1. Report's Industry Investment Rating - The investment rating for the lead industry is neutral [3] 2. Core Viewpoints of the Report - The lead market stopped falling and stabilized this week, with inventory reduction and import impact coexisting. The approaching off - season suppresses consumption. It is recommended to conduct range - bound operations on SHFE lead, with the range of 16,300 - 16,850 yuan/ton. Enterprises with hedging needs can carry out corresponding buy and sell hedging operations at the upper and lower limits of the range [3] 3. Summary According to Relevant Catalogs 3.1 Spot Market - On March 31, 2026, the LME lead spot premium was -$31.20/ton. The SMM1 lead ingot spot price changed by 25 yuan/ton to 16,350 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by 0 yuan/ton to 25.00 yuan/ton, the SMM Guangdong lead spot price changed by 0 yuan/ton to 16,400 yuan/ton, the SMM Henan lead spot price changed by 25 yuan/ton to 16,375 yuan/ton, and the SMM Tianjin lead spot premium changed by 25 yuan/ton to 16,400 yuan/ton. The lead refined - scrap price difference changed by 0 yuan/ton to -25 yuan/ton. The price of waste electric vehicle batteries changed by 0 yuan/ton to 9,750 yuan/ton, the price of waste white shells changed by 50 yuan/ton to 9,900 yuan/ton, and the price of waste black shells changed by 0 yuan/ton to 10,050 yuan/ton [1] 3.2 Futures Market - On March 31, 2026, the main SHFE lead contract opened at 16,510 yuan/ton and closed at 16,500 yuan/ton, a change of 5 yuan/ton from the previous trading day. The trading volume for the whole trading day was 40,498 lots, a change of -10,116 lots from the previous trading day. The position for the whole trading day was 60,663 lots, a change of -1,497 lots from the previous trading day. The intraday price fluctuated, with the highest reaching 16,530 yuan/ton and the lowest reaching 16,475 yuan/ton. In the night session, the main SHFE lead contract opened at 16,485 yuan/ton and closed at 16,495 yuan/ton, a 0.03% decrease from the afternoon close of the previous day [2] 3.3 Market Transactions - According to SMM, the SMM1 lead price rose by 25 yuan/ton compared with the previous trading day. In Henan, some large - discount goods had rigid - demand transactions, with suppliers quoting at a discount of 150 - 100 yuan/ton to the SHFE 2605 contract for ex - factory sales. In Hunan, smelters' price - holding sentiment eased, with scattered orders quoted at a premium of 50 yuan/ton to the SMM1 lead average price for ex - factory sales, and the trading weakened. Traders had difficulty in selling. In Jiangxi, smelters' enthusiasm for selling increased, and the quoted premium was lowered to a premium of 80 yuan/ton to the SMM1 lead average price for ex - factory sales. Near the end of the month and with weak downstream consumption, some battery enterprises postponed their procurement demand, and the spot market trading remained sluggish [2] 3.4 Inventory - On March 31, 2026, the total SMM lead ingot inventory was 58,000 tons, a change of -30 tons from the same period last week. As of March 31, the LME lead inventory was 281,700 tons, a change of -75 tons from the previous trading day [2]

1. Report Industry Investment Rating - The investment rating for the lead market is neutral [4] 2. Core Viewpoints - The lead market stopped falling and stabilized this week, with inventory reduction and import impact coexisting, and the approaching off - season suppressing consumption. It is recommended to operate within a range, with SHFE lead focusing on the range of 16300 - 16850 yuan/ton. Enterprises with hedging needs can conduct corresponding buying and selling hedging operations at the upper and lower limits of the range [4] 3. Summary by Relevant Catalogs Market News and Important Data Spot Market - On March 30, 2026, the LME lead spot premium was -$35.16/ton. The SMM1 lead ingot spot price remained unchanged at 16325 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by -25 yuan/ton to 0.00 yuan/ton. SMM Guangdong lead spot remained unchanged at 16400 yuan/ton, SMM Henan lead spot remained unchanged at 16350 yuan/ton, and SMM Tianjin lead spot premium remained unchanged at 16375 yuan/ton. The lead concentrate - scrap price difference remained unchanged at 0 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 9750 yuan/ton, the price of waste white shells decreased by 25 yuan/ton to 9850 yuan/ton, and the price of waste black shells decreased by 25 yuan/ton to 10050 yuan/ton [1] Futures Market - On March 30, 2026, the SHFE lead main contract opened at 16535 yuan/ton and closed at 16495 yuan/ton, a decrease of 60 yuan/ton compared with the previous trading day. The trading