Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents the average prices and price changes of various non - ferrous metals and related products, including electrolytic copper, aluminum, alumina, lead, zinc, tin, nickel, silicon, and lithium carbonate, along with their spot - futures spreads and changes [1]. 3. Summary by Metal Category Copper - SMM 1 electrolytic copper average price is 85335, down 1255; SMM flat - water copper premium is - 5, up 40 [1]. Aluminum - SMM A00 aluminum average price is 21300, down 140; SMM A00 aluminum premium is - 20, down 10. Alumina (Shanxi) average price is 2840, unchanged; Australian alumina FOB average price is 318 dollars, unchanged [1]. Lead - SMM 1 lead ingot average price is 17325, up 75; SMM 1 lead ingot premium to the current - month futures at 10:15 is - 125, up 45. Recycled refined lead average price is 17275, up 100; refined - scrap spread is 50, down 25 [1]. Zinc - SMM 0 zinc ingot premium to the current - month futures at 10:15 has a change of 20, while the average price data is not fully shown [1]. Tin - SMM 1 tin average price is 281300, down 4100; SMM 1 tin premium to the current - month futures at 10:15 is 520, up 150. 40% tin concentrate (Yunnan) average price is 269300, down 4100; the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.73% [1]. Nickel - 1 imported nickel average price is 119950, down 1000; 1 imported nickel premium to Shanghai nickel contract is 400, unchanged. SMM electrowon nickel average price is 119650, down 950; SMM electrowon nickel premium is 100, up 50. 1 Jinchuan nickel average price is 122350, down 800; 1 Jinchuan nickel premium to Shanghai nickel contract is 2800, up 200 [1]. Silicon - The average price of a certain silicon - related product is 9050, unchanged; its premium is 1490, up 190 [1]. Polysilicon - N - type polysilicon re - feedstock average price is 80500, down 400; N - type polysilicon dense material average price is 3320, up 1140 [1]. Lithium Carbonate - Industrial - grade lithium carbonate average price is 78300, the difference between electric - grade and industrial - grade lithium carbonate is 2200, unchanged. Battery - grade lithium carbonate average price data is not fully shown; battery - grade lithium carbonate premium to the current - month futures at 10:15 has a change, but the specific price data is not fully shown [1].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - The supply of electrolytic lead and recycled lead is expected to increase in November, with electrolytic lead supply rising to 33.47 tons and recycled refined lead supply increasing to 28.58 tons. However, the import window for lead ingots is closed, and battery consumption remains resilient. As a result, social inventory is expected to rise slightly, and the lead price is likely to remain in a high - level oscillatory pattern in November [2][70] Group 3: Summary by Directory I. Lead Market Review - In October, the main contract price of Shanghai lead futures fluctuated strongly, reaching a mid - month high of 17,660 yuan/ton and finally closing at 17,390 yuan/ton, with a monthly increase of 2.66%. London lead continued to oscillate widely, closing at 2,025 US dollars/ton at the end of October, with a monthly increase of 1.96% [7] II. Lead Fundamental Analysis 2.1 Lead Ore Supply Situation - **Global lead concentrate supply is slowly recovering**: From January to August 2025, the global lead concentrate output was 295.6 tons, with a cumulative year - on - year increase of 1.29%. It is predicted that global lead mine supply will grow by 0.7% to 457 tons in 2025 and 2.2% to 467 tons in 2026. In China, the lead concentrate output from January to September was 124.91 tons, with a cumulative year - on - year increase of 11.54%. With the cold weather, the monthly output is expected to decline month - on - month but remain positive year - on - year [10][11] - **Lead concentrate processing fees remain low, and silver concentrate imports decline month - on - month**: In November, the average domestic lead concentrate processing fee was 350 yuan/metal ton, down 50 yuan/metal ton month - on - month. The average import processing fee decreased as well. In September, lead concentrate imports increased month - on - month but decreased year - on - year. Silver concentrate imports in September decreased