Group 1: Share Pledge and Release - As of the announcement date, the controlling shareholder, Huayou Holding Group Co., Ltd., holds 308,664,701 shares, accounting for 16.28% of the total share capital, with 111,427,994 shares pledged, representing 36.10% of its holdings and 5.88% of the total share capital [2] - The action party, Mr. Chen Xuehua, holds 82,505,146 shares, accounting for 4.35% of the total share capital, with 26,520,000 shares pledged, representing 32.14% of his holdings and 1.40% of the total share capital [2] - Together, Huayou Holding and Mr. Chen Xuehua hold 391,169,847 shares, accounting for 20.63% of the total share capital, with a total of 137,947,994 shares pledged, representing 35.27% of their holdings and 7.28% of the total share capital [2] Group 2: Pledge and Guarantee Situation - There are no pledged shares maturing in the next six months or one year for Huayou Holding and its action party, indicating sufficient repayment capability from operational income, dividends, investment income, and self-raised funds [4] - The pledge does not pose significant risks to the company's operations, financing, or governance, and will not lead to changes in actual control [5][6] - The company will continue to monitor the pledge and release of shares and fulfill information disclosure obligations [7] Group 3: External Guarantee Progress - In October 2025, the company provided a total guarantee amount of 245,000.00 million yuan, with a cumulative guarantee balance of 8,882,596.22 million yuan as of October 31, 2025, primarily for subsidiaries [10][17] - The company provided guarantees for a subsidiary with an asset-liability ratio exceeding 70% amounting to 195,000.00 million yuan [10] - The guarantees are necessary for the normal operation of the company and its subsidiaries, with no significant litigation or default issues [15][16]

Investment Rating - The report indicates a positive outlook for the lithium sector, suggesting a potential recovery and growth in demand, particularly in the context of energy storage and electric vehicles [2][47]. Core Insights - After a three-year price decline, lithium prices are currently at historical lows, with a significant portion (80%) of demand driven by lithium batteries. The supply-demand balance is expected to shift from surplus to tight balance or even shortage by 2026, driven by improved demand expectations [2][47]. - The report outlines three phases of the lithium sector's evolution in 2025: initial pessimism regarding demand, short-term supply disruptions due to production halts, and a subsequent recovery in demand driven by energy storage [4][15]. - The capital expenditure in the lithium sector has peaked, with a downward trend in supply growth expected from 2026 to 2028. The projected supply growth rates for 2025, 2026, and 2027 are 22%, 21%, and 14%, respectively [5][31]. - The energy storage sector is anticipated to experience significant growth, with lithium demand expected to increase by 68%, 45%, and 35% from 2025 to 2027. The demand from the power sector is also projected to grow steadily [6][31]. - The report emphasizes a strong likelihood of a supply-demand turning point in the lithium industry between 2026 and 2027, with potential for a supply gap as early as 2026 if demand exceeds expectations [7][29]. - The report forecasts a bullish trend for lithium equities, with 2026 expected to be a significant year for lithium carbonate stocks, potentially mirroring the market dynamics seen at the end of 2019 [8][47]. Summary by Sections Review of 2025 - The lithium sector has undergone a transformation with improved supply-demand dynamics due to production disruptions and increased demand from energy storage [4][15]. Outlook for 2026 - The report anticipates a clear trend of supply growth decline and a significant improvement in demand, leading to a potential supply-demand turning point in 2027 [28][29]. Supply and Demand Dynamics - The report highlights a projected decline in supply growth rates and a substantial increase in demand from both energy storage and electric vehicles, indicating a tightening market [5][6][31].

