证券代码：002460 证券简称：赣锋锂业 编号：临2025-140 江西赣锋锂业集团股份有限公司 关于H股可转换公司债券转股及赎回的进展公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，无 虚假记载、误导性陈述或者重大遗漏。 江西赣锋锂业集团股份有限公司（以下简称"公司"或"发行人"） 于2025年9月2日完成了H股可转换公司债券（以下简称"本次可转 债"）的发行，本次可转债发行总额为1,370,000,000港元，于2026年 到期，可转债的转换价为每股H股33.67港元。公司于2025年11月发布 提前赎回H股可转换公司债券的通知，本次可转债已触发提前赎回条 件，公司将于2025年12月18日赎回和注销余下可转债，可转债持有人 如欲行使其转换权，应于2025年12月8日香港时间下午3时前提交转换 通知。（详见公告：2025-102、2025-132） | | | | | 股份数目（股） | 约占已发行总股 本的比例（%） | 增加新股 | 股份数目（股） | 约占已发行总股 本的比例（%） | | --- | --- | --- | --- | --- | --- | | 李良彬 | 378, ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [7] Core Insights - The lithium industry is experiencing strong near-term demand, with significant price increases for lithium carbonate driven by supply disruptions and robust battery demand. However, there are considerable divergences in long-term demand forecasts, particularly for 2026 and 2027 [1][3][30] - The report anticipates a supply increase of 32.3% in 2026 and 17.1% in 2027, primarily from new projects in domestic salt lakes and increased production from African and Australian mines [2][10] - The demand forecast for 2026 estimates a total lithium carbonate demand of approximately 207.2 million tons LCE, with a year-on-year growth of 25.2% [25][30] - The supply-demand balance is expected to show a slight surplus in 2026 but may shift to a shortage in 2027 due to declining supply growth and sustained high demand [4][30] Supply Summary - The global lithium resource supply is projected to be 163.4 million tons in 2025, 216.2 million tons in 2026, and 253.2 million tons in 2027, with year-on-year growth rates of 22.3%, 32.3%, and 17.1% respectively [2][12][31] - Supply disruptions, particularly from the Jiangxi mine, have impacted the 2025 supply growth, which is expected to decline to 22.3% from 28.6% in 2024 [10][11] Demand Summary - The report highlights a significant divergence in demand growth expectations for 2026, with optimistic scenarios suggesting a 75% increase in energy storage installations and a 60% penetration rate for new energy vehicles [3][26] - The total demand range for lithium carbonate in 2026 is estimated between 197.5 million tons and 216.8 million tons LCE, reflecting a nearly 20 million tons variance based on different growth assumptions [26][30] Balance Summary - The supply-demand balance for 2025 is projected to show a shortage of approximately 2.0 million tons, while 2026 is expected to have a surplus of 9.1 million tons [4][30] - The report indicates that the lithium market may face a persistent shortage starting in 2027 due to reduced supply growth and high demand [4][30] Price Summary - The report estimates that the fundamental price for lithium carbonate in 2026 will be in the range of 80,000 to 90,000 yuan per ton, with potential upward pressure on prices in the second half of 2026 due to anticipated shortages [5][34] - If a sustained shortage occurs, prices could rise to 120,000 yuan per ton [5][34]

格隆汇12月8日｜港交所数据显示，12月2日，贝莱德对赣锋锂业(01772.HK)的持仓比例由6.68%降至 5.11%。 ...

Core Viewpoint - The energy metals sector experienced a significant increase of 2.94% on December 8, with Ganfeng Lithium leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] - Ganfeng Lithium's stock price rose by 5.55% to 62.99, with a trading volume of 695,400 shares and a transaction value of 4.32 billion [1] - Other notable performers included Shengxin Lithium Energy, which increased by 5.41% to 31.20, and Tianqi Lithium, which rose by 4.02% to 53.10 [1] Group 2: Capital Flow - The energy metals sector saw a net inflow of 575 million from institutional investors, while retail investors experienced a net outflow of 710 million [1] - Ganfeng Lithium attracted a net inflow of 3.67 billion from institutional investors, but faced a net outflow of 1.19 billion from retail investors [2] - Shengxin Lithium Energy had a net inflow of 178 million from institutional investors, with a net outflow of 1.84 billion from retail investors [2]

