Core Viewpoint - The lead-acid battery recycling industry in China is rapidly growing, driven by the "dual carbon" goals, with a projected recycling volume of 4.758 million tons by 2025, despite a slight decline in market scale due to falling recycling prices [1][9]. Overview - Waste lead-acid batteries are classified as hazardous waste, and their recycling involves a series of regulated processes to extract valuable materials like lead, plastic, and sulfuric acid, aiming for resource recycling and environmental protection [2][3]. Market Policy - The Chinese government has implemented various policies to support the recycling industry, emphasizing environmental protection and resource sustainability, which creates a favorable policy environment for the lead-acid battery recycling sector [4][5]. Industry Chain - The lead-acid battery recycling industry in China has established a closed-loop industry chain, focusing on upstream supply, midstream processing, and downstream resource application, with a trend towards intensive, resource-efficient, and green development [6][7]. Current Development - The recycling technology for lead-acid batteries has continuously evolved, achieving high maturity and resource utilization rates, with a significant and stable demand for scrap batteries driven by various applications in automotive, communication, and energy sectors [9]. Competitive Landscape - The lead-acid battery recycling industry is undergoing structural changes, with increasing compliance requirements and a concentration of market players. As of 2025, there are 2,210 companies in the industry, with no new entrants, indicating a trend towards consolidation and the exit of non-compliant operators [10][11]. Industry Representative Companies - Major players in the industry include South Power, Camel Group, and Yuguang Gold Lead, with significant processing capacities, such as South Power's 1.2 million tons and Camel Group's 860,000 tons per year [10][11]. Development Trends - The industry is expected to see increased regulatory scrutiny, pushing for compliance and standardization, while technological innovations will enhance recycling efficiency and environmental performance. The market will likely consolidate around leading companies, with smaller firms either exiting or becoming service providers [12][13][14].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Recently, the lead price has dropped significantly, mainly due to the high - level surplus in the domestic lead market, the continuous opening of the lead ingot import window, and the imbalance between supply and demand [3]. - On January 30, the Shanghai Futures Exchange announced plans to include recycled lead as an alternative delivery product. In the short - term, it intensifies the downward sentiment, but after the short - term sentiment, the lead price still has cost support. In the long - term, it will smooth price fluctuations, restructure the pricing logic, and shift the lead price to "dual - track pricing of primary and recycled lead", with the cost of recycled lead and the price of waste batteries becoming core variables [4]. - After the Spring Festival, the recent significant decline in lead and silver prices and the closure of the lead concentrate import window have led some primary lead smelters to plan for maintenance, and recycled lead enterprises have also returned to low production due to profit compression. It is expected that the pressure of supply surplus will be greatly relieved, and the lead price will be supported by cost, but the rebound space may be limited due to the lack of demand highlights [4]. 3. Summary by Relevant Catalogs Market Hotspots - On January 30, 2026, the Shanghai Futures Exchange proposed to introduce recycled lead as an alternative delivery product (meeting the specifications of GB/T 21181 - 2025 ZSPb99.986 or ZSPb99.990). The new national standard for recycled lead (GB/T 21181 - 2025) was released on August 29, 2025, and will be officially implemented on March 1, 2026 [10]. - The main changes in the new national standard for recycled lead include changes in recycled lead grades, adjustment of impurity content, and an increase in the single - ingot weight specification [10]. - Incorporating recycled lead into the futures delivery system can make the futures price more comprehensively and truly reflect the actual supply - demand situation of the lead market, and more compliant recycled lead enterprises will have the opportunity to participate in the futures market. In the short - term, it suppresses the rebound, in the medium - term, it helps reduce delivery risks and smooth market fluctuations, and in the long - term, it reconstructs the lead price pricing logic [10]. Weekly Fundamental Situation Main Industry News - Zijin Mining Group plans to keep its 2026 production of zinc (lead) at 400,000 tons, the same as in 2025, and aims for 400,000 - 450,000 tons in 2028 [12]. - In 2025, China's motorcycle production and sales increased by over 10% year - on - year. Yadea led the electric motorcycle market with 921,100 units sold [12]. - Kunming University of Science and Technology's technology center completed the construction of an energy - storage system for a cloud computing center, marking an important breakthrough in the application of its aluminum - based lead - carbon battery technology in the energy - storage field of computing centers [12]. Lead Concentrate Production and Processing Fees - The national average processing fee for lead concentrate is 250 yuan/metal ton, unchanged from last week; the average processing fee for imported ore is - 150 US dollars/dry ton, also unchanged from last week. The overall processing fee shows a slight downward trend [16]. - With the arrival of winter - storage supplies, the raw material inventory of smelters has increased. In December, the raw material inventory days of primary lead smelters were 27 days, up 1 day from November, and remained at 27 days in January, at a relatively high level [16]. - Due to the recent decline in precious metal prices, some smelters no longer accept the extremely low - price quotes of lead concentrate processing fees, but the processing fees of lead concentrates rich in medium - low silver remain stable [16]. Lead Concentrate Import - In December 2025, the