volume for the whole trading day was 50614 lots, a decrease of 6171 lots compared with the previous trading day. The position for the whole trading day was 62160 lots, a decrease of 3956 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 16535 yuan/ton and the lowest point reaching 16415 yuan/ton. In the night session, the SHFE lead main contract opened at 16535 yuan/ton and closed at 16495 yuan/ton, a 0.12% increase compared with the afternoon closing price of the previous day. The SMM1 lead price decreased by 50 yuan/ton compared with the previous trading day. The intraday SHFE lead futures fluctuated weakly. In Henan, holders quoted at a discount of 180 - 150 yuan/ton to the SHFE lead 2506 contract; in Hunan, smelters' quotes at a discount of 30 - 0 yuan/ton to the SMM1 lead average price had difficulty in closing deals, and traders quoted at a discount of 200 yuan/ton to the SHFE lead 2506 contract; in Anhui and Jiangxi, smelters' inventories were low, and they quoted at a premium of 100 yuan/ton to the SMM1 lead average price for ex - factory sales; in Guangdong, holders' ex - factory supplies were at a premium of 0 - 50 yuan/ton to the SMM1 lead average price for closing deals. The lead price continued to weaken, downstream maintained rigid demand procurement, and the enthusiasm for stocking up at low prices was poor, making the spot market generally dull [2] Inventory - On March 30, 2026, the total SMM lead ingot inventory was 58000 tons, a decrease of 300 tons compared with the same period last week. As of November 28, the LME lead inventory was 283000 tons, a decrease of 75 tons compared with the previous trading day [3]

1. Report Industry Investment Rating - The investment rating for the lead market is neutral [3] 2. Core View of the Report - The lead market presents a pattern of weak overseas and stable domestic conditions, with a game between supply and demand. Overseas lead prices have been dragged down by geopolitical factors to a nearly one - year low, while domestic lead prices have followed the decline but with a limited margin. The expanding losses of secondary lead and the destocking of primary lead factories provide phased support. There is a co - existence of high - pressure social inventory and downstream low - price restocking, and the opening of the import window brings an expectation of increased supply. Terminal demand is structurally differentiated, with bright orders in data centers but the civilian battery market entering the off - season. Next week, lead prices may decline first and then rebound, and downstream enterprises will maintain low - price just - in - time procurement. Investors should pay attention to the pace of social inventory destocking and the actual arrival of imported lead and operate with caution. It is expected that the lead price will range from 16,200 yuan/ton to 16,800 yuan/ton this week, and enterprises can conduct corresponding buy and sell hedging operations based on this range [3] 3. Summary by Relevant Catalogs Market News and Important Data Spot Market - On March 25, 2026, the LME lead spot premium was - 35.03 US dollars/ton. The SMM1 lead ingot spot price increased by 50 yuan/ton to 16,325 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by - 25 yuan/ton to 0.00 yuan/ton. The SMM Guangdong lead spot price increased by 50 yuan/ton to 16,400 yuan/ton, the SMM Henan lead spot price increased by 50 yuan/ton to 16,350 yuan/ton, and the SMM Tianjin lead spot premium increased by 50 yuan/ton to 16,350 yuan/ton. The lead refined - scrap price difference remained unchanged at 0 yuan/ton compared with the previous trading day. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 9,775 yuan/ton, the price of waste white shells remained unchanged at 9,875 yuan/ton, and the price of waste black shells remained unchanged at 10,100 yuan/ton [1] Futures Market - On March 25, 2026, the main contract of Shanghai lead opened at 16,420 yuan/ton, closed at 16,495 yuan/ton, up 75 yuan/ton from the previous trading day. The trading volume for the whole trading day was 57,581 lots, an increase of 8,292 lots compared with the previous trading day. The position for the whole trading day was 79,125 lots, a decrease of 5,853 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 16,590 yuan/ton and the lowest point reaching 16,400 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,505 yuan/ton and closed at 16,490 yuan/ton, down 5 yuan/ton from the afternoon closing price of the previous day [2] Inventory - On March 25, 2026, the total SMM lead ingot inventory was 63,000 tons, a decrease of 14,500 tons compared with the same period last week. As of November 28, the LME lead inventory was 283,150 tons, a decrease of 200 tons compared with the previous trading day [2] Strategy - The investment rating for the lead market is neutral. For options, it is recommended to sell call options. Enterprises can conduct corresponding buy and sell hedging operations within the expected lead price range of 16,200 - 16,800 yuan/ton this week [3]

