Report Summary 1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core View of the Report - The short - term supply and demand of lead are both weak, while the medium - term outlook is bullish [1]. 3. Summary According to Related Catalogs 3.1 Fundamental Tracking - **Price and Volume**: The closing price of the main contract of Shanghai lead futures was 16,765 yuan/ton, down 0.09%; the closing price of the LME 3M electronic lead futures was 1,974 US dollars/ton, down 0.35%. The trading volume of the main contract of Shanghai lead futures was 27,538 lots, a decrease of 3,315 lots; the trading volume of LME lead futures was 4,570 lots, an increase of 285 lots. The open interest of the main contract of Shanghai lead futures was 49,567 lots, a decrease of 408 lots; the open interest of LME lead futures was 146,481 lots, a decrease of 670 lots [1]. - **Premium and Discount**: The premium of Shanghai 1 lead was - 25 yuan/ton, a decrease of 10 yuan/ton; the LME CASH - 3M premium was - 22.25 US dollars/ton, an increase of 1.25 US dollars/ton. The PB00 - PB01 spread was - 45 yuan/ton, unchanged; the import premium was 105 US dollars/ton, unchanged [1]. - **Inventory**: The inventory of Shanghai lead futures was 41,799 tons, unchanged; the LME lead inventory was 279,975 tons, a decrease of 1,300 tons. The LME lead cancelled warrants were 93,700 tons, an increase of 48,700 tons [1]. - **Other Indicators**: The spot import profit and loss of lead ingots was - 852.42 yuan/ton, a decrease of 6.16 yuan/ton; the import profit and loss of Shanghai lead continuous - three contract was - 745.64 yuan/ton, an increase of 23.62 yuan/ton. The price of waste electric vehicle batteries was 10,125 yuan/ton, unchanged; the comprehensive profit and loss of recycled lead was - 502 yuan/ton, unchanged [1]. 3.2 News - In May, China's CPI decreased by 0.1% year - on - year, and changed from an increase to a decrease month - on - month. The year - on - year decline of PPI widened to 3.3%. China's exports denominated in US dollars increased by 4.8% year - on - year, while imports decreased by 3.4%. In May, China's rare earth export volume increased by nearly 23% month - on - month, soybean import volume increased by 129% month - on - month, reaching a record high, and coal and oil import volumes decreased [2]. 3.3 Trend Intensity - The trend intensity of lead is 1, indicating a neutral - to - bullish trend [2].