1. Report Industry Investment Rating - The investment rating is cautiously bearish [3] 2. Core View - The lead market shows a pattern of weak supply and demand around the Spring Festival, with continuously increasing inventory. There is a divergence in the operating rates of primary lead and secondary lead, and the secondary lead has been in a state of continuous losses. The consumption of terminal lead - acid battery enterprises has dropped to zero, and the social inventory has reached a new high in nearly 5 months. After the Spring Festival, the resumption of secondary lead production is earlier than the downstream inventory digestion, intensifying the supply - demand mismatch. The lead price is expected to maintain a volatile pattern [3] 3. Summary by Relevant Catalogs Market News and Important Data Spot - On February 25, 2026, the LME lead spot premium was -$49.85/ton. The SMM1 lead ingot spot price remained unchanged at 16,525 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by 100 yuan/ton to -50.00 yuan/ton. The SMM Guangdong lead spot price remained unchanged at 16,600 yuan/ton, and the SMM Henan lead spot price remained unchanged at 16,550 yuan/ton. The SMM Tianjin lead spot premium remained unchanged at 16,600 yuan/ton. The lead concentrate - scrap price difference remained unchanged at 0 yuan/ton. The price of waste electric vehicle batteries increased by 100 yuan/ton to 9,925 yuan/ton, the price of waste white shells increased by 100 yuan/ton to 10,075 yuan/ton, and the price of waste black shells increased by 75 yuan/ton to 10,275 yuan/ton [1] Futures - On February 25, 2026, the main contract of SHFE lead opened at 16,655 yuan/ton and closed at 16,735 yuan/ton, up 65 yuan/ton from the previous trading day. The trading volume for the whole trading day was 67,705 lots, an increase of 12,420 lots from the previous trading day. The positions for the whole trading day were 71,996 lots, an increase of 2,284 lots from the previous trading day. The intraday price fluctuated, with the highest point reaching 16,840 yuan/ton and the lowest point reaching 16,650 yuan/ton. In the night session, the main contract of SHFE lead opened at 16,715 yuan/ton and closed at 16,790 yuan/ton, up 0.27% from the afternoon close of the previous day. According to SMM, the SMM1 lead price remained unchanged from the previous trading day. In Henan, some suppliers offered discounts of 230 - 220 yuan/ton to the SHFE 2604 contract or 200 - 180 yuan/ton to the SHFE 2603 contract, with a small amount of low - price shipments. Some suppliers insisted on a discount of 150 yuan/ton to the 2604 contract. In Hunan, smelters sold at a premium of 20 yuan/ton to SMM1 lead to deal with the inventory during the Spring Festival holiday. In Guangdong, smelters offered a premium of 100 yuan/ton to SMM1 lead for ex - factory sales. After the Spring Festival, the downstream's enthusiasm for restocking was poor, mainly digesting the inventory reserved before the festival, and the market was in a wait - and - see mood [2] Inventory - On February 25, 2026, the total SMM lead ingot inventory was 64,000 tons, an increase of 10,100 tons compared with the same period last week. As of February 25, the LME lead inventory was 286,300 tons, a decrease of 25 tons from the previous trading day [2] Strategy - For the main contract of SHFE lead, it is recommended to sell high and buy low in the range of 16,350 - 16,900 yuan/ton. In the first week after the Spring Festival, it is recommended to mainly conduct sell - hedging on rallies, pay attention to the resistance level of 16,950 yuan/ton, and the support level is 16,300 yuan/ton. On the spot side, postpone inventory preparation and wait for the discount to expand to more than 200 yuan/ton before intervening. Focus on the downstream's resumption of work and inventory reduction rhythm after the Lantern Festival. For options, sell call options [3]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] Core Viewpoints - The downstream market has a strong wait - and - see sentiment, and the lead price maintains a volatile pattern. Although supply in some areas has decreased due to extreme weather, the demand for electric vehicle batteries has dropped significantly as the Spring Festival approaches, while the demand for automotive batteries is still acceptable. Some enterprises may start pre - festival inventory replenishment. The lead price is expected to rise slightly this week, with an overall operating range of 16,900 - 17,700 yuan/ton [1][4] Summary by Relevant Content Spot Market - On January 27, 2026, the LME lead spot premium was - 48.53 dollars/ton. The SMM1 lead ingot spot price decreased by 100 yuan/ton to 16,850 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 25.00 yuan/ton, the SMM Guangdong lead price decreased by 100 yuan/ton to 16,875 yuan/ton, the SMM Henan lead price decreased by 100 yuan/ton to 16,825 yuan/ton, and the SMM Tianjin lead spot premium