both year - on - year and month - on - month, and future imports are expected to be under pressure [17][18] 2.2 Refined Lead Supply Situation - **Global refined lead supply growth is slow**: From January to August 2025, global refined lead output was 881.3 tons, with a cumulative year - on - year increase of 2.31%. It is predicted that global refined lead output will increase by 2% to 1,334 tons in 2025 and 0.98% to 1,347.2 tons in 2026 [22] - **Refineries are in a state of reduction and resumption, and the monthly supply of electrolytic lead continues to rise**: In October, electrolytic lead output was 32.6 tons. In November, with the resumption of production in multiple regions, the output is expected to increase to 33.47 tons [27] - **The price of waste batteries is stable with a slight increase, and the supply of recycled lead increases marginally**: In October, the average price of waste batteries increased slightly. The output of recycled refined lead in October was 27.29 tons. In November, with the resumption of production of refineries and the output of new capacities, the output is expected to increase to 28.58 tons [33][34] 2.3 Refined Lead Demand Situation - **Global refined lead demand situation**: From January to August 2025, global refined lead consumption was 875.6 tons, with a cumulative year - on - year increase of 2.2%. It is predicted that global refined lead demand will grow by 1.8% to 1,325 tons in 2025 and 0.9% to 1,337 tons in 2026. The overseas lead - acid battery market has some resilience but is difficult to improve significantly [45][46] - **At the end of the month, battery enterprises cut production, and the operating rate of lead - acid battery enterprises declined**: In October, the operating rate of battery enterprises first rose and then fell. In November, it is expected to rise slightly but not significantly [48][49] - **The Shanghai - London ratio is favorable for lead product imports, and high overseas tariffs and anti - dumping measures put pressure on battery exports**: In September, lead exports decreased month - on - month, and imports increased. Battery exports decreased. It is expected that lead exports will remain low in October, and imports will increase significantly [50][51] - **Terminal growth is slow, and energy storage performs well**: In the automotive sector, production and sales are growing well. In the electric bicycle sector, the new national standard is expected to increase lead consumption. The energy storage battery market continues to grow [58][60] 2.4 Global Visible Inventory Drops from High Levels - In October, LME inventory first increased and then decreased, and the end - of - year high - inventory pressure is difficult to relieve significantly. Social inventory continued to decline in October and is expected to stop falling and rise in November [64] III. Summary and Future Outlook - The supply of electrolytic lead and recycled lead is expected to increase in November, but the import window for lead ingots is closed. Battery consumption remains resilient. Social inventory is expected to rise slightly, and the lead price is likely to remain in a high - level oscillatory pattern in November [70]

Group 1: Core View - The continuous decrease in internal and external lead inventories supports the price [1] Group 2: Fundamental Tracking Price and Volume - The closing price of the main Shanghai lead futures contract was 17,350 yuan/ton, a decrease of 0.03%; the closing price of the LME 3M electronic lead contract was 2,019 dollars/ton, a decrease of 0.30% [1] - The trading volume of the main Shanghai lead futures contract was 39,452 lots, a decrease of 6,873; the trading volume of LME lead was 6,134 lots, an increase of 299 [1] - The open interest of the main Shanghai lead futures contract was 69,287 lots, a decrease of 4,231; the open interest of LME lead was 153,088 lots, an increase of 318 [1] Premium and Discount - The premium of Shanghai 1 lead was 30 yuan/ton, an increase of 10; the LME CASH - 3M premium was -35.12 dollars/ton, a decrease of 4.12 [1] - The PB00 - PB01 spread was 10 yuan/ton, a decrease of 5; the import premium was 90 dollars/ton, unchanged [1] Import Profit and Loss - The spot import profit and loss of lead ingots was -188.65 yuan/ton, a decrease of 27.3; the import profit and loss of the