Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The lead market is currently in a situation of weak supply and demand. The high - level operation of domestic primary lead smelters has increased the demand for raw materials, but the import of lead concentrates has decreased, leading to a decline in processing fees. The high price of lead - containing waste materials has caused secondary lead smelters to remain in a loss state, and the supply side may tighten. Although the traditional peak season for lead - acid batteries is approaching, it is still in the off - season currently, and the battery enterprises' procurement and production are still cautious. Therefore, lead prices are expected to maintain range - bound fluctuations [3]. 3. Summary by Directory 1.1 Transaction Logic and Strategy - **Industrial Supply and Demand**: Domestic primary lead smelters' high - level operation has increased the demand for lead concentrates, with domestic and imported lead concentrate processing fees decreasing. The recycling of lead - containing waste materials is difficult, and waste prices have risen slightly. The operating rates of primary and secondary lead smelters have declined. The operating rate of lead - acid battery enterprises has increased slightly. Lead inventories in some regions have changed. Due to the tight supply of raw materials and high waste prices, the supply side may tighten. Although the peak season for lead - acid batteries is approaching, it is still in the off - season currently, and the operating rate has not increased significantly. Under the situation of weak supply and demand, lead prices may maintain range - bound fluctuations [3]. - **Trading Strategy**: For the short - term, lead prices will fluctuate within a range. One can buy a small number of far - month long positions at low prices. For arbitrage, it is advisable to wait and see [3]. Chapter 2: Raw Material End - **Primary Raw Material Supply**: The report mentions global and domestic lead ore production, lead concentrate imports, and import profits and losses [16]. - **Secondary Raw Material Supply**: It includes the price of lead - containing waste materials and the raw material inventory of secondary lead smelters [24]. Chapter 3: Smelting End - **Global Refined Lead**: Covers the balance, production, and demand of global refined lead [30][32][34]. - **Domestic Refined Lead Import and Export**: Involves import and export profits and losses, import and export volumes, and net export volumes [36]. - **Primary Lead Smelting Enterprise Profit**: Includes lead concentrate processing fees, smelting profits, sulfuric acid revenue, and silver revenue [37]. - **Primary Lead Supply**: Comprises the operating rate and production of primary lead smelting enterprises, and the production of major electrolytic lead delivery brands [39][40]. - **Secondary Lead Enterprise Cost and Profit**: Mentions the comprehensive cost and profit of scale and small - and medium - scale secondary lead enterprises [41][45]. - **Secondary Lead Supply**: Covers the operating rate and production of secondary lead smelting enterprises, and the production of secondary crude lead [49][50]. - **Domestic Lead Ingot Supply**: Consists of the total supply of domestic lead ingots, primary lead production, secondary lead production, and net exports of refined lead [51][52]. Chapter 4: Demand End - **Lead - Acid Batteries**: It includes the operating rate of lead - acid battery enterprises, dealer and enterprise finished - product inventories, and import and export volumes [57][58]. - **Lead Alloys and Their Plates**: Involves lead alloy prices, import and export of lead alloys, lead plates, and other lead plates [59][60]. - **Automobiles**: Covers Chinese automobile production, exports, and the production structure of traditional fuel vehicles and new - energy vehicles [61][62]. - **Motorcycles, Electricity, and Communications**: Includes motorcycle production, power engineering, grid engineering, communication construction volume, and power supply engineering [63][64].