1. Report Industry Investment Rating - The investment rating for the lead market is neutral [3] 2. Core View of the Report - The lead market shows a pattern of weak overseas and stable domestic conditions, with a supply - demand game. Overseas lead prices are dragged down by geopolitical factors, while domestic lead prices decline less. The expanding losses of secondary lead and the reduction of primary lead factory inventories provide phased support. There is a co - existence of high - pressure social inventories and downstream low - price restocking, and the opening of the import window brings an incremental expectation. Terminal demand is structurally differentiated, with strong data center orders but the civilian battery market entering the off - season. Next week, lead prices may decline first and then rise, and downstream enterprises will maintain low - price rigid demand procurement. Investors should pay attention to the pace of social inventory reduction and the actual arrival of imported lead and operate cautiously. The expected weekly operating range of lead prices is between 16,200 yuan/ton and 16,800 yuan/ton, and enterprises can conduct corresponding buy and sell hedging operations based on this range [3] 3. Summary According to Relevant Catalogs Market News and Important Data Spot - On March 24, 2026, the LME lead spot premium was - 39.61 US dollars/ton. The SMM1 lead ingot spot price remained unchanged at 16,275 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium and discount remained unchanged at 0.00 yuan/ton compared with the previous trading day. The SMM Guangdong lead spot price remained unchanged at 16,350 yuan/ton compared with the previous trading day. The SMM Henan lead spot price increased by 25 yuan/ton to 16,300 yuan/ton compared with the previous trading day. The SMM Tianjin lead spot premium and discount increased by 25 yuan/ton to 16,300 yuan/ton compared with the previous trading day. The lead concentrate - scrap price difference remained unchanged at 0 yuan/ton compared with the previous trading day. The price of waste electric vehicle batteries remained unchanged at 9,800 yuan/ton compared with the previous trading day. The price of waste white shells remained unchanged at 9,875 yuan/ton compared with the previous trading day. The price of waste black shells remained unchanged at 10,100 yuan/ton compared with the previous trading day [1] Futures - On March 24, 2026, the main contract of Shanghai lead opened at 16,495 yuan/ton and closed at 16,420 yuan/ton, an increase of 25 yuan/ton compared with the previous trading day. The trading volume for the whole trading day was 49,289 lots, a decrease of 14,155 lots compared with the previous trading day. The position for the whole trading day was 84,978 lots, a decrease of 4,229 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 16,515 yuan/ton and the lowest point reaching 16,385 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,420 yuan/ton and closed at 16,470 yuan/ton, a 0.30% increase compared with the afternoon closing price of the previous day [2] Inventory - On March 24, 2026, the total SMM lead ingot inventory was 63,000 tons, a decrease of 14,500 tons compared with the same period last week. As of March 24, the LME lead inventory was 283,350 tons, a decrease of 25 tons compared with the previous trading day [2] Strategy - The investment rating for the lead market is neutral. For options, it is recommended to sell call options. The expected weekly operating range of lead prices is between 16,200 yuan/ton and 16,800 yuan/ton, and enterprises can conduct corresponding buy and sell hedging operations based on this range [3]

