Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The main contract 2601 of Shanghai lead is expected to maintain a weak and volatile trend, with the attention range of 16,900 - 17,300 [4]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Review**: As of November 20, the Shanghai lead futures showed a high - level decline this week. The Shanghai lead 2601 contract fell 1.91%. The weak US economic data and the gradual decline in market demand led to the high - level decline [4]. - **Market Outlook**: On the supply side, primary lead smelters are expected to fluctuate within a narrow range before the improvement of raw material supply. Secondary lead smelters' output is increasing. On the demand side, the lead - acid battery market has changed. The new national standard has opened up the market space for large - capacity lead - acid batteries, but it is difficult to maintain the improvement. From a macro perspective, the recent hawkish remarks of Fed officials have dampened market sentiment. It is expected that the Shanghai lead price will continue to fluctuate within a wide range next week [4]. 3.2 Futures and Spot Market - **Price and Ratio**: This week, the domestic and foreign futures prices of Shanghai lead declined, and the ratio weakened. As of November 20, 2025, the LME 3 - month lead futures price was $2,010.5 per ton, and the active contract of Shanghai lead was 17,220 yuan per ton. The Shanghai - London ratio was 8.57 [6][10]. - **Premium and Discount**: The domestic futures premium and foreign premium strengthened. As of November 20, 2025, the Chinese futures premium was - 75 yuan per ton, and the LME lead premium (0 - 3) was - $28.91 per ton [12][14]. - **Inventory and Warehouse Receipts**: Foreign lead inventories increased, domestic inventories decreased, warehouse receipt numbers increased, and overall lead inventories increased. As of November 20, 2025, the total lead inventory was 3.64 tons, a decrease of 0.45 million tons; the LME lead inventory was 264,650 tons, an increase of 42,175 tons. The number of Shanghai lead warehouse receipts was 30,556 tons, an increase of 4,732 tons [31][35]. 3.3 Industry Situation - **Supply Side** - **Production**: The operating rate of primary lead enterprises increased, and production rose. As of November 13, 2025, the average operating rate of primary lead in major producing areas was 71.37%, an increase of 1.82% from the previous week, and the weekly output was 38,700 tons, an increase of 400 tons from the previous week. The capacity utilization rate of secondary lead enterprises remained unchanged, and production increased. As of November 13, 2025, the domestic production of secondary lead in major producing areas was 27,000 tons, a month - on - month increase of 10,000 tons; the average capacity utilization rate was 55.99%, a month - on - month decrease of 0% [20][29]. - **Import and Export**: In September 2025, refined lead exports decreased significantly, and refined lead imports declined. The export volume of refined lead was 1,795 tons, a month - on - month decline of 43.62% and a year - on - year increase of 408.31%. The import volume of refined lead was 1,507.92 tons, a month - on - month decrease of 17.17% and a year - on - year decrease of 94.69% [37][39]. - **Demand Side** - **Processing Fees**: The domestic lead concentrate processing fees and imported ore processing fees remained flat. Currently, the shortage of lead ore is obvious, affecting production. As of November 13, 2025, the national average processing price of lead concentrate was 340 yuan per ton, and the average processing fee of imported lead concentrate (Pb60) was - $90 per thousand tons [41][43]. - **Automobile Sales**: In October 2025, the overall automobile sales increased. The sales volume of new energy vehicles increased significantly, and the lithium - for - lead process accelerated, leading to a decline in lead demand [45][48]. - **Recycling and Prices**: The recycling price of waste batteries was stable, the price of lead - antimony alloy decreased, the domestic demand gradually weakened, and lead recycling did not change much. As of November 20, 2025, the average price of waste lead (48V/20AH) in Zhejiang was 394 yuan per group, and the price of lead - antimony alloy in Shanghai was 19,330 yuan per ton [50][52].