现时正在进行可行性研究，LCE目标年产能最高达15万吨，分三期开发，每期5万吨。 2025年8月12日，GFL International及Lithium Argentina订立框架协议，据此，双方决定通过持有 Millennial将其于项目公司及合并项目中的权益及投资合并为一家合资企业。由于资产合并，Millennial 将分别由GFL International及Lithium Argentina持有67%及33%。 关于资产合并，GFL International及Lithium Argentina应订立一份新的债务融资安排，据此，公司或其子 公司将向Lithium Argentina提供总额为1.3亿美元的财务资助，以支持Lithium Argentina的资金需求，包 括合并项目的开发或其他双方约定的用途。 赣锋锂业（002460）(01772)涨超3%，截至发稿，涨2.45%，报33.44港元，成交额3.76亿港元。 消息面上，8月12日，赣锋锂业发布公告，截至本公告日期，公司的全资附属GFL International直接或间 接拥有PPG项目公司100%的所有权权益，该公司拥有并运营PPG项目 ...

智通财经APP获悉，赣锋锂业(01772)涨超3%，截至发稿，涨2.45%，报33.44港元，成交额3.76亿港元。 消息面上，8月12日，赣锋锂业发布公告，截至本公告日期，公司的全资附属GFL International直接或间 接拥有PPG项目公司100%的所有权权益，该公司拥有并运营PPG项目，PG项目公司14.89%的所有权权 益，该公司拥有并运营PG项目，及Puna项目公司的35%，该公司拥有并运营Puna项目；Lithium Argentina直接或间接拥有PG项目公司85.11%的所有权权益，及Puna项目公司65%的所有权权益。这三 个项目彼此相邻，位于阿根廷萨尔塔省。 2025年8月12日，GFL International及Lithium Argentina订立框架协议，据此，双方决定通过持有 Millennial将其于项目公司及合并项目中的权益及投资合并为一家合资企业。由于资产合并，Millennial 将分别由GFL International及Lithium Argentina持有67%及33%。 关于资产合并，GFL International及Lithium Argentina应 ...

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 6.65%, bringing the total holding to 8.92% [2]. - Tracker Fund of Hong Kong (02800) with an increase of 2.53%, now at 4.89% [2]. - Southern Hang Seng Technology (03033) with an increase of 1.68%, totaling 60.17% [2]. - In the recent five trading days, the largest increases were seen in: - Derun Holdings (01709) with a 7.99% increase, now at 26.35% [3]. - Changfei Optical Fiber (06869) with a 5.86% increase, now at 55.28% [3]. - Chifeng Jilong Gold Mining (06693) with a 3.43% increase, now at 41.14% [3]. Group 2: Decreased Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Nanjing Panda Electronics (00553) with a decrease of 1.40%, now at 42.68% [2]. - Dongfang Electric (01072) with a decrease of 1.07%, now at 39.13% [2]. - Dongyang Sunshine Pharmaceutical (06887) with a decrease of 0.99%, now at 49.32% [2]. - In the recent five trading days, the largest decreases were noted in: - Kailai Pharmaceutical (06821) with a decrease of 5.31%, now at 46.07% [3]. - Dongyang Sunshine Pharmaceutical (06887) with a decrease of 3.72%, now at 49.32% [3]. - Ganfeng Lithium (01772) with a decrease of 2.58%, now at 33.34% [3]. Group 3: Long-term Trends - Over the past 20 days, the largest increases in holdings were observed in: - Changfei Optical Fiber (06869) with a 25.54% increase, now at 55.28% [4]. - Dongfang Electric (01072) with an 11.80% increase, now at 39.13% [4]. - The largest decreases over the same period were in: - Marco Digital Technology (01942) with a decrease of 9.72%, now at 42.63% [4]. - Longpan Technology (02465) with a decrease of 6.79%, now at 44.90% [4].