1. Report Industry Investment Rating - The investment rating of the lead industry is "Neutral" [3] 2. Core View of the Report - The lead market shows a pattern of weak overseas and stable domestic, with a game between supply and demand. Overseas lead prices are dragged down by geopolitical factors, while domestic lead prices decline with limited amplitude. The increasing losses of secondary lead and the depletion of primary lead factory inventories provide phased support. There is a co - existence of high - pressure social inventory and downstream bargain - hunting replenishment, and the opening of the import window brings an expectation of increased supply. Terminal demand is structurally differentiated. Looking ahead to next week, lead prices may fall and then rise, and downstream enterprises will maintain bargain - hunting and rigid - demand procurement. Investors should pay attention to the pace of social inventory depletion and the actual arrival of imported lead and operate cautiously [3] 3. Summary According to Relevant Catalogs Market News and Important Data Spot - On March 23, 2026, the LME lead spot premium was -$39.51 per ton. The SMM1 lead ingot spot price remained unchanged at 16,275 yuan per ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by -25 yuan per ton to 0.00 yuan per ton. The SMM Guangdong lead spot price remained unchanged at 16,350 yuan per ton, and the SMM Henan lead spot price remained unchanged at 16,275 yuan per ton. The SMM Tianjin lead spot premium remained unchanged at 16,275 yuan per ton. The lead concentrate - scrap price difference remained unchanged at 0 yuan per ton. The price of waste electric vehicle batteries decreased by 25 yuan per ton to 9,800 yuan per ton, the price of waste white shells remained unchanged at 9,875 yuan per ton, and the price of waste black shells decreased by 25 yuan per ton to 10,100 yuan per ton [1] Futures - On March 23, 2026, the main contract of Shanghai lead opened at 16,360 yuan per ton and closed at 16,395 yuan per ton, up 105 yuan per ton from the previous trading day. The trading volume was 63,444 lots, a decrease of 13,162 lots from the previous trading day, and the position was 89,207 lots, a decrease of 3,934 lots from the previous trading day. The intraday price fluctuated, with a maximum of 16,500 yuan per ton and a minimum of 16,320 yuan per ton. In the night session, the main contract of Shanghai lead opened at 16,495 yuan per ton and closed at 16,435 yuan per ton, up 0.27% from the afternoon closing price of the previous day [2] Inventory - On March 23, 2026, the total SMM lead ingot inventory was 63,000 tons, a decrease of 14,500 tons compared with the same period last week. As of March 23, the LME lead inventory was 284,075 tons, a decrease of 25 tons from the previous trading day [2] Strategy - The investment rating is "Neutral". It is recommended to sell call options. The expected operating range of lead prices within the week is 1,6200 - 16,800 yuan per ton, and enterprises can carry out corresponding buying and selling hedging operations based on this range [3]

Group 1: Report Industry Investment Rating - Absolute price: Neutral [3] Group 2: Core View of the Report - The lead market is intertwined with bullish and bearish factors, and the main contract of SHFE lead is fluctuating weakly. On the supply side, the resumption of production of primary lead is advancing, the production of recycled lead is cut due to losses, and the arrival of imported lead at ports is increasing. On the demand side, the start - up of batteries has rebounded, but the recovery of terminal consumption is weak, and social inventories have continued to accumulate to 76,500 tons. Short - term delivery pressure and import shocks suppress lead prices, but the cost support of recycled lead is gradually emerging. After the negative factors are exhausted, attention should be paid to the possibility of a stop - fall [3] Group 3: Summary According to Related Catalogs Market News and Important Data Spot - On March 19, 2026, the LME lead spot premium was -$43.86/ton. The spot price of SMM 1 lead ingot changed by -75 yuan/ton to 16,475 yuan/ton compared with the previous trading day. The spot premium of SMM Shanghai lead changed by -25 yuan/ton to -5.00 yuan/ton compared with the previous trading day. The SMM Guangdong lead changed by -75 yuan/ton to 16,525 yuan/ton compared with the previous trading day. The SMM Henan lead changed by -75 yuan/ton to 16,500 yuan/ton compared with the previous trading day. The SMM Tianjin lead spot premium changed by -75 yuan/ton to 16,500 yuan/ton compared with the previous trading day. The lead concentrate - scrap price difference changed by 0 yuan/ton to 0 yuan/ton compared with the previous trading day. The price of waste electric vehicle batteries changed by -25 yuan/ton to 9,850 yuan/ton compared with the previous trading day. The price of waste white shells changed by -100 yuan/ton to 9,875 yuan/ton compared with the previous trading day. The price of waste black shells changed by -50 yuan/ton to 10,150 yuan/ton compared with the previous trading day [1] Futures - On March 19, 2026, the main contract of SHFE lead opened at 16,590 yuan/ton and closed at 16,415 yuan/ton, a change of -230 yuan/ton compared with the previous trading day. The trading volume for the whole trading day was 68,844 