third - consecutive Shanghai lead futures contract was -138 yuan/ton, a decrease of 15.43 [1] Inventory - The Shanghai lead futures inventory was 21,645 tons, a decrease of 1,352; the LME lead inventory was 224,175 tons, a decrease of 700 [1] - The LME lead cancelled warrants were 141,425 tons, a decrease of 5,025 [1] Other Data - The price of waste electric vehicle batteries was 10,025 yuan/ton, unchanged; the price of recycled refined lead was 17,150 yuan/ton, unchanged [1] - The comprehensive profit and loss of recycled lead was 160 yuan/ton, unchanged [1] Group 3: News - Xi Jinping met with US President Trump in Busan, and the China - US economic and trade teams reached consensus on three aspects of achievements [1] - The European Central Bank "stood pat" for the third time, keeping the deposit rate at 2% unchanged, and the economic resilience withstood the trade headwinds [1] Group 4: Lead Trend Intensity - The lead trend intensity was 0, indicating a neutral view. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The lead market is experiencing wide - range fluctuations. The cost side supports the lead price, but the supply is gradually recovering while the demand fails to meet expectations, increasing the pressure for the lead price to fall after a rise [2][67][68] Group 3: Summary According to the Table of Contents 1. Lead Market Review - In September, the main contract price of Shanghai lead futures fluctuated greatly. It rose above 17,000 yuan/ton mid - month due to pre - holiday stocking but fell at the end of the month, with a monthly increase of 0.36%. The center of the London lead price shifted slightly upward, with a monthly decrease of 0.55% [7] 2. Lead Fundamental Analysis 2.1 Lead Ore Supply Situation - **Global lead concentrate supply is slowly recovering**: From January to July 2025, the global lead concentrate output was 257.5 tons, with a year - on - year increase of 1.75%. Overseas output is expected to increase by about 100,000 tons, and domestic output is expected to increase by about 70,000 tons [9][10] - **Lead concentrate processing fees remain low, and the demand for silver concentrate imports is increasing**: In October, domestic and imported lead concentrate processing fees decreased. The import volume of lead concentrate and silver concentrate increased in August. The demand for silver concentrate imports is expected to remain high [15][16] 2.2 Refined Lead Supply Situation - **Global refined lead supply growth is slow**: From January to July 2025, global refined lead output was 7.702 million tons, with a year - on - year increase of 2.2%. The annual output is expected to be 13.272 million tons, with a year - on - year increase of 0.6% [18] - **Repairing smelters resume production, and electrolytic lead output recovers in October**: In September, electrolytic lead output was 327,800 tons, and it is expected to reach 335,000 tons in October [23] - **The price adjustment space of waste batteries is limited, and the improvement of smelter profits is beneficial to supply recovery**: In September, the price of waste batteries stopped falling and stabilized. The output of secondary refined lead in September was 236,800 tons, and it is expected to reach 256,100 tons in October [28][29] 2.3 Refined Lead Demand Situation - **Global refined lead demand situation**: From January to July 2025, global refined lead consumption was 7.676 million tons, with a year - on - year increase of 2.46%. The annual demand is expected to reach 13.19 million tons, with a surplus of 82,000 tons [39] - **Lead battery operation is stable, and the peak consumption season is weak**: In September, the operating rate of lead battery enterprises was slightly better year - on - year but still did not meet expectations. After the holiday, the operating rate will gradually return to the pre - holiday level [42][43] - **The Shanghai - London ratio is favorable for lead product imports, and high overseas tariffs and anti - dumping measures suppress battery exports**: In August, the export volume of refined lead increased, but it is expected to remain low in September. The import volume of refined lead increased, and the export of batteries was under pressure [44][45] - **The terminal sector demand growth is slow, and sector performance is differentiated**: The demand for