1. Report Industry Investment Rating - The investment rating is cautiously bullish [4] 2. Core View of the Report - The lead - acid battery consumption season is approaching, and the downstream procurement enthusiasm is stimulated by rising prices with a significant "buy - on - rising" feature. The improvement of macro - sentiment and the spill - over of risk sentiment will benefit lead prices. For the SHFE lead 2508 contract, it is advisable to conduct long - hedging at dips between 16,800 yuan/ton and 17,000 yuan/ton [4] 3. Summary According to Related Catalogs Market News and Important Data Spot - On July 2, 2025, the LME lead spot premium was - 32.45 dollars/ton. The SMM1 lead ingot spot price remained unchanged at 16,925 yuan/ton. The SMM Shanghai lead spot premium remained unchanged at - 35.00 yuan/ton. The SMM Guangdong lead price remained unchanged at 16,950 yuan/ton. The SMM Henan lead price decreased by 25 yuan/ton to 16,925 yuan/ton. The SMM Tianjin lead spot premium increased by 25 yuan/ton to 17,025 yuan/ton. The lead refined - scrap price spread remained unchanged at - 50 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 10,275 yuan/ton, waste white - shell at 10,175 yuan/ton, and waste black - shell at 10,525 yuan/ton [1] Futures - On July 2, 2025, the SHFE lead main contract opened at 17,115 yuan/ton and closed at 17,175 yuan/ton, up 75 yuan/ton. The trading volume was 27,524 lots, down 3,863 lots. The open interest was 51,254 lots, down 157 lots. The intraday price fluctuated, with a high of 17,210 yuan/ton and a low of 17,110 yuan/ton. In the night session, it opened at 17,235 yuan/ton and closed at 17,270 yuan/ton, up 0.64% from the afternoon close. Lead prices stopped falling briefly, downstream enterprises replenished stocks due to rigid demand, and the spot trading of primary lead improved compared to the previous day [2] Inventory - On July 2, 2025, the SMM lead ingot inventory was 56,000 tons, an increase of 300 tons from last week. As of July 2, the LME lead inventory was 268,150 tons, a decrease of 1,925 tons from the previous trading day [3] Strategy - The strategy is to be cautiously bullish. For the SHFE lead 2508 contract, long - hedging can be carried out at dips between 16,800 yuan/ton and 17,000 yuan/ton [4] Option Strategy - Sell put options at 16,500 yuan/ton [5]

1. Report Industry Investment Rating - The investment rating for the lead industry is cautiously bullish [3] 2. Core View of the Report - With the approach of the peak consumption season for lead - acid batteries, the downstream purchasing enthusiasm has been stimulated by rising prices, showing a "buying on the rise" pattern. The improvement of macro - sentiment and the spill - over of risk sentiment will benefit lead prices. Therefore, for the SHFE lead 2508 contract, it is advisable to conduct long - hedging on dips in the range of 16,800 yuan/ton to 17,000 yuan/ton [3] 3. Summary According to Relevant Catalogs Market News and Important Data - **Spot Market**: On July 1, 2025, the LME lead spot premium was - 27.57 dollars/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 16,925 yuan/ton compared with 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 25 yuan/ton to 16,950 yuan/ton, and the SMM Henan lead spot price also decreased by 25 yuan/ton to 16,950 yuan/ton. The SMM Tianjin lead spot premium decreased by 25 yuan/ton to 17,000 yuan/ton. The lead refined - scrap price difference remained unchanged at - 50 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged [1] - **Futures Market**: On July 1, 2025, the SHFE lead main contract opened at 17,200 yuan/ton and closed at 17,100 yuan/ton, a decrease of 100 yuan/ton compared with the previous trading day. The trading volume was 31,387 lots, a decrease of 934 lots compared with the previous trading day, and the position was 51,411 lots, an increase of 3 lots compared with the previous trading day. The intraday price fluctuated, with a high of 17,220 yuan/ton and a low of 17,090 yuan/ton. In the night session, the SHFE lead main contract opened at 17,115 yuan/ton and closed at 17,170 yuan/ton, a 0.20% increase from the afternoon close [1] - **Inventory**: On July 1, 2025, the total SMM lead ingot inventory was 56,000 tons, an increase of 300 tons compared with the same period last week. As of July 1, the LME lead inventory was 270,075 tons, a decrease of 1,850 tons compared with the previous trading day [2] Strategy - **Futures Strategy**: For the SHFE lead 2508 contract, conduct long - hedging on dips in the range of 16,800 yuan/ton to 17,000 yuan/ton [3] - **Options Strategy**: Sell put options at 16,500 yuan/ton [4]

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]