Core Viewpoint - The lead market is experiencing a mixed situation with a decline in lead prices leading to improved downstream purchasing activity, while tight raw material supply continues to restrict smelter operations [1][4]. Group 1: Supply and Demand Dynamics - Lead ingot supply has gradually recovered since mid-November, but high lead prices have suppressed downstream purchasing, resulting in a price decline from previous highs [1]. - The lead concentrate market remains tight, with processing fees at historically low levels. Domestic smelters have begun winter stockpiling, but the import window for lead concentrate has not fully opened [2]. - Domestic lead concentrate resources are nearly sold out due to rising silver prices, leading to sparse market quotes and low processing fees. However, the arrival of previously contracted imports has alleviated some raw material shortages [2]. Group 2: Market Behavior and Trends - The willingness of traders to sell has improved as many domestic recycled lead smelters have shifted to a multi-raw material production model, reducing their reliance on waste batteries [3]. - Despite a decline in processing fees, the prices of by-products like sulfuric acid and silver remain high, keeping overall profits for smelters relatively strong [3]. - The downstream market for electric bicycle batteries is experiencing a downturn, while the automotive battery market is entering a peak replacement season, leading to increased production rates among larger enterprises [4]. Group 3: Future Outlook - The lead market is expected to see a regional tightening of supply as primary lead smelters enter maintenance phases, while recycled lead smelters maintain stable operating rates if raw material arrivals remain consistent [4]. - The recent decline in lead prices has led to a recovery in downstream purchasing enthusiasm, with lead ingot inventories decreasing [4]. - The tight supply of raw materials is unlikely to improve significantly, which will continue to restrict smelter operations and limit the downward potential for lead prices [4].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - For lead, the price oscillated and declined. Considering the tight raw material supply and reduced supply, the downside space for lead prices is limited. It is recommended to wait and see for now [1]. - For zinc, the mine supply is continuously tightening, and the TC is likely to fall. It may have an impact on the supply side, providing some support for zinc prices. It is advisable to conduct range - bound operations, and also wait and see for now [1]. 3. Summary by Related Content Lead - **Price and Market Data**: On December 3, 2025, the average price of SMM1 lead ingots was 17,050 yuan/ton, up 0.44%; the closing price of the main futures contract of Shanghai lead was 17,210 yuan/ton, up 0.79%. The trading volume of the active futures contract was 52,077 lots, up 34.28%; the open interest was 47,601 lots, up 0.88%. The LME inventory remained unchanged at 256,950 tons, and the Shanghai lead warehouse receipt inventory decreased by 9.43% to 18,131 tons [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and the processing fee is likely to rise. However, it has not yet had a substantial impact on smelter operations. Last week, more smelters were under maintenance, and the production of primary lead decreased. In the secondary lead sector, a smelter in Yunnan reduced production due to maintenance. The lead price fell below 17,000 yuan, and smelters were reluctant to sell at low prices. The inventory of primary lead increased, while that of secondary lead decreased. The consumption of electric bicycle batteries is gradually weakening, while the automotive battery market is approaching the traditional replacement peak season [1]. Zinc - **Price and Market Data**: On December 3, 2025, the average price of SMM1 zinc ingots was 22,670 yuan/ton, up 0.80%; the closing price of the main futures contract of Shanghai zinc was 22,745 yuan/ton, up 0.69%. The trading volume of the active futures contract was 122,766 lots, down 4.31%; the open interest was 106,325 lots, up 0.54%. The LME inventory remained unchanged at 52,375 tons, and the Shanghai zinc warehouse receipt inventory decreased by 3.00% to 63,804 tons [1]. - **Fundamentals**: Economically, smelters are actively purchasing domestic zinc ores, and the domestic ore supply is tight. The processing fees in many regions have been continuously reduced. The supply of zinc ingots is expected to remain at around 600,000 tons per month, and the production has not been affected. The demand is still weak, and the construction in the north has stopped due to cold weather, and some downstream operations have been affected by environmental protection [1]. Industry News - Saudi Arabia has launched a tender for three mineral exploration licenses, covering an area of 13,000 square kilometers. The country is accelerating the exploitation of deposits estimated at 9.4 trillion riyals (2.50 trillion US dollars), including areas with potential for gold, silver, copper, zinc, and lead mining [1]. - A zinc mine in South China resumed production after maintenance in November, with an expected increase of about 2,000 metal tons of zinc concentrate. A zinc mine in North China will undergo a 10 - day maintenance in December, with an expected reduction of about 500 metal tons of zinc concentrate. A zinc mine in Central China has gradually resumed production after maintenance, with an expected increase of about 1,000 metal tons of zinc concentrate [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - For lead, the lead price oscillated and declined. Although the processing fee of lead concentrate is likely to rise and difficult to fall, it has not had a substantial impact on refinery operations. Some refineries have maintenance plans, and the production of primary lead has fluctuated slightly. The production of recycled lead has increased, and the demand from lead - battery enterprises has also increased. Overall, the supply shortage has improved, and the lead price is under pressure. It is recommended to hold previous short positions [1]. - For zinc, the zinc market fundamentals remain weak, and the short - term zinc price may be under pressure. In the medium term, the ore supply will tighten in the fourth quarter, which may affect the supply side and provide some support for the zinc price. It is recommended to trade within a range and hold previous short positions [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Data** - The average price of SMM1 lead ingots decreased by 0.44% compared to the previous day, and the closing price of the main Shanghai lead contract decreased by 0.53% compared to the previous day. The LME3 - month lead futures closing price (electronic trading) remained unchanged. The Shanghai - London lead price ratio decreased by 0.53% [1]. - The futures active contract trading volume increased by 5.40%, and the position decreased by 0.80%. The LME inventory remained unchanged, and the Shanghai lead warehouse receipt inventory decreased by 3.05% [1]. - **Industry News** - Some waste lead - acid battery recycling enterprises in Beijing reduced the purchase price of waste automotive batteries by about 50 yuan/ton due to the continuous decline of lead price. They expect the purchase price to remain low in the short term [1]. - On November 24th, the [LME0 - 3 lead] was at a discount of 28.49 dollars/ton, and the position increased by 162 hands to 160,841 hands [1]. Zinc - **Price and Market Data** - The average price of SMM1 zinc ingots increased by 0.09% compared to the previous day, and the closing price of the main Shanghai zinc contract decreased by 0.13% compared to the previous day. The LME3 - month zinc futures closing price (electronic trading) remained unchanged. The Shanghai - London zinc price ratio decreased by 0.13% [1]. - The futures active contract trading volume decreased by 18.76%, and the position increased by 3.41%. The LME inventory remained unchanged, and the Shanghai zinc warehouse receipt inventory decreased by 1.10% [1]. - **Industry News** - Kazakhstan's refined zinc production in October was 20,475 tons, a 1.5% increase from September. The total refined zinc production in the first 10 months of this year was 214,334 tons, a 3.7% year - on - year decrease [1]. - On November 24th, the [LME0 - 3 zinc] was at a premium of 140.2 dollars/ton, and the position decreased by 1,637 hands to 216,552 hands [1].

