Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Views - The lead market shows a situation of increasing supply and demand with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices. Due to the warm domestic market sentiment, lead prices are expected to trade in a range in the short term [1]. - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season with continuous inventory accumulation, resulting in a weak fundamental situation. However, strong market bullish sentiment may lead to zinc prices trading in a range in the short term [1]. 3. Summary by Related Catalogs Lead - **Price and Market Data**: On July 28, 2025, the average price of SMM1 lead ingots was 16,750 yuan/ton, up 0.30% from the previous day; the closing price of the main futures contract was 16,955 yuan/ton, up 0.38%. The LME3 - month lead futures closing price (electronic trading) was 2,020.50 dollars/ton, down 0.12%. The ratio of Shanghai - London lead prices was 8.39, up 0.51% [1]. - **Industry Operation Data**: From July 18 to July 24, the weekly operating rate of SMM primary lead enterprises was 63.37%, a 2.5 - percentage - point decrease; the weekly operating rate of recycled lead enterprises was 40.7%, a 2.8 - percentage - point increase; the weekly operating rate of lead - acid battery enterprises was 71.86%, a 0.9 - percentage - point increase. The electric bicycle trade - in program has boosted the industry, with a 113.5% average monthly - on - month increase in sales from January to June 2025, and a 27.6% year - on - year increase in the production of the top ten brands [1]. - **Fundamental Analysis**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. A primary lead smelter had equipment - related maintenance last week, leading to a slight decline in production. For recycled lead, the price of waste lead - acid batteries is likely to rise, and some smelters have reduced or stopped production due to raw material shortages or cost - price inversions. As the inventory of electrolytic lead in factories decreases, the market's acceptance of high - priced recycled lead has improved. The market still anticipates peak - season consumption, but most enterprises suspended purchases at the end of the month for inventory checks [1]. Zinc - **Price and Market Data**: On July 28, 2025, the average price of SMM1 zinc ingots was 22,700 yuan/ton, down 0.48% from the previous day; the closing price of the main futures contract was 22,885 yuan/ton, down 0.56%. The LME3 - month zinc futures closing price (electronic trading) was 2,829.00 dollars/ton, down 0.40%. The ratio of Shanghai - London zinc prices was 8.09, down 0.16% [1]. - **Industry Operation Data**: From July 18 to July 24, the weekly operating rate of galvanizing enterprises was 59.42%, a 0.30 - percentage - point increase; the weekly operating rate of die - casting zinc alloy enterprises was 51.03%, a 0.92 - percentage - point decrease; the weekly operating rate of zinc oxide enterprises was 55.99%, a 0.33 - percentage - point decrease. The total inventory of zinc concentrates at major Chinese ports was 35.4 million tons, a decrease of 8.6 million tons from the previous week [1]. - **Fundamental Analysis**: Smelters have sufficient raw material inventories, and zinc ore processing fees are rising. Domestic smelters are negotiating next - month's zinc processing fees, and it is expected that processing fees will continue to rise in August. With the continuous strength of zinc prices during the week, downstream off - season purchases have significantly decreased [1].

