Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy:暂缓 (The original text uses Chinese, and there is no direct English equivalent provided, so it's presented as in the original) [4] Core View - Currently, the processing fee for lead concentrates remains low despite the rising by - product prices, and there are no significant contradictions in the fundamentals. Downstream enterprises are expected to fully recover from the holiday next week, mostly adopting a production - based - on - sales model. It is predicted that the lead price will fluctuate in the range of approximately 16,920 yuan/ton to 17,300 yuan/ton [3] Summary by Related Catalogs Market News and Important Data Spot - On October 16, 2025, the LME lead spot premium was - 44.09 dollars/ton. The SMM1 lead ingot spot price changed by 50 yuan/ton to 16950 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium/discount changed by 0 yuan/ton to - 10.00 yuan/ton, the SMM Guangdong lead spot changed by 50 yuan/ton to 17000 yuan/ton, the SMM Henan lead spot changed by 25 yuan/ton to 17000 yuan/ton, and the SMM Tianjin lead spot premium/discount changed by 25 yuan/ton to 17025 yuan/ton. The lead concentrate - scrap spread changed by 0 yuan/ton to - 75 yuan/ton, the price of waste electric vehicle batteries changed by 0 yuan/ton to 10000 yuan/ton, the price of waste white shells changed by 0 yuan/ton to 10125 yuan/ton, and the price of waste black shells changed by 0 yuan/ton to 10375 yuan/ton [1] Futures - On October 16, 2025, the main contract of Shanghai lead opened at 17110 yuan/ton and closed at 17100 yuan/ton, a change of - 10 yuan/ton compared with the previous trading day. The trading volume throughout the trading day was 32242 lots, a change of - 9015 lots compared with the previous trading day. The position throughout the trading day was 41899 lots, a change of - 2133 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 17150 yuan/ton and the lowest point reaching 17090 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17090 yuan/ton and closed at 17045 yuan/ton, a 0.41% decrease from the afternoon closing price of the previous day. The SMM1 lead price rose by 50 yuan/ton compared with the previous trading day. Lead smelting enterprises in Henan had low inventories, and holders quoted at a discount of 100 - 80 yuan/ton to the SHFE 2511 contract for pre - sale, with spot goods in a queuing - for - pick - up state. Smelters in Hunan quoted at a premium of 0 - 25 yuan/ton to the SMM1 lead for sale, and some manufacturers suspended quoting after selling out their inventories. Smelters in Jiangxi and Anhui quoted at a premium of 100 - 150 yuan/ton to the SMM1 lead for pre - sale. Downstream battery enterprises maintained rigid - demand procurement, and there were large regional differences in lead market supply, with some high - price spot goods in supply - tight areas having transactions [2] Inventory - On October 16, 2025, the total SMM lead ingot inventory was 3.8 million tons, a change of 0.17 million tons compared with the same period last week. As of October 16, the LME lead inventory was 252000 tons, a change of - 2775 tons compared with the previous trading day [2]

1. Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy:暂缓 (The original text is in Chinese, no English equivalent provided here) [4] 2. Core View of the Report - At present, the processing fee of lead concentrate is still low despite the continuous increase in by - product prices, and there are no major contradictions in the fundamentals. Downstream enterprises are expected to fully recover from the holiday next week, mostly adopting the production - based - on - sales model. It is expected that the lead price will show a volatile pattern, roughly in the range of 16,920 yuan/ton to 17,300 yuan/ton [3] 3. Summary by Relevant Catalogs Market News and Important Data Spot - On October 15, 2025, the LME lead spot premium was - 44.48 dollars/ton. The SMM1 lead ingot spot price changed by 25 yuan/ton to 16,900 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by 0 yuan/ton to 0.00 yuan/ton, the SMM Guangdong lead spot changed by 25 yuan/ton to 16,950 yuan/ton, the SMM Henan lead spot changed by 50 yuan/ton to 16,975 yuan/ton, and the SMM Tianjin lead spot premium changed by 25 yuan/ton to 17,000 yuan/ton. The lead refined - scrap price difference changed by 0 yuan/ton to - 50 yuan/ton, the waste electric