截至本公告日，华友控股及其一致行动人陈雪华先生共计持有公司股份 391,169,847 股，占公司总股本的 20.63%；其中已累计质押 137,947,994 股，占其 所持公司股份总数的 35.27%，占公司总股本的 7.28%。 一、本次股份解除质押及质押情况 近日，公司收到控股股东华友控股及其一致行动人陈雪华先生的通知，华友 控股和陈雪华先生办理了部分股份解除质押和质押业务，具体情况如下： 关于控股股东及一致行动人部分股份解除质押及质押公告 股票代码：603799 股票简称：华友钴业 公告编号：2025-126 浙江华友钴业股份有限公司 关于控股股东及一致行动人部分股份解除质押及质押公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至本公告日，浙江华友钴业股份有限公司（以下简称"公司"）控股股东华 友控股集团有限公司（以下简称"华友控股"）持有公司股份 308,664,701 股，占公 司总股本的 16.28%；其中已累计质押 111,427,994 股，占其所持公司股份总数的 36.10%，占公 ...

关于对外担保的进展公告 股票代码：603799 股票简称：华友钴业 公告编号：2025-127 浙江华友钴业股份有限公司 关于对外担保的进展公告 本次担保金额及累计担保余额：2025 年 10 月担保金额合计 245,000.00 万元； 截至 2025 年 10 月 31 日，浙江华友钴业股份有限公司（以下简称"公司"或"华友钴 业"）对外提供担保余额为 8,882,596.22 万元，主要为对控股子公司及其下属企业的 担保； 对外担保逾期的累计数量：无； 特别风险提示：公司及控股子公司对外担保总额超过最近一期经审计净资产 100%；2025 年 10 月为资产负债率超过 70%的子公司提供的担保金额为 195,000.00 万元，敬请投资者注意相关风险。 一、担保情况概述 （一）2025 年 10 月，因申请融资，公司为资产负债率高于 70%的 1 家子公司 提供 180,000.00 万元担保，为资产负债率低于 70%的 1 家子公司提供 50,000.00 万 元担保，合计提供 230,000.00 万元担保。详情如下： 单位：万元 | | 被担保人 | 担保金额 | 担保到期日 | 债权人 | | ...

Core Insights - The energy metals sector experienced a significant increase of 2.61% on November 7, with Shengxin Lithium Energy leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Shengxin Lithium Energy (002240) closed at 27.30, up 9.99% with a trading volume of 1.1057 million shares and a transaction value of 2.926 billion [1] - Yongshan Lithium (6633399) rose by 8.00% to close at 11.48, with a trading volume of 568,300 shares [1] - Other notable performers include: - Yongxing Materials (002756) up 7.28% to 50.85 [1] - Rongjie Co., Ltd. (002192) up 3.94% to 48.26 [1] - Tianqi Lithium (002466) up 3.36% to 56.99 [1] Capital Flow - The energy metals sector saw a net inflow of 1.209 billion in main funds, while retail funds experienced a net outflow of 0.957 billion [2] - The main funds' net inflow for Tianqi Lithium was 389 million, accounting for 6.74% of its total [3] - Huayou Cobalt (603799) had a main fund net inflow of 346 million, representing 5.24% [3] Individual Stock Fund Flows - Shengxin Lithium Energy had a main fund net inflow of 192 million, with retail funds showing a net outflow of 1.60 billion [3] - Yongxing Materials recorded a main fund net inflow of 218 million, while retail funds had a net outflow of 1.86 billion [3] - Rongjie Co., Ltd. saw a main fund net inflow of 106 million, with retail funds experiencing a net outflow of 1.10 billion [3]

