Report Industry Investment Ratings No information about industry investment ratings is provided in the report. Core Views - Iron ore is expected to fluctuate widely due to repeated expectations [2][4]. - Rebar and hot - rolled coil are subject to wide - range fluctuations due to macro - sentiment disturbances [2][8]. - Ferrosilicon and silicomanganese are expected to experience wide - range fluctuations affected by macro - sentiment [2][11]. - Coke is facing a first - round price cut and will fluctuate widely, while coking coal will fluctuate widely [2][14]. - Steam coal will show a weakening trend with increased coal mine inventory [2][18]. - Logs will fluctuate repeatedly with the boost of macro - expectations [2][21]. Summary by Related Catalogs Iron Ore - **Fundamental Data**: The closing price of the futures contract 12509 was 714.5 yuan/ton, down 4 yuan/ton (- 0.56%); the position increased by 9,557 to 714,025 hands. Imported and domestic ore prices remained unchanged. The basis for 12505 against Super Special decreased by 17 yuan/ton, and the 12509 - 12601 spread decreased by 1.5 yuan/ton [5]. - **Macro and Industry News**: The China - US Geneva economic and trade talks joint statement indicates that both sides will take measures to modify and cancel tariffs and suspend or cancel non - tariff counter - measures [5]. - **Trend Intensity**: 0, indicating a neutral trend [6]. Rebar and Hot - Rolled Coil - **Fundamental Data**: For RB2510, the closing price was 3,079 yuan/ton, up 27 yuan/ton (0.88%), with a trading volume of 1,930,069 hands and a position decrease of 29,285 hands. For HC2510, the closing price was 3,215 yuan/ton, up 25 yuan/ton (0.78%), with a trading volume of 660,865 hands and a position decrease of 29,461 hands. Spot prices in different regions showed various changes. The basis for RB2510 increased by 3 yuan/ton, and for HC2510 decreased by 15 yuan/ton [8]. - **Macro and Industry News**: On May 8, steel production data showed a decrease in rebar production by 9.85 tons and an increase in hot - rolled coil production by 1.08 tons. Total inventory increased for both, and apparent demand decreased. The US promised to cancel 91% of tariffs on Chinese goods and modify 34% of them, with China taking corresponding measures [9][10]. - **Trend Intensity**: 0 for both rebar and hot - rolled coil, indicating a neutral trend [10]. Ferrosilicon and Silicomanganese - **Fundamental Data**: Futures prices of silicon - iron and manganese - silicon decreased. Spot prices of silicon - iron remained unchanged, while silicon - manganese increased by 50 yuan/ton, and manganese ore increased by 0.5 yuan/ton - degree. The basis and spreads showed different changes [11]. - **Macro and Industry News**: There were price quotes for different grades of ferrosilicon and silicomanganese. Some silicon - manganese enterprises in Chongqing, Xinjiang, and Inner Mongolia carried out production cuts or maintenance. Some steel mills finalized procurement prices and quantities [11][13]. - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [13]. Coke and Coking Coal - **Fundamental Data**: Futures prices of coking coal (JM2509) and coke (J2509) decreased. Spot prices of coking coal and coke showed different changes, and some basis and spreads also changed [14]. - **Macro and Industry News**: There were price quotes for coking coal in northern ports and CCI metallurgical coal index data. On May 13, for the coking coal JM2509 contract, long - positions increased by 13,695 hands and short - positions increased by 18,191 hands; for the coke J2509 contract, long - positions increased by 74 hands and short - positions increased by 619 hands [14][15][16]. - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [17]. Steam Coal - **Fundamental Data**: The previous trading day's data of steam coal ZC2506 showed an opening price of 931.6 yuan/ton, a high of 931.6 yuan/ton, a low of 840 yuan/ton, and a closing price of 840 yuan/ton, down 51.4 yuan/ton, with a trading volume of 18 hands and a position of 0 hands [18]. - **Macro and Industry News**: There were price quotes for southern port's foreign - trade steam coal and domestic production areas. On May 13, both long - and short - positions of the ZC2506 contract decreased by 0 hands [19]. - **Trend Intensity**: 0, indicating a neutral trend [20]. Logs - **Fundamental Data**: For different contracts of logs, there were changes in closing prices, trading volumes, and positions. Spot prices of various types of logs in different regions showed different trends, and basis and spreads also changed [22]. - **Macro and Industry News**: The China - US Geneva economic and trade talks joint statement indicates that both sides will take measures to modify and cancel tariffs and suspend or cancel non - tariff counter - measures [24]. - **Trend Intensity**: 0, indicating a neutral trend [24].