Summary of the Conference Call on Hualian Holdings and the Lithium Carbonate Market Company Overview - Hualian Holdings has transitioned from its original focus on chemical fibers and real estate development to new sectors including digital economy, industrial internet, new infrastructure, and new energy since 2009. The company has established a 2 billion yuan industrial transformation fund for investments in emerging fields [9][10]. Industry Insights: Lithium Carbonate Market Current Market Sentiment - The sentiment in the lithium carbonate market has shifted to optimism due to supply-side disruptions from measures against "involution" and mining activities in Yichun and Ningde. This optimism is primarily driven by capital market behaviors rather than fundamental supply changes [2][3]. - Lithium carbonate prices have found a bottom between 65,000 to 70,000 yuan per ton, with expectations of rising costs due to a decrease in high-grade ore availability [2][5]. Supply and Demand Dynamics - The global lithium carbonate market is expected to shift from a projected surplus of over 20,000 tons in 2025 to a shortage due to unexpected demand growth and supply-side disruptions [2][6]. - By 2026, lithium carbonate supply is projected to increase significantly to 2.1 million tons, but if the resumption of production by CATL is delayed, the supply may stabilize around 2.1 million tons, leading to a tight balance or slight surplus in the market [2][7]. Price Trends and Forecasts - Following a bottoming out in August 2025, lithium carbonate prices are entering an upward cycle, although seasonal supply disruptions may cause significant price fluctuations. The uncertainty in average prices for the upcoming year will impact industry profit forecasts and valuations [2][8]. - If industry growth exceeds 20% and the supply-demand balance improves, a price-to-earnings ratio of 20 to 25 times may be justified [8]. Hualian Holdings' Strategic Moves in Lithium Sector Acquisition and Project Potential - Hualian Holdings has acquired an 80% stake in the Arizaro lithium mine in Chile for $170 million, marking its entry into the lithium carbonate business. The overseas salt lake projects are expected to have cost advantages, with production costs lower than domestic counterparts [10][11]. - The lithium reserves in Hualian's Salta province project are estimated at 2.5 million tons, which could yield substantial profits if production is achieved, although it will require a 3-4 year infrastructure and capacity build-out period [12][15]. Financial Projections - Hualian Holdings' projected earnings for 2025, 2026, and 2027 are estimated at 80 million, 90 million, and 190 million yuan respectively, with a target stock price set around 4.5 yuan, reflecting a positive outlook on the company's transformation [16]. Conclusion - Hualian Holdings is strategically positioning itself in the lithium carbonate market amidst a backdrop of changing supply-demand dynamics and optimistic market sentiment. The company's investments and acquisitions are aimed at leveraging cost advantages and tapping into the growing demand for lithium in various industries.

证券日报网讯 12月28日，华联控股发布公告称，公司股票连续3个交易日收盘涨幅偏离值累计达 25.41%，属于股票交易异常波动情形。公司核查称经营正常，前期信息无需更正，公司目前正在开展 收购Argentum Lithium S.A.100%股份交易事项，相关信息均按照规定进行了及时披露。 （编辑 王江浩） ...

华联控股公告称，公司股票在2025年12月24 - 26日连续三个交易日内日收盘价格涨幅偏离值累计达 25.41%，属异常波动。公司目前经营正常，内外部环境未变。正在开展收购Argentum Lithium S.A.100% 股份交易，金额约12.35亿元，占最近一期经审计净资产的24.31%，不构成重大资产重组，交易存在不 确定性。异常波动期间，控股股东等无买卖公司股票情况。 ...

证券代码：000036 证券简称：华联控股 公告编号：2025-073 针对公司股票异常波动，公司董事会对有关事项进行了核实，并询问了公司 控股股东及实际控制人，现就有关情况说明如下： 1.截至本公告日，公司前期披露的信息不存在需要更正、补充之处； 2.公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 3.公司目前经营情况正常，内外部经营环境未发生重大变化； 4.公司目前正在开展收购 Argentum Lithium S.A.100%股份交易事项，相关 信息均按照规定进行了及时披露。本次公司收购资产折合人民币金额约 12.35 亿元，占公司最近一期经审计净资产 50.80 亿元的 24.31%，不构成《上市公司 重大资产重组管理办法》规定的上市公司重大资产重组。本次交易存在不确定性。 除此之外，公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的 重大事项，或处于筹划阶段的重大事项； 5.公司股票交易异常波动期间，公司控股股东、实际控制人及其控制企业不 存在买卖公司股票的情况。 华联控股股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内 ...

