Group 1 - The company focuses on the extraction, enrichment, and efficient recovery of germanium resources associated with lead-zinc mines, enhancing its resource utilization capabilities [2] - The company is deepening strategic collaboration with its joint venture, Chalco Qianxing (Chengdu) Technology Co., Ltd., to provide stable and high-quality germanium raw material supply [2] - The joint venture will concentrate on the deep processing of germanium downstream products and market expansion, promoting the full-chain development of the germanium industry [2] Group 2 - The mining license processing and project design optimization for the Jinxin Molybdenum Mine are progressing in an orderly manner [2] - The Weize Mining operation has not implemented deep expansion projects but is advancing its deep safety system optimization project, aimed at enhancing the intrinsic safety level of mining production, expected to be completed by the end of 2026 [2]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - In January 2026, lead prices showed a fluctuating trend, mainly between 16,850 - 17,860 yuan. In February, lead is likely to have a weak - side oscillation, with a wide - range pattern remaining unchanged, and the fluctuation range is expected to be mainly between 16,500 - 17,600 yuan. The Shanghai lead trend is less affected by macro resonance compared to other varieties, and there may be a supply - demand mismatch and inventory accumulation around holidays. Overseas, changes in the export end should be noted [3]. - Macro factors have an impact on the non - ferrous metal market. The long - term demand for non - ferrous metals is boosted by factors such as technology, AI, and energy transformation. The Fed still has room for interest rate cuts in 2026, and China maintains a moderately loose monetary policy. The dollar index is expected to be weakly volatile, which may boost the attractiveness of metals. However, the new Fed chairman's policy combination has brought short - term pressure on metals [17]. - The supply and demand of lead are both weak. On the supply side, the supply of lead - rich silver lead ore is tight, the processing fee has declined, and the by - product benefits are considerable. The supply of primary lead is restricted by the ore supply, and the supply of recycled lead is supported by the high price of waste batteries and affected by winter environmental protection. On the demand side, due to the low finished product orders, lead battery enterprises have high finished product inventories, and their stockpiling of lead ingots is limited, resulting in a light trading volume in the lead spot market [3]. 3. Summary According to the Table of Contents 3.1 First Part: Market Review - **Lead Futures Trend Review**: In January 2026, most of the time, the Shanghai lead fluctuated within the range of 16,850 - 17,860 yuan/ton. The raw materials were relatively strong, which limited the downward space of lead prices. The center of lead prices once rebounded due to the resonance of non - ferrous metals, but the demand was weak, and the price rose weakly and then fell [8]. - **Lead Spot Basis**: In January 2026, the basis mainly fluctuated between 0 and - 200, showing a weakening trend, with the futures being stronger than the spot [11]. 3.2 Second Part: Macro Analysis - **Macro - factors Affecting Non - ferrous Metals**: Technology, AI, and energy transformation boost the long - term demand for non - ferrous metals. The Fed has room for interest rate cuts in 2026, and China maintains a moderately loose monetary policy. The dollar index is expected to be weakly volatile, which may boost the attractiveness of metals. However, the new Fed chairman's "balance - sheet reduction + interest rate cut" policy combination has brought short - term pressure on non - ferrous metals [17]. - **Future Focus**: The rhythm of interest rate cuts and geopolitical impacts will continue to have a strong impact on the non - ferrous metal sector. China's policies are favorable, but the overseas trade disputes faced by lead still exist, which will continue to have an adverse impact on exports [21]. 3.3 Third Part: Supply - Demand Analysis 3.3.1 Raw Material End - **Lead Ore Supply**: In 2025, the global lead ore production was 457 million tons (metal content), with a year - on - year increase of only 0.7%. In 2026, it is expected to reach 467 million tons, with a year - on - year increase of 2.2%. China's lead ore production increased in 2025, with a cumulative production of 117.77 million tons from January to October, a year - on - year increase of 4.8% according to the National Bureau of Statistics [27][32]. - **Lead Ore Import**: In 2025, the lead ore import volume was 1,419,824.94 tons, a year - on - year increase of 16.05%. The import window was occasionally opened, and the import of lead concentrates turned profitable [35]. - **Lead Ore Processing Fee**: The processing fee of high - silver lead concentrates has declined. In 2025, the processing fee showed a short - term rebound but weakened further in the second half of the year and continued into 2026. The by - product income has become the main source of smelter income, but the profit space of smelters is still restricted [39]. 