Core Viewpoint - Ganfeng Lithium is planning to integrate and develop lithium brine assets in Argentina through a joint venture with Lithium Argentina AG, aiming to enhance its resource supply chain amid a downturn in the lithium industry [1][3]. Group 1: Asset Integration - Ganfeng Lithium's subsidiary, Ganfeng International, will collaborate with LAR to integrate Millennial Lithium Corp, injecting three lithium brine assets into a joint venture called the PPGS lithium brine project [1][2]. - After the integration, Ganfeng International and LAR will hold 67% and 33% of Millennial, respectively, and will jointly manage the PPGS project, which aims for an annual production capacity of 150,000 tons of lithium carbonate equivalent (LCE) [2]. Group 2: Financial Support and Sales Agreement - As part of the transaction, Ganfeng Lithium may provide up to $130 million in financial support to LAR, secured by LAR's equity in the integrated Millennial [2]. - LAR will commit to an annual sales agreement, providing Ganfeng Lithium with 50% of its sales rights or 6,000 tons of LCE, whichever is lower [2]. Group 3: Industry Performance and Company Outlook - The lithium industry has entered a downturn, with Ganfeng Lithium experiencing significant revenue declines, reporting a 21.16% drop in revenue to 32.972 billion yuan and a 75.87% decrease in net profit to 4.947 billion yuan in 2023 [4]. - In 2025, Ganfeng Lithium anticipates a net loss of 300 million to 550 million yuan, a reduction in losses compared to the previous year [4][5]. - The company attributes its losses primarily to falling sales prices of lithium salts and lithium battery products, which have impacted overall performance [5]. Group 4: Industry Self-Regulation - The China Nonferrous Metals Industry Association's lithium division has called for self-regulation within the industry to prevent unhealthy competition and ensure a stable supply chain [6].

Core Viewpoint - Ganfeng Lithium is collaborating with LAR to establish a joint venture company, Millennial, to develop lithium brine assets in Argentina, specifically the Pozuelos-Pastos Grandes salt lake basin [1][2]. Group 1: Joint Venture and Asset Integration - Ganfeng Lithium's wholly-owned subsidiary, Ganfeng International, and LAR plan to integrate three lithium brine assets into Millennial: PPG, PG, and Puna salt lakes [1]. - After the integration, Ganfeng Lithium will hold 67% of Millennial, while LAR will hold 33% [1]. - The PG lithium brine project will see Ganfeng Lithium holding a 14.89% stake, while LAR will hold 85.11%. In the Puna project, Ganfeng Lithium will hold 35%, and LAR will hold 65% [1]. Group 2: Financial Support and Equity Structure - As part of the transaction, Ganfeng Lithium or Ganfeng International will provide LAR with financial support of up to $130 million, secured by LAR's equity in the integrated Millennial [1]. - The financial support is intended to assist LAR's funding needs, including the development of the integrated PPGS lithium brine project [1]. Group 3: Company Backgrounds - LAR is a newly registered lithium carbonate producer in Switzerland, primarily focused on lithium-ion batteries and electric vehicles, and is listed on both the Toronto Stock Exchange and the New York Stock Exchange [2]. - Millennial, a Dutch-registered company, specializes in investing, holding, developing, and operating lithium mining assets, with a registered capital of $378.1 million [2].

Group 1 - The recent news of the suspension of lithium mining by CATL has led to a significant increase in lithium carbonate futures prices, which in turn has caused a surge in the stock prices of domestic lithium mining companies, with Ganfeng Lithium's H-shares rising over 22% at one point this week [1] - Eight major dry-process lithium battery separator companies, including Xingyuan Material and Zhongxing New Material, have reached several agreements to combat industry overcapacity, including price discipline, scientific capacity release, and halting expansion [1] - According to Citic Securities' chief analyst Wu Weichen, the battery sector's performance is expected to exceed expectations due to improved supply and demand dynamics, with additional profit elasticity from lower raw material costs and increased operating rates anticipated by Q2 2025 [1] Group 2 - Wu Weichen expresses a strong outlook on the allocation value of China's core battery assets, highlighting that these assets have significant advantages over Japanese and Korean companies, and the valuation of Chinese battery assets is expected to rise further as more battery companies list H-shares [3]

Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3][4][5]. Group 1: Increased Holdings - Beijing North Star Industrial Co., Ltd. (00588) saw the largest increase in holdings, up by 1.58%, with a current holding ratio of 43.40% [1] - Fubo Group (03738) and Weimob Inc. (02013) also experienced notable increases of 1.37% and 0.99%, respectively, with holding ratios of 35.89% and 30.88% [1] - Over the last five trading days, Delin Holdings (01709) had the highest increase at 7.63%, bringing its holding ratio to 25.85% [3] - Changfei Optical Fiber Cable (06869) and Haotian International Construction Investment (01341) also saw significant increases of 6.30% and 5.11%, with holding ratios of 53.79% and 57.60% [3] Group 2: Decreased Holdings - Ganfeng Lithium Co., Ltd. (01772) experienced the largest decrease in holdings, down by 3.11%, with a current holding ratio of 33.86% [2] - Longpan Technology (02465) and Southern Hengsheng Technology (03033) also saw decreases of 2.61% and 1.48%, with holding ratios of 43.90% and 58.49% [2] - Over the last five trading days, Yisou Technology (02550) had the most significant decrease at 8.24%, with a holding ratio of 48.23% [3] - Longpan Technology (02465) and Kailai Ying (06821) also faced reductions of 4.48% and 4.45%, with holding ratios of 43.90% and 46.47% [3] Group 3: 20-Day Changes - Over the past 20 days, Changfei Optical Fiber Cable (06869) had the highest increase at 25.23%, with a holding ratio of 53.79% [4] - Other notable increases included Dongfang Electric (01072) and China Energy Construction (03996), with increases of 12.87% and 11.27%, holding ratios of 40.20% and 20.35% respectively [4] - Conversely, Marco Digital Technology (01942) saw the largest decrease at 9.71%, with a holding ratio of 42.65% [5] - Longpan Technology (02465) and Chongqing Steel (01053) also experienced significant decreases of 6.82% and 6.48%, with holding ratios of 43.90% and 33.24% [5]

Key Points - Xiaomi Group-W (01810), Crystal International Holdings (02228), and BYD Electronic (00285) ranked top in net inflow of southbound funds, with net inflows of 562 million, 227 million, and 213 million respectively [1][2] - Xpeng Motors-W (09868), Innovent Biologics (01801), and Ganfeng Lithium (01772) had the highest net outflows, with net outflows of -663 million, -535 million, and -410 million respectively [1][2] - In terms of net inflow ratio, Haitian Flavoring and Food (03288), Jiangsu Nanjing Highway (00177), and Swire Properties B (00087) led the market with ratios of 55.51%, 49.37%, and 46.46% respectively [1][2] - The highest net outflow ratios were recorded by Reshape Energy (02570), Southbound Hang Seng Index ETF (03037), and First Pacific Company (00142) with ratios of -90.77%, -68.70%, and -60.36% respectively [1][3] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 562 million, representing 8.75% of its closing price of 50.800, which decreased by 0.88% [2] - Crystal International Holdings (02228) saw a net inflow of 227 million, with a net inflow ratio of 11.34% and a closing price of 7.450, which increased by 4.78% [2] - BYD Electronic (00285) recorded a net inflow of 213 million, with a net inflow ratio of 13.41% and a closing price of 38.680, which increased by 6.15% [2] Net Outflow Rankings - Xpeng Motors-W (09868) experienced the largest net outflow of -663 million, with a net outflow ratio of -20.13% and a closing price of 83.600, which increased by 5.36% [2] - Innovent Biologics (01801) had a net outflow of -535 million, with a net outflow ratio of -19.67% and a closing price of 89.950, which decreased by 1.42% [2] - Ganfeng Lithium (01772) recorded a net outflow of -410 million, with a net outflow ratio of -19.45% and a closing price of 34.000, which increased by 20.91% [2] Net Inflow Ratio Rankings - Haitian Flavoring and Food (03288) had a net inflow ratio of 55.51%, with a net inflow of 21.1399 million and a closing price of 33.560, which decreased by 0.47% [3] - Jiangsu Nanjing Highway (00177) recorded a net inflow ratio of 49.37%, with a net inflow of 14.6726 million and a closing price of 9.980, which decreased by 0.40% [3] - Swire Properties B (00087) had a net inflow ratio of 46.46%, with a net inflow of 4.0945 million and a closing price of 12.160, which decreased by 0.57% [3]

