Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Last week, the main contract of Shanghai lead fluctuated widely at a low level. The Fed's hawkish stance and the escalating situation between the US and Iran led to a decline in interest - rate cut expectations and increased concerns about economic downturn, suppressing the risk - asset market. The fundamentals showed limited improvement. The losses of secondary lead smelters led to an expectation of supply tightening, and the prices of lead ore and waste batteries remained firm, providing cost support. However, poor battery consumption and the inflow of crude lead kept lead ingot inventories at a high level, restricting the rebound space of lead prices. In the short term, both macro and micro supports are limited, and it is expected that lead prices will fluctuate in a low - level range [4][7][8] Group 3: Summary by Directory Transaction Data - From March 13th to March 20th, the SHFE lead price dropped from 16,555 yuan/ton to 16,290 yuan/ton, a decrease of 265 yuan/ton; the LME lead price fell from 1,903 US dollars/ton to 1,889 US dollars/ton, a decrease of 14 US dollars/ton; the Shanghai - London ratio decreased from 8.70 to 8.62; the SHFE inventory decreased by 9,939 tons to 66,110 tons; the LME inventory decreased by 400 tons to 284,100 tons; the social inventory increased by 0.11 million tons to 7.76 million tons; the spot premium remained at - 190 yuan/ton [5] Market Review - Last week, the price of the main contract PB2605 of Shanghai lead stabilized at a low level and then fluctuated widely. The downstream battery enterprises' buying improved after the lead price decline, but the cautious macro - sentiment, the collective pressure on the precious metal and non - ferrous metal sectors, and the weak fundamentals restricted the rebound space of lead prices. The weekly decline was 1.9%, closing at 16,290 yuan/ton. The LME lead price fell below the 1,900 US dollars/ton line, with a decline of 0.74%, closing at 1,889 US dollars/ton. In the spot market, there were differences in the prices of electrolytic lead and secondary lead, and the downstream enterprises' purchasing was mainly long - term contracts, with regional differences in the spot market transactions [6] Industry News - On March 20, 2026, the domestic lead concentrate processing fee was 250 yuan/metal ton, unchanged from the previous period; the import processing fee was - 135 US dollars/dry ton, an increase of 10 US dollars/dry ton from the previous period. From January to February 2026, the cumulative import volume of lead concentrate was 252,200 tons, a year - on - year increase of 13.8%; the cumulative import volume of silver concentrate was 328,600 tons, a year - on - year decrease of 1.27%. The cumulative import volume of refined lead and lead products was 81,234 tons, a year - on - year increase of 270%; the cumulative export volume was 7,798 tons, a year - on - year decrease of 33.27%. The cumulative export volume of starting lead - acid batteries was 11.3772 million units, a year - on - year increase of 3.98%; the cumulative export volume of other lead - acid batteries was 22.6906 million units, a year - on - year decrease of 5.1% [9] Related Charts - The report provides multiple charts, including SHFE and LME lead prices, Shanghai - London ratio, SHFE and LME inventories, 1 lead premium and discount, primary lead and secondary refined lead price difference, enterprise operating rates, secondary lead enterprise profits, electrolytic lead production, lead ingot social inventory, lead ore weekly processing fees, and refined lead import and export profit and loss [11][12][15]

1. Report Industry Investment Rating - The lead industry is rated as "Weak", with a price range of 16,300 - 17,300 yuan/ton [3] 2. Core Viewpoints - The lead market shows a pattern of both supply and demand increasing, but considering the continuous increase in inventory, it exerts pressure on the phased price. It is expected that the lead price will remain weak overall, and previous short positions can continue to be held [7] 3. Summary by Directory 3.1 Transaction Aspect - **Price and Spread**: The Shanghai lead main contract (PB00.SHF) closed at 16,555 yuan/ton last week, with a weekly decline of 1.31%. The night - session closing price was 16,395 yuan/ton, a decline of 0.97%. The LME lead 3 - month contract (LmeS - lead3) closed at 1,979, with a weekly increase of 1.70%. The LME lead (0 - 3) spot premium was - 47.55, a decrease of 4.64 compared to the previous week. The Shanghai 1 lead spot premium was - 25 yuan/ton, an increase of 10 yuan/ton compared to the previous week [8] - **Inventory**: As of March 12, the domestic lead social inventory was 76,500 tons, higher than 67,200 tons on March 5. The Shanghai lead warehouse receipt inventory was 67,019 tons, an increase of 12,643 tons compared to the previous week. The Shanghai lead total inventory was 76,049 tons, an increase of 9,220 