vehicle battery price changed by 0 yuan/ton to 10,000 yuan/ton, the waste white shell price changed by 0 yuan/ton to 10,125 yuan/ton, and the waste black shell price changed by 0 yuan/ton to 10,375 yuan/ton [1] Futures - On October 15, 2025, the main contract of Shanghai lead opened at 17,010 yuan/ton and closed at 17,110 yuan/ton, a change of 60 yuan/ton compared with the previous trading day. The trading volume for the whole trading day was 41,257 lots, a change of - 1,944 lots compared with the previous trading day. The positions for the whole trading day were 44,032 lots, a change of 435 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 17,135 yuan/ton and the lowest point reaching 16,960 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,110 yuan/ton and closed at 17,115 yuan/ton, a 0.35% increase compared with the afternoon closing price of the previous day [2] - According to SMM, the SMM1 lead price increased by 25 yuan/ton compared with the previous trading day. In Henan, holders quoted a premium of 50 - 80 yuan/ton over SMM1 lead or a discount of 100 - 80 yuan/ton to the SHFE 2511 contract for ex - factory sales. In Hunan, smelters quoted a premium of 0 - 25 yuan/ton over SMM1 lead for ex - factory sales, and traders quoted a discount of 170 yuan/ton to the SHFE 2511 contract. In Guangdong, smelters maintained a premium of 50 - 100 yuan/ton over SMM1 lead for rigid - demand transactions. Downstream consumption showed a slight decline, with battery enterprises mainly taking long - term orders and making a small amount of rigid - demand purchases. The spot market transactions were rather light [2] Inventory - On October 15, 2025, the total SMM lead ingot inventory was 36,000 tons, a change of - 900 tons compared with the same period last week. As of October 15, the LME lead inventory was 254,775 tons, a change of 8,225 tons compared with the previous trading day [2]

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Suspended [4] Core View of the Report - Currently, the processing fee for lead concentrates remains low despite the continuous increase in by - product prices, and there are no significant contradictions in the fundamentals. Downstream enterprises are expected to fully recover from the holiday next week, mostly adopting a production - based - on - sales model. It is predicted that the lead price will show a volatile pattern, roughly ranging from 16,920 yuan/ton to 17,300 yuan/ton [3] Summary by Related Catalogs Market News and Important Data Spot - On October 14, 2025, the LME lead spot premium was - 45.35 dollars/ton. The SMM1 lead ingot spot price decreased by 50 yuan/ton to 16,875 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 0.00 yuan/ton. The SMM Guangdong lead spot price decreased by 50 yuan/ton to 16,925 yuan/ton, the SMM Henan lead spot price decreased by 75 yuan/ton to 16,925 yuan/ton, and the SMM Tianjin lead spot premium decreased by 50 yuan/ton to 16,975 yuan/ton. The lead concentrate - scrap price difference remained unchanged at - 25 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,000 yuan/ton, 10,125 yuan/ton, and 10,375 yuan/ton respectively [1] Futures - On October 14, 2025, the main contract of Shanghai lead opened at 17,050 yuan/ton and closed at 17,050 yuan/ton, a decrease of 45 yuan/ton compared to the previous trading day. The trading volume was 43,201 lots, a decrease of 23,393 lots compared to the previous trading day, and the position was 43,597 lots, a decrease of 391 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 17,155 yuan/ton and the lowest point reaching 17,035 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,010 yuan/ton and closed at 17,015 yuan/ton, a decrease of 0.41% compared to the afternoon closing price of the previous day [2] Inventory - On October 14, 2025, the total inventory of SMM lead ingots was 36,000 tons, a decrease of 900 tons compared to the same period last week. As of October 14, the LME lead inventory was 246,550 tons, unchanged from the previous trading day [2]