import volume of lead ore and its concentrates was 149,000 tons, a month - on - month increase of 35.8% and a year - on - year increase of 24.63%. The cumulative import volume in 2025 was 1.4356 million tons, a cumulative year - on - year increase of 14%, with 50% coming from Russia [23]. - As of February 6, the port inventory of lead concentrate was 32,200 tons, a decrease of 10,000 tons from last week, showing an overall inventory - accumulation trend [23]. - Since January, the lead concentrate import window has been completely closed. Coupled with the decline in smelter demand during the Spring Festival, it is expected that the import volume of lead concentrate in the first quarter will drop to a relatively low level [23]. Primary Lead Production - In the week of February 5, the operating rate of primary lead enterprises was 61.1%, a month - on - month decrease of 5.31 percentage points [28]. - Recently, with the support of by - products such as silver and sulfuric acid, the profit of primary lead enterprises has risen to about 2,000 yuan/ton, reversing the loss in October. Stimulated by high profits, the domestic electrolytic lead production reached a new high in January. By February 5, the weekly finished - product inventory of major primary lead delivery brands was 8,950 tons, a significant decrease from 28,200 tons at the end of January [29]. - In February, due to the Spring Festival and the significant decline in lead and silver prices, some primary lead smelters plan to carry out maintenance, and it is expected that the electrolytic lead production in February will decrease by more than 12 percentage points month - on - month [29]. Recycled Lead Production - In the week of February 5, the operating rate of recycled lead enterprises was 38.8%, a month - on - month decrease of 5.9 percentage points. In January, the raw material inventory of lead smelting enterprises increased, and some recycled lead smelters increased production. Two smelters in East and Central China resumed production, boosting the recycled lead production in January [33]. - Since late January, the profit of recycled lead enterprises has turned negative again. Currently, large - scale enterprises have an average loss of about 200 yuan/ton, while small and medium - scale enterprises have a loss of more than 400 yuan/ton. Due to poor terminal consumption, the finished - product inventory of recycled lead plants reached a historical high in January [33]. - During the Spring Festival, the shutdown of enterprises was one week earlier than usual. Coupled with the decrease in the number of days in February, the recycled lead production in February decreased by about 110,000 tons. The resumption of work in recycled lead plants is mostly concentrated in March [33]. Lead - containing Waste Materials - This week, affected by the continuous decline in lead prices and relatively sufficient short - term raw material inventory, recycled lead smelters reduced purchase prices. Some small and medium - sized recycling enterprises became more active in selling due to fear of price drops, leading to a short - term price decline of waste lead - acid batteries [37]. - During the Spring Festival, the shutdown cycle of the waste battery recycling industry is similar to previous years. Market transactions gradually became light from early February, and most enterprises will resume operation around the Lantern Festival (February 24) [37]. Primary Processing End - In the week of February 5, the operating rate of lead - acid battery enterprises was 65.83%, a month - on - month decrease of 3.19 percentage points [44]. - In January, the finished - product inventory of lead - acid battery enterprises was 23.5 days, an increase of 2 days from the previous month; the finished - product inventory of dealers was 40.74 days, a decrease of 2.85 days from the previous month. The inventory pressure of dealers is still relatively high [44]. - In January, the terminal consumption of the lead - acid battery market was weak, the inventory digestion of dealers was slow, and pre - holiday inventory preparation was cautious. Lead - acid battery enterprises had high finished - product inventory, and their pre - holiday inventory preparation for lead ingots was limited, resulting in light transactions in the lead spot market [44]. Inventory Situation - As of February 11, the total LME lead ingot inventory was 232,950 tons, a month - on - month increase of 100 tons. There was a large - scale delivery of nearly 30,000 tons at the end of January. The overall LME inventory remained relatively stable at a high level [49]. - As of February 12, the total social inventory of lead ingots in five locations was 53,900 tons, a month - on - month increase of 13,500 tons [49]. - As of February 6, the total SHFE lead inventory was 47,800 tons, a month - on - month increase of 1,720 tons. The social inventory of lead ingots before the Spring Festival this year reached a historical high [49]. Structure Shanghai Lead Spread Structure - As of Wednesday this week, the domestic spot average was at a discount of 190 yuan/ton to the Shanghai lead main contract 03, basically unchanged from last week. The Shanghai lead market maintains a Contango structure with little short - term change [55]. London Lead Spread Structure - The outer - market LME maintains a Contango structure. Recently, the LME lead 0 - 3 discount has shown a slight widening trend. On February 11, the LME 0 - 3 spread was - 48.07 US dollars/ton [59]. Shanghai - London Ratio Change - As of February 11, the Shanghai - London ratio rose slightly to 8.46, excluding the exchange ratio of 1.22. The spot import profit and loss of lead ingots was around - 16 yuan/ton, the import loss narrowed, and the import window, which was closed at the beginning of January, is approaching to open again [62]. London Lead Position and Warehouse Receipt Concentration - The LME's FuturesBandingReport shows that the short - position concentration in the near - month is relatively high, and both long and short positions have increased, indicating intensified long - short competition [67]. - The CashReport and WarrantBandingReport show that the concentration of cash and tom during the delivery week is relatively high, and the warehouse receipt concentration has increased [66].