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For lead, the lead price is under pressure above. The supply shortage has improved due to better refinery operations, and the support from the raw material side may weaken. It is recommended to hold previous short positions [1]. - For zinc, the short - term zinc price may be under pressure due to weak fundamentals. In the medium - term, the tightening of the ore end in the fourth quarter will support the zinc price to some extent. It is recommended to hold previous short positions and conduct range operations, while being vigilant about the recurrence of overseas risks [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Data**: On November 21, 2025, the average price of SMM1 lead ingots increased by 0.15% to 17,125 yuan/ton, and the closing price of the Shanghai lead futures main contract decreased by 0.17% to 17,220 yuan/ton. The trading volume of the active futures contract decreased by 19.43% to 37,231 lots, and the open interest decreased by 5.65% to 60,285 lots. The LME inventory remained unchanged at 264,650 tons, and the Shanghai lead warehouse receipt inventory decreased by 2.08% to 30,556 tons. The Shanghai - London lead price ratio decreased by 0.17% to 8.55 [1]. - **Industry News**: In October 2025, China's lead - acid battery imports were 469,800 units, a month - on - month increase of 7.55 percentage points and a year - on - year decrease of 9.5 percentage points; from January to October 2025, the cumulative imports were 4.4253 million units, a year - on - year decrease of 8.27 percentage points. In October 2025, the export volume was 16.615 million units, a month - on - month decrease of 2.75 percentage points and a year - on - year decrease of 14.23 percentage points; from January to October 2025, the cumulative export volume was 186 million units, a year - on - year decrease of 9.29 percentage points. On November 19, [LME0 - 3 lead] was at a discount of $27.39/ton, and the open interest decreased by 8,802 lots to 161,114 lots [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some refineries have maintenance plans, with the operation of primary lead fluctuating slightly. In secondary lead, the operation in Anhui increased after restart, while that in Henan decreased due to environmental protection. The demand side improved, and the operation of lead - battery enterprises was okay [1]. Zinc - **Price and Market Data**: On November 21, 2025, the average price of SMM1 zinc ingots increased by 0.04% to 22,360 yuan/ton, and the closing price of the Shanghai zinc futures main contract decreased by 0.18% to 22,380 yuan/ton. The trading volume of the active futures contract decreased by 40.03% to 54,719 lots, and the open interest decreased by 8.43% to 61,797 lots. The LME inventory remained unchanged at 46,075 tons, and the Shanghai zinc warehouse receipt inventory decreased by 2.19% to 73,668 tons. The Shanghai - London zinc price ratio decreased by 0.18% to 7.48 [1]. - **Industry News**: As of November 20, the total inventory of SMM seven - region zinc ingots was 152,700 tons, a decrease of 5,200 tons compared to November 13 and a decrease of 3,900 tons compared to November 17. On November 19, [LME0 - 3 zinc] was at a premium of $152.14/ton, and the open interest decreased by 2,315 lots to 218,416 lots [1]. - **Fundamentals**: Refineries are actively purchasing domestic zinc ores, and the domestic ore shortage persists with processing fees expected to decline. The production of zinc ingots is not affected, and the demand is weak as outdoor construction in the north stops due to cold weather [1].

