Group 1: Report Information - Report title: Lead 3 Monthly Report, R & D Report of Non - ferrous Metals Sector [10][22][28] - Report date: March 31, 2026 [10][22][28] Group 2: Core View - The supply - demand contradiction of lead is not prominent, and the lead price may maintain a range - bound oscillation [4] Group 3: Fundamental Situation Lead Ore and Supply - Global lead concentrate production is presented in figures measured in thousands of tons [26] - Lead concentrate import profit and loss, import volume, domestic production, and total supply are shown in figures, with import volume in ten thousand physical tons and production in ten thousand tons [33][36] - The price of lead - containing waste and waste batteries is presented in figures measured in yuan per ton [45] Refined Lead - Global refined lead production, demand, and balance are presented in figures measured in thousands of tons [47][48] - China's electrolytic lead monthly production is presented in figures measured in ten thousand tons [55] - The monthly total and scale - divided start - up rates of primary lead smelting, lead concentrate processing fees, and primary lead smelting profit are presented in figures, with the start - up rate in percentage and profit in yuan per ton [57][59] - The monthly total and scale - divided start - up rates, cost, production profit, and monthly output of secondary lead smelting are presented in figures, with the start - up rate in percentage, cost and profit in yuan per ton, and output in ten thousand tons [65][70][72] - Refined lead import and export profit and loss, import and export volume are presented in figures, with profit and loss in yuan per ton and volume in ten thousand tons [76][78] - Domestic lead ingot total supply and monthly apparent consumption are presented in figures measured in ten thousand tons [81] - Domestic lead concentrate and lead ingot supply data from 2025 to 2026 are presented in a table, including production, net import volume, total supply, etc., with production and supply in ten thousand tons and growth rate in percentage [84] Downstream Demand - SMM lead - acid battery monthly and weekly start - up rates are presented in figures [87] - Lead - acid battery import and export are presented in figures [92] - Lead - acid battery enterprise and dealer monthly finished product inventory days are presented in figures [93] - Automobile, new energy vehicle, motorcycle production, and automobile export, new energy vehicle export are presented in figures [97][105][111] - Power project investment completion amount, communication base station construction volume, and lead alloy import and export are presented in figures [113][115] Group 4: Market Outlook and Strategy Recommendation - The report has a section on market outlook and strategy recommendation, but specific content is not provided in the given text [123]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The lead price is expected to remain in a low - level wide - range oscillation pattern, with limited downstream demand boosting the price and high domestic inventory pressuring it. However, the firm price of waste batteries provides strong support for the lead price. Future attention should be paid to the resumption of production of recycled lead and the progress of recycled lead's inclusion in the delivery system [5] 3. Summary by Relevant Catalogs 3.1 Fundamental Changes - Processing Fees - In December 2025, the import volume of lead concentrate was about 149,000 tons, a month - on - month increase of 35.8% and a year - on - year increase of 24.63%. The import volume of lead ore has increased month - on - month for two consecutive months, but the domestic lead concentrate market demand is high in winter, and the domestic mine supply shortage continues. The domestic and foreign lead concentrate processing fees have further declined at a low level. In March, the domestic monthly processing fee was 200 - 300 yuan/ton, flat month - on - month; the import monthly processing fee was - 160 - - 140 US dollars/dry ton, flat month - on - month. In terms of spot processing fees, the domestic weekly processing fee for lead ore was 200 - 300 yuan/ton, flat week - on - week; the import weekly processing fee was - 160 - - 130 US dollars/dry ton, flat week - on - week [2] 3.2 Fundamental Changes - Supply - In February 2026, the domestic electrolytic lead production was 283,700 tons, a month - on - month decrease of 17.07% and a year - on - year decrease of 1.21%. The production of recycled refined lead in February 2026 was 154,700 tons, a month - on - month decrease of 45.18% and a year - on - year decrease of 11.36%. After the Spring Festival, the