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证券日报网讯 2月2日，粤宏远A在互动平台回答投资者提问时表示，再生铅业务的利润受废电瓶（核心 原料）与铅价格的联动影响，铅价上涨时，废电瓶价格也会联动上涨，推高采购成本，成本传导效应使 得利润改善空间不是很明显，这项业务还需要各环节多措并举改善，具体经营情况敬请留意公司未来定 期报告的披露情况。 （文章来源：证券日报） ...

Core Viewpoint - Camel Group Co., Ltd. has shown a mixed performance in terms of financing and stockholder dynamics, with a notable increase in revenue and net profit year-on-year, indicating potential growth opportunities in the automotive battery and recycling sectors [1][2]. Financing Summary - On January 30, Camel Group's financing buy amounted to 24.11 million yuan, while financing repayment was 25.39 million yuan, resulting in a net financing outflow of 1.28 million yuan [1]. - The total financing and securities balance reached 609 million yuan, accounting for 5.47% of the circulating market value, which is above the 60th percentile of the past year [1]. - The company had a low short-selling balance of 500,000 yuan, with a short-selling volume of 53,000 shares, indicating a lower level of short interest compared to the past year [1]. Operational Performance - For the period from January to September 2025, Camel Group reported a revenue of 12.142 billion yuan, reflecting a year-on-year growth of 7.14%, and a net profit attributable to shareholders of 619 million yuan, which is a 26.95% increase year-on-year [2]. - The company's main business revenue composition includes low-voltage lead-acid batteries (79.06%), recycled lead (14.65%), lithium batteries (4.41%), and others (1.88%) [1]. Shareholder Dynamics - As of September 30, 2025, the number of shareholders increased to 71,600, up by 38.00%, while the average circulating shares per person decreased by 27.54% to 16,391 shares [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited as the seventh largest shareholder with 15.4619 million shares, down by 6.5137 million shares from the previous period, and the South China CSI 1000 ETF entering as the tenth largest shareholder with 6.4427 million shares [2].

证券日报网讯1月27日，粤宏远A在互动平台回答投资者提问时表示，公司下属的英德市新裕有色金属 再生资源制品有限公司生产经营活动正常进行，再生铅业务正常开展。 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report anticipates that the Shanghai lead futures may experience wide - range fluctuations after a decline. Although the domestic supply and demand both increase, the low - level inventory continues to rise, causing the supply - demand situation to weaken marginally. Considering the rising cost - end support, the Shanghai lead is expected to show an interval - oscillation trend. Mid - term attention should be paid to the production dynamics of recycled lead, downstream demand, and domestic inventory changes [5]. Summary by Related Catalogs 1. Fundamental Changes Processing Fees In November 2025, China imported 110,000 tons of lead concentrates in physical volume, with a year - on - year increase of 15.8% and a month - on - month increase of 11.7%. The import volume was higher than the average level in recent years. The domestic lead concentrate market demand was high in winter, and the tight situation of domestic mines continued. The processing fees of domestic and foreign lead concentrates remained stable at a low level. In January, the domestic monthly processing fee was 200 - 400 yuan/ton, and the monthly ring - to - ring was flat; the imported monthly processing fee was - 160 - - 130 US dollars/dry ton, and the monthly ring - to - ring was flat. For spot processing fees, the domestic weekly processing fee for lead ore was 250 - 350 yuan/ton, and the weekly ring - to - ring was flat; the imported weekly processing fee was - 160 - - 130 US dollars/dry ton, and the weekly ring - to - ring was flat [2]. Supply In December 2025, the output of primary lead was 332,700 tons, a month - on - month increase of 1.56% and a year - on - year increase of 1.56%, and the monthly output was higher than expected; the output of recycled refined lead was 268,400 tons, a month - on - month decrease of 9.35% and a year - on - year increase of 0.83%. Last week, the operating rate of primary lead smelters in three provinces monitored by SMM was 67%, a week - on - week increase of 0.4%. For primary lead enterprises, there were both maintenance and resumption of production, and the supply increased mainly on a month - on - month basis. The operating rate of recycled lead in four provinces monitored by SMM was 50.4%, a week - on - week increase of 1.4%. The refined lead import window remained open, and the import profit margin narrowed slightly. The cost of waste batteries increased, and the profit of recycled lead was still acceptable, with only a slight narrowing of profit. The future growth of recycled lead production was limited but still had room for improvement [3]. Consumption Last week, the weekly comprehensive operating rate of lead - acid battery enterprises in five provinces monitored by SMM was 70.77%, a week - on - week increase of 4.18%. After the New Year's Day holiday, lead - acid battery enterprises gradually resumed production, and the weekly operating rate