Group 1 - The stock price of Yuguang Gold Lead on August 12 was 8.50 yuan, down 0.05 yuan from the previous trading day, with a decline of 0.58% [1] - The opening price on the same day was 8.53 yuan, reaching a high of 8.54 yuan and a low of 8.44 yuan, with a trading volume of 240,200 hands and a transaction amount of 204 million yuan [1] - Yuguang Gold Lead's main business includes non-ferrous metal smelting and processing, with key products such as electrolytic lead, gold, and silver [1] Group 2 - On the evening of August 12, Yuguang Gold Lead announced that the fourth extraordinary general meeting of shareholders in 2025 approved the proposal to provide guarantees for related parties [1] - On August 12, the net outflow of main funds was 18.59 million yuan, with a cumulative net outflow of 89.49 million yuan over the past five days [1]

Core Insights - The China Commodity Price Index (CBPI) rose by 0.5% month-on-month in July 2025, marking three consecutive months of positive growth, indicating optimistic business expectations and overall market expansion [1][5] - The overall stability in the commodity market is supported by the implementation of "anti-involution" policies and increased macroeconomic counter-cyclical adjustment measures [5][7] - Despite the positive trends, global commodity price volatility and external uncertainties remain significant challenges for certain industries [1][5] Commodity Price Index Summary - The CBPI for July 2025 is reported at 111.4 points, with a month-on-month increase of 0.5% and a year-on-year decrease of 2.7% [3][6] - The black metal price index rebounded to 77.9 points, up 1.7% month-on-month, while the non-ferrous price index rose to 130.1 points, up 1.1% month-on-month [3][7] - The energy price index decreased to 96.7 points, down 0.6% month-on-month, and the chemical price index fell to 102.9 points, down 1.4% month-on-month [3][8] Sector-Specific Insights - In July, 32 out of 50 monitored commodities saw price increases, with lithium carbonate, industrial silicon, and coking coal rising by 10.2%, 9.8%, and 9.6% respectively [5][6] - The chemical sector experienced a decline, with methanol and cement prices dropping by 5% and 4.8% respectively, attributed to supply-demand imbalances and increased inventories [8][9] - The agricultural price index slightly decreased to 97.9 points, down 0.2% month-on-month, influenced by high temperatures and lower-than-expected summer consumption [8][9] Market Dynamics - The rebound in black metal prices is driven by improved market confidence and rising prices of raw materials like coking coal and coke [6][7] - The energy sector's decline is linked to seasonal production slowdowns and weaker downstream demand [7][8] - The mineral price index fell to 71.7 points, down 2.7% month-on-month, due to weak downstream demand and increased inventory pressures [9]

Group 1: Report Title and Investment Rating - Report Title: "Shanghai Lead May Face Adjustment" [1] - Investment Rating: Not provided Group 2: Core View - The supply of primary and recycled lead is increasing, but the peak - season demand has not started yet. The supply - demand situation of lead is weakening marginally. With the loosening of waste battery costs, the pressure on high lead prices is increasing, and lead prices may face adjustment. Attention should be paid to the possibility of further improvement in demand later [7] Group 3: Fundamental Changes Processing Fees - In May 2025, China imported 103,900 tons of lead concentrates, a 6% month - on - month decrease. The domestic lead concentrate imports continued to decline month - on - month but remained at a moderately high level. The supply of domestic concentrates became more tense, and the processing fees of domestic and foreign lead concentrates continued to decline at a low level. In July, the domestic monthly processing fee was 400 - 700 yuan/ton, a month - on - month decrease of 50 yuan; the imported monthly processing fee was - 60 - - 30 US dollars/dry ton, a month - on - month decrease of 15 US dollars. The domestic weekly processing fee for lead ore was 400 - 700 yuan/ton, remaining flat week - on - week; the imported weekly processing fee was - 70 - - 40 US dollars/dry ton, also remaining flat week - on - week [3] Supply - In May 2025, the electrolytic lead output was 331,200 tons, a 3.53% month - on - month increase and a 14.7% year - on - year increase. In June (regular maintenance season), most enterprises planned to start maintenance after mid - June, and the reduction was obvious in late June. The output of recycled refined lead in May was 223,500 tons, significantly lower than expected, a 36.4% month - on - month decrease and a 16.5% year - on - year decrease. In June, the price of waste batteries rebounded, but the profit of recycled lead enterprises did not improve, and the scale of production reduction of recycled lead was still large. Last week, the operating rate of primary lead in three provinces decreased by 3.78 