Core Viewpoint - The article highlights the journey and achievements of Xu Chengdong, a skilled worker at Yunnan Chihong Zinc & Germanium Co., Ltd., who has significantly contributed to the advancement of lead smelting technology in China through innovation and dedication [1][2][3]. Group 1: Background and Early Career - Xu Chengdong, originally from Huize County, Qujing City, Yunnan Province, was inspired by the local lead-zinc mining industry and pursued a career in smelting after completing middle school [2]. - He started working at Huize Lead-Zinc Mine in 1991, initially in a mechanical repair workshop, but quickly moved to the sintering workshop to learn smelting technology [2]. Group 2: Technological Advancements - In 2004, the company invested heavily in introducing the IsaSmelt furnace from Australia to enhance smelting processes, with Xu being one of the selected workers for training [3]. - Xu overcame language barriers and mastered the IsaSmelt technology within three months, becoming the first operator in China to use this technology for lead smelting [3][4]. - He proposed a solution to a critical issue of molten pool freezing during production, which was recognized by foreign experts [4]. Group 3: Continuous Improvement and Innovation - Xu led multiple technological improvements in the IsaSmelt process, achieving record production levels and significantly extending the lifespan of equipment [5]. - His innovations included enhancing the design of the spray gun and increasing the oxygen concentration in the IsaSmelt furnace, which improved smelting efficiency and reduced costs [5][6]. - Xu's team achieved a historical record of 85,000 tons of crude lead production in 2014 and set a record for the lifespan of furnace bricks at 978 days from 2013 to 2015 [5]. Group 4: Mentorship and Legacy - Xu has been recognized with numerous awards, including national labor model and technical expert honors, and he remains committed to mentoring the next generation of smelting professionals [7]. - He established the "Xu Chengdong Labor Model Innovation Studio" to promote technical skills and innovation within the industry [7][8]. - Xu's mentorship has led to the development of skilled technicians who have become key contributors across various subsidiaries of the company [8].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Views - For lead, the market shows a situation of both supply and demand increasing, with no obvious contradictions. Tight raw materials and expectations of peak - season consumption support lead prices, and short - term lead prices are expected to move in a range [1]. - For zinc, the market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season, and inventory continues to accumulate. With a weak fundamental situation and the fading of the "anti - involution" sentiment, short - term zinc prices are expected to be weakly sorted [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Performance**: The average price of SMM1 lead ingots increased by 0.15% compared to the previous day, and the closing price of the main contract of Shanghai lead futures decreased by 0.24% compared to the previous day. The trading volume of the active futures contract increased by 55.09%, and the open interest decreased by 3.79%. The LME3 - month lead futures closing price (electronic trading) decreased by 0.15%, and the Shanghai - London lead price ratio decreased by 0.09% [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise and difficult to fall. A primary lead smelter had a small decline in production due to equipment failure last week. For secondary lead, the price of waste lead - acid batteries is likely to rise and difficult to fall, and the supply of recyclers is limited. Some smelters reduced or stopped production due to insufficient raw materials or cost inversion. As the inventory of electrolytic lead factories decreased, the market's fear of high prices increased, and the acceptance of high - priced secondary lead improved, and the start - up of secondary lead production gradually recovered. In terms of demand, as July is coming to an end, the market still expects peak - season consumption, but most enterprises suspended purchases for inventory checks at the end of the month [1]. - **Industry News**: Guizhou Lukong, a wholly - owned subsidiary of Shandong Zihuan, can produce 200,000 tons of lead ingots, 38,000 tons of recycled plastics, and 50,000 tons of sulfuric acid annually, with an expected annual output value of about 4 billion yuan. On July 27, 2025, its core smelting system was successfully put into operation, marking the official implementation of large - scale production of multi - metal recovery and comprehensive utilization of lead - containing resources [1]. Zinc - **Price and Market Performance**: The average price of SMM1 zinc ingots decreased by 0.53% compared to the previous day, and the main contract of Shanghai zinc futures closed down 1.05% compared to the previous day. The trading volume of the active futures contract increased by 26.97%, and the open interest decreased by 3.69%. The LME3 - month zinc futures closing price (electronic trading) decreased by 0.83%, and the Shanghai - London zinc price ratio decreased by 0.22% [1]. - **Fundamentals**: Zinc smelters have sufficient raw material reserves, and zinc ore processing fees continue to rise. The domestic zinc concentrate processing fee remained unchanged at 3,800 yuan/metal ton last week, and the import zinc ore processing fee index increased to 76.25 US dollars/dry ton. With the continuous loosening of raw materials, the zinc concentrate processing fee in August is expected to continue to rise, weakening the cost support. Smelter profits and production enthusiasm have improved, and the output shows an obvious upward trend. In terms of demand, the continuous strengthening of zinc prices during the week significantly reduced downstream off - season purchases [1]. - **Industry News**: In May 2025, Bolivia's zinc concentrate production was 39,900 metric tons, a year - on - year decrease of 14.5%. From January to May, the total zinc concentrate production in Bolivia was 210,300 metric tons, basically the same as the previous year. As of July 28, the total inventory of zinc ingots in seven regions was 103,700 tons, an increase of 11,100 tons compared to July 21 and an increase of 5,400 tons compared to July 24 [1].

