Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From January 2 to June 28, 2025, SHFE lead weighted rose 2.39%, and LME lead rose 4.61%. In the first half of the year, apart from macro - impacts, lead prices were mainly affected by secondary lead supply. Due to high prices of lead - containing scrap and low lead prices, secondary lead smelting enterprises frequently cut production due to losses [4]. - In the second half of the year, July - August is the traditional peak season for lead - acid battery consumption in China. With the "trade - in" policy, domestic lead consumption is expected to grow steadily. However, the shortage of lead - containing scrap supply may cause secondary lead smelting enterprises to have periodic production cuts, which may interfere with domestic lead ingot supply. It is expected that the center of lead prices will move up, and there may be periodic gaps in domestic secondary lead supply, leading to price fluctuations [5][117]. Summary by Directory 1. Preface Summary 1.1 Market Review - From January 2 to June 28, 2025, SHFE lead weighted rose 2.39%, and LME lead rose 4.61%. The lead price trend was affected by factors such as smelting profit, downstream replenishment, "tariff policy", and secondary lead smelting cost [4]. 1.2 Market Outlook - In the second half of the year, domestic lead consumption is expected to grow steadily during the peak season with policy support. But the shortage of lead - containing scrap may cause secondary lead production cuts and affect lead supply and prices [5]. 1.3 Strategy Recommendation - Unilateral: The center of lead prices moves up with wide - range fluctuations. Try high - selling and low - buying operations based on secondary lead supply and consumption peak seasons [6][118]. - Options: Pay attention to the boost of consumption on lead prices and secondary lead production cuts, and try selling put options or buying call options at appropriate times [6][118]. 2. Fundamental Situation 2.1 Raw Material End - **Global Lead Concentrate Supply**: In January - April 2025, global lead ore production was 1.4324 million tons, a year - on - year increase of 3.51%. Overseas production was 0.8454 million tons, up 3.12% year - on - year, and China's production was 0.587 million tons, also up 3.12% year - on - year [19]. - **Domestic Lead Ore Supply**: From January to May, domestic lead concentrate production was 0.6339 million tons, a year - on - year increase of 12.61%. With rising lead prices, by - product benefits, and new mine production, domestic lead concentrate supply improved. In June, northern mines resumed production, and it is expected that production will increase and processing fees may rise slightly in the second half of the year. From January to May, lead concentrate imports were 0.5525 million tons, a year - on - year increase of 39.93%. The import window may remain open in the second half of the year [21][24]. - **Lead - containing Scrap**: In the first half of the year, lead - containing scrap was difficult to recycle, and prices rose. Although smelters tried to lower purchase prices, prices rebounded due to shortages. In the second half of the year, the "trade - in" policy may increase recycling, but supply may still be short, and prices may remain high. Prices may drop periodically with secondary lead production cuts [32]. 2.2 Smelting End - **Global Refined Lead Balance**: From January to April 2025, cumulative global refined lead production was 4.3916 million tons, a year - on - year increase of 2.08%; cumulative consumption was 4.3697 million tons, a year - on - year increase of 2.66%, with a cumulative surplus of 21,900 tons [35]. - **Domestic Primary Lead Supply**: From January to May, domestic electrolytic lead production was 1.5651 million tons, a year - on - year increase of 8.42%. After the lead price recovered and processing fees rebounded, smelters turned profitable. With new plants in production and less maintenance in the second half of the year, production may continue to rise if profitability is maintained [41]. - **Domestic Secondary Lead Supply**: From January to May, domestic secondary lead production was 1.347 million tons, a year - on - year decrease of 1.61%. High scrap prices and low lead prices led to production cuts. In the second half of the year, there are expectations of production resumption and increase, but long - term over - capacity and high scrap prices may still cause production cuts and periodic supply shortages [53]. - **Import and Export Situation**: From January to May 2025, China's refined lead exports were 20,800 tons, a year - on - year increase of 43.53%; imports were 16,000 tons, a year - on - year increase of 3089.06%. Net exports were 4700 tons, a year - on - year decrease of 66.14%. Cumulative imports of refined lead and related products were 63,500 tons, up 181.46% year - on - year, and exports were 29,900 tons, up 24.37% year - on - year [60]. 