Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core View of the Report - The supply - demand situation of the lead market remains weak, with no obvious signs of peak - season demand. The concentrate market is tight even with smelter maintenance plans, and TC prices are dropping. There are no significant fundamental factors to boost lead prices, but macro factors like rising interest - rate cut expectations are favorable for the non - ferrous sector, limiting the downside of lead prices. It is expected that lead prices will fluctuate between 16,300 yuan/ton and 17,050 yuan/ton [3] Summary by Related Catalogs Market News and Important Data - **Spot Market**: On August 25, 2025, the LME lead spot premium was - 33.79 dollars/ton. The SMM1 lead ingot spot price increased by 100 yuan/ton to 16,750 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at - 15.00 yuan/ton, the SMM Guangdong lead spot price increased by 75 yuan/ton to 16,775 yuan/ton, the SMM Henan lead spot price increased by 125 yuan/ton to 16,750 yuan/ton, and the SMM Tianjin lead spot premium increased by 100 yuan/ton to 16,750 yuan/ton. The lead concentrate - scrap spread remained unchanged at - 50 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,125 yuan/ton, 10,125 yuan/ton, and 10,450 yuan/ton respectively [1] - **Futures Market**: On August 25, 2025, the main SHFE lead contract opened at 16,790 yuan/ton and closed at 16,845 yuan/ton, up 65 yuan/ton from the previous trading day. The trading volume was 41,202 lots, an increase of 18,257 lots from the previous day, and the open interest was 27,975 lots, a decrease of 13,190 lots. During the day, the price fluctuated between 16,755 yuan/ton and 16,895 yuan/ton. In the night session, the main SHFE lead contract opened at 16,840 yuan/ton and closed at 16,875 yuan/ton, up 0.27% from the afternoon close [1] - **Inventory**: On August 25, 2025, the SMM lead ingot inventory was 68,000 tons, a decrease of 1,600 tons from the previous week. As of August 25, the LME lead inventory was 273,050 tons, a decrease of 6,550 tons from the previous trading day [2] Strategy - The investment strategy for the lead market is neutral. The recommended option strategy is to sell a wide - straddle [3]