股票代码：002466 股票简称：天齐锂业 公告编号：2025-054 天齐锂业股份有限公司 关于全资子公司提起诉讼的进展公告 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。 2、上市公司所处的当事人地位：天齐智利为本案件的原告。 3、涉案的金额：天齐智利提起的诉讼申请暂未提及具体金额。 4、对上市公司损益产生的影响：截至本公告披露日，智利最高法院未就本次上诉请求作出 新的判决或决定。因此，本次提起上诉事项预计不会对公司本期利润或期后利润产生重大影响。 公司提请广大投资者持续关注公司后续公告，谨慎投资，注意投资风险。 一、本次诉讼的基本情况 2023年12月27日，公司参股公司Sociedad Química y Minera de Chile S.A.（智利化工矿业公司， 以下简称"SQM"）与Corporación Nacional del Cobre de Chile（智利国家铜业公司，以下简称 "Codelco"）就2025年至2060年期间阿塔卡马盐湖的运营和开发达成了不具有法律约束力的 Memorandum of Understanding（以下简 ...

Core Viewpoint - The expectation for a rate cut by the Federal Reserve in December has increased, leading to a rise in Hong Kong stock indices, with the Hang Seng Index closing up 1.97% at 25,716.5 points, and a total trading volume of 302.64 billion HKD [1] Group 1: Market Performance - The three major indices in Hong Kong collectively rose, with the Hang Seng Index gaining over 2% at one point during the day [1] - The Hang Seng Technology Index increased by 2.78%, closing at 5,545.56 points [1] - The trading volume for the day reached 302.64 billion HKD [1] Group 2: Blue-Chip Stocks - Alibaba-W (09988) saw a significant increase of 4.67%, closing at 154.5 HKD, contributing 104.44 points to the Hang Seng Index [2] - Kuaishou-W (01024) rose by 7.11%, while NetEase-S (09999) increased by 5.87%, contributing 21.51 points and 26.03 points to the index respectively [2] Group 3: Sector Performance - Technology stocks rebounded, with Kuaishou rising over 7% and NetEase nearly 6% [3] - AI applications are gaining traction, with notable increases in stocks related to AI, such as Chuangmeng Tiandi (01119) up 9.38% and Innovation Qizhi (02121) up 8.83% [3] - Military stocks performed strongly, with China Shipbuilding Defense (00317) rising by 13.07% [4] Group 4: Automotive Sector - The automotive sector saw widespread gains, with GAC Group (02238) increasing by 12.03% and Beijing Automotive (01958) rising by 5.91% [5] - The Guangzhou Auto Show featured 93 new car launches, with nearly 60% being new energy vehicles [6] Group 5: Lithium and Semiconductor Stocks - Lithium stocks continued to decline, with Ganfeng Lithium (01772) down 5.66% [7] - Semiconductor stocks showed weakness, with Hua Hong Semiconductor (01347) falling by 4.91% [7] Group 6: Notable Stock Movements - Innovation Industry (02788) debuted with a significant increase of 32.76%, closing at 14.59 HKD [9] - Silver诺医药-B (02591) surged by 31.15% after being included in the Hang Seng Composite Index [10] - Miniso (09896) faced pressure post-earnings, with a decline of 4.84% despite a revenue increase of 28.2% [11]

Market Overview - A-shares saw collective gains across the three major indices, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 0.31% [2][3] Sector Performance - The military, satellite navigation, low-altitude economy, AI applications, cloud computing, 6G, and e-commerce sectors showed active performance, while the lithium battery industry chain experienced a pullback, particularly in lithium mining stocks [3] - The military sector saw significant gains, with over 10 stocks hitting the daily limit up, including Jianglong Shipbuilding, Jiuzhiyang, China Shipbuilding Defense, and Guoji Precision [3][4] Stock Highlights - Notable gainers included Jiuzhiyang (+20.00%), Pingao Co. (+19.99%), and Jianglong Shipbuilding (+19.98%) [4] - The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion yuan, a decrease of 237.9 billion yuan from the previous trading day, with over 4,200 stocks rising [3] Capital Flow - Main capital inflows were observed in the media, aerospace, and automotive sectors, with net inflows into stocks like BlueFocus, 360, and Changcheng Military Industry [6] - Conversely, significant net outflows were noted in stocks such as Industrial Fulian, New Yisheng, and Zhongji Xuchuang [7] Institutional Insights - Huatai Securities indicated that the current market adjustment has begun to show signs of support, with expectations of improved overseas liquidity and reduced domestic funding pressure [8] - Galaxy Securities highlighted structural strengths in emerging industries amid economic transformation, with a narrowing decline in PPI potentially boosting corporate profit margins [8] - Xing Shi Investment noted that historical bull markets often experience pullbacks, attributing the current market adjustment primarily to valuation corrections, while maintaining a "slow bull" outlook for the A-share market [8]

