Group 1 - The 20th China Western International Expo concluded in Chengdu, where Yaan signed 47 projects with a total investment of 25.8 billion yuan, focusing on advanced materials industry projects [5] - Yaan's industrial strategy emphasizes the development of advanced specialty non-ferrous metal material industry chains, with 223 industrial enterprises involved in advanced materials expected to achieve a total output value of 51.21 billion yuan by the end of 2024 [5][6] - The introduction of leading enterprises in advanced materials is aimed at enhancing industrial green transformation and improving economic resilience [8][9] Group 2 - Yaan's advanced materials industry is characterized by a strong focus on clean energy, geographical advantages, and supportive policies, as highlighted by the chairman of Sichuan Wuyi Carbon Fiber Technology Development Co., Ltd. [7] - The Yaan Carbon Fiber Industrial Park, a key project, has a total investment of 6.5 billion yuan, with the first phase covering 85 acres and investing 1 billion yuan [8] - The industrial cluster in Yaan is designed to minimize competition while enhancing customer loyalty, with a focus on various non-ferrous metal products [10][11] Group 3 - Yaan's advanced materials industry is rapidly developing, with zinc ingot and copper material production capacity ranking first in the province [11] - The lithium battery sector is also experiencing similar cluster effects, with companies like Yaan Xatu Tungsten New Energy Materials Co., Ltd. recognized for their innovative products [11] - Future plans for Yaan include strengthening the advanced materials industry map, improving project construction, enhancing services, and solidifying park carrying capacity [11]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For lead, downstream is in the consumption off - season, with high risk of inventory accumulation due to consumption loss during the Dragon Boat Festival. However, due to the continuous shortage of waste batteries and increased losses of secondary lead smelters, lead prices may rebound in the short - term. The effectiveness of cost support and macro uncertainties should be monitored [1]. - For zinc, the market has strong supply and weak demand. Although inventory is relatively low and provides short - term support, in the long - term, as TC has room to rise, zinc prices may decline. A strategy of short - selling on rebounds is recommended, and macro - sentiment disturbances should be continuously monitored [1]. 3. Summary by Related Catalogs Lead - **Price and Market Data**: On June 5, 2025, the average price of SMM1 lead ingots was 16,425 yuan/ton, up 0.31% from the previous day; the closing price of the main Shanghai lead futures contract was 16,670 yuan/ton, up 0.60%. The LME 3 - month lead futures closing price (electronic trading) was 1,984 dollars/ton, down 0.10%. The trading volume of the active futures contract was 35,010 lots, up 22.67%, and the open interest was 52,496 lots, down 5.49%. The LME inventory was 281,550 tons, unchanged, and the Shanghai lead warrant inventory was 41,698 tons, up 3.43% [1]. - **Industry News**: An large secondary lead smelter in East China has resumed production, but its output is unstable due to environmental inspections. On June 3, Canadian mining company Americas Gold and Silver reached a 100 - million - dollar senior secured loan financing agreement and a concentrate off - take agreement for its Galena project [1]. - **Fundamentals**: Primary lead production is stable with a slight increase. In secondary lead, rising waste battery prices, limited supplies, and sellers' reluctance to sell have led to cost - price inversion and reduced production in some smelters. Demand is weak during the off - season, providing limited support for lead prices [1]. Zinc - **Price and Market Data**: On June 5, 2025, the average price of SMM1 zinc ingots was 22,840 yuan/ton, up 0.53% from the previous day; the closing price of the main Shanghai zinc futures contract was 22,420 yuan/ton, up 1.08%. The LME 3 - month zinc futures closing price (electronic trading) was 2,704 dollars/ton, down 0.28%. The trading volume of the active futures contract was 169,465 lots, up 9.02%, and the open interest was 123,944 lots, up 0.99%. The LME inventory was 136,275 tons, unchanged, and the Shanghai zinc warrant inventory was 1,376 tons, down 17.85% [1]. - **Industry News**: A zinc smelter in South China will conduct equipment maintenance for 10 - 15 days this month, expected to affect about 2,000 tons of production. On June 4, Canadian mining company Hudbay Minerals temporarily closed its Snow Lake mine due to wildfires [1]. - **Fundamentals**: Zinc smelters have sufficient raw material stocks, and zinc concentrate processing fees are rising. The supply situation has improved, and smelter profits and production enthusiasm are increasing. However, demand is weak during the off - season, and the operating rates of the three major sectors have declined significantly [1].