maintenance of primary lead enterprises ended, and the current precious metal prices are still high, so the profits of primary lead smelting enterprises are still considerable, and the production has increased month - on - month. After the Lantern Festival, the losses of recycled lead enterprises expanded, causing the originally expected centralized resumption of production in early March to be postponed to after mid - March. It is expected that the effective production of recycled lead will be concentrated in the second half of the month. If the losses continue, the resumption of production in late March may fall short of expectations, and the tight supply of recycled lead may support the lead price periodically. Currently, after the lead price has fallen, the price of waste batteries is relatively resistant to decline, and recycled lead enterprises are deeply in losses. In addition, the inclusion of recycled lead as a deliverable (implemented on March 17) will increase the deliverable supply in the futures market, reducing the risk of cornering the market and putting pressure on the overall valuation. In terms of imports, the Shanghai - London ratio has rebounded, and refined lead is in a state of import profit, so the overseas lead surplus pressure will flow into the domestic market [3] 3.3 Fundamental Changes - Consumption - The weekly operating rate of battery enterprises has rebounded to 71.68%. After the Lantern Festival, the lead - acid battery market has entered a comprehensive recovery state. Most production enterprises have basically resumed production, and as the number of workers on the job increases, the output has gradually increased, driving the weekly operating rate of lead - acid battery enterprises to rise significantly. Currently, the terminal consumption of electric bicycles and automobile battery markets is average. The inventory of dealers is relatively high, and the finished - product inventory of battery factories is digested slowly, with relatively large inventory pressure. Downstream enterprises have weak purchasing intentions, only maintaining long - term order pick - up or replenishing inventory as needed, and there is no concentrated stockpiling market [4] 3.4 Fundamental Changes - Spot - As of the week of March 6, the domestic lead spot basis was slightly at a discount, and the weekend lead spot basis was at a discount of 5 yuan. The LME lead spot remained at a deep discount, with a weekend discount of - 42.91 US dollars [4] 3.5 Fundamental Changes - Inventory - As of the week of March 6, the weekly LME lead inventory decreased by 200 tons to 285,900 tons. The LME inventory fluctuated at a high level and was at an absolute high in the past five years. The weekly inventory of lead on the Shanghai Futures Exchange increased by 2,162 tons to 66,800 tons. As of March 10, the domestic lead ingot social inventory was 73,700 tons, a month - on - month increase of 7.12%, and it has increased for two consecutive periods, reaching an absolute high level in the past four years [4]

Group 1 - The global refined lead consumption for December 2025 is projected to be 1,158.1 thousand tons, an increase from 1,150.8 thousand tons in November 2025 [1] - The total global refined lead consumption for 2025 is expected to reach 13,563 thousand tons, up from 13,355 thousand tons in 2024 [1] - The global lead market is expected to have a surplus of 27.0 thousand tons in December 2025, compared to a surplus of 22.2 thousand tons in November 2025 [1] Group 2 - Global refined lead production is anticipated to grow by 1.6% due to increases in Canada, China, India, Mexico, and Brazil [2] - The net imports of lead concentrate in China increased by 14.1%, reaching 1,240 thousand tons, while net imports of refined lead decreased to 52 thousand tons from 126 thousand tons the previous year [2] - The total inventory reported by exchanges, including the London Metal Exchange and Shanghai Futures Exchange, slightly increased to 555 thousand tons by the end of 2025 [2] Group 3 - Global mined lead production is expected to grow by 0.8%, with increases noted in China, India, Peru, Turkey, and Europe, while production in Australia, Kazakhstan, and the United States is expected to decline [1] - The recovery rate in global production remains approximately 67.4%, a slight decrease from 67.8% in 2024 [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The Shanghai lead market is expected to continue its weak and volatile trend. The domestic supply and demand are both weak, with inventory accumulating at a low level. In the medium term, attention should be paid to the holiday situation of secondary lead and downstream enterprises, as