Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - During the week from September 1st to September 5th, 2025, the price of Shanghai lead futures generally maintained a high - level range operation [2]. Group 3: Summary by Directory 1. Futures Market 1.1 Contract Price - The price of Shanghai lead futures fluctuated repeatedly around the upper part of the range during the week. As of the weekend, the weekly closing price of the main contract Shanghai lead 2510 (pb2510) reached 16,900 points, with a maximum price of 16,950 and a minimum price of 16,780. The position was 49,426 lots, an increase of about 244 lots compared with the previous week [3]. 1.2 Variety Market - In the weekly market of Shanghai lead futures, the contract price of Shanghai lead (pb2509) was the lowest, the price change ranges of Shanghai lead (pb2601) and Shanghai lead (pb2603) were the smallest, the contract price of Shanghai lead (pb2608) was the highest, and the price change range of Shanghai lead (pb2606) was the largest [5]. 1.3 Related Market - From the observation of the Shanghai lead option market, among the contracts with the exercise price between 14,800 and 17,000 points, the call option at 17,000 points had the largest trading volume and open interest [6]. 2. Spot Market 2.1 Basis Data - The spot price on Friday was 16,675 yuan/ton, and the spot price last Friday was 16,650 yuan/ton. The basis on Friday was - 225 yuan/ton, and the basis last Friday was - 230 yuan/ton. The weekly basis narrowed [9]. 3. Influencing Factors 3.1 Latest News - Macroeconomically, in China, the retail industry index reached an 8 - month high in September. Overseas, the US non - farm payrolls data in August fell far short of expectations, increasing the market's expectation of the Fed's interest rate cut this year. Trump exempted key commodities such as gold from tariffs. Fundamentally, on the supply side, for primary lead, smelters in Henan, Inner Mongolia and other regions started maintenance, offsetting the increase from the resumption of production of smelters in Liaoning; for recycled lead, the raw material supply remained tight, smelters were still in a loss state, and the scale of smelter production cuts expanded. On the demand side, the recent consumption of lead - acid batteries was not prominent, and the seasonal consumption in the traditional peak season did not materialize. However, the new national standard will be implemented in September, and the anti - dumping sanctions tariffs in the Middle East will take effect in September, which may have a certain impact on the export of starting lead - acid batteries [10]. 4. Market Outlook - Macroeconomically, the expectation of the Fed's interest rate cut has increased again. Fundamentally, the supply is still in short supply, and on the demand side, the peak season has not materialized yet, but there is still a strong expectation. In the short term, due to the strong macro and fundamental expectations, the price will run strongly [11].