祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20251125：沪铅震荡回落；沪锌震荡偏弱 | | | | | | --- | --- | --- | --- | --- | | 2025/11/25 指标 | | 单位 | 今值 | 变动 近期趋势 | | SMM1#铅锭平均价格 | | 元/吨 | 17,075.00 | 0.00% | | 期货主力合约收盘价 | 沪铅期现价格 | 元/吨 | 17,135.00 | -0.17% | | 沪铅基差 | | 元/吨 | -60.00 | 30.00 | | 升贴水-上海 升贴水-LME 0-3 | | 元/吨 美元/吨 | - -22.41 | -25.00 6.50 | | 升贴水-LME 3-15 | 价差 | 美元/吨 | -85.30 | - | | 沪铅近月-沪铅连一 | | 元/吨 | -25.00 | -20.00 | | 沪铅连一-沪铅连二 铅 | | 元/吨 | - | 5.00 | | 沪铅连二-沪铅连三 期货活跃合约成交量 | | 元/吨 手 | - 38,420.00 | -10 ...

美联储官员表态转鸽，中美领导人通话 日度报告——综合晨报 报 油厂豆粕库存大增，供需面仍然疲弱，但进口大豆成本支撑同 时存在，预计豆粕期价暂时仍以震荡为主。 宏观策略（美国股指期货） 美联储戴利：担心劳动力市场突然恶化，支持 12 月降息 美联储官员表态转鸽，市场降息预期显著升温，三大股指大幅 收涨。 [T报ab告le_日R期an：k] 2025-11-25 宏观策略（股指期货） 国家领导人同美国总统特朗普通电话 综 中美领导人谈话，对于缓释地方风险，解决模糊问题有重要作 用。同时隔夜美联储释放 12 月或将降息的鸽派信号，全球风险 资产得到提振。 合 农产品（豆粕） 晨 USDA 周度出口检验报告符合预期 有色金属（铅） 铅锭地域性供应偏紧，社库延续降势 资金热情边际消退，但铅基本面短期不弱，空单寻找逢低止盈 机会为宜，观察资金是否有反向入场现象。 能源化工（沥青） 沥青厂库及社库录得双降 短期沥青市场基本面难有实质性利好改善，短期内或维持震荡 调整态势。 | 曹璐 | 资深分析师 | （化工） | | --- | --- | --- | | 从业资格号： [Table_Analyser] | F30134 ...

祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20251124：沪铅上方承压；沪锌震荡偏弱 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/24 | | 指标 | 单位 | 今值 | | 变动 | 近期趋势 | | 元/吨 | | SMM1#铅锭平均价格 | | 17,075.00 | | -0.29% | | | 沪铅期现价格 | | 期货主力合约收盘价 | 元/吨 | 17,165.00 | | -0.32% | | | 元/吨 | | 沪铅基差 | | -90.00 | | 5.00 | | | 元/吨 | | 升贴水-上海 | | 25.00 | | - | | | 美元/吨 | | 升贴水-LME 0-3 升贴水-LME 3-15 | 美元/吨 | -22.41 -85.30 | | 6.50 - | | | 价差 | | 沪铅近月-沪铅连一 | 元/吨 | -5.00 | | 15.00 | | | 元/吨 | | 沪铅连一-沪铅连二 | | ...

国家统计局：11月中旬生猪(外三元)价格环比下降1.7% | 序号 | 监测产品 | 规格型号 | 说明 | | --- | --- | --- | --- | | | 一、黑色金属 | | | | 1 | 螺纹钢 | Φ20mm, HRB400E | 屈服强度≥400MPa | | 2 | 线材 | Ф8-10mm. HPB300 | 屈服强度≥300MPa | | 3 | 普通中板 | 20mm. Q235 | 屈服强度≥235MPa | | 4 | 热轧普通板卷 | 4.75-11.5mm. Q235 | 屈服强度≥235MPa,宽度1500mm | | 5 | 无缝钢管 | 219*6, 20# | 20#钢材,屈服强度≥245MPa | | 6 | 角钢 | 5# | 屈服强度≥235MPa | | | 二、有色金属 | | | | 7 | 电解铜 | 1 # | 铜与银质量分数≥99.95% | | 8 | 铝锌 | A00 | 铝质量分数≥99.7% | | 9 | 绍锭 | 1 # | 铅质量分数≥99.994% | | 10 | 锌锌 | 0# | 锌质量分数≥99.995% | | | 三 ...

中国统计信息服务中心 卓创资讯 据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月中旬与11月上旬相比，30 种产品价格上涨，17种下降，3种持平。 2025年11月中旬流通领域重要生产资料市场价格变动情况 3.监测范围 监测范围涵盖全国31个省（区、市）300多个交易市场的近2000家批发商、代理商、经销商等经营企 业。 4.监测方法 价格监测方法包括信息员现场采价，电话、即时通讯工具和电子邮件询价等。 | 产品名称 | | 本期价格 | 比上期 | 涨跌幅 | | --- | --- | --- | --- | --- | | | 单位 | （元） | 价格涨跌 | (%) | | | | | （元） | | | 一、黑色金属 | | | | | | 螺纹钢（Φ20mm，HRB400E） | 吨 | 3139.0 | 20.5 | 0.7 | | 线材（Φ8—10mm，HPB300） | 吨 | 3282.6 | 10.9 | 0.3 | | 普通中板（20mm，Q235） | 吨 | 3393.7 | -18.1 | -0.5 | | 热轧普通板卷（4.75—11.5mm，Q2 ...