increased. In December, the inventory in the battery industry chain accumulated, and in November, the net export of lead - acid batteries decreased month - on - month. In January, orders decreased, and the production enthusiasm was lower than that in December. Orders from automotive battery and energy - storage battery enterprises were relatively stable, and medium - and large - sized enterprises' production was okay. The operating rates of medium - and large - sized enterprises ranged from 60% to 80%, and a few enterprises even considered early holidays before the Spring Festival. Due to changes in tariff policies, orders from some export - oriented enterprises were sluggish, and there were large differences in the operating rates of production enterprises. At the initial stage of implementing the new national standard for electric bicycles, consumers were more wait - and - see, and the production of electric bicycles declined [4]. Spot As of the week ending January 16, the domestic lead spot basis turned to a premium, and the lead spot basis was at a premium of 115 yuan last weekend. The LME lead spot remained in a deep discount state, with a discount of - 44.18 US dollars last weekend [4]. Inventory As of the week ending January 16, the LME lead weekly inventory decreased by 16,375 tons to 206,400 tons. The LME inventory had been falling continuously from a high level but was still at a high level in recent years; the weekly inventory of lead on the Shanghai Futures Exchange increased by 6,933 tons to 37,044 tons. As of January 15, the total social inventory of lead ingots in five regions monitored by SMM reached 27,400 tons, and the inventory continued to rise month - on - month but was at an absolute low level in the past four years [4]. 2. Market Outlook and Strategy The LME lead inventory has been falling continuously, but it is still at an absolute high level, and the spot remains in a deep discount state, indicating that the overseas lead supply - demand surplus situation continues. The import volume of lead ore increased month - on - month in November, slightly higher than the average level, but the increment was limited. Due to the seasonal off - season of domestic mines in winter, the domestic mine supply remains in a deficit state, and domestic processing fees are operating at a low level. For primary lead, there are both maintenance and resumption of production, and the operating rate has increased slightly; the cost of waste batteries has increased, the profit of recycled lead is still acceptable, and the profit has only narrowed slightly. The future growth of recycled lead production is limited but still has room for improvement. The Shanghai - London price ratio has decreased slightly, the domestic import window remains open, and the pressure of import inflow is relatively large. Overall, the domestic supply and demand both increase, but the low - level inventory continues to rise, and the supply - demand situation weakens marginally. Considering the rising cost - end support, the Shanghai lead is expected to show an interval - oscillation trend after a decline [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, the main contract price of Shanghai lead futures rose first and then fell. The macro - environment was positive, with loose monetary expectations at home and abroad and geopolitical conflicts increasing the premium of resource - end products, which led to a general rise in precious metals and non - ferrous metals. [4] - Fundamentally, the supply of domestic lead ore raw materials remained tight, and the processing fee was at a low level. In the electrolytic lead sector, there were both production cuts and restarts in January, with a slight expected increase in production. In the recycled lead sector, raw material constraints still existed, and the production was expected to decline slightly month - on - month. On the demand side, consumption expectations were under pressure, and social inventories were expected to rise slowly. [4] - Overall, the macro - environment was positive, and non - ferrous metals rotated up. The supply - demand situation was weak on both sides, and the lead price was expected to fluctuate widely following the non - ferrous sector. However, due to the strong cost support, the downside space of the lead price was limited. [4][8] Summary by Relevant Catalogs Trading Data - From January 9th to January 16th, the SHFE lead price rose from 17,355 yuan/ton to 17,475 yuan/ton, an increase of 120 yuan/ton; the LME lead price fell from 2046.5 dollars/ton to 2037.5 dollars/ton, a decrease of 9 dollars/ton; the Shanghai - London ratio increased from 8.48 to 8.58, an increase of 0.10. [5] - The SHFE inventory increased from 30,111 tons to 37,044 tons, an increase of 6,933 tons; the LME inventory decreased from 222,725 tons to 206,350 tons, a decrease of 16,375 tons; the social inventory increased from 1.96 million tons to 3.25 million tons, an increase of 1.29 million tons; the spot premium decreased from - 130 yuan/ton to - 145 