Core Viewpoint - The company Huayou Cobalt announced a product supply framework agreement between its subsidiary Chengdu Bamo and Yiwei Lithium Energy, which outlines the supply of high-nickel ternary cathode materials from 2026 to 2035 [1] Group 1 - Chengdu Bamo's Hungarian plant is expected to supply approximately 127,800 tons of high-nickel ternary cathode materials to Yiwei Lithium Energy's Hungarian plant [1] - The supply from 2027 to 2031 is estimated to be around 126,500 tons [1]

浙江华友钴业股份有限公司 关于签署重大销售合同的公告 股票代码：603799 股票简称：华友钴业 公告编号：2025-131 关于签署重大销售合同的公告 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： 合同类型及金额：公司子公司成都巴莫与亿纬锂能签订《产品供应框架协议》， 约定协议期限内，由成都巴莫匈牙利工厂向亿纬锂能供应超高镍三元正极材料合计约 12.78万吨 合同生效时间： 自双方签字盖章之日起生效 对上市公司的影响：本次签订的协议对公司当期业绩不产生重大影响。待正式批 量供货后，预计将对公司经营业绩产生积极影响，公司将根据具体订单情况以及收入确 认原则在相应的会计期间确认收入（最终以会计师事务所审计为准） 特别风险提示： 1、本次签订的协议期限较长，在履行过程中如遇政策、市场、环境、客户需求变 化等因素影响，可能会无法如期或全面履行，实际销售数量尚存在一定的不确定性。 2、本次签订的协议就涉及产品的规格、质量及产能保障等内容做出了明确约定， 在履约过程中，可能存在未及时供货、产品质量不达要求等情况，导致公 ...

Core Viewpoint - Huayou Cobalt Co., Ltd. has seen a stock price increase of 5.03%, reaching 61.13 CNY per share, with a trading volume of 3.746 billion CNY and a market capitalization of 115.908 billion CNY as of November 25 [1] Company Overview - Huayou Cobalt, established on May 22, 2002, and listed on January 29, 2015, is located in Tongxiang Economic Development Zone, Zhejiang Province. The company specializes in the research and manufacturing of new energy lithium battery materials and cobalt new materials [1] - The revenue composition of Huayou Cobalt includes: nickel products (34.54%), cathode materials (16.28%), trading and others (15.55%), nickel intermediates (14.91%), copper products (5.95%), ternary precursors (5.25%), lithium products (4.18%), and cobalt products (3.33%) [1] Fund Holdings - One fund under Dongzheng Asset Management holds a significant position in Huayou Cobalt. The Dongfanghong Industrial Upgrade Mixed Fund (000619) held 1.3773 million shares in the third quarter, accounting for 3.02% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit from this position is approximately 4.0355 million CNY [2] - The Dongfanghong Industrial Upgrade Mixed Fund (000619) was established on June 6, 2014, with a current scale of 3.007 billion CNY. Year-to-date returns are 20.57%, ranking 3442 out of 8136 in its category; the one-year return is 23.14%, ranking 3190 out of 8058; and since inception, the return is 326.2% [2] Fund Manager Information - The fund managers of Dongfanghong Industrial Upgrade Mixed Fund (000619) are Miao Yu and Wang Zhuo. Miao Yu has a tenure of 10 years and 290 days, managing assets totaling 11.576 billion CNY, with the best fund return during his tenure being 194.53% and the worst being -24.91% [3] - Wang Zhuo has a tenure of 2 years and 296 days, managing assets of 3.007 billion CNY, with the best fund return during his tenure being 24.18% and the worst being -11.61% [3]

