铅周报：铅蓄消费转弱 关注再生铅冶炼成本支撑 研究员：陈寒松 期货从业证号： F03129697 投资咨询证号： Z0020351 目录 第一章 行情与逻辑 第二章 原料端 第三章 冶炼端 第四章 需求端 1.1 交易逻辑与策略 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 ◼ 产业供需： ➢ 供应端，本周国产铅精矿加工费至300元/金属吨，SMM进口铅精矿周度加工费至-135美元/干吨。铅精矿市场整体平稳，进口矿偏紧并几无报价的现状持续，2026年长单方 面，多数贸易商仅能提供远期最少供货数量但仍无法确定加工费报价。国内矿贸易市场上，河南、内蒙古等地冶炼厂持续按需采购，银价高位回调后除个别矿山接受小幅回调 加工费弥补冶炼厂加工利润损失外，多数矿山和冶炼厂并未提及铅精矿加工费价格调整。江西、湖南、云南等地南方地区冶炼厂因铅精矿供应短缺出现生产开工下滑的情况并 未缓和。 ➢ 冶炼端，本周SMM三省原生铅冶炼厂的平均率67.7%，较上周环比小幅增加0.13%。河南地区原生铅冶炼厂产量 ...

"十五五"循环经济有望释放潜力，再生金属行业大有可为 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 11 月 23 日 15666646523.tcy | 证券研究报告 | | | --- | --- | | 行业研究——周报 | | | [Table_ReportType] 行业周报 | | | [Table_StockAndRank] 环保 | | | 投资评级 | 看好 | | 上次评级 | 看好 | 郭雪环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹环保行业分析师 执业编号：S1500524100001 信达证券股份有限公司 [Table_Title] "十五五"循环经济有望释放潜力，再生金属行业大 有可为 2025 年 11 月 23 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Author] 化工行业： 邮箱：wuboying@cindasc.com CINDASECURITIESCO.，LTD 北京市西 ...

Report Industry Investment Rating - Not provided in the content Core View of the Report - The overall supply growth of the Shanghai lead market is limited, demand growth faces certain resistance, and inventory is expected to continue to accumulate, so the probability of continued consolidation increases. Today, the Shanghai lead price remained volatile with little movement on the disk. Attention should be paid to the support level of 16,980 [2] Summary by Related Catalogs Futures Market - The closing price of the Shanghai lead main contract was 17,220 yuan/ton, down 30 yuan; the LME 3 - month lead quote was 2,014.5 dollars/ton, down 12.5 dollars. The 12 - 01 month contract spread of Shanghai lead was - 20 yuan/ton, unchanged; the Shanghai lead open interest was 82,766 lots, down 4,281 lots. The net position of the top 20 in Shanghai lead was - 3,236 lots, up 573 lots; the Shanghai lead warehouse receipts were 0 tons, unchanged. The SHFE inventory was 42,790 tons, up 4,208 tons; the LME lead inventory was 264,475 tons, down 325 tons [2] 现货市场 - The spot price of 1 lead from Shanghai Nonferrous Metals Network was 17,125 yuan/ton, up 25 yuan; the spot price of 1 lead from Yangtze River Nonferrous Metals Market was 17,310 yuan/ton, up 110 yuan. The basis of the lead main contract was - 95 yuan/ton, up 55 yuan; the LME lead premium (0 - 3) was - 27.39 dollars/ton, up 0.82 dollars [2] Upstream Situation - The price of lead concentrate (50% - 60%) in Jiyuan was 16,970 yuan, up 124 yuan; the price of domestic recycled lead (≥98.5%) was 17,160 yuan/ton, up 140 yuan. The capacity utilization rate of recycled lead was 35.56%, down 2.32 percentage points; the monthly output of recycled lead was 22.42 tons, down 6.75 tons. The average weekly operating rate of primary lead was 71.37%, up 1.83 percentage points; the weekly output of primary lead was 3.87 tons, up 0.04 tons [2] Industry Situation - The monthly import volume of refined lead was 1,507.92 tons, down 312.63 tons; the monthly export volume of refined lead was 1,486.13 tons, down 1,266.09 tons. The average price of waste batteries in the market was 9,873.21 yuan/ton, down 25 yuan [2] Downstream Situation - The monthly export volume of batteries was 45,696 units, down 3,984 units; the Shenwan industry index of batteries was 2,060.82 points, down 58.5 points. The monthly automobile production was 322.7 tons, up 47.46 tons; the monthly new energy vehicle production was 158 tons, up 24.7 tons [2] Industry News - There are major developments in the Russia - Ukraine situation, with a secret 28 - point peace - talk framework being discussed. The US authorities cancelled the October non - farm payroll report, and the November report is rescheduled to December 16. The Fed may further shrink its balance sheet. There are differences among Fed officials on interest rate cuts. The US trade deficit in August narrowed significantly. The Trump administration is considering suspending semiconductor tariffs, and the White House is blocking a bill to restrict AI chip exports. The US Attorney General will release the Epstein case file in 30 days [2] View Summary - On the supply side, the supply of domestic lead concentrate for primary lead remains tight, while the production of recycled lead is expected to increase. On the demand side, the demand for automotive lead - acid batteries weakens in November, but the overall operating level will gradually recover. The high Shanghai - London ratio of lead ingots and tariff issues suppress the growth of demand. The inventory is expected to continue to accumulate, and the Shanghai lead market is likely to continue to consolidate [2]

