Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [5][10]. Core Viewpoints - The report highlights a "反内卷" (anti-involution) trend leading to a general increase in commodity prices, with specific catalysts such as policy expectations driving price movements in copper, aluminum, lithium, and cobalt [4][6][10]. Summary by Sections 1. Industry Overview - Important macroeconomic information includes the U.S. June core CPI being below expectations at 2.9%, and retail sales showing a month-on-month increase of 0.6% [10]. - The Ministry of Industry and Information Technology (MIIT) is set to release a growth stabilization plan for key industries including steel, non-ferrous metals, and petrochemicals [10]. 2. Industrial Metals 2.1 Copper - Copper prices are expected to rebound due to policy expectations, with LME copper prices increasing by 0.83% and SHFE copper prices slightly decreasing by 0.03% [6][25]. - Inventory levels have risen, with LME copper stocks increasing by 12.37% [22][25]. - Downstream demand is recovering, with copper rod operating rates at 74.2%, up by 7.2 percentage points [6]. 2.2 Aluminum - Aluminum prices are also expected to rise, with alumina prices increasing by 0.16% to 3165 CNY/ton [6][36]. - SHFE aluminum prices fell by 1.01% to 20500 CNY/ton, but are projected to recover due to strong policy support [6][36]. 2.3 Lead and Zinc - LME lead prices decreased by 1.38%, while SHFE lead prices fell by 1.70% [46]. - LME zinc prices increased by 1.24%, but SHFE zinc prices dropped by 0.45% [46]. 2.4 Tin and Nickel - LME tin prices fell by 0.73%, and SHFE tin prices decreased by 0.65% [60]. - LME nickel prices decreased by 0.33%, while SHFE nickel prices fell by 0.78% [60]. 3. Energy Metals 3.1 Lithium - Lithium prices are on the rise, with lithium carbonate increasing by 4.55% to 66650 CNY/ton, and lithium spodumene rising by 5.49% to 711 USD/ton [75]. - Supply issues are noted, with a slight increase in production but ongoing inventory accumulation [75]. 3.2 Cobalt - Cobalt prices are under pressure, with domestic cobalt prices down by 1.22% to 243000 CNY/ton [88]. - The Democratic Republic of Congo has extended its cobalt export ban by three months, which may lead to a price rebound in Q4 [88].

韩国股民抢筹中国股票。 来自韩国证券存托结算院（KSD）旗下SEIBro的数据显示，以成交额计，今年以来截至7月17日，中国 位列韩国股民最喜爱的海外市场的第二名，仅次于美国。 来自SEIBro的数据显示，截至2025年7月18日，过去一年，韩国股民净买入金额排名前10的港股分别为 小米集团-W、比亚迪股份、宁德时代、阿里巴巴-W、老铺黄金、泡泡玛特、百济神州、三花智控、 Global X 恒生科技ETF、优必选。 其间，韩国股民净买入小米集团-W的金额为1.60亿美元，净买入比亚迪股份的金额为6243.77万美元， 净买入宁德时代的金额为6085.39万美元，净买入老铺黄金的金额为5769.15万美元，净买入泡泡玛特的 金额为2940.64万美元，净买入百济神州的金额为2476.77万美元，净买入三花智控的金额为2092.20万美 元，净买入Global X恒生科技ETF的金额为1880.34万美元，净买入优必选的金额为1704.85万美元。 02 过去一个月，老铺黄金位居净买入金额榜首 韩国股民尤其热衷港股。截至7月18日，韩国股民持有金额最多的港股为小米集团-W。 值得注意的是，截至7月18日，韩国股民 ...