tons compared to the previous week. The LME lead inventory was 284,500 tons, a decrease of 1,400 tons compared to the previous week [8] - **Trading Volume and Open Interest**: The trading volume of the Shanghai lead main contract last week was 45,931 lots, an increase of 6,668 lots compared to the previous week. The open interest was 63,681 lots, an increase of 6,006 lots compared to the previous week. The trading volume of the LME 3 - month lead contract was 7,361 lots, an increase of 95 lots compared to the previous week. The open interest was 142,000 lots, an increase of 6,194 lots compared to the previous week [8] 3.2 Lead Supply - **Lead Concentrate**: The import volume, production, actual consumption, and inventory of lead concentrate in previous years are presented in the report. The import TC was - 145 US dollars/ton, and the domestic TC was 250 yuan/ton, both remaining unchanged compared to the previous week. The lead concentrate smelting profit (processing) is also shown in the report [24][26][27] - **Primary and Secondary Lead**: The production and weekly operating rates of primary lead and secondary lead in previous years are presented. The production of primary lead is increasing, and some smelters are gradually resuming production. The profit of secondary lead is suppressed, and the willingness of recyclers to hoard goods is not strong, resulting in a tight supply of waste batteries. Secondary lead enterprises are gradually resuming production, and it is expected that the production of secondary lead will gradually increase [7][30] - **Waste Batteries and Secondary Lead**: The raw material inventory of secondary lead smelting enterprises, the price of waste electric vehicle batteries, the cost, and the profit and loss of secondary lead in previous years are presented [33][34][35] - **Import and Export**: The net import of refined lead, the monthly import volume of Chinese lead ingots, the import profit and loss of lead, and the export volume of lead ingots in previous years are presented [37] 3.3 Lead Demand - **Lead - Acid Batteries**: The operating rate of lead - acid battery enterprises, the monthly finished - product inventory days of lead - acid battery enterprises and dealers, and the export volume of batteries in previous years are presented. The operating rate of lead - acid battery enterprises is rising, and the finished - product batteries are continuously reducing inventory [7][41] - **Consumption and End - Users**: The actual consumption of lead, the monthly production of automobiles, and the monthly production of motorcycles in previous years are presented. The consumption of automotive lead - acid batteries shows a seasonal decline, but the consumption of lead - acid batteries for energy storage and two - wheeled vehicles is increasing [7][43]

1. Report Industry Investment Rating - The lead industry is rated as "Weak", with a price range of 16,300 - 17,300 yuan/ton [3] 2. Core Viewpoints - This week, lead prices rebounded and then slightly declined. The highest price of Shanghai lead during the week was 17,010 yuan/ton, with a weekly decline of 0.09%. Geopolitical factors in the Middle East have little impact on lead prices, and the logic of lead mainly depends on supply - demand fundamentals [9] - On the supply side, primary lead production increased as some smelters gradually resumed production. Recycling lead profit slightly recovered, but the supply of scrap batteries was tight. However, considering the gradual resumption of production by recycling enterprises, it is expected that the production of recycled lead will gradually increase. Lead - acid battery enterprises have started to resume work and production, with a rapid increase in battery operating rates. Logistics has gradually recovered, and stores have increased their demand for lead - acid batteries, leading to a continuous reduction in battery finished - product inventory [9] - In terms of social inventory, the total inventory of lead ingots in five regions increased, being at a moderately high level compared to the same period in history, but the inventory growth rate significantly slowed down. High inventory put pressure on the spot market, and the spot discount widened. The Shanghai Futures Exchange has specified that recycled lead (alternative delivery product) will have a discount of 150 yuan/ton compared to primary lead (standard product), starting from March 17, which will also affect the premium and discount of primary lead. The pricing mechanism has changed from "primary lead pricing" to "dual - track pricing of primary and recycled lead". When the premium of primary lead is too high, downstream users will turn to recycled lead, suppressing the premium and discount range of primary lead [9] - For trading strategies, in the lead market, there is a pattern of both supply and demand increasing. However, considering more delivery products, it is necessary to comprehensively consider the