云南金鼎锌业有限公司（以下简称金鼎锌业）成立于1998年，公司所在地位于云南省怒江傈僳族自治州兰坪白族普米族自治县金顶镇文兴街，是集采、选、 冶于一体的铅锌大型加工企业。 一冶炼厂渣库封场闭库后场景 绿化治理渣坝，厂区改换新颜 走进位于云南省怒江傈僳族自治州兰坪县通甸镇八十一片区的金鼎锌业一冶炼厂旧址，很难想象，曾经这座冶炼厂如蒙尘旧铁，厂房铁皮屋顶锈蚀，管道缠 绕，墙根蜿蜒着污渍，渗出带金属腥气的液体结痂。酸雾模糊窗玻璃，风携尘埃，连野草也只在裂缝瑟缩。 如今的厂区柏油路整洁光亮，绿化带冬青修剪齐整，墙角的消防栓闪着银辉。住宿区楼宇外墙映着天光，阳台衣物轻摆，窗台植物繁茂。楼前小公园，一弯 碧水嵌在青草坡间，锦鲤游弋，睡莲浮水。沿塘木质栈道铺展，长椅落着新叶。夕阳下，柳影揉碎水中，麻雀归巢，整个区域安宁祥和。 硬化场地如深灰色绸缎延展至视野尽头，风仅卷起细微沙尘，旋即被绿意收拢。路两侧树阵撑开层层绿伞，叶片沙沙，漏下光斑跳跃。 治理后的渣坝景象壮观。小渣坡整平覆土绿化；大渣坡逐级削坡加固后再覆土栽植。绿草与山坡融为一体，与周围山体浑然一色。一排排挺拔树苗绿意盎 然，一片片草坪焕发生机，成为周边村民休闲散步的 ...

Core Viewpoint - The company, Henan Yuguang Gold Lead Co., Ltd., has decided not to exercise the early redemption rights of its convertible bonds, known as "Yuguang Convertible Bonds," based on confidence in its future development and current market conditions [1][5]. Group 1: Issuance and Terms of "Yuguang Convertible Bonds" - The company issued a total of 710 million yuan in convertible bonds on August 12, 2024, with a maturity of six years and a face value of 100 yuan per bond [1]. - The coupon rates for the bonds are structured to increase over the years, starting from 0.10% in the first year to 2.00% in the sixth year [1]. - The initial conversion price is set at 6.17 yuan per share, which will be adjusted to 5.95 yuan per share following a cash dividend distribution of 0.225 yuan per share [2]. Group 2: Redemption Conditions - The company has the right to redeem the bonds if either of the following conditions is met: the stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the remaining balance of unconverted bonds is less than 30 million yuan [3]. - The company’s board has decided not to exercise the early redemption rights, considering the company's future prospects and current operational conditions [4]. Group 3: Trading Activity of Related Parties - The actual controller and major shareholders of the company have not engaged in trading the "Yuguang Convertible Bonds" in the six months prior to the redemption conditions being met, with the exception of one entity that held 489,240 bonds without any transactions during that period [4]. - As of the date of the verification opinion, there are no plans for these parties to trade the bonds in the upcoming six months [5]. Group 4: Verification Opinion - The underwriting institution has confirmed that the decision not to redeem the bonds early has been approved by the company's board and complies with relevant regulations [5].

