1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The prices of lead products such as SMM1 lead ingots, Shanghai lead main - contract, and London lead have shown an upward trend. The lead market has both supply and demand increasing, but high lead prices suppress downstream purchasing enthusiasm. This week is the week before the delivery of the Shanghai lead 2511 contract, and some hidden inventories will become visible. There is a risk of the lead price rising and then falling. Attention should be continuously paid to the impact of raw material arrivals on refinery operations in the future [3]. 3. Summary According to the Table of Contents 3.1 Market Review - **Price Changes**: SMM1 lead ingot average price increased by 0.15% to 17,250 yuan/ton, Shanghai lead main - contract closing price increased by 0.17% to 17,420 yuan/ton, and London lead closing price (electronic trading) rose by 0.99% to 2,045 US dollars/ton [10]. - **Basis**: No specific analysis of the basis is provided in the text, only historical basis data charts are presented [11]. 3.2 Supply - Side Analysis - **Raw Material - Lead Concentrate**: The tight supply pattern of lead concentrate has not been alleviated, with domestic and imported lead concentrate processing fees (TC) declining. The domestic lead concentrate processing fee dropped to 350 yuan/metal ton, and the imported lead concentrate processing fee dropped to - 135 US dollars/dry ton. The refinery profit is acceptable, with a profit of 162.5 yuan/ton (excluding by - product revenues such as zinc and copper) as of October 31 [22][27]. - **Raw Material - Scrap Batteries**: As of November 7, the average price of scrap batteries was 10,025 yuan/ton, remaining unchanged from the previous period. With the continuous increase in secondary lead production, it is expected that the price of scrap batteries will rise in the future [42]. - **Primary Lead**: The primary lead operating rate increased slightly to 67.57%. The weekly production of some major smelting enterprises remained stable, while some enterprises had production changes due to maintenance or production resumption. The total weekly production is expected to increase from 49,800 tons to 50,450 tons [28][33]. - **Secondary Lead**: The secondary lead operating rate increased by 7.3 percentage points to 50.7%. The weekly production reached 5.97 tons last week. The supply of scrap batteries is relatively stable, and most refineries have sufficient raw materials, with the operating rate returning to a high level in the past six months [54]. 3.3 Demand - Side Analysis - **Battery Enterprises**: The lead - acid battery operating rate increased by 0.32 percentage points to 69.22%. Some previously maintained enterprises resumed production last week, and the lead ingot trading improved. However, due to the high lead price increasing battery costs and the general terminal consumption, dealers' inventory building is limited, and battery enterprises mainly produce according to sales [62]. 3.4 Import and Export Analysis - As of October 31, the refined lead export loss was about 3,000 yuan/ton. As of November 10, the import profit was - 418.79 yuan/ton, and the import profit window was closed [71]. 3.5 Inventory Analysis - **Lead Ingot Inventory**: As of November 10, the total social inventory of lead ingots in five regions was 3.27 tons, and the inventory of primary lead's main delivery brand factories was 8,900 tons, showing an increase. High lead prices inhibited downstream purchasing enthusiasm, and inventory accumulated due to delivery and position transfer [81]. - **Exchange Inventory**: As of November 7, the SHFE refined lead inventory was 3.86 tons, showing an increase, and the LME inventory was 20.22 tons, showing a decrease [84]. - **Monthly Supply - Demand Balance Sheet**: The table shows the data of primary lead production, secondary lead production, exports, imports, apparent consumption, actual consumption, and comprehensive inventory from July 2024 to August 2025 [85].