inventory of recycled lead and primary lead. It is expected that lead prices will remain weak overall [9] 3. Summary by Directory 3.1 Trading Aspects (Price, Spread, Inventory, Capital, Transaction, Position) - **Price and Spread**: The closing price of the Shanghai lead main contract last week was 16,775 yuan/ton, with a weekly decline of 0.39%. The closing price of the night session yesterday was 16,765 yuan/ton, with a night - session decline of 0.06%. The LME lead 3 - month contract had a closing price of 1,953 last week, with a decline of 0.36% [10] - **Inventory**: The Shanghai lead warehouse receipt inventory decreased by 2,441 tons to 54,376 tons; the total Shanghai lead inventory increased by 2,162 tons to 66,829 tons; the social inventory increased by 100 tons to 67,200 tons; the LME lead inventory decreased by 200 tons to 285,900 tons, and the proportion of cancelled warehouse receipts was 1.97%, an increase of 0.12% compared to the previous week [10] - **Transaction and Position**: The trading volume of the Shanghai lead main contract last week was 39,263 lots, a decrease of 9,806 lots compared to the previous week, and the position was 57,675 lots, a decrease of 6,169 lots. The trading volume of the LME 3 - month lead contract was 7,266 lots, an increase of 1,755 lots, and the position was 142,000 lots, an increase of 6,194 lots [10] 3.2 Lead Supply (Lead Concentrate, Waste Battery, Primary Lead, Recycled Lead) - **Lead Concentrate**: The import volume, actual consumption, and domestic production of lead concentrate showed certain trends over the years. The lead concentrate inventory in Lianyungang also fluctuated. The import TC and domestic TC had their own values, and the lead smelting profit (processing) also changed over time [27][29][30] - **Primary Lead and Recycled Lead**: Primary lead production and the combined production of primary and recycled lead showed an upward trend in some periods. The operating rates of primary lead and recycled lead also changed. The by - product output of silver and the price of 1 silver, as well as the price of sulfuric acid in East China, were also presented [34][35][36] - **Waste Battery and Recycled Lead**: The raw material inventory of recycled lead smelting enterprises, the price of waste electric vehicle batteries, the cost and profit of recycled lead all had their own trends [39][40][41] - **Import and Export**: The net import of refined lead, the monthly import volume of Chinese lead ingots, the import profit and loss, and the export volume of lead ingots were presented [42] 3.3 Lead Demand (Lead - Acid Battery, Terminal) - **Battery**: The operating rate of lead - acid batteries increased, and the finished - product inventory days of lead - acid battery enterprises and dealers decreased. The export volume of batteries also showed certain trends [46] - **Consumption and Terminal**: The actual consumption of lead, the monthly output of automobiles and motorcycles all had their own trends [48]

Core Viewpoint - The lead market is experiencing a slight decline in prices, influenced by a balance of macroeconomic factors both domestically and internationally, with supply recovering faster than demand post-holiday [2][3]. Price Movement - Today's Shanghai lead futures saw a minor drop, with the main contract opening at 16,855 yuan, reaching a high of 16,980 yuan and a low of 16,620 yuan, closing at 16,670 yuan, down 30 yuan or 0.18% [1]. - The latest price for London lead is reported at 1,964 USD, an increase of 12 USD [1]. Market Analysis - The domestic spot lead price has slightly decreased, with the average price reported at 16,660 yuan, down 30 yuan [1]. - The Guangdong spot market for 1 lead is reported between 16,585-16,685 yuan, averaging 16,635 yuan, remaining stable compared to the previous trading day [1]. - The current spot lead market quotes range from 16,525-16,710 yuan, with the Shanghai futures contracts showing a discount of 220-35 yuan [1]. Supply and Demand Dynamics - The lead market is characterized by a situation where supply is recovering faster than demand, with smelting enterprises resuming production smoothly and raw material supply remaining stable [2][3]. - Demand recovery is slow, particularly from downstream lead-acid battery enterprises, which are primarily focused on digesting pre-holiday inventory and maintaining only essential purchases [2][3]. - The overall market is in a state of weak supply and demand, with slight inventory accumulation, making it difficult for prices to form a trend [2][3]. Future Outlook - In the short term, lead prices are expected to maintain a narrow range of fluctuations, with potential for stronger performance as demand signals become clearer following the resumption of downstream operations in March [3]. - From a strategic perspective, lead is viewed as a stable investment choice due to its clear expectations for supply and demand improvement and relatively low valuation [3].