Group 1 - The metal lead concept increased by 3.17%, ranking fourth among concept sectors, with 32 stocks rising, including Huaxi Nonferrous and Luoping Zinc Electric hitting the daily limit [1] - The leading stocks in the metal lead sector included Shengtun Mining, Guocheng Mining, and Shengda Resources, which rose by 7.59%, 6.04%, and 5.48% respectively [1] - The metal lead concept sector saw a net inflow of 794 million yuan from main funds, with 25 stocks receiving net inflows, and 8 stocks exceeding 50 million yuan in net inflow [1] Group 2 - The top stocks by net inflow ratio included Luoping Zinc Electric, Shengtun Mining, and Xiyang Mining, with net inflow ratios of 52.90%, 10.27%, and 7.40% respectively [2] - Shengtun Mining led the net inflow with 211.55 million yuan, followed by Huayu Mining and Dazhong Mining with net inflows of 88.49 million yuan and 87.83 million yuan respectively [2][3] - The trading performance of the metal lead sector was highlighted by significant turnover rates, with Shengtun Mining at 5.64% and Huayu Mining at 5.57% [2]

Core Insights - The metal lead sector experienced a rise of 0.99%, ranking third among concept sectors, with 18 stocks increasing in value, notably Beijiete with a 20% surge [1] - Major gainers included Dazhong Mining, Weiling Co., and Guocheng Mining, which rose by 7.06%, 6.94%, and 4.99% respectively [1] - Conversely, Hunan Silver, Yuguang Gold Lead, and Zhejiang Fu Holdings saw declines of 3.15%, 2.31%, and 2.09% respectively [1] Market Performance - The leading concept sectors for the day included Hainan Free Trade Zone with a 2.20% increase and Salt Lake Lithium Extraction with a 1.43% increase, while Silicon Energy and Military Equipment Restructuring concepts faced declines of 2.66% and 2.55% respectively [2] - The metal lead sector had a net outflow of 5.95 billion yuan, with 13 stocks receiving net inflows, and 5 stocks attracting over 30 million yuan in net inflows [2] Fund Flow Analysis - The top stocks in terms of net inflow ratio were Beijiete, Weiling Co., and Dazhong Mining, with net inflow rates of 11.47%, 9.34%, and 7.64% respectively [3] - Dazhong Mining led the net inflow with 236.49 million yuan, followed by Weiling Co. with 93.21 million yuan and Beijiete with 69.53 million yuan [3] Decliners - The stocks with the largest declines included Hunan Silver with a drop of 3.15%, Yuguang Gold Lead down by 2.31%, and Zhejiang Fu Holdings decreasing by 2.09% [5] - Other notable decliners were Zijin Mining with a decline of 1.26% and Hunan Huangjin down by 0.63% [5]