2.3 Demand End - **Battery Market**: As of June 27, the weekly operating rate of lead - acid batteries was 68.77%, a year - on - year decrease of 2.56%. From February to May, the operating rate increased due to policies and "rush - to - export" orders. In June, it declined due to the off - season and order over - drafting. In the second half of the year, the peak season and policies may boost consumption, but there may be off - seasons after the peak [71]. - **Terminal Market**: - **Automobile Market**: From January to May, automobile production and sales were 12.826 million and 12.748 million vehicles respectively, with year - on - year increases of 12.7% and 10.9%. New energy vehicle production and sales were 5.699 million and 5.608 million vehicles respectively, up 45.2% and 44% year - on - year. In the second half of the year, production and sales are expected to increase with policy support, which will positively affect lead consumption [84]. - **Electric Bicycle Market**: By May 20, 6.08 million old and new electric bicycles were traded in, driving new vehicle sales of 17.82 billion yuan. The "trade - in" policy continues, but the industry is in the mature stage, and the lithium - battery market may affect lead - acid battery consumption [87]. 3. Future Outlook and Strategy Recommendation 3.1 Future Outlook - Similar to the market outlook in the preface, the second half of the year may see stable growth in lead consumption but periodic supply shortages in secondary lead, leading to price fluctuations [117]. 3.2 Strategy Recommendation - The same as the strategy recommendation in the preface, including unilateral high - selling and low - buying operations and option trading based on consumption and secondary lead production cuts [6][118].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The lead price is currently in a short - term upward trend, driven by improved macro - sentiment and expectations of consumption improvement. However, the recovery of secondary lead smelter profits increases the expectation of resuming production, which is not conducive to the lead price. The lead price is expected to be volatile and slightly stronger in the short term, and there is a risk of price retracement when the positive sentiment fades [3][6][8]. Group 3: Summary by Sections 1. Transaction Data - From June 20th to June 27th, the SHFE lead price rose from 16,810 yuan/ton to 17,125 yuan/ton, an increase of 315 yuan/ton; the LME lead price rose from 1,995 dollars/ton to 2,041.5 dollars/ton, an increase of 46.5 dollars/ton. The Shanghai - London ratio decreased from 8.43 to 8.39. The SHFE inventory increased by 638 tons to 51,929 tons, while the LME inventory decreased by 10,650 tons to 273,425 tons. The social inventory increased by 0.03 million tons to 5.6 million tons, and the spot premium decreased by 10 yuan/ton to - 170 yuan/ton [4]. 2. Market Review - Last week, the main contract of SHFE lead switched to PB2508, breaking through the 17,000 - yuan integer mark and rising strongly, with a weekly increase of 1.87%. The LME lead price also broke through the shock range, with a weekly increase of 2.33%. In the spot market, after the SHFE lead price rose and then fell, holders maintained a discount for sales, and the supply of secondary refined lead increased with an expanded discount, resulting in sluggish trading in the electrolytic lead market [5]. 3. Industry News - In July, the average domestic and imported lead concentrate processing fees were 550 yuan/metal ton and - 45 dollars/dry ton respectively, down 50 yuan/metal ton and - 15 dollars/dry ton month - on - month [8]. 4. Related Charts - The report provides multiple charts, including SHFE and LME lead prices, Shanghai - London ratio, inventory, lead ingot premium, price difference between primary and secondary lead, waste battery price, secondary lead enterprise profit, lead concentrate processing fee, primary and secondary lead production, lead ingot social inventory, and refined lead import profit and loss [10][11][13][15][17][21].

