Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 9.80 [7]. Core Insights - The company reported a revenue of RMB 24.059 billion for 2025, representing a year-over-year increase of 27.96%, while the net profit attributable to shareholders was RMB 1.035 billion, down 19.91% year-over-year [2]. - The decline in net profit was attributed to weak lead and zinc prices and asset impairment, but the company retains core advantages in resource endowment, integrated mining and metallurgy layout, and high dividend attributes [2]. - Key future growth drivers include resource replenishment, release of precious metal production capacity, and extension of high value-added industrial chains [2]. Summary by Sections Financial Performance - In 2025, the company produced 694,700 tons of refined lead and zinc products, a year-over-year increase of 6.66%, and 233,400 tons of zinc alloys, up 20.62% [2]. - The gross profit margin for the year was 15.82%, a decrease of 1.88 percentage points year-over-year, primarily due to weak lead and zinc prices and fluctuations in raw material costs [2]. - The total asset impairment loss for 2025 was RMB 203 million, impacting the net profit attributable to shareholders by RMB 133 million [2]. Production Capacity and Growth - As of the end of 2025, the company had a lead and zinc concentrate production capacity of 420,000 tons per year and a smelting capacity of 630,000 tons per year, with precious metals capacity exceeding 1,000 tons per year [3]. - The company has initiated several projects to enhance production capacity, including the Hohhot Chihong precious metals comprehensive recovery project, which is expected to add 380 tons of silver ingots and 230 kilograms of gold ingots annually [3]. Resource Self-Sufficiency and Dividends - The company's resource self-sufficiency rate was approximately 54% in 2025, with proven lead and zinc resources exceeding 32 million tons [4]. - The company plans to distribute a dividend of RMB 0.10 per share for the 2025 fiscal year, which represents 74.54% of the net profit attributable to shareholders, highlighting its commitment to shareholder returns [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2026-2028 is adjusted to RMB 2.451 billion, RMB 2.872 billion, and RMB 3.064 billion, respectively, with a compound annual growth rate of 43.57% [5]. - The report assigns a price-to-earnings ratio of 20 times for 2026, leading to a target price of RMB 9.80, reflecting a cautious approach given recent valuation increases in comparable companies [5].

Group 1: Lead Concentrate Import - In November 2025, China's lead concentrate imports reached 110,000 tons, a year-on-year increase of 15.8% and a month-on-month increase of 11.7% [1] - From January to November 2025, cumulative imports of lead concentrate totaled 1.27 million tons, reflecting a year-on-year growth of 12.1%, with the growth rate expanding by 0.4 percentage points compared to the previous period [1] Group 2: Silver Concentrate Import - In November 2025, China imported 18,100 tons of silver concentrate, marking a year-on-year increase of 26.5% and a month-on-month increase of 21.1% [2] - Cumulative imports of silver concentrate from January to November 2025 reached 167,700 tons, with a year-on-year growth of 8.4%, an increase of 1.8 percentage points compared to the previous period [2] Group 3: Refined Lead Import and Export - In November 2025, the import volume of refined lead was 8,656 tons, a significant year-on-year increase of 961.5% and a month-on-month increase of 127.0% [3] - The export volume of refined lead in November 2025 was 1,148 tons, a year-on-year decrease of 45.6% and a month-on-month decrease of 45.3% [3] Group 4: Lead Alloy Import - In November 2025, net imports of lead alloy were 16,000 tons, an increase of 7,800 tons year-on-year [4] - Cumulative net imports of lead alloy from January to November 2025 reached 114,000 tons, reflecting a year-on-year increase of 18,000 tons [4] Group 5: Lead-Acid Battery Export - In November 2025, China exported 15.8 million lead-acid batteries, a year-on-year decrease of 21.3% and a month-on-month decrease of 5.1% [5] - Cumulative exports of lead-acid batteries from January to November 2025 totaled 201.96 million units, a year-on-year decline of 10.3% [5] Group 6: Lead-Acid Battery Parts Export - In November 2025, net exports of lead-acid battery parts were 8,237.2 tons, a year-on-year increase of 27.8% [6] - Cumulative net exports of lead-acid battery parts from January to November 2025 reached 85,000 tons, reflecting a year-on-year increase of 88.2% [6]