张世骄（有色金属组） 0755-23375122 zhangsj3@wkqh.cn 交易咨询号：Z0023261 冶炼高开工， 铅价重回震荡区间 铅周报 从业资格号：F03120988 2025/11/22 CONTENTS 目录 01 周度评估 04 需求分析 02 原生供给 05 供需库存 03 再生供给 06 价格展望 01 周度评估 周度评估 ◆ 价格回顾：周五沪铅指数收跌0.31%至17165元/吨，单边交易总持仓7.53万手。截至周五下午15：00，伦铅3S较前日同期跌17.5至 1997.5美元/吨，总持仓15.96万手。SMM1#铅锭均价17075元/吨，再生精铅均价17050元/吨，精废价差25元/吨，废电动车电池均价 9975元/吨。 ◆ 国内结构：据钢联数据，国内社会库存小幅去库至3.64万吨。上期所铅锭期货库存录得3万吨，内盘原生基差-90元/吨，连续合约-连 一合约价差-5元/吨。海外结构：LME铅锭库存录得26.47万吨，LME铅锭注销仓单录得8.57万吨。外盘cash-3S合约基差-28.91美元/吨， 3-15价差-85.3美元/吨。跨市结构：剔汇后盘面沪伦比价录得1.21，铅 ...

（编辑 袁冠琳） 证券日报网讯 中金岭南11月21日发布公告，在公司回答调研者提问时表示，公司主要产品有铅锭、锌 锭及锌合金、阴极铜、白银、黄金、粗铜、电镓、锗精矿、工业硫酸、硫磺等产品。铅金属主要用于铅 酸蓄电池、铅材和铅合金，其他用途还包括氧化铅、铅盐、电缆等其他铅产品。锌金属主要用于镀锌、 压铸合金、氧化锌、黄铜、电池等领域。 ...

Core Viewpoint - The company Zhongjin Lingnan announced its main products, which include lead ingots, zinc ingots, zinc alloys, cathode copper, silver, gold, crude copper, gallium, germanium concentrate, industrial sulfuric acid, and sulfur [1] Product Overview - Lead metal is primarily used in lead-acid batteries, lead materials, and lead alloys, with additional applications in lead oxide, lead salts, and cables [1] - Zinc metal is mainly utilized in galvanizing, die-casting alloys, zinc oxide, brass, and batteries [1]

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 Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Lead Market**: The lead price is under pressure due to potential weakening of raw - material support and improved supply tightness. It is recommended to hold previous short positions [1]. - **Zinc Market**: The zinc market fundamentals are weak in the short - term, and the zinc price may be under pressure. In the medium - term, the zinc price has some support at the lower end. It is advisable to hold previous short positions and use range - bound trading strategies [1]. 3. Summary by Related Catalogs **Lead Market Data** - **Price**: SMM1 lead ingot average price is 17,100 yuan/ton, down 0.29%; Shanghai lead futures main contract closing price is 17,250 yuan/ton, up 0.12%; LME3 - month lead futures closing price is 2,027 dollars/ton, unchanged; the Shanghai - London lead price ratio is 8.51, up 0.12% [1]. - **Spread**: Shanghai lead basis is - 150 yuan/ton, down 70 yuan; LME0 - 3 lead is at a discount of 28.21 dollars/ton; LME3 - 15 lead is at a discount of 85.10 dollars/ton, up 1.20 dollars [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 46,208 lots, down 16.09%; open interest is 63,895 lots, down 7.57%; trading volume to open interest ratio is 0.72, down 9.22% [1]. - **Inventory**: LME lead inventory is 264,475 tons, unchanged; Shanghai lead warehouse receipt inventory is 31,206 tons, down 4.54% [1]. **Zinc Market Data** - **Price**: SMM1 zinc ingot average price is 22,350 yuan/ton, up 0.45%; Shanghai zinc futures main contract closing price is 22,420 yuan/ton, up 0.49%; LME3 - month zinc futures closing price is 2,990.5 dollars/ton, unchanged; the Shanghai - London zinc price ratio is 7.50, up 0.49% [1]. - **Spread**: Shanghai zinc basis is - 70 yuan/ton, down 10 yuan; LME0 - 3 zinc is at a premium of 129.76 dollars/ton; LME3 - 15 zinc is at a premium of 40.72 dollars/ton, down 3.38 dollars [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 91,247 lots, down 2.38%; open interest is 67,487 lots, down 18.02%; trading volume to open interest ratio is 1.35, up 19.09% [1]. - **Inventory**: LME zinc inventory is 45,075 tons, unchanged; Shanghai zinc warehouse receipt inventory is 75,314 tons, down 1.92% [1]. **Industry News** - **Lead**: Endeavor silver - zinc mine restarted ore hoisting and grinding operations on November 15th and shifted to continuous shift production. Silver - lead concentrate transportation is ongoing for a scheduled shipment in early December [1]. - **Zinc**: Multiple polymetallic ore mining and beneficiation projects in Dong Ujimqin Banner, Inner Mongolia, have obtained construction land approvals and are ready to start, while the relevant procedures of the Diyanchinaamu molybdenum polymetallic ore project are progressing orderly [1]. **Fundamentals Analysis** - **Lead**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some refineries have maintenance plans, and the start - up of primary lead fluctuates slightly. The start - up of secondary lead is affected by different factors in different regions. Demand from lead - acid battery enterprises has increased [1]. - **Zinc**: Refineries are actively purchasing domestic zinc ores, and the domestic ore supply is tight with processing fees expected to decline further. Refinery production is expected to remain around 600,000 tons per month, while demand is weak [1].