祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | | | | | | 铅锌日评20250812：区间整理 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 单位 | 今值 | | 变动 近期趋势 | 2025/8/12 | | | | SMM1#铅锭平均价格 | 元/吨 | 16,725.00 | | 0.00% | | | | 沪铅期现价格 | 期货主力合约收盘价 | 元/吨 | 16,885.00 | | 0.24% | | | | | 沪铅基差 | 元/吨 | -160.00 | | -40.00 | | | | | 升贴水-上海 升贴水-LME 0-3 | 元/吨 美元/吨 | -35.00 -35.50 | | - -4.21 | | | | 价差 | 升贴水-LME 3-15 | 美元/吨 | -61.40 | | 12.20 | | | | | 沪铅近月-沪铅连一 | 元/吨 | -50.00 | | 5.00 | | | | | 沪铅连一-沪铅连二 | 元/吨 | - ...

Group 1 - The company is currently in the pilot testing phase for its semiconductor-grade high-purity metal materials, with plans for large-scale production to be determined based on market conditions [1] - Domestic production can meet the demand for most metal categories, while 7N ultra-pure tellurium, 7N ultra-pure cadmium, and 7N ultra-pure indium still require partial imports [1] - The import prices for similar products are approximately 20%-30% higher than domestic product prices [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For the lead market, supply and demand are both increasing, with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices. Short - term lead prices are expected to move in a range [1]. - For the zinc market, macro factors show some fluctuations, and fundamentally, there is an increase in both zinc ore and zinc ingot supply, while demand is in the off - season. LME zinc inventory decline overseas provides some support. Short - term zinc prices are expected to move in a range with limited downside [1]. 3. Summary According to Related Catalogs 3.1 Price and Market Data - **Lead**: SMM1 lead ingot average price was 16,750 yuan/ton, up 0.15%; Shanghai lead futures main contract closed at 16,875 yuan/ton, up 0.12%; Shanghai lead basis was - 125 yuan/ton, up 5 yuan; LME3 - month lead futures closed at 2,007 dollars/ton, up 0.50%; Shanghai - London lead price ratio was 8.41, down 0.38% [1]. - **Zinc**: SMM1 zinc ingot average price was 22,440 yuan/ton, up 0.81%; Shanghai zinc futures main contract closed at 22,580 yuan/ton, up 0.89%; Shanghai zinc basis was - 140 yuan/ton, down 20 yuan; LME3 - month zinc futures closed at 2,815.5 dollars/ton, up 0.73%; Shanghai - London zinc price ratio was 8.02, up 0.16% [1]. 3.2 Production and Supply Information - **Recycled Non - ferrous Metals**: The production of recycled copper, aluminum, lead, and zinc in China reached 1.915 billion tons, including 445 million tons of recycled copper and 1.055 billion tons of recycled aluminum. Recycled lithium salts and cobalt from waste new - energy batteries accounted for 10% and 14% of China's metal lithium salts and cobalt production respectively, and recycled rare - earth production accounted for 15% of China's rare - earth supply [1]. - **Zinc and Lead Mines**: Pan American Silver Corp's zinc concentrate production in Q2 2025 was 12,600 tons, up 25% year - on - year; lead concentrate production was 6,000 tons, up 22% year - on - year. A zinc smelter in North China postponed its planned maintenance in September and October [1]. 3.3 Market Fundamentals - **Lead**: Lead concentrate imports have no expected increase, and processing fees are likely to rise. Primary lead production is relatively stable. For recycled lead, waste lead - acid battery prices are likely to rise, and some refineries have reduced or stopped production due to raw material shortages or cost inversion. Demand is expected to enter the peak season, but enterprises paused purchasing this week for inventory checks [1]. - **Zinc**: Zinc smelters have sufficient raw material reserves, and zinc ore processing fees are rising. Production is increasing, but demand is in the off - season, and enterprises' operating rates have declined [1].

