Group 1 - The core viewpoint of the article highlights a significant increase in the share prices of various metal companies in the Hong Kong stock market, particularly in the non-ferrous metals sector [1] Group 2 - Tianqi Lithium Industries saw a rise of over 6% in its stock price [1] - Jiangxi Copper Co. and Ganfeng Lithium both experienced stock price increases of over 5% [1] - Shandong Gold rose nearly 4%, while Luoyang Molybdenum and Lingbao Gold increased by over 3% [1]

Group 1 - The Hang Seng Index rose by 0.22%, gaining 55 points to reach 25,291 points, while the Hang Seng Tech Index increased by 0.02% with a trading volume of 84.8 billion HKD in the morning session [1] - Yichun City announced the cancellation of 27 mining rights, leading to a surge in lithium stocks, with Ganfeng Lithium rising over 6% and Tianqi Lithium increasing by over 5% [1] - Airlines showed strong performance in November's off-peak season, with Southern Airlines up over 7%, Eastern Airlines up over 5%, and Air China rising by 5% [1] Group 2 - Jiangxi International Resources saw a 6% increase as tungsten prices accelerated, reaching a historical high for tungsten concentrate [1] - Junda Co., Ltd. rose over 6% after its Chuzhou base achieved large-scale production of TOPCon batteries [1] - Changfei Optical Fiber and Cable increased by nearly 11% driven by AI computing power demand [2] Group 3 - Yaojie Ankang-B surged by 18% after announcing positive clinical results for Tiengatin in a sub-journal of The Lancet [3] - Li Ning rose by 4% with the launch of new Dragon Store and Honor Gold Standard product series, expected to create strong synergy [4] - Zhongjiao Holdings increased by 6% as its adjusted annual EBITDA exceeded expectations, with institutions focusing on subsequent classification registration progress [5] Group 4 - Tanwan rose over 4%, accumulating over 30% growth this month, partnering with COEXIST to expand its trendy toy industry layout [6] - Zhaoyan Pharmaceutical increased by over 10% as the price of experimental monkeys rose, with institutions expecting a tight supply-demand situation to persist [7] - Yidu International fell over 12% in the morning session, giving back most of its gains for the month, as Muxi Co., Ltd. listed on the Sci-Tech Innovation Board today [8]

锂矿概念17日盘中强势拉升，截至发稿，天华新能涨超13%，金圆股份涨停，盛新锂能涨超7%，天齐 锂业涨近5%。 有分析指出，当前碳酸锂期货格较年内低点已经上涨超70%。随着11月份电池销量数据的出炉，市场对 于碳酸锂的需求预期已经大幅扭转。 中信建投证券指出，12月本为传统消费淡季，但下游需求远超预期，季节性因素淡化，锂价预计维持高 位。据SMM统计，供给端，11月碳酸锂及氢氧化锂环比增长3%、2%，预计12月增量有限，基于江西锂 云母复产的乐观预期下，碳酸锂仅环比增幅3%，氢氧化锂则预计12月环比下降3%。需求端，订单火热 现象将持续至年末，11月磷酸铁锂及三元材料分别环比增长4.7%、下降0.2%，12月订单饱满，铁锂需 求环比持平，三元环比回落6.7%。月度平衡角度，11月市场短缺万吨以上，预计12月缺口收窄，但或 仍缺口5000吨以上，因此12月保持去库预期，价格有望维持高位。库存端，碳酸锂库存已降至12万吨以 下，其中锂盐厂库存从年中的近6万吨降至2.4万吨，待明年二季度需求旺季，库存水平难以支撑需求， 需求将再度赋予价格弹性。 ...

智通财经获悉，锂业股早盘高开，截至发稿，天齐锂业(09696)涨3.73%，报48.36港元；赣锋锂业 (01772)涨3.61%，报50.85港元。 华泰期货认为，目前，供应端的不确定性是支撑价格偏强的关键因素之一，国内外供应干扰消息层出不 穷。整体来看，短期大概率维持高位震荡，需聚焦产能释放节奏与资金动向，警惕供需边际变化带来的 波动加剧。 本文源自：智通财经网 消息面上，12月17日，碳酸锂期货主力合约大涨近5%，报105600元/吨。据报道，继宁德时代枧下窝矿 被关停后，"亚洲锂都"宜春又现大动作。宜春市自然资源局发布公示，拟对27宗采矿许可证予以注销。 江特电机旗下宜丰县狮子岭矿区含锂瓷石矿，是本次公示拟注销的27个采矿权之一。江特电机公告显 示，该公司已提交异议申请。 ...