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Both rebar and hot-rolled coil are subject to macro sentiment disturbances and will experience wide fluctuations [1]. 3. Summary by Related Catalogs 3.1 Fundamentals Tracking - **Futures Data**: For rebar contract RB2510, the closing price was 3,079 yuan/ton, up 27 yuan/ton (0.88%); trading volume was 1,930,069 lots, and open interest was 2,151,176 lots, down 29,285 lots. For hot-rolled coil contract HC2510, the closing price was 3,215 yuan/ton, up 25 yuan/ton (0.78%); trading volume was 660,865 lots, and open interest was 1,354,588 lots, down 29,461 lots [1]. - **Spot Price Data**: In the spot market, rebar prices in Shanghai and Hangzhou remained unchanged, up 10 yuan/ton in Beijing and 20 yuan/ton in Guangzhou. Hot-rolled coil prices in Shanghai decreased by 20 yuan/ton, remained unchanged in Hangzhou, up 10 yuan/ton in Tianjin and 30 yuan/ton in Guangzhou. Tangshan billet price dropped by 20 yuan/ton to 2,950 yuan/ton [1]. - **Basis and Spread Data**: The basis of RB2510 was 141 yuan/ton, up 3 yuan/ton; the basis of HC2510 was 45 yuan/ton, down 15 yuan/ton. The spread of RB2505 - RB2510 remained unchanged at -46; the spread of HC2505 - HC2510 increased by 10 to -5; the spread of HC2505 - RB2505 increased by 8 to 177; the spread of HC2510 - RB2510 decreased by 2 to 136; the spot coil - rebar spread decreased by 20 to -57 [1]. 3.2 Macro and Industry News - On May 8th, according to Steel Union's weekly data, rebar production decreased by 9.85 million tons, hot-rolled coil production increased by 1.08 million tons, and the total production of five major steel products decreased by 9.52 million tons. Total inventory: rebar increased by 9.63 million tons, hot-rolled coil increased by 10.85 million tons, and the total inventory of five major steel products increased by 28.97 million tons. Apparent demand: rebar decreased by 77.81 million tons, hot-rolled coil decreased by 23.19 million tons, and the total apparent demand of five major steel products decreased by 125.66 million tons [2]. - On May 12th, in the China-US Geneva economic and trade talks joint statement, the US promised to cancel 91% of the tariffs on Chinese goods imposed under Executive Orders 14259 on April 8, 2025, and 14266 on April 9, 2025, and modify the 34% reciprocal tariffs on Chinese goods imposed under Executive Order 14257 on April 2, 2025, with 24% of the tariffs suspended for 90 days and the remaining 10% retained. China cancelled 91% of the counter - tariffs on US goods and suspended 24% of the 34% counter - tariffs on US reciprocal tariffs for 90 days, retaining the remaining 10%. China also suspended or cancelled non - tariff counter - measures against the US. However, US President Trump said there was no talk of changing tariffs on cars and steel [3]. 3.3 Trend Intensity - The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral outlook [3].

Report Industry Investment Rating - No information provided in the report Core Viewpoints - The lead market is in a state of game between tight raw materials and poor demand, and the lead price is expected to be range - bound in the short term, with continuous attention to macro uncertainties [1] - The zinc market is also characterized by wide - range consolidation in the short term due to macro uncertainties. In the medium - to - long term, the TC has room to rise, and the zinc price center may shift down, with continuous attention to macro - emotional disturbances [1] Summary by Relevant Catalogs Lead Price and Spread - The average price of SMM1 lead ingots was 16,600 yuan/ton, down 0.60% [1] - The closing price of the lead futures main contract was 16,700 yuan/ton, down 0.83% [1] - The lead basis was 40 yuan/ton, up from - 100 yuan/ton [1] Trading and Position - The trading volume of the lead futures active contract was 36,146 lots, up 4.97% [1] - The open interest of the lead futures active contract was 38,454 lots, up 6.50% [1] Inventory - The LME lead inventory was 261,500 tons, unchanged [1] - The Shanghai lead warehouse receipt inventory was 40,006 tons, up 3.44% [1] Industry Information - From April 26th to April 30th, the weekly operating rate of SMM primary lead enterprises was 67.42%, up 1.19 percentage points; the weekly operating rate of secondary lead enterprises was 42.46%, down 4.46 percentage points; the weekly operating rate of lead - acid battery enterprises was 55.06%, down 18.5 percentage points [1] - A small secondary lead smelter in South China plans to start maintenance this weekend due to raw material shortages and losses, affecting a production of about 70 tons per day [1] Investment Strategy - The lead market is affected by