percentage points to 66.21% week - on - week. In July, some primary lead enterprises resumed production after maintenance, and the operating rate rebounded significantly this week. Last week, the weekly operating rate of recycled lead in four provinces was 34.62%, a 4.96 - percentage - point decrease week - on - week. Last week, the price of waste batteries increased with the rising lead price, and the profit of recycled lead improved. This week, the price of waste batteries fluctuated slightly downward, and the profit of recycled lead continued to recover. Some recycled lead enterprises were more willing to resume production, and the supply of recycled lead was expected to gradually increase. Recently, the internal - external price ratio fluctuated at a low level, and the lead ingot import window remained closed [4] Consumption - Last week, the weekly comprehensive operating rate of lead - acid battery enterprises in five provinces decreased week - on - week. At the end of the year, many large enterprises closed their accounts and reduced or stopped production. The willingness of dealers to take delivery was average during the week. Battery factories actively reduced prices to destock, but the effect was not good. The operating rate of large lead - acid battery enterprises was 63%, slightly lower than the previous week. The inventory of finished batteries was 30 days, and the inventory of raw material lead ingots was 4 days. The operating rate of small and medium - sized battery factories was 60 - 65%, the inventory of finished batteries was 21 days, and the raw material inventory was 4 days. This week, the rainy season ended in many places, and battery enterprises that reduced production at the end of the year resumed production. However, it was currently in the transition period between the off - season and the peak - season, and the peak - season demand had not started yet. Market dealers reported that orders were poor and the willingness to replenish inventory was low [5] Spot and Inventory - As of the week ending June 27, the premium of the domestic lead spot to the active month's contract decreased, and the premium was 35 yuan at the weekend. The discount of the LME lead spot narrowed slightly, and the discount was 22.14 US dollars at the end of last week. As of the week ending June 27, the weekly inventory of LME lead decreased by 10,650 tons to 273,400 tons. Although the inventory decreased significantly from a high level, it was still at an absolute high level in the past five years. The weekly inventory of SHFE lead increased by 638 tons to 51,900 tons. As of June 30, the domestic social inventory was 52,300 tons, and the inventory was gradually accumulating. Currently, the social inventory was at a moderately low level [6] Group 4: Market Outlook and Strategy - Last week, the LME lead inventory decreased significantly from a high level but remained at an absolute high level in the past five years. The spot discount narrowed slightly, and the supply - demand of overseas lead remained relatively loose. In May, the import volume of lead concentrates continued to decline month - on - month but was still higher than the same period in previous years. The monthly processing fees of domestic and foreign lead ores further declined at a low level, and the expectation of tight supply of lead concentrates intensified. In July, many primary lead enterprises resumed production after maintenance. The price of waste batteries loosened, the profit of recycled lead enterprises was recovering, and the willingness of recycled lead enterprises to resume production was high. It was expected that the short - term tight supply situation of lead would ease. This week, the rainy season ended in many places, and battery enterprises that reduced production at the end of the year resumed production. However, it was currently in the transition period between the off - season and the peak - season, and the peak - season demand had not started yet. Market dealers reported that orders were poor and the willingness to replenish inventory was low, and the spot was quoted at a discount. Overall, the supply of primary and recycled lead increased, the peak - season demand had not started yet, the supply - demand situation of lead weakened marginally, and with the loosening of waste battery costs, the pressure on high lead prices increased, and lead prices may face adjustment. Attention should be paid to the possibility of further improvement in demand later [7]