lots, a change of 14,483 lots compared with the previous trading day. The position for the whole trading day was 84,931 lots, a change of 44,795 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 16,675 yuan/ton and the lowest point reaching 16,405 yuan/ton. In the night session, the main contract of SHFE lead opened at 16,300 yuan/ton and closed at 16,435 yuan/ton, a 0.72% decrease compared with the afternoon closing price of the previous day [2] Inventory - On March 19, 2026, the total inventory of SMM lead ingots was 78,000 tons, a change of -400 tons compared with the same period last week. As of March 19, the LME lead inventory was 284,250 tons, a change of -125 tons compared with the previous trading day [2] Strategy - Operations can be carried out by buying on dips and selling for hedging in the range from below 16,500 yuan/ton to close to 16,850 yuan/ton. However, if it is observed that the non - ferrous metal sector is collectively destocking in the near future, it is recommended to mainly buy for hedging on dips [3]

1. Report Industry Investment Rating - The absolute price of lead is cautiously bullish [4] 2. Core View of the Report - The lead market is intertwined with both bullish and bearish factors, and the main contract of Shanghai lead is oscillating weakly. The supply side shows the resumption of production of primary lead, production cuts due to losses in secondary lead, and an increase in the arrival of imported lead. On the demand side, the operating rate of lead - acid batteries has rebounded, but the recovery of terminal consumption is weak, and social inventories have continued to accumulate to 76,500 tons. Short - term delivery pressure and import impacts are suppressing lead prices, but the cost support of secondary lead is gradually emerging. After the negative factors are exhausted, attention should be paid to the possibility of a price stop - fall. [4] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Spot Market - On March 18, 2026, the LME lead spot premium was -$45.31 per ton. The SMM 1 lead ingot spot price changed by 125 yuan per ton to 16,550 yuan per ton compared with the previous trading day. The SMM Shanghai lead spot premium and discount changed by 0 yuan per ton to -15.00 yuan per ton. The SMM Guangdong lead spot changed by 100 yuan per ton to 16,600 yuan per ton. The SMM Henan lead spot changed by 125 yuan per ton to 16,575 yuan per ton. The SMM Tianjin lead spot premium and discount changed by 100 yuan per ton to 16,575 yuan per ton. The lead refined - scrap price difference changed by 0 yuan per ton to -25 yuan per ton. The price of waste electric vehicle batteries changed by 0 yuan per ton to 9,875 yuan per ton. The price of waste white shells changed by 0 yuan per ton to 9,975 yuan per ton. The price of waste black shells changed by 0 yuan per ton to 10,200 yuan per ton. [1] 3.1.2 Futures Market - On March 18, 2026, the main contract of Shanghai lead opened at 16,635 yuan per ton and closed at 16,645 yuan per ton, a change of 45 yuan per ton compared with the previous trading day. The trading volume for the whole trading day was 54,361 lots, a change of -13,486 lots compared with the previous trading day. The position for the whole trading day was 40,136 lots, a change of -11,026 lots compared with the previous trading day. The intraday price oscillated, with the highest point reaching 16,785 yuan per ton and the lowest point reaching 16,595 yuan per ton. In the night session, the main contract of Shanghai lead opened at 16,590 yuan per ton and closed at 16,585 yuan per ton, a 0.39% decrease from the afternoon closing price of the previous day. According to SMM, the SMM 1 lead price fell by 50 yuan per ton compared with the previous trading day. The Shanghai lead futures oscillated weakly during the day. In Henan, holders quoted at a discount of 180 - 150 yuan per ton to the SHFE 2506 contract. In Hunan, smelters' quotes at a discount of 30 - 0 yuan per ton to the SMM 1 lead average price had difficulty in trading, and traders quoted at a discount of 200 yuan per ton to the SHFE 2506 contract. In Anhui and Jiangxi, smelters' inventories were low, and they quoted at a premium of 100 yuan per ton to the SMM 1 lead average price for ex - factory sales. In Guangdong, holders' ex - factory supplies were quoted at a premium of 0 - 50 yuan per ton to the SMM 1 lead average price. As lead prices continued to weaken, downstream buyers maintained rigid demand procurement, and the enthusiasm for stocking up at low prices was poor. The overall spot market was sluggish. [2] 3.1.3 Inventory - On March 18, 2026, the total inventory of SMM lead ingots was 78,000 tons, a change of 1,500 tons compared with the same period last week. As of March 18, the LME lead inventory was 284,375 tons, with no change compared with the previous trading day. [3] 3.2 Strategy - In terms of absolute price, it is recommended to be cautiously bullish. Traders can buy on dips in the range below 16,500 yuan per ton and conduct sell - hedging close to 16,850 yuan per ton. However, if it is observed that the non - ferrous metal sector is collectively de - stocking in the near future, it is recommended to mainly conduct buy - hedging on dips. [4]