tight raw materials and weak demand. The cost support and weak demand are in a game, and the lead price is expected to be range - bound in the short term [1] Zinc Price and Spread - The average price of SMM1 zinc ingots was 22,790 yuan/ton, down 0.22% [1] - The closing price of the zinc futures main contract was 22,355 yuan/ton, down 0.38% [1] - The zinc basis was 435 yuan/ton, up 35 yuan/ton [1] Trading and Position - The trading volume of the zinc futures active contract was 115,056 lots, down 0.27% [1] - The open interest of the zinc futures active contract was 111,715 lots, up 5.40% [1] Inventory - The LME zinc inventory was 172,925 tons, unchanged [1] - The Shanghai zinc warehouse receipt inventory was 2,252 tons, down 4.33% [1] Industry Information - From April 26th to April 30th, the weekly operating rate of galvanizing enterprises was 49.61%, down 12.83 percentage points; the weekly operating rate of die - casting zinc alloy enterprises was 49.01%, down 9.97 percentage points; the weekly operating rate of zinc oxide enterprises was 58.57%, down 1.20 percentage points [1] - As of May 6th, the total inventory of SMM zinc ingots in seven locations was 84,100 tons, a decrease of 1,800 tons compared with April 28th and an increase of 7,100 tons compared with April 30th [1] Investment Strategy - In the short term, the zinc market is affected by macro uncertainties and is in wide - range consolidation. In the medium - to - long term, the TC has room to rise, and the zinc price center may shift down [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The lead price is expected to trade within a range due to the conflict between tight raw materials and poor demand, while the Shanghai zinc price will experience wide - range consolidation. In the short term, there is significant uncertainty in macro - sentiment for both metals. In the long - term, the zinc price center may shift downward as the TC has room for further increase [1]. 3. Summary by Relevant Catalogs 3.1 Price and Market Indicators - **Lead**: The SMM1 lead ingot average price was 16,875 yuan/ton, up 0.45%; the futures主力合约收盘价 was 16,945 yuan/ton, up 0.03%; the LME3 - month lead futures收盘价 (electronic) was 1,945 dollars/ton, down 0.74%; the Shanghai - London lead price ratio was 8.71, up 0.78% [1]. - **Zinc**: The SMM1 zinc ingot average price was 23,110 yuan/ton, up 0.87%; the futures主力合约收盘价 was 22,750 yuan/ton, up 0.71%; the LME3 - month zinc futures收盘价 (electronic) was 2,645.5 dollars/ton, down 1.56%; the Shanghai - London zinc price ratio was 8.60, up 2.31% [1]. 3.2 Production and Consumption - **Lead**: From April 19 to April 25, the weekly operating rate of SMM primary lead enterprises was 66.23%, up 2.98 percentage points; the weekly operating rate of secondary lead enterprises was 46.92%, down 9.73 percentage points; the weekly operating rate of lead - acid battery enterprises was 73.56%, up 1.06 percentage points [1]. - **Zinc**: From April 19 to April 25, the weekly operating rate of galvanized enterprises was 62.44%, down 1.90 percentage points; the weekly operating rate of die - casting zinc alloy enterprises was 58.98%, up 0.59 percentage points; the weekly operating rate of zinc oxide enterprises was 59.77%, down 1.02 percentage points [1]. 3.3 Market Conditions and Trends - **Lead**: The primary lead smelters have basically resumed production, but some refineries in Henan will undergo maintenance in April. The price of waste lead - acid batteries has been rising, causing some secondary lead smelters to cut production. Currently in the consumption off - season, the pre - May Day stocking enthusiasm is low [1]. - **Zinc**: The smelters have sufficient raw material stocks, and the zinc ore processing fee has been rising. After the zinc price increase, downstream buyers are cautious. The downstream export orders to the US face problems, while those to other regions are normal [1]. 3.4 Inventory - **Lead**: The LME lead inventory was 274,075 tons, and the Shanghai lead warehouse receipt inventory was 37,971 tons, down 0.93% [1]. - **Zinc**: The LME zinc inventory was 180,050 tons, and the Shanghai zinc warehouse receipt inventory was 3,185 tons, down 12.38%. As of April 24, the zinc ingot inventory in the Shanghai Free Trade Zone was 1.21 million tons, remaining stable compared to the previous week [1]. 3.5 Trading Volume and Open Interest - **Lead**: The trading volume of the active futures contract was 37,979 lots, down 4.42%; the open interest was 38,733 lots, down 2.32%; the trading - to - open - interest ratio was 0.98, down 2.15% [1]. - **Zinc**: The trading volume of the active futures contract was 203,216 lots, up 12.68%; the open interest was 122,427 lots, down 2.12%; the trading - to - open - interest ratio was 1.66, up 15.12% [1].