1. Report Industry Investment Rating - Absolute price: Cautiously bullish [3] - Option strategy: Sell put options [3] 2. Core View of the Report - The domestic lead ore supply remains relatively tight, and smelters have low willingness to purchase high-silver ores. It is currently the transition period between the off-season and peak season. The energy storage battery sector performs outstandingly, with the operating rates of relevant enterprises generally reaching 80 - 100%. The industry is optimistic about the second half of the year, and the operating rates of other battery sectors are also gradually recovering. The electrolytic lead market transactions have slightly improved [1][2][3] 3. Summary by Relevant Catalog Market News and Important Data - **Spot**: On July 8, 2025, the LME lead spot premium was -$25.31/ton. The SMM 1 lead ingot spot price decreased by 75 yuan/ton to 16,900 yuan/ton. The SMM Shanghai lead spot premium remained unchanged at -40 yuan/ton. The SMM Guangdong lead spot price decreased by 75 yuan/ton to 16,950 yuan/ton. The SMM Henan lead spot price decreased by 100 yuan/ton to 16,900 yuan/ton. The SMM Tianjin lead spot premium decreased by 75 yuan/ton to 16,975 yuan/ton. The lead refined-scrap price difference remained unchanged at -25 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 10,300 yuan/ton, the price of waste white shells remained unchanged at 10,175 yuan/ton, and the price of waste black shells remained unchanged at 10,525 yuan/ton [1] - **Futures**: On July 8, 2025, the main SHFE lead contract opened at 17,180 yuan/ton, closed at 17,160 yuan/ton, down 50 yuan/ton from the previous trading day. The trading volume was 35,649 lots, an increase of 6,243 lots from the previous trading day. The open interest was 51,617 lots, an increase of 572 lots from the previous trading day. The intraday price fluctuated, with the highest reaching 17,185 yuan/ton and the lowest reaching 17,065 yuan/ton. In the night session, the main SHFE lead contract opened at 17,375 yuan/ton and closed at 17,365 yuan/ton, up 65 yuan/ton from the afternoon close [1] Supply and Demand - The lead price fluctuated weakly. Sellers adjusted prices according to the market, some smelters tried to maintain prices, and downstream enterprises made purchases on a need-to basis at low prices. The electrolytic lead market transactions slightly improved [2] - In Henan, smelters' quotes were at a premium of 0 - 20 yuan/ton over SMM 1 lead for ex-factory, and traders' quotes were at a discount of 180 - 160 yuan/ton to the SHFE lead 2508 contract for ex-factory, with some large-discount supplies being traded. In Hunan, smelters' quotes were at a discount of 30 - 20 yuan/ton to SMM 1 lead for ex-factory, and traders' quotes at a discount of 200 yuan/ton to the SHFE lead 2508 contract had difficulty in making transactions. In Yunnan, holders' quotes were at a discount of 200 yuan/ton to SMM 1 lead for ex-factory [2] Inventory - On July 8, 2025, the total SMM lead ingot inventory was 58,000 tons, an increase of 1,000 tons from the same period last week. As of July 8, the LME lead inventory was 258,075 tons, a decrease of 1,900 tons from the previous trading day [2]

Core Insights - The China Commodity Price Index (CBPI) for May 2025 is reported at 110.3 points, reflecting a month-on-month increase of 0.3% but a year-on-year decrease of 7.2% [1][3] - The index shows signs of stabilization and improvement due to a temporary easing of US-China trade tariffs, which has restored some market confidence [1][3] - Despite the recovery in global commodity prices, external uncertainties and insufficient effective demand remain significant challenges for various industries [1][3] Price Index Summary - The CBPI increased from 109.9 points in April to 110.3 points in May, with a month-on-month rise of 0.4 points [3] - The energy price index decreased to 96.3 points, down 2.1% month-on-month and down 14.9% year-on-year [3][4] - The chemical price index rebounded to 102.8 points, with a month-on-month increase of 0.5% but a year-on-year decline of 13.7% [3][4] - The black metal price index fell to 78.7 points, down 0.8% month-on-month and down 11.4% year-on-year [3][4] - The non-ferrous metal price index rose slightly to 127.7 points, up 0.9% month-on-month but down 5.2% year-on-year [3][4] - The agricultural product price index increased to 98.2 points, with a month-on-month rise of 0.5% and a year-on-year increase of 2% [3][4] Commodity Price Movements - Among 50 monitored commodities, 32 (64%) saw price declines while 17 (34%) experienced price increases in May [5] - The top three commodities with price increases were PTA (up 9.5%), ethylene glycol (up 4.6%), and corn (up 4.3%) [5] - The largest price declines were observed in industrial silicon (down 10.2%), lithium carbonate (down 10%), and soybean meal (down 9.9%) [5]

