Group 1 - Ganfeng Lithium (002460)(01772) saw a more than 4% increase in stock price, reaching 60.7 HKD with a trading volume of 517 million HKD [1] - Lithium carbonate main contract rose over 8% to 149,000 RMB/ton, indicating a significant price increase in the lithium market [1] - UBS believes the market has entered a third lithium price supercycle, with a persistent supply-demand gap supporting prices significantly above market consensus [1] Group 2 - UBS has raised its 2026 lithium spodumene price forecast by 74% to 3,131 USD/ton and lithium carbonate to 26,000 USD/ton, driven by the electric vehicle sector achieving "triple parity" and surging energy storage demand [1] - Global lithium demand is expected to double to 3.4 million tons by 2030 [1] - Ganfeng Lithium recently released a performance forecast, expecting a net profit attributable to shareholders of 1.1 to 1.65 billion RMB for 2025, indicating a turnaround from losses [1] Group 3 - Dongwu Securities reported that lithium salt shipments in Q4 2025 are expected to remain stable, with price increases contributing to profit elasticity [1] - For 2026, Ganfeng Lithium's lithium salt shipment volume is projected to reach 210,000 tons, a 25% year-on-year increase, with self-supply resources estimated at 130,000 to 140,000 tons [1] - Assuming a lithium carbonate price of 150,000 RMB/ton, the company could contribute over 9 billion RMB in profit [1]

Group 1 - Ganfeng Lithium (01772) saw its stock price increase by over 4%, reaching HKD 60.7 with a trading volume of HKD 517 million [1] - The main contract for lithium carbonate rose over 8% to RMB 149,000 per ton, indicating a significant price surge in the lithium market [1] - UBS believes the market has entered a third lithium price supercycle, with a persistent supply-demand gap supporting prices significantly above market consensus [1] Group 2 - UBS has raised its forecast for lithium spodumene prices by 74% to USD 3,131 per ton and for lithium carbonate to USD 26,000 per ton, driven by the demand from electric vehicles and energy storage [1] - Global demand for lithium is expected to double to 3.4 million tons by 2030 [1] - Ganfeng Lithium recently issued a profit forecast, expecting a net profit attributable to shareholders of between RMB 1.1 billion and RMB 1.65 billion for 2025, indicating a turnaround from losses [1] Group 3 - Dongwu Securities reported that lithium salt shipments are expected to remain flat quarter-on-quarter in Q4 2025, with price increases contributing to profit elasticity [1] - For 2026, Ganfeng Lithium's lithium salt shipment volume is projected to reach 210,000 tons, a year-on-year increase of 25%, with self-supply resources estimated at 130,000 to 140,000 tons [1] - Assuming a lithium carbonate price of RMB 150,000 per ton, this could contribute over RMB 9 billion in profit [1]

Group 1 - The non-ferrous metal sector is leading the market, with companies like Zhongtung High-tech, Xiamen Tungsten, and Northern Rare Earth seeing significant stock price increases of 7.98%, 6.72%, and 6.34% respectively, contributing to a nearly 3% rise in the Tianhong Non-ferrous Metal ETF (159157) [1] - The Tianhong Non-ferrous Metal ETF has attracted substantial capital inflow, with a total of 890 million shares purchased in a single day and a cumulative net inflow of 614 million yuan over three days, indicating strong investor interest [1] - The ETF covers a wide range of sectors including copper, aluminum, gold, and rare earths, allowing it to capture various market cycles effectively [1] Group 2 - On February 10, prices for mainstream rare earth products such as praseodymium and neodymium oxides have risen due to tight supply conditions and strong demand from downstream buyers [2] - The non-ferrous sector is expected to perform well in 2025, with companies like Zijin Mining and Luoyang Molybdenum projected to see net profit increases of over 60% and 50% respectively, while Shenghe Resources and Huayu Mining are expected to see even higher profit growth [2] - Following price adjustments by tungsten companies, Zhangyuan Tungsten has also raised its long-term procurement prices for black and white tungsten concentrates by 28.1% [2] - The U.S. has initiated a $12 billion strategic metal reserve plan, and the Non-ferrous Metals Industry Association has suggested commercial interest subsidies for copper and copper concentrates to enhance resource value [2]