Core Viewpoint - The expectation of a Federal Reserve interest rate cut has increased, leading to a collective rise in gold and copper prices, with the non-ferrous metal sector showing signs of recovery [1][4]. Group 1: Federal Reserve and Economic Outlook - Federal Reserve Governor Christopher Waller reiterated support for a rate cut in December, citing stable inflation and concerns about the labor market [3]. - Goldman Sachs predicts that the Fed will likely initiate a rate cut in December, with potential further cuts in 2025, bringing the benchmark rate down to the 3%-3.25% range [3]. - The current economic conditions suggest a tilt towards accelerated rate cuts if the economic downturn exceeds expectations [3]. Group 2: Market Reactions and Commodity Prices - The market's anticipation of the Fed's rate cut has provided upward momentum for physical asset prices, with COMEX gold and LME copper both rising over 1% [4]. - The copper production target for Freeport-McMoRan in Indonesia has been lowered to 478,000 tons for 2026 due to operational disruptions, which may lead to short-term supply concerns and support higher copper prices [4]. Group 3: Copper Price Projections - UBS has raised its copper price targets for 2026, with the new target set at $13,000 per ton, reflecting a bullish outlook on copper prices [5]. - The copper market is expected to maintain an upward price trend due to supply constraints and increasing demand from sectors like electric power, new energy vehicles, and data centers [8]. Group 4: Non-Ferrous Metal Sector Performance - The Non-Ferrous 50 ETF (159652) saw significant gains, with leading stocks like Huaxi Nonferrous rising over 8% and several others increasing by more than 3% [6]. - The non-ferrous metal sector is characterized by tight supply and strong demand, with aluminum prices expected to remain high due to limited new capacity and robust demand [9]. Group 5: Investment Opportunities - The Non-Ferrous 50 ETF (159652) is highlighted for its high "gold and copper content," with 33% copper and 13% gold, making it a leading choice in the sector [10]. - The ETF has demonstrated superior performance with a cumulative return leading its peers since 2022, driven by earnings rather than valuation expansion [12].

Core Viewpoint - The non-ferrous metal industry index has shown strong performance, with significant increases in key stocks, driven by rising precious metal prices and positive demand forecasts for lithium and other materials [1][2]. Group 1: Market Performance - As of November 25, 2025, the non-ferrous metal industry index (399395) rose by 2.81%, with notable stock increases including Placo New Materials (300811) up 11.34%, Dongyang Sunshine (600673) up 6.14%, and Zhongjin Gold (600489) up 5.52% [1]. - The non-ferrous ETF fund (159880) increased by 2.28%, with the latest price at 1.71 yuan [1]. Group 2: Economic Indicators - Federal Reserve Governor Christopher Waller reiterated support for a potential interest rate cut in December, indicating that inflation is not a major concern at this time [1]. - The chairman of Tianqi Lithium, Jiang Anqi, projected that global lithium demand will reach 2 million tons of lithium carbonate equivalent by 2026, suggesting a balance between supply and demand [1]. Group 3: Industry Insights - Dongguan Securities highlighted that the supply side of industrial metals may remain constrained, emphasizing the growth in demand from the new energy sector [1]. - The supply of minor metals and new materials is under rigid constraints, while emerging demand is expected to surge [1]. - The supply side of energy metals is gradually optimizing, with ongoing attention to the recovery of downstream demand [1].

Core Insights - The report highlights a significant growth in electric vehicle (EV) sales across nine European countries in October 2025, with a total of 257,000 new energy vehicles sold, representing a year-on-year increase of 38.7% and a penetration rate of 31.5%, up by 7.7 percentage points [1][2] Summary by Region - **Germany**: In October 2025, BEV sales reached 52,000 units, up 47.7% year-on-year, while PHEV sales were 31,000 units, up 60.0%. Germany plans to restart its EV subsidy program in January 2026, which is expected to support sales [2][3] - **United Kingdom**: BEV sales in October 2025 were 37,000 units, a 23.6% increase year-on-year, and PHEV sales were 18,000 units, up 27.2%. The UK has resumed EV subsidies and is under pressure from ZEV assessment targets, which may lead to continued sales growth [2][3] - **France**: Following the implementation of the social leasing plan on September 30, 2025, BEV sales surged to 34,000 units in October, marking a 63.2% year-on-year increase and achieving a record penetration rate of 24.4% [3] - **Italy**: In October 2025, BEV sales were 6,000 units, up 25.1%, while PHEV sales reached 10,000 units, a significant increase of 128.6%. The EV subsidy in Italy was officially launched on October 22, which is expected to boost future sales [3] - **Spain**: Spain saw BEV sales of 9,000 units in October 2025, a remarkable increase of 90.1%, and PHEV sales of 13,000 units, up 145.6%. The country has experienced rapid growth in EV sales since the beginning of 2025 [3] Investment Recommendations - The report suggests investment opportunities in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure, with specific companies recommended for each category [4]

