Group 1 - Lithium stocks continue to rise, with Tianqi Lithium (09696) up 6.01% at HKD 52.75 and Ganfeng Lithium (01772) up 4.65% at HKD 54 [1] - The main contract for lithium carbonate on the Shanghai Futures Exchange increased by nearly 5%, currently priced at CNY 115,300 per ton [1] - The environmental impact assessment for the lithium mining project in Yifeng County, Jiangxi Province, has been publicly disclosed, indicating that further approvals are needed for normal mining operations [1] Group 2 - Huachuang Securities suggests that the resumption of operations at the Jiangxi Zhangxiawo lithium mine may be slower than expected, with the mining license having expired on August 9 and operations currently suspended [1] - The ongoing environmental assessment and subsequent approval processes may delay the resumption of mining until the first half of 2026, exacerbating the current tight lithium supply situation [1] - The increase in lithium prices is strongly supported by the supply constraints in the market [1]

Group 1 - Tianqi Lithium Industries saw a stock increase of 1.54% on December 19, with a trading volume of 3.558 billion yuan. The financing buy-in amount for the day was 499 million yuan, while the financing repayment was 338 million yuan, resulting in a net financing buy-in of 161 million yuan. As of December 19, the total financing and securities lending balance was 3.315 billion yuan [1] - The financing balance of Tianqi Lithium Industries on December 19 was 3.305 billion yuan, accounting for 4.23% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level [1] - On the securities lending side, Tianqi Lithium Industries had a repayment of 13,300 shares and a sell amount of 26,700 shares on December 19, with a selling amount of 1.4124 million yuan. The remaining securities lending volume was 179,900 shares, with a balance of 9.5167 million yuan, also above the 80th percentile level over the past year, indicating a high level [1] Group 2 - As of September 30, the number of shareholders of Tianqi Lithium Industries reached 310,100, an increase of 14.52% compared to the previous period. The average circulating shares per person decreased by 12.68% to 4,759 shares [2] - For the period from January to September 2025, Tianqi Lithium Industries reported an operating income of 7.397 billion yuan, a year-on-year decrease of 26.50%. However, the net profit attributable to the parent company was 180 million yuan, showing a significant year-on-year growth of 103.16% [2] - Since its A-share listing, Tianqi Lithium Industries has distributed a total of 7.868 billion yuan in dividends, with 7.137 billion yuan distributed over the past three years [2] Group 3 - As of September 30, 2025, the largest circulating shareholder of Tianqi Lithium Industries was Hong Kong Central Clearing Limited, holding 68.1591 million shares, an increase of 3.3416 million shares compared to the previous period. China Securities Finance Corporation held 27.8536 million shares, unchanged from the previous period [3] - The sixth largest circulating shareholder was Huatai-PB CSI 300 ETF, holding 17.58 million shares, a decrease of 816,800 shares compared to the previous period. The seventh largest was E Fund CSI 300 ETF, holding 12.7261 million shares, down by 399,300 shares [3] - The ninth largest circulating shareholder was Southern CSI Shenwan Nonferrous Metals ETF, which was a new entrant with 8.4256 million shares. The tenth largest was Harvest CSI 300 ETF, holding 8.1817 million shares, a decrease of 113,900 shares compared to the previous period [3]

根据2025年12月19日披露数据，狮腾控股（02562）、长飞光纤光缆（06869）、龙蟠科技（02465）港 股通持股占比增加值最大，分别增加3.23%、2.30%、1.42%；大唐新能源（01798）、山东墨龙 （00568）、天齐鋰业（09696）港股通持股占比减少值最大，分别减少-1.10%、-0.85%、-0.77%。 在最近有统计数据的5个交易日内，红星美凯龙（01528）、狮腾控股（02562）、南方恆生科技 （03033）港股通持股占比增加值最大，分别增加5.73%、5.03%、3.63%；长飞光纤光缆（06869）、招 商证券（06099）、山东墨龙（00568）港股通持股占比减少值最大，分别减 少-6.95%、-4.28%、-2.73%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 狮腾控股(02562) | +3.23% | 42.11% | | 长飞光纤光缆(06869) | +2.30% | 53.77% | | 龙蟠科技(02465) | +1 ...