1. Report Industry Investment Rating - The investment rating for the lead market is cautiously bullish [3]. 2. Core View of the Report - The lead price has been oscillating around 17,000 yuan/ton, with light spot market transactions. After the Fed's interest - rate meeting, most non - ferrous metals showed signs of stabilizing or rebounding. With the upcoming National Day holiday, downstream restocking enthusiasm may be stimulated. It is recommended to adopt a strategy of buying on dips for hedging, with the buying range suggested between 16,800 yuan/ton and 17,000 yuan/ton [1][2][3]. 3. Summary by Related Catalogs Market News and Important Data Spot Market - On September 24, 2025, the LME lead spot premium was - 42.13 US dollars/ton. The SMM1 lead ingot spot price dropped by 25 yuan/ton to 16,950 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at - 10.00 yuan/ton, the SMM Guangdong lead spot price dropped by 50 yuan/ton to 16,950 yuan/ton, the SMM Henan lead spot price dropped by 25 yuan/ton to 16,975 yuan/ton, and the SMM Tianjin lead spot premium dropped by 25 yuan/ton to 16,975 yuan/ton. The lead refined - scrap price difference remained unchanged at - 75 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells also remained unchanged [1]. Futures Market - On September 24, 2025, the main SHFE lead contract opened at 17,085 yuan/ton and closed at 17,065 yuan/ton, down 20 yuan/ton from the previous trading day. The trading volume was 43,329 lots, down 5,429 lots from the previous trading day, and the position was 61,071 lots, down 2,870 lots from the previous trading day. The intraday price oscillated, with a high of 17,110 yuan/ton and a low of 17,035 yuan/ton. In the night session, the main SHFE lead contract opened at 17,085 yuan/ton and closed at 17,125 yuan/ton, up 0.29% from the afternoon close [2]. Inventory - On September 24, 2025, the total SMM lead ingot inventory was 55,000 tons, down 12,900 tons from the previous week. As of September 24, the LME lead inventory was 219,725 tons, down 250 tons from the previous trading day [2]. Strategy - It is recommended to buy on dips for hedging, with the buying range between 16,800 yuan/ton and 17,000 yuan/ton [3].

Report Summary 1. Report Industry Investment Rating - Absolute price: Neutral [4] - Option strategy:暂缓 (No English equivalent provided in the context, this is a placeholder) [4] 2. Core View - Some companies report a slight recovery in downstream lead - battery demand, while raw material supply remains relatively tight. Multiple smelters are under maintenance in September, and the Fed's interest rate cut in September has been implemented. The lead price is currently in a shock pattern, with an expected fluctuation range of 16,960 yuan/ton to 17,320 yuan/ton. Enterprises with hedging needs are advised to conduct corresponding buy or sell hedging within this range [4]. 3. Summary by Relevant Catalogs Market News and Important Data - **Spot**: On September 18, 2025, the LME lead spot premium was -$46.43/ton. The SMM 1 lead ingot spot price changed by 25 yuan/ton to 16,975 yuan/ton. SMM Shanghai lead spot premium changed by 0 yuan/ton to -15.00 yuan/ton, SMM Guangdong lead changed by 25 yuan/ton to 16,975 yuan/ton, SMM Henan lead changed by 50 yuan/ton to 17,000 yuan/ton, and SMM Tianjin lead premium changed by 25 yuan/ton to 17,000 yuan/ton. The lead concentrate - scrap spread remained unchanged at -100 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells also remained unchanged [1]. - **Futures**: On September 18, 2025, the main contract of Shanghai lead opened at 17,095 yuan/ton, closed at 17,145 yuan/ton, up 45 yuan/ton from the previous trading day. The trading volume was 39,143 lots, down 5,815 lots from the previous day, and the position was 39,036 lots, down 3,159 lots. The intraday price fluctuated, with a high of 17,170 yuan/ton and a low of 17,055 yuan/ton. In the night session, it opened at 17,180 yuan/ton, closed at 17,145 yuan/ton, up 0.09% from the afternoon close. The SMM 1 lead price rose 25 yuan/ton. In Henan, smelters mainly shipped long - term orders, with few spot offers. In Hunan, delivery brand lead smelters offered at a discount of 30 - 0 yuan/ton to SMM 1 lead, and non - delivery brand lead smelters offered at a discount of 60 - 30 yuan/ton. In Anhui and Jiangxi, holders offered at a premium of 50 - 100 yuan/ton to SMM 1 lead. Due to pre - holiday inventory replenishment by downstream battery enterprises, the trading volume in some areas was acceptable [2]. - **Inventory**: On September 18, 2025, the total SMM lead ingot inventory was 68,000 tons, down 130 tons from the previous week. As of September 18, the LME lead inventory was 222,675 tons, down 2,675 tons from the previous trading day [3].

