市场要闻与重要数据 现货方面：2026-01-05，LME铅现货升水为-46.54美元/吨。SMM1#铅锭现货价较前一交易日变化100元/吨至17225 元/吨，SMM上海铅现货升贴水较前一交易日变化 50元/吨至0.00元/吨，SMM广东铅现货较前一交易日变化150元/ 吨至17300元/吨，SMM河南铅现货较前一交易日变化125元/吨至17275元/吨，SMM天津铅现货升贴水较前一交易 日变化150元/吨至17300元/吨。铅精废价差较前一交易日变化0元/吨至-150元/吨，废电动车电池较前一交易日变化 50元/吨至10000元/吨，废白壳较前一交易日变化50元/吨至10100元/吨，废黑壳较前一交易日变化25元/吨至10375 元/吨。 期货方面：2026-01-05，沪铅主力合约开于17365元/吨，收于17395元/吨，较前一交易日变化40元/吨，全天交易日 成交38065手，较前一交易日变化-39893手，全天交易日持仓47544手，手较前一交易日变化2132手，日内价格震荡， 最高点达到17480元/吨，最低点达到17300元/吨。夜盘方面，沪铅主力合约开于17385元/吨，收于17455元/吨 ...

Core Viewpoint - Goldman Sachs reports that Uni-President China’s third-quarter revenue remained relatively stable, with food business growth in the low to mid-single digits, beverage business declining in the mid-single digits, and contract manufacturing business continuing to grow at a triple-digit percentage year-on-year [1] Group 1: Business Performance - The management indicated that the company is still working on inventory reduction for beverage products as of October, while the performance of noodles remains on track [1] - Despite weak consumption and intense competition, the company maintains a cautiously optimistic outlook for the fourth quarter, aiming for a full-year sales growth target of 6% to 8% [1] Group 2: Financial Outlook - The company expects continued gross margin expansion and greater visibility in expense ratios for the fourth quarter [1] - Due to ongoing intense competition, Goldman Sachs remains cautious about the company's prospects for next year, projecting a sales growth of 6% and lowering the target price from HKD 9.3 to HKD 9, while maintaining a "Neutral" rating [1]