Group 1: Market Overview - The A-share market showed a positive trend with major indices rising, particularly the Shanghai Composite Index reaching a new closing high for the year [2] - Resource cyclical stocks were prominent, with the rare earth permanent magnet sector experiencing significant gains, alongside lithium and coal sectors [2][3] - The overall market is transitioning from a "weight-driven" to a "theme-driven" approach, indicating a structural market trend [8] Group 2: Rare Earth Sector - The rare earth permanent magnet sector saw active trading, with several stocks hitting the daily limit up, including Jiuwu High-Tech and Huahong Technology [3] - The discovery of a new mineral, "Nedun River Mineral," by a research team from China University of Geosciences, highlights the complexity and resource diversity of the Baiyun Obo mine, the world's largest rare earth deposit [3] - As of July 18, 17 companies in the rare earth permanent magnet sector have released half-year performance forecasts, with 9 expecting profit increases and 5 turning losses into profits [4] Group 3: Lithium Sector - The lithium mining sector experienced significant movements, with stocks like Shengxin Lithium Energy and Jinyuan Co. hitting the daily limit up [6] - A recent announcement from Cangge Mining regarding the suspension of lithium resource development due to compliance issues has raised concerns about supply constraints in the lithium market [6] - Major lithium companies Tianqi Lithium and Ganfeng Lithium reported improved performance forecasts, indicating a potential recovery in the sector [7] Group 4: Investment Outlook - Financial institutions suggest that the market is likely to continue focusing on structural opportunities, particularly in technology growth sectors supported by policy and industrial upgrades [8] - The trend indicates a shift from capital-driven to profit-driven industry operations, with expectations of dual recovery in performance and valuation across various sectors [8]

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), CATL (03750), and COSCO Shipping Holdings (01919), with short ratios of 23.99%, 17.39%, and 14.14% respectively [1][2] - The companies with the largest increase in short positions are Giant Biogene (02367), WuXi AppTec (02359), and Henderson Land Development (00012), with increases of 2.05%, 1.43%, and 1.41% respectively [1][2] - The companies with the largest decrease in short positions are SF Holding (06936), Far East Horizon (03360), and Jiumaojiu International Holdings (09922), with decreases of -1.94%, -1.22%, and -1.18% respectively [1][3] Group 2 - The top ten companies with the highest short ratios include Ganfeng Lithium (01772) at 13.09%, Xiexin Technology (03800) at 12.57%, and Shandong Gold (01787) at 12.35% [2] - The companies with the largest increase in short ratios also include Fuyou Glass (06865) at 12.07% and Tigermed (03347) at 9.81% [2] - The companies with the largest decrease in short ratios include Vanke Enterprise (02202) at 11.38% and Green Leaf Pharmaceutical (02186) at 11.96% [3][4]

Group 1: Market Performance - The Hong Kong stock market indices collectively rebounded, with the Hang Seng Index rising by 1.33%, the Hang Seng China Enterprises Index increasing by 1.51%, and the Hang Seng Tech Index gaining 1.65% [1] - The SaaS sector saw significant gains, with companies like Huilyang Technology rising by 15.56%, Yika by 10.11%, and Kingdee International by 7.27% [1] - The stablecoin concept also surged, highlighted by Yaocai Securities rising by 16.93% and Huajian Medical increasing by 20.41% following the U.S. House of Representatives passing a bill to establish a legal framework for stablecoins [1] Group 2: Sector Performance - Gold and non-ferrous metal stocks experienced a broad increase, with Lingbao Gold rising by 6.24% and China Molybdenum by 3.96% as spot gold prices rose above $3340 per ounce [2] - Major financial sectors, including Chinese brokerage and insurance stocks, also saw gains, with Xingsheng International up by 7.41% and China Life by 5.13% [2] Group 3: Automotive and Related Sectors - The automotive sector, including lithium battery and Tesla-related stocks, showed strong performance, with Tianqi Lithium rising by 5.82% and NIO increasing by 4.62% [3] - Other consumer sectors such as film, tobacco, and food stocks also performed well, with companies like Simoer International rising by 4.99% [3] Group 4: Declining Sectors - Sectors such as cosmetics, aviation, and luxury goods saw declines, with China Eastern Airlines dropping by 2.72% [3] - Notably, Chuangmeng Tiandi experienced a significant drop of 30.12%, despite expectations of turning a profit in the first half of the year [3]

港股有色金属股震荡上升，金力永磁(06680.HK)、天齐锂业(009696.HK)涨超6%，灵宝黄金(03330.HK) 涨超5%，赣锋锂业(01772.HK)、洛阳钼业(03993.HK)均涨超4%，紫金矿业(02899.HK)涨超3.5%。 ...