Summary of the Conference Call for Xiongtao Co., Ltd. Company Overview - **Company**: Xiongtao Co., Ltd. - **Industry**: Battery manufacturing, focusing on lead-acid batteries, lithium-ion batteries, and fuel cells Key Points Financial Performance - In the first half of the year, the data center UPS power business contributed 50% of total revenue and 75% of profits [2][3] - Revenue from lead-acid batteries is expected to grow by 10%, with a gross margin of 15% and a net margin of 4-6% [2][5] - Lithium-ion battery revenue is projected to reach approximately 400 million yuan by 2025, with an expected growth rate exceeding 40% this year [2][6] Market Position and Growth - The company holds a 50-60% market share in the Southeast Asian lithium-ion battery market, with a global growth rate close to 40% [2][6] - North America is expected to be a significant growth driver, with the potential for 3-4 times growth if market penetration reaches Southeast Asian levels [4][19] - The company is experiencing high demand for lithium batteries, with a utilization rate exceeding 40% and plans to expand capacity to meet orders [14][15] Product Development and Strategy - The company focuses 80% of its R&D investment on the data center UPS power sector [2][3] - The lead-acid battery business is transitioning to maintenance-free, high-power products to provide stable backup power for data centers [5] - The fuel cell business is developing slowly due to reduced government support for hydrogen energy, contributing minimal profits and still incurring losses [2][7] Order and Sales Dynamics - Data center lithium battery orders are increasing in size, with expectations for single orders to grow to 300-500 million yuan [4][28] - The company is facing challenges with insufficient sales personnel, which limits order fulfillment rather than production capacity [4][28] Future Outlook - The company aims to achieve a total lithium battery capacity of 7.5 GWh by the end of 2025, with approximately 1 GWh allocated for data centers [2][15][26] - The long-term revenue target for lithium-ion UPS is set at 1.6 billion yuan, with annual growth targets of 40% [24][39] - The company is actively engaging with major domestic clients like Alibaba and ByteDance to replace lead-acid batteries with lithium-ion solutions [10][11][12] Competitive Landscape - The company acknowledges competition from leading firms like CATL in the energy storage sector, focusing on niche markets where it can leverage its strengths [33] - The overall market for lead-acid and lithium batteries is expected to grow steadily, with lithium batteries likely to see price increases due to rising raw material costs [35] Challenges and Risks - The company has faced revenue and profit declines in Q3 2025 due to project delays and currency fluctuations, but these issues are expected to be resolved in Q4 [36] - The fuel cell sector remains a risk due to its slow development and reliance on future policy support [38] Conclusion Xiongtao Co., Ltd. is strategically positioned in the battery manufacturing industry, with a strong focus on lithium-ion technology for data centers. The company is poised for significant growth, particularly in North America, while navigating challenges in sales capacity and market competition.

