Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The continuous decline in lead inventory supports the price [1] Group 3: Summary by Related Catalogs Fundamental Tracking - **Price and Volume**: The closing price of the main contract of Shanghai lead was 17,090 yuan/ton, up 0.15%; the closing price of the LME 3M electronic disk of lead was 2,002.5 dollars/ton, up 0.18%. The trading volume of the main contract of Shanghai lead was 46,256 lots, an increase of 2,927 lots; the trading volume of LME lead was 4,762 lots, an increase of 174 lots [1]. - **Position and Spread**: The open interest of the main contract of Shanghai lead was 62,847 lots, an increase of 1,776 lots; the open interest of LME lead was 159,664 lots, a decrease of 466 lots. The premium of Shanghai 1 lead was -10 yuan/ton, unchanged; the LME CASH - 3M premium was -40.08 dollars/ton, an increase of 2.05 dollars/ton [1]. - **Inventory and Other Data**: The inventory of Shanghai lead futures was 35,584 tons, a decrease of 2,576 tons; the LME lead inventory was 219,550 tons, a decrease of 175 tons. The price of waste electric vehicle batteries was 9,975 yuan/ton, unchanged; the LME lead cancelled warrants were 22,275 tons, an increase of 4,150 tons [1]. News - The GDP growth rate of the United States in the second quarter was revised up to 3.8%, reaching a two - year high, and the PCE price index was 2.6%. The stronger - than - expected GDP growth rate and the decline in the number of initial jobless claims increased the uncertainty of the Fed's future interest - rate cut path, and the market's expectation of an interest - rate cut in October cooled [1]

Group 1: Industry Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core Viewpoints - There is no clear core viewpoint explicitly stated in the content. Group 3: Summary of Related Catalogs Fundamental Tracking - **Price Changes**: The closing price of the main contract of Shanghai Zinc was 22,045 yuan/ton, up 0.85%; the closing price of LME Zinc 3M electronic disk was 2,922.5 dollars/ton, up 1.14% [1]. - **Trading Volume**: The trading volume of the main contract of Shanghai Zinc was 158,280 lots, an increase of 48,547 lots; the trading volume of LME Zinc was 10,392 lots, an increase of 1,957 lots [1]. - **Open Interest**: The open interest of the main contract of Shanghai Zinc was 131,286 lots, a decrease of 10,581 lots; the open interest of LME Zinc was 217,087 lots, an increase of 1,804 lots [1]. - **Premium and Discount**: The premium of Shanghai 0 zinc was -55 yuan/ton, up 5 yuan/ton; the premium of LME CASH - 3M was 40 dollars/ton, unchanged [1]. - **Inventory Changes**: The inventory of Shanghai Zinc futures was 56,583 tons, a decrease of 774 tons; the inventory of LME Zinc was 43,800 tons, a decrease of 600 tons [1]. News - The annualized quarterly rate of the US GDP in the second quarter was revised up to 3.8%, the highest in nearly two years. The PCE price index was 2.6%. The upward revision was mainly due to unexpectedly strong consumer spending and a decline in imports, but inflation pressure was more stubborn than previously estimated [2]. Trend Intensity - The trend intensity of zinc is 0, indicating a neutral trend [2][3].