Group 1 - The metal lead concept increased by 2.15%, ranking 9th among concept sectors, with 31 stocks rising, including Dazhong Mining which hit the daily limit, and Guocheng Mining, Shengtun Mining, and Xingye Yinxin showing significant gains of 5.63%, 5.29%, and 4.92% respectively [1] - The leading stocks in terms of net inflow of main funds in the metal lead sector included Xingye Yinxin with a net inflow of 1.95 billion yuan, followed by Shengtun Mining, Dazhong Mining, and Chifeng Gold with net inflows of 1.90 billion yuan, 1.40 billion yuan, and 1.20 billion yuan respectively [2][3] Group 2 - The top stocks by net inflow ratio included Wolong New Energy, Baiyin Yousheng, and Dazhong Mining with net inflow ratios of 16.38%, 13.05%, and 11.36% respectively [3] - The overall net inflow for the metal lead concept sector was 1.12 billion yuan, with 25 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - For lead, the market shows a situation of weak supply and demand with no obvious contradictions in the fundamentals. The tight raw materials and weak demand are in a game. With the increasing expectation of the Fed's interest rate cut in September and positive domestic sentiment, lead prices may run strongly within a range [1]. - For zinc, the fundamentals of Shanghai zinc remain weak. However, the low LME zinc inventory overseas, continuous back structure of LME 0 - 3, and high capital concentration lead to an upward - oscillating trend of London zinc, which boosts Shanghai zinc. Affected by the interest rate cut expectation, Shanghai zinc may be strongly sorted in the short term, but the upside space is expected to be limited due to the fundamental suppression [1]. Group 3: Summary by Related Catalogs Lead Price and Market Data - On September 12, 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 16,900 yuan/ton, up 0.63%; the trading volume of the active futures contract was 41,772 hands, down 7.82%; the position was 49,603 hands, down 1.71% [1]. - The LME3 - month lead futures closing price (electronic disk) was 1,996.50 US dollars/ton, up 0.48%, and the Shanghai - London lead price ratio was 8.46, up 0.15% [1]. News and Events - In late August 2025, Shekou Customs seized 26.5 tons of undeclared hazardous goods lead - acid batteries in the freight export channel [1]. - On September 10, the [LME0 - 3 lead] was at a discount of 44.17 US dollars/ton, and the position increased by 1,064 hands to 157,455 hands [1]. Fundamental Analysis - There is no expected increase in lead concentrate imports, and the processing fee is likely to rise. Some refineries have maintenance plans, and the operation rate of primary lead has slightly declined. In the secondary lead sector, the operation enthusiasm of refineries has weakened, and the scope of production cuts and suspensions has expanded [1]. - The terminal market has not improved significantly, and the peak - season effect has not been reflected. Dealers mainly digest inventory, and production enterprises produce according to sales [1]. Investment Strategy - The trading strategy is to try long positions with a light position [1]. Zinc Price and Market Data - On September 12, 2025, the average price of SMM1 zinc ingots was 22,110 yuan/ton, up 0.41% from the previous day; the closing price of the main futures contract was 22,250 yuan/ton, up 0.16%; the trading volume of the active futures contract was 93,321 hands, up 11.46%; the position was 100,442 hands, down 2.53% [1]. - The LME3 - month zinc futures closing price (electronic disk) was 2,905.00 US dollars/ton, up 0.61%, and the Shanghai - London zinc price ratio was 7.66, down 0.45% [1]. News and Events - As of September 11, the total inventory of SMM zinc ingots in seven regions was 154,200 tons, an increase of 5,200 tons compared with September 4 and 2,100 tons compared with