Report Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - The report offers trading strategies and trend analysis for various commodities. For example, copper is supported by a weak dollar; zinc is at a short - term high, and attention should be paid to volume and price; lead has a positive outlook due to peak - season expectations; nickel's upside is limited by changes in the mining and smelting sectors; stainless steel prices are recovering with limited elasticity; and lithium carbonate may continue to experience high volatility [3][6]. Summary by Commodity Base Metals - **Copper**: The weak dollar supports copper prices. The Shanghai copper main contract closed at 79,920 yuan with a 1.31% daily increase, and the London copper 3M electronic disk closed at 9,879 dollars with a - 0.17% change. Japanese JX Metal will cut refined copper production, and China's May copper ore imports decreased month - on - month [6]. - **Zinc**: It is at a short - term high. The Shanghai zinc main contract closed at 22,410 yuan with a 0.76% increase. China's industrial enterprise profits from January to May decreased year - on - year [9][10]. - **Lead**: There are peak - season expectations supporting prices. The Shanghai lead main contract closed at 17,125 yuan with a - 0.58% change. China's industrial enterprise profits from January to May decreased year - on - year [12]. - **Nickel and Stainless Steel**: Nickel's support from the mining end is weakening, and the smelting end limits its upside. The Shanghai nickel main contract closed at 120,480 yuan. Stainless steel inventory is slightly decreasing, and prices are recovering with limited elasticity. The stainless steel main contract closed at 12,620 yuan. There are multiple industry news such as project startups and production resumptions in the nickel industry [14][15]. Energy and Chemicals - **Lithium Carbonate**: High volatility may continue due to fundamental pressure and warehouse - receipt contradictions. The 2507 contract closed at 63,240 yuan. SMM's battery - grade lithium carbonate index price increased [18][19]. - **Industrial Silicon and Polysilicon**: Industrial silicon is affected by production - cut news, and attention should be paid to its upside space. Polysilicon requires attention to market sentiment. The Si2509 contract of industrial silicon closed at 8,030 yuan, and the PS2508 contract of polysilicon closed at 33,315 yuan [21]. - **Iron Ore**: It shows wide - range fluctuations with repeated expectations. The 12509 contract closed at 716.5 yuan with a 1.56% increase. China's industrial enterprise profits from January to May decreased year - on - year [24]. - **Steel Products (Rebar, Hot - Rolled Coil)**: Both show wide - range fluctuations. The RB2510 contract of rebar closed at 2,995 yuan with a 0.98% increase, and the HC2510 contract of hot - rolled coil closed at 3,121 yuan with a 0.94% increase. There are changes in steel production, inventory, and demand [26][27]. - **Ferroalloys (Silicon Ferro, Manganese Ferro)**: Both show wide - range fluctuations. Silicon ferro is boosted by spot sentiment, and manganese ferro is boosted by port quotes. The silicon ferro 2509 contract closed at 5370 yuan, and the manganese ferro 2509 contract closed at 5670 yuan [31]. - **Coking Coal and Coke**: Both show a tendency to be strong with fluctuations. The JM2509 contract of coking coal closed at 847.5 yuan with a 3.42% increase, and the J2509 contract of coke closed at 1421.5 yuan with a 1.86% increase [34][35]. - **Steam Coal**: It stabilizes with fluctuations as daily consumption recovers. The ZC2507 contract had no trading, and previous prices showed a decline [39][40]. - **Log**: It shows wide - range fluctuations with a contract - main switch. The 2507 contract closed at 819 yuan [43]. - **Paraxylene, PTA, MEG**: Paraxylene supply is shrinking, and the month - spread is strong; PTA is recommended for month - spread reverse arbitrage; MEG is weak on a single - side basis. Paraxylene's 9 - 1 month - spread shows a positive trend, and PTA and MEG have their own supply - demand and cost - related factors [46][50]. - **Synthetic Rubber**: It will run with short - term fluctuations. The main contract of cis - polybutadiene rubber closed at 11,275 yuan. The industry has inventory and price changes [52]. - **Asphalt**: It shows weak fluctuations, and long - crack spread positions should consider taking profits. The BU2507 contract closed at 3,577 yuan. Refinery inventory rates decreased [55]. Agricultural Products - **Palm Oil**: The near - end fundamentals in the producing areas have limited improvement, and reverse arbitrage is recommended [5]. - **Soybean Oil**: Attention should be paid to the US soybean acreage report [5]. - **Soybean Meal and Soybean No.1**: Soybean meal rebounds with fluctuations, and risks related to the USDA report should be avoided. Soybean No.1 has a stable spot price and a rebounding and fluctuating futures price [5]. - **Corn**: Attention should be paid to auctions [5]. - **Sugar**: It is in a range - bound consolidation [5]. - **Cotton**: Optimistic sentiment drives the futures price to rise with fluctuations [5]. - **Eggs**: Gradually arrange short positions in far - month contracts [5]. - **Hogs**: There is a short - term adjustment [5]. - **Peanuts**: There is support at the lower level [5].

