasing willingness is weak [7]. - Lead - acid battery enterprises are gradually resuming production, but battery consumption is weak, and the finished - product inventory of batteries continues to increase [7]. 3. Summary by Relevant Catalogs 3.1 Trading Aspects (Price, Spread, Inventory, Capital, Transaction, Position) 3.1.1 Price and Spread - The closing price of the main Shanghai lead contract last week was 17,355 yuan/ton, with a weekly decline of 0.94%. The closing price of the night session yesterday was 17,420 yuan/ton, with a night - session increase of 0.37%. The closing price of LmeS - Lead 3 last week was 1,970, with a weekly decline of 1.20% [8]. - The LME lead premium changed from - 37.81 to - 46.54, a decrease of 8.73; the bonded area lead premium remained unchanged at 100; the Shanghai 1 lead spot premium remained unchanged at 0; the spread between secondary lead and primary lead changed from - 50 to - 125, a decrease of 75 [8]. - The spread between the near - month and the first - continuous contract changed from - 15 to - 40.90, a decrease of 25.90 [8]. 3.1.2 Inventory - The total lead inventory in five regions increased this week, but the absolute inventory is at a historically low level. The inventory of Shanghai lead warehouse receipts increased by 2,724 to 16,188; the total inventory of Shanghai lead increased by 2,107 to 30,111; the social inventory increased by 600 to 19,600; the LME lead inventory decreased by 16,600 to 222,725, and the注销仓单 ratio decreased by 5.06% to 27.04% [3][8]. 3.1.3 Transaction and Position - The trading volume of the main Shanghai lead contract last Friday was 58,684 lots, an increase of 1,799 compared with the previous week; the position was 42,928 lots, a decrease of 8,072 compared with the previous week. The trading volume of LmeS - Lead 3 last Friday was 6,649 lots, an increase of 2241 compared with the previous week [8]. 3.2 Supply Aspects (Primary Lead, Secondary Lead, Lead Concentrate) 3.2.1 Lead Concentrate - The import volume, production volume, actual consumption volume, and inventory of lead concentrate are presented in the historical data charts, but no specific latest data is summarized here. The import TC of lead concentrate is in US dollars per dry ton, and the domestic TC is in yuan per ton [29][30]. - The profit of imported lead concentrate and domestic lead concentrate is also presented in the historical data charts [31]. 3.2.2 Primary Lead - The production of primary lead is under pressure. Primary lead smelters in Guangdong, Jiangxi, Hunan and other places are under continuous maintenance, affecting the supply of primary lead. The weekly production and operating rate data of primary lead are presented in the historical data charts [7][34]. 3.2.3 Secondary Lead - The profit of secondary lead enterprises is compressed, but the output has increased as heavy - pollution weather warnings have been lifted in Henan, Anhui and other places. However, with the weakening of consumption, the circulation of waste batteries is tight, and the raw material arrival volume is low this week [7]. - The production, operating rate, raw material inventory, cost, profit and loss data of secondary lead are presented in the historical data charts [34][39][40]. 3.3 Demand Aspects (Lead - Acid Batteries, End - Users) 3.3.1 Lead - Acid Batteries - Lead - acid battery enterprises are gradually resuming production, but battery consumption is weak, and the finished - product inventory of batteries continues to increase. The operating rate, finished - product inventory days, and export volume data of lead - acid batteries are presented in the historical data charts [7][45]. 3.3.2 End - Users - The actual consumption volume of lead and the production volume data of automobiles and motorcycles are presented in the historical data charts, reflecting the consumption situation of end - users [47].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The lead industry is in a situation of weak supply and demand. The overall lead price is expected to fluctuate, with a price range of 17,300 - 17,800 yuan/ton. The total lead inventory in the five regions has decreased, and the absolute inventory is at a historically low level for the same period. The spot premium of domestic lead has narrowed to par. [3][7] - On the supply side, the production of primary lead is under pressure, and the spot import processing fee for lead concentrates with a grade of 60% remains at a low level. The continuous maintenance of primary lead smelting enterprises in Hunan, Jiangxi and other places has further affected the supply of primary lead. In