yuan/ton, a decrease of 15 yuan/ton. [5] Market Review - Last week, the main contract of Shanghai lead futures fluctuated widely at a high level, closing at 17,475 yuan/ton, with a weekly increase of 0.69%. LME lead first declined and then rose, closing at 2038 dollars/ton, with a decline of 0.42%. [6] - In the spot market, the supply was abundant, and the demand was weak, resulting in sluggish trading. The inventory of recycled lead smelters was high, and some lead smelting enterprises would limit production due to smog warnings, which was expected to ease the shipping pressure of holders. [6] Industry News - On January 16, 2026, the domestic and foreign lead concentrate processing fees were 300 yuan/metal ton and - 145 dollars/dry ton respectively, with the average remaining unchanged from the previous week. [9] - Starting from April 14, 2026, the London Metal Exchange (LME) will no longer accept the warehousing registration of certain zinc and lead brands. [9] - On January 16, 2026, Fuyang, Anhui issued an orange warning, and local recycled lead smelters would reduce production by 50%. [9] Related Charts - The report provides multiple charts, including the prices of SHFE and LME lead, the Shanghai - London ratio, inventory situations, lead price spreads, waste battery prices, enterprise profits, production volumes, and social inventories, which help to comprehensively analyze the lead market. [10][14][16][18][20][23][24][26][29][30]

Group 1: Core Insights - The Anhui provincial government has issued three implementation plans focusing on the optimization and upgrading of the non-ferrous metals, building materials, and textile industries, aiming for high-quality development through targeted policies [1][4]. - The non-ferrous metals industry aims to achieve a revenue target of 500 billion yuan by 2027, with plans to cultivate two trillion-level industries (copper and aluminum) and two hundred billion-level industries (magnesium and lead) [2]. - The building materials industry targets a revenue of 270 billion yuan by 2027, promoting the synergy between traditional and new materials, with a focus on ultra-low emissions and the elimination of inefficient production capacities [3]. - The textile industry aims for a revenue of 120 billion yuan by 2027, positioning itself as a significant hub for innovative textile manufacturing and fashion branding, with a focus on technology, sustainability, and health [4]. Group 2: Strategic Initiatives - The non-ferrous metals plan emphasizes five key tasks, including optimizing industrial structure, promoting green transformation, and enhancing investment effectiveness, while establishing a comprehensive recycling system for copper and aluminum [2]. - The building materials plan outlines 14 measures to drive innovation and set standards, including the development of high-performance fibers and special glasses, transitioning from scale expansion to quality enhancement [3]. - The textile plan includes seven special actions focusing on innovation, structural optimization, and green quality improvement, with significant achievements in establishing innovation centers and smart factories [4]. Group 3: Policy Support and Implementation - The three plans emphasize policy coordination and integration of resources, aiming to enhance the competitiveness of the entire industrial chain in the three sectors [4]. - The Anhui provincial government will strengthen inter-departmental collaboration and ensure the effective implementation of these initiatives, contributing to the province's industrial foundation and the cultivation of new productive forces [4].

Group 1: Real Estate Operations - The company currently has two real estate projects for sale: Dongguan Qiaotou Diting Mountain Garden and Dongguan Nancheng Times International Yongya Terrace; the Jiangsu Kunshan Huqiao project is pending sale [2] - The rental income from real estate operations is projected to be approximately CNY 36.32 million for 2024 and CNY 17.15 million for the first half of 2025 [2] Group 2: Management and Shareholding - Directors and executives primarily acquired their shares through the company's 2017 restricted stock incentive plan; they have not sold any shares since the lifting of restrictions [2] - During their tenure, directors and executives are allowed to transfer no more than 25% of their shares each year [2] Group 3: Business Performance and Future Plans - The overall performance for 2025 is still under assessment, and any necessary performance forecasts will be announced by the end of January [3] - The company plans to enhance its recycling lead business, aiming for steady revenue growth while reducing costs and increasing efficiency [3] - The termination of a major asset restructuring plan was due to the inability to reach consensus on key terms such as transaction pricing [3] - The company's transformation direction is inclined towards projects that are supported by national policies, have a technological foundation, market potential, and suitable scale [3]