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]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The LME lead inventory has decreased, providing support for lead prices [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Price**: The closing price of SHFE lead main contract was 16,775 yuan/ton, down 0.45%; the closing price of LME lead 3M electronic disk was 1,981 dollars/ton, also down 0.45% [1]. - **Volume**: The trading volume of SHFE lead main contract was 30,595 lots, a decrease of 2,006 lots; the trading volume of LME lead was 3,833 lots, a decrease of 1,426 lots [1]. - **Open Interest**: The open interest of SHFE lead main contract was 49,496 lots, a decrease of 1,711 lots; the open interest of LME lead was 159,114 lots, a decrease of 522 lots [1]. - **Premium and Discount**: The premium of Shanghai 1 lead was -25 yuan/ton, unchanged; the LME CASH - 3M premium was -43.24 dollars/ton, a decrease of 2.37 dollars/ton [1]. - **Inventory**: SHFE lead futures inventory was 62,225 tons, an increase of 441 tons; LME lead inventory was 260,475 tons, a decrease of 625 tons [1]. - **Scrap Battery and Refined Lead**: The price of scrap electric vehicle batteries was 10,175 yuan/ton, unchanged; the price of recycled refined lead was 16,675 yuan/ton, a decrease of 50 yuan/ton [1]. - **Profit and Loss**: The spot import profit and loss of lead ingots was -486.03 yuan/ton, an increase of 48.91 yuan/ton; the SHFE lead continuous third - month import profit and loss was -536.75 yuan/ton, a decrease of 11.92 yuan/ton [1]. News - The US PPI in July increased by 0.9% month - on - month, the highest monthly growth rate in three years, far exceeding the Wall Street expectation of 0.2%, indicating that enterprises are passing on the rising import costs related to tariffs [1]. - Trump told Zelensky that if everything goes well, a tri - lateral meeting between the US, Russia, and Ukraine will be held [1]. Lead Trend Intensity The lead trend intensity is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [1].