3.3.2 Supply End - **Refined Lead Production**: In 2025, the production of primary lead increased, with a total output of 385.6 million tons, a year - on - year increase of about 6.6%. In January 2026, the output is expected to increase slightly, but the actual output may be light due to environmental protection and profit issues. The output of recycled lead is expected to decline after reaching a high at the end of 2025 [42][45]. - **Total Lead Supply**: According to the National Bureau of Statistics, in 2025, the total lead output was 774.2 million tons, a year - on - year increase of 2.8% [52]. 3.3.3 Import - Export - **Refined Lead Net Import**: China has become a net importer of refined lead since 2024. In 2025, the cumulative net import was positive, with an import volume of 44,452.67 tons, a year - on - year decrease of 56.71%, and an export volume of 35,982.28 tons, a year - on - year increase of 63.60% [56]. 3.3.4 Inventory - **Refined Lead Inventory**: Since 2023, the LME lead inventory has increased significantly from a historical low, while the domestic inventory has fluctuated and recovered but is still at a relatively low level. As of the end of January 2026, the LME lead inventory was 205,575 tons, a year - on - year decrease of 7.18%, and the Shanghai lead inventory was 30,584 tons, a year - on - year decrease of 22.33% [59]. 3.3.5 Demand End - **Lead Battery**: In 2025, the domestic demand for lead batteries was strong under policy support, but the export declined due to anti - dumping by GCC countries. Since 2025, the export of lead batteries has shown negative growth, with a cumulative export volume of 219 million units in 2025, a year - on - year decrease of 12.79% [62]. - **Automobile**: In 2025, the production and sales of automobiles reached new highs, with new energy vehicles becoming the dominant force in the market [66]. - **New - standard Electric Bicycle**: The sales of new - standard electric bicycles at the beginning of 2026 were weak. Although the replacement of over - standard electric bicycles and the "trade - in" policy have boosted sales, the impact of lithium - battery replacement cannot be ignored [70]. - **Motorcycle**: In 2025, the production and sales of motorcycles increased, and the export also showed a significant growth trend [73]. 3.4 Fourth Part: Supply - Demand Balance - **Global Refined Lead**: According to the International Lead and Zinc Study Group (ILZSG), in 2025, the global refined lead market had a surplus of 91,000 tons, and it is expected to increase to 102,000 tons in 2026 [81]. - **Domestic Refined Lead**: It is expected that the domestic refined lead will have a small surplus in 2026 [82]. 3.5 Fifth Part: Seasonal and Technical Analysis - **LME Lead Position Structure**: The current LME lead position structure is slightly bullish for lead prices [87]. - **Lead Seasonal Trend**: The seasonal trend of lead is related to the demand cycle. The months with a high probability of decline are March, September, November, and December, while the months with a high probability of increase are January, June, July, and August. However, lead prices declined in January in both 2025 and 2026, and there is a possibility of an opposite trend in February [88]. - **Lead Technical Analysis**: The Shanghai lead has maintained a wide - range oscillation pattern for a long time. In January 2026, it rose and then fell, and the support level is expected to be at 16,500 - 16,600, with the upper pressure level at 17,800 - 18,000. The oscillation pattern is expected to continue [92]. 3.6 Sixth Part: Conclusion and Operation Suggestions - **Conclusion**: In February 2026, the supply and demand of lead are expected to be weak, and there may be a supply - demand mismatch and inventory accumulation around holidays. Lead is likely to have a weak - side oscillation, mainly fluctuating between 16,500 - 17,600 yuan [95]. - **Operation Suggestions**: During the oscillation period, enterprises should purchase on demand and avoid excessive inventory. If the price drops significantly and is fully adjusted, they can consider buying hedging. In the case of low volatility, they can consider selling out - of - the - money options to collect option premiums [95].