Summary of Key Points Core Viewpoint - The announcement details the interest payment schedule for the "Yuguang Convertible Bonds" issued by Henan Yuguang Gold Lead Co., Ltd., including the payment dates and interest rates for the bondholders [2][4]. Group 1: Bond Issuance and Payment Details - The convertible bonds were issued on August 12, 2024, with a total issuance of 7.1 million bonds, amounting to 710 million yuan, and a maturity period of 6 years [2][3]. - The interest payment dates are set for August 11, 2025 (record date), August 12, 2025 (ex-dividend date), and August 12, 2025 (payment date) [2][9]. - The bond has a tiered interest rate structure: 0.10% for the first year, 0.30% for the second year, 0.60% for the third year, 1.00% for the fourth year, 1.50% for the fifth year, and 2.00% for the sixth year [2][3]. Group 2: Interest Calculation and Payment Method - The annual interest is calculated based on the formula I = B × i, where I is the annual interest amount, B is the total face value of the bonds held, and i is the applicable interest rate for that year [5][6]. - The first-year interest payment for the period from August 12, 2024, to August 11, 2025, will be 0.10 yuan per bond (including tax) [8][11]. - The company will pay the interest through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, and the payment will be made within five trading days after the interest payment date [10]. Group 3: Tax Implications - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net payment of 0.08 yuan per bond after tax [11][12]. - For resident enterprises, the interest income tax is self-paid, with the gross amount remaining at 0.10 yuan per bond (including tax) [12]. Group 4: Corporate Governance - The company has elected Wang Yongjun as the employee director of the ninth board of directors, following the resignation of a previous non-independent director [14][15]. - Wang Yongjun's qualifications meet the requirements set forth by relevant laws and regulations, and he does not have any related party relationships with other board members or major shareholders [15].

Group 1 - The core point of the article highlights that Zhuye Group has experienced a decrease in the number of shareholders, with a total of 38,800 shareholders as of July 31, down by 4,700 from the previous period, representing a decline of 10.80% [2] - The company's stock price closed at 11.69 yuan, reflecting an increase of 4.10%, and a cumulative increase of 2.81% since the concentration of shares began [2] - In the first quarter, Zhuye Group reported a revenue of 4.803 billion yuan, a year-on-year increase of 8.50%, and a net profit of 277 million yuan, which is a significant year-on-year increase of 74.07% [2] Group 2 - On July 5, the company released a half-year performance forecast, estimating a net profit between 560 million yuan and 650 million yuan, with a fluctuation range of 50.97% to 75.23% [3] - In terms of institutional ratings, the stock received buy ratings from two institutions in the past month, with Dongfang Securities setting the highest target price at 16.32 yuan on July 20 [3]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The global lead market shows a large visible inventory pressure, and the expected increase in supply from new capacity will suppress lead prices. However, the cost support is relatively stable, and the potential production cut expectation caused by refinery losses also provides a bottom - support for lead prices. It is expected that the lead price will fluctuate widely in August, and its upside space depends on the actual improvement in the consumption end [2][72][73]. Summary According to the Directory 1. Lead Market Review - In July, the main contract price of Shanghai lead showed a volatile decline. Affected by factors such as the passing of the US bill, good domestic PMI data, and the approaching consumption peak season at the beginning of the month, the lead price was firm. In the middle of the month, due to factors like inventory increase and less - than - expected downstream consumption improvement, the lead price adjusted. After the news of some Middle - Eastern countries imposing additional tariffs on lead - battery exports, the lead price decline was magnified. Finally, it closed at 16,735 yuan/ton, with a monthly decline of 2.7%. The London lead price first declined and then rose, closing at 1,969.5 US dollars/ton at the end of the month, with a monthly decline of 3.93% [7]. 