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].

Group 1 - The company held its 18th meeting of the 9th Board of Directors on July 25, 2025, via communication methods, with all directors and senior management notified in advance [1] - The Board decided not to exercise the early redemption rights of the "Yuguang Convertible Bonds" based on confidence in the company's future development and current operating conditions, and will not exercise these rights again if triggered within the next three months [1] - The company plans to hold its fourth extraordinary general meeting of shareholders on August 12, 2025, to discuss related matters [2] Group 2 - The voting results for the board meeting showed unanimous support for the proposals, with 8 votes in favor and no opposition or abstentions [2] - Related party guarantees were discussed, with certain directors recusing themselves from the vote, which resulted in 4 votes in favor [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - For lead, the market is in a state of weak supply and demand with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices, and short - term prices are expected to consolidate within a range [1] - For zinc, although there is strong bullish sentiment in the market, the supply of zinc ore and zinc ingots is increasing while demand is in the off - season, and the inventory accumulation trend is emerging. Fundamentals are weak, and short - term zinc prices are expected to weaken within a range. Consider shorting on rallies [1] Group 3: Summary According to Related Catalogs Lead Price and Spread - The average price of SMM1 lead ingots was 16,700 yuan/ton, down 0.30% from the previous day. The closing price of the lead futures main contract was 16,845 yuan/ton, down 0.30%. The basis was - 145 yuan/ton. The LME 0 - 3 spread was - 27.85 dollars/ton, up 3.17 dollars/ton [1] Trading Volume and Open Interest - The trading volume of the lead futures active contract was 31,395 lots, down 3.74%. The open interest was 51,951 lots, down 2.73%. The trading volume to open interest ratio was 0.60, down 1.04% [1] Inventory - LME lead inventory was 270,950 tons, with no change. Shanghai lead warehouse receipt inventory was 60,284 tons, up 3.78%. As of July 17, the total inventory of SMM lead ingots in five regions was 6.9 million tons, an increase of 0.79 million tons from July 10 and 0.56 million tons from July 14 [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 failure and maintenance last week, with a slight decline in production. For secondary lead, the price of waste lead - acid batteries is likely to rise, and the supply of recyclers is limited. Due to raw material shortages or cost inversion, smelters have reduced or stopped production, and the inventory of secondary lead products is increasing. Demand is gradually shifting from the off - season to the peak season, and the drag on lead prices may ease [1] Zinc Price and Spread - The average price of SMM1 zinc ingots was 22,040 yuan/ton, up 0.27%. The closing price of the zinc futures main contract was 22,130 yuan/ton, up 0.39%. The basis was - 90 yuan/ton. The LME 0 - 3 spread was - 3.20 dollars/ton, up 5.75 dollars/ton [1] Trading Volume and Open Interest - The trading volume of the zinc futures active contract was 77,512 lots, down 13.36%. The open interest was 67,223 lots, down 14.16%. The trading volume to open interest ratio was 1.15, up 0.93% [1] Inventory - LME zinc inventory was 121,475 tons, with no change. Shanghai zinc warehouse receipt inventory was 11,563 tons, down 4.92%. As of July 17, the total inventory of SMM zinc ingots in seven regions was 9.35 million tons, an increase of 0.33 million tons from July 10 and 0.05 million tons from July 14 [1] Fundamental Analysis - Smelters have sufficient raw material stocks, and zinc ore processing fees are