截至2025年底，包括伦敦金属交易所、上海期货交易所及其他报告的库存量略有增加，达到55.5万吨。 中国精矿中含铅的净进口量增长了14.1%，达到124 万吨；而精炼铅的净进口量则下降至5.2万吨，低于 上年的12.6万吨。 以下为详细数据（单位：千吨） | (单位为1,000吨) | 2025年12月 | 2025年11月 | 2025年 | 2024年 | | --- | --- | --- | --- | --- | | 全球矿山铝产量 | 402. 2 | 402. 4 | 4,575 | 4,541 | | 全球精炼铅产里 | 1, 185. 1 | 1, 173.0 | 13, 633 | 13, 416 | | 全球精炼铝消费里 | 1, 158. 1 | 1, 150. 8 | 13,563 | 13, 355 | | 全球精炼铝供需平衡 | 27.0 | 22.2 | 70 | 61 | 2025年全球矿山铅产量增长了0.8%，其中中国、印度、秘鲁、土耳其和欧洲的产量有所增长，但澳大 利亚、哈萨克斯坦和美国的产量则有所下降。全球生产中的回收产量大致保持在67.4%不变，而2024年 这一比例 ...

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].

新能源及有色金属日报 | 2026-02-11 市场成交仍明显偏淡 铅价反弹或难持续 现货方面：2026-02-10，LME铅现货升水为-49.30美元/吨。SMM1#铅锭现货价较前一交易日变化100元/吨至16525 元/吨，SMM上海铅现货升贴水较前一交易日变化 -25元/吨至0.00元/吨，SMM广东铅现货较前一交易日变化100元 /吨至16575元/吨，SMM河南铅现货较前一交易日变化150元/吨至16550元/吨，SMM天津铅现货升贴水较前一交易 日变化125元/吨至16600元/吨。铅精废价差较前一交易日变化0元/吨至-25元/吨，废电动车电池较前一交易日变化-25 元/吨至9875元/吨，废白壳较前一交易日变化0元/吨至9975元/吨，废黑壳较前一交易日变化0元/吨至10200元/吨。 期货方面：2026-02-10，沪铅主力合约开于16665元/吨，收于16665元/吨，较前一交易日变化80元/吨，全天交易日 成交58100手，较前一交易日变化8455手，全天交易日持仓42295手，手较前一交易日变化-8010手，日内价格震荡， 最高点达到16805元/吨，最低点达到16560元/吨。夜盘方面 ...

Group 1: Company Overview - China Nonferrous Metal Construction Co., Ltd. is one of the earliest enterprises to "go global," established in 1983, and a leader in the internationalization of China's nonferrous metal industry [2] - The company focuses on international engineering contracting and nonferrous metal resource development, forming a full industry chain from exploration to operation [2] - The company operates in over 40 countries and regions, with significant projects in the Middle East, Africa, and Kazakhstan [2] Group 2: Engineering Contracting Business - The company has rich project development and management experience, with a global contractor ranking of 104 by ENR [2] - In 2025, the company signed new contracts worth 84.71 billion yuan, with an uncompleted contract amount of 338.43 billion yuan as of December 31, 2025, ensuring steady growth for the next 3-5 years [2] - The company is actively advancing the acquisition of the Raura project in Peru, which has a processing capacity of 1 million tons per year [3] Group 3: Resource Expansion and Production - The Raura project has a resource reserve of 161.37 thousand tons of zinc, 34.78 thousand tons of lead, and 1,872 tons of silver [3] - The company plans to expand the production scale of the Baiyin No. 1 lead-zinc mine from 99 thousand tons/year to 165 thousand tons/year by 2025 [3] - An investment of 1.74 billion yuan is planned for the expansion project, which includes new facilities and automation upgrades [3] Group 4: Market Value Management - The company emphasizes market value management and shareholder returns, with a cash dividend of 91.67 million yuan in 2024 [3] - The controlling shareholder increased their stake by approximately 2% in the secondary market [3] - The company received an A rating in the information disclosure evaluation for 2024-2025 from the Shenzhen Stock Exchange [3] Group 5: Future Development Outlook - The company aims to focus on "steady growth" and "high-quality development" in its 14th Five-Year Plan [3] - It will prioritize the smooth transition of the Raura project and enhance its competitive strength and profitability [3] - The goal is to become a high-level international benchmark enterprise with modern governance, efficient operations, and a strong brand in the nonferrous metal industry [3]