Group 1 - The core point of the article highlights the performance of the Invesco ETF (560290) in the non-ferrous metals sector, with a current opening price of 0.948 yuan and a 0.00% change [1] - The major holdings of the Invesco ETF include Zijin Mining, which opened up by 0.91%, and other companies like China Aluminum and Shandong Gold, which also showed positive movements [1] - The fund's performance benchmark is the CSI Nonferrous Metals Mining Theme Index, and since its establishment on January 26, 2026, it has recorded a return of -5.23% [1] Group 2 - The fund is managed by Invesco Great Wall Fund Management Co., with the fund manager being Gong Lili [1] - The article provides a detailed list of the opening price changes for various stocks within the ETF, indicating a mixed performance among the holdings [1]

赣锋锂业 20260205 摘要 赣锋锂业预计 2026 年锂资源增量主要来自马里项目，产量将从 20 多 万吨增至 50 万吨，Mariana 项目也将贡献约 1 万吨。同时，计划启动 马里二期和马良山技改项目，未来几年还将逐步释放非洲混合矿项目产 能。 阿根廷 CO 盐湖目前基本满产，但未达设计产能，计划增加中试线以提 升产量。现金成本低于 6,000 美元，但加工成电池级碳酸锂的完全成本 （含折旧和资本开支）超过 6 万元人民币。 赣锋锂业碳酸锂库存维持低位，即使在行业低迷期也不超过 5,000 吨。 2025 年长协比例高，2026 年已签订单价格无折扣且销量已基本完成， 市场需求依然强劲。 2026 年储能需求依然强劲，公司已签约三十多个项目。预计行业储能 电池出货量将增长 50%，公司目标出货量为 40GWh 以上，同比增长 50%。 下游客户尚未大规模补库，预计春节后需求回升且价格传导顺利，四五 月份可能出现新的电池产能释放，从而推动补库。 Q&A 请介绍一下赣锋锂业在 2026 年四季度的业务情况和市场表现。 2026 年四季度，锂盐价格显著上涨，需求从下游传导至上游。赣锋锂业的出 货量超过预 ...

Group 1 - The core viewpoint of the article highlights the performance of the Non-ferrous Metals ETF Fund (516650), which opened with a gain of 1.90% at 2.145 yuan [1] - Major holdings in the Non-ferrous Metals ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, which also experienced gains [1] - The fund's performance benchmark is the CSI Sub-Industry Non-ferrous Metals Theme Index return, managed by Huaxia Fund Management Co., with a return of 110.83% since its inception on June 9, 2021, and a 4.15% return over the past month [1]

Group 1 - The core point of the article highlights the performance of the Penghua Nonferrous ETF (159880), which opened with a gain of 2.06% at 2.233 yuan [1] - Major holdings in the ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum (2.14%), Northern Rare Earth (2.97%), and Huayou Cobalt (1.49%) [1] - The ETF's performance benchmark is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd., with a return of 118.94% since its inception on March 8, 2021, and a 5.03% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Huabao Nonferrous ETF (159876), which opened with a gain of 2.07% at 1.135 yuan on February 9 [1] - Major holdings of the Huabao Nonferrous ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the nonferrous metals sector [1] - The Huabao Nonferrous ETF has a performance benchmark of the CSI Nonferrous Metals Index return, managed by Huabao Fund Management Co., with a return of 122.52% since its establishment on March 12, 2021, and a recent one-month return of 4.76% [1]

Group 1 - The core viewpoint of the article highlights the performance of the non-ferrous metal mining ETF, which opened with a gain of 1.94% at 2.254 yuan on February 9 [1] - Major holdings in the non-ferrous metal mining ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others showing positive gains [1] - The ETF's performance benchmark is the CSI Non-Ferrous Metals Mining Theme Index return, managed by China Merchants Fund Management Co., with a return of 121.32% since its establishment on June 21, 2023, and a 5.62% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Silverhua ETF (159871), which opened with a gain of 1.39% at 1.097 yuan on February 9 [1] - Major holdings in the Silverhua ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the sector [1] - The performance benchmark for the Silverhua ETF is the CSI Nonferrous Metals Index return, managed by Silverhua Fund Management Co., with a return of 116.82% since its inception on March 10, 2021, and a 4.72% return over the past month [1]