rising. The improvement in the tight supply of zinc concentrate is basically realized, and the production restrictions on smelters due to raw material shortages are weakened. The cost - side support is weakened, and smelter profits and production enthusiasm are improving, with an obvious trend of increasing production. Although downstream zinc ingot inventory has increased due to price - fixing at low points, the overall procurement is limited due to weak terminal demand [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For lead, raw material tightness and peak - season expectations support the lead price, with short - term prices in a range - bound and stronger consolidation, but high prices may limit upside potential due to reduced downstream purchasing enthusiasm [1]. - For zinc, recent macro - positive sentiment and supply - side disturbances have led to a rebound in zinc prices, but this may suppress downstream buying and cause inventory accumulation, limiting the rebound space. Opportunities for short - selling should be watched for when positive factors fade [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Data**: On July 14, 2025, the SMM1 lead ingot average price was 16,925 yuan/ton, down 0.44%; the futures main - contract closing price was 17,075 yuan/ton, down 0.90%. The LME3 - month lead futures closing price (electronic) was 2,017 dollars/ton, down 0.98%. The trading volume of the active futures contract increased by 69.79% to 52,461 lots, and the open interest increased by 1.80% to 53,479 lots. The LME lead inventory was 249,375 tons, and the Shanghai lead warehouse receipt inventory increased by 4.48% to 52,901 tons [1]. - **Industry Operation**: From July 4 to July 10, the weekly operating rate of SMM primary lead enterprises was 66.88%, down 1.6 percentage points; that of secondary lead enterprises was 35.5%, up 0.7 percentage points; and that of lead - acid battery enterprises was 70.76%, down 1.07 percentage points. Inner Mongolia's secondary lead smelters under maintenance have no restart plan this week, and raw material supply and consumption limit production [1]. - **Fundamentals and Outlook**: Lead concentrate imports are not expected to increase, and processing fees are likely to rise. Primary lead production is stable with a slight increase. Secondary lead production is at a relatively low level due to raw material shortages and cost issues, and finished - product inventory is rising. Demand is expected to improve as it transitions from the off - season to the peak season [1]. Zinc - **Price and Market Data**: On July 14, 2025, the SMM1 zinc ingot average price was 22,360 yuan/ton, up 0.13%; the futures main - contract closing price was 22,380 yuan/ton, down 0.02%. The LME3 - month zinc futures closing price (electronic) was 2,738 dollars/ton, down 1.40%. The trading volume of the active futures contract decreased by 11.68% to 129,357 lots, and the open interest decreased by 4.44% to 107,632 lots. The LME zinc inventory was 105,250 tons, and the Shanghai zinc warehouse receipt inventory decreased by 0.57% to 8,873 tons [1]. - **Industry Operation**: From July 4 to July 10, the weekly operating rate of galvanized enterprises was 58.29%, up 1.81 percentage points; that of die - cast zinc alloy enterprises was 53.94%, up 4.80 percentage points; and that of zinc oxide enterprises was 55.84%, down 0.30 percentage points. Hudbay Minerals suspended operations in the Snow Lake area due to wildfires but maintained its 2025 production guidance [1]. - **Fundamentals and Outlook**: Zinc smelters have sufficient raw material stocks, and zinc ore processing fees are rising. The tight supply of zinc concentrate has improved, and production is expected to increase. Downstream purchasing increased slightly when prices fell during the week, but overall demand remains weak [1].