1. Report Industry Investment Rating - The absolute price of lead is rated as cautiously bullish [4] 2. Core View of the Report - The lead market is intertwined with both bullish and bearish factors, and the main contract of Shanghai lead is oscillating weakly. The supply side shows that primary lead production is resuming, secondary lead production is reducing due to losses, and imported lead arrivals are increasing. On the demand side, the battery start - up rate is rising, but the terminal consumption recovery is weak, and social inventories are continuously accumulating. Short - term delivery pressure and import impacts are suppressing lead prices, but the cost support of secondary lead is gradually emerging. After the negative factors are exhausted, attention should be paid to the possibility of the price stopping its decline. [4] 3. Summary According to Relevant Catalogs Market News and Important Data Spot - On March 16, 2026, the LME lead spot premium was -$47.55 per ton. The SMM1 lead ingot spot price decreased by 200 yuan/ton to 16,225 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium remained unchanged at -15.00 yuan/ton. The SMM Guangdong lead spot price decreased by 175 yuan/ton to 16,300 yuan/ton, the SMM Henan lead spot price decreased by 225 yuan/ton to 16,200 yuan/ton, and the SMM Tianjin lead spot premium decreased by 250 yuan/ton to 16,225 yuan/ton. The lead concentrate - scrap price difference remained unchanged at 25 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 9,925 yuan/ton, the price of waste white shells decreased by 25 yuan/ton to 10,000 yuan/ton, and the price of waste black shells decreased by 25 yuan/ton to 10,225 yuan/ton. [1] Futures - On March 16, 2026, the main contract of Shanghai lead opened at 16,550 yuan/ton and closed at 16,315 yuan/ton, a decrease of 240 yuan/ton from the previous trading day. The trading volume for the whole trading day was 74,012 lots, an increase of 28,081 lots from the previous trading day. The position for the whole trading day was 66,049 lots, an increase of 2,368 lots from the previous trading day. The intraday price oscillated, with the highest point reaching 16,565 yuan/ton and the lowest point reaching 16,195 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,450 yuan/ton and closed at 16,405 yuan/ton, a 0.24% increase from the afternoon closing price of the previous day. After the significant decline in lead prices, some battery enterprises made purchases at low prices, and the in - quiry enthusiasm increased compared with last Friday, with the spot market transaction improving regionally. [2] Inventory - On March 16, 2026, the total SMM lead ingot inventory was 78,000 tons, an increase of 1,500 tons compared with the same period last week. As of March 16, the LME lead inventory was 284,575 tons, an increase of 75 tons from the previous trading day. [3] Strategy - In terms of absolute price, it is recommended to be cautiously bullish. Traders can conduct bargain - hunting buying and selling hedging in the range from below 16,500 yuan/ton to nearly 16,850 yuan/ton. If it is observed that the non - ferrous metal sector experiences collective inventory reduction next week, it is recommended to focus on bargain - hunting buying hedging. [4]

Report Industry Investment Rating - Absolute price: Neutral [4] - Option strategy: Sell wide straddle [4] Core View - The lead market shows a pattern of increasing supply and demand but slow inventory reduction. The loss of secondary lead production leads to a slower - than - expected resumption of production, which supports the lead price. However, before the delivery of the SHFE lead 2603 contract next week, the inventory transfer and warehousing by holders will bring pressure on the increase of visible inventory. The lead price is expected to continue the weak and volatile trend, operating in the range of 16,600 - 17,150 yuan/ton. Enterprises with hedging needs can conduct corresponding buying or selling hedging operations according to the above range [4] Summary by Directory Market News and Important Data Spot - On March 12, 2026, the LME lead spot premium was -$47.99/ton. The