2. Lead Fundamental Analysis 2.1 Lead Ore Supply Situation - **Global lead concentrate supply is slowly recovering**: From January to May 2025, the global cumulative lead concentrate production was 1.8111 million tons, with a cumulative year - on - year increase of 2.5%. Overseas mine production showed different year - on - year changes, indicating a slow recovery rhythm. In China, from January to June, the cumulative lead concentrate production was 787,000 tons, with a cumulative year - on - year increase of 13%. It is expected that the global lead concentrate supply will continue to recover in the second half of the year, with an expected overseas increase of 100,000 tons and a domestic increase of about 70,000 tons, and the global lead mine production growth rate will be 2.3% to 4620,000 tons [10][11]. - **Lead concentrate processing fees remain low, and the demand for silver concentrate imports is increasing**: In August, the average domestic lead concentrate processing fee was 500 yuan/metal ton, a month - on - month decrease of 100 yuan/metal ton; the import processing fee was - 60 US dollars/dry ton, a month - on - month decrease of 15 US dollars/dry ton. The import of lead concentrate maintained a loss, but the monthly import volume remained at a relatively high level. In June, the silver concentrate import volume was 126,000 tons, and the cumulative import volume from January to June was 847,000 tons. With the continuous high price of by - product silver, the import demand remained high [18][20]. 2.2 Refined Lead Supply Situation - **Global refined lead supply growth is slow**: From January to May 2025, the global cumulative refined lead production was 5.5066 million tons, with a cumulative year - on - year decrease of 1.8%. It is predicted that the global refined lead production in 2025 will be 13.272 million tons, with a year - on - year increase of 0.6% [22]. - **Refineries are resuming production, and the electrolytic lead production in August is expected to increase month - on - month**: In July, the electrolytic lead production was 321,700 tons, a month - on - month decrease of 2.1%. It is expected that the production in August will be 338,200 tons, a month - on - month increase of 5.13% [26]. - **The price of waste batteries remains high, and new projects contribute to the increase in production**: In July, the price of waste batteries fluctuated slightly. It is expected that the price will remain firm in August. In July, the production of recycled refined lead was 258,000 tons, a month - on - month increase of 13.96%. It is expected that the production in August will be 273,900 tons, a month - on - month increase of 6.16% [32][33]. 2.3 Refined Lead Demand Situation - **Global refined lead demand situation**: From January to May 2025, the global cumulative refined lead consumption was 5.4887 million tons, with a cumulative year - on - year increase of 2.69%. It is expected that the global refined lead demand in 2025 will increase by 1.5% to 13.19 million tons, and the global refined lead supply will exceed demand by 82,000 tons [44]. - **Lead - battery enters the traditional consumption peak season, and the sector shows differentiation**: In July, the consumption of electric bicycle batteries was good, while the consumption of automobile starting batteries was mixed. In August, it is expected that the battery consumption will continue to be differentiated [48]. - **The Shanghai - London ratio is not conducive to lead ingot and battery exports, and imports supplement raw material ratios**: In June, the refined lead export volume decreased month - on - month, and the import volume increased year - on - year. The high Shanghai - London ratio is not conducive to lead ingot exports, and the battery export is also affected by factors such as tariff increases [49][50]. - **Policy guidance improves the marginal consumption prospects of lead - batteries**: In the automobile sector, the battery replacement demand is stable, and the new - car demand is expected to continue to be good. In the electric bicycle sector, the replacement demand is large, and policies such as trade - in and new national standards will stimulate consumption. In the energy - storage sector, the demand for lead - batteries is expected to grow [58][60][62]. 2.4 Global Visible Inventory is Rising - In July, the global visible lead inventory was under pressure. The LME inventory remained high, and the domestic lead ingot inventory increased. If the consumption in August does not improve significantly, the inventory may continue to rise [67]. 3. Summary and Future Outlook - The supply of primary lead is expected to increase in August, but the refinery profit is compressed. The supply of recycled lead is expected to be stable with a slight increase, but there is a possibility of unexpected production cuts. The demand is differentiated, and the traditional consumption peak season is slightly lower than expected. The lead price is expected to fluctuate widely in August, and its upside depends on the consumption improvement [72][73].