Core Viewpoint - The new mandatory national standard for electric bicycles, effective from September 1, aims to enhance safety and user experience through comprehensive regulations across the entire industry chain [1][2]. Group 1: Implementation and Regulatory Framework - The implementation of the new standard involves a coordinated effort from multiple departments, including the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, and the National Fire Rescue Administration [1]. - The new regulations cover seven key areas: production management, certification management, sales supervision, registration management, replacement of old vehicles, consumer rights protection, and the establishment of long-term mechanisms [1]. Group 2: Safety Enhancements - The new standard optimizes fire resistance and flame retardant technical indicators, limiting the plastic weight ratio to below 5.5% of the total vehicle weight, which helps slow down fire spread and reduce toxic gas emissions during a fire [2]. - Key parameters such as the maximum motor speed are strictly limited to prevent overspeeding, while torque limits for low-speed operation are increased to ensure performance in special conditions like climbing [4]. - The maximum braking distance has been reduced to about half of the previous standard, lowering the risk of collision accidents [4]. Group 3: Technical Improvements - Enhanced anti-tampering technical indicators and testing methods for battery packs, controllers, and speed limiters have been introduced, significantly raising the threshold for illegal modifications [5]. - Dynamic safety monitoring requirements for critical safety information, such as battery status, have been added to help consumers identify and address anomalies promptly [7]. Group 4: Consumer Experience - The weight limit for lead-acid battery models has been adjusted from 55 kg to 63 kg, allowing for a range of 60-70 km on a single charge, thus reducing charging frequency and improving user experience [9]. - The requirement for pedal assist devices has been removed, enhancing product practicality and reducing production costs, while also providing consumers with more model options [9]. - The new standard encourages the installation of safety features such as rearview mirrors and turn signals to improve vehicle safety [9]. Group 5: Certification and Compliance - From September 1, the production of electric bicycles under the old standard is prohibited, and sales of such bicycles will cease by December 1 [10]. - Consumers are advised to check for the CCC certification mark on electric bicycles, indicating compliance with the new mandatory national standards [10]. - A product certificate must accompany each electric bicycle sold, allowing consumers to verify product details and ensure compliance with the new standards [12].

Core Points - The new national standard for electric bicycles will be implemented on September 1, aiming to enhance safety by optimizing materials, controlling speed limits, and regulating modifications [2][3] - There are two critical timelines: all new electric bicycles produced after September 1 must comply with the new standards, and from December 1, all bicycles sold must meet these standards [3] - The Ministry of Industry and Information Technology encourages consumers to prioritize purchasing new standard vehicles to minimize safety risks [4] Industry Impact - Approximately 380 million electric bicycles are currently in use in China, with over 12 million old models replaced through trade-in programs since last year [5] - Sales of old standard electric bicycles will continue until December 1, after which only new standard vehicles will be available for sale [7] - Some brands are already adjusting their online sales models in anticipation of the new standards, leading to inventory shortages or changes in product listings [4][7]

Group 1 - The trade volume between China and the European Union has significantly increased, with Guangzhou Customs reporting an import and export trade of approximately 145.43 billion yuan in the first half of the year, representing a year-on-year growth of 19.9% [1] - Guangzhou Xinyi Vehicle Co., Ltd. has seen a notable increase in exports of lithium battery mountain bikes to Europe, with a value of nearly 28 million yuan in the first half of the year, marking a year-on-year increase of 35.6% [1] - The demand for cooling appliances such as air conditioners and refrigerators has surged in Europe due to high summer temperatures, leading to increased exports from the Shunde district, with an average of 600 containers of appliances shipped daily [1] Group 2 - Midea Group has capitalized on the rising demand for air conditioners in Europe by launching a wind-free air conditioner that utilizes AI technology to adjust airflow based on human positioning, resulting in nearly 10 billion yuan in exports of home appliances this year [2] - The local customs in Shunde are actively supporting home appliance companies in expanding their market in Europe by promoting the benefits of AEO policies and enhancing management standards [4] - Guangzhou Customs is implementing various facilitation measures such as "two-step declaration" and "online appointment customs clearance" to improve logistics channels between the Greater Bay Area and European countries [4]