证券代码：000758 证券简称：中色股份 中国有色金属建设股份有限公司 4. 秘鲁 Raura 项目情况如何？ 秘鲁 Raura 项目为在产锌多金属矿山，采选规模 100 万吨/ 年，主要产品为锌精矿、铅精矿、铜精矿，银金属主要富集在铅 精矿和铜精矿中。项目保有资源量为：锌金属 161.37 万吨，铅 金属 34.78 万吨，银金属 1,872 吨，铜金属 11.92 万吨，目前资 源储量及采矿作业仅针对其中一宗在产矿权，其余矿权地质工作 将在完成收购后有序开展。2024 年，Raura 项目处理矿石量 102.48 万吨，锌入选品位 5.51%，铅入选品位 1.19%，银入选品位 1.84 盎司每吨，铜入选品位 0.25%。2026 年，公司将积极推进项目交 割，确保生产经营平稳过渡、有序衔接。 5. 中色白矿扩产的情况如何？ 2025 年，中色白矿成功取得 165 万吨/年采矿证，经公司董 事会审议，中色白矿拟投资 17.4 亿元建设 165 万吨/年铅锌矿采 选扩建项目，新建主井、辅助斜坡道、5000t/d 选厂、尾矿库及 尾矿输送泵站及相应辅助设施等，同时进行自动化水平及生产装 备改造升级，项目建设 ...

Group 1 - The core point of the news is that Tibet Summit Resources Co., Ltd. experienced a decline of 5.06% in its stock price, reaching 17.27 CNY per share, with a trading volume of 452 million CNY and a turnover rate of 2.80%, resulting in a total market capitalization of 15.788 billion CNY [1] - Tibet Summit Resources, established on November 30, 1998, and listed on December 27, 2000, primarily engages in the mining and sales of lead, zinc, and copper concentrates, with 99.99% of its revenue coming from mining activities and 0.01% from other sources [1] - The company has begun developing lithium salt lake resources and producing lithium salt products through its subsidiaries [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund holds a position in Tibet Summit, having reduced its holdings by 78,800 shares to 8.3569 million shares, representing 0.91% of the circulating shares, resulting in an estimated floating loss of approximately 7.6883 million CNY [2] - The Southern CSI 1000 ETF (512100), established on September 29, 2016, has a current scale of 78.996 billion CNY, with a year-to-date return of 8.01% and a one-year return of 42.19% [2] - The fund manager, Cui Lei, has been in the position for 7 years and 92 days, overseeing assets totaling 137.02 billion CNY, with the best fund return during her tenure being 279.97% and the worst being -15.93% [2]