SMM1 lead ingot spot price remained unchanged at 16,475 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium and discount remained unchanged at -25.00 yuan/ton. The SMM Guangdong lead spot price remained unchanged at 16,525 yuan/ton. The SMM Henan lead spot price remained unchanged at 16,475 yuan/ton. The SMM Tianjin lead spot premium and discount remained unchanged at 16,525 yuan/ton. The lead concentrate - scrap price difference remained unchanged at -25 yuan/ton. The price of scrap electric vehicle batteries remained unchanged at 9,950 yuan/ton, the price of scrap white shells remained unchanged at 10,025 yuan/ton, and the price of scrap black shells remained unchanged at 10,250 yuan/ton [1] Futures - On March 12, 2026, the main SHFE lead contract opened at 16,645 yuan/ton and closed at 16,615 yuan/ton, a change of -65 yuan/ton compared with the previous trading day. The trading volume during the whole trading day was 30,328 lots, a change of -10,640 lots compared with the previous trading day. The position during the whole trading day was 62,266 lots, a change of 1,183 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 16,665 yuan/ton and the lowest point reaching 16,600 yuan/ton. In the night session, the main SHFE lead contract opened at 16,605 yuan/ton and closed at 16,595 yuan/ton, a 0.21% decrease from the afternoon closing price of the previous day. Downstream battery enterprises still maintain rigid - demand procurement. The spot market has relatively abundant circulating supplies of primary lead, secondary lead, and imported lead, and downstream buyers have more choices. The spot market transactions are scattered [2] Inventory - On March 12, 2026, the total SMM lead ingot inventory was 77,000 tons, a change of 2,800 tons compared with the same period last week. As of March 12, the LME lead inventory was 284,500 tons, a change of -375 tons compared with the previous trading day [3]

1. Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] 2. Core View of the Report - The lead market shows a pattern of increasing supply and demand but slow inventory reduction. The losses in recycled lead production lead to a lower - than - expected resumption of production, which supports the lead price. However, before the delivery of the SHFE lead 2603 contract next week, the inventory transfer and delivery by holders will bring pressure on the increase of visible inventory. The lead price is expected to continue the weak and volatile trend, trading in the range of 16,600 - 17,150 yuan/ton [3]. 3. Summary by Relevant Catalogs Market News and Important Data Spot - On March 11, 2026, the LME lead spot premium was -$47.77/ton. The SMM 1 lead ingot spot price changed by -50 yuan/ton to 16,475 yuan/ton compared with the previous trading day. The SMM Shanghai lead spot premium changed by 0 yuan/ton to -40.00 yuan/ton. The SMM Guangdong lead spot price changed by -50 yuan/ton to 16,525 yuan/ton. The SMM Henan lead spot price changed by -25 yuan/ton to 16,475 yuan/ton. The SMM Tianjin lead spot premium changed by -50 yuan/ton to 16,525 yuan/ton. The lead refined - scrap price difference changed by 0 yuan/ton to -25 yuan/ton. The price of scrap electric vehicle batteries changed by 0 yuan/ton to 9,950 yuan/ton. The price of scrap white shells changed by -50 yuan/ton to 10,025 yuan/ton. The price of scrap black shells changed by -25 yuan/ton to 10,250 yuan/ton [1]. Futures - On March 11, 2026, the main contract of SHFE lead opened at 16,605 yuan/ton and closed at 16,680 yuan/ton, a change of 30 yuan/ton compared with the previous trading day. The trading volume for the whole trading day was 40,968 lots, a change of -5,562 lots compared with the previous trading day. The position for the whole trading day was 61,083 lots, a change of 2,926 lots compared with the previous trading day. The intraday price fluctuated, with the highest point reaching 16,735 yuan/ton and the lowest point reaching 16,585 yuan/ton. In the night session, the main contract of SHFE lead opened at 16,655 yuan/ton and closed at 16,655 yuan/ton, a 0.03% increase compared with the afternoon closing price of the previous day [2]. Inventory - On March 11, 2026, the total SMM lead ingot inventory was 74,000 tons, a change of 6,500 tons compared with the same period last week. As of March 11, the LME lead inventory was 284,875 tons, with a change of 0 tons compared with the previous trading day [2]. Strategy - Absolute price: The lead price is expected to run in the range of 16,600 - 17,150 yuan/ton. Enterprises with hedging needs can conduct corresponding buying or selling hedging operations according to this range [3]. - Option strategy: Sell wide straddle [3]