记者丨 冉黎黎 编辑丨周上祺 封面图丨梁远浩 摄 7月24日，工业和信息化部举行"电动自行车相关标准政策"新闻发布会，介绍新版电动自行车 强制性国家标准及《关于强化电动自行车强制性国家标准实施 加快新产品供应的意见》（以 下简称《意见》）有关情况。当日，《意见》与发布会同步上网发布。 《意见》从生产端、流通端、消费端、管理端、服务端等"五端"着手提出工作要求。其中， 在生产方面， 提出根据新标准实施日期（2025年9月1日）倒排新产品工期等，在销售方面， 则提到了销售过渡期，即2025年8月31日及之前出厂或者进口的不符合新标准但符合旧版本标 准的产品可以销售至2025年11月30日。 另外，为稳妥推进在用不符合新标准的电动自行车更 新换代，《意见》提到，各地有关部门要积极提请同级党委政府加大以旧换新政策宣传和补 贴力度，细化补贴规则。 不过，电动自行车淘汰置换是个长期的过程。目前全国在用的电动自行车约3.8亿辆，其中还 有很多是老旧车和改装车。北京师范大学政府管理研究院原副院长、中国商业经济学会副会 长宋向清对21世纪经济报道记者表示，要推进新国标执行、加快新产品供应，在流通销售环 节上也存在难点，此外，短 ...

Core Viewpoint - The implementation of the new mandatory national standard for electric bicycles, effective from September 1, aims to enhance safety and consumer experience for over 350 million users in China [1][2]. Group 1: Implementation and Regulation - The new standard requires a systematic approach across multiple sectors, including production management, sales supervision, and consumer rights protection [2]. - The four departments involved aim to accelerate the supply of high-quality electric bicycles that comply with the new standards [1][2]. Group 2: Safety Enhancements - The new standard optimizes fire resistance indicators, limiting plastic weight to below 5.5% of the total vehicle weight, which helps reduce fire risks [2][4]. - Key parameters such as maximum motor speed are strictly limited to prevent overspeeding, and the maximum braking distance is reduced by about half to lower collision risks [4]. - Dynamic safety monitoring of battery status is introduced to help consumers identify potential issues promptly [4]. Group 3: Consumer Guidance - Consumers are advised to look for the CCC certification and product quality certificates when purchasing electric bicycles to ensure compliance with the new standards [7][5]. - Currently, most vehicles available for sale are still based on the old standard, with a transition period until December 1 for both old and new standard vehicles to coexist [8][10]. Group 4: Industry Adaptation - Manufacturers are required to adjust their production processes and materials to meet the new standards, with a focus on enhancing safety features [11][13]. - The new standard serves as a significant test for production companies, allowing leading firms to leverage their technological advantages [11][13].

Core Points - The Ministry of Industry and Information Technology (MIIT) introduced a new mandatory national standard for electric bicycles, which will be implemented in two phases: production by September 1, 2023, and sales by December 1, 2023 [1][2] - The new standard aims to phase out non-compliant electric bicycles from the market and enhance consumer safety through various measures, including subsidies for consumers purchasing compliant models [2] Group 1 - The new national standard was revised over 8 months, involving over 70 research sessions, 160 technical discussions, 220 experimental validations, processing 54,000 suggestions, and nearly 130,000 surveys, resulting in modifications to nearly 200 key indicators [1] - The implementation timeline allows for vehicles produced under the old standard to be sold until November 30, 2025, while all sales from December 1, 2023, must comply with the new standard [1] - Several electric bicycle companies have begun promotions to clear out inventory in anticipation of the new standard [1] Group 2 - Local authorities will enhance the promotion of trade-in policies and subsidies for consumers purchasing compliant electric bicycles, particularly targeting first-time buyers [2] - The new standard is expected to have five positive effects, including reducing fire hazards, minimizing traffic accident risks, preventing illegal modifications, improving overall vehicle safety, and better meeting consumer needs [2] - Consumers are advised to check for mandatory product certification (CCC certification) and product quality certificates when purchasing electric bicycles [2]