12月17日消息，锂业股早盘高开，截至发稿，、齐涨超4%。 09696 天齊鋰業 交易中 12/17 09:34:58 48.780 + +2.160 +4.63% | 最高 | | | | | 48.880 | | 開市 | | | | | | 48.360 | 成交量 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 最低 | | | | | 48.020 | | 前收 | | | | | | 46.620 | 成交額 | | | | | 圈 ▲ | 5日 | 目K | 團K | 月K | 季K | 年K | 1分 | ३५) | 5分 | 10分 | 15分 | 30分 | 1小時 | 2小時 | 3小時 | 4小時 | ｜ 1月 | | 48.811 | | | | | | | | | | | | | | | | | | | 48.780 | | | | | | | | | | | | | | | | | | | ...

Group 1 - The Hang Seng Index opened up 0.03%, while the Hang Seng Tech Index rose by 0.09%. Lithium mining stocks were active, with Tianqi Lithium and Ganfeng Lithium both increasing by over 3%. The automotive sector saw a pullback, with Xpeng Motors declining by nearly 1% [1] - Galaxy Securities suggests that the Hong Kong stock market is expected to trend upwards due to a loose liquidity environment and favorable policies. Key sectors to focus on include technology, which is seen as a long-term investment theme, and consumer sectors that may receive significant policy support [1] - According to浦银国际, the market is likely to maintain a volatile trend in the short term, with potential rotation in investment styles. The lack of new catalysts and uncertainties regarding the Federal Reserve's interest rate cuts next year may lead to increased market fluctuations [1] Group 2 - Huatai Securities believes that the current market has limited downside potential, but the chances for upward movement are not yet favorable. Market sentiment indicators remain in a pessimistic range, indicating a bottoming phase [2] - Future market catalysts may arise from three expected differences: 1) Renminbi appreciation could lead to significant changes in capital flows; 2) Concerns about exchange rate appreciation and high export baselines may persist, but there is an expectation of resilience in exports due to a stable Sino-U.S. relationship in the first half of next year; 3) Breakthroughs in domestic technology may pave an independent path [2]

每经AI快讯，锂业股早盘高开。截至发稿，天齐锂业(09696.HK)涨3.73%，报48.36港元；赣锋锂业 (01772.HK)涨3.61%，报50.85港元。 ...

华泰期货认为，目前，供应端的不确定性是支撑价格偏强的关键因素之一，国内外供应干扰消息层出不 穷。整体来看，短期大概率维持高位震荡，需聚焦产能释放节奏与资金动向，警惕供需边际变化带来的 波动加剧。 锂业股早盘高开，截至发稿，天齐锂业(09696)涨3.73%，报48.36港元；赣锋锂业(01772)涨3.61%，报 50.85港元。 消息面上，12月17日，碳酸锂期货主力合约大涨近5%，报105600元/吨。据报道，继宁德时代枧下窝矿 被关停后，"亚洲锂都"宜春又现大动作。宜春市自然资源局发布公示，拟对27宗采矿许可证予以注销。 江特电机旗下宜丰县狮子岭矿区含锂瓷石矿，是本次公示拟注销的27个采矿权之一。江特电机公告显 示，该公司已提交异议申请。 ...