Core Viewpoint - The 2025 Investor Online Reception Day in Henan highlighted the focus on performance growth, new business development, market strategies, and investor engagement among listed companies in the region [1][13]. Group 1: Performance Growth - Many companies, including Palm Holdings, Luoyang Molybdenum, and Huifeng Diamond, received inquiries about their growth plans during the event [3]. - Palm Holdings emphasized three key areas for 2025: strengthening core business, adjusting debt structure, and optimizing asset structure while seeking new growth avenues [3]. - Luoyang Molybdenum reported a copper production guidance of 600,000 to 660,000 tons for 2025, focusing on geological exploration and resource upgrades [4]. Group 2: New Business Development - Huifeng Diamond is expanding its market share in ultra-fine and nano-powder sectors and plans to enhance applications of functional diamonds in new fields [5][6]. - Tongda Co. is developing cables for robotics and data centers, anticipating increased demand from these rapidly growing industries [6]. - Shuanghui Development is diversifying its product offerings to meet various consumer needs, particularly in the processed meat sector [6]. Group 3: Market Value Management - Companies like Yuguang Gold Lead and Zhongyuan Environmental Protection are focusing on enhancing their intrinsic value and market management strategies [7]. - Yuguang Gold Lead aims to strengthen its leading position in electrolytic lead and silver production while expanding its business scope [7]. - Zhongyuan Environmental Protection is committed to improving investor returns and promoting high-quality development through effective market management [7]. Group 4: Shareholder Returns - Shenhua Co. maintains a cash dividend tradition, with a payout ratio of approximately 41.78% for 2024, reflecting its commitment to shareholder returns [8]. - Hualan Biological has a three-year dividend plan to ensure stable returns for investors [8]. Group 5: Response to Tariff Impacts - Companies like Zhiou Technology and Yutong Bus are implementing strategies to mitigate the impact of tariffs on their operations [9][10]. - Zhiou Technology is establishing low-cost inventory in the U.S. to stabilize market share and is increasing procurement from Southeast Asia to counter tariff effects [9]. - Yutong Bus reported that U.S. tariffs do not directly affect its overseas sales, as its primary markets are in Europe, Latin America, and Asia [10]. Group 6: Embracing New Technologies - Zhiou Technology is prioritizing AI development, enhancing customer service efficiency and product management through AI applications [11]. - The company plans to integrate various ecosystems to improve operational efficiency and product lifecycle management by 2025 [11]. Group 7: Mergers and Acquisitions - Companies like Chengfa Environment and Jiaozuo Wanfang are actively engaging in mergers and acquisitions to enhance their market positions [12]. - Jiaozuo Wanfang is currently auditing its acquisition of Sanmenxia Aluminum, aiming to create a complete aluminum material industry chain post-restructuring [12]. Group 8: Investor Engagement and Protection - The event facilitated significant interaction between investors and companies, with a response rate of 87.89% to investor inquiries [13][14]. - In 2024, Henan listed companies achieved a total revenue of 1,055.935 billion yuan, marking a 6.01% year-on-year growth, with 87 out of 111 companies reporting profits [15][16].

Investment Rating - The investment rating for GaoNeng Environment (603588) is not explicitly stated in the report [1]. Core Views - The report highlights that the environmental engineering segment has negatively impacted the company's performance, while the resource utilization segment has shown steady improvement in profitability [1][3]. - In 2024, the company achieved a revenue of 14.5 billion yuan, a year-on-year increase of 37.04%, but the net profit attributable to shareholders decreased by 4.52% to 482 million yuan due to the decline in the environmental engineering segment and goodwill impairment related to acquisitions [1][3]. - The report anticipates continued growth in revenue and profitability for the resource utilization segment, driven by operational improvements and new project launches [3][6]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 14.5 billion yuan, with a year-on-year growth of 37.0%. The net profit attributable to shareholders was 482 million yuan, reflecting a decrease of 4.5% [5]. - The gross margin for 2024 was 14.4%, down from 18.2% in 2023, while the return on equity (ROE) was 5.3% [5]. - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares, totaling 609 million yuan, which represents 126.46% of the net profit attributable to shareholders [6]. Segment Performance - The hazardous waste resource utilization segment generated revenue of 11.137 billion yuan in 2024, a significant increase of 72.17%, with a gross margin of 9.14% [3]. - The environmental operation service segment achieved revenue of 1.729 billion yuan, a year-on-year increase of 6.25%, while the environmental engineering segment saw a revenue decline of 34.26% to 1.633 billion yuan [3][6]. Future Projections - The report projects that the company's revenue will reach 16.747 billion yuan in 2025, with a growth rate of 15.5%, and net profit attributable to shareholders is expected to increase to 657 million yuan, reflecting a growth rate of 36.3% [5][6]. - The company is expected to continue focusing on enhancing its operational efficiency and expanding its service offerings in the environmental sector [3][6].