Core Viewpoint - The article highlights the journey and achievements of Xu Chengdong, a skilled worker at Yunnan Chihong Zinc & Germanium Co., Ltd., who has significantly contributed to the advancement of lead smelting technology in China through innovation and dedication [1][5]. Group 1: Background and Early Career - Xu Chengdong, originally from Huize County, Qujing City, Yunnan Province, was inspired by the local lead-zinc mining industry and began his career at Huize Lead-Zinc Mine after graduating from middle school in 1991 [2][3]. - Initially assigned to the machine repair workshop, Xu sought to learn smelting techniques and moved to the sintering workshop, where he excelled and became the workshop leader, achieving the highest production record for three consecutive years [2][3]. Group 2: Technological Advancements - In 2004, the company invested heavily in introducing the IsaSmelt furnace from Australia to enhance smelting processes, and Xu was selected for training to operate this advanced technology [3][4]. - Xu overcame language barriers and mastered the IsaSmelt technology within three months, becoming the first in China to apply this technology for lead smelting [3][4]. - He proposed a solution to a critical issue of molten pool freezing during production, which was recognized by foreign experts, showcasing his innovative problem-solving skills [4][5]. Group 3: Continuous Improvement and Achievements - Xu led multiple technological improvements in the IsaSmelt process, significantly increasing production efficiency and reducing costs, including extending the lifespan of spray guns from 48 hours to 240 hours and enhancing the smelting capacity by increasing oxygen concentration by 31% [5][6]. - Under his leadership, the company achieved a historical record of 85,000 tons of crude lead production in 2014 and set a record for the lifespan of furnace bricks at 978 days from 2013 to 2015 [5][6]. Group 4: Mentorship and Legacy - Xu has been recognized with numerous awards, including National Labor Model and National May Day Labor Medal, and he remains committed to mentoring the next generation of smelting professionals [7][8]. - He established the "Xu Chengdong Labor Model Innovation Studio" to promote technical skills and innovation in lead smelting, focusing on addressing production challenges and enhancing operational efficiency [7][8]. - His mentorship has led to the development of skilled technicians across various subsidiaries of Chihong Zinc & Germanium, fostering a culture of innovation and excellence within the industry [8].

Core Viewpoint - The article highlights the journey and achievements of Xu Chengdong, a skilled worker at Yunnan Chihong Zinc & Germanium Co., Ltd., who has significantly contributed to the advancement of lead smelting technology in China through innovation and dedication [1][5]. Group 1: Background and Early Career - Xu Chengdong, originally from Huize County, Qujing City, Yunnan Province, was inspired by the local lead-zinc mining industry and began his career at Huize Lead-Zinc Mine after graduating from middle school in 1991 [2][3]. - Initially assigned to the machine repair workshop, Xu Chengdong sought to learn smelting techniques and moved to the sintering workshop, where he excelled and became the workshop leader, achieving the highest production record for three consecutive years [2][3]. Group 2: Technological Advancements - In 2004, the company invested heavily in introducing the IsaSmelt furnace from Australia to enhance smelting processes, and Xu was selected for training to operate this advanced technology [3][4]. - Xu overcame language barriers and mastered the IsaSmelt furnace operation within three months, becoming the first in China to apply this technology for lead smelting [3][4]. - He proposed a solution to a critical issue of molten pool freezing during production, which was recognized by foreign experts, showcasing his innovative problem-solving skills [4][5]. Group 3: Continuous Improvement and Achievements - Xu led multiple technological improvements in the IsaSmelt production process, achieving record production metrics, including an annual output of 85,000 tons of crude lead in 2014 [5][6]. - His innovations included enhancing the design of the spray gun, significantly extending its lifespan and reducing production costs, as well as increasing the oxygen concentration in the IsaSmelt furnace, which improved smelting efficiency [5][6]. Group 4: Mentorship and Legacy - Xu Chengdong has been recognized with numerous awards, including national labor model and technical expert honors, and he remains committed to mentoring the next generation of smelting professionals [7][8]. - He established the "Xu Chengdong Labor Model Innovation Studio" to promote technical skills and innovation in lead smelting, focusing on addressing production challenges and fostering talent development [7][8]. - His efforts have led to the successful completion of over 20 technological improvement projects, significantly impacting the company's operational efficiency and profitability [8].