铅周报：国内社会库存逐步累库 关注宏观因素影响 研究员：陈寒松 期货从业证号： F03129697 投资咨询证号： Z0020351 目录 第一章 行情与逻辑 第二章 原料端 第三章 冶炼端 第四章 需求端 87/87/87 文 字 色 基 础 色 1.1 交易逻辑与策略 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 产业供需： ➢ 供应端，本周国产铅精矿加工费至300元/金属吨，SMM进口铅精矿周度加工费至-135美元/干吨。进口矿市场部分招投标报价陆续报出，部分冶炼厂锁定了2026年的长单协 议，但相关加工费已跌至-160~-200美元/干吨，冶炼厂普遍谨慎观望。国内矿贸易市场上，河南、内蒙古等地冶炼厂持续按需采购；江西、湖南、云南等地南方地区冶炼厂 因铅精矿供应短缺出现生产开工下滑的情况并未缓和，云南地区某冶炼厂提及尽管低银铅精矿加工费并未下调。 ➢ 冶炼端，本周SMM三省原生铅冶炼厂的平均开工率为6 ...

11月17日，骆驼股份跌2.27%，成交额3.98亿元。两融数据显示，当日骆驼股份获融资买入额3836.96万 元，融资偿还6308.13万元，融资净买入-2471.17万元。截至11月17日，骆驼股份融资融券余额合计6.74 亿元。 机构持仓方面，截止2025年9月30日，骆驼股份十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1546.19万股，相比上期减少651.37万股。南方中证1000ETF（512100）位居第十大流通股 东，持股644.27万股，为新进股东。大成策略回报混合A（090007）、大成睿享混合A（008269）退出 十大流通股东之列。 责任编辑：小浪快报 资料显示，骆驼集团股份有限公司位于湖北省襄阳市高新技术开发区襄阳大道19号，成立日期1994年7 月2日，上市日期2011年6月2日，公司主营业务涉及汽车低压电池业务、回收业务和储能业务。主营业 务收入构成为：低压铅酸电池79.06%，再生铅14.65%，锂电池4.41%，其他1.88%。 截至9月30日，骆驼股份股东户数7.16万，较上期增加38.00%；人均流通股16391股，较上期减少 27.54%。2025年1 ...