the secondary lead sector, although the increase in lead prices has boosted the profits of secondary lead enterprises, the tight circulation of scrap batteries has limited the supply of secondary lead. [7] - On the consumption side, in order to cooperate with the annual financial settlement and inventory count, most lead - acid battery enterprises have adjusted their production rhythm. The operating rate of lead - battery enterprises has declined and raw material procurement has decreased. [7] - For trading strategies, in the unilateral strategy, due to the weak supply - demand pattern in the lead market, it is recommended to adopt an interval operation approach. Currently, the lead price is relatively high, so previous long - position holders need to be cautious and closely monitor the profit changes of secondary lead enterprises. In the spread strategy, although the domestic lead inventory has been continuously depleted, the weakening of the spot premium means that term positive spreads need to be approached with caution. [7] 3. Summary According to Relevant Catalogs 3.1 Transaction Aspect: Price, Spread, Inventory, Capital, Transaction Volume, and Open Interest - **Price and Spread**: The closing price of the Shanghai lead main contract last week was 17,555 yuan/ton, with a weekly increase of 4.00%. The closing price of the night session yesterday was 17,585 yuan/ton, with a night - session increase of 0.17%. The LME lead 3 - month contract closed at 1,976.5 yuan/ton last week, with a decrease of 0.40%. The LME lead spot premium (0 - 3) last Friday was - 37.81, up 7.42 from the previous week. The premium of bonded - area lead remained unchanged at 100. The spot premium of Shanghai 1 lead decreased from 60 to 20. The spread between secondary lead and primary lead decreased from - 25 to - 50. The spread between the near - month and the first - continued contract increased from - 30 to - 15. [8] - **Inventory**: The Shanghai lead warehouse - receipt inventory decreased by 2,629 tons to 11,558 tons, and the total Shanghai lead inventory decreased by 780 tons to 27,095 tons. The social inventory decreased by 2,600 tons to 17,900 tons. The LME lead inventory decreased by 9,725 tons to 248,900 tons, and the proportion of cancelled warrants was 38.70%, down 1.47% from the previous week. [8] - **Transaction Volume and Open Interest**: The trading volume of the Shanghai lead main contract last week was 58,769 lots, an increase of 2,308 lots from the previous week, and the open interest was 55,558 lots, a decrease of 6,619 lots. The trading volume of the LME 3 - month lead contract was 3,806 lots, a decrease of 2,056 lots, and the open interest was 142,000 lots, an increase of 6,194 lots. [8] 3.2 Lead Supply: Lead Concentrates, Scrap Batteries, Primary Lead, and Secondary Lead - **Lead Concentrates**: The import volume, domestic production, consumption, and inventory of lead concentrates are presented in the report. The import processing fee for lead concentrates decreased from - 135 to - 145 US dollars/ton, and the import smelting profit increased from - 2,123 to - 1,958 yuan/ton. The domestic processing fee remained at 300 yuan/ton, and the domestic smelting profit remained at - 2,900 yuan/ton. [8][29][30] - **Primary Lead and Secondary Lead**: The production of primary lead and the combined production of primary and secondary lead are shown in the report. The production of primary lead has been affected by maintenance, and the production of secondary lead has been restricted by the tight supply of scrap batteries. The profit of secondary lead increased from 597 to 785 yuan/ton. [7][8][34][35] - **Scrap Batteries and Secondary Lead**: The price of scrap electric - vehicle batteries increased from 10,025 to 10,050 yuan/ton, and the price of scrap black - shell batteries increased from 10,225 to 10,325 yuan/ton. The raw - material inventory of secondary lead smelting enterprises is also presented in the report. [8][39][40] - **Imports and Exports**: The net import of refined lead, monthly import and export volumes of lead ingots, and import profit and loss are presented in the report. [43] 3.3 Lead Demand: Lead - Acid Batteries and End - Users - **Lead - Acid Batteries**: The operating rate of lead - acid battery enterprises has declined, and the monthly finished - product inventory days of lead - acid battery enterprises and dealers are presented in the report. The export volume of batteries is also shown. [47] - **Consumption and End - Users**: The actual consumption of lead, monthly production of automobiles and motorcycles are presented in the report. [49]