Group 1: Report Summary - The Federal Reserve's meeting minutes show differences among members regarding the outlook, mainly due to concerns about the impact of tariffs on inflation [4]. - US initial jobless claims reached a four - week low, while continuing claims remained at the highest level since the end of 2021 [4]. - Some Federal Reserve officials believe there may be two interest rate cuts this year, and the impact of tariffs on prices is milder than expected, boosting market risk appetite [4]. - In the zinc market, smelting fees are relatively wide, zinc mine production is abundant, and new projects have started production, with zinc ingot output exceeding expectations [4]. - In the lead market, refined lead supply remains tight, with more maintenance in electrolytic lead smelting enterprises, and the traditional consumption season is gradually starting [4]. Group 2: Bull - Bear Focus Zinc - Bullish factors: The US dollar index remains low, and there are short - term fluctuations in smelting maintenance [7]. - Bearish factors: Zinc ingot production in June increased more than expected, and the overall inventory build - up expectation is stronger [7]. Lead - Bullish factors: Secondary lead cost support, rising prices of waste batteries, and the gradual start of the traditional consumption season [10]. - Bearish factors: The actual restocking strength of downstream is relatively limited [10]. Group 3: Data Analysis Zinc - In May 2025, China's zinc ore sand and concentrate imports were 491,522.01 tons, a month - on - month decrease of 0.64% and a year - on - year increase of 85.28%. Imported zinc ore processing fees are showing a rebound [12]. - In June, the average domestic zinc concentrate TC increased by 150 yuan/metal ton to 3,650 yuan/metal ton, and the average imported ore TC increased by 10 dollars/dry ton to 55 dollars/dry ton [15]. - Zinc concentrate prices declined slightly. The price of 50% zinc concentrate in Hechi was 17,170 yuan/ton, a decrease of 50 yuan/ton from last week; in Chenzhou, it was 17,090 yuan/ton, a decrease of 230 yuan/ton from last week [20]. - In May 2025, China's zinc production was 583,000 tons, a year - on - year decrease of 2.3%. In June, new capacity was released in some areas, and some previous maintenance enterprises resumed production [23]. - In May 2025, China's refined zinc imports were 26,716.511 tons, a month - on - month decrease of 5.36% and a year - on - year decrease of 39.85% [26]. - LME zinc inventory has been declining, and as of last week, it was 105,600 tons. SHFE zinc inventory increased by 3.97% to 45,364 tons in the week of July 4 [33]. Lead - In June, new energy vehicle production and sales reached 1.268 million and 1.329 million respectively, a year - on - year increase of 26.4% and 26.7%. In June, China's total automobile exports were 592,000 vehicles, a year - on - year increase of 22.2% [30]. - From January to May, China's real estate development investment cumulative year - on - year growth rate was - 10.7%, and the new construction area cumulative year - on - year growth rate was - 22.8% [30]. - This week, the lead futures and spot prices continued to rise, with a basis of 25 yuan/ton, and the refined - scrap spread weakened [37]. - The weekly price of 60% lead concentrate in Kunming increased by 125 yuan/ton, and in Baoji, it increased by 34 yuan/ton [41]. - As of July 4, the lead concentrate processing fee in Jiyuan was 800 yuan/ton, a decrease of 100 yuan/ton from last week; in Chenzhou, it was 300 yuan/ton, a decrease of 500 yuan/ton; in Gejiu, it was 300 yuan/ton, a decrease of 400 yuan/ton [41]. - In May 2025, China's lead production was 649,000 tons, a year - on - year decrease of 5.7%. In June, more electrolytic lead smelting enterprises had maintenance, and some secondary lead smelters had a recovery expectation [44]. - The primary lead operating rate increased to 68.46% month - on - month [47]. - The secondary lead enterprise operating rate increased by 0.20 percentage points to 34.8% month - on - month [49]. - The lead - acid battery operating rate increased by 3.06 percentage points to 71.83% month - on - month [52]. - As of July 10, LME lead inventory decreased to 252,375 tons. SHFE lead inventory increased by 2.65% to 53,303 tons in the week of July 4 [56]. Group 4: Market Outlook - For zinc, it is recommended to mainly operate in the range of 21,500 - 22,500 [59]. - For lead, it is recommended to operate in the range of 16,500 - 17,500 [59].

Group 1 - The company will hold its third extraordinary general meeting of shareholders on July 23, 2025, at 14:30 in the company's conference room [1] - Voting will be conducted both on-site and online, with specific time slots for each method [1] - The meeting will be presided over by the company's chairman, Mr. Zhao Jingang [1] Group 2 - The agenda includes the announcement of the meeting's commencement, the nomination of vote counters, and the review of proposals [1] - One of the key proposals is to abolish the supervisory board and amend the company's articles of association and related rules [2] - The supervisory board's powers will be transferred to the audit committee of the board of directors [2] Group 3 - The proposed amendments to the articles of association aim to enhance corporate governance and compliance with the new Company Law effective from July 1, 2024 [2] - The company will no longer maintain a supervisory board, and related rules will be abolished [2] - The specific content of the amendments includes changes to the governance structure and the roles of various committees [3][4]