1. Report Industry Investment Rating - Unilateral: Neutral [4] - Arbitrage: On Hold [4] 2. Core View of the Report - The peak - season demand for lead is not obvious, and the overall supply - demand pattern is weak. In September, this pattern may not change significantly. However, under the background of the Fed's interest rate cut, lead prices may maintain a shock - strengthening pattern. It is recommended to sell high and buy low between 16,300 yuan/ton and 17,200 yuan/ton [4] 3. Summary According to Relevant Catalogs Market News and Important Data Spot - On September 11, 2025, the LME lead spot premium was -$44.17/ton. The SMM1 lead ingot spot price changed by 50 yuan/ton to 16,750 yuan/ton compared with the previous trading day. SMM Shanghai lead spot premium changed by -25 yuan/ton to -30.00 yuan/ton, SMM Guangdong lead changed by 50 yuan/ton to 16,750 yuan/ton, SMM Henan lead changed by 25 yuan/ton to 16,750 yuan/ton, and SMM Tianjin lead spot premium changed by 50 yuan/ton to 16,775 yuan/ton. The lead refined - scrap price difference remained unchanged at -25 yuan/ton. The price of waste electric vehicle batteries changed by -25 yuan/ton to 10,000 yuan/ton, waste white shells changed by -25 yuan/ton to 10,075 yuan/ton, and waste black shells changed by -50 yuan/ton to 10,350 yuan/ton [1] Futures - On September 11, 2025, the main contract of Shanghai lead opened at 16,815 yuan/ton and closed at 16,900 yuan/ton, a change of 105 yuan/ton from the previous trading day. The trading volume was 41,772 lots, a decrease of 3,543 lots from the previous trading day. The position was 49,603 lots, a decrease of 864 lots from the previous trading day. The intraday price fluctuated, with the highest reaching 16,920 yuan/ton and the lowest reaching 16,790 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,860 yuan/ton and closed at 16,900 yuan/ton, up 0.24% from the afternoon close. Some downstream battery enterprises were cautious in purchasing due to fear of price drops, and the market transaction was mainly for rigid demand, but there was a slight improvement in some areas [2] Inventory - On September 11, 2025, the total SMM lead ingot inventory was 67,000 tons, a decrease of 70 tons compared with the same period last week. As of September 11, the LME lead inventory was 232,625 tons, a decrease of 4,375 tons from the previous trading day [3]

Core Insights - The lead prices in Shanghai market are reported between 16,860 to 16,925 CNY/ton, with a discount of 50 to 0 CNY/ton against the SHFE lead 2510 contract [1] - On September 11, the national lead price for 1 lead ingot (Pb99.994) is quoted at 16,850 CNY/ton in Shanghai and 16,775 CNY/ton in Guangdong [2] - The SHFE lead futures main contract closed at 16,900 CNY/ton on September 11, with a daily increase of 0.36% and a trading volume of 41,772 lots [2] - LME lead registered warehouse receipts are at 194,275 tons, with a decrease of 4,375 tons in canceled receipts [2] Supply and Demand Analysis - The operating rate of primary lead smelters has slightly decreased due to increased routine maintenance, while the scrap battery disposal volume remains poor, leading to continued losses for secondary lead enterprises [4] - The operating rate of lead-acid batteries has slightly rebounded due to improved orders for complete vehicles, but demand for electric bicycles and automotive replacements remains weak [4] - Domestic social lead inventory has increased by 0.16 million tons to 67,700 tons, while LME inventory continues to decline, maintaining a high level of 243,000 tons [4] Market Outlook - The overall lead market is characterized by weak supply and demand, with high global inventories, suggesting that lead prices are likely to remain weak in the medium term [4]