21世纪经济报道见习记者冉黎黎北京报道 7月24日，工业和信息化部举行"电动自行车相关标准政策"新闻发布会，介绍新版电动自行车强制性国 家标准及《关于强化电动自行车强制性国家标准实施加快新产品供应的意见》(以下简称《意见》)有关 情况。当日，《意见》与发布会同步上网发布。 《意见》从生产端、流通端、消费端、管理端、服务端等"五端"着手提出工作要求。其中，在生产方 面，提出根据新标准实施日期(2025年9月1日)倒排新产品工期等，在销售方面，则提到了销售过渡期， 即2025年8月31日及之前出厂或者进口的不符合新标准但符合旧版本标准的产品可以销售至2025年11月 30日。另外，为稳妥推进在用不符合新标准的电动自行车更新换代，《意见》提到，各地有关部门要积 极提请同级党委政府加大以旧换新政策宣传和补贴力度，细化补贴规则。 不过，电动自行车淘汰置换是个长期的过程。目前全国在用的电动自行车约3.8亿辆，其中还有很多是 老旧车和改装车。北京师范大学政府管理研究院原副院长、中国商业经济学会副会长宋向清对21世纪经 济报道记者表示，要推进新国标执行、加快新产品供应，在流通销售环节上也存在难点，此外，短期 内，符合新标准的 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has announced the implementation of the new mandatory national standard for electric bicycles, GB 17761—2024, which aims to enhance safety and quality in the industry, with significant changes in production and sales standards set to take effect on September 1 and December 1, respectively [1][2][3]. Group 1: New Standards and Implementation - The new standard emphasizes the safety performance of components, particularly the flame retardancy and safety of lithium batteries, which are crucial for reducing fire risks and enhancing overall safety [1][3]. - The implementation timeline includes production standards effective from September 1, 2024, and sales standards effective from December 1, 2024 [2][3]. - The standard revision process involved extensive research and collaboration, including over 70 surveys, 160 technical discussions, and processing nearly 54,000 suggestions [3]. Group 2: Industry Impact and Consumer Guidance - The new standards are expected to lead to five positive outcomes: reducing fire hazards, minimizing traffic accident risks, preventing illegal modifications, improving overall vehicle safety, and better meeting consumer needs [3]. - Consumers are advised to look for CCC certification and product quality certificates when purchasing electric bicycles to ensure compliance with the new standards [4]. - Major brands such as Yadea, Aima, Tailg, and Green Source have already obtained 14 CCC certificates under the new standards, indicating a shift towards higher safety and quality in the market [5]. Group 3: Battery Management and Safety - The MIIT is focusing on the management of old lithium batteries, which pose significant fire risks, and is promoting the replacement of non-compliant electric bicycles as a key task [6][7]. - A pilot program for assessing the health of lithium batteries and facilitating their recycling has been initiated in several provinces, with over 1,200 million old vehicles replaced through trade-in programs [6][7].

当前我国全社会电动自行车保有量约3.8亿辆。新国标将从哪些方面完善管理？如何保障电动自行 车"骑"好安全路？记者进行了深入采访。 推动新版技术规范落地实施 电动自行车与人们生活出行息息相关，它的产品质量、安全性事关每个家庭。近年来，电动自行车各类 安全事故频发，需要各方协力筑牢全链条安全防线。 建立标准体系是强化电动自行车隐患治理的源头。去年底，新修订的技术规范发布：严格限制电动机最 高转速等关键参数、不再强制安装脚踏骑行装置、放宽铅蓄电池车型重量限值……一系列调整致力于提 升电动自行车安全水平、更好满足消费者使用需求。 新华财经北京7月24日电 新版强制性国家标准《电动自行车安全技术规范》将于9月1日起实施。为推动 技术规范落地实施，工业和信息化部等4部门日前联合印发《关于强化电动自行车强制性国家标准实施 加快新产品供应的意见》。 "标准要切实发挥作用，还需各方把标准学好、用好。"工业和信息化部消费品工业司司长何亚琼介绍， 对此，工业和信息化部、公安部、市场监管总局、国家消防救援局编制印发了此次意见。 标准实施是一项系统工程，意见部署多个环节同步推进—— 生产环节，帮助生产企业充分理解技术规范要求，加快新产 ...