Group 1 - China Shenhua announced a merger and acquisition plan exceeding 130 billion yuan, intending to purchase stakes in China Energy Group and Guoyuan Power, along with other equity acquisitions [2][7] - The A-share market is seeing active mergers and acquisitions, with 32 listed companies disclosing restructuring progress this week [2][7] - Former Chongqing Mayor Huang Qifan predicts that the RMB exchange rate against the USD may rise to around 6:1 in the next decade, which could enhance trade balance and economic development [2][7] Group 2 - CITIC Securities highlights increasing factors for RMB appreciation, suggesting investors adapt their asset allocation accordingly, with about 19% of industries potentially benefiting from improved profit margins due to currency appreciation [2][7] - Shanxi Province has lifted the ban on fireworks, transitioning from a complete ban to scientific restrictions, which may stimulate industry growth and related consumption [3][8] - Seven chief strategists from major brokerages forecast a likely upward trend for A-shares and Hong Kong stocks in 2026, driven by technology and overseas expansion [3][8] Group 3 - The lithium battery industry is experiencing positive developments, with Shengxin Lithium Energy signing a framework agreement for lithium salt product supply worth over 20 billion yuan from 2026 to 2030 [3][8] - Tianqi Lithium's third-phase chemical-grade lithium concentrate expansion project is set to reach an annual capacity of 2.14 million tons, ensuring raw material supply [3][8] - Three new stocks will be available for subscription next week, covering tourism, new materials, and optical communication sectors [3][8] Group 4 - Several central banks, including those of Russia, the UK, Mexico, and Chile, have announced interest rate cuts, leading to a rise in gold and silver prices, with silver reaching a historic high of over 67 USD per ounce [4][9][10] - The first L3-level autonomous driving special license plate has been issued to Changan Automobile, marking a shift from technology validation to mass production application [4][10]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - Copper prices are experiencing high volatility, supported by macroeconomic factors such as the unexpected rise in the US unemployment rate and lower-than-expected CPI, which have increased expectations for interest rate cuts by the Federal Reserve [4] - The supply-demand dynamics for copper are tightening, with capital expenditures on copper mines insufficient and frequent supply disruptions expected to lead to a shift from a tight balance to a shortage [4] - The aluminum market is characterized by a slight accumulation of domestic inventory, with prices remaining high due to stable demand and limited supply growth [4] - The lithium sector is witnessing strong demand, with lithium prices entering an upward cycle as inventory continues to deplete [4] - Cobalt prices are expected to continue rising due to a tight supply of raw materials, despite some easing of export restrictions from the Democratic Republic of Congo [4] Summary by Sections 1. Industry Overview - The US unemployment rate for November was reported at 4.6%, exceeding expectations, while non-farm employment increased by 64,000, also above forecasts [8] - The US retail sales for October were flat, and the CPI for November was reported at 2.7%, below expectations [8] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 1.46% compared to a 0.03% rise in the index [10] - The sector's PE_TTM valuation is at 26.64 times, while the PB_LF valuation is at 3.29 times, indicating a premium over the broader market [19] 3. Copper - London copper prices increased by 0.36%, while Shanghai copper prices decreased by 0.96% [24] - Copper inventories in London decreased by 3.32%, while Shanghai inventories increased by 7.18% [24] 4. Aluminum - London aluminum prices rose by 2.37%, while Shanghai aluminum prices fell by 0.54% [36] - The aluminum industry is facing a slight increase in inventory, with production capacity nearing its limits [4] 5. Lithium - Lithium carbonate prices rose by 3.33% to 97,650 CNY/ton, while lithium hydroxide prices increased by 3.91% to 86,280 CNY/ton [78] - The lithium sector is expected to see a profit turning point as demand continues to grow [4] 6. Cobalt - The price of MB cobalt rose by 0.51% to 24.45 USD/pound, with domestic cobalt prices increasing by 1.93% to 422,000 CNY/ton [90] - The supply of cobalt remains tight, with expectations for continued price increases [4]

Project Overview - The company approved the expansion plan for Talison Lithium's third phase of lithium concentrate production on July 24, 2018, to build a large-scale chemical-grade lithium concentrate production facility in Greenbushes, Western Australia [1] - The project was initially scheduled for completion in Q4 2020, but the trial operation was postponed to 2025 [1] Project Progress - As of December 18, 2025, the Talison third phase chemical-grade lithium concentrate expansion project has been completed and is in the trial production phase [1] - The total production capacity of the Talison lithium concentrate project will reach 2.14 million tons per year upon completion [2] Impact on the Company - The Talison project will provide a continuous and sufficient supply of chemical-grade lithium concentrate for the company's domestic and international lithium chemical product production bases, enhancing the efficiency of capacity and resource matching [3] - The project is expected to strengthen the synergy between upstream and downstream of the industry chain and potentially improve the company's profitability [3]

Project Overview - The company approved the expansion plan for Talison Lithium's third phase of chemical-grade lithium concentrate production on July 24, 2018, aiming to build a large-scale production facility in Greenbush, Western Australia [2] - The project was initially scheduled for completion in Q4 2020, but the trial operation was postponed to 2025 [2] Project Progress - As of December 18, 2025, the Talison third phase expansion project has been completed and is undergoing trial production [3] - The total production capacity of the Talison lithium concentrate project will reach 2.14 million tons per year upon completion [4] Impact on the Company - The expansion project will provide a continuous and sufficient supply of chemical-grade lithium concentrate for the company's domestic and international lithium chemical production bases, enhancing resource efficiency and potentially increasing profitability [5]