Summary of Key Points from Conference Call Records Industry Overview - The non-ferrous metals sector is experiencing a pullback, viewed as a buying opportunity, with a bullish outlook on lithium carbonate and energy metals for the year ahead [1][3][4] - Key targets for investment include aluminum, lithium, and cobalt, with copper and gold also entering a favorable period for investment [1][4] Lithium Market Insights - Lithium carbonate prices are driven by secondary growth in demand, with a long-term bullish outlook for price reversal despite short-term challenges [1][5] - Current price levels are expected to struggle to break above 100,000, with a potential dip to around 80,000 in Q1 2026 seen as a buying opportunity [1][7] - By 2026, a significant price reversal is anticipated, with prices potentially exceeding 100,000 and reaching around 150,000 by 2027 [1][7] Company-Specific Developments - **Dazhong Mining**: Expected to lower costs to 40,000-50,000 per ton through by-products and large-scale production, with a projected market cap of over 500 billion by 2026-2027 [1][9] - **Guocheng Mining**: Similar to Dazhong, with a potential lithium carbonate output of 120,000 tons and a future market cap of around 600 billion [1][10] - **Shengxin Lithium Energy**: Currently has over 40,000 tons of lithium carbonate production, with plans to expand to 75,000 tons, presenting a high value proposition with a current market cap of around 30 billion [1][11] - **Ganfeng Lithium**: Valued at 1,200 billion, with a reasonable valuation of 2,000 billion due to strong growth potential and solid-state battery business [1][13] - **Tianqi Lithium**: Holds valuable resources with a conservative valuation of 1,500 billion [1][13] - **Salt Lake Co.**: Currently valued at 1,300 billion, with low-cost production capabilities expected to enhance profitability significantly [1][13] Market Dynamics - Recent trading restrictions on lithium contracts have led to market declines, influenced by corporate hedging activities [1][6] - The overall inventory situation is expected to remain stable, with production levels balancing out current stock [1][6] Investment Recommendations - Focus on emerging companies like Dazhong Mining and Guocheng Mining, which show strong competitive advantages and growth potential [1][8] - Established companies like Ganfeng Lithium and Tianqi Lithium are also recommended due to their solid market positions and growth trajectories [1][13] Additional Insights - The overall sentiment in the non-ferrous metals sector remains optimistic, with significant investment opportunities identified despite short-term market fluctuations [1][4]