well as changes in waste battery costs and domestic inventory [5]. Summary by Relevant Catalogs Fundamental Changes - In December 2025, the import volume of lead concentrates was about 149,000 tons, a month - on - month increase of 35.8% and a year - on - year increase of 24.63%. The domestic winter demand for lead concentrates is high, and the domestic mine supply shortage continues. The domestic and foreign lead concentrate processing fees have further declined at a low level. In February, the domestic monthly processing fee is 200 - 300 yuan/ton, a monthly decrease of 50 yuan/ton; the import monthly processing fee is - 160 - - 140 US dollars/dry ton, a monthly decrease of 5 US dollars/dry ton. The domestic lead ore weekly processing fee is 200 - 300 yuan/ton, a weekly decrease of 50 yuan/ton; the import weekly processing fee is - 160 - - 140 US dollars/dry ton, a weekly decrease of 5 US dollars/dry ton [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%, higher than expected. The output of secondary 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 was 66.85%, a week - on - week decrease of 0.19%. The operating rate of secondary lead in four provinces was 50.26%, a week - on - week decrease of 0.12%. The import window for refined lead remains open, but the import profit has slightly narrowed [3]. Consumption - This week, the weekly comprehensive operating rate of lead - acid battery enterprises in five provinces was 70.77%, basically unchanged from last week. The electric bicycle battery market is the weakest in consumption, and some enterprises plan to reduce production and advance the Spring Festival holiday. The domestic consumption of the automotive battery market is okay, but export orders are weak. The downstream battery enterprises' enthusiasm for stocking before the Spring Festival is lower than in previous years, and some enterprises plan to take an early holiday, leading to an accumulation of social inventory [4]. Spot - As of the week of January 23, the domestic lead spot basis fluctuated between premiums and discounts. The lead spot basis was at a premium of 55 yuan last weekend. The LME lead spot continued to be in a deep discount state, with a discount of - 44.56 US dollars last weekend [4]. Inventory - As of the week of January 23, the LME lead weekly inventory increased by 8,825 tons to 215,200 tons, and the inventory was fluctuating at a high level. The weekly inventory of lead on the Shanghai Futures Exchange decreased by 7,693 tons to 29,351 tons. As of January 26, the total social inventory of lead ingots in five locations reached 34,900 tons, and the inventory continued to rise month - on - month but was at a relatively low level in the past four years [4].

Core Insights - The World Bureau of Metal Statistics (WBMS) reported a global refined lead supply shortage of 11,500 tons in November 2025, with production at 113,180 tons and consumption at 114,320 tons [1] - From January to November 2025, global refined lead production totaled 1,230,110 tons, while consumption reached 1,251,120 tons, resulting in a supply shortfall of 21,010 tons [1] - In November 2025, global lead mine production was recorded at 40,780 tons [1] - For the period of January to November 2025, global lead mine production amounted to 422,490 tons [1]

Group 1: Report Overview - The report is a 2026 annual report on lead in the non - ferrous metals sector, dated December 31, 2025, with the title "Regeneration of Lead Supply Contradiction Continues and Lead Price Fluctuates Widely" [4][10][18] Group 2: Fundamental Information Lead Concentrate - Global and domestic lead concentrate production data are presented in multiple figures, including production in thousands of tons and million tons [28][34][39] - Lead concentrate import data such as import volume and import profit and loss are provided [31] - Domestic lead concentrate production and total supply data from 2024 - 2025 are detailed in a table, showing monthly production, year - on - year growth, net import volume, and total supply [91] Refined Lead - Global refined lead production, demand, and balance are shown, with data in thousands of tons [48][53] - In China, data on electrolytic lead monthly production, smelting start - up rates (both total and by scale) for primary and secondary lead are presented, along with smelting costs and profits [65][67][74] - Refined lead import and export data, including import and export volume and profit and loss, are provided [80][81] - Domestic lead ingot total supply and apparent consumption data are presented [89] Lead Consumption - Data on lead - acid battery production, including monthly and weekly start - up rates, export and