1. Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] 2. Core View of the Report - The lead price is expected to rise slightly within the week but will generally remain in the range of 16,900 yuan/ton to 17,700 yuan/ton. The supply in some areas has decreased due to extreme weather, while the demand for electric vehicle batteries has dropped significantly approaching the Spring Festival, and the demand for automotive batteries is still good. Some enterprises may start pre - holiday inventory replenishment [3] 3. Summary by Directory 3.1 Market News and Important Data 3.1.1 Spot Market - On January 28, 2026, the LME lead spot premium was -$47.43/ton. The SMM1 lead ingot spot price decreased by 75 yuan/ton to 16,775 yuan/ton. The SMM Shanghai lead spot premium changed by 25 yuan/ton to 25.00 yuan/ton. The SMM Guangdong lead price changed by -50 yuan/ton to 16,825 yuan/ton. The SMM Henan lead price changed by -75 yuan/ton to 16,750 yuan/ton. The SMM Tianjin lead spot premium changed by -50 yuan/ton to 16,825 yuan/ton. The lead refined - scrap price difference remained unchanged at -100 yuan/ton. The price of waste electric vehicle batteries increased by 25 yuan/ton to 10,050 yuan/ton. The price of waste white shells remained unchanged at 10,125 yuan/ton. The price of waste black shells increased by 25 yuan/ton to 10,325 yuan/ton [1] 3.1.2 Futures Market - On January 28, 2026, the main contract of Shanghai lead opened at 17,000 yuan/ton and closed at 16,995 yuan/ton, a decrease of 5 yuan/ton from the previous trading day. The trading volume was 53,913 lots, a decrease of 8,210 lots from the previous trading day. The position was 59,512 lots, a decrease of 1,288 lots from the previous trading day. The intraday price fluctuated, with a high of 17,080 yuan/ton and a low of 16,915 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,375 yuan/ton and closed at 17,365 yuan/ton, a rise of 65 yuan/ton from the afternoon close [2] 3.1.3 Inventory - On January 28, 2026, the total SMM lead ingot inventory was 35,000 tons, an increase of 700 tons from the same period last week. As of January 28, the LME lead inventory was 209,175 tons, a decrease of 2,000 tons from the previous trading day [2] 3.2 Strategy - The investment rating is neutral. It is recommended to sell a wide - straddle option strategy [3]