Group 1: Report Investment Rating - No investment rating information provided in the report Group 2: Core View - The report predicts that Shanghai lead will be in wide - range consolidation, and the rebound space of Shanghai zinc is limited. For lead, although the downstream has not entered the peak season and there is a risk of inventory accumulation, the shortage of waste batteries, increased losses of secondary lead smelters, and uncertain production start make the lead price have strong support below, and it will maintain range consolidation in the short term. For zinc, considering the supply - side suppression and inventory accumulation expectations, the rebound space of zinc price is limited, and the strategy still maintains a short - allocation view [1] Group 3: Lead Market Summary Price and Trading - On the previous trading day, the average price of SMM1 lead ingots increased by 0.45% compared with the previous day, and the closing price of Shanghai lead's main contract increased by 0.68% compared with the previous day. The open interest of the active futures contract decreased by 15.35%, and the trading - to - open - interest ratio increased by 22.69% [1] Supply - The production of primary lead has been stable with a slight increase, and the overall fluctuation is not large. In the secondary lead sector, the price of waste lead - acid batteries has risen continuously, the supply of recyclers is limited, and the stores are reluctant to sell due to the expectation of price increases. Secondary lead smelters are forced to raise prices, and some smelters have reduced or suspended production due to raw material shortages or cost - price inversions. The production start is at a relatively low level, and some enterprises have temporarily withheld products from the market due to losses [1] Demand - The current market is gradually shifting from the off - season to the peak season, and downstream procurement is expected to improve, which may reduce the drag on lead prices [1] Inventory - LME lead inventory remained unchanged at 287,425 tons, and Shanghai lead warrant inventory decreased by 1.41% to 43,761 tons [1] Group 4: Zinc Market Summary Price and Trading - On the previous trading day, the average price of SMM1 zinc ingots decreased by 0.95% compared with the previous day, and the closing price of Shanghai zinc's main contract decreased by 0.88%. The trading volume of the active futures contract decreased by 7.45%, and the trading - to - open - interest ratio increased by 2.68% [1] Supply - Zinc smelters have sufficient raw material stocks, and zinc concentrate processing fees have continued to rise. The domestic zinc concentrate processing fee remained flat at 3,600 yuan/metal ton last week, and the imported zinc concentrate processing fee remained flat at 45 dollars/dry ton. The shortage of zinc concentrate has been alleviated, and the production of smelters is expected to increase [1] Demand - The terminal is in the off - season. After the decline of zinc price this week, the downstream production start and procurement have improved to some extent. The production start of the galvanizing and die - casting zinc alloy sectors has rebounded, while the production start of zinc oxide has slightly declined due to the weakening of some orders [1] Inventory - LME zinc inventory remained unchanged at 127,475 tons, and Shanghai zinc warrant inventory decreased by 11.29% to 8,595 tons. As of June 19, the total inventory of SMM zinc ingots in seven regions was 79,600 tons, an increase of 2,500 tons compared with June 12 and an increase of 1,500 tons compared with June 16 [1] Group 5: Industry News - Shanghai is considering optimizing the "trade - in" subsidy policy for electric bicycles, simplifying procedures, exploring license - free replacement and remote authentication, and may extend the subsidy policy [1] - A large secondary lead smelter in North China has postponed its resumption of production due to poor raw material arrival, initially planning to resume production at the end of July [1] - As of June 19, the zinc ingot inventory in Shanghai Free Trade Zone was 6,000 tons, remaining flat compared with last week [1]

Group 1 - The core viewpoint of the article highlights the successful implementation of the electric bicycle trade-in subsidy policy in Beijing, which has significantly boosted new electric bicycle sales and consumer spending [1][2]. - As of May 25, the number of trade-in applications has exceeded 100,000, leading to new vehicle sales amounting to 260 million yuan, indicating a strong consumer response and market growth [1]. - The subsidy policy includes a base subsidy of 500 yuan for each new vehicle purchased, with additional incentives for trading in old lithium battery bicycles and those undergoing battery health assessments, potentially allowing consumers to receive up to 650 yuan in total subsidies [2]. Group 2 - The policy encourages companies to increase investment in technology research and development, pushing the industry towards standardization and smart upgrades, while also promoting innovation in areas such as anti-theft systems and battery management technology [3]. - The subsidy model eliminates barriers for enterprises, fostering a fair competitive environment and enhancing market participation, which benefits consumers by ensuring subsidies are directly deposited into their accounts [2]. - The expected impact of the policy is to further stimulate consumer spending, with projections indicating that new vehicle sales will exceed 96 million yuan in 2024 and continue to grow in 2025, enhancing both consumer experience and industry growth [2].