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。 金圆环保股份有限公司（以下简称"公司"）因经营发展需要，于近日搬迁 至新办公地址，现就具体变更内容公告如下： 证券代码：000546 证券简称：金圆股份 公告编号：2025-077 号 金圆环保股份有限公司 关于公司办公地址变更的公告 特此公告。 金圆环保股份有限公司董事会 2025 年 11 月 25 日 | 办公地址 | 杭州市滨江区江虹路 | | | 1750 | 号润和信 | 杭州市上城区钱江路 | | | 659 号 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 变更内容 | 变更前 雅达创意中心 | 1 | 号楼 | 30 楼 | | 变更后 数源科技大厦 | 18 | 楼 | | 以上办公地址自本公告发布之日起正式启用，公司董事会秘书、证券事务代 表联系地址同步变更为以上新办公地址。除上述变更事项外，公司注册地址、网 址、电子邮箱、联系电话等无变化，敬请广大投资者注意。 ...

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 lithium extraction sector in Salt Lake has experienced significant adjustments, with companies such as Tibet Summit, Shengxin Lithium Energy, and Jinyuan Co. hitting the daily limit down [1] - Other companies including Guocheng Mining, Ganfeng Lithium, Chuaneng Power, Tibet Mining, and Jiuwu High-Tech also saw declines in their stock prices [1]

Core Viewpoint - The lithium extraction sector in the salt lake region has undergone significant adjustments, leading to sharp declines in stock prices for several companies involved in lithium production [1] Company Summary - Companies such as Tibet Summit, Shengxin Lithium Energy, and Jinyuan Co., Ltd. experienced a trading halt due to a drop in stock prices [1] - Other companies including Guocheng Mining, Ganfeng Lithium, Chuaneng Power, Tibet Mining, and Jiuwu High-Tech also saw declines in their stock prices, indicating a broader impact across the sector [1]

Group 1 - The A-share market lithium mining stocks experienced a collective decline for the third consecutive day, with several companies hitting the daily limit down [1] - Notable stocks such as Rongjie Co., Dawei Co., Guocheng Mining, and Shengxin Lithium fell to the daily limit, while Jinyuan Co. approached the limit down [1] - The price of lithium carbonate's main contract has seen a high-level correction, dropping over 2% during the day, marking the second consecutive day of decline [1] Group 2 - Stocks like Jiangte Electric, Tibet Summit, and Dazhong Mining fell over 8%, while Yahua Group dropped over 7% [1] - Ganfeng Lithium, Tianqi Lithium, Tibet Mining, and Chuaneng Power all saw declines exceeding 6%, with Hainan Mining down over 5% [1]

Group 1 - Lithium mining stocks continue to adjust, with companies such as Guocheng Mining, Rongjie Co., Dawi Co., and Shengxin Lithium Energy hitting the daily limit down [1] - Jinyuan Co. also reached the daily limit down, while companies like Tibet Mining and Yahua Group experienced significant declines [1]

每经AI快讯，11月24日，盐湖提锂板块盘初走低，盛新锂能跌停，金圆股份跌超9%，西藏珠峰跌超 7%，川能动力、久吾高科、西藏矿业、天齐锂业跟跌。 （文章来源：每日经济新闻） ...

Core Viewpoint - The lithium carbonate futures market experienced a significant decline after a period of continuous increase, with the main contract LC2601 dropping by over 9% on November 21, closing at 91,020 yuan/ton [1][2]. Group 1: Market Performance - The main contract for lithium carbonate futures saw a substantial drop of 9% on November 21, following a strong upward trend that began on November 5, where it had cumulatively increased by 24.5% by November 20 [1]. - The A-share lithium battery concept sector also faced widespread declines, with leading lithium mining companies such as Shengxin Lithium Energy, Jinyuan Co., and Tianqi Lithium all hitting the daily limit down [1]. - Battery manufacturers also experienced declines, with companies like Desay Battery and XWANDA dropping over 6%, while EVE Energy fell nearly 6%, Guoxuan High-Tech dropped over 4%, and CATL fell over 2% [1]. Group 2: Supply and Demand Dynamics - The decline in lithium carbonate prices is attributed to market concerns regarding a potential narrowing of the supply-demand gap in December, following an announcement from the Guangzhou Futures Exchange regarding increased transaction fees and limits on daily opening positions for non-futures company members [2]. - The domestic inventory of lithium carbonate has been decreasing for 13 consecutive weeks, with a total reduction of 22,000 tons, leading to a new low in total inventory turnover days at 28.1 days since the futures listing [1].

Market Performance - The A-share market experienced a significant downturn, with the ChiNext Index dropping 6.15% last week and falling below the 3000-point mark on November 21, closing at 2920.08 points [1] - The Hang Seng Index also declined over 5% for the week, while the Hang Seng Tech Index fell more than 7% [1] - Major Asian markets, including the Korean Composite Index and Nikkei 225, also saw declines of nearly 4% and over 3.48%, respectively [1] Sector Analysis - The technology and battery sectors, which had previously shown strong performance, underwent substantial corrections, with the electronics sector experiencing a weekly decline of 5.89% [2] - The lithium battery supply chain faced a sharp drop, with the lithium mining index falling by 9.67% on a single day, affecting multiple stocks such as Shengxin Lithium Energy and Ganfeng Lithium, which hit their daily limit down [2] - The computing power industry also saw a collective pullback, with significant declines in stocks like Xin Yi Sheng and Zhong Ji Xu Chuang [2] Long-term Outlook - Despite the short-term pressures, several brokerages indicated that the long-term slow bull trend in the A-share market remains intact [3] - Analysts suggest that the current market adjustment is a normal part of the bull market process, with expectations of a gradual recovery after the current phase of volatility [3][4] - The AI industry chain is expected to continue its long-term growth trend, although there may be short-term fluctuations [3] Valuation and Investor Sentiment - The ChiNext Index's price-to-earnings ratio has decreased to 37.72, indicating a moderate valuation level compared to historical highs, suggesting no significant overvaluation risk [7] - Despite short-term capital outflows, the continued net subscriptions of ChiNext ETFs reflect long-term investor confidence [7] - The current market adjustment is viewed as profit-taking and a reaction to market sentiment, with a focus on quality growth stocks supported by strong earnings [7]