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral - Arbitrage: Suspended [5] 2) Core View The peak - season demand for lead is not obvious, and the supply - demand pattern has been generally weak. This pattern may not change significantly in September. Under the background of the Fed's interest rate cut, lead prices may maintain a volatile and slightly stronger pattern. It is recommended to sell high and buy low between 16,300 yuan/ton and 17,200 yuan/ton [5]. 3) Summary by Relevant Catalogs Market News and Important Data - **Spot**: On September 10, 2025, the LME lead spot premium was -$48.13/ton. The SMM1 lead ingot spot price dropped by 75 yuan/ton to 16,700 yuan/ton. Lead prices in different regions and prices of related products like lead scrap also had corresponding changes [2]. - **Futures**: On September 10, 2025, the Shanghai lead main contract opened at 16,895 yuan/ton and closed at 16,795 yuan/ton, down 135 yuan/ton. The trading volume was 45,315 lots, an increase of 14,839 lots. The position was 50,467 lots, an increase of 766 lots. During the night session, it closed at 16,845 yuan/ton, up 0.03% from the afternoon close. The lead market had weak supply and demand, with weak downstream purchasing enthusiasm and light trading [3]. - **Inventory**: On September 10, 2025, the SMM lead ingot inventory was 68,000 tons, an increase of 1,600 tons from last week. As of September 11, the LME lead inventory was 237,000 tons, a decrease of 2,325 tons from the previous trading day [4] Strategy - **Unilateral**: Maintain a neutral view. Due to the unclear peak - season demand and the supply - demand pattern that is difficult to change in September, but with the Fed's interest rate cut, the lead price may be volatile and slightly stronger. It is recommended to trade within the range of 16,300 - 17,200 yuan/ton [5]. - **Arbitrage**: Suspend operations [5]

1. Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] 2. Report's Core View - The lead market currently shows a pattern of weak supply and demand. The supply side is affected by the continuous decline in TC prices and an increase in smelter maintenance. On the demand side, dealers' inventory reduction is slow, and their procurement willingness is low, with some enterprises accumulating finished - product inventory. With the upcoming implementation of the new national standard for electric bicycles in September and the Middle East tariff policy, the impact on consumption is uncertain. Therefore, the lead price is expected to remain in a volatile pattern, with the volatility range likely between 16,300 yuan/ton and 17,050 yuan/ton [4] 3. Summary by Related Catalogs Market News and Important Data Spot - On December 19, 2024, the LME lead spot premium was -$31.73/ton. The SMM1 lead ingot spot price remained unchanged at 16,700 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by -50 yuan/ton to 50.00 yuan/ton. The SMM Guangdong lead price remained unchanged at 16,950 yuan/ton, the SMM Henan lead price changed by -75 yuan/ton to 16,725 yuan/ton, and the SMM Tianjin lead spot premium changed by -25 yuan/ton to 16,650 yuan/ton. The lead concentrate - scrap price difference remained unchanged at 50 yuan/ton. The price of waste electric vehicle batteries changed by -50 yuan/ton to 9,925 yuan/ton, the price of waste white - shell batteries changed by -50 yuan/ton to 9,525 yuan/ton, and the price of waste black - shell batteries changed by -50 yuan/ton to 9,975 yuan/ton [1] Futures - On December 19, 2024, the main contract of Shanghai lead opened at 16,795 yuan/ton, closed at 16,730 yuan/ton, unchanged from the previous trading day. The trading volume was 28,827 lots, a decrease of 11,102 lots from the previous trading day, and the position was 43,709 lots, a decrease of 3,629 lots. The intraday price fluctuated, with a high of 16,810 yuan/ton and a low of 16,660 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,865 yuan/ton and closed at 16,860 yuan/ton, a decrease of 5 