Report Industry Investment Rating - Not provided in the content Core View of the Report - The overall supply growth of the Shanghai lead market is limited, demand growth faces certain resistance, and inventory is expected to continue to accumulate, so the probability of continued consolidation increases. Today, the Shanghai lead price remained volatile with little movement on the disk. Attention should be paid to the support level of 16,980 [2] Summary by Related Catalogs Futures Market - The closing price of the Shanghai lead main contract was 17,220 yuan/ton, down 30 yuan; the LME 3 - month lead quote was 2,014.5 dollars/ton, down 12.5 dollars. The 12 - 01 month contract spread of Shanghai lead was - 20 yuan/ton, unchanged; the Shanghai lead open interest was 82,766 lots, down 4,281 lots. The net position of the top 20 in Shanghai lead was - 3,236 lots, up 573 lots; the Shanghai lead warehouse receipts were 0 tons, unchanged. The SHFE inventory was 42,790 tons, up 4,208 tons; the LME lead inventory was 264,475 tons, down 325 tons [2] 现货市场 - The spot price of 1 lead from Shanghai Nonferrous Metals Network was 17,125 yuan/ton, up 25 yuan; the spot price of 1 lead from Yangtze River Nonferrous Metals Market was 17,310 yuan/ton, up 110 yuan. The basis of the lead main contract was - 95 yuan/ton, up 55 yuan; the LME lead premium (0 - 3) was - 27.39 dollars/ton, up 0.82 dollars [2] Upstream Situation - The price of lead concentrate (50% - 60%) in Jiyuan was 16,970 yuan, up 124 yuan; the price of domestic recycled lead (≥98.5%) was 17,160 yuan/ton, up 140 yuan. The capacity utilization rate of recycled lead was 35.56%, down 2.32 percentage points; the monthly output of recycled lead was 22.42 tons, down 6.75 tons. The average weekly operating rate of primary lead was 71.37%, up 1.83 percentage points; the weekly output of primary lead was 3.87 tons, up 0.04 tons [2] Industry Situation - The monthly import volume of refined lead was 1,507.92 tons, down 312.63 tons; the monthly export volume of refined lead was 1,486.13 tons, down 1,266.09 tons. The average price of waste batteries in the market was 9,873.21 yuan/ton, down 25 yuan [2] Downstream Situation - The monthly export volume of batteries was 45,696 units, down 3,984 units; the Shenwan industry index of batteries was 2,060.82 points, down 58.5 points. The monthly automobile production was 322.7 tons, up 47.46 tons; the monthly new energy vehicle production was 158 tons, up 24.7 tons [2] Industry News - There are major developments in the Russia - Ukraine situation, with a secret 28 - point peace - talk framework being discussed. The US authorities cancelled the October non - farm payroll report, and the November report is rescheduled to December 16. The Fed may further shrink its balance sheet. There are differences among Fed officials on interest rate cuts. The US trade deficit in August narrowed significantly. The Trump administration is considering suspending semiconductor tariffs, and the White House is blocking a bill to restrict AI chip exports. The US Attorney General will release the Epstein case file in 30 days [2] View Summary - On the supply side, the supply of domestic lead concentrate for primary lead remains tight, while the production of recycled lead is expected to increase. On the demand side, the demand for automotive lead - acid batteries weakens in November, but the overall operating level will gradually recover. The high Shanghai - London ratio of lead ingots and tariff issues suppress the growth of demand. The inventory is expected to continue to accumulate, and the Shanghai lead market is likely to continue to consolidate [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The overall supply growth of the Shanghai lead market is limited, and demand growth also faces certain resistance. With the expected continued accumulation of inventory, the short - term decline of Shanghai lead has slowed down. Attention should be focused on the 16980 pressure level [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai lead main contract was 17,250 yuan/ton, up 20 yuan; the 3 - month lead quote on LME was 2,027 US dollars/ton, down 11.5 US dollars. The 12 - 01 month contract spread of Shanghai lead was - 20 yuan/ton, unchanged; the Shanghai lead open interest was 87,047 lots, down 8,288 lots. The net position of the top 20 in Shanghai lead was - 3,809 lots, down 1,331 lots; the Shanghai lead warehouse receipts were 0 tons, unchanged. The inventory of the Shanghai Futures Exchange was 42,790 tons, up 4,208 tons; the LME lead inventory was 264,800 tons, down 1,325 tons [2] 3.2 Spot Market - The spot price of 1 lead on the Shanghai Non - ferrous Metals Network was 17,100 yuan/ton, down 50 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Metals Market was 17,200 yuan/ton, down 20 yuan. The basis of the lead main contract was - 150 yuan/ton, down 70 yuan; the LME lead premium (0 - 3) was - 28.21 