Market Overview - A-shares saw collective gains across the three major indices, with the Shanghai Composite Index up 0.05%, Shenzhen Component Index up 0.37%, and ChiNext Index up 0.31% [3][4]. - The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion, a decrease of 237.9 billion from the previous trading day [8]. Sector Performance - The military industry sector experienced a significant surge, with over 10 stocks hitting the daily limit, including Jianglong Shipbuilding and Jiuzhiyang [5]. - Lithium mining stocks continued to adjust, with Shengxin Lithium Energy hitting the daily limit down, and other companies like Jinyuan Co. and Ganfeng Lithium also seeing notable declines [6]. Capital Flow - Main capital inflows were observed in sectors such as media, aerospace, and automotive, while semiconductor, electronics, and securities sectors experienced net outflows [9]. - Specific stocks that attracted net inflows included BlueFocus, 360, and Great Wall Military Industry, with inflows of 1.317 billion, 1 billion, and 842 million respectively [9]. Analyst Insights - Huatai Securities noted that the current market adjustment has begun to show signs of support, with expectations of improved overseas liquidity and reduced domestic funding pressure, leading to a healthier market environment [9]. - Galaxy Securities highlighted that structural highlights in emerging industries are becoming more prominent, with narrowing PPI declines expected to boost corporate profit margins, supporting a positive trend for A-shares [9]. - Xing Shi Investment pointed out that historical bull markets often experience corrections, attributing the current market pullback primarily to valuation adjustments, while anticipating a shift towards fundamental drivers as the market enters an earnings realization phase [10].

Group 1 - The core viewpoint of the report is that the lithium market fundamentals have significantly improved in recent months, with expectations of a tighter supply-demand balance from the second half of 2025 to the first half of 2026, driven by strong domestic demand and exports, particularly in energy storage systems [1] - Goldman Sachs downgraded Ganfeng Lithium (002460) from "Neutral" to "Sell," raising the target price for Hong Kong shares from 28 HKD to 32 HKD, while maintaining a "Sell" rating for Ganfeng Lithium A-shares (002460.SZ) and Tianqi Lithium (002466) [1] - The target price for Tianqi Lithium's Hong Kong shares was increased from 21.5 HKD to 24.5 HKD [1] Group 2 - The current spot prices for lithium are considered to have downside risks due to negative feedback from the downstream market, a slowdown in energy storage system installation growth, and slow supply-side responses [2] - Goldman Sachs updated its lithium price forecasts, predicting an average price of 11,000 USD per ton of lithium carbonate in the first half of 2026, unchanged from previous predictions, while the second half of 2026 is expected to average 9,500 USD per ton, a 14% downward adjustment [2] - The average price for 2027 is forecasted at 9,300 USD per ton, reflecting a 15% downward adjustment from previous estimates, leading to a 5% to 42% reduction in profit forecasts for lithium stocks for 2026 to 2027 [2]

Group 1 - Goldman Sachs reports significant improvement in lithium market fundamentals in recent months, expecting a tight supply-demand situation from the second half of 2025 to the first half of 2026, driven by strong domestic demand and exports, particularly from energy storage systems [1] - The firm downgraded Ganfeng Lithium (01772) from "Neutral" to "Sell," raising the target price for Hong Kong shares from HKD 28 to HKD 32, while maintaining "Sell" ratings for Ganfeng Lithium A-shares (002460.SZ) and Tianqi Lithium (09696, 002466.SZ), with Tianqi Lithium's target price increased from HKD 21.5 to HKD 24.5 [1] Group 2 - Current spot prices face downside risks due to negative feedback from downstream markets, slowing growth in energy storage system installations, and other factors affecting inventory replenishment, with a slow response from the supply side [2] - Goldman Sachs updated its lithium price forecasts, estimating an average price of USD 11,000 per ton of lithium carbonate in the first half of 2026, unchanged from previous predictions, while the second half of 2026 is expected to average USD 9,500, a 14% downward adjustment from previous forecasts, and USD 9,300 for 2027, down 15% [2] - The firm lowered its earnings forecasts for covered lithium stocks by 5% to 42% for 2026 to 2027 due to the adjustment in lithium price predictions, but raised target prices by 9% to 15% as the valuation year rolls to 2026, assuming a higher bottom valuation for the cycle [2] - It is estimated that most Chinese lithium stocks currently imply lithium carbonate prices in the range of USD 16,200 to USD 24,500 per ton for 2026 to 2027 [2]