Core Viewpoint - Hualian Holdings plans to acquire overseas lithium mining assets for 1.235 billion yuan, aiming to diversify into lithium extraction from salt lakes, which has positively impacted its stock performance with multiple trading halts [1][3][4]. Group 1: Acquisition Details - The company intends to purchase 100% of Argentum Lithium S.A. to gain 80% interest in the Arizaro project, with a base price of $175 million, equivalent to 12.35 billion yuan [3][4]. - The Arizaro project is located in Argentina's Salta province and is part of the largest undeveloped salt lake in South America, covering approximately 1970 square kilometers [4][5]. - The project has a measured and indicated resource total of 469,000 tons of lithium, equivalent to 2,498,000 tons of lithium carbonate [1]. Group 2: Strategic Importance - This acquisition is part of Hualian Holdings' strategy to transition from real estate to new energy sectors, particularly lithium extraction, to enhance its market competitiveness and profitability [9][10]. - The company aims to create synergies with its existing businesses in lithium extraction and adsorbent production, thereby strengthening its position in the new energy supply chain [5][6]. Group 3: Financial Performance and Challenges - Hualian Holdings has faced declining revenues, with a 75.89% drop in revenue in 2023 compared to the previous year, prompting the need for diversification [8][9]. - The company reported a net profit of 0.82 billion yuan in 2023, down 81.27% year-on-year, indicating significant financial pressure [8]. - The acquisition will lead to substantial capital expenditures, potentially impacting cash flow during the project's construction phase [2][11]. Group 4: Market Risks and Future Outlook - The company acknowledges potential risks related to resource availability, capital expenditure pressures, and fluctuations in lithium carbonate prices, which could affect the investment's viability [11][12]. - Despite these risks, market analysts predict a favorable outlook for lithium demand driven by energy storage needs, suggesting a positive long-term market environment [12].

Group 1: Commercial Aerospace - Major US tech companies are optimistic about moving data centers to space, with Google planning to launch two prototype satellites by 2027 [4] - The commercial aerospace sector is driving market enthusiasm, with significant movements in stock prices, such as Shenjian Co. achieving two consecutive trading limits on December 25 and 26 [5] Group 2: Telecommunications - Tongyu Communication is a leading company in the communication antenna industry, closely collaborating with Huawei and expanding into satellite internet and aerial vehicles [8] - The company has seen its stock rise significantly, achieving two consecutive trading limits on December 25 and 26 [8] Group 3: Lithium Battery Industry - Lithium carbonate futures have surged past 130,000, marking an 8% increase and reaching a new high since November 2023 [12] - Hekai New Source has signed a strategic cooperation agreement for 270,000 tons of lithium battery materials, indicating strong future demand [12] - Huasheng Lithium Battery has seen a stock increase of 23.57% over four trading days, benefiting from a tight supply-demand balance in the electrolyte additive market [13][14] - Hualian Holdings has acquired 100% of Argentum for $175 million, gaining an 80% stake in a lithium project, which is expected to enhance its growth trajectory [19][20] Group 4: Hainan Free Trade Zone - The Hainan Free Trade Port has seen significant economic activity, with over 400 million yuan in zero-tariff imports reported in the first week of its full closure [27] - The policy changes are expected to stimulate consumption in the tourism and duty-free sectors, with companies like Hainan Development experiencing stock price increases [29][30]