Core Viewpoint - Lithium mining stocks continue to show strong performance, with Jin Yuan Co. hitting the daily limit up, indicating robust investor interest in the sector [1] Group 1: Company Performance - Jin Yuan Co. reached the daily limit up, reflecting strong market sentiment [1] - Other companies in the lithium sector, including Shengxin Lithium Energy, Zhongkuang Resources, Fangyuan Co., Tianqi Lithium, and Ganfeng Lithium, also experienced price increases [1] Group 2: Market Trends - The main contract for lithium carbonate on the Shanghai Futures Exchange rose over 4% in early trading, reaching 70,700 yuan per ton, signaling a bullish trend in lithium prices [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Domestic lithium carbonate production and inventory are at high levels, and the supply - demand outlook is loose. However, due to national policy - guided capacity clearance and expectations of automobile consumption stimulus, the prices of domestic and imported lithium concentrates have increased, limiting the downside space for lithium carbonate prices. It is recommended that investors hold their previous long positions cautiously or take profits on rallies, and pay attention to the support level around 63,000 - 65,000 and the resistance level around 68,000 - 70,000 [3] - The lithium carbonate basis is negative and the contango is positive, both within a reasonable range. This is due to the expectation of domestic lithium carbonate over - capacity clearance and the continuation of new energy vehicle consumption stimulus policies. However, the domestic lithium carbonate supply - demand outlook remains loose, and investors are advised to wait and see for arbitrage opportunities [6] 3. Summary by Relevant Catalogs Supply Side Lithium Concentrate - Ganfeng Lithium's Mali Goulamina lithium spodumene project phase I with an annual capacity of 506,000 tons of lithium concentrate was officially put into production in July. Tianqi Lithium's Greenbushes lithium mine 520,000 - ton wet - process project may be put into production in October 2025, with the total capacity reaching 2.14 million tons per year. However, the daily prices of domestic and imported lithium ores have increased, and the domestic lithium concentrate production (import) volume in July may decrease (increase) month - on - month [10][11][13] Lithium Carbonate - The capacity utilization rate (production volume) of domestic lithium carbonate has increased compared to last week. Guangdong Haohai Lithium's 6,000 - ton battery - grade lithium carbonate capacity may be put into production in July 2025, and Zijin Liyuan's 25,000 - ton capacity for producing battery - grade lithium carbonate from crude carbon will be completed and put into production in December 2025. The production volume of domestic lithium carbonate (industrial and battery - grade) in July may increase month - on - month, and the supply outlook is loose [27] - The import window is closed, and the import volume of domestic lithium carbonate in July may decrease month - on - month. The daily theoretical delivery profit of domestic lithium carbonate is negative, causing the inventory of lithium carbonate on the Guangzhou Futures Exchange to decrease compared to last week. The social inventory (of smelters, traders, and downstream) of domestic lithium carbonate has increased compared to last week [30][34] Lithium Hydroxide - The daily cash production cost of domestic smelting (causticizing) lithium hydroxide is 58,700 (67,150) yuan per ton, and the production profit is negative. Yahua Group plans to build a 30,000 - ton lithium hydroxide production line by the end of 2025. The production volume of domestic lithium hydroxide (by smelting and causticizing methods) in July may decrease month - on - month, the inventory (of smelters and downstream) in July may increase month - on - month, and the export volume in July may decrease month - on - month [38][43][48] Demand Side - The production volume of domestic lithium iron phosphate (lithium manganese iron phosphate) in July may increase month - on - month. Hubei Ruipai New Energy's project and Tiancheng Lithium's project, as well as Longpan Technology's project, are expected to contribute to the increase [60] - The production (import) volume of domestic nickel sulfate in July may increase month - on - month. The daily full production cost of domestic MHP/high - grade nickel matte/yellow slag/nickel beans to produce nickel sulfate is 124,100/119,500/126,600/125,200 yuan per nickel ton, and the production profit is negative/positive/negative/negative. The monthly production cost of Indonesian MHP/high - grade nickel matte integrated production of nickel sulfate is 112,000/119,100 yuan per nickel ton, and the production profit is positive [63] - The production volume of domestic lithium cobalt oxide in July may increase month - on - month. The suspension of cobalt exports in the DRC since February 22 and its extension have affected the supply, leading to a decrease in the processing fee of domestic cobalt intermediates and changes in the production of related cobalt products [67] - The production volume of domestic lithium manganate in July may increase month - on - month. The production (export) volume of domestic electrolytic manganese dioxide (lithium manganate type) in July has increased (decreased, decreased) month - on - month [77] - The production volume of domestic ternary precursors in July may increase month - on - month. The monthly processing fee of domestic ternary precursors has decreased month - on - month, the monthly production cost of producing ternary precursors from externally sourced raw materials is 79,450 yuan per ton, and the production profit is negative. The supply - demand outlook for domestic ternary precursors in July may be tight [81][83][87] - The production volume of domestic ternary materials in July may increase month - on - month. The monthly processing fee of domestic ternary materials has decreased month - on - month, the monthly average production cost of polycrystalline consumer - grade 5 - series ternary materials is 107,600 yuan per ton, and the production profit is negative. The inventory of domestic ternary material factories has increased compared to last week [92][93][95] - The production (export) volume of domestic lithium hexafluorophosphate in July may increase month - on - month. The daily production profit of producing solid - state lithium hexafluorophosphate from externally sourced lithium fluoride is negative [103][105][107] - The production volume of domestic lithium batteries in July may increase month - on - month, while the export volume may decrease month - on - month. The production (shipment and inventory) volume of domestic energy - storage cells in July may decrease (decrease, increase) month - on - month, and the production (shipment and inventory) volume of domestic power cells in July may increase (increase, increase) month - on - month [114][118][122] - The production (sales) volume of domestic new energy vehicles in July may increase (decrease) month - on - month [124][126]

