1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report - Lead may continue to fluctuate weakly. The supply of recycled lead is slowly recovering due to ongoing losses, but the expected decline in demand during the off - season will intensify the pressure of lead inventory accumulation, and the inflow of imports will also contribute to this situation. Later, attention should be paid to the resumption of recycled lead production and domestic inventory conditions [1][5] 3. Summary by Relevant Catalogs Fundamental Changes - In February 2026, the import volume of lead concentrate was about 128,400 tons, a month - on - month increase of 3.78% and a year - on - year increase of 26.4%. The import volume of lead concentrate in the first two months of this year increased significantly year - on - year, higher than the same period in previous years. The domestic and foreign lead concentrate processing fees remained stable. In April, the domestic monthly processing fee was 200 - 300 yuan/ton, flat month - on - month; the import monthly processing fee was - 150 - - 120 US dollars/dry ton, an increase of 15 US dollars/dry ton month - on - month. The domestic lead ore weekly processing fee was 200 - 300 yuan/ton, flat week - on - week; the import weekly processing fee was - 150 - - 120 US dollars/dry ton, flat week - on - week [2] Supply - In February, the domestic electrolytic lead output was 283,700 tons, a month - on - month decrease of 17.07% and a year - on - year decrease of 1.21%. In February 2026, the output of recycled refined lead was 154,700 tons, a month - on - month decrease of 45.18% and a year - on - year decrease of 11.36%. As of the week of March 27, the average operating rate of primary lead smelters in three provinces was 62.81%, a week - on - week increase of 0.22%. At the end of March, smelters in Yunnan and other places that postponed resumption of production gradually produced output, and the new production capacity in Xinjiang and Henan was ramping up, with a clear increase in supply. The lead concentrate processing fee (TC) remained at a low level, and the by - product silver revenue declined, squeezing the profit space of smelters and limiting the motivation for further production increase. The weekly operating rate of recycled lead in four provinces was 43.26%, a week - on - week increase of 3.69%. The price of waste batteries was firm, and the loss of recycled lead continued, with the loss margin narrowing slightly. Large factories in Anhui, Jiangxi and other places resumed production intensively in late March, driving the increase in the operating rate; but in Jiangsu, Hebei and other places, due to the intensification of losses, some small and medium - sized factories chose to reduce production or carry out maintenance at the end of the month. The operating rate of recycled lead may continue to climb slowly. In terms of imports, the Shanghai - London price ratio rebounded, and the import of refined lead remained in a profitable state, and the overseas lead surplus pressure flowed into the domestic market [3] Consumption - Last week, the weekly comprehensive operating rate of lead - acid battery enterprises in five provinces remained stable. Leading enterprises (such as Tianneng and Chaowei) maintained a production rate of over 80% or even full production to seize market share, but the operating rate of small and medium - sized factories has dropped to the range of 65% - 70% due to the decline in orders. On the raw material side, due to the fluctuating lead price and the approaching off - season, enterprises generally "buy on the rise rather than on the fall" and only maintain a safety inventory of 4 - 5 days; on the finished product side, due to the decline in the提货 willingness of dealers, the inventory days have increased significantly compared with February. April - May is the traditional off - season for lead consumption. With high finished product inventory, enterprises may shift from "production based on sales" to active production reduction, and the operating rate may decline [4] Spot - As of the week of March 27, the domestic lead spot basis changed from a premium to a discount, and the lead spot basis at the weekend was a discount of 65 yuan. The LME lead spot remained at a deep discount, with a discount of - 35.16 US dollars at the weekend [4] Inventory - As of the week of March 27, the LME lead weekly inventory decreased by 1,025 tons to 283,000 tons. The LME inventory declined from a high level and was at an absolute high in the past five years; the weekly inventory of lead on the Shanghai Futures Exchange decreased by 57,579 tons to 66,100 tons. As of March 30, the domestic lead ingot social inventory was 60,100 tons, a month - on - month increase, at a moderately high level [4]

Group 1 - The core point of the article is that as of February 13, 2026, the number of shareholders for Yuguang Gold Lead is reported to be 136,728 [2]

Group 1 - The company has completed the feasibility study and technical scheme verification for the zinc smelting production system upgrade project at the Weize smelting subsidiary and the precious metal environmental upgrade project at Chihong Resource Comprehensive Utilization Co., Ltd [1] - The company is currently advancing the environmental impact assessment and land planning administrative procedures for these projects [1] - The company does not engage in silver processing trade, primarily extracting silver from self-owned and purchased lead-zinc concentrates [1] Group 2 - The company's main products are primarily sold in the domestic market [1]