Core Points - The Shanghai Investment Products Index (000102) closed at 7055.9 points, up 0.15%, with a trading volume of 61.914 billion yuan and a turnover rate of 1.18% [1] - Among the index constituents, 23 stocks rose while 26 fell, with Arctech leading the gainers at 4.57% and Huayou Cobalt leading the decliners at 2.48% [1] Index Constituents Summary - The top ten constituents of the Shanghai Investment Products Index include: - Zijin Mining (6.27% weight, latest price 28.00, down 0.50%, market cap 744.171 billion yuan) in the non-ferrous metals sector [1] - China Shipbuilding (5.26% weight, latest price 35.49, up 3.59%, market cap 267.084 billion yuan) in the defense sector [1] - Northern Rare Earth (5.01% weight, latest price 44.84, up 1.68%, market cap 162.1 billion yuan) in the non-ferrous metals sector [1] - Longi Green Energy (4.99% weight, latest price 18.76, down 0.42%, market cap 142.164 billion yuan) in the power equipment sector [1] - Luoyang Glass (4.67% weight, latest price 15.35, up 1.12%, market cap 328.403 billion yuan) in the non-ferrous metals sector [1] - Sany Heavy Industry (4.48% weight, latest price 20.51, up 1.23%, market cap 186.764 billion yuan) in the machinery sector [1] - China Shenhua (3.91% weight, latest price 41.20, down 2.07%, market cap 818.583 billion yuan) in the coal sector [1] - TBEA (3.86% weight, latest price 21.52, up 0.47%, market cap 108.736 billion yuan) in the power equipment sector [1] - Guodian NARI (3.79% weight, latest price 22.15, down 0.40%, market cap 177.911 billion yuan) in the power equipment sector [1] - Huayou Cobalt (3.73% weight, latest price 58.20, down 2.48%, market cap 110.353 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 216 million yuan, while retail funds saw a net outflow of 27.9793 million yuan [1] - Major stocks with significant net inflows include: - China Shipbuilding with a net inflow of 569 million yuan [2] - TBEA with a net inflow of 13.2 million yuan [2] - Shaanxi Coal and Chemical with a net inflow of 89.1999 million yuan [2] - Notable stocks with net outflows include: - Huayou Cobalt with a net outflow of 60.246 million yuan [2] - China National Railway with a net outflow of 45.0979 million yuan [2]

截至11月24日收盘，盐湖提锂概念下跌1.40%，位居概念板块跌幅榜前列，板块内，盛新锂能跌停，金 圆股份、赣锋锂业、天齐锂业等跌幅居前，股价上涨的有17只，涨幅居前的有倍杰特、三达膜、隆华科 技等，分别上涨2.56%、2.53%、2.42%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 中船系 | 6.63 | 海南自贸区 | -2.19 | | 小红书概念 | 4.76 | 盐湖提锂 | -1.40 | | 军工信息化 | 4.63 | 磷化工 | -0.88 | | 太赫兹 | 4.47 | 自由贸易港 | -0.50 | | 快手概念 | 4.14 | 钛白粉概念 | -0.46 | | 智谱AI | 4.11 | 转基因 | -0.46 | | 兵装重组概念 | 4.00 | 石墨电极 | -0.40 | | 国产航母 | 3.97 | 大豆 | -0.37 | | Web3.0 | 3.89 | 化肥 | -0.30 | | 数字水印 | 3.89 | 养鸡 | -0.30 | 资金面上看，今 ...

Market Overview - The phosphate chemical sector declined by 0.88%, ranking among the top losers in the concept sector, with notable declines in companies such as Qing Shui Yuan, Ju Shi Chemical, and Chuan Neng Power [1] - In contrast, 21 stocks within the sector experienced price increases, with Wei Ling Co., Tian Ji Co., and Ya Ke Technology leading the gains at 10.03%, 4.18%, and 3.00% respectively [1] Capital Flow - The phosphate chemical sector saw a net outflow of 860 million yuan from major funds, with 33 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 50 million yuan [1] - The largest net outflow was from Huayou Cobalt, which recorded a net outflow of 361 million yuan, followed by Chuan Fa Long Mang, Hubei Yihua, and Chengxing Co. with net outflows of 144 million yuan, 109 million yuan, and 91.7 million yuan respectively [1] Top Gainers and Losers - The top gainers in the phosphate chemical sector included Wei Ling Co. with a 10.03% increase, while the largest declines were seen in Qing Shui Yuan, which dropped by 18.42% [1][2] - Other notable declines included Chuan Neng Power at -7.11% and Chengxing Co. at -6.22% [1][2] Fund Inflows - The stocks with the highest net inflows included Yun Tian Hua, China Chemical, and Wei Ling Co., with net inflows of 85.76 million yuan, 70.21 million yuan, and 62.52 million yuan respectively [3]