decreased by 50 yuan/ton to 16,875 yuan/ton. The lead refined - scrap price difference remained unchanged at - 100 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,025 yuan/ton, 10,125 yuan/ton, and 10,300 yuan/ton respectively [1] Futures Market - On January 27, 2026, the Shanghai lead futures main contract opened at 17,115 yuan/ton and closed at 17,000 yuan/ton, a decrease of 70 yuan/ton from the previous trading day. The trading volume was 62,123 lots, an increase of 13,107 lots from the previous trading day. The持仓 volume was 60,800 lots, a decrease of 2,985 lots from the previous trading day. The intraday price fluctuated, with a high of 17,165 yuan/ton and a low of 16,945 yuan/ton. In the night session, the contract opened at 17,375 yuan/ton and closed at 17,365 yuan/ton, a rise of 65 yuan/ton from the afternoon close. After the lead price weakened, the downstream's attitude towards purchasing was divided, some continued to wait and see due to fear of price drops, the smelter's inventory increased slightly, and the market trading was rather light [2] Inventory - On January 27, 2026, the total SMM lead ingot inventory was 35,000 tons, an increase of 700 tons from the same period last week. As of November 28, the LME lead inventory was 211,175 tons, a decrease of 1,575 tons from the previous trading day [3] Strategy - The overall investment strategy for lead is neutral, and the option strategy is to sell a wide - straddle [4]

Report Industry Investment Rating - Absolute price: Neutral [4] - Option strategy: Sell wide straddle [4] Core View - The lead market shows a pattern of weak supply and demand, failing to reflect the characteristics of the traditional peak demand season. Lead prices are expected to remain in a volatile range of 16,300 - 17,150 yuan/ton [4] Summary by Related Catalogs Spot Market - On August 13, 2025, the LME lead spot premium was -$38.73/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16,750 yuan/ton. The SMM Shanghai lead spot premium remained unchanged at -35.00 yuan/ton. The SMM Guangdong lead price decreased by 25 yuan/ton to 16,800 yuan/ton, and the SMM Henan lead price decreased by 50 yuan/ton to 16,750 yuan/ton. The SMM Tianjin lead spot premium decreased by 25 yuan/ton to 16,775 yuan/ton. The lead refined - scrap price difference remained unchanged at 0 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 10,200 yuan/ton, the price of waste white shells increased by 25 yuan/ton to 10,175 yuan/ton, and the price of waste black shells increased by 50 yuan/ton to 10,525 yuan/ton [1] Futures Market - On August 13, 2025, the main contract of Shanghai lead opened at 16,940 yuan/ton, closed at 16,930 yuan/ton, up 15 yuan/ton from the previous trading day. The trading volume was 28,937 lots, down 1,049 lots from the previous trading day, and the position was 49,424 lots, down 1,799 lots from the previous trading day. The intraday price fluctuated, with the highest point at 16,975 yuan/ton and the lowest at 16,865 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,880 yuan/ton and closed at 16,775 yuan/ton, down 0.89% from the afternoon close. The SMM1 lead price decreased by 25 yuan/ton from the previous trading day. In the Henan region, holders offered at a premium of 0 - 20 yuan/ton to the SMM1 lead average price or at a discount of 170 - 110 yuan/ton to the SHFE lead 2509 contract, with limited supply of low - priced goods. In the Hunan region, smelters offered at a discount of 20 - 0 yuan/ton to the SMM1 lead price, and traders offered at a discount of 170 - 150 yuan/ton to the SHFE lead 2509 contract, but the trading was relatively light. In the Jiangxi region, holders offered at a premium of 50 - 70 yuan/ton to the SMM1 lead price or at a discount of 120 - 100 yuan/ton to the SHFE lead 2509 contract. The lead futures weakened during the day, and some holders near the delivery date stopped offering and preferred to deliver to the warehouse. Downstream buyers made rigid purchases at low prices, and the overall market trading improved limitedly [2] Inventory - On August 13, 2025, the total SMM lead ingot inventory was 70,000 tons, a decrease of 110 tons from the previous week. As of August 13, the LME lead inventory was 262,225 tons, a decrease of 25 tons from the previous trading day [3]