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report After the holiday, both supply and demand in the lead market increased. Considering that the resumption of production of secondary lead was restricted by profit, raw materials, etc., and the transportation of lead ingots coincided with the fruit and vegetable season, the market circulation of lead was limited. Therefore, the lead price was expected to maintain a high - level consolidation in the short term, with an operating range of 16,500 - 17,500 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - SMM1 lead ingot average price decreased by 0.15% to 16,900 yuan/ton, Shanghai lead main contract closing price decreased by 0.38% to 17,075 yuan/ton, and LME lead closing price (electronic disk) decreased by 2.13% to 1,971.5 US dollars/ton [13]. - Domestic lead concentrate processing fee remained flat at 350 yuan/metal ton, and imported lead concentrate processing fee remained flat at - 110 US dollars/dry ton. The tight ore situation remained unchanged, and the TC quotation was stable with a weakening trend. The smelter profit declined, and as of October 10, the smelter profit (excluding by - product revenues such as zinc and copper) was - 68.7 yuan/ton [30]. 3.2 Primary Lead - The primary lead operating rate decreased to 66.64% on a month - on - month basis. The total weekly production of major domestic primary lead smelters was expected to be 50,100 tons, a decrease from the previous week, mainly due to local maintenance and production fluctuations in Inner Mongolia [31][36]. 3.3 Secondary Lead - As of October 17, the average price of waste batteries was 10,000 yuan/ton, remaining flat. The demand for waste batteries increased, but the holders had limited supply and were reluctant to sell, so the waste battery price was relatively firm and was expected to rise further [44]. - As of October 17, the comprehensive profit of large - scale secondary lead enterprises was - 120 yuan/ton, and that of small - and medium - scale secondary lead enterprises was - 336 yuan/ton. The lead price weakened, while the waste battery price was firm, resulting in a slight decline in smelter profit [50]. - As of October 16, the raw material inventory of secondary lead smelters decreased to 137,200 tons, and the finished product inventory increased to 3,860 tons. The operating rate of secondary lead enterprises increased by 1.1 percentage points to 35.1%, and the weekly production reached 46,600 tons. However, considering the average downstream consumption and limited raw material supply, the increase in the operating rate was expected to be restricted [53][56]. 3.4 Lead Batteries - The operating rate of lead batteries increased by 13.26 percentage points to 74.97%. After the double - festival holiday, the downstream operations basically returned to normal. The demand for electric bicycle and automobile batteries in the terminal market increased steadily, and the performance of battery production enterprises was better than expected [63]. 3.5 Import and Export - As of October 10, the export of refined lead incurred a loss of about 2,800 yuan/ton. As of October 17, the import was profitable at 49.44 yuan/ton, and the import profit window opened [76]. 3.6 Inventory - As of October 16, the total social inventory of lead ingots in five locations was 37,700 tons, an increase; the inventory of major primary lead delivery brands in warehouses was 2,980 tons, a decrease. Due to delivery and transfer, some inventory became visible, and the social inventory of lead ingots increased as expected. Considering the improvement in demand, the subsequent increase in social inventory might be limited [87]. - As of October 17, the SHFE refined lead inventory was 41,700 tons, an increase; as of October 16, the LME inventory was 250,400 tons, an increase [90].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View After the holiday, refinery production resumed, and downstream industries also restarted, leading to an increase in both supply and demand in the lead market. However, due to pre - holiday inventory preparation by downstream enterprises and general terminal demand, most enterprises adopted a production - to - order model. As a result, lead ingot transactions were average, and with the addition of imported supplies, there was a high risk of lead ingot inventory accumulation, which might put pressure on prices. The price was expected to operate in the range of 16,500 - 17,500 yuan/ton, and there was a need to be vigilant against price pullbacks [2]. 3. Summary by Directory 3.1 Market Review - **Price Changes**: The average price of SMM1 lead ingots increased by 0.74% to 16,925 yuan/ton; the closing price of the main Shanghai lead contract rose by 1.18% to 17,140 yuan/ton; the LME lead closing price (electronic trading) increased by 1.44% to 2,014.5 US dollars/ton [12]. - **Basis**: The provided content shows the basis trends from 2022 - 2025, but specific analysis is not given [14]. 