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - **Lead**: The lead market is in a state of game between tight raw materials and poor demand. With some refineries reducing production due to raw material shortages and the demand side in the off - season, short - term lead prices are expected to be mainly in wide - range consolidation, and subsequent macro uncertainties need to be continuously monitored [1]. - **Zinc**: In the short term, the macro sentiment has great uncertainties, and zinc prices are mainly in wide - range consolidation. In the long - term, as TC has room for further increase, the center of zinc prices may move down, and subsequent macro sentiment disturbances need to be continuously monitored [1]. 3. Summary by Related Catalogs **Lead Market Data** - **Prices**: The average price of SMM1 lead ingots was 16,850 yuan/ton, unchanged from the previous day; the closing price of the main futures contract of Shanghai lead was 16,950 yuan/ton, down 0.56% from the previous day; the LME3 - month lead futures closing price (electronic disk) was 1,915 US dollars/ton, down 0.36% [1]. - **Basis and Spreads**: The Shanghai lead basis was - 100 yuan/ton; the spread between Shanghai lead near - month and Shanghai lead continuous - one was - 10 yuan/ton, etc. [1]. - **Trading Volume and Open Interest**: The trading volume of the active futures contract was 28,503 lots, down 17.15%; the open interest was 37,471 lots, down 1.80%; the trading volume to open interest ratio was 0.76, down 15.63% [1]. - **Inventory**: LME lead inventory was 281,275 tons, unchanged; Shanghai lead warehouse receipt inventory was 42,746 tons, down 1.86% [1]. **Lead Industry News** - Several lead refineries in central and eastern China have reduced production due to raw material shortages. For example, a refinery in central China reduced production by 50% and now has a daily refined lead output of 200 - 300 tons [1]. **Lead Fundamental Analysis** - **Supply**: Primary lead refineries have basically resumed production, with a significant increase in electrolytic lead output in March. In April, some refineries in Henan entered maintenance, and primary lead output may decrease. Secondary lead refineries are under pressure from losses and raw material shortages, forcing them to reduce their operating rates [1]. - **Demand**: It is currently the off - season for lead consumption, providing limited support for lead prices [1]. **Zinc Market Data** - **Prices**: The average price of SMM1 zinc ingots was 22,510 yuan/ton, up 0.18% from the previous day; the closing price of the main futures contract of Shanghai zinc was 22,285 yuan/ton, down 0.49% from the previous day; the LME3 - month zinc futures closing price (electronic disk) was 2,601 US dollars/ton, up 0.93% [1]. - **Basis and Spreads**: The Shanghai zinc basis was 225 yuan/ton; the spread between Shanghai zinc near - month and Shanghai zinc continuous - one was 240 yuan/ton, etc. [1]. - **Trading Volume and Open Interest**: The trading volume of the active futures contract was 161,940 lots, down 16.81%; the open interest was 130,353 lots, up 3.67%; the trading volume to open interest ratio was 1.24, down 19.76% [1]. - **Inventory**: LME zinc inventory was 192,225 tons, unchanged; Shanghai zinc warehouse receipt inventory was 5,168 tons, down 24.61% [1]. **Zinc Industry News** - Several companies released their Q1 2025 production reports. Sierra Metals' zinc concentrate output in Q1 was about 0.49 million tons, a 12% decrease from the previous quarter; South 32's zinc output in Q1 was 11,000 tons, a 1.85% increase from the previous quarter [1]. **Zinc Fundamental Analysis** - **Supply**: Refineries have sufficient raw material stocks, zinc concentrate processing fees are rising, the restriction of raw material shortage on refinery production is weakening, and the production and profit of refineries are improving, with an obvious trend of increasing output [1]. - **Demand**: The start - up rate of the galvanizing sector has increased, while that of die - casting zinc alloys and zinc oxide has decreased. Downstream enterprises have relatively high raw material inventories and are mainly consuming existing stocks, reducing their purchases of zinc ingots [1].