Report Industry Investment Rating - The investment rating for the lead industry is cautiously bullish [3] Core Viewpoints - The lead market is gradually entering the peak consumption season for lead-acid batteries, and the rising prices have stimulated downstream purchasing enthusiasm, showing a "buying on the rise" characteristic. The improvement in macro sentiment and the spillover of risk sentiment will benefit lead prices to some extent [3] Summary by Related Catalogs Market News and Important Data - **Spot Market**: On June 30, 2025, the LME lead spot premium was -$22.14/ton. The SMM 1 lead ingot spot price decreased by 50 yuan/ton to 16,950 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at -35.00 yuan/ton, the SMM Guangdong lead spot price decreased by 50 yuan/ton to 16,975 yuan/ton, the SMM Henan lead spot price remained unchanged at 16,975 yuan/ton, and the SMM Tianjin lead spot premium decreased by 50 yuan/ton to 17,025 yuan/ton. The lead refined-scrap price difference remained unchanged at -75 yuan/ton, the price of waste electric vehicle batteries remained unchanged at 10,275 yuan/ton, the price of waste white shells increased by 25 yuan/ton to 10,175 yuan/ton, and the price of waste black shells increased by 25 yuan/ton to 10,525 yuan/ton [1] - **Futures Market**: On June 30, 2025, the main contract of Shanghai lead opened at 17,105 yuan/ton, closed at 17,200 yuan/ton, up 75 yuan/ton from the previous trading day. The trading volume was 32,321 lots, a decrease of 8,329 lots from the previous trading day, and the open interest was 51,408 lots, a decrease of 392 lots. The intraday price fluctuated, with a high of 17,220 yuan/ton and a low of 17,095 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,200 yuan/ton and closed at 17,170 yuan/ton, up 0.15% from the afternoon close [1] - **Inventory**: On June 30, 2025, the total SMM lead ingot inventory was 56,000 tons, an increase of 300 tons compared to the same period last week. As of June 30, the LME lead inventory was 271,925 tons, an increase of 175 tons from the previous trading day [2] Strategy - **Futures Strategy**: For the SHFE lead 2508 contract, consider buying on dips between 16,800 yuan/ton and 17,000 yuan/ton [3] - **Options Strategy**: Sell put options at a strike price of 16,500 yuan/ton [3]

1. Report Industry Investment Rating - Absolute price: Neutral [4] - Option strategy: Sell wide straddle [5] 2. Core View of the Report - The current domestic lead ore supply is relatively tight, and smelters have low willingness to purchase high-silver ores. The market is in a situation of weak supply and demand. However, the energy storage battery sector is performing well, with the operating rates of relevant enterprises generally reaching 80 - 100% due to the demand support from mobile base stations and data centers. The industry is optimistic about the second half of the year, and some enterprises are preparing for capacity expansion. Currently, the lead price is expected to fluctuate, with the Pb2506 contract ranging from 16,300 yuan/ton to 17,050 yuan/ton [4] 3. Summary by Relevant Catalogs Spot Market - On June 18, 2025, the LME lead spot premium was -33.19 dollars/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16,700 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium/discount increased by 25 yuan/ton to -30.00 yuan/ton. The SMM Guangdong lead price decreased by 25 yuan/ton to 16,725 yuan/ton, the SMM Henan lead price decreased by 50 yuan/ton to 16,675 yuan/ton, and the SMM Tianjin lead price decreased by 50 yuan/ton to 16,725 yuan/ton. The lead concentrate-scrap price difference remained unchanged at -25 yuan/ton. The prices of waste electric vehicle batteries, waste white shells, and waste black shells increased by 25 yuan/ton to 10,200 yuan/ton, 10,100 yuan/ton, and 10,450 yuan/ton respectively [1] Futures Market - On June 18, 2025, the main contract of Shanghai lead opened at 16,850 yuan/ton, closed at 16,810 yuan/ton, a decrease of 50 yuan/ton compared to the previous trading day. The trading volume was 36,557 lots, an increase of 6,561 lots compared to the previous trading day, and the position was 40,054 lots, a decrease of 1,403 lots. The intraday price fluctuated, with the highest point reaching 16,925 yuan/ton and the lowest point reaching 16,750 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,850 yuan/ton and closed at 16,845 yuan/ton, a 0.06% increase from the afternoon closing price [2] Market Transaction - According to SMM, the SMM1 lead price decreased by 25 yuan/ton compared to the previous trading day. In Henan, smelters' quotes were at a discount of 30 - 0 yuan/ton to SMM1 lead for ex-factory, and traders' quotes were at a discount of 180 - 140 yuan/ton to the SHFE lead 2507 contract for ex-factory. In Hunan, smelters' quotes were at a premium of 0 - 30 yuan/ton to SMM1 lead for ex-factory, and traders' quotes were at a discount of 50 - 0 yuan/ton to SMM1 lead or at a discount of 200 - 180 yuan/ton to the SHFE lead 2507 contract for ex-factory. In Jiangxi, holders' quotes were at a premium of 50 - 100 yuan/ton to SMM1 lead for ex-factory. The lead futures price weakened during the day, downstream buyers were cautious and waited and watched, and some holders slightly increased the discount to sell. The overall spot market transaction was light [3] Inventory - On June 18, 2025, the total SMM lead ingot inventory was 56,000 tons, an increase of 1,700 tons compared to the same period last week. As of June 18, the LME lead inventory was 289,475 tons, an increase of 2,025 tons compared to the previous trading day [3]