3.2 Primary Lead Supply - **Raw Material Tightness**: The tight supply of lead concentrates remained unchanged. Domestic mines had completed fourth - quarter output pre - sales and suspended quotes. After the holiday, the ore trading market was not active. With the cooling weather, the output of some mines might decline. Meanwhile, refineries were still highly motivated to produce due to high precious metal prices. The processing fees for lead concentrates were likely to fall rather than rise. The domestic lead concentrate processing fee remained unchanged at 350 yuan/metal ton, and the imported lead concentrate processing fee remained unchanged at - 110 US dollars/dry ton [2][31]. - **Operating Rate**: The operating rate of primary lead remained unchanged at 68.47% compared to the previous period. The total weekly output of major domestic primary lead smelting enterprises in the week of October 10 was 51,550 tons, with some enterprises resuming production after maintenance [32][37]. 3.3 Secondary Lead Supply - **Waste Battery Price and Refinery Profit**: As of October 10, the average price of waste batteries was 10,000 yuan/ton, a week - on - week increase of 25 yuan/ton. The profit of secondary lead refineries remained stable. As of October 13, the comprehensive profit and loss of large - scale secondary lead enterprises was - 45 yuan/ton, and that of small - and medium - scale secondary lead enterprises was - 259 yuan/ton [43][50]. - **Inventory and Operating Rate**: As of October 9, the raw material inventory of secondary lead refineries increased, and the finished product inventory decreased. The operating rate of secondary lead enterprises increased by 5.6 percentage points to 34%. The weekly output of secondary lead reached 44,300 tons [53][56]. 3.4 Downstream Demand - **Lead Battery Operating Rate**: The operating rate of lead batteries increased by 6.58 percentage points to 61.71%. After the holiday, downstream operations resumed as expected, but the terminal market showed little change compared to before the holiday. The new orders for electric bicycles were acceptable, but the replacement demand was average. The automotive battery market did not have a strong peak season, especially the export sector [64]. 3.5 Import and Export As of October 10, the export of refined lead suffered a loss of about 2,800 yuan/ton, and the import profit was - 530.58 yuan/ton, indicating that the import profit window was closed. With the increase in the Shanghai - London ratio, the import window might open in the future [73]. 3.6 Inventory - **Social and Factory Inventory**: As of October 9, the total social inventory of lead ingots in five locations was 36,900 tons, showing inventory reduction; the factory inventory of major primary lead delivery brands was 10,700 tons, a week - on - week increase. Before the holiday, refineries mostly carried out maintenance, and downstream enterprises stocked up, leading to a reduction in social inventory. During the holiday, refinery production resumed, and factory inventory accumulated [87]. - **Exchange Inventory**: As of October 10, the SHFE refined lead inventory was 39,900 tons, a week - on - week decrease; the LME inventory was 237,000 tons, showing an increase [90].

Report Industry Investment Rating - No specific investment rating for the industry is provided in the report. Core Viewpoints - For the lead market, supply and demand are both increasing, there is no obvious contradiction, raw material tightness and peak - season expectations support lead prices, and short - term lead prices are expected to move in a range [1]. - For the zinc market, macro "anti - involution" sentiment in China is fluctuating, the zinc market has an increase in both zinc ore and zinc ingot supply, demand is in the off - season, inventory continues to accumulate, and overseas LME zinc inventory is decreasing, providing some support. Short - term zinc prices are expected to move in a range [1]. Summary by Related Catalogs Lead Price and Market Data - SMM1 lead ingot average price is 16,700 yuan/ton with 0.00% change, Shanghai lead futures main contract closing price is 16,850 yuan/ton with a 0.48% increase, and the basis is - 150 yuan/ton with a - 80 yuan change [1]. - Futures active contract trading volume is 32,601 lots with a - 28.53% change, and the position is 51,207 lots with a - 0.32% change [1]. - LME inventory is 261,100 tons with 0.00% change, and Shanghai lead warehouse receipt inventory is 61,784 tons with 0.00% change [1]. - LME 3 - month lead futures closing price (electronic trading) is 1,981 dollars/ton with a - 0.45% change, and the Shanghai - London lead price ratio is 8.51 with a 0.93% increase [1]. Industry News - From August 8th to August 14th, the weekly operating rate of SMM primary lead enterprises was 68.07%, a 0.67 - percentage - point increase; the weekly operating rate of secondary lead enterprises was 41%, a 0.1 - percentage - point decrease; the weekly operating rate of lead battery enterprises was 67.3%, a 2.05 - percentage - point increase [1]. - On August 14th, [LME0 - 3 lead] was at a discount of 40.87 dollars/ton, and the position was 154,530 lots, an increase of 682 lots [1]. Fundamental Analysis - There is no expected increase in lead concentrate imports, processing fees are likely to rise and difficult to fall, but it has not had a substantial impact on smelter operations. Previously - shut - down smelters are gradually resuming production, and primary lead operations are rising steadily [1]. - For secondary lead, the price of waste lead batteries is likely to rise and difficult to fall, recyclers' supplies are limited, and stores are reluctant to sell due to bullish sentiment. Some smelters have cut or stopped production due to raw material shortages or cost - price inversion, with overall operations at a relatively low level and firm quotations, and a slight decline in operations [1]. - On the demand side, the terminal market has not improved significantly, the peak - season effect has not been reflected, dealers mainly digest inventory, and production enterprises produce according to sales [1]. Zinc Price and Market Data - SMM1 zinc ingot average price is 22,380 yuan/ton with a - 0.27% change, Shanghai zinc futures main contract closing price is 22,505 yuan/ton with a 0.11% increase, and the basis is - 125 yuan/ton with a - 85 yuan change [1]. - Futures active contract trading volume is 83,222 lots with a 6.65% increase, and the position is 76,347 lots with a - 5.51% change [1]. - LME inventory is 76,325 tons with 0.00% change, and Shanghai zinc warehouse receipt inventory is 20,020 tons with a 17.10% increase [1]. - LME 3 - month zinc futures closing price (electronic trading) is 2,796.5 dollars/ton with a - 1.62% change, and the Shanghai - London zinc price ratio is 8.05 with a 1.76% increase [1]. Industry News - From August 8th to August 14th, the weekly operating rate of galvanized enterprises was 58.54%, a 1.19 - percentage - point increase; the weekly operating rate of die - casting zinc alloy enterprises was 47.61%, a 0.81 - percentage - point decrease; the weekly operating rate of zinc oxide enterprises was 56.95%, a 1.27 - percentage - point increase [1]. - Last week, the total inventory of zinc concentrate at major Chinese ports was 354,000 physical tons, a 46,000 - ton increase from the previous week [1]. - On August 14th, [LME0 - 3 lead] was at a discount of 40.87 dollars/ton, and the position was 154,530 lots, an increase of 682 lots [1]. Fundamental Analysis - Smelters have sufficient raw material reserves, zinc ore processing fees are rising continuously. Last week, domestic zinc concentrate processing fees remained flat at 3,900 yuan/metal ton, and the imported zinc ore processing fee index rose to 90.3 dollars/dry ton. With continuous easing of raw materials, zinc concentrate processing fees are expected to continue rising in August, cost - side support is weakening, smelter profits and production enthusiasm are improving, and production volume is showing an obvious upward trend [1]. - On the demand side, last week zinc prices fluctuated within a narrow range, downstream enterprises mainly consumed existing inventory. The price of black metals showed a good trend, and some end - users stocked up due to concerns about future production cuts, driving an increase in galvanized operations [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The raw material - lead concentrate remains in short supply. The processing fees for domestic lead concentrates rich in gold, silver and high - silver content silver - lead ores have decreased, and the supply of imported lead concentrates rich in precious metals and small metals is tight with a significant decline in tender prices. The supply of scrap batteries is still tight, but as the lead price drops, the losses of secondary lead smelters widen, and the scrap battery prices have loosened [3]. - On the supply side, the primary lead smelters that had undergone maintenance are resuming production. For secondary lead, the start - up rate is slowly increasing with the expectation of the peak season, but the raw material price decline is less than