Core Viewpoint - The renewable energy sector is experiencing significant growth, with various ETFs related to the industry showing strong performance, indicating a robust investment opportunity in the renewable energy chain [1][2]. Group 1: ETF Performance - Multiple renewable energy ETFs, including E Fund New Energy ETF and Battery ETF, have risen over 2%, reflecting a strong market sentiment towards the sector [1]. - The ETFs cover a wide range of the renewable energy industry, including lithium batteries, photovoltaics, wind power, hydropower, and nuclear power, with major companies like CATL and LONGi Green Energy included in their portfolios [1]. Group 2: Industry Developments - The "AI + Power" trend is emerging as a significant driver, with power supply becoming a bottleneck for AI chip expansion, as highlighted by Microsoft CEO Satya Nadella [3]. - Major companies in the battery supply chain are signing long-term supply agreements, such as Tianqi Materials and Jia Yuan Technology, indicating strong demand and commitment to future production [4]. - The solar industry is seeing a collaborative effort among leading companies to stabilize market prices and ensure a balanced supply-demand dynamic, with a joint venture expected to form among 17 major solar firms [5]. Group 3: Market Data and Trends - Recent statistics show a decline in new solar installations in September, with a year-on-year decrease of 54%, while the total installed capacity has grown by 45.7% year-on-year [5]. - Wind power installations also saw a significant drop in September, down 41% year-on-year, although the overall installed capacity has increased by 21.3% [5]. - Investment in power generation and grid infrastructure has shown modest growth, with power generation investment up by 0.6% and grid investment up by 9.9% in the first nine months of the year [6].

Group 1 - The lithium carbonate market is experiencing a dual increase in supply and demand, with weekly apparent demand reaching a new high and inventory days dropping to around 35 days, driven by strong demand from energy storage and power batteries [1] - Market sentiment is supported by seasonal demand, but there may be a seasonal decline in demand growth in Q4, increasing price volatility risks [1] - Long-term lithium mine capacity is on the rise, which will limit the upward space for lithium prices, while the resilience of demand beyond seasonal trends will be a key factor affecting price movements [1] Group 2 - Since 2025, the midstream industry chain of new energy vehicles is showing signs of price stabilization and improved supply-demand structure, indicating a potential new upward cycle [2] - The overall demand for lithium batteries is rapidly increasing, with a projected 30% year-on-year growth in net profit for the lithium battery industry chain in the first half of 2025, reversing the downward trend of the past two years [2] - The ongoing "anti-involution" trend is expected to accelerate the elimination of backward production capacity, benefiting high-quality production capacities with technological and cost advantages [2] Group 3 - As of November 7, 2025, the Guozheng New Energy Vehicle Battery Index has risen by 2.57%, with the Battery ETF (159755) increasing by 2.63%, marking a three-day consecutive rise [3] - Over the past two weeks, the Battery ETF has accumulated a rise of 6.89%, with significant increases in component stocks such as Xinzhou Bang and Duofluor, and the top ten weighted stocks accounting for 65.64% of the total [3] - The Battery ETF has seen a notable increase in scale, growing by 1.89 billion yuan over the past two weeks, and a significant increase in shares by 12.15 billion over the past month, indicating strong capital inflow [3]

Core Insights - The importance of non-ferrous metals is highlighted by two significant announcements: the inclusion of copper, silver, and uranium in the U.S. critical minerals list and China's commitment to optimizing export control processes for rare earths and other dual-use items [1][2]. Group 1: U.S. Critical Minerals List - The U.S. Geological Survey released the 2025 critical minerals list, which includes ten newly added minerals such as boron, copper, lead, metallurgical coal, phosphates, potassium salts, rhenium, silicon, silver, and uranium [1]. - Minerals on this list will receive government funding support and expedited approval processes, emphasizing their strategic importance in the current international context [1]. Group 2: China's Export Control Measures - China's Ministry of Commerce stated that items like rare earths have dual-use properties and will be permitted for compliant applications, aiming to enhance communication and cooperation with other countries [1]. - The focus is on ensuring the stability and security of global supply chains while promoting compliant trade practices [1]. Group 3: Market Dynamics and Investment Opportunities - The non-ferrous metals sector is expected to benefit from "resource nationalism," which exacerbates supply-demand conflicts as resource-rich countries tighten controls, leading to increased development costs and potential price surges for strategic metals like copper [1]. - The anticipated start of a new macroeconomic cycle, indicated by narrowing declines in the Producer Price Index (PPI), suggests that industrial and minor metals may become core investment targets in the upcoming market [1]. Group 4: Performance of Non-Ferrous Metals Sector - The non-ferrous metals sector has seen a significant increase of 74.68%, leading the industry, supported by strong fundamentals [2]. - Among the 60 stocks in the leading non-ferrous metals ETF (159876), 56 companies reported profits, with 44 showing year-on-year net profit growth, including notable increases from companies like Chuangjiang New Material and Guocheng Mining [2]. Group 5: Investment Strategy - Direct investment in the non-ferrous metals sector allows investors to benefit from both the safe-haven value of precious metals and the growth potential of industrial metals in high-demand sectors like renewable energy and aerospace [2]. - The non-ferrous metals ETF (159876) provides a diversified approach, tracking a range of metals including copper, aluminum, gold, rare earths, and lithium, which helps mitigate risks associated with investing in single metal sectors [3].

