Report Industry Investment Rating - No information provided Core Viewpoints - The lead price fluctuated and declined due to macro - sentiment. Fundamentally, supply is loose and demand is in the off - season, but the shortage of waste battery supply creates a cost - demand tug - of war. Short - term lead prices are expected to be in wide - range consolidation, and macro uncertainties should be continuously monitored [1]. - The zinc price retraced again under macro - sentiment. Short - term macro sentiment has high uncertainty, and zinc prices are expected to be in wide - range consolidation. In the medium - to - long term, TC has room to rise, and the center of zinc prices may shift down. Continued attention should be paid to macro - sentiment disturbances [1]. Summary by Relevant Catalogs Lead Price and Spread - The average price of SMM1 lead ingots decreased by 0.15% compared with the previous day, and the closing price of the Shanghai lead main contract decreased by 1.01% [1]. - The Shanghai lead basis was 45 yuan/ton, an increase of 145 yuan/ton; the LME 0 - 3 lead premium was - 19.94 dollars/ton, an increase of 1.97 dollars/ton; the LME 3 - 15 lead premium was - 75.50 dollars/ton, an increase of 2.30 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the active lead futures contract was 19,726 lots, an increase of 14.24%; the open interest was 30,993 lots, a decrease of 3.38% [1]. Inventory - The LME lead inventory was 283,125 tons, with no change; the Shanghai lead warehouse receipt inventory was 57,977 tons, a decrease of 0.69% [1]. Fundamental News - Some lead - acid battery manufacturers in South China plan to stop production for the Labor Day holiday, with some in Guangdong planning at least 7 days off [1]. - High prices of antimony and tin have increased the cost of lead alloy smelters, and some have cut production by 30% [1]. - The supply of waste lead - acid batteries is tight, and a smelter in the main recycled lead production area has raised the purchase price twice this week but only received two trucks of goods [1]. Zinc Price and Spread - The average price of SMM1 zinc ingots decreased by 0.75% compared with the previous day, and the closing price of the Shanghai zinc main contract decreased by 1.81% [1]. - The Shanghai zinc basis was 640 yuan/ton, an increase of 235 yuan/ton; the Shanghai zinc premium decreased in different regions, and the LME 0 - 3 zinc premium was - 12.50 dollars/ton, an increase of 10.88 dollars/ton; the LME 3 - 15 zinc premium was 0 dollars/ton, a decrease of 43.21 dollars/ton [1]. Trading Volume and Open Interest - The trading volume of the active zinc futures contract was 203,299 lots, an increase of 28.74%; the open interest was 126,631 lots, an increase of 11.49% [1]. Inventory - The LME zinc inventory was 190,550 tons, with no change; the Shanghai zinc warehouse receipt inventory was 10,158 tons, an increase of 32.65% [1]. Fundamental News - An important die - casting zinc alloy factory in Central China has good orders, low finished - product inventory, and low raw - material inventory [1]. - Luoping Zinc & Electricity plans to produce 80,000 tons of zinc ingots and 18,000 tons of zinc concentrate metal in 2025 [1]. - On April 15, the LME 0 - 3 zinc was at a discount of 23.38 dollars/ton, and the open interest decreased by 910 lots to 214,783 lots [1].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The lead market is affected by macro disturbances and weak fundamentals, with the lead price expected to fluctuate weakly in the short - term, and attention should be paid to the 16,500 yuan/ton support level [1] - The zinc market has a weak fundamental situation with increasing supply and demand in the recovery stage. Affected by macro factors, the Shanghai zinc price is expected to maintain a weak trend, and attention should be paid to the 22,000 yuan/ton support level [1] 3. Summary by Related Catalogs Lead 3.1 Price and Market Indicators - On