that of the lead price, and the uncertainty of smelter start - up is high [3]. - On the demand side, the downstream shows a differentiated trend. The demand for electric bicycles is good, and enterprises are increasing their purchases of lead ingots. The export of lead - acid batteries for complete vehicles is affected by weak demand and tariffs, and the start - up rate has not improved significantly [3]. - In terms of trading and inventory, the price of secondary lead is inverted compared with electrolytic lead, and downstream buyers prefer electrolytic lead. Although the inventory of secondary lead plants is decreasing, the overall social inventory of lead ingots is still increasing [3]. - Considering the support from the raw material side, it is expected that the short - term decline space of the lead price is limited, and the operating range is expected to be between 16,500 - 17,500 yuan/ton. Continued attention should be paid to the start - up situation of secondary lead smelters under the conditions of cost inversion and raw material shortage [3]. 3. Summary According to the Catalog 3.1 Market Review - **Price Changes**: The average price of SMM1 lead ingots decreased by 1.19% to 16,550 yuan/ton week - on - week. The closing price of the main contract of Shanghai lead futures decreased by 1.30% to 16,735 yuan/ton. The closing price (electronic trading) of London lead decreased by 2.30% to 1,974 US dollars/ton [12]. - **Basis**: No specific analysis of the basis is provided in the text other than showing the historical basis data graphs. 3.2 Raw Material Situation - **Lead Concentrate**: The domestic lead concentrate processing fee remained flat at 500 yuan/metal ton week - on - week, and the imported lead concentrate processing fee remained flat at - 60 US dollars/dry ton. The expectation of tight concentrate supply remains unchanged, and the TC quotation is stable with a weakening trend. As of July 25, the smelter profit (excluding by - product revenues such as zinc and copper) was 101.5 yuan/ton [25]. - **Scrap Batteries**: As of August 1, the average price of scrap batteries was 10,200 yuan/ton, a week - on - week decrease of 50 yuan/ton. As the lead price dropped, the losses of smelters widened, and the scrap battery prices slightly followed the downward trend [39]. 3.3 Supply Side - **Primary Lead**: The start - up rate of primary lead increased to 63.9% week - on - week. The total weekly output of major primary lead smelters increased from 46,875 tons in the week of July 25 to 51,325 tons this week, mainly due to the resumption of production after maintenance in some regions [26][31]. - **Secondary Lead**: The start - up rate of secondary lead increased by 3.7 percentage points to 44.4%. As of last Friday, the weekly output of secondary lead was 47,500 tons, showing an upward trend. A large - scale smelter in Inner Mongolia resumed production and increased output, driving the significant increase in the start - up rate. However, the supply of scrap batteries is still tight, and some smelters said they would stop production when the raw materials are insufficient to support production [49]. 3.4 Demand Side The start - up rate of lead - acid batteries remained flat at 71.86%. The electric bicycle industry has entered the traditional peak season, and some enterprises have increased production and built inventories. Especially after the lead price dropped, the purchasing enthusiasm improved significantly. The production of automotive lead - acid batteries is mainly based on sales [55]. 3.5 Import and Export - As of July 25, the export of refined lead suffered a loss of about 2,300 yuan/ton. As of August 1, the import profit was - 528.2 yuan/ton, and the import profit window was closed [65]. 3.6 Inventory - **Domestic Social Inventory**: As of July 31, the total social inventory of lead ingots in five locations was 73,000 tons, showing an increase. Although the inventory of mainstream smelters decreased, the overall social inventory increased due to the phased increase in supply [75]. - **Exchange Inventories**: As of August 1, the SHFE refined lead inventory was 63,300 tons, showing a week - on - week increase. As of July 31, the LME inventory was 275,300 tons, also showing an increase [78]. - **Monthly Supply - Demand Balance Sheet**: The table shows the production, export, import, consumption and inventory data of primary lead and secondary lead from August 2024 to June 2025, reflecting the supply - demand relationship and inventory changes in different months [79].