import, and inventory days of finished products for enterprises and dealers, are provided [102][109][112] - Data on automobile, new - energy vehicle, motorcycle production, and export, as well as power project investment and communication base - station construction, are presented, which are related to lead consumption [120][122][130] - Global and domestic lead balance tables are provided, showing data from 2019 - 2026E, including production at the mine and smelting ends, consumption, and balance [144][145] Group 3: Future Outlook and Strategy Recommendation - The report includes a section on future outlook and strategy recommendation, although the specific content is not provided in the given text [146]

Core Insights - The International Lead and Zinc Study Group (ILZSG) reported a global refined lead consumption of 1.1157 million tons in October 2025, an increase from 1.0692 million tons in September 2025 [1] - The global refined lead market experienced a supply shortage of 14,400 tons in October 2025, compared to a shortage of 14,100 tons in September 2025 [1] - For the period from January to October 2025, global refined lead consumption reached 10.933 million tons, up from 10.773 million tons in the same period of 2024 [1] Consumption and Production Data - Global refined lead production in October 2025 was 1.1013 million tons, an increase from 1.0551 million tons in September 2025 [1] - The total global refined lead production from January to October 2025 was 10.953 million tons, compared to 10.773 million tons in the same period of 2024 [1] - Global mine production of lead in October 2025 was 403,000 tons, up from 392,300 tons in September 2025 [1] Supply and Demand Balance - The global lead market showed a supply surplus of 20,000 tons from January to October 2025, contrasting with a balanced supply-demand situation in the same period of 2024 [1] - The supply-demand balance for October 2025 indicated a continued tightening in the market, with a notable shift from surplus to shortage [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The lead market will experience wide - range fluctuations in 2026. The supply of lead concentrates will shift from shortage to tight balance, with global new capacity increasing from 110,000 tons in 2025 to 230,000 tons in 2026. The processing fees are expected to remain low with a narrowing decline. The price of waste batteries is likely to rise due to supply - demand mismatch [2][71]. - The growth of global refined lead supply will slow down in 2026. Domestic primary lead production will increase by 100,000 tons to 3.94 million tons, while secondary lead production may decrease by 0.5% year - on - year due to the implementation of the new national standard and constraints on raw materials and profits [2][71]. - Policy support for terminal consumption is expected to continue, with replacement demand and new - standard electric vehicle demand driving battery consumption. However, battery exports will face challenges from trade barriers and technological substitution, leading to a slight decline in consumption growth [2][71]. - Overall, macro - drivers are moderately positive, and cost support and rigid procurement will underpin lead prices. But increased supply and falling demand growth may lead to a wider supply - demand surplus, causing the main contract price of Shanghai lead futures to fluctuate widely between 16,500 - 18,000 yuan/ton in 2026 [2][72]. 3. Summary by Directory 3.1 Lead Market Review - In 2025, Shanghai lead futures showed wide - range fluctuations, mainly between 16,165 - 17,840 yuan/ton. By December 10, the main contract price closed at 17,115 yuan/ton, up 1.7% from the beginning of the year [7]. - London lead futures were slightly weaker than Shanghai lead. By December 10, the price closed at 1,988 US dollars/ton, up 2.8% from the beginning of the year [8]. 3.2 Lead Fundamental Analysis 3.2.1 Lead Ore Supply - In 2025, global new lead concentrate capacity was 110,000 tons, with overseas capacity increasing by about 60,000 tons and domestic by about 55,000 tons. In 2026, global new capacity is expected to increase to 230,000 tons, with overseas at 90,000 tons and domestic at 143,000 tons [12][13][14]. - In 2025, lead concentrate processing fees continued to decline, with domestic and imported fees dropping by 300 yuan/metal ton and 125 US dollars/dry ton respectively by December. In 2026, processing fees are expected to remain weak with a slowdown in the decline [21]. - In 2025, lead ore imports increased by 10% year - on - year to about 1.36 million tons. In 2026, the growth rate is expected to slow to about 5%. Silver concentrate imports are expected to grow steadily [22][23]. 