金融界7月17日消息，上证指数低开高走，中证新能源汽车指数(CS新能车，399976)上涨1.69%，报 3063.62点，成交额397.01亿元。 从指数持仓来看，中证新能源汽车指数十大权重分别为：宁德时代（10.24%）、汇川技术（9.6%）、 比亚迪（8.92%）、长安汽车（4.98%）、三花智控（4.88%）、亿纬锂能（4.32%）、华友钴业 （3.98%）、赣锋锂业（3.09%）、天齐锂业（2.77%）、格林美（2.56%）。 据了解，中证新能源汽车指数选取涉及锂电池、充电桩、新能源整车等业务的上市公司证券作为指数样 本，以反映新能源汽车相关上市公司证券的整体表现。该指数以2011年12月31日为基日，以1000.0点为 基点。 从中证新能源汽车指数持仓的市场板块来看，深圳证券交易所占比84.25%、上海证券交易所占比 15.15%、北京证券交易所占比0.60%。 数据统计显示，中证新能源汽车指数近一个月上涨4.78%，近三个月上涨8.69%，年至今上涨4.84%。 从中证新能源汽车指数持仓样本的行业来看，工业占比59.24%、可选消费占比23.65%、原材料占比 15.86%、信息技术占比1.25 ...

关于2023年员工持股计划预留授予部分锁定期届满的提示性公告 证券代码：002460 证券简称：赣锋锂业 编号：临2025-088 江西赣锋锂业集团股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 江西赣锋锂业集团股份有限公司（以下简称"公司"）分别于2023 年9月27日召开第五届董事会第六十九次会议、第五届第四十七次监 事会议，于2023年11月30日召开2023年第二次临时股东大会，审议通 过《关于<江西赣锋锂业集团股份有限公司2023年员工持股计划（草 案）>及其摘要的议案》等相关议案，同意公司实施2023年员工持股 计划。公司2023年员工持股计划预留授予部分锁定期将于2025年7月 17日届满，根据《关于上市公司实施员工持股计划试点的指导意见》 和《深圳证券交易所上市公司自律监管指引第1号——主板上市公司 规范运作》的要求，现将本次员工持股计划预留授予部分锁定期届满 情况公告如下： 一、本次员工持股计划的基本情况 2023年11月30日召开2023年第二次临时股东大会，审议通过《关 于<江西赣锋锂业集团股份有限公司2023年员工持股计划（草 ...