Core Viewpoint - The recent increase in lead prices is primarily driven by supply constraints and expectations of improved consumption as the traditional peak season approaches [1][2][3][4]. Supply Side Analysis - Supply constraints are a major factor in the recent strength of lead prices, with slow recovery in recycled lead production due to industry losses and raw material shortages [1][2][3]. - The original lead smelting sector is experiencing regular maintenance, which has led to a decrease in inventory levels and supports price increases [4][7]. - The tight supply of waste batteries continues to exert upward pressure on prices, while the profitability of recycled lead remains under pressure, leading to reduced production [4][8]. Demand Side Analysis - The downstream lead-acid battery industry is transitioning from a low-demand season to a peak season, with some companies planning to increase production in anticipation of higher demand [5][6]. - Current consumption in the lead-acid battery market is still subdued, but there are expectations for improvement as summer approaches and replacement demand increases [6][8]. - The overall market sentiment is cautious, with battery manufacturers considering price adjustments based on current high lead prices, but actual demand recovery remains to be seen [6][7]. Inventory Dynamics - Domestic lead inventory levels have not shown significant accumulation, providing support for lead prices, with expectations of improved consumption in the third quarter [5][8]. - The inventory situation is influenced by supply-side reductions, with recycled lead production cuts leading to lower inventory levels compared to previous years [8][9]. - The market is currently in a state of equilibrium, with supply constraints preventing significant inventory build-up despite weak demand [7][9].

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Yuguang Gold Lead Co., Ltd., including its market price, trading volume, and conversion details [1] - Yuguang Gold Lead Co., Ltd. is a subsidiary of Henan Yuguang Gold Lead Group, established in 1957, and is a major player in the non-ferrous metal industry in China, consistently ranking in the "Top 500 Chinese Enterprises" and "Top 500 Chinese Manufacturing Enterprises" [2] - The company has been recognized as a national-level green factory and is among the first batch of enterprises to pass lead and recycled lead access standards [2] Group 2 - For the first quarter of 2025, Yuguang Gold Lead reported a revenue of 10.3953 billion yuan, a year-on-year increase of 21.29%, and a net profit attributable to shareholders of 228.8 million yuan, up 35.38% year-on-year [2] - As of June 2025, the shareholding structure of Yuguang Gold Lead is highly dispersed, with 65,160 shareholders and an average of 16,730 circulating shares per person [2] - The convertible bond has a credit rating of "AA" and a maturity of 6 years, with a conversion price set at 6.17 yuan, starting from February 17, 2025 [1]

Report Information - Report Title: Non-ferrous Metals Weekly (Lead) - Fundamental Remains Unchanged, Lead Price Maintains Range-bound Consolidation [1] - Report Date: June 17, 2025 [2] - Report Institution: Hongyuan Futures Research Institute [2] Report Industry Investment Rating - Not provided Core Viewpoints - This week, some primary lead smelters have routine maintenance plans, and the start - up of secondary lead smelters is highly uncertain due to raw material issues. The demand side is also in the off - season, resulting in a weak supply - demand situation in the lead market. It is expected that the price will maintain range - bound consolidation in the short term, with an operating range of 16,500 - 17,500 yuan/ton. Follow - up attention should be paid to the effectiveness of raw material support and the impact of macro factors on lead prices [3] Summary by Directory 1. Market Review - The average price of SMM 1 lead ingots increased by 1.67% week - on - week to 16,775 yuan/ton; the closing price of the main Shanghai lead contract rose by 0.98% to 16,945 yuan/ton; the LME lead closing price (electronic trading) increased by 0.94% to 1,992.5 US dollars/ton [12] 2. Primary Lead - **2.1 Ore Tightness Pattern Unchanged, TC Stable**: The domestic lead concentrate processing fee remained flat week - on - week at 600 yuan/metal ton, and the imported lead concentrate processing fee remained flat at - 45 US dollars/dry ton. The expectation of ore tightness remains unchanged, and the TC quotation is stable with a weakening trend. As of June 6, the smelter profit (excluding by - product revenues such as zinc and copper) was 46.7 yuan/ton [25][31] - **2.2 Primary Lead Start - up Rate Increased to 70.79%**: Some regional smelters are about to enter the maintenance period, which may have a certain impact on production [32][36] - **2.3 Weekly Output of Deliverable Primary Lead Smelting Enterprises**: The total expected output this week is 50,185 tons, a decrease from the previous