US dollars/ton, down 11.33 US dollars. The price of lead concentrate (50% - 60%) in Jiyuan was 16,970 yuan, up 124 yuan; the price of domestic recycled lead (≥98.5%) was 17,020 yuan/ton, down 50 yuan. The WBMS supply - demand balance of lead was 22,000 tons, up 45,500 tons; the number of recycled lead production enterprises was 68, unchanged [2] 3.3 Upstream Situation - The capacity utilization rate of recycled lead was 35.56%, down 2.32 percentage points; the average weekly operating rate of primary lead was 71.37%. The monthly output of recycled lead was 18,300 tons, down 67,500 tons; the weekly output of primary lead was 38,700 tons, up 400 tons. The processing fee of lead concentrate (60%) at major ports was - 90 US dollars/kiloton, unchanged; the ILZSG lead supply - demand balance was - 2,500 tons, up 3,100 tons. The global lead ore output of ILZSG was 383,300 tons, up 3,400 tons; the monthly lead ore import volume was 150,600 tons, up 15,800 tons [2] 3.4 Industry Situation - The monthly refined lead import volume was 1,507.92 tons, down 312.63 tons; the average domestic processing fee of lead concentrate at the factory was 340 yuan/ton, unchanged. The monthly refined lead export volume was 1,486.13 tons, down 1,266.09 tons; the average market price of waste batteries was 9,898.21 yuan/ton, down 50 yuan [2] 3.5 Downstream Situation - The monthly export volume of batteries was 45.696 million units, down 3.984 million units; the average price of lead - antimony alloy (for batteries, containing 2% antimony) was 19,375 yuan/ton, down 50 yuan. The Shenwan industry index of batteries was 2,119.32 points, down 49.84 points; the monthly automobile production was 3.227 million vehicles, up 474,600 vehicles. The monthly new - energy vehicle production was 1.58 million vehicles, up 247,000 vehicles [2] 3.6 Industry News - Some waste lead - acid battery recycling enterprises in East China reported a continuous decrease in battery scrap volume this week. Affected by the continuous decline in lead prices, some smelters have started to lower their quotes, which has intensified the concerns of some small and medium - sized recycling enterprises. To avoid the risk of continuous price decline of waste lead - acid batteries, recycling enterprises have become more active in shipping, which may accelerate the short - term price loosening of waste lead - acid batteries. On the supply side, the shortage of domestic lead concentrate supply for primary lead continues, and the quotes in the imported ore market are scarce. Some smelters have to purchase low - silver lead ore to maintain production. The subsequent supply of primary lead is expected to have limited growth. For recycled lead, the production willingness of recycled lead enterprises is strong this week. At the current profit level, the output of recycled lead is still expected to increase. Major smelters in Anhui are gradually resuming production and steadily increasing production, and are expected to continue to rise. Production in Henan and Jiangsu is stable, and the operating rate in Inner Mongolia has significantly increased due to tight lead ingot supply and sufficient orders. Currently, the raw material supply is stable and enterprise inventories are abundant, so the overall operating rate is expected to increase again. In addition, the supply of waste batteries is still tight, the supply in the hands of recyclers is scarce, and stores generally have a strong sentiment of holding back sales in anticipation of price increases [2] 3.7 Viewpoint Summary - In November, the demand for automotive lead - acid batteries weakened, and some manufacturers reduced their monthly production schedules, which restricted the recovery of the operating rate. However, as the impact of early - month production cuts further subsides, the subsequent operating level will continue to recover steadily. Some leading battery enterprises have good order conditions, focus on expanding energy - storage business, and increase the production capacity of lead - carbon cells, which will further increase the demand for lead. The Shanghai - London ratio of lead ingots remains high, and the export of Chinese lead - acid batteries is under pressure due to tariffs, which will inhibit demand growth to a certain extent. This week, inventory continued to accumulate, and the spot shortage began to ease. With the resumption of production by smelting enterprises and the increase in imports due to the widening of the internal - external price difference, and the active start - up of recycled lead, the lead inventory is still expected to accumulate [2]

Group 1 - The core point of the article is that Camel Group Co., Ltd. announced the results of its sixth board meeting and provided insights into its revenue composition for 2024 [1] - The board meeting was held on November 14, 2025, and included discussions on the revision of the hedging business management system [1] - As of the report, Camel Group's market capitalization is 11.9 billion yuan [1] Group 2 - For the year 2024, the revenue composition of Camel Group is as follows: lead-acid batteries account for 79.86%, recycled lead for 15.75%, lithium batteries for 2.59%, and others for 1.79% [1]