Group 1 - The metal lead concept increased by 2.03%, ranking second among concept sectors, with 28 stocks rising, including Chifeng Jilong Gold Mining (up 7.00%), Xinyi Silver Tin (up 6.68%), and Tin Industry Co. (up 5.88%) [1][2] - The leading stocks in terms of decline included Wolong New Energy (down 3.13%), Yuehongyuan A (down 2.62%), and Jinhui Co. (down 1.91%) [1][2] Group 2 - The metal lead sector experienced a net outflow of 0.15 billion yuan from main funds, with 17 stocks seeing net inflows, and 8 stocks receiving over 30 million yuan in net inflows [2] - Zijin Mining led the net inflow with 1.03 billion yuan, followed by Hunan Silver (net inflow of 587.87 million yuan), Huayu Mining (net inflow of 533.39 million yuan), and China Metallurgical Group (net inflow of 497.01 million yuan) [2][3] Group 3 - In terms of net inflow ratios, Beijiete, China Metallurgical Group, and Hunan Silver had the highest ratios at 12.40%, 12.32%, and 8.80% respectively [3] - The top stocks by net inflow in the metal lead concept included Zijin Mining (up 3.35%), Hunan Silver (up 3.76%), and Huayu Mining (down 0.13%) [3]

资金流入比率方面，倍杰特、中国中冶、湖南白银等流入比率居前，主力资金净流入率分别为 12.40%、12.32%、8.80%。（数据宝） 金属铅概念资金流入榜 截至11月19日收盘，金属铅概念上涨2.03%，位居概念板块涨幅第2，板块内，28股上涨，赤峰黄金、 兴业银锡、锡业股份等涨幅居前，分别上涨7.00%、6.68%、5.88%。跌幅居前的有卧龙新能、粤宏远 A、金徽股份等，分别下跌3.13%、2.62%、1.91%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 中船系 | 4.60 | 海南自贸区 | -4.52 | | 金属铅 | 2.03 | 托育服务 | -2.82 | | 金属锌 | 2.00 | 赛马概念 | -2.45 | | 养鸡 | 1.90 | PET铜箔 | -2.37 | | 盐湖提锂 | 1.83 | 空间计算 | -2.31 | | 太赫兹 | 1.74 | EDR概念 | -2.29 | | 兵装重组概念 | 1.47 | 天津自贸区 | -2.29 | | 国产航母 | ...

格隆汇11月19日丨西藏珠峰(600338.SH)在投资者互动平台表示，阿根廷安赫莱斯项目目前仍处于建设 阶段，该项目先期1万吨设备已经运达现场。 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20251118：沪铅上方承压；沪锌或有回调 | | | --- | --- | | 2025/11/18 指标 单位 今值 变动 近期趋势 | | | SMM1#铅锭平均价格 元/吨 17,275.00 -0.86% | | | 沪铅期现价格 17,355.00 -0.80% 期货主力合约收盘价 元/吨 | | | 元/吨 -30.00 -20.00 沪铅连一-沪铅连二 铅 | | | -23.09 1.17 升贴水-LME 0-3 美元/吨 | | | 期货活跃合约成交量 手 74,591.00 99.73% | | | 价差 沪铅近月-沪铅连一 元/吨 -55.00 -5.00 | | | 成交持仓 期货活跃合约持仓量 手 74,585.00 94.15% | | | 沪铅连二-沪铅连三 元/吨 -25.00 -15.00 | | | 沪伦铅价比值 / | | | 成交持仓比 / 1.00 2.88% LME库存 吨 266,125.00 0.00% | | | 库存 | | | 沪铅仓单库存 吨 32, ...

（编辑 王江浩） 证券日报网讯 11月16日晚间，罗平锌电发布公告称，全资子公司普定县德荣矿业有限公司金坡铅锌矿 在停产后，于2025年9月26日取得新的《采矿许可证》，并于2025年11月3日取得新的《安全生产许可 证》。2025年11月15日，普定县应急管理局批复同意金坡铅锌矿恢复生产，并要求认真落实安全生产主 体责任，强化风险隐患排查治理和现场安全管理。 ...