中信建投此前指出，中长期看，储能需求的持续走强，锂电全产业链迎来一轮涨价，碳酸锂供需基本面 也得以大幅改善。静态预测，2026年全球锂资源供给208.9万吨，消费200.4万吨，在不考虑正极环节及 贸易商补库情形下，过剩仅8.5万吨，较2025年收窄，考虑产业链备库2026年将出现结构性短缺，锂价 驱动由供给施压转向需求驱动向上。 消息面上，11月26日，碳酸锂期货2605合约一度涨超5%，最高报99880元/吨。天齐锂业董事长蒋安琪 11月25日公开表示，受益于可再生能源并网需求、商用重卡等电动化设备增速迅猛，储能领域和动力电 池对基础锂材料的需求持续上涨，2026年全球锂需求量预计将达到200万吨碳酸锂当量，基本达到供需 平衡。此前一周，赣锋锂业董事长李良彬预测，若明年碳酸锂需求增速超过30%甚至40%，供应短期内 难以匹配，价格可能突破15万元/吨，甚至触及20万元/吨。 智通财经APP获悉，锂矿股再度走高，截至发稿，天齐锂业(09696)涨4%，报49.88港元；赣锋锂业 (01772)涨2.76%，报51.05港元。 ...

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (72.65%), Da Zhong Gong Yong (70.66%), and Green Power Environmental (69.50%) [1][2] - Alibaba-W, Xiaomi Group-W, and Tencent Holdings saw the largest increases in shareholding amounts over the last five trading days, with increases of 4.412 billion, 3.153 billion, and 1.752 billion respectively [1][2] - WuXi Biologics, Crystal International, and Ganfeng Lithium experienced the largest decreases in shareholding amounts over the last five trading days, with decreases of 547 million, 503 million, and 300 million respectively [1][3] Shareholding Ratios - The latest shareholding ratios for the top 20 companies in Hong Kong Stock Connect are led by: - China Telecom (100.83 billion shares, 72.65%) - Da Zhong Gong Yong (3.77 billion shares, 70.66%) - Green Power Environmental (2.81 billion shares, 69.50%) [2] Recent Increases in Shareholding - The top 10 companies with the largest increases in shareholding over the last five trading days include: - Alibaba-W: +4.412 billion (27.96 million shares) - Xiaomi Group-W: +3.153 billion (78.16 million shares) - Tencent Holdings: +1.752 billion (2.80 million shares) [2] Recent Decreases in Shareholding - The top 10 companies with the largest decreases in shareholding over the last five trading days include: - WuXi Biologics: -547 million (17.18 million shares) - Crystal International: -503 million (49.52 million shares) - Ganfeng Lithium: -300 million (6.04 million shares) [3]

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | 股份到目 | 景内 | | | 請參閱 拉 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 17 二次元 | | | | | | | | 96 | | CS20251125E00191 | JPMorgan Chase & Co. 1201(L) | | 1,593,302(L | HKD 59.1323 | 30.877.936(L | 6.91(L)20/11/2025 | | | | | | | 16,006,998(S) | 3.58(S) | | | | | | | 4,782,992(P) | 1.07(P) | 减持后，JPMorgan Chase & Co.最新持好仓数目为30,877,936股，持好仓比例由7.27%下降至6.91%。 | 股份代號: | 01772 | | --- | --- | ...

Core Viewpoint - On November 25, the Hang Seng Index rose by 0.69%, closing at 25,894.55 points, with a net inflow of HKD 11.166 billion through the southbound trading channel [1]. Group 1: Market Activity - The total trading volume for the southbound trading on November 25 was HKD 1,012.80 billion, with a net buying amount of HKD 11.166 billion [1]. - The Shanghai Stock Exchange's southbound trading accounted for HKD 617.70 billion in trading volume, with a net buying of HKD 7.137 billion [1]. - The Shenzhen Stock Exchange's southbound trading had a volume of HKD 395.10 billion, resulting in a net buying of HKD 4.028 billion [1]. Group 2: Active Stocks - Alibaba-W was the most actively traded stock, with a trading volume of HKD 1,005.98 million and a net buying amount of HKD 350.41 million, closing with a price increase of 2.14% [2]. - Xiaomi Group-W followed with a trading volume of HKD 506.06 million, but had a net selling of HKD 20.34 million, closing up by 4.35% [2]. - Semiconductor Manufacturing International Corporation (SMIC) had a trading volume of HKD 282.32 million, with a net selling of HKD 24.59 million, and closed down by 0.15% [2].

