Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the reports. 2. Core View of the Report The current market shows a situation where spot prices of lithium carbonate have slightly declined, and the futures market is oscillating. With continuous inventory reduction and a change in the basis after a significant drop in the futures price, both the spot and futures markets are supported by the consumer side. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and mine production resumes, the inventory may shift from reduction to accumulation, leading to a potential decline in the futures market [1][3]. 3. Summary by Related Content Market Analysis - **Futures Market**: On November 5, 2025, the main contract 2601 of lithium carbonate opened at 78,440 yuan/ton and closed at 79,140 yuan/ton, a -0.45% change from the previous settlement price. The trading volume was 515,731 lots, and the open interest was 453,260 lots, down from 457,374 lots the previous day. The current basis is 1,800 yuan/ton, and the number of lithium carbonate warehouse receipts is 26,830 lots, a change of 340 lots from the previous day [1]. - **Spot Market**: According to SMM data, the price of battery - grade lithium carbonate is 78,700 - 82,300 yuan/ton, a -400 yuan/ton change from the previous day, and industrial - grade lithium carbonate is 77,900 - 78,700 yuan/ton, also a -400 yuan/ton change. The price of 6% lithium concentrate is 925 US dollars/ton, a -20 US dollars/ton change from the previous day [1]. - **Supply**: Lithium salt plants are operating at a high utilization rate, with both spodumene and salt - lake production ends maintaining over 60% utilization. It is expected that the domestic lithium carbonate production in November will remain at the same level as in October [1]. - **Demand**: The power market for new energy vehicles (both commercial and passenger) is growing rapidly, and the energy storage market has strong supply and demand, with supply remaining tight [1]. - **Company News**: On November 5, Salt Lake Co., Ltd. reported that its 40,000 - ton lithium salt project is in the trial - operation stage, and the annual production target of 3,000 tons is expected to be exceeded. Its subsidiary, Lan Ke Lithium Industry, has a total production capacity of about 40,000 tons after technological upgrades [2]. Strategy - **Unilateral**: In the short term, it is advisable to wait and see. Pay attention to the inflection points of inventory and consumption, and choose the opportunity to sell hedging at high prices [3]. - **Other Strategies**: No cross - period, cross - variety, spot - futures, or options strategies are provided [4].

1. Report Industry Investment Ratings - Gold: Short - term price in a callback trend [16] - US Dollar: Short - term oscillation [20] - Chinese Stock Index Futures: Long - position balanced allocation for each index [23] - US Stock Index Futures: Short - term high - level shock adjustment, with a bullish view considering profit support [27] - Treasury Bond Futures: Recently, the bond market is slightly bullish with limited upside, and long - positions should consider rhythm and odds [29] - Sugar: Chinese sugar market to oscillate, strict control on syrup and powder imports and reduced Q4 imports [34] - Steel: Adopt an oscillating approach to steel prices [41] - Live Pigs: Short - sell 03 contract after a sharp rebound, and keep an eye on long - positions in far - month contracts [44] - Red Dates: Wait and see, focus on price negotiation and acquisition progress in production areas [47] - Oils: If no major negative news, consider long - positions; wait for market sentiment to stabilize if negative [48] - Corn Starch: Band - trading [51] - Corn: 01 contract to oscillate weakly in the short - term and rebound in the long - term; be cautious about far - month contracts [53] - Thermal Coal: Price to remain strong in the short - term, watch policy changes after breaking through $800 [55] - Iron Ore: Downside space limited, consider negotiation and coking coal valuation [56] - Coking Coal/Coke: Short - term oscillation, watch for risks from declining hot metal production [57] - Copper: Oscillation, consider buying on dips [60] - Polysilicon: If the contract price corrects to par or discount to spot, consider long - positions; beware of options risks this weekend [63] - Industrial Silicon: Buying on dips may be more cost - effective [65] - Lead: Short - term strength, be cautious about chasing long; positive spread arbitrage available; be cautious in external trading [69] - Zinc: Speculative long - positions take profit on rallies; observe positive spread arbitrage opportunities; wait and see for external trading [74] - Lithium Carbonate: Short - term wide - range oscillation; consider short - selling on rallies in the medium - term [79] - Nickel: Wait and see for speculative single - side trading; bet on valuation recovery after risk release [81] - Crude Oil: Price to oscillate [85] - Asphalt: Short - term weak oscillation [87] - Methanol: Holders of short - positions add short after the rebound ends; conservative investors take profit [89] - Pulp: Limited upside space [90] - Urea: Oscillation due to sentiment support [92] - Caustic Soda: Short - term weak oscillation [94] - Soda Ash: Downside space depends on coal price and new capacity; bearish in the medium - term [95] - Float Glass: Wait and see due to intense market game [97] - Container Freight Rates: Short - sell after the rally [99] 2. Core Views of the Report - The US ADP employment data in October exceeded expectations, indicating a short - term recovery in the labor market, but the economic downward pressure persists, and the US dollar maintains an oscillating trend [2][19] - In the context of a global stock market correction, the A - share market showed unexpected resilience, and the stock index is expected to oscillate at a high level [3][22] - The prices of steel, copper, and other commodities are affected by factors such as macro - expectations, fundamentals, and supply - demand relationships, showing different trends [5][6] 3. Summaries by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US ADP employment in October increased by 42,000, and the ISM non - manufacturing PMI was 52.4, both better than expected [14][15] - Gold prices rebounded slightly, and the market is waiting for the end of the US government shutdown. Gold is expected to consolidate and approach the 60 - day moving average [15] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump blamed the government shutdown for the Democratic victory in