华泰期货认为，目前，供应端的不确定性是支撑价格偏强的关键因素之一，国内外供应干扰消息层出不 穷。整体来看，短期大概率维持高位震荡，需聚焦产能释放节奏与资金动向，警惕供需边际变化带来的 波动加剧。 智通财经APP获悉，锂业股早盘高开，截至发稿，天齐锂业(09696)涨3.73%，报48.36港元；赣锋锂业 (01772)涨3.61%，报50.85港元。 消息面上，12月17日，碳酸锂期货主力合约大涨近5%，报105600元/吨。据报道，继宁德时代枧下窝矿 被关停后，"亚洲锂都"宜春又现大动作。宜春市自然资源局发布公示，拟对27宗采矿许可证予以注销。 江特电机旗下宜丰县狮子岭矿区含锂瓷石矿，是本次公示拟注销的27个采矿权之一。江特电机公告显 示，该公司已提交异议申请。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global geopolitical conflicts drive up the risk - aversion sentiment, the People's Bank of China continuously buys gold, and the Fed is still in the interest - rate cut channel, so the gold price is supported. Suggestions are to focus on Zijin Mining and Shandong Gold [5]. - The raw material for copper is in short supply, and the copper price is more likely to rise than fall. Suggestions are to focus on Zijin Mining and Tongling Nonferrous Metals [5]. - For electrolytic aluminum, supply is restricted, new - energy demand contributes to the increase, and the situation of weak supply and strong demand continues. In terms of profit, the alumina production capacity will be gradually released in 2025, the alumina price will continue to decline, and the profit is expected to recover. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [5]. - For energy metals, there are frequent reports of production cuts from overseas supply - side, and signals of production cuts or shutdowns in the whole industry will continue to appear. The lithium price has bottomed out and rebounded as the in - depth integration of production capacity has begun. Suggestions are to focus on Ganfeng Lithium Co., Ltd., Tianqi Lithium Corporation, and Huayou Cobalt Co., Ltd. [5]. - China tightens the tungsten supply, and the market continues to rise with reduced volume. Relevant companies are China Tungsten High - tech Co., Ltd. and Xiamen Tungsten Co., Ltd. [5]. 3. Summary by Related Catalogs Gold - **Price Trend**: Since 2024, the gold price has repeatedly hit new highs. In different quarters from 24Q3 to 25Q3, various factors such as Fed's interest - rate cuts, geopolitical conflicts, inflation, and tariff policies have affected the gold price. In the future, geopolitical, tariff policy changes, market risk preferences, and interest - rate cuts will still impact the gold price [8][13]. - **Supply and Demand**: Gold supply is stable, while global central banks are increasing their gold purchases. In 25Q3, central bank gold - buying demand was 219.85 tons, a 10.2% increase year - on - year. The People's Bank of China restarted the gold - buying channel in November 2024 and has continuously increased its gold holdings [14][21]. - **Stock Recommendations**: Suggestions are to focus on Chifeng Gold, Shandong Gold, Shanjin International, and Zijin Mining. These companies have certain scales and performance flexibility. For example, in the first half of 2025, Shandong Gold's net profit attributable to shareholders was 28.08 billion yuan, a 102.98% year - on - year increase; Chifeng Gold planned to produce 16.0 tons of gold in 2025; Shanjin International's revenue and profit increased significantly; Zijin Mining's net profit attributable to shareholders was 233 billion yuan, a 54% year - on - year increase [22][23]. Copper - **Supply - Demand Situation**: The supply of copper ore is tight, which leads to the increase of copper price and compresses the profit of the smelting end. The copper concentrate treatment and refining charges (TC) have been declining since 2024, reaching - 43.08 US dollars/ton as of December 12, 2025. The difference between LME and COMEX copper inventories has widened, resulting in a short - term regional mismatch in copper supply [26][30]. Electrolytic Aluminum - **Supply**: The domestic electrolytic aluminum production capacity is approaching the ceiling, and the output growth is restricted by power - rationing policies. Overseas, power supply is tight, and there are frequent shutdown events, leading to supply shortages [41]. - **Demand**: From January to October 2025, the domestic electrolytic aluminum demand was 38.7697 million tons, a 5.72% year - on - year increase. The demand for aluminum in the automotive and photovoltaic industries is increasing. Aluminum - bodied new - energy vehicles can increase cruising range and reduce battery costs, and the photovoltaic industry is booming under policy support [42][48]. - **Cost and Profit**: The domestic electrolytic aluminum production capacity restricts the demand for alumina, and with the release of new production capacity, alumina is in oversupply. The decline in alumina price is beneficial to the profit of the electrolytic aluminum sector. Suggestions are to focus on Shenhuo Co., Ltd., Yunnan Aluminum Co., Ltd., and Tianshan Aluminum Co., Ltd. [51][52]. Lithium - **Price and Market**: The price of lithium carbonate has bottomed out and rebounded. The market is generally optimistic about the demand for lithium carbonate next year. With the gradual increase in supply, both supply and demand are booming, and the industry profit is gradually improving [56]. - **Stock Recommendations**: Suggestions are to focus on Tianqi Lithium Corporation, Ganfeng Lithium Co., Ltd., Zhongkuang Resources Co., Ltd., Yongxing Special Materials Co., Ltd., and other companies. The performance and profit expectations of these companies vary [60]. Tungsten - **Supply**: China tightens the tungsten supply, and the global supply is restricted. Regulatory strengthening and declining ore grades affect production capacity release, and supply is generally tight. In April 2025, the Ministry of Natural Resources of China issued the first - batch tungsten ore mining total - volume indicator of 58,000 tons [62][66]. - **Stock Recommendations**: Suggestions are to focus on Xiamen Tungsten Co., Ltd., Zhangyuan Tungsten Co., Ltd., China Tungsten High - tech Co., Ltd., Xianglu Tungsten Co., Ltd., and Jiangxi Tungsten Equipment Co., Ltd. [67].