Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report focuses on the fundamentals of lead, suggesting that the downside of lead may be limited, but no clear core view is explicitly stated other than presenting data on lead's market performance [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price and Volume**: The closing price of the Shanghai lead main contract was 16,895 yuan/ton, down 0.21% from the previous day, and the trading volume was 32,614 lots, a decrease of 988 lots. The closing price of the LME 3M electronic lead contract was $2,001/ton, down 0.20%, and the trading volume was 7,688 lots, an increase of 811 lots [1]. - **Open Interest**: The open interest of the Shanghai lead main contract was 53,407 lots, an increase of 740 lots, while the LME lead open interest was 134,717 lots, a decrease of 7,430 lots [1]. - **Premium and Discount**: The premium of Shanghai 1 lead was -30 yuan/ton, unchanged from the previous day, and the LME CASH - 3M premium was -$31.9/ton, an increase of $1.6/ton [1]. - **Inventory**: The Shanghai lead futures inventory was 58,086 tons, a decrease of 682 tons, and the LME lead inventory was 269,225 tons, a decrease of 1,850 tons. The LME lead cancelled warrants were 42,475 tons, a decrease of 5,075 tons [1]. - **Profit and Loss**: The spot import profit and loss of lead ingots was -592.32 yuan/ton, a decrease of 35.36 yuan/ton, and the import profit and loss of the Shanghai lead continuous third contract was -483.77 yuan/ton, an increase of 19.2 yuan/ton. The comprehensive profit and loss of recycled lead was -503 yuan/ton, a decrease of 40 yuan/ton [1]. 3.2 News - Trump plans to send tariff letters to more than 150 countries, announcing the achievement of some trade agreements and naming India. Under the threat of a 30% tariff, the EU is considering using an "anti - coercion tool" to respond to Trump [2]. 3.3 Trend Intensity - The trend intensity of lead is 0, indicating a neutral view, with the value ranging from -2 (most bearish) to 2 (most bullish) [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not provided in the given content. 3. Summary by Relevant Catalogs [Fundamental Tracking] - **Prices**: The closing price of the main Shanghai lead futures contract was 17,210 yuan/ton, down 0.49% from the previous day, and the closing price of the LME 3M electronic lead contract was 2,057 dollars/ton, down 0.29% [1]. - **Volumes**: The trading volume of the main Shanghai lead futures contract was 29,406 lots, an increase of 5,076 lots, and the LME lead trading volume was 3,570 lots, a decrease of 1,679 lots [1]. - **Open Interests**: The open interest of the main Shanghai lead futures contract was 51,045 lots, a decrease of 627 lots, and the LME lead open interest was 151,635 lots, a decrease of 85 lots [1]. - **Premiums and Discounts**: The premium/discount of Shanghai 1 lead was -55 yuan/ton, down 15 yuan/ton, and the LME CASH - 3M premium/discount was -24.63 dollars/ton, up 1.84 dollars/ton [1]. - **Import Profits and Losses**: The spot import profit and loss of lead ingots was -793.68 yuan/ton, an increase of 22.76 yuan/ton, and the import profit and loss of Shanghai lead continuous - three was -664.76 yuan/ton, an increase of 26.65 yuan/ton [1]. - **Inventories**: The Shanghai lead futures inventory was 46,814 tons, an increase of 375 tons, and the LME lead inventory was 259,975 tons, a decrease of 3,300 tons [1]. - **Other Data**: The price of waste electric vehicle batteries was 10,300 yuan/ton, unchanged; the LME lead cancelled warrants were 65,075 tons, a decrease of 2,300 tons; the price of recycled refined lead was 16,925 yuan/ton, down 50 yuan/ton; and the comprehensive profit and loss of recycled lead was -364 yuan/ton, down 51 yuan/ton [1]. [News] - Trump's first - wave tax letter: 14 countries including Japan and South Korea will face tariffs ranging from 25% to 40%, effective August 1st, and the EU may be close to an agreement [1]. [Trend Intensity] - The lead trend intensity is 0, with the range of trend intensity values being integers in the [-2, 2] interval, and the strength levels classified as weak, moderately weak, neutral, moderately strong, and strong, where -2 indicates the most bearish and 2 indicates the most bullish [1].