September 8 [1]. - On September 10, the [LME0 - 3 zinc] was at a premium of 23.01 US dollars/ton, and the position increased by 1,496 hands to 201,219 hands [1]. Fundamental Analysis - Refineries have sufficient raw material reserves, and the zinc ore processing fee has been rising. Last week, the domestic zinc concentrate processing fee decreased by 50 yuan/metal ton to 3,850 yuan/metal ton, and the imported zinc ore processing fee index increased to 96.25 US dollars/dry ton [1]. - The refinery's profit and production enthusiasm have improved, and the output shows an obvious increasing trend. Affected by the off - season and environmental protection restrictions in the north, the operation of some downstream enterprises has weakened, and the enthusiasm for purchasing zinc ingots is limited [1]. Investment Strategy - The trading strategy is to wait and see for the time being and short at high levels in the medium - to - long term [1].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Views of the Report - For the lead market, the supply and demand are both weak with no obvious contradictions. Tight raw materials and peak - season expectations support the lead price. With Powell's dovish remarks, the market's expectation of a Fed rate cut in September increases, reducing the upward pressure on non - ferrous metals. Coupled with positive domestic sentiment, the lead price maintains range - bound consolidation [1]. - For the zinc market, the fundamentals show an increase in both zinc ore and zinc ingot supply, while demand is in the off - season and inventory continues to accumulate, indicating weak fundamentals. However, the LME zinc inventory overseas has dropped to an absolute low, the LME 0 - 3 has turned to a back structure, and the capital concentration remains high. The upward trend of LME zinc provides some support to SHFE zinc. It is expected that SHFE zinc will be range - bound in the short term under the influence of the external market [1]. 3. Summary by Relevant Catalogs 3.1 Lead Market 3.1.1 Price and Market Data - The average price of SMM1 lead ingot was 16,725 yuan/ton, down 0.15% from the previous day; the closing price of the SHFE lead futures main contract was 16,860 yuan/ton, down 0.03% [1]. - The SHFE lead basis was - 135 yuan/ton, down 20 yuan; the premium in Shanghai was - 35 yuan/ton, up 15 yuan; the LME 0 - 3 premium was - 44.77 dollars/ton, down 1.68 dollars; the LME 3 - 15 premium was - 69.80 dollars/ton, down 2.90 dollars [1]. - The trading volume of the active lead futures contract was 25,910 lots, down 14.61%; the open interest was 50,042 lots, down 1.18%; the trading - to - open - interest ratio was 0.52, down 13.59% [1]. - The LME lead inventory was 251,200 tons, unchanged; the SHFE lead warehouse receipt inventory was 55,044 tons, down 1.49% [1]. - The closing price of the LME 3 - month lead futures (electronic trading) was 1,985.50 dollars/ton, down 0.50%; the SHFE - LME lead price ratio was 8.49, up 0.47% [1]. 3.1.2 Supply and Demand - On the supply side, there is no expected increase in lead concentrate imports, and the processing fee is likely to rise. Some primary lead smelters have maintenance plans, and the operating rate has slightly declined. For recycled lead, the price of waste lead - acid batteries is likely to rise, the recyclers' supply is limited, and some smelters have reduced or stopped production due to raw material shortages or cost - price inversions [1]. - On the demand side, the terminal market has not improved significantly, the peak - season effect has not been reflected, dealers are mainly digesting inventory, and production enterprises produce according to sales [1]. 3.1.3 News and Events - From late August to early September, vehicle transportation in Hebei, Henan and other regions was restricted due to the Tianjin SCO Summit and Beijing military parade. After the parade ended on September 4, transportation returned to normal [1]. - As of September 4, the total inventory of SMM lead ingots in five locations was 66,100 tons, a decrease of 1,000 tons compared to August 28 and September 1 [1]. 