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In January 2026, the Shanghai tin futures market rose rapidly under the boost of capital, with the long - term structural improvement in demand and macro - liquidity easing as the main driving forces. The price broke through the historical high and continued to strengthen, and is currently fluctuating widely at a high level [59]. - In 2026, the tight supply of tin ore will gradually ease, showing a pattern of tight supply in the first half and loose in the second half. The operating rate of smelters will improve after the holiday. The processing fee, which has been at a low level, increased in January and has room for further growth. However, the secondary tin smelting industry still faces problems such as an inefficient waste recycling system and uncertain recycling policies [59]. - In terms of demand, the tin solder sector, which performed well in 2025, is expected to continue its good growth trend in 2026, benefiting from the rapid development of the semiconductor industry due to computing power demand. In addition, the external demand in the traditional tin - plated sheet field is expanding, offsetting some of the negative impact of the decline in domestic demand. The future development of Sino - US trade frictions remains the biggest uncertainty [59]. - In 2026, the global interest - rate cut cycle will continue, and the non - ferrous metal sector will cyclically improve. The supply side is likely to gradually loosen, while the downstream demand also has some bright spots. The supply and demand of tin are likely to remain in a tight - balanced situation. It is expected that tin prices will remain strong in 2026, with the Shanghai tin futures price mainly ranging between 350,000 - 450,000 and the LME tin price mainly between 45,000 - 60,000 [59]. Summary by Directory Part I: Market Review and Macroeconomic Impact - **Market Review**: In January 2026, the Shanghai tin futures market accelerated its upward rush, and the overall center of gravity shifted significantly. The main driving forces were the long - term structural improvement in demand and macro - liquidity easing, while the impact of the current fundamentals was relatively weak [8]. - **Macroeconomic Situation**: Geopolitical situations are complex and changeable. The EU is considering imposing tariffs on US goods worth 93 billion euros and restricting US companies from entering the EU market. The US will impose a 10% tariff on goods imported from eight European countries starting February 1, 2026, and the tariff rate will increase to 25% starting June 1. The Fed kept interest rates unchanged in January, and the candidate for the new Fed chair is undetermined. Since January, the US dollar index first rose and then fell, putting pressure on the non - ferrous metal sector [11]. Part II: Tin Supply - Side Analysis - **Tin Ore Supply**: China's tin ore production has been declining in recent years due to over - exploitation, low - grade reserves, and limited new resource discoveries. In 2025, the production of tin concentrates in China showed a slight increase. In December 2025, the import volume of tin concentrates in China increased significantly month - on - month. With the gradual increase in tin ore exports from the Wa State in Myanmar, the import volume is expected to increase in 2026 [17]. - **Refined Tin Production**: In 2025, the price of tin concentrates showed an upward trend, and the processing fee was weak. In 2026, with a slight improvement in ore supply, the processing fee was raised. In December 2025, the output of refined tin by domestic sample enterprises increased both month - on - month and year - on - year. It is expected that in 2026, the supply growth rate of refined tin will be slightly higher than that in 2025, but the output in January may decrease month - on - month [20]. - **Refined Tin Import and Export**: In 2026, there is a trend of opening the refined tin import window. In December 2025, both imports and exports of refined tin increased. In 2025, China's net exports of refined tin were nearly 3,500 tons [23]. Part III: Tin Demand - Side Analysis - **Tin - Plated Sheet**: In 2024, China's tin - plated sheet production increased steadily. However, in 2025, due to the substitution of chrome - plated sheets and the decline in domestic demand, the production decreased significantly. In 2025, the export of tin - plated sheets increased, but the future export situation is affected by the Sino - US trade war [29]. - **Lead - Acid Batteries**: The production of lead - acid batteries has been growing in recent years, but the growth rate has slowed down. In 2025, the export of lead - acid batteries decreased year - on - year due to the impact of the trade war [30]. - **Electronic Products**: The growth cycle of electronic products is approaching the end. In 2025, the production growth rate of electronic products turned negative. It is expected that the production and sales of computers and mobile phones will decline in 2026 [35]. - **Integrated Circuits**: Since 2024, China's integrated circuit production has increased significantly. With the recovery of the global