lead batteries in the automotive and electric bicycle sectors is relatively stable, and the demand in the energy storage sector is expected to grow [57][58][60] 2.4 Global Visible Inventory Drops from a High Level - In September, LME inventory continued to decline from a high level, and social inventory also dropped from a high level. However, inventory is expected to increase again due to the supply - demand mismatch [63][66] 3. Summary and Outlook for the Future - The lead ore shortage situation is difficult to ease in the fourth quarter, supporting the lead price. The supply of electrolytic lead and secondary lead is expected to increase in October, but the demand is less than expected. Overall, the lead price is under increasing pressure to fall after a rise [67][68]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From September 1st to October 10th, the Shanghai Lead Index fluctuated upwards, with the total position decreasing. The LME Lead also rose. The domestic lead ingot factory and social inventories declined continuously. Considering the strong performance of precious metals and non - ferrous metals recently, the sector sentiment is positive. It is expected that the Shanghai Lead will oscillate widely at a low level in the short term [11]. Summary by Directory 1. Monthly Assessment - **Price Review**: From September 1st to October 10th, the Shanghai Lead Index rose 1.57% to 17,140 yuan/ton, with a 0.46 - thousand - hand decrease in total positions. The LME Lead rose 1.63% to 2,026.5 dollars/ton. As of the report end, the SMM1 lead ingot average price was 16,800 yuan/ton, the recycled refined lead average price was 16,775 yuan/ton, and the refined - scrap spread was 25 yuan/ton. The SHFE lead ingot futures inventory was 30.1 thousand tons, the domestic primary basis was - 120 yuan/ton, and the continuous - first - continuous contract spread was - 15 yuan/ton. The LME lead ingot inventory was 236.1 thousand tons, and the LME lead ingot cancelled warrants were 49.6 thousand tons. The foreign cash - 3S contract basis was - 37.3 dollars/ton, and the 3 - 15 spread was - 74.2 dollars/ton. After excluding exchange rates, the Shanghai - London ratio was 1.193, and the lead ingot import profit and loss was - 358.36 yuan/ton. The domestic social inventory decreased to 35.8 thousand tons [11]. - **Industry Data**: At the primary end, the lead concentrate port inventory was 17 thousand tons, the factory inventory was 432 thousand tons (equivalent to 26.0 days). The lead concentrate import TC was - 110 dollars/dry ton, and the domestic TC was 350 yuan/metal ton. The primary smelting start - up rate was 66.49%, and the primary ingot factory inventory was 3 thousand tons. At the recycled end, the lead scrap inventory was 94 thousand tons, the weekly output of recycled lead ingots was 31 thousand tons, and the recycled ingot factory inventory was 10 thousand tons. The lead battery start - up rate was 71.62% [11]. - **Overall Outlook**: At the primary end, the visible lead ore inventory declined again, with a slower inventory accumulation rate than in previous years, and the lead concentrate processing fees continued to decline. Although raw material shortages restricted primary smelting start - up, the start - up rate was still higher than in previous years. At the recycled end, the scrap inventory increased slightly, and the decline in raw material prices promoted the repair of recycled smelting profits, with a slight recovery in recycled start - up. The downstream battery enterprises' start - up was higher than in previous years. After the battery inventory pressure decreased, downstream purchases increased slightly. The domestic lead ingot factory and social inventories decreased continuously, and combined with the recent strong performance of precious metals and non - ferrous metals, the sector sentiment was good [11]. 