Core Viewpoint - The article highlights the journey and achievements of Xu Chengdong, a skilled worker at Yunnan Chihong Zinc & Germanium Co., Ltd., who has significantly contributed to the advancement of lead smelting technology in China through innovation and dedication [1][2][3]. Group 1: Background and Early Career - Xu Chengdong, originally from Huize County, Qujing City, Yunnan Province, was inspired by the local lead-zinc mining industry and pursued a career in smelting after completing middle school [2]. - He started working at Huize Lead-Zinc Mine in 1991, initially in a mechanical repair workshop, but quickly moved to the sintering workshop to learn smelting technology [2]. Group 2: Technological Advancements - In 2004, the company invested heavily in introducing the IsaSmelt furnace from Australia to enhance smelting processes, with Xu being one of the selected workers for training [3]. - Xu overcame language barriers and mastered the IsaSmelt technology within three months, becoming the first operator in China to use this technology for lead smelting [3][4]. - He proposed a solution to a critical issue of molten pool freezing during production, which was recognized by foreign experts [4]. Group 3: Continuous Improvement and Innovation - Xu led multiple technological improvements in the IsaSmelt process, achieving record production levels and significantly extending the lifespan of equipment [5]. - His innovations included enhancing the design of the spray gun and increasing the oxygen concentration in the IsaSmelt furnace, which improved smelting efficiency and reduced costs [5][6]. - Xu's team achieved a historical record of 85,000 tons of crude lead production in 2014 and set a record for the lifespan of furnace bricks at 978 days from 2013 to 2015 [5]. Group 4: Mentorship and Legacy - Xu has been recognized with numerous awards, including national labor model and technical expert honors, and he remains committed to mentoring the next generation of smelting professionals [7]. - He established the "Xu Chengdong Labor Model Innovation Studio" to promote technical skills and innovation within the industry [7][8]. - Xu's mentorship has led to the development of skilled technicians who have become key contributors across various subsidiaries of the company [8].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Views - For lead, the market shows a situation of both supply and demand increasing, with no obvious contradictions. Tight raw materials and expectations of peak - season consumption support lead prices, and short - term lead prices are expected to move in a range [1]. - For zinc, the market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season, and inventory continues to accumulate. With a weak fundamental situation and the fading of the "anti - involution" sentiment, short - term zinc prices are expected to be weakly sorted [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Performance**: The average price of SMM1 lead ingots increased by 0.15% compared to the previous day, and the closing price of the main contract of Shanghai lead futures decreased by 0.24% compared to the previous day. The trading volume of the active futures contract increased by 55.09%, and the open interest decreased by 3.79%. The LME3 - month lead futures closing price (electronic trading) decreased by 0.15%, and the Shanghai - London lead price ratio decreased by 0.09% [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise and difficult to fall. A primary lead smelter had a small decline in production due to equipment failure last week. For secondary lead, the price of waste lead - acid batteries is likely to rise and difficult to fall, and the supply of recyclers is limited. Some smelters reduced or stopped production due to insufficient raw materials or cost inversion. As the inventory of electrolytic lead factories decreased, the market's fear of high prices increased, and the acceptance of high - priced secondary lead improved, and the start - up of secondary lead production gradually recovered. In terms of demand, as July is coming to an end, the market still expects peak - season consumption, but most enterprises suspended purchases for inventory checks at the end of the month [1]. - **Industry News**: Guizhou Lukong, a wholly - owned subsidiary of Shandong Zihuan, can produce 200,000 tons of lead ingots, 38,000 tons of recycled plastics, and 50,000 tons of sulfuric acid annually, with an expected annual output value of about 4 billion yuan. On July 27, 2025, its core smelting system was successfully put into operation, marking the official implementation of large - scale production of multi - metal recovery and comprehensive utilization of lead - containing resources [1]. Zinc - **Price and Market Performance**: The average price of SMM1 zinc ingots decreased by 0.53% compared to the previous day, and the main contract of Shanghai zinc futures closed down 1.05% compared to the previous day. The trading volume of the active futures contract increased by 26.97%, and the open interest decreased by 3.69%. The LME3 - month zinc futures closing price (electronic trading) decreased by 0.83%, and the Shanghai - London zinc price ratio decreased by 0.22% [1]. - **Fundamentals**: Zinc smelters have sufficient raw material reserves, and zinc ore processing fees continue to rise. The domestic zinc concentrate processing fee remained unchanged at 3,800 yuan/metal ton last week, and the import zinc ore processing fee index increased to 76.25 US dollars/dry ton. With the continuous loosening of raw materials, the zinc concentrate processing fee in August is expected to continue to rise, weakening the cost support. Smelter profits and production enthusiasm have improved, and the output shows an obvious upward trend. In terms of demand, the continuous strengthening of zinc prices during the week significantly reduced downstream off - season purchases [1]. - **Industry News**: In May 2025, Bolivia's zinc concentrate production was 39,900 metric tons, a year - on - year decrease of 14.5%. From January to May, the total zinc concentrate production in Bolivia was 210,300 metric tons, basically the same as the previous year. As of July 28, the total inventory of zinc ingots in seven regions was 103,700 tons, an increase of 11,100 tons compared to July 21 and an increase of 5,400 tons compared to July 24 [1].