Core Viewpoint - The company expects a negative net profit for the fiscal year 2025, with a significant increase in losses compared to the previous year [1][2]. Financial Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 - The expected net profit is projected to be negative, with specific financial data presented in ten-thousands (万元) [1]. Communication with Auditors - The financial data related to this performance forecast has not been audited by the accounting firm, but the company has had preliminary discussions with them, and there are no significant disagreements regarding the forecast [1]. Reasons for Performance Changes - The prolonged suspension of operations at the Jinfo Lead-Zinc Mine due to the expiration of the mining license has led to a significant decrease in self-produced zinc concentrate, increasing the proportion of raw materials purchased externally - The overall tight supply of zinc concentrate in the market in 2025 has resulted in a rise in procurement prices, causing a substantial decline in the gross profit of zinc products - Losses from associated enterprises have led to a decrease in recognized investment income year-on-year - Tax payments made by subsidiaries and penalties for over-extraction at three subsidiaries have reduced the current net profit [1]. Summary of Losses - The combined reasons have resulted in a negative net profit attributable to shareholders of the listed company, with an increase in losses compared to the previous year [2].

Core Viewpoint - Chihong Zn & Ge Co., Ltd. is expected to significantly increase its silver production in 2024 and early 2025, indicating a positive growth trajectory for the company [1] Group 1: Production Forecast - The company anticipates a silver production of 136.97 tons in 2024 [1] - For the period from January to September 2025, the expected silver production is 141.9 tons, showing a notable year-on-year increase [1] Group 2: Raw Material Sources - The raw materials for silver production will be sourced from the company's own lead-zinc concentrate containing silver and purchased raw materials containing silver [1] - The company has optimized its processes to achieve efficient recovery of associated metals [1]

Core Viewpoint - The company expects a significant decline in net profit for the fiscal year 2025, projecting a loss between 195 million to 165 million yuan, representing a year-on-year decrease of 147.29% to 109.24% [1] Financial Performance - The net profit after excluding non-recurring gains and losses is anticipated to be between 165 million to 135 million yuan, reflecting a staggering year-on-year decline of 1,773.19% to 1,432.61% [1] - Basic earnings per share are projected to be between -0.6 yuan to -0.51 yuan, compared to -0.24 yuan per share in the same period last year [1] Factors Influencing Performance - The performance decline is primarily attributed to the expiration of the mining license for the Derong Mining Jinpo Lead-Zinc Mine, increased procurement prices for zinc concentrate, and price settlement issues related to imported raw materials [1]

Group 1 - The company, Yunnan Chihong Zinc & Germanium Co., Ltd., has approved a capital increase and control of Hezhang County Wumeng Mining Co., Ltd. through a board meeting held on December 30, 2025, involving an investment of RMB 122.22 million and a 55% stake acquisition [2][3] - The company will hold 55% of Wumeng Mining after the capital increase, with the remaining 45% held by Bijie Mining Development Co., Ltd. and Hezhang County Government [2] - The company has engaged Shenzhen Pengxin Asset Appraisal Co., Ltd. to evaluate the mining rights and shareholder equity of Wumeng Mining, with the assessed value of the mining rights at RMB 3,040.24 million [4][6] Group 2 - The capital increase will involve a total investment of RMB 1,672.13 million for the 55% stake in the mining rights, with an additional cash contribution of RMB 122.22 million to the registered capital of Wumeng Mining [7] - The company has completed the necessary evaluations and the results have been approved by the relevant state asset management authority [5] - The company is in the process of completing the property rights and business registration changes related to this capital increase [8] Group 3 - The company plans to sign a framework cooperation agreement with Chalco Leasing Co., Ltd. for financing leasing services, with a maximum financing balance of RMB 800 million over three years [12][13] - The agreement has been approved by the company's board of directors, with independent directors confirming that it aligns with the company's financial needs and does not harm shareholder interests [14][16] - The financing costs will not exceed those of similar services provided by third-party leasing companies [24] Group 4 - The company intends to increase its wholly-owned subsidiary, Hulun Buir Chihong Mining Co., Ltd., by RMB 3.3 billion to improve its financial status and support future operational needs [35][36] - The funds will be used for repaying internal loans, supplementing working capital, and enhancing lead-zinc smelting projects [36] - The increase will not change the consolidation scope of the company and will not negatively impact the overall cash flow [44][45]

Core Viewpoint - Tibet Summit expects a significant increase in net profit for the year 2025, projecting a rise of 92.28% to 135.01% compared to the previous year [1] Financial Projections - The company anticipates net profit attributable to shareholders of the parent company to be between 441.5 million yuan and 539.6 million yuan for the year 2025 [1] - This represents an increase of 211.892 million yuan to 309.992 million yuan compared to the same period last year [1]

上市企业：豫光金铅（600531），紫金矿业（601899），西部矿业（601168），驰宏锌锗（600497）， 罗平锌电（002114），中金岭南（000060），盛达资源（000603），国城矿业（000688），中色股份 （000758） 相关报告：智研咨询发布的《2026-2032年中国铅合金行业市场供需态势及前景战略研判报告》 根据国家统计局数据显示：2025年12月中国铅产量为71.9万吨，同比增长5.3%；2025年中国铅累计产量 为774.2万吨，累计增长2.8%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年中国铅产量统计图 数据来源：国家统计局，智研咨询整理 ...

Group 1 - The metal lead concept increased by 5.01%, leading the sector in gains, with 33 stocks rising, including major players like Dazhong Mining and Guocheng Mining hitting the daily limit [1][2] - Notable stock performances include Chifeng Gold, Shengda Resources, and Zhuhai Group, which rose by 9.81%, 9.58%, and 7.91% respectively [1][2] - The metal lead sector saw a net inflow of 2.988 billion yuan, with 28 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflows, led by Zijin Mining with 822 million yuan [2][3] Group 2 - The top stocks by net inflow ratio include Wolong New Energy, Dazhong Mining, and Guocheng Mining, with net inflow ratios of 50.17%, 26.51%, and 24.91% respectively [3][4] - The leading stocks in the metal lead concept based on net inflow include Zijin Mining, Chifeng Gold, and Yuguang Gold, with respective net inflows of 822 million yuan, 296 million yuan, and 276 million yuan [3][4] - The trading performance of stocks in the metal lead sector shows significant activity, with high turnover rates and notable price increases for several companies [4][5]

格隆汇1月20日丨驰宏锌锗(600497.SH)在投资者互动平台表示，永昌铅锌拥有的杨梅田铜铅矿已完成采 矿证办理。 ...