yuan/ton from the afternoon close. According to SMM, the SMM1 lead price rose by 25 yuan/ton compared to the previous trading day. In the Henan region, holders quoted at par with the SMM1 lead average price or at a discount of 140 - 120 yuan/ton to the SHFE 2510 contract. In the Hunan region, most lead smelters quoted at a discount of 50 - 30 yuan/ton to the SMM1 lead, and some holders quoted at a discount of 160 - 150 yuan/ton to the SHFE 2510 contract. In the Yunnan region, holders quoted at a discount of over 200 yuan/ton to the SMM1 lead. Although the lead futures price strengthened slightly, downstream buyers mainly made purchases based on rigid demand, and the overall trading in the spot market was weak [2] Inventory - On December 19, 2024, the total SMM lead ingot inventory was 48,000 tons, a decrease of 4,600 tons compared to the same period last week. As of September 3, the LME lead inventory was 234,700 tons, unchanged from the previous trading day [3] Strategy - The recommended option strategy is to sell a wide - straddle [4]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core Viewpoints - The lead market currently shows a pattern of weak supply and demand. The TC price on the supply side continues to decline, and smelter maintenance has increased. On the consumption side, the inventory clearance of dealers is slow, and the procurement willingness is low, with some enterprises accumulating finished - product inventory. Additionally, the implementation of the new national standard for electric bicycles and the Middle East tariff policy in September brings uncertainty to consumption. Therefore, the lead price is expected to remain in a volatile range of 16,300 yuan/ton to 17,050 yuan/ton [3] Market News and Important Data Spot Market - On September 2, 2025, the LME lead spot premium was -$42.47/ton. The SMM1 lead ingot spot price remained unchanged at 16,725 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by -25 yuan/ton to -30.00 yuan/ton, SMM Guangdong lead remained unchanged at 16,750 yuan/ton, SMM Henan lead remained at 16,725 yuan/ton, and SMM Tianjin lead remained at 16,725 yuan/ton. The lead refined - scrap price difference remained unchanged at -25 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 10,075 yuan/ton, waste white shells decreased by 25 yuan/ton to 10,100 yuan/ton, and waste black shells remained at 10,425 yuan/ton [1] Futures Market - On September 2, 2025, the main SHFE lead contract opened at 16,875 yuan/ton and closed at 16,850 yuan/ton, a decrease of 5 yuan/ton from the previous trading day. The trading volume was 42,223 lots, an increase of 2,369 lots from the previous trading day, and the position was 51,504 lots, an increase of 487 lots. During the day, the price fluctuated, with a high of 16,950 yuan/ton and a low of 16,830 yuan/ton. In the night session, the main SHFE lead contract opened at 16,810 yuan/ton and closed at 16,895 yuan/ton, a 0.12% increase from the previous afternoon [1] Inventory - On September 2, 2025, the total SMM lead ingot inventory was 67,000 tons, unchanged from the previous week. As of September 2, the LME lead inventory was 258,025 tons, a decrease of 1,500 tons from the previous trading day [2] Trading - The SMM1 lead price remained flat on the previous day. In Henan, suppliers quoted at par with the SMM1 lead average price or at a discount of 110 - 100 yuan/ton to the SHFE 2510 contract. In Hunan, branded lead smelters quoted at a discount of 30 yuan/ton to the SMM1 lead, and some suppliers quoted at a discount of 160 yuan/ton to the SHFE 2510 contract. In Anhui and Jiangxi, suppliers quoted at a premium of 30 - 50 yuan/ton to the SMM1 lead. With the lead price consolidating, downstream buyers made purchases at low prices, and the spot trading in some regions improved [2] Strategy - The recommended option strategy is to sell a wide - straddle [4]