3.2 Zinc Market 3.2.1 Price and Market Data - The average price of SMM1 zinc ingot was 21,900 yuan/ton, down 1.22% from the previous day; the closing price of the SHFE zinc futures main contract was 22,120 yuan/ton, down 0.74% [1]. - The SHFE zinc basis was - 220 yuan/ton, down 105 yuan; the premium in Shanghai was - 65 yuan/ton, up 5 yuan; the premium in Tianjin was - 75 yuan/ton, up 5 yuan; the premium in Guangdong was - 65 yuan/ton, up 15 yuan; the LME 0 - 3 premium was 16.21 dollars/ton, down 2.57 dollars; the LME 3 - 15 premium was 21.72 dollars/ton, down 2.52 dollars [1]. - The trading volume of the active zinc futures contract was 171,243 lots, up 45.17%; the open interest was 118,873 lots, up 13.50%; the trading - to - open - interest ratio was 1.44, up 27.90% [1]. - The LME zinc inventory was 54,750 tons, unchanged; the SHFE zinc warehouse receipt inventory was 40,896 tons, down 0.12% [1]. - The closing price of the LME 3 - month zinc futures (electronic trading) was 2,838 dollars/ton, down 1.10%; the SHFE - LME zinc price ratio was 7.79, up 0.36% [1]. 3.2.2 Supply and Demand - On the supply side, smelters have sufficient raw material stocks, and the zinc ore processing fee has continued to rise. The domestic zinc concentrate processing fee remained flat at 3,900 yuan/metal ton last week, and the imported zinc ore processing fee index rose to 93.75 dollars/dry ton. Affected by the low internal - external price ratio, domestic ore has an advantage, and smelters mainly purchase domestic ore. The domestic TC in September may have limited upside. Smelter profits and production enthusiasm have improved, and the output shows an obvious increasing trend [1]. - On the demand side, the off - season effect is evident, and affected by environmental protection restrictions in the north, the operating rate of some downstream enterprises has weakened, and the enthusiasm for purchasing zinc ingots is limited. Downstream enterprises mainly fix prices at low points [1]. 3.2.3 News and Events - The Henan Provincial Department of Ecology and Environment released the fifth batch of typical cases of ecological environment law enforcement (involving illegal and criminal activities related to hazardous waste) in 2025 [1]. - On September 3, the [LME0 - 3 zinc] premium was 18.78 dollars/ton, and the open interest was 195,978 lots, a decrease of 866 lots [1].

Group 1 - The metal lead concept increased by 4.94%, ranking second among concept sectors, with 30 stocks rising, including Zhejiang Fu Holdings, Huayu Mining, and Hunan Gold reaching the daily limit [1][2] - Leading gainers in the metal lead sector included Xingye Silver Tin, Chifeng Gold, and Shanjin International, which rose by 8.25%, 8.01%, and 6.32% respectively [1][2] - The sector saw a net inflow of 1.253 billion yuan, with 23 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow, led by Hunan Gold with a net inflow of 311 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Baiyin Nonferrous, Hunan Silver, and Yuguang Gold Lead, with net inflow ratios of 20.79%, 17.49%, and 17.47% respectively [3] - Hunan Gold had a daily increase of 10.01% with a turnover rate of 7.69% and a main fund flow of 310.54 million yuan [3] - Other notable stocks included Hunan Silver and Huayu Mining, which also saw significant increases of 9.98% and 10.02% respectively [3]

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company reported a year-on-year revenue increase of 7.67% to 10.581 billion RMB in H1 2025, with a net profit of 932 million RMB, reflecting a 3.27% increase [1] - The company has a strong dividend profile and is expected to maintain stable profitability due to high aluminum prices and limited production capacity [1] - The gross margin for H1 2025 increased by 2.03 percentage points year-on-year to 19.77%, while the expense ratio slightly increased [2] - The company has entered the trial production phase for a new zinc ingot project with a capacity of 150,000 tons, which is expected to contribute to future growth [3] - The company has successfully integrated resources, increasing its lead-zinc resource reserves by 280,000 tons in H1 2025, and aims to enhance its market competitiveness [4] - Profit forecasts for 2025-2027 are maintained at 1.938 billion RMB, 2.143 billion RMB, and 2.307 billion RMB