April 9, 2025, the SMM1 lead ingot average price was 16,625.00 yuan/ton, down 1.34%; the futures main contract closing price was 16,540.00 yuan/ton, down 0.72%; the LME3 - month lead futures closing price (electronic disk) was 1,870.00 US dollars/ton, unchanged; the Shanghai - London lead price ratio was 8.84, down 0.72% [1] - The trading volume of the lead futures active contract was 49,232.00 lots, down 45.52%; the open interest was 42,720.00 lots, down 3.63%; the trading volume - to - open interest ratio was 1.15, down 43.47% [1] - The LME lead inventory was 235,725.00 tons, unchanged; the Shanghai lead warrant inventory was 61,687.00 tons, down 0.20% [1] 3.2 Fundamental Analysis - Primary lead smelters have basically resumed production, with a 23 - percentage - point increase in electrolytic lead production in March. Some smelters in Henan will enter maintenance in April, and the production may decrease month - on - month [1] - In the secondary lead market, the supply of waste batteries is tight, and the overall price of waste batteries is still firm. If downstream enterprises resume production as scheduled this week and smelters cut production due to raw material shortages, the finished product inventory of secondary lead will decline again [1] - On the demand side, the post - Spring Festival restocking peak did not appear, and it is currently the off - season, with limited support for the lead price [1] 3.3 Market Outlook - Affected by the US's "reciprocal tariff" announcement and the decline of the external market during the Tomb - Sweeping Festival, the lead price is expected to fluctuate weakly in the short - term, and attention should be paid to the 16,500 yuan/ton support level [1] Zinc 3.1 Price and Market Indicators - On April 9, 2025, the SMM1 zinc ingot average price was 22,470.00 yuan/ton, down 1.71%; the futures main contract closing price was 22,295.00 yuan/ton, down 1.46%; the LME3 - month zinc futures closing price (electronic disk) was 2,553.00 US dollars/ton, down 2.35%; the Shanghai - London zinc price ratio was 8.73, up 0.92% [1] - The trading volume of the zinc futures active contract was 260,461.00 lots, down 18.40%; the open interest was 79,667.00 lots, down 16.07%; the trading volume - to - open interest ratio was 3.27, down 2.77% [1] - The LME zinc inventory was 125,825.00 tons, unchanged; the Shanghai zinc warrant inventory was 8,656.00 tons, down 10.09% [1] 3.2 Fundamental Analysis - Zinc smelters have sufficient raw material reserves, and the zinc concentrate processing fee has continued to rise. The tight supply of zinc concentrates is expected to improve, the cost - side support has weakened, and the smelters' profit and production enthusiasm have improved, with an obvious trend of increasing production [1] - On the demand side, the galvanizing sector was mostly in normal production during the Tomb - Sweeping Festival, with little impact on production; the die - casting zinc alloy sector's production decreased due to the holiday, but the actual orders were okay; the zinc oxide sector's production increased due to improved demand and fewer holiday - taking enterprises [1] 3.3 Market Outlook - Affected by the continuous rise of TC, the weakening of cost - side support, the increasing supply of zinc ingots, and the US's "reciprocal tariff" announcement, the Shanghai zinc price is expected to maintain a weak trend, and attention should be paid to the 22,000 yuan/ton support level [1]

证券代码：600531 证券简称：豫光金铅 公告编号：临 2025-017 经中国证券监督管理委员会《关于同意河南豫光金铅股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2024〕887 号）核准， 公司于 2024 年 8 月 12 日向不特定对象发行 710 万张可转换公司债券，每张面 值 100 元，发行总额为 71,000.00 万元。 经上海证券交易所自律监管决定书〔2024〕116 号文同意，公司本次发行 的可转换公司债券于 2024 年 9 月 3 日起在上海证券交易所上市交易，债券简 称"豫光转债"，债券代码"110096"。 债券代码：110096 债券简称：豫光转债 河南豫光金铅股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●累计转股情况：截至 2025 年 3 月 31 日，累计有人民币 82,000 元"豫光 转债"转换成河南豫光金铅股份有限公司（以下简称"公司"）股票，占可转 债发行总量的 0.0115%；转股数量 ...