Core Viewpoint - In 2024, China's battery exports are projected to increase in volume but decrease in value, reflecting a "volume increase and price decrease" trend driven by factors such as falling lithium carbonate prices and structural overcapacity [11][20]. Summary by Category Export Volume and Value - The total export volume of various battery types from China in 2024 is expected to reach 37.895 billion units, up from 33.280 billion units in 2023, marking a year-on-year increase of 13.87% [1][2]. - The total export value for 2024 is projected at $66.979 billion, down from $70.711 billion in 2023, representing a year-on-year decrease of 5.28% [1][4]. Battery Types and Performance - Lithium-ion batteries dominate the export market, accounting for 91.3% of the total export value, while lead-acid batteries represent 4.4%, zinc-manganese/alkaline batteries 2.9%, and nickel-hydrogen/nickel-cadmium batteries 0.6% [1][11]. - Specific battery types show varied performance: - Lithium-ion battery export value decreased by 5.97% in 2024, while export volume increased by 8.1% [4][11]. - Lead-acid battery exports have remained stable due to recovering global automotive production, although growth is expected to slow down [11][19]. - Alkaline manganese batteries have shown consistent growth, while zinc-manganese batteries have seen a decline in exports over the past few years, with a slight rebound in 2024 [12][19]. Major Export Markets - The United States is the largest market for Chinese battery exports in 2024, with an export value of $16.01 billion, accounting for 23.9% of total exports [19]. - Germany follows as the second-largest market with an export value of $10.56 billion, representing 15.8% of total exports [19]. - South Korea ranks third with an export value of $3.848 billion, making up 5.7% of the total [19]. Regulatory and Market Challenges - The implementation of new EU battery regulations and ongoing tariffs on Chinese lithium batteries in the U.S. are increasing export costs and compliance difficulties for Chinese battery manufacturers [19][20]. - The reduction of export tax rebates from 13% to 9% starting December 1, 2024, further adds to the challenges faced by the industry [19]. Future Outlook - Despite the pressures from global economic conditions and trade frictions, the Chinese battery industry is expected to maintain resilience and explore new growth opportunities, particularly in regions like the Middle East, Central Asia, and Africa [19][20].

News Summary Core Viewpoint - The lead market is experiencing a tightening supply situation, which is expected to support high lead prices in the short term due to various factors including production issues and regulatory changes in electric vehicle battery standards [1][2]. Group 1: Market Inventory and Production - As of November 13, the London Metal Exchange (LME) reported lead registered warehouse receipts at 128,650 tons, with canceled receipts at 95,325 tons, a decrease of 1,500 tons. Total lead inventory stands at 223,975 tons, down by 1,250 tons [1]. - The Shanghai Futures Exchange reported lead inventory at 25,824 tons, an increase of 1,138 tons from the previous trading day. Regional breakdown shows: Shanghai at 4,784 tons (down 197 tons), Guangdong at 4,724 tons (up 1,011 tons), Jiangsu at 4,782 tons (unchanged), Zhejiang at 1,272 tons (up 99 tons), and Tianjin at 10,262 tons (up 225 tons) [1]. Group 2: Supply and Demand Dynamics - October's electrolytic lead production fell short of expectations, leading to a tightening supply that has pushed lead prices higher. Environmental restrictions in Hebei have caused a regional supply tightness to spread nationwide [2]. - A shortage of lead concentrate has resulted in many electrolytic lead producers operating below market expectations despite resuming production. The opening of import windows for lead and lead concentrate is expected to increase import volumes, gradually resolving raw material issues at the smelting end [2]. - The demand for lead is expected to remain stable, with short-term lead prices anticipated to maintain high levels amid these supply constraints [2]. Group 3: Market Trends and Price Adjustments - The lead market has seen a shift from a five-day price increase to a downward adjustment, with social inventories continuing to rise. The resumption of production at refineries and the replenishment of crude lead are alleviating supply-demand mismatches, leading to a weakening of fundamental support for prices [3]. - Short-term adjustments in lead prices are expected as the market responds to these changes in inventory and production dynamics [3].