2. Primary Supply - **Imports and Production**: In August 2025, the net import of lead concentrates was 134.8 thousand physical tons, a 15.9% year - on - year change and a 10.4% month - on - month change. From January to August, the cumulative net import of lead concentrates was 919.7 thousand physical tons, a 31.5% cumulative year - on - year change. The net import of silver concentrates in August was 185 thousand physical tons, a 15.8% year - on - year change and a 20.0% month - on - month change. From January to August, the cumulative net import of silver concentrates was 1,191.1 thousand physical tons, a 6.3% cumulative year - on - year change. In August, China's lead concentrate production was 156.1 thousand metal tons, a 13.9% year - on - year change and a 1.0% month - on - month change. From January to August, the total lead concentrate production was 1,097.7 thousand metal tons, an 11.8% cumulative year - on - year change. The net import of lead - containing ores in August was 154.9 thousand metal tons, a 15.8% year - on - year change and a 14.8% month - on - month change. From January to August, the cumulative net import of lead - containing ores was 1,028.2 thousand metal tons, an 18.5% cumulative year - on - year change [15][17]. - **Total Supply**: In August 2025, China's total lead concentrate supply was 311 thousand metal tons, a 14.9% year - on - year change and a 7.4% month - on - month change. From January to August, the cumulative lead concentrate supply was 2,125.9 thousand metal tons, a 14.9% cumulative year - on - year change. In June 2025, the global lead ore production was 395.9 thousand tons, a 1.4% year - on - year change and a 4.1% month - on - month change. From January to June, the total global lead ore production was 2,256.5 thousand tons, a 4.6% cumulative year - on - year change [19]. - **Inventory and Processing Fees**: The lead concentrate port inventory was 17 thousand tons, and the factory inventory was 432 thousand tons (equivalent to 26.0 days). The lead concentrate import TC was - 110 dollars/dry ton, and the domestic TC was 350 yuan/metal ton [21][23]. - **Smelting Start - up and Output**: The primary smelting start - up rate was 66.49%, and the primary ingot factory inventory was 3 thousand tons. In September 2025, China's primary lead production was 327.8 thousand tons, a 12.4% year - on - year change and a 1.0% month - on - month change. From January to September, the total primary lead ingot production was 2,860.9 thousand tons, an 8.3% cumulative year - on - year change [26]. 3. Recycled Supply - **Raw Materials and Output**: At the recycled end, the lead scrap inventory was 86.4 thousand tons. The weekly output of recycled lead ingots was 31.9 thousand tons, and the recycled ingot factory inventory was 9.8 thousand tons. In September 2025, China's recycled lead production was 317 thousand tons, a 5.5% year - on - year change and a - 1.0% month - on - month change. From January to September, the total recycled lead ingot production was 2,888.8 thousand tons, a 1.7% cumulative year - on - year change [31][33]. - **Imports and Total Supply**: In August 2025, the net export of lead ingots was - 11.3 thousand tons, an - 86.1% year - on - year change and a - 10.5% month - on - month change. From January to August, the cumulative net export of lead ingots was - 67.8 thousand tons, a - 43.2% cumulative year - on - year change. In August, the domestic total lead ingot supply was 656.2 thousand tons, a - 5.4% year - on - year change and a 0.3% month - on - month change. From January to August, the domestic cumulative lead ingot supply was 5,172.7 thousand tons, a 3.3% cumulative year - on - year change [35]. 4. Demand Analysis - **Battery Start - up and Demand**: The lead battery start - up rate was 71.62%. In August 2025, the apparent domestic lead ingot demand was 639.3 thousand tons, a - 5.3% year - on - year change and a - 1.9% month - on - month change. From January to August, the domestic cumulative apparent lead ingot demand was 5,117.7 thousand tons, a 1.6% cumulative year - on - year change [40]. - **Battery Exports**: In August 2025, the net export quantity of batteries was 1.78165 million, and the net export weight was 97.9 thousand tons. The estimated net export of lead in batteries was 61.2 thousand tons, an - 11.3% year - on - year change and an - 8.2% month - on - month change. From January to August, the total net export of lead in batteries was 494.1 thousand tons, a - 4.4% cumulative year - on - year change [43]. - **Inventory Changes**: In August 2025, the lead battery finished product factory inventory decreased from 21.8 days to 20.5 days, and the dealer lead battery inventory days decreased from 44.6 days to 42 days [45]. - **Terminal Demand**: In the two - wheeled vehicle sector, although the decline in electric bicycle production directly affected new installation demand, the continuous growth of delivery scenarios such as express delivery and takeaway improved the new installation consumption of electric two - and three - wheeled vehicles. In the automotive sector, the contribution of lead demand was expected to maintain stable growth. Although new energy vehicles were replacing lead - acid starting batteries, the high stock of existing vehicles led to high replacement demand, and the starting battery start - up rate remained relatively high. In the base station sector, the increasing number of communication base stations and 5G base stations drove the steady increase in lead - acid battery demand [49][51][54]. 5. Supply - Demand Inventory - **Domestic Balance**: In August 2025, the domestic lead ingot supply - demand difference was a surplus of 16.9 thousand tons. From January to August, the domestic cumulative lead ingot supply - demand difference was a surplus of 55 thousand tons [63]. - **Overseas Balance**: In July 2025, the overseas refined lead supply - demand difference was a shortage of - 8 thousand tons. From January to July, the overseas cumulative refined lead supply - demand difference was a shortage of - 53.9 thousand tons [66]. 6. Price Outlook - **Domestic Structure**: The domestic social inventory decreased to 35.8 thousand tons. The SHFE lead ingot futures inventory was 30.1 thousand tons, the domestic primary basis was - 120 yuan/ton, and the continuous - first - continuous contract spread was - 15 yuan/ton [71]. - **Overseas Structure**: The LME lead ingot inventory was 236.1 thousand tons, and the LME lead ingot cancelled warrants were 49.6 thousand tons. The foreign cash - 3S contract basis was - 37.3 dollars/ton, and the 3 - 15 spread was - 74.2 dollars/ton [74]. - **Price Ratios and Profits**: After excluding exchange rates, the Shanghai - London ratio was 1.193, and the lead ingot import profit and loss was - 358.36 yuan/ton [77]. - **Position Analysis**: The top 20 net positions of Shanghai Lead turned slightly net short, the net long positions of LME Lead investment funds increased, and the net short positions of commercial enterprises increased. From a position perspective, the short - term guidance was bearish [80].

Core Insights - The average price of SMM1 lead ingots was 16,925 CNY/ton, while recycled refined lead averaged 16,850 CNY/ton, indicating a price differential of 75 CNY/ton for scrap lead-acid batteries priced at 9,975 CNY/ton [1] - On September 29, the lead futures market closed at 16,855 CNY/ton, with a decline of 1.38%, and trading volume reached 76,219 lots [2] - The LME reported a registered lead warehouse stock of 197,275 tons, with a decrease of 600 tons in canceled warrants, totaling 21,550 tons [2] Supply and Demand Analysis - The supply side is expected to maintain a tight balance in Q4, with some smelters in Hunan and Yunnan experiencing slight production declines due to insufficient raw material inventories [4] - The operating rate of recycled lead has been declining for six consecutive weeks, leading to weakened demand for scrap lead-acid batteries, which have seen a slight price stabilization after a drop [4] - The implementation of new national standards for electric bicycles in September has improved order conditions for some downstream companies, alongside stable demand in the energy storage battery market, suggesting a potential reduction in lead inventory [4] Transportation and Cost Factors - In Inner Mongolia, transportation vehicles are becoming tight due to the maturity of agricultural products, resulting in an increase in transportation costs by approximately 80 CNY/ton [3]