semiconductor industry, it is expected that the production and sales of integrated circuits will continue to grow rapidly in the medium and long term [36]. - **PVC and Glass**: The production of PVC has been increasing, while the production of glass has been decreasing. Each ton of glass consumes about 22 grams of tin [41]. - **Photovoltaic Industry**: The photovoltaic industry is transforming from a high - speed development stage. In 2025, there was a rush to install photovoltaic capacity. In 2026, the industry will face resource integration, and the global new photovoltaic installation is expected to reach 665GW. The new tin demand in the global photovoltaic industry is expected to reach 43,000 tons, and about 20,000 tons in China [44]. - **New Energy Vehicles**: In 2025, the production and sales of new energy vehicles continued to grow, but the growth rate slowed down. It is expected that the growth rate in 2026 will be between 15% - 20% [48]. - **Inventory and Supply - Demand Balance**: As of December 1, 2025, the combined inventory of tin in the two major exchanges was at a relatively high - middle level. The global tin market has been in a supply - shortage situation for most months since 2018. In 2025 and 2026, the supply and demand are expected to remain in a tight - balanced situation [51][55]. - **Seasonal Analysis**: Historically, tin prices are weakest in June, and the probability of decline is high in March and October. The probability of increase is high in January, April, July, and December, and the increase is relatively significant. The probability of decline in August is slightly higher than that of increase, while the probability of increase in November is higher [57]. - **Related Stocks**: The stocks of related tin industries have shown significant increases in both monthly and annual terms, such as Tin Industry Co., Ltd., Xingye Co., Ltd., etc. [58]

Core Viewpoint - Sichuan Hongyu New Materials Technology Co., Ltd. was fined 200,000 RMB and had illegal gains of 9,700 RMB confiscated for improperly disposing of hazardous waste lead-acid batteries through unqualified waste collectors [1][3]. Group 1: Company Actions and Violations - From March 2018 to August 2024, the company purchased a total of 209 lead-acid batteries for use in its factory [1]. - Between March 2019 and December 2023, the company improperly disposed of 180 hazardous waste lead-acid batteries, weighing a total of 3.645 tons, through unqualified waste collector Deng Mouwu [1]. - The company only signed a safety recycling agreement with a qualified hazardous waste disposal company on January 1, 2024, for the remaining 29 batteries [1]. Group 2: Regulatory Response and Hearings - On January 14, 2026, a hearing was held by the Ecological Environment Bureau of Panzhihua City regarding the case, where the company argued that there were no qualified disposal companies before 2020 and claimed that its actions were not intentional [2]. - The Ecological Environment Bureau rejected the company's defense, stating that the company continued its illegal actions until January 2024 and had a significant number of violations, indicating intent to violate the law [2]. Group 3: Penalty and Compliance - The company has since ceased illegal activities and completed rectification measures as of January 2024, with no direct evidence of significant environmental damage from the disposed batteries [3]. - The Ecological Environment Bureau decided to impose a fine of 200,000 RMB and confiscate illegal gains of 9,700 RMB, considering the nature and duration of the violations [3].

Group 1 - The core viewpoint of the articles indicates that the lead market is experiencing a decline due to a combination of strong supply and weak demand, exacerbated by pre-holiday effects [2][3] - The Shanghai lead futures price for the main contract 2602 opened at 16,930 yuan, with a closing price of 16,915 yuan, reflecting a decrease of 85 yuan or 0.5% [1] - The current lead price in the domestic spot market is reported between 16,775 and 16,960 yuan per ton, with an average price of 16,910 yuan, down by 50 yuan [1] Group 2 - The lead market is facing pressure from high operating rates of both primary and recycled lead, alongside the opening of import windows, leading to increased supply [3] - Demand has weakened significantly, particularly in the lead-acid battery sector, where companies are reducing procurement and planning early holidays, resulting in near-zero purchasing activity [3] - The overall market liquidity is tightening as the Spring Festival approaches, with trading activity dropping to a minimum, further contributing to price weakness [3] Group 3 - Despite the overall market downturn, leading companies like Yuguang Gold Lead are managing to grow due to their comprehensive resource recovery advantages and industry chain layout [3] - The market is currently dominated by pre-holiday cash recovery logic, with spot prices continuing to weaken, and downstream enterprises are only purchasing based on rigid demand [3] - The future trajectory of lead prices will depend on the recovery pace of downstream operations and actual order restoration post-holiday, as well as the impact of recycled lead capacity and imported supplies [3]