week. Some enterprises in Yunnan and Inner Mongolia are expected to have routine maintenance [38] 3. Secondary Lead - **3.1 Scrap Battery Price Firm**: As of June 13, the average price of scrap batteries was 10,175 yuan/ton, a week - on - week increase of 50 yuan/ton. The tight supply pattern of scrap batteries has not improved. The losses of secondary lead smelters have narrowed slightly. As of June 13, the comprehensive profit and loss of large - scale secondary lead enterprises was - 393 yuan/ton, and that of small - and medium - scale secondary lead enterprises was - 614 yuan/ton [43][46][51] - **3.2 Secondary Lead Raw Material Inventory Decreased, Finished Product Inventory Increased**: As of June 13, the secondary lead raw material inventory was 128,400 tons, and the finished product inventory was 25,000 tons. Considering price and quality factors, downstream buyers mostly purchase primary lead. The secondary lead factory inventory has continued to accumulate [53][55] - **3.3 Secondary Lead Start - up Rate Declined**: The secondary lead enterprise start - up rate decreased by 4.1 percentage points to 32.1% week - on - week. As of last Friday, the weekly output of secondary lead was 35,300 tons, showing a decline. Due to insufficient consumption and tight raw materials, many secondary lead smelters in multiple regions have reduced production or intermittently shut down for heat preservation [56] 4. Lead Battery - The lead battery start - up rate increased by 11.8 percentage points to 72.19% week - on - week. After the Dragon Boat Festival holiday, the start - up of lead batteries has returned to normal, and the increase mainly comes from the electric bicycle and automotive lead battery sectors [60][62] 5. Import and Export - As of June 6, the refined lead export loss was about 2,500 yuan/ton. As of June 13, the import profit was - 548.86 yuan/ton, and the import profit window was closed [67][72] 6. Social Inventory - **6.1 Domestic Social Inventory Increased**: As of June 12, the total social inventory of lead ingots in five locations was 54,700 tons, showing an increase. The inventory continued to rise due to the widening of the spot - futures price difference and the delivery and position transfer of holders [76][80] - **6.2 SHFE Inventory Increased, LME Inventory Decreased**: As of June 13, the SHFE refined lead inventory was 49,800 tons, a week - on - week increase; the LME inventory was 265,000 tons, showing a decrease [83][85] - **6.3 Monthly Supply - Demand Balance Sheet**: The supply - demand balance situation has fluctuated in different months, with inventory changes also varying [86]

Group 1: Steel and Coal Industry - Hebei Steel Group's silicon manganese production in June is 11,700 tons, slightly up from 11,600 tons in May [1] - Rebar production decreased to 2.0757 million tons, down by 108,900 tons or 4.98% from the previous week, with inventory levels also declining for the third consecutive week [1] - Average profit per ton of coke across 30 independent coking plants in China is -46 yuan, with regional variations in profitability [1] Group 2: Agricultural Products - China's cotton import forecast for the 2024/2025 season has been revised down to 1.2 million tons, a decrease of 300,000 tons from the previous month due to U.S. tariffs [1] - Brazil's soybean export forecast for June 8-14 is 3.5645 million tons, down from 4.4739 million tons the previous week, while soybean meal exports increased significantly [2] - The USDA reports that U.S. soybean production for the 2025/2026 season is expected to be 4.34 billion bushels, with ending stocks projected at 295 million bushels [3] Group 3: Chemical Industry - Domestic soda ash manufacturers' total inventory reached 1.6863 million tons, increasing by 59,300 tons or 3.64% week-on-week [3] - The theoretical profit for ammonia-soda method soda ash has decreased by 29.20 yuan per ton [3] Group 4: Lead Industry - A major recycled lead smelter in North China has temporarily halted production due to raw material shortages, with plans to increase procurement prices [3] - A primary lead smelting company in East China has postponed its scheduled maintenance from June to August due to satisfactory equipment performance [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The supply of primary lead is expected to increase steadily, while the resumption of production of secondary lead is highly uncertain. The demand is in the off - season, and the inventory is continuously accumulating, which drags down the lead price. However, considering that both lead concentrates and waste batteries are in a tight supply pattern, there is also strong support below the lead price. In the short term, the lead price will maintain a range - bound movement, with an operating range of 16,500 - 17,500 yuan/ton. Follow - up attention should be paid to the effectiveness of raw material support and the impact of macro factors on the lead price [3]. 