respectively, with a target price of 6.95 RMB [5] Summary by Sections Financial Performance - H1 2025 revenue was 10.581 billion RMB, with a net profit of 932 million RMB, and Q2 revenue was 5.437 billion RMB, showing a 5.47% year-on-year increase [1] - The gross margin for H1 2025 was 19.77%, up 2.03 percentage points year-on-year, while the expense ratio for H1 was 6.52%, up 0.76 percentage points [2] Production and Capacity - The company currently has a lead-zinc metal capacity of 420,000 tons per year and has initiated trial production for a new 150,000-ton zinc ingot project [3] - The company has plans for further capacity expansion, including a project expected to add 40,000 tons of lead and 60,000 tons of zinc annually [3] Resource Management - The company achieved a net increase in lead-zinc resource reserves of 280,000 tons in H1 2025, maintaining a total lead-zinc resource of over 32 million tons [4] - Future strategic planning includes deepening its focus on lead, zinc, and germanium resources to enhance resource security and market competitiveness [4] Valuation and Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 1.938 billion RMB, 2.143 billion RMB, and 2.307 billion RMB respectively, with an EPS of 0.38, 0.43, and 0.46 RMB [5] - The target price is set at 6.95 RMB, based on a PE ratio of 18.3 for 2025 [5]

1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - For the lead market, supply and demand are both increasing, there is no obvious contradiction, tight raw materials and peak - season expectations support lead prices, and short - term lead prices are expected to be range - bound [1] - For the zinc market, macro "anti - involution" sentiment fluctuates, both zinc ore and zinc ingot supply increase, demand is in the off - season, inventory continues to accumulate, and overseas LME zinc inventory decline provides some support, with short - term zinc prices expected to be range - bound [1] 3. Summary According to Relevant Catalogs Lead Market Price and Market Indicators - The average price of SMM1 lead ingots was 16,700 yuan/ton, down 0.30% from the previous day; the closing price of the main Shanghai lead futures contract was 16,770 yuan/ton, down 0.95% [1] - The Shanghai lead basis was - 70 yuan/ton, an increase of 110 yuan/ton; the premium in Shanghai was - 30 yuan/ton, an increase of 5 yuan/ton [1] - The trading volume of the active lead futures contract was 45,616 lots, up 57.64%; the open interest was 51,370 lots, up 3.94%; the trading - to - open - interest ratio was 0.89, up 51.67% [1] - LME lead inventory was 261,675 tons, unchanged; Shanghai lead warehouse receipts inventory was 61,784 tons, down 1.20% [1] - The closing price of LME 3 - month lead futures (electronic trading) was 1,990 US dollars/ton, up 0.10%; the Shanghai - London lead price ratio was 8.43, down 1.04% [1] Industry News - The action plan for strengthening and extending the industrial chain of key advantageous industries in Guangxi's manufacturing industry aims to build a "recycling - disassembly - regeneration - utilization" industrial system and promote the recycling of lead batteries [1] - On August 13, the LME 0 - 3 lead was at a discount of 42.01 US dollars/ton, and the open interest was 153,848 lots, an increase of 1,928 lots [1] Fundamental Analysis - Lead concentrate imports have no expected increase, processing fees are likely to rise, but it has not affected smelter operations. Primary lead production is stable with a slight increase [1] - The price of waste lead batteries is likely to rise, some recyclers hoard goods, and some smelters cut production due to raw material shortages or cost inversion. However, as the inventory of electrolytic lead plants decreases, the acceptance of high - priced recycled lead improves, and the production of recycled lead is gradually recovering [1] - Due to high temperatures and weak demand, the operation rate of some battery enterprises decreased last week. After previous stockpiling by dealers, they are now consuming inventory. The peak - season demand is average, and downstream buyers are cautious when lead prices rise [1] Zinc Market Price and Market Indicators - The average price of SMM1 zinc ingots was 22,440 