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - The report presents the average prices, price changes, and spot premium/discounts of various non - ferrous metals on September 15, 2025, including copper, aluminum, lead, zinc, tin, nickel, silicon, and lithium [1]. 3. Summary by Metals Copper - SMM 1 electrolytic copper average price is 80,940 with a rise of 185, and SMM flat - water copper premium/discount is 50 with a fall of 15 [1]. Aluminum - SMM A00 aluminum average price is 20,950 with a fall of 70, and SMM A00 aluminum premium/discount is - 50 with a fall of 10; Alumina (Shanxi) price is 3,045 with a fall of 5, and Australian alumina FOB average price is 340 with no change [1]. Lead - SMM 1 lead ingot average price is 16,950 with a rise of 175, and SMM 1 lead ingot premium/discount to the current - month futures at 10:15 is - 70 with no change; Recycled refined lead average price is 16,900 with a rise of 150, and the refined - scrap price difference is 50 with a rise of 25 [1]. Zinc - SMM 0 zinc ingot average price is 22,230 with no change, and SMM 0 zinc ingot premium/discount to the current - month futures at 10:15 is - 15 with a fall of 5 [1]. Tin - SMM 1 tin average price is 273,300 with a fall of 600, and SMM 1 tin premium/discount to the current - month futures at 10:15 is 300 with a rise of 200; 40% tin concentrate (Yunnan) average price is 261,300 with a fall of 600, and the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.61% [1]. Nickel - 1 imported nickel average price is 122,150 with a rise of 100, and 1 imported nickel premium/discount to the SHFE nickel contract average price is 300 with no change; 1 Jinchuan nickel average price is 124,150 with a rise of 150, and 1 Jinchuan nickel premium/discount to the SHFE nickel contract average price is 2,300 with a rise of 50 [1]. Silicon - The average price of Tongyang 553 (Xinjiang) plus 800, considering regional discount + 200 and quality impurity removal, is 9,650 with a rise of 50, and 553 spot premium/discount to the current - month futures at 10:15 is 950 with a rise of 1,050; 421 silicon (Kunming) average price is 9,650, polycrystalline silicon dense material average price is 0, granular silicon average price is 0, and N - type polycrystalline silicon material average price is 51.55 [1]. Lithium - Battery - grade lithium carbonate average price is 72,450 with no change, and battery - grade lithium carbonate premium/discount to the current - month futures at 10:15 is 190 with a fall of 1,340; Industrial - grade lithium carbonate average price is 70,200, and the difference between battery - grade and industrial - grade lithium carbonate is 2,250 with no change [1].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View The report presents the average prices and price changes of various non - ferrous metals and related products, including copper, aluminum, lead, zinc, tin, nickel, silicon, and lithium carbonate, along with the corresponding升贴水 and their changes [1]. 3. Summary by Related Catalog Copper - SMM 1 electrolytic copper average price is 78,615, with a price increase of 195; SMM flat - water copper升贴水 is 110, down 45 [1]. Aluminum - SMM A00 aluminum average price is 20,520, up 40; SMM A00 aluminum升贴水 is - 40, down 10. Alumina (Shanxi) average price is 3,240, unchanged; Australian alumina FOB average price is 375 dollars, down 2 dollars [1]. Lead - SMM 1 lead ingot average price is 16,600, down 100; SMM 1 lead ingot升贴水 to the current - month futures at 10:15 is - 30, up 20. Recycled refined lead average price is 16,600, down 125; the refined - scrap price difference is 0, up 25 [1]. Zinc - SMM 0 zinc ingot average price is 22,300, up 130; SMM 0 zinc ingot升贴水 to the current - month futures at 10:15 is 35, up 20 [1]. Tin - SMM 1 tin average price is 267,000, up 1,200; SMM 1 tin升贴水 to the current - month futures at 10:15 is 550, down 80. 40% tin concentrate (Yunnan) average price is 255,000, up 1,200; the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.51% [1]. Nickel - 1 imported nickel average price is 121,100, up 600; 1 imported nickel升贴水 to the Shanghai nickel contract average price is 350, unchanged. 1 Jinchuan nickel average price is 123,000, up 500; 1 Jinchuan nickel升贴水 to the Shanghai nickel contract average price is 2,250, down 100 [1]. Silicon - Oxygen - passing 553 (Xinjiang) average price plus 800 is 9,550, down 250; 553 spot升贴水 to the current - month futures at 10:15 is 1,180, down 205. 421 silicon (Kunming) average price is 10,000, polysilicon dense material average price is 0, granular silicon average price is 0, and N - type polysilicon material average price is 47 [1]. Lithium Carbonate - Battery - grade lithium carbonate average price is 71,200, down 150; battery - grade lithium carbonate升贴水 to the current - month futures at 10:15 is 1,560, down 350. Industrial - grade lithium carbonate average price is 69,100, the battery - industrial carbon price difference is 2,100, with no change [1].