Market Overview - The Hang Seng Index closed at 25,220, down 2.38% for the day and 5.09% for the week, but up 25.72% year-to-date[3] - The Hang Seng Technology Index fell 3.21% to 5,395, with a year-to-date increase of 20.76%[3] - The Hang Seng China Enterprises Index decreased by 2.45% to 8,920, with a year-to-date rise of 22.36%[3] - The Shanghai Composite Index dropped 2.45% to 3,835, with a year-to-date increase of 14.41%[3] Sector Performance - The lithium battery sector saw significant declines, with Ganfeng Lithium down over 12% and Tianqi Lithium down over 11%[9] - Semiconductor stocks also performed poorly, with Innolux down over 8% and SMIC and Hua Hong Semiconductor both down over 6%[9] - Xiaomi-related stocks rose against the trend, driven by the launch of Xiaomi's enhanced smart driving system[9] U.S. Market Insights - On November 21, U.S. markets saw all major indices rise, with the Dow Jones gaining approximately 1.1%[9] - The probability of a 25 basis point rate cut by the Federal Reserve in December increased from under 40% to over 70% following dovish comments from New York Fed President Williams[9] - Notable movements in large tech stocks included Google up 3.53% and Nvidia down 0.96%[9] Japanese Market Trends - The Nikkei 225 index fell 2.4%, with a cumulative decline of 3.5% over the past week[13] - Japanese semiconductor stocks faced significant drops, with Tokyo Electron down 7.14% and Advantest down 12.10%[13] - The Japanese government announced a $135 billion economic stimulus plan, adding pressure to the yen and government bonds[13]

Core Viewpoint - Lithium stocks continue to decline, with Ganfeng Lithium down 7.35% and Tianqi Lithium down 4.83% amid falling lithium carbonate futures prices and market concerns over inventory and demand [1] Group 1: Market Performance - As of the report, Ganfeng Lithium (01772) is trading at 47.16 HKD, down 7.35%, while Tianqi Lithium (09696) is at 44.88 HKD, down 4.83% [1] - On November 24, lithium carbonate futures saw a drop of over 3%, reaching a low of 90,100 RMB per ton, with the entire contract experiencing a limit down last Friday [1] Group 2: Market Analysis - According to招商期货, the market is facing downward pressure due to slower inventory depletion, frequent news of production resumption, and adjustments in trading limits, with a tightening situation in December also suppressing prices [1] - Goldman Sachs downgraded Ganfeng Lithium's H-share rating from Neutral to Sell, citing risks of declining lithium spot prices due to poor short-term feedback from downstream markets and slowing inventory replenishment [1] Group 3: Price Forecasts - Goldman Sachs analysts noted that while the lithium market fundamentals have improved significantly, the supply-demand balance is expected to remain tight in the first half of next year, but extended inventory cycles in energy storage systems may offset this [1] - The firm has revised its forecast for the benchmark spot price of lithium carbonate in China for the second half of 2025 down to 9,500 USD per ton, a 14% decrease from previous expectations [1]

每经AI快讯，港股锂矿股今早继续下挫，截至发稿，赣锋锂业(01772.HK)跌7.35%，报47.16港元；天齐 锂业(09696.HK)跌4.83%，报44.88港元。 ...

智通财经APP获悉，锂矿股今早继续下挫，截至发稿，赣锋锂业(01772)跌7.35%，报47.16港元；天齐锂 业(09696)跌4.83%，报44.88港元。 消息面上，11月24日，碳酸锂期货主力合约一度跌超3%，最低触及90100元/吨，上周五全合约跌停。 招商期货认为，受去库速度放缓、枧下窝复产消息频传、交易限额调整等因素，盘面存在回调压力，且 12月紧缺情况有所收窄也压制价格进一步上行。 高盛将赣锋锂业H股评级从中性下调至卖出，理由是锂现货价格面临下行风险，因下游市场短期反馈欠 佳以及补库存增速放缓。高盛分析师团队在研究报告中指出，尽管锂市场基本面已显著改善，供需平衡 预计将在明年上半年保持紧张，但储能系统库存周期延长可能成为抵消因素。该行将2025年下半年中国 碳酸锂基准现货价格预测下调至每吨9500美元，较此前预期低14%。 ...