Core Viewpoint - The company emphasizes its commitment to enhancing its core competitiveness and intrinsic value through continuous technological upgrades and process improvements in silver production [1] Group 1: Company Operations - The company is a major domestic silver producer and focuses on its main business operations [1] - It is dedicated to advancing green, intelligent, and refined production levels [1] Group 2: Investor Relations - The company aims to provide excellent performance to reward its investors [1] - It adheres strictly to legal regulations and disclosure requirements to maintain transparency and protect the interests of all shareholders [1]

Core Viewpoint - The company, Yuguang Jin Lead, is actively engaging in futures hedging to mitigate price volatility risks and ensure stable production operations [1] Group 1: Business Operations - The company adjusts its hedging ratio dynamically based on production plans and inventory levels [1] - The futures gains and losses effectively hedge against spot market gains and losses, maintaining relatively stable overall operating profits [1] - Currently, the company's production and operations are normal [1] Group 2: Financial Information - Financial data should be referenced from the company's announcements published in legal information disclosure media [1]

Group 1 - The core point of the article is that as of January 31, 2026, the number of shareholders for Yuguang Gold Lead is reported to be 157,284 [2]

Core Viewpoint - The company is actively monitoring the volatile precious metals market and is engaging in futures hedging to mitigate risks associated with price fluctuations [1] Group 1: Company Actions - The company has stated that it is conducting futures hedging activities based on its existing inventory to effectively avoid risks related to inventory price declines [1] - The company is responding to the complex and variable trends in precious metal prices, which have been influenced by multiple factors since 2026 [1] Group 2: Market Conditions - The precious metals market has experienced significant volatility recently, prompting the company to closely assess its production and operational conditions [1]

Core Viewpoint - The company emphasizes the importance of continuous sales and inventory management to mitigate price risks and ensure stable cash flow [2] Group 1: Company Operations - The company produces silver using lead-silver ore as raw material through smelting extraction [2] - Silver is classified as "inventory" according to industry practices and accounting standards [2] - Continuous sales help reduce price risks and avoid inventory accumulation [2] Group 2: Financial Management - The company employs multiple measures, including inventory management, continuous sales, and hedging, to ensure operational stability and cash flow security [2]

Core Viewpoint - The company has confirmed that the Hulunbuir Chihong Precious Metals Comprehensive Recovery Project officially commenced production in January 2026, and it is currently in the early stages of production ramp-up [2] Group 1: Project Status - The Hulunbuir Chihong Precious Metals Comprehensive Recovery Smelting Project is now officially in production as of January 2026 [2] - The project is in the initial production phase, with capacity ramp-up being systematically advanced [2] Group 2: Production Capacity - Due to the short time since the project commenced production, there is uncertainty regarding the pace and extent of capacity release [2] - The company aims to continuously optimize production processes and enhance operational management to achieve the designed capacity as soon as possible [2]

Core Viewpoint - Yunnan Chihong Zinc & Germanium Co., Ltd. plans to increase capital by 3.3 billion yuan for its wholly-owned subsidiary, Hulunbuir Chihong Mining Co., Ltd., to repay internal loans, supplement working capital, and support the construction of lead-zinc smelting efficiency enhancement projects [1] Group 1: Capital Increase Purpose - The capital increase is deemed necessary as Hulunbuir Chihong has a solid foundation for sustainable profitability and promising future development prospects [1] - The subsidiary is a crucial support for the company's strategic layout in the lead-zinc sector [1] Group 2: Operational Performance - Hulunbuir Chihong has shown significant results in technological upgrades, strong raw material adaptability, and recovery capabilities of associated metals [1] - The production operations are stable and efficient, with continuous optimization in product output and economic technical indicators [1] - The cost structure is improving, with smelting costs positioned in the top half of the industry [1] Group 3: Strategic Importance - Hulunbuir Chihong has outstanding regional resource endowments and sufficient raw material supply, making it an important strategic foothold for Chihong Zinc & Germanium in the northern region [1] - The synergy between "mining + smelting" in the region enhances the company's control over the precious and rare metal industry chain and ensures the autonomy of key material supply [1] Group 4: Financial Performance - In the first three quarters of 2025, Hulunbuir Chihong achieved operating revenue of 4.373 billion yuan and a net profit of 9.5936 million yuan [1]