Core Viewpoint - Ganfeng Lithium is expanding its operations by integrating lithium salt lake assets in Argentina through a joint venture with Lithium Argentina AG, aiming to enhance its resource self-sufficiency and strengthen its competitive position in the lithium market [1][2]. Group 1: Asset Integration and Development - Ganfeng Lithium's subsidiary, Ganfeng International, will hold 67% of the joint venture Millennial Lithium Corp after integrating three lithium salt lake projects: PPG, PG, and Puna [1][2]. - The PPGS lithium salt lake project is expected to utilize advanced direct lithium extraction technology, with a planned annual production capacity of 150,000 tons of lithium carbonate equivalent (LCE) [2]. - The integration aims to create a global, large-scale, efficient, and sustainable lithium product supply chain, enhancing resource utilization and accelerating project implementation [2]. Group 2: Increasing Self-Sufficiency - Ganfeng Lithium has been actively acquiring low-cost lithium resources, including the Goulamina project in Mali and the Cauchari-Olaroz project in Argentina, which is projected to produce 25,400 tons of LCE by 2024 [3]. - The company anticipates that its self-sufficiency rate will exceed 50% by 2025 as production from its owned mines ramps up [3]. Group 3: Market Dynamics and Pricing - The lithium market has seen a price recovery due to the suspension of several lithium mines in Yichun, with battery-grade lithium carbonate priced at 79,500 yuan per ton as of August 12, 2025 [3][4]. - Industry experts suggest that the current market conditions may sustain through the third and fourth quarters, depending on the recovery of Yichun mines and efforts to combat excessive competition [4]. Group 4: Technological Innovation and Downstream Integration - Ganfeng Lithium is focusing on technological innovation to improve resource utilization and product value, including advancements in desulfurization processes and automation to reduce costs [5]. - The company is developing a comprehensive solid-state battery ecosystem, with significant progress in various key components and multiple patents filed in solid-state battery technologies [5]. - Ganfeng Lithium aims to leverage its integrated upstream and downstream capabilities to accelerate the commercialization of solid-state batteries and support energy transition and industrial upgrades [5].

Niki：快手在中午的時候，跌幅比較急，成交額排行在港股市場榜首的位置。消息方面，市場有消息指出"快手-W(01024.HK)旗下快手本地生活近日在「團 購」頁面上線獨立「外賣」入口，可連接到「外賣省心購」的頁面，商品覆蓋漢堡披薩、咖啡奶茶、速食便當等品類，品牌包括肯德基、麥當勞、瑞幸及星 巴克等。"大家都比較關注市場競爭的情況。市場對於這個消息的反應，從股價也看的出來，比較負面一些。今日看到有投資者參與快手的認沽證產品，其 中中銀認沽證17484，行使價50元，槓桿2-3倍，明年12月到期，如果認為快手沒有調整完的話，都可以繼續關注這只產品。認購證方面，中銀認購證 17442，行使價88.93元，槓桿4倍，明年7月到期。 Simon：今日很高興再次邀請中銀國際的董事朱紅Niki做客我們的專欄，分享港股市場，不如先看看指數的情況？ Niki：感謝邀請。近期指數在25000點上上落落。今日曾經上過25000樓上，最終收市24969位置。指數走的比較牛皮，觀察後市能否企穩25000之上？目前恆 指的牛熊證街貨分佈顯示，投資者主流買入牛證。差不多65%資金買入牛證，大概有35%資金買入熊證淡倉，與上周情況一樣，沒有 ...