Market Overview - The Hong Kong stock market faced pressure, with the Hang Seng Index dropping over 1%, closing at 25,965.36 points, down 1.23% or 319.72 points, with a total turnover of HKD 2,062.3 million [1] - The Hang Seng China Enterprises Index fell by 1.25% to 9,083.53 points, while the Hang Seng Tech Index remained flat at 5,662.55 points [1] Blue Chip Performance - Baidu Group-SW (09888) led blue-chip stocks, rising 3.45% to HKD 125.8, contributing 8.38 points to the Hang Seng Index [2] - Other notable performers included SMIC (00981) up 2.94%, China Ping An (02318) up 2.15%, while China Construction Bank (00939) fell 4.01%, dragging the index down by 54.39 points [2] Sector Highlights - Large tech stocks generally declined, with Alibaba down over 1% and Tencent down 0.82% [3] - Chinese brokerage stocks rose against the trend, with Huatai Securities (06886) up 5.17% and GF Securities (01776) up 3.1% [3] - The light communication sector saw significant gains, with Huiju Technology rising over 7% [4] - Lithium stocks mostly increased, with Ganfeng Lithium (01772) up 6.95% and CATL (03750) up 3.28% [5] Regulatory Developments - The Chairman of the China Securities Regulatory Commission (CSRC) emphasized the need to accelerate the development of top-tier investment banks and institutions, indicating a potential easing of regulations for quality institutions [4] - The CSRC plans to optimize risk control indicators and moderately open up capital space and leverage limits, which could benefit leading brokerages [4] New Listings and Stock Movements - Two new stocks were listed, with Zhuoyue Ruixin (02687) surging 87.26% and Naxinwei (02676) declining 4.31% [7] - Restructured Energy (02570) faced a significant drop of 27.33% on its first trading day after the lock-up period ended [8] - Silver Pharma-B (02591) saw a decline of 14.32% following its inclusion in the Hong Kong Stock Connect [9] - Sutech (02498) performed well, rising 5.23% after securing a major order from FAW Toyota [10] Pharmaceutical Sector Updates - The National Healthcare Security Administration announced the addition of 114 new drugs to the 2025 National Medical Insurance Drug List, with a success rate of 88%, up from 76% in 2024 [6]

Market Overview - The Hong Kong stock market faced pressure, with the Hang Seng Index dropping over 1%, closing at 25,965.36 points, down 1.23% or 319.72 points, with a total turnover of HKD 206.23 billion [1] - The Hang Seng China Enterprises Index fell by 1.25% to 9,083.53 points, while the Hang Seng Tech Index remained flat at 5,662.55 points [1] Blue Chip Performance - Baidu Group-SW (09888) led blue-chip stocks, rising 3.45% to HKD 125.8, contributing 8.38 points to the Hang Seng Index [2] - Other notable performers included SMIC (00981) up 2.94% and China Ping An (02318) up 2.15%, while China Construction Bank (00939) fell 4.01%, dragging the index down by 54.39 points [2] Sector Highlights - Major technology stocks generally declined, with Alibaba down over 1% and Tencent down 0.82% [3] - Chinese brokerage stocks rose against the trend, with Huatai Securities (06886) up 5.17% and GF Securities (01776) up 3.1% [3][4] - The light communication sector saw significant gains, with Huiju Technology (01729) rising 7.65% [4] - Lithium stocks mostly increased, with Ganfeng Lithium (01772) up 6.95% and CATL (03750) up 3.28% [5] Regulatory Developments - The Chairman of the China Securities Regulatory Commission (CSRC) emphasized the need to accelerate the development of top-tier investment banks and institutions, indicating a potential easing of regulations for quality institutions [4] - The CSRC plans to optimize risk control indicators and open up capital space and leverage limits [4] New Drug Listings - The National Healthcare Security Administration announced the addition of 114 new drugs to the 2025 National Medical Insurance Drug List, with a success rate of 88%, significantly higher than the previous year's 76% [6] New Listings and Stock Movements - New listings included Zhuoyue Ruixin (02687), which surged 87.26% to HKD 126.4, while Naxin Micro (02676) fell 4.31% [7] - Restructured Energy (02570) saw a significant drop of 27.33% on its first trading day after the lock-up period ended [8] - Silver Pharma-B (02591) experienced a decline of 14.32% as it was adjusted into the Hong Kong Stock Connect [9] - Sutech (02498) performed well, rising 5.23% after securing a major contract with FAW Toyota [10]

具体来看： 大型科技股多数呈现下跌行情但总体跌幅较小，腾讯、京东、网易、小米、京东跌幅在1%以内，阿里巴巴、快手、携程控股跌超 1%，百度逆市大涨3.45%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 09888 | 百度集团-SW.) | 125.800 | +4.200 | 3.45% | | 03690 | 美团-W | 99.500 | +0.450 | 0.45% | | 09626 | 時陣時陣-W | 203.600 | -0.200 | -0.10% | | 02015 | 理想汽车-W | 69.650 | -0.250 | -0.36% | | 01810 | 小米集团-W | 42.580 | -0.200 | -0.47% | | 099999 | 网易-5 | 216.800 | -1.200 | -0.55% | | 09618 | 京东集团-SW | 116.200 | -0.800 | -0.68% | | 00700 | 腾讯控股 | 605.000 | -5.000 | -0.82% ...