Group 1: ETF Performance - The New Energy ETF has a turnover rate of 2.21% with a transaction volume of 33.46 million yuan [3] - The latest scale of the New Energy ETF reached 1.513 billion yuan, marking a new high since its establishment [3] - In the past week, the New Energy ETF saw a significant increase of 10.2 million shares [3] - Over the last five trading days, there were net inflows on three days, totaling 81.43 million yuan [3] - As of November 6, the net value of the New Energy ETF has increased by 69.97% over the past six months, ranking 151 out of 3850 in index equity funds, placing it in the top 3.92% [3] - The highest monthly return since inception was 25.07%, with the longest consecutive monthly increase being six months and a maximum increase of 67.53% [3] - The average return during the months of increase is 8.57% [3] Group 2: Market Trends and Opportunities - According to CITIC Securities research, the market is recovering, and there is a positive outlook on the global trend of energy storage [3] - The domestic energy storage sector is experiencing a significant economic turning point, driven by the marketization of new energy and capacity electricity prices [3] - The cumulative penetration rate of energy storage is still below 10%, with an upward adjustment of new domestic installations to 300 GWh for next year [3] - The largest overseas opportunity arises from the demand for energy storage in data centers, with leading companies already securing substantial orders [3] - Energy storage is expected to drive lithium battery demand growth exceeding 30% next year, presenting investment opportunities across materials, batteries, and integration [3] Group 3: Key Stocks in New Energy Index - As of October 31, 2025, the top ten weighted stocks in the CSI New Energy Index include: Sunshine Power, CATL, Longi Green Energy, EVE Energy, TBEA, Huayou Cobalt, Ganfeng Lithium, China Nuclear Power, Tongwei Co., and Lead Intelligent [5] - The combined weight of the top ten stocks accounts for 46.1% of the index [5]

Core Viewpoint - The green energy ETF (562010) opened with a slight decline of 0.19%, indicating a mixed performance among its major holdings [1] Group 1: ETF Performance - The green energy ETF (562010) opened at 1.035 yuan, reflecting a decrease of 0.19% [1] - Since its establishment on December 16, 2022, the fund has achieved a return of 4.07%, with a monthly return of 3.81% [1] Group 2: Major Holdings Performance - Major stocks within the ETF showed varied performance: - Contemporary Amperex Technology Co., Ltd. (宁德时代) decreased by 0.30% - BYD Company Limited (比亚迪) fell by 0.53% - Yangtze Power Co., Ltd. (长江电力) increased by 0.04% - Sungrow Power Supply Co., Ltd. (阳光电源) dropped by 1.65% - EVE Energy Co., Ltd. (亿纬锂能) decreased by 0.19% - LONGi Green Energy Technology Co., Ltd. (隆基绿能) fell by 0.60% - Huayou Cobalt Co., Ltd. (华友钴业) decreased by 0.93% - Ganfeng Lithium Co., Ltd. (赣锋锂业) increased by 0.26% - Lead Intelligent Equipment Co., Ltd. (先导智能) dropped by 1.30% - Tongwei Co., Ltd. (通威股份) fell by 0.64% [1]