yuan/ton, down 0.22% from the previous day; the closing price of the main Shanghai zinc futures contract was 22,480 yuan/ton, down 0.53% [1] - The Shanghai zinc basis was - 40 yuan/ton, an increase of 70 yuan/ton; the premium in Shanghai was - 50 yuan/ton, an increase of 5 yuan/ton [1] - The trading volume of the active zinc futures contract was 78,030 lots, down 0.40%; the open interest was 80,798 lots, down 6.03%; the trading - to - open - interest ratio was 0.97, up 5.99% [1] - LME zinc inventory was 77,450 tons, unchanged; Shanghai zinc warehouse receipts inventory was 17,097 tons, up 5.59% [1] - The closing price of LME 3 - month zinc futures (electronic trading) was 2,842.50 US dollars/ton, up 1.10%; the Shanghai - London zinc price ratio was 7.91, down 1.62% [1] Industry News - According to 29Metals' Q2 report, its zinc concentrate production in Q2 was 12,300 metric tons, a 28% quarter - on - quarter decrease. The annual production guidance for 2025 is 60,000 - 70,000 metric tons [1] - On August 13, the LME 0 - 3 zinc was at a discount of 1.5 US dollars/ton, and the open interest was 194,301 lots, an increase of 1,359 lots [1] Fundamental Analysis - Zinc smelters have sufficient raw material stocks, zinc ore processing fees are rising. It is expected that the processing fees for zinc concentrates in August will continue to increase, weakening the cost support [1] - At the beginning of last week, when zinc prices were low, downstream buyers purchased more. As zinc prices rebounded, the restocking sentiment weakened [1] - Domestically, the supply of zinc ore and zinc ingots is increasing, demand is in the off - season, and inventory is accumulating. Overseas, the continuous decline in LME zinc inventory provides some support [1]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The lead market has no obvious contradictions with both supply and demand increasing. Tight raw materials and peak - season expectations support lead prices, and short - term lead prices are expected to consolidate within a range [1] - The zinc market shows an increase in both zinc ore and zinc ingot supply, while demand is in the off - season with continued inventory accumulation. However, the continuous decline in overseas LME zinc inventory provides some support, and short - term zinc prices are expected to consolidate within a range [1] Summary by Related Catalogs Lead Price and Market Data - On August 13, 2025, the SMM1 lead ingot average price was 16,775 yuan/ton, up 0.30%; the futures主力合约收盘价 of Shanghai lead was 16,915 yuan/ton, up 0.18%; the Shanghai lead basis was - 140 yuan/ton, an increase of 20 yuan/ton; the LME 0 - 3 lead premium was - 38.73 dollars/ton, a decrease of 3.23 dollars/ton; the LME 3 - 15 lead premium was - 67.40 dollars/ton, a decrease of 6.00 dollars/ton [1] - The trading volume of the active lead futures contract was 29,986 hands, down 15.82%; the open interest was 51,223 hands, down 5.83%; the trading - to - open - interest ratio was 0.59, down 10.61% [1] - LME lead inventory was 262,250 tons, unchanged; Shanghai lead warehouse receipt inventory was 59,791 tons, up 1.89% [1] - The LME 3 - month lead futures closing price (electronic trading) was 1,997.50 dollars/ton, unchanged; the Shanghai - London lead price ratio was 8.47, up 0.18% [1] Industry News - On August 11, the LME 0 - 3 lead was at a discount of 35.5 dollars/ton, with open interest of 151,551 hands, an increase of 354 hands [1] Supply and Demand Analysis - There is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall, not substantially affecting smelter operations. Primary lead operations are stable with a slight increase [1] - In the secondary lead sector, waste lead - acid battery prices are likely to rise but difficult to fall, recyclers' supplies are limited, and stores are reluctant to sell due to bullish expectations. Some smelters have reduced or halted production due to raw material shortages or cost - price inversions. Secondary lead operations are generally at a relatively low level, but are gradually recovering as the market's acceptance of high - priced secondary lead improves [1] - On the demand side, due to high temperatures and poor demand last week, the operations