3.2.2 Refined Lead Supply - In 2025, global refined lead production increased by 4.42% to 13.341 million tons. In 2026, production is expected to grow by 1% to 13.472 million tons [27][30]. - In 2025, domestic primary lead production increased by 6.4% to 3.84 million tons. In 2026, production is expected to increase by 2.6% to 3.94 million tons [32]. - In 2025, domestic secondary lead production decreased by 0.5% to 3.176 million tons. In 2026, with the implementation of the new national standard, production is expected to decrease by another 0.5% to 3.16 million tons [37][40]. 3.2.3 Refined Lead Demand - In 2025, global refined lead consumption increased by 1.8% to 13.25 million tons, with a surplus of 91,000 tons. In 2026, consumption is expected to grow by 0.9% to 13.37 million tons, with a slightly wider surplus [49][50]. - In 2025, refined lead and lead products had a net import, while battery exports decreased significantly. In 2026, the export growth of refined lead and lead products is expected to slow, and net imports will continue. Battery exports will still face challenges but may decline at a slower pace [52][53]. - Policy support for terminal consumption will continue. In 2026, electric bicycle and automobile sectors will maintain demand for lead - acid batteries, and the energy storage sector will see stable growth, but lithium - ion battery substitution will pose long - term pressure [57][60][61]. 3.2.4 Inventory Performance - In 2025, LME lead inventory increased slightly and fluctuated at a high level, reaching 236,900 tons by December 9. Domestic inventory decreased significantly, dropping to 20,500 tons by December 8 [66]. 3.3 Summary and Outlook for the Future - In 2026, the lead market will be affected by cost and supply - demand factors, with the main contract price of Shanghai lead futures fluctuating widely between 16,500 - 18,000 yuan/ton [72].

Group 1: Nickel and Aluminum - In September 2025, global refined nickel production was 325,500 tons, with consumption at 308,400 tons, resulting in a surplus of 17,100 tons [1] - For the first nine months of 2025, global refined nickel production reached 2,876,900 tons, while consumption was 2,602,400 tons, leading to a surplus of 274,500 tons [1] - In September 2025, global primary aluminum production was 6,016,300 tons, with consumption at 6,208,400 tons, resulting in a shortage of 192,100 tons [1] - For the first nine months of 2025, global primary aluminum production totaled 54,549,900 tons, while consumption was 55,835,300 tons, leading to a shortage of 1,285,400 tons [1] Group 2: Lead and Tin - In September 2025, global refined lead production was 1,137,900 tons, with consumption at 4,800 tons, resulting in a surplus of 1,133,100 tons [1] - For the first nine months of 2025, global refined lead production reached 10,064,100 tons, while consumption was 9,122,700 tons, leading to a surplus of 941,400 tons [1] - In September 2025, global refined tin production was 32,500 tons, with consumption at 27,600 tons, resulting in a surplus of 4,900 tons [1] - For the first nine months of 2025, global refined tin production totaled 260,200 tons, while consumption was 269,500 tons, leading to a shortage of 9,200 tons [1] Group 3: Copper and Zinc - In September 2025, global refined copper production was 2,333,300 tons, with consumption at 2,414,500 tons, resulting in a shortage of 81,300 tons [2] - For the first nine months of 2025, global refined copper production reached 20,616,000 tons, while consumption was 20,491,400 tons, leading to a surplus of 124,600 tons [2] - In September 2025, global zinc production was 1,193,500 tons, with consumption at 1,229,200 tons, resulting in a shortage of 35,700 tons [2] - For the first nine months of 2025, global zinc production totaled 10,363,200 tons, while consumption was 10,736,900 tons, leading to a shortage of 373,700 tons [2]

Core Viewpoint - Toho Zinc plans to increase refined lead production in the second half of the 2025/26 fiscal year to 41,300 tons, a 10.5% increase from 37,369 tons in the same period last year [1] Production Plans - The production for the first half of the fiscal year is reported at 39,700 tons [1] - The second half of the fiscal year runs from October 2025 to March 2026 [1] Business Strategy - Toho Zinc has suspended major facilities at its Annaka smelting and refining plant in northern Tokyo by the end of March 2025, marking its exit from the zinc smelting business [1] - The announcement of the production plan was delayed this year to allow time for analysis of the reasons behind the production decline in the first half of the fiscal year and to consider countermeasures [1]