Group 1 - JPMorgan reduced its stake in Ganfeng Lithium (002460)(01772) by 1,593,302 shares at a price of HKD 59.1323 per share, totaling approximately HKD 94.2156 million [1] - After the reduction, JPMorgan's latest holding is approximately 30,877,900 shares, representing a holding percentage of 6.91% [1]

智通财经APP获悉，香港联交所最新资料显示，11月20日，小摩减持赣锋锂业(01772)159.3302万股，每 股作价59.1323港元，总金额约为9421.56万港元。减持后最新持股数目约为3087.79万股，最新持股比例 为6.91%。 ...

Group 1 - Morgan Stanley's short position in Ganfeng Lithium's H-shares has decreased from 4.45% to 3.86% as of November 19 [1]

Market Overview - The expectation for a Federal Reserve interest rate cut in December has significantly increased, leading to a rise in Hong Kong stocks, with the Hang Seng Index briefly surpassing 26,000 points. The index closed up 0.69% at 25,894.55 points, with a total turnover of HKD 231.49 billion [1] - The Hang Seng Tech Index rose by 1.2%, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - Xiaomi Group-W (01810) saw a notable increase of 4.35%, closing at HKD 40.34, contributing 47.94 points to the Hang Seng Index. Founder Lei Jun invested over HKD 100 million to purchase 2.6 million shares, raising his stake to 23.26% [2] - Other blue-chip stocks like Baidu Group-SW (09888) and Alibaba Health (00241) also performed well, with increases of 4.56% and 4.36% respectively [2] Sector Highlights - Major technology stocks experienced gains, with Baidu and Xiaomi both rising over 4%. AI applications and computing power sectors were particularly active, with Bilibili rising over 5% [3] - Lithium stocks saw a surge, with Tianqi Lithium (002466) increasing by 4.81% and Ganfeng Lithium (01772) rising by 3.46%. The chairman of Tianqi Lithium indicated that global lithium demand is expected to reach 2 million tons by 2026, achieving a balance between supply and demand [4] - Gold stocks generally rose, with Chifeng Jilong Gold Mining (06693) up 4.86% and Zijin Mining (02899) up 1.78%. The probability of a 25 basis point rate cut by the Federal Reserve in December is currently at 81% [5] Flight Cancellations Impact - There has been a significant increase in flight cancellations from China to Japan, with a 56% rise compared to the previous month. This has led to a decrease in ticket bookings by approximately 29% [6] Notable Stock Movements - Longpan Technology (02465) surged by 22.89% after announcing a sales agreement worth over HKD 45 billion for lithium iron phosphate materials [7] - Hesai Technology (02525) rose by 13.43% following the launch of a new high-performance smart control chip [7] - Changfei Optical Fiber (06869) increased by 12.74%, driven by advancements in AI computing power [9] - Shandong Xinhua Pharmaceutical (00719) saw a rise of 7.24% due to increased demand for flu medications during the flu season [10]

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 831.03% and Ningde Times (03750) at -4.55% [1][2][3] Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 831.03% - Hongye Futures (03678): 270.00% - Sinopec Oilfield Service (01033): 268.92% [1][2] - The bottom three AH share premium rates are: - Ningde Times (03750): -4.55% - China Merchants Bank (03968): -1.71% - Heng Rui Medicine (01276): 3.65% [1][3] Deviation Value Rankings - The top three stocks with the highest deviation values are: - China Shipbuilding Defense (00317): 53.01% - Guanghetong (00638): 25.36% - GAC Group (02238): 22.12% [1][4] - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): -31.76% - Northeast Electric (00042): -23.74% - Ganfeng Lithium (01772): -14.15% [1][5]

Core Viewpoint - Lithium stocks experienced a surge in the afternoon, with Tianqi Lithium Industries rising by 4.11% and Ganfeng Lithium increasing by 3.21, driven by strong demand in renewable energy and electric vehicles [1] Industry Summary - The chairman of Tianqi Lithium, Jiang Anqi, stated that the demand for lithium materials is continuously increasing due to the rapid growth of electric commercial vehicles and energy storage applications. By 2026, global lithium demand is expected to reach 2 million tons of lithium carbonate equivalent, achieving a near balance between supply and demand [1] - Ganfeng Lithium's chairman, Li Liangbin, predicted a 30% increase in lithium carbonate demand by 2026, reaching 1.9 million tons, with supply capacity expected to grow by approximately 250,000 tons. This indicates a balanced supply-demand scenario, with potential upward pressure on lithium carbonate prices [1] - If demand growth exceeds 30% next year, potentially reaching 40%, short-term supply may not be able to keep pace, leading to prices possibly exceeding 150,000 yuan/ton or even 200,000 yuan/ton [1]