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - The weakening US dollar is favorable for the repair of lead price trends. Environmental controls in many domestic regions and the negative profit of secondary lead smelters have led to an increase in smelter shutdowns and holidays, resulting in an expected contraction in supply. Meanwhile, downstream battery enterprises are gradually stockpiling for the Spring Festival, leading to improved demand. Against the backdrop of reduced supply and increased demand, the support for the lower limit of lead prices is strengthened. In the short term, lead prices are expected to maintain a weak and stable oscillatory repair [3][7] Group 3: Summary by Directory Transaction Data - From January 16th to January 23rd, the SHFE lead price dropped from 17,475 yuan/ton to 17,095 yuan/ton, a decrease of 380 yuan/ton; the LME lead price fell from 2,037.5 dollars/ton to 2,035 dollars/ton, a decrease of 2.5 dollars/ton; the SHFE-LME ratio decreased from 8.58 to 8.40, a decrease of 0.18; the SHFE inventory decreased by 7,693 tons to 29,351 tons; the LME inventory increased by 8,825 tons to 215,175 tons; the social inventory increased by 0.2 million tons to 3.45 million tons; the spot premium increased by 5 yuan/ton to -140 yuan/ton [4] Market Review - Last week, the main SHFE lead 2603 contract price continued to decline at the beginning of the week, but then stabilized and oscillated after the market sentiment recovered and it found support near the integer level, finally closing at 17,095 yuan/ton, with a weekly decline of 2.17%. The LME lead price stopped falling and stabilized, and the contract price stabilized and recovered to 2,035 dollars/ton, with a decline of 0.15%. In the spot market, on January 23rd, the Honglu lead in Shanghai was quoted at 17,140 - 17,210 yuan/ton, with a premium of 50 yuan/ton over the SHFE lead 2603 contract. Downstream enterprises' risk aversion sentiment was relatively alleviated, and some enterprises made rigid purchases, but the transactions were still scattered [5] Industry News - In February 2026, the domestic and international lead concentrate processing fees were 250 yuan/metal ton and -150 dollars/dry ton respectively, with the average values decreasing by 50 yuan/metal ton and -5 dollars/dry ton respectively. - In January 2026, multiple cities in Shandong and Hebei launched heavy pollution emergency responses, affecting the production of some lead smelters. - Pan American Silver Corp. produced 55,900 tons of zinc and 27,000 tons of lead in 2025, and it is expected to produce 58,500 - 62,500 tons of zinc and 30,500 - 32,500 tons of lead in 2026. - The global lead market's supply surplus decreased from 29,200 tons in October to 8,900 tons in November. - In December 2025, the import volume of lead concentrates was 149,200 tons, a month-on-month increase of 35.8% and a year-on-year increase of 24.63%; the import volume of silver concentrates was 239,300 tons, a month-on-month increase of 32.3% and a year-on-year increase of 89.3%. The export volume of refined lead was 2,767 tons, a month-on-month increase of 141.08% and a year-on-year increase of 270.61%; the cumulative export volume of refined lead and lead products from January to December was 59,440 tons, a cumulative year-on-year increase of 42.5%. The import volume of refined lead was 8,395 tons, and the import volume of lead alloys was 24,011 tons; the cumulative import volume of refined lead and lead products from January to December was 198,641 tons, a cumulative year-on-year decrease of 10.19%. The export volume of lead-acid batteries was 17.2406 million units, a month-on-month increase of 9.28 percentage points and a year-on-year decrease of 33.86 percentage points; the cumulative export volume of lead-acid batteries in 2025 was 219 million units, a year-on-year decrease of 12.79 percentage points [8][9] Related Charts - The report provides multiple charts, including SHFE and LME lead prices, SHFE-LME ratio, SHFE and LME inventories, 1 lead premium/discount, LME lead premium/discount, price difference between primary lead and secondary refined lead, waste battery prices, secondary lead enterprise profits, lead concentrate processing fees, electrolytic lead production, secondary refined lead production, lead ingot social inventory, and refined lead import profit and loss [10][11][13]

Core Viewpoint - The company, Zai Sheng Technology, produces AGM separators, which are essential materials for valve-regulated lead-acid batteries, widely used in various applications such as light vehicle power batteries, automotive start-stop batteries, and UPS energy storage systems [1] Group 1 - The AGM separator is made from glass microfiber through a netting process, resulting in a uniform, thin, flexible material [1] - AGM separators serve to wrap battery lead plates, isolating them from contact, absorbing electrolytes, and allowing electrons to pass through sulfuric acid [1] - The lead-acid battery market is significant, with applications in light vehicles, automotive start-stop systems, and UPS storage [1]