证券日报网讯2月2日，中国中铁（601390）在互动平台回答投资者提问时表示，公司矿产资源业务以矿 山实体经营开发为主，目前在境内外全资、控股或参股投资建成5座现代化矿山生产和销售的主要矿产 品包括铜、钴、钼、铅、锌等品种的精矿、阴极铜和氢氧化钴等，目前生产经营正常，根据公司2025年 半年度报告，中铁资源集团有限公司实现营业收入134.6亿元，净利润为28.30亿元。 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The current situation of the lead industry is weak, with both smelting finished - product inventory and social inventory rising. The expectation of the nomination of the Federal Reserve Chairman on January 30th triggered a retreat in market sentiment, and the prices of the non - ferrous metal sector are currently highly volatile. Attention should be paid to the impact of the ISM manufacturing PMI data on February 2nd on the sector's sentiment [11]. 3. Summary by Directory 3.1. Weekly Assessment - **Price Review**: On Friday, the Shanghai Lead Index closed down 1.69% to 16,918 yuan/ton, with a total unilateral trading position of 102,900 lots. As of 15:00 on Friday afternoon, LME Lead 3S fell 42 to 2,004 dollars/ton compared to the same period of the previous day, with a total position of 167,900 lots. The average price of SMM 1 lead ingots was 16,675 yuan/ton, the average price of recycled refined lead was 16,625 yuan/ton, the refined - scrap price difference was 50 yuan/ton, and the average price of waste electric vehicle batteries was 10,050 yuan/ton [11]. - **Domestic Structure**: The SHFE lead ingot futures inventory was 29,400 tons. According to Steel Union data, the social inventory of lead ingots in major domestic markets on January 29th was 38,400 tons, an increase of 3,500 tons from January 26th. The domestic primary basis was - 180 yuan/ton, and the spread between the continuous contract and the first - month contract was 275 yuan/ton. - **Overseas Structure**: The LME lead ingot inventory was 207,700 tons, and the LME lead ingot cancelled warrants were 20,700 tons. The overseas cash - 3S contract basis was - 47.72 dollars/ton, and the 3 - 15 spread was - 130.1 dollars/ton. - **Cross - market Structure**: After excluding exchange rates, the on - screen Shanghai - London price ratio was 1.218, and the import profit and loss of lead ingots was 549.49 yuan/ton [11]. - **Industry Data**: At the primary end, the lead concentrate port inventory was 63,000 tons, the factory inventory was 493,000 tons, equivalent to 33.95 days. The lead concentrate import TC was - 150 dollars/dry ton, and the domestic lead concentrate TC was 250 yuan/metal ton. The primary smelting start - up rate was 66.4%, and the primary ingot factory inventory was 32,100 tons. At the recycled end, the lead waste inventory was 117,000 tons, the recycled smelting start - up rate was 51%, and the recycled ingot factory inventory was 28,400 tons. At the demand end, the lead - acid battery start - up rate was 69.0% [11]. 3.2. Primary Supply - **Import and Production**: In December 2025, the net import of lead concentrate was 149,200 physical tons, a year - on - year change of 24.63% and a month - on - month change of 35.87%. From January to December, the cumulative net import of lead concentrate was 1,425,300 physical tons, a cumulative year - on - year change of 15.11%. In December 2025, the net import of silver concentrate was 239,300 physical tons, a year - on - year change of 89.27% and a month - on - month change of 31.21%. From January to December, the cumulative net import of silver concentrate was 1,931,000 physical tons, a cumulative year - on - year change of 13.6%. In December 2025, the domestic lead concentrate production was 126,300 metal tons, a year - on - year change of 4.04% and a month - on - month change of - 7.54%. From January to December, the total lead concentrate production was 1,658,200 metal tons, a cumulative year - on - year change of 9.89%. In December 2025, the net import of lead - containing ores was 185,200 metal tons, a year - on - year change of 51.34% and a month - on - month change of 33.42%. From January to December, the cumulative net import of lead - containing ores was 1,627,700 metal tons, a cumulative year - on - year change of 14.39% [15][17]. - **Total Supply and Overseas Production**: In December 2025, the total supply of lead concentrate in China was 311,500 metal tons, a year - on - year change of 27.78% and a month - on - month change of 13.11%. From January to December, the cumulative supply of lead concentrate was 3,285,900 metal tons, a cumulative year - on - year change of 12.07%. In November 2025, the overseas lead ore production was 264,000 tons, a year - on - year change of 6.49% and a month - on - month change of 1.85%. From January to November, the total overseas lead ore production was 2,674,900 tons, a cumulative year - on - year change of - 1.42% [19]. - **Inventory and Processing Fees**: The lead concentrate port inventory was 63,000 tons, the factory inventory was 493,000 tons, equivalent to 33.95 days. The lead concentrate import TC was - 150 dollars/dry ton, and the domestic lead concentrate TC was 250 yuan/metal ton [21][23]. - **Smelting Start - up Rate and Output**: The primary smelting start - up rate was 66.4%, and the primary ingot factory inventory was 32,100 tons. In December 2025, China's primary lead output was 332,700 tons, a year - on - year change of 1.56% and a month - on - month change of 1.56%. From January to December, the total primary lead ingot production was 3,847,200 tons, a cumulative year - on - year change of 6.32% [26]. 3.3. Recycled Supply - **Raw Materials and Weekly Output**: At the recycled end, the lead waste inventory was 117,000 tons. The recycled smelting start - up rate was 51%, and the recycled ingot factory inventory was 28,400 tons. In December 2025, China's recycled lead output was 354,500 tons, a year - on - year change of 10.3% and a month - on - month change of - 5.04%. From January to December, the total recycled lead ingot production was 3,962,900 tons, a cumulative year - on - year change of 4.52% [31][33]. - **Net Export and Total Supply**: In December 2025, the net export of lead ingots was - 28,600 tons, a year - on - year change of 111.23% and a month - on - month change of 25.65%. From January to December, the cumulative net export of lead ingots was - 146,700 tons, a cumulative year - on - year change of - 22.13%. In December 2025, the total domestic supply of lead ingots was 715,800 tons, a year - on - year change of 8.04% and a month - on - month change of - 1.09%. From January to December, the cumulative domestic supply of lead ingots was 7,956,800 tons, a cumulative year - on - year change of 4.72% [35]. 3.4. Demand Analysis - **Battery Start - up Rate and Apparent Demand**: At the demand end, the lead - acid battery start - up rate was 69.0%. In December 2025, the domestic apparent demand for lead ingots was 719,800 tons, a year - on - year change of 5.09% and a month - on - month change of - 0.44%. From January to December, the cumulative domestic apparent demand for lead ingots was 7,969,100 tons, a cumulative year - on - year change of 4.27% [38]. - **Battery Export**: In December 2025, the net export volume of batteries containing lead was 1,664,900 units, a year - on - year change of - 35.22% and a month - on - month change of 8.81%. From January to December, the total net export of batteries was 213 million units, a cumulative net export year - on - year change of - 13.06% [41]. - **Inventory Days**: In December 2025, the finished - product inventory days of lead - acid batteries in factories increased from 20.9 days to 21.5 days, and the inventory days of lead - acid batteries in dealers increased from 40.7 days to 43.6 days [43]. - **Terminal Demand**: In the two - wheeled vehicle segment, the decline in electric bicycle production directly dragged down the new installation demand, but the continuous growth of delivery scenarios such as express delivery and takeaway drove the improvement of the new installation consumption of electric two - and three - wheeled vehicles. In the automotive sector, the contribution of lead demand is expected to maintain stable growth. Although new energy vehicles are gradually replacing lead - acid batteries with lithium - iron phosphate batteries, the high stock of existing vehicles still provides support for lead consumption due to replacement demand. In the base station segment, the rapid development of communication technology has led to an increase in the number of communication and 5G base stations, driving a steady increase in the demand for lead - acid batteries [48][50][53]. 3.5. Supply - Demand and Inventory - **Domestic Supply - Demand Gap**: In December 2025, the domestic supply - demand gap of lead ingots was a shortage of 4,000 tons. From January to December, the cumulative domestic supply - demand gap of lead ingots was a shortage of 12,400 tons [62]. - **Overseas Supply - Demand Gap**: In November 2025, the overseas refined lead supply - demand gap was a surplus of 30,200 tons. From January to November, the cumulative overseas refined lead supply - demand gap was a surplus of 171,400 tons [65]. 3.6. Price Outlook - **Domestic and Overseas Structure**: The SHFE lead ingot futures inventory was 29,400 tons, and the social inventory of lead ingots in major domestic markets on January 29th was 38,400 tons, an increase of 3,500 tons from January 26th. The domestic primary basis was - 180 yuan/ton, and the spread between the continuous contract and the first - month contract was 275 yuan/ton. The LME lead ingot inventory was 207,700 tons, and the LME lead ingot cancelled warrants were 20,700 tons. The overseas cash - 3S contract basis was - 47.72 dollars/ton, and the 3 - 15 spread was - 130.1 dollars/ton. After excluding exchange rates, the on - screen Shanghai - London price ratio was 1.218, and the import profit and loss of lead ingots was 549.49 yuan/ton [70][72][75]. - **Position Analysis**: The top 20 net positions of Shanghai Lead turned net short, the net long positions of LME lead investment funds decreased, and the net short positions of commercial enterprises decreased. From the perspective of positions, it is short - term bearish [78].