Group 1 - The core viewpoint of the articles highlights a significant rise in Hong Kong lithium battery stocks, driven by a price adjustment announcement in the lithium battery industry, with major companies experiencing notable stock increases [1] - Ganfeng Lithium saw a surge of over 7% in its stock price, while Tianqi Lithium and Hongqiao Group rose over 3%, and CATL increased by 2.6% [2] - A leading separator company announced a 30% price increase for its wet-process separator products, which is expected to lead to an overall price increase of over 20% in the lithium battery separator market, potentially turning separator companies from losses to profitability [1] Group 2 - Huatai Securities reported an expected increase in lithium battery production in December, indicating a continued positive outlook for the industry, with rising capacity utilization across multiple segments [1] - At the 2025 China Energy Storage CEO Summit, industry experts noted that despite challenges, the sector is in a high-growth phase, with global energy storage installations projected to reach 550-600 GWh by 2025 [1]

Core Insights - The project involves a total investment of 1.35 billion yuan, covering an area of 350 acres with a total construction area of 210,000 square meters [1] - The collaboration includes Changqing Industrial Development Group, Hebei Yuedi New Energy Technology Group, SANY Group, and Ganfeng Lithium Industry Group, aiming to establish a northern base for manufacturing new energy special vehicles and a northern base for energy storage and power battery pack production [1] - The project is set to commence construction in March 2024 and is expected to be completed and put into production by May 2025 [1] Production Capacity and Equipment - Upon reaching full production capacity, the project is expected to produce 10,000 units of new energy special vehicles, 8 GWh of lithium batteries, and refurbish 2,000 units of second-hand special vehicles annually [3] - The project will introduce four specialized production lines and high-end production equipment, including high-precision laser cutting machines, efficient smoke purification systems, large hydraulic shears, heavy-duty CNC bending machines, intelligent lifting equipment, and welding robots [1] Economic Impact - The investment-output ratio of the project is projected to be 10.3, with an expected additional output value of 60 million yuan in 2025 and 1 billion yuan in 2026, along with an additional tax revenue of 50 million yuan [3]

Group 1 - The core viewpoint of the news highlights the recent performance of the non-ferrous metal sector, particularly the rise of the Non-ferrous 50 ETF (159652) and its constituent stocks, indicating a positive market sentiment and potential investment opportunities in this sector [1][2][3]. - As of December 5, 2025, the Non-ferrous 50 ETF has seen a cumulative increase of 4.70% over the past week, ranking it in the top half among comparable funds [1]. - The liquidity of the Non-ferrous 50 ETF is notable, with a turnover rate of 3.73% and a trading volume of 1.27 billion yuan, indicating active market participation [1][2]. Group 2 - The latest scale of the Non-ferrous 50 ETF reached 3.409 billion yuan, marking a one-year high, with a net inflow of 306 million yuan over the past five trading days [2]. - The leverage funds are actively positioning themselves in the Non-ferrous 50 ETF, with a financing buy amount of 5.1882 million yuan and a financing balance of 20.3152 million yuan [2]. - Key constituent stocks such as Tianqi Lithium and Ganfeng Lithium are maintaining stable production and supply, indicating a healthy operational status amidst market fluctuations [2]. Group 3 - Analysts predict a potential easing of short-term supply-demand tensions in lithium carbonate due to seasonal factors and production resumption expectations, with a bullish outlook for the lithium sector in the coming year driven by demand growth [3]. - The expectation of a dovish monetary policy under the new Federal Reserve chair could lead to upward pressure on non-ferrous metal prices, particularly copper and aluminum, due to tightening supply conditions [3][4]. - The industrial metals sector is anticipated to enter a super cycle, with significant price elasticity expected from even minor supply-demand gaps during the interest rate reduction phase [4]. Group 4 - The Non-ferrous 50 ETF is strategically positioned with a high concentration of core commodities such as copper, gold, aluminum, lithium, and rare earths, which are expected to benefit from the ongoing super cycle in non-ferrous metals [4][5]. - The ETF's index has a leading copper content of 33% and gold content of 13%, making it a competitive option in the market [5]. - The ETF has demonstrated superior performance with a cumulative return leading its peers since 2022, alongside a lower maximum drawdown, indicating a favorable investment experience [10][11]. Group 5 - The price increase in the non-ferrous sector is driven by earnings rather than valuation expansion, with the Non-ferrous 50 ETF's index PE ratio at 23.74, reflecting a 61% decrease compared to five years ago, suggesting a high valuation cost-effectiveness [12]. - The index has achieved a cumulative increase of 131%, indicating that the growth is primarily driven by earnings rather than valuation adjustments, currently positioned in an EPS-driven phase [12].