Market Performance - The real estate development sector increased by 0.31% compared to the previous trading day, with Bright Real Estate leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Individual Stock Performance - Bright Real Estate (600708) closed at 3.58, with a rise of 10.15% and a trading volume of 618,600 shares, amounting to a transaction value of 216 million yuan [1] - Hualian Holdings (000036) also saw a significant increase, closing at 7.81 with a 10.00% rise and a trading volume of 520,700 shares, totaling 407 million yuan [1] - Suzhou Gaoxin (600736) closed at 6.61, up 9.98%, with a trading volume of 844,300 shares and a transaction value of 553 million yuan [1] - Other notable gainers include Sanxiang Impression (000863) with a 9.96% increase and a closing price of 5.63, and Wantong Development (600246) with a 5.84% rise [1] Capital Flow Analysis - The real estate development sector experienced a net outflow of 256 million yuan from institutional investors, while retail investors saw a net inflow of 263 million yuan [2] - The capital flow data indicates that institutional investors withdrew funds, while retail investors were net buyers in the sector [2] Detailed Capital Flow for Selected Stocks - Wantong Development (600246) had a net inflow of 276 million yuan from institutional investors, but a net outflow of 65.75 million yuan from retail investors [3] - Hualian Holdings (000036) saw a net inflow of 143 million yuan from institutional investors, with significant outflows from both retail and speculative investors [3] - Bright Real Estate (600708) reported a net inflow of 56.55 million yuan from institutional investors, while retail investors withdrew funds [3]

| 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.12.25 | 5.34 | 23.88 | -26057.28 | | 2025.12.24 | 9.95 | 7.13 | 3238.90 | | 2025.12.23 | 10.05 | 1.51 | 5967.07 | | 2025.12.22 | 1.46 | 14.22 | -8683.59 | | 2025.12.19 | 10.02 | 9.28 | 14115.87 | | 2025.12.18 | -0.80 | 4.28 | -712.49 | | 2025.12.17 | 3.50 | 3.98 | 3796.27 | | 2025.12.16 | -3.95 | 3.73 | -1186.79 | | 2025.12.15 | 6.75 | 5.63 | 4473.14 | | 2025.12.12 | 1.28 | 3.19 | 854.75 | （文章来源：证券时报网） MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这 ...

Group 1: Industry Overview - The report highlights that domestic discrete device manufacturers, such as Shenzhen Hekaitai, are increasing prices for thick film chip resistors by 8%-20% and semiconductor devices by 5%-20% due to significant rises in global metal raw material prices, particularly copper, silver, palladium, ruthenium, nickel, and tin [2] - The electronic cigarette industry is facing stricter regulations as the National Tobacco Monopoly Administration has proposed a notice to regulate production investments, limiting new projects and capacity increases, which is expected to intensify competition within the industry [2] Group 2: Advanced Manufacturing - Hualian Holdings has acquired a high-quality salt lake resource project in Argentina, with approximately 4.122 million tons of lithium carbonate equivalent (LCE) resources, positioning it among the top tier globally. The project's disclosed production cost is about 38,000 yuan per ton, making it highly competitive [5] - The report notes a shift in the competitive landscape for lithium resources, with salt lake lithium extraction emerging as the most profitable and advantageous method, especially as high-cost resources are phased out [5] Group 3: Consumer Sector - The film market is experiencing a significant recovery, with total box office revenue reaching 51.074 billion yuan as of December 23, 2025, surpassing the same period in 2024. The holiday season is identified as a key growth driver, with a diverse range of films catering to various audience preferences [7] - Several major films are set to release at the end of December 2025, which is expected to further boost box office performance and benefit film production and cinema sectors, highlighting the strategic importance of upcoming releases [8]

Market Performance - Major market indices opened with mixed results, with the Shanghai Composite Index down 0.05% at 3957.83 points, the Shenzhen Component Index up 0.06% at 13539.05 points, and the ChiNext Index down 0.21% at 3232.41 points [1] Individual Stock Performance - A total of 1901 stocks rose at the open, with 22 stocks hitting the daily limit up, including Victory Energy with 11 consecutive limit ups, Jiamei Packaging with 9 limit ups in 11 days, and Shenjian Co. with 7 consecutive limit ups [1] - Conversely, 2553 stocks declined at the open, with notable declines from Sunflower, Jiangtian Technology, and Beikong [1] Price Continuity Statistics - Among stocks that hit the limit up yesterday, 16 stocks, including Shenjian Co. and Fenglong Co., continued to hit the limit up today [1] - Stocks that opened lower included Guangdao Tui, Tianyuan Co., and Hengda New Materials, with declines of 6.43%, 5.71%, and 4.32% respectively [1]