of some battery enterprises declined. After dealers stocked up earlier, they are now mainly consuming inventory. The peak - season demand performance is average, and downstream purchases are cautious after the lead price rebounds [1] Zinc Price and Market Data - On August 13, 2025, the SMM1 zinc ingot average price was 22,430 yuan/ton, down 0.13%; the futures主力合约收盘价 of Shanghai zinc was 22,630 yuan/ton, up 0.18%; the Shanghai zinc basis was - 200 yuan/ton, a decrease of 70 yuan/ton; the Shanghai zinc premium was - 50 yuan/ton, a decrease of 5 yuan/ton; the Tianjin zinc premium was - 60 yuan/ton, a decrease of 5 yuan/ton; the Guangdong zinc premium was - 70 yuan/ton, a decrease of 5 yuan/ton; the LME 0 - 3 zinc premium was - 4.76 dollars/ton, a decrease of 1.18 dollars/ton; the LME 3 - 15 zinc premium was - 1.48 dollars/ton, an increase of 1.26 dollars/ton [1] - The trading volume of the active zinc futures contract was 79,971 hands, down 8.88%; the open interest was 87,488 hands, down 6.32%; the trading - to - open - interest ratio was 0.91, down 2.74% [1] - LME zinc inventory was 79,550 tons, unchanged; Shanghai zinc warehouse receipt inventory was 15,768 tons, up 1.77% [1] - The LME 3 - month zinc futures closing price (electronic trading) was 2,808.00 dollars/ton, unchanged; the Shanghai - London zinc price ratio was 8.06, up 0.18% [1] Industry News - On August 11, the LME 0 - 3 zinc was at a discount of 3.58 dollars/ton, with open interest of 192,981 hands, a decrease of 977 hands [1] Supply and Demand Analysis - Smelters have sufficient raw material stocks, and zinc ore processing fees are continuously rising. It is expected that zinc concentrate processing fees in August will continue to rise, weakening cost - side support. Smelter profits and production enthusiasm have improved, and there is an obvious trend of increased production [1] - At the beginning of last week, when zinc prices were low, downstream buyers made purchases at low prices. After the zinc price rebounded, the downstream's inventory - replenishment sentiment weakened [1] Automobile Industry News - In July 2025, passenger vehicle production and sales were 2.293 million and 2.287 million units respectively, down 6% and 9.8% month - on - month, and up 13% and 14.7% year - on - year. From January to July 2025, passenger vehicle production and sales were 15.838 million and 15.841 million units respectively, up 13.8% and 13.4% year - on - year [1] - In July 2025, commercial vehicle production and sales were 298,000 and 306,000 units respectively, down 15.8% and 17.1% month - on - month, and up 16.3% and 14.1% year - on - year. From January to July 2025, commercial vehicle production and sales were 2.397 million and 2.428 million units respectively, up 6% and 3.9% year - on - year [1] - In July 2025, new energy vehicle production and sales were 1.243 million and 1.262 million units respectively, up 26.3% and 27.4% year - on - year. From January to July 2025, new energy vehicle production and sales were 8.232 million and 8.22 million units respectively, up 39.2% and 38.5% year - on - year [1]

Group 1 - The metal lead concept declined by 2.90%, ranking among the top declines in the concept sector, with major declines seen in companies such as Zhuhai Group, ST Shengtun, and Hunan Silver [1] - The leading sectors in terms of daily performance included liquid-cooled servers (+1.86%), while the special steel concept saw a decline of 3.20% [1] - The net outflow of main funds from the metal lead concept reached 1.712 billion yuan, with 28 stocks experiencing net outflows, and five stocks seeing outflows exceeding 100 million yuan [1] Group 2 - Zijin Mining led the net outflow of main funds with 254 million yuan, followed by Huayu Mining, ST Shengtun, and Xingye Silver Tin with net outflows of 184 million yuan, 153 million yuan, and 119 million yuan respectively [1] - The stocks with the highest net inflows included Yuguang Gold Lead, Shengda Resources, and Sierte, with net inflows of 26.74 million yuan, 2.95 million yuan, and 897,200 yuan respectively [1] - The top stocks experiencing significant net outflows included Zijin Mining (-3.38%), Huayu Mining (-4.00%), and ST Shengtun (-4.08%) [2]