Group 1 - The board meeting of Camel Group Co., Ltd. was held on November 14, 2025, and all resolutions passed were in compliance with the Company Law and Articles of Association [2][3][4] - The board approved the revision of the hedging business management system, which is detailed in the announcement on the Shanghai Stock Exchange [5][6] - The board also approved the proposal to conduct commodity futures, options, and foreign exchange hedging business, with specific details available in the related announcement [7][8] Group 2 - The company plans to use idle self-owned funds for entrusted wealth management, with a maximum balance of RMB 1.8 billion for purchasing financial products [12][14] - The purpose of the entrusted wealth management is to enhance the efficiency of fund utilization and maximize returns on idle funds [14][15] - The board authorized the financial director to make investment decisions within the approved limits and timeframe [15][16] Group 3 - The company aims to conduct commodity futures and options hedging to mitigate risks associated with price fluctuations of lead, tin, and lithium carbonate [25][26] - The maximum margin and premium for these transactions are expected to not exceed RMB 90 million, with the highest contract value on any trading day not exceeding RMB 900 million [26][28] - The company will also engage in foreign exchange hedging to manage risks from currency fluctuations, with a maximum margin and premium of USD 10 million [31][34] Group 4 - The hedging activities are intended to be conducted in a legal, prudent, and effective manner, focusing on normal production operations rather than speculative trading [24][30] - The company has established risk control measures for both commodity and foreign exchange hedging, including strict approval processes and the use of self-owned funds [39][43] - The hedging activities will not adversely affect the company's main business operations and are expected to enhance overall financial stability [44]

Core Viewpoint - The company, Yuehongyuan A, is involved in the recycling and utilization of lead-containing hazardous waste, focusing on the production and sale of recycled lead, which is a significant application in the downstream lead-acid battery manufacturing industry [2]. Group 1 - The company operates in the upstream segment of the lead resource recycling industry chain, specifically through the recovery and smelting of lead-containing hazardous waste [2]. - Recycled lead is primarily used in lead-acid batteries, which serve as important applications in both the automotive and communication sectors, such as starting power for vehicles and backup power for communication base stations [2].

Group 1 - The core point of the article is that Camel Group Co., Ltd. announced the results of its sixth board meeting and provided insights into its revenue composition for 2024 [1] - The board meeting was held on November 14, 2025, and included discussions on the revision of the hedging business management system [1] - As of the report, Camel Group's market capitalization is 11.9 billion yuan [1] Group 2 - For the year 2024, the revenue composition of Camel Group is as follows: lead-acid batteries account for 79.86%, recycled lead for 15.75%, lithium batteries for 2.59%, and others for 1.79% [1]

Core Viewpoint - The company, Yuehongyuan A, is involved in the recycling and utilization of lead-containing hazardous waste, which is a crucial part of the lead resource recycling industry chain [1] Group 1: Company Operations - The company operates in the recycling and utilization of lead-containing hazardous waste, focusing on the upstream segment of the lead resource recycling industry chain [1] - The main product produced and sold by the company is recycled lead, which is derived from the recovery and smelting of lead-containing hazardous waste [1] - The company does not produce lead-acid battery products, but recycled lead is an important application direction for lead-acid battery manufacturing in the downstream market [1]

习近平总书记指出："扩大内需既关系经济稳定，也关系经济安全，不是权宜之计，而是战略之举。" 福建泉州蟳埔村，这个曾经靠海吃海的小渔村，如今依托千年簪花习俗，走出一条文商旅融合的新路 子，去年接待游客超850万人次，带动旅游收入超18亿元； 湖北潜江生态龙虾城，数十家不同品牌的店铺人气火爆，从特色餐饮延伸到美食工坊、非遗展演、研学 基地等业态，每年吸引游客200余万人次； 四川成都春熙路，特色大屏影像吸引众多游客合影，各大国际品牌店铺云集，丰富消费者购物体验，目 前已有数百家首店落地…… 近日，本报记者赴福建、湖北、四川调研，供给向新向优、需求向活向旺的场景处处可见。各地加大力 度实施扩大内需战略，采取更加有力的措施，大力提振消费、提高投资效益，全方位扩大国内需求，更 好发挥超大规模市场优势，推动高质量发展取得新的更大成效。 超大规模市场潜力充分释放 开发更加多样化的场景，以新供给激发新活力。各地主动适应消费结构变化，着力增强供需适配性，积 极推动经济扩容"量的优势"、提升"质的优势"。 湖北武汉经济技术开发区岚图汽车总装车间，在机械臂和工人协同配合下，总装线上的半成品汽车经过 多道工序顺利下线。 "每118秒 ...