Group 1 - The core viewpoint of the news is that Wanli Co., Ltd. has experienced significant stock price increases this year, with a year-to-date rise of 66.42% and a recent increase of 20.90% over the past 20 days [1] - As of November 14, Wanli's stock price reached 13.48 CNY per share, with a market capitalization of 2.066 billion CNY [1] - The company has seen a net outflow of main funds amounting to 1.2387 million CNY, with large orders buying 485,600 CNY and selling 1.7243 million CNY [1] Group 2 - For the period from January to September 2025, Wanli Co., Ltd. reported operating revenue of 359 million CNY, a year-on-year decrease of 5.74%, and a net profit attributable to shareholders of -33.1573 million CNY, a decline of 32.86% [2] - The number of shareholders increased to 11,600, reflecting a 6.19% rise, while the average circulating shares per person decreased by 5.83% to 13,215 shares [2] Group 3 - Since its A-share listing, Wanli Co., Ltd. has distributed a total of 15.5 million CNY in dividends, with no dividends paid in the last three years [3]

高效沟通的背后，是一套闭环运行的治理机制在发力。从问题收集到部门协同，再到跟踪督办、效果反 馈，这套让企业诉求"事事有回应、件件有着落"的闭环管理方式，大幅提升了解决问题的效率与质量。 截至目前，国家发展改革委主任郑栅洁已主持召开20场早餐会，最近一场恰好在"促进民间投资13条"政 策发布的次日；国家发展改革委其他党组成员也通过各种方式与民营企业座谈交流160余次，省、市、 县发展改革部门召开民营企业座谈会超2万次。 这张"小餐桌"的核心价值，在于打破了政企沟通的无形壁垒。过去"想说不敢说"的企业家们，如今在轻 松氛围中实现知无不言、言无不尽。 比如，天能控股集团董事长张天任在早餐会上直言电动自行车55公斤重量上限，限制了铅酸蓄电池的行 业升级，国家发展改革委随即联动工信部、市场监管总局，历经8个月70余次调研、160余次技术研讨， 最终推动新国标将电动自行车重量上限放宽至63公斤，既保障了消费者绿色安全出行，更激活了产业高 质量发展动能。天地伟业负责人倾诉的账款拖欠难题，经发改委专项协调与跟踪督办，很快促成企业与 相关方达成还款共识，让企业轻装上阵一心一意搞经营。 证券时报记者 韩忠楠 没有冗长议程，不设层 ...

Core Viewpoint - The Guizhou Provincial Market Supervision Administration has launched the fourth batch of "Guarding Consumption" actions in 2025, focusing on optimizing the consumption environment and protecting consumer rights, with significant enforcement results reported in the first three quarters of the year [1] Summary by Cases - **Case 1**: A luxury goods trading company in Tongren was penalized for selling a counterfeit Cartier watch, violating consumer protection regulations [2] - **Case 2**: A fruit vendor in Qianan was found using a tampered electronic scale, which was deemed unqualified, leading to administrative penalties [3] - **Case 3**: A tobacco and liquor store in Pan County was caught selling products that infringed on registered trademarks, resulting in legal action [4] - **Case 4**: A grocery store in Sandu was penalized for selling uncertified electrical cables, violating mandatory product certification regulations [5] - **Case 5**: A construction safety testing company in Shiqian issued a false inspection report without conducting the necessary tests, leading to penalties [6][7] - **Case 6**: A fertilizer store in Leishan sold compound fertilizers that did not meet national standards, resulting in administrative action [8] - **Case 7**: An electric bicycle shop in Qianan was penalized for selling modified bicycles that did not comply with safety standards [9] - **Case 8**: A motorcycle repair center in Wudang was found selling modified electric bicycles without proper certification changes, leading to penalties [10] - **Case 9**: A milk tea shop in Luodian failed to provide food waste prevention reminders to consumers, violating food waste regulations [11] - **Case 10**: A shopping center in Nayong was penalized for selling food products with labels claiming therapeutic effects, violating food safety laws [12]