沪铅震荡偏弱延续 基本面变化 加工费：2025年12月铅精矿进口量约14.9万吨，环比增加35.8%，同比增加24.63%。铅矿进口量连续两个月环比走高，不过国内 冬季铅精矿市场需求高涨，国内矿端紧张格局紧张延续，SMM显示国内外铅精矿加工费低位进一步回落。2月国内月度加工200- 300元/吨，月度环比下降50元/吨；进口月度加工费位-160--140美元/干吨，月度环比下降5美元/干吨。现货加工费方面，国内 铅矿周度加工费为200-300元/吨，周度环比下降50元/吨；进口周度加工费为-160--140美元/干吨，周度环比下降5美元/干吨。 供应：SMM显示：2025年12月原生铅产量为33.27万吨，环比增加1.56%，同比增加1.56%，当月产量高于预期；2025年12月再生 精铅产量为26.84万吨，环比减少9.35%，同比增加0.83%。上周SMM三省原生铅冶炼厂开工率66.85%，周环比下滑0.19%。河南地 区开工稳定，个别小厂产量边际波动；湖南地区此前粗铅检修的冶炼厂生产恢复后电解铅产量小幅提产至稳定生产。另一冶炼 厂粗铅检修后电解铅产量周度下滑，但暂未完全停产；云南地区冶炼厂生产维持稳定； ...

Group 1 - The core point of the news is that Tibet Summit's stock price dropped by 5.27% to 19.94 CNY per share, with a trading volume of 1.241 billion CNY and a turnover rate of 6.64%, resulting in a total market capitalization of 18.229 billion CNY [1] - Tibet Summit Resources Co., Ltd. is primarily engaged in the mining and production of lead, zinc, and copper concentrates, with 99.99% of its revenue coming from mining activities and only 0.01% from other sources [1] - The company is also involved in the development of lithium salt lake resources and the production of lithium salt products through its subsidiaries [1] Group 2 - Among the top ten circulating shareholders of Tibet Summit, Huaxia Fund's Huaxia CSI 1000 ETF (159845) has recently entered the list, holding 4.9689 million shares, which accounts for 0.54% of the circulating shares [2] - The estimated floating loss for Huaxia CSI 1000 ETF today is approximately 5.5155 million CNY [2] - The fund was established on March 18, 2021, with a current scale of 49.908 billion CNY, and has achieved a year-to-date return of 10.1%, ranking 1484 out of 5548 in its category [2]