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the document. 2. Core View - The document presents the average prices, price changes, and spot premium/discount data of various non - ferrous metals and related products on July 28, 2025 [1]. 3. Summary by Metal Copper - The average price of SMM 1 electrolytic copper is 79,075, with a decrease of 375. The SMM flat - water copper premium/discount is 65, down 20 [1]. Aluminum - The average price of SMM A00 aluminum is 20,660, a decrease of 120. The SMM A00 aluminum premium/discount is 0, down 10. The average price of alumina in Shanxi is 3,240 with no change, and the FOB average price of Australian alumina is 380 dollars with no change [1]. Lead - The average price of SMM 1 lead ingot is 16,775, an increase of 25. The SMM 1 lead ingot premium/discount to the current - month futures at 10:15 is - 135 with no change. The average price of recycled refined lead is 16,750 with no change, and the refined - scrap price difference is 25, up 25 [1]. Zinc - The average price of SMM 0 zinc ingot is 22,650, a decrease of 120. The SMM 0 zinc ingot premium/discount to the current - month futures at 10:15 is 0, up 20 [1]. Tin - The average price of SMM 1 tin is 268,800, a decrease of 2,300. The SMM 1 tin premium/discount to the current - month futures at 10:15 is 410, up 510. The average price of 40% tin concentrate in Yunnan is 256,800, a decrease of 2,300, and the ratio of 40% tin concentrate in Yunnan to SMM 1 tin is 95.54% [1]. Nickel - The average price of 1 imported nickel is 122,500, a decrease of 1,550. The average premium/discount of 1 imported nickel to the SHFE nickel contract is 400 with no change. The average price of 1 Jinchuan nickel is 124,250, a decrease of 1,400, and the average premium/discount of 1 Jinchuan nickel to the SHFE nickel contract is 2,150, up 150 [1]. Silicon - The average price of oxygen - passing 553 silicon in Xinjiang is 10,350, a decrease of 150. The 553 silicon spot premium/discount to the current - month futures at 10:15 is 1,440, up 640. The average price of 421 silicon in Kunming is 10,200. The average price of polysilicon dense material is 0, the average price of granular silicon is 0, and the average price of N - type polysilicon material is 46.5 [1]. Lithium - The average price of battery - grade lithium carbonate is 73,900, an increase of 1,000. The battery - grade lithium carbonate premium/discount to the current - month futures at 10:15 is 2,280, up 8,780. The average price of industrial - grade lithium carbonate is 71,700, and the difference between battery - grade and industrial - grade lithium carbonate is 2,200 with no change [1].

Core Viewpoint - The article highlights the innovative green financial services provided by Jiangsu Bank, which support the recycling and utilization of waste lead-acid batteries, transforming pollution into valuable resources through a closed-loop system [1][2][3]. Group 1: Jiangsu Haibao New Energy Project - Jiangsu Haibao New Energy has established a waste battery disposal base capable of processing 600,000 tons of waste lead-acid batteries annually, producing 680,000 tons of regenerated lead and other products [1]. - The project employs advanced automation and environmental protection equipment, enhancing the transition from "harmless treatment" to "high-value utilization," thereby improving both economic and ecological benefits [1]. Group 2: Jiangsu Bank's Green Financial Services - Jiangsu Bank has developed a comprehensive "energy finance" service system, supporting various renewable energy sectors and the circular economy, particularly in waste battery recycling [2]. - The bank provided a credit facility of 470 million yuan to support the waste battery recycling project, demonstrating its commitment to promoting resource recycling and utilization [2]. Group 3: Jiangsu Bank's Green Finance Strategy - As a globally recognized bank, Jiangsu Bank prioritizes green finance as a key strategy for transformation, aiming to build a leading and influential green finance brand [3]. - The bank's green financing balance has exceeded 700 billion yuan, serving over 12,000 green enterprises, with a significant proportion of green loans among the 24 banks directly managed by the People's Bank of China [3].