3. Summary According to the Directory 3.1 Market Review - The average price of SMM1 lead ingots increased by 0.76% month - on - month to 16,500 yuan/ton. The closing price of the main contract of Shanghai lead futures rose by 0.96% to 16,780 yuan/ton. The closing price (electronic trading) of LME lead increased by 0.51% to 1,974 US dollars/ton [14]. 3.2 Raw Material Situation - The domestic lead concentrate processing fee remained flat at 600 yuan/metal ton month - on - month, while the imported lead concentrate processing fee decreased by 10 US dollars/dry ton to - 45 US dollars/dry ton. The tight supply expectation of lead concentrates remains unchanged, and the TC quotation is stable with a weakening trend. As of May 30, the smelter profit (excluding by - product revenues such as zinc and copper) was - 39.6 yuan/ton [31]. - As of June 6, the average price of waste batteries was 10,125 yuan/ton, a month - on - month decrease of 75 yuan/ton. The tight supply pattern of waste batteries remains unchanged, but secondary lead smelters are still in a loss - making situation. The comprehensive profit and loss of large - scale secondary lead enterprises was - 502 yuan/ton, and that of small - and medium - scale secondary lead enterprises was - 720 yuan/ton [46][53]. 3.3 Supply Situation - The operating rate of primary lead smelters increased to 70.46% month - on - month. Some smelters increased production and postponed maintenance, leading to an increase in the operating rate of primary lead smelters. The total weekly output of deliverable primary lead smelting enterprises was 51,485 tons [32][38]. - The operating rate of secondary lead enterprises decreased by 3.8 percentage points to 36.2% month - on - month. As of last Friday, the weekly output of secondary lead was 39,300 tons, showing a decline. Due to insufficient consumption and tight raw materials, many secondary lead smelters reduced production or intermittently shut down the furnace for heat preservation. The raw material inventory of secondary lead decreased, while the finished product inventory increased [59]. 3.4 Demand Situation - The operating rate of lead - acid batteries decreased by 10.1 percentage points to 60.39% month - on - month. Affected by the off - season of consumption, some downstream enterprises reduced inventory pressure by extending holidays and reducing production, especially electric bicycle enterprises, which led to a decline in the operating rate of the sector [65]. 3.5 Import and Export Situation - As of May 30, the export of refined lead suffered a loss of about 2,400 yuan/ton. As of June 6, the import profit was - 745.19 yuan/ton, and the import profit window was closed [75]. 3.6 Inventory Situation - As of June 5, the total social inventory of lead ingots in five regions was 53,900 tons, showing an increase. The spread between the spot and futures prices widened, and holders were more willing to deliver and transfer positions, resulting in inventory accumulation. It is expected that the inventory will continue to increase [84]. - As of June 6, the inventory of SHFE refined lead increased to 47,900 tons, while the LME inventory decreased to 281,300 tons [87].

Group 1 - The core point of the news is the performance and characteristics of the convertible bond issued by Yuguang Gold Lead Co., Ltd., which has seen a price increase and has a specific conversion rate and premium [1] - The convertible bond has a credit rating of "AA" and a maturity of 6 years, with a coupon rate that increases over the years, starting from 0.10% in the first year to 2.00% in the sixth year [1] - The conversion price for the bond is set at 6.17 yuan, with the conversion period starting on February 17, 2025 [1] Group 2 - Yuguang Gold Lead Co., Ltd. is a subsidiary of Henan Yuguang Gold Lead Group, established in 1957, and is a major player in the non-ferrous metal industry in China [2] - The company has been recognized as one of the "Top 500 Enterprises in China" and "Top 500 Manufacturing Enterprises in China," ranking 9th among the "Top 100 Enterprises in Henan" in 2023 [2] - For the first quarter of 2025, Yuguang Gold Lead reported a revenue of 10.3953 billion yuan, a year-on-year increase of 21.29%, and a net profit attributable to shareholders of 228.8 million yuan, up 35.38% year-on-year [2] - As of May 2025, the shareholding structure of Yuguang Gold Lead is highly dispersed, with 62,930 shareholders and an average holding of 1.732 million shares per person [2]

新能源及有色金属日报 | 2025-06-05 下游接货积极性仍有限 铅价维持震荡格局 库存方面：2025-06-04，SMM铅锭库存总量为5.0万吨，较上周同期变化0.05万吨。截止6月5日，LME铅库存为281550 吨，较上一交易日变化-1600吨。 策略 绝对价格：谨慎偏空 目前铅品种处于需求淡季，并且在节后下游也并无明显的回暖迹象，整体观望态度浓重，因此目前操作仍然以逢 高卖出套保为主。 期权策略：卖出看涨 风险 市场要闻与重要数据 现货方面：2025-06-04，LME铅现货升水为-19.72美元/吨。SMM1#铅锭现货价较前一交易日变化50元/吨至16425 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至-15.00元/吨，SMM广东铅现货较前一交易日变化25元/ 吨至16450元/吨，SMM河南铅现货较前一交易日变化50元/吨至16450元/吨，SMM天津铅现货升贴水较前一交易日 变化75元/吨至16525元/吨。铅精废价差较前一交易日变化0元/吨至25元/吨，废电动车电池较前一交易日变化0元/ 吨至10125元/吨，废白壳较前一交易日变化0元/吨至10000元/吨，废黑壳较前一交 ...