Company News - SF Holding (06936.HK) reported a total revenue of 27.173 billion yuan for its express logistics, supply chain, and international business in November, representing a year-on-year growth of 7.85%. The express logistics business revenue grew by 9.88%, with a business volume increase of 20.13% [2] - Capital Investment (02324.HK) expects to achieve an unaudited consolidated net profit of approximately 115 million to 140 million HKD for the fiscal year ending September 30, 2025, marking a turnaround from losses, primarily due to the performance of listed equity investments [2] - Tianqi Lithium (09696.HK) has completed the construction of the third phase of its chemical-grade lithium concentrate expansion project and has officially commenced trial production [2] - Qingdao Port (06198.HK) plans to purchase two assets from the Qingdao Shipping Financial Center for the development of a cruise port [2] - CanSino Biologics (06185.HK) has initiated Phase I clinical trials for its DTCP–HIb–MCV4 combined vaccine and completed the enrollment of the first subject [2] - Fuhong Hanlin (02696.HK) received approval from the U.S. Food and Drug Administration for its application for the Phase I clinical trial of HLX18, a biosimilar to Nivolumab for the treatment of various solid tumors [2] - China National Nuclear Corporation (01763.HK) announced that its subsidiary, CNNC Haidewei, has received clinical approval for its BNCT boron drug [2] - Hisense Home Appliances (00921.HK) subscribed to a financial product from Jingu Trust for 1.892 billion yuan [2] Acquisition and Disposal - Evergrande Property (06666.HK) has received several updated non-binding offers from selected bidders, which the liquidators are currently considering [3] - Ruian Construction (00983.HK) has completed the sale of Ruian Property Management Services Co., Ltd. [4] - Tianjin Port Development (03382.HK) plans to purchase ten gantry cranes for 185 million yuan [5] Buyback Activities - Tencent Holdings (00700.HK) repurchased 1.036 million shares at a cost of 636 million HKD, with buyback prices ranging from 607 to 617 HKD [5] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for 152 million HKD, with buyback prices between 40.42 and 40.56 HKD [6] - COSCO Shipping Holdings (01919.HK) repurchased 3.9655 million shares for 53.6689 million HKD, with buyback prices ranging from 13.47 to 13.73 HKD [6] - Kuaishou-W (01024.HK) repurchased 755,000 shares for 49.9509 million HKD, with buyback prices between 65.4 and 66.6 HKD [7]

Core Viewpoint - Tianqi Lithium Industries (09696) has announced the completion and commissioning of the third phase of the Talison chemical-grade lithium concentrate expansion project, which is expected to enhance the company's production capacity and improve profitability through better resource allocation and supply chain synergy [1] Group 1: Project Details - The Talison third phase chemical-grade lithium concentrate expansion project is set to be completed and officially trialed on December 18, 2025 [1] - Upon completion, the total production capacity of the Talison lithium concentrate project will reach 2.14 million tons per year [1] - The project aims to provide a continuous and sufficient supply of raw materials for the company's domestic and international lithium chemical product production bases [1] Group 2: Strategic Implications - The expansion project is expected to enhance the efficient matching of production capacity and resources, thereby strengthening the synergy between upstream and downstream in the industry chain [1] - The successful implementation of the project could potentially increase the company's profitability [1] Group 3: Industry Context - The non-ferrous metals industry is cyclical and subject to various factors, leading to price volatility in lithium products [1] - Current and expected supply-demand changes may impact the current and anticipated prices of lithium products [1] - The fluctuation in lithium concentrate prices could introduce uncertainties into the company's business, financial condition, and operational performance [1] Group 4: Project Risks - There are uncertainties regarding the timely production of standard-compliant chemical-grade lithium concentrate and the effective implementation of the ramp-up plan during the project's subsequent trial and production phases [1] - The progress of the project may not meet expectations, introducing potential risks [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 Tianqi Lithium Corporation 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9696） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 茲載列天齊鋰業股份有限公司（「本公司」）在深圳證券交易所網站(http://www.szse.cn/) 刊發的《關於泰利森第三期化學級鋰精礦擴產項目進展情況的公告》如下，僅供參閱。 承董事會命 天齊鋰業股份有限公司 董事長兼執行董事 蔣安琪 香港，2025年12月19日 天齐锂业股份有限公司 关于泰利森第三期化学级锂精矿扩产项目进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、项目概述 於本公告日期，本公司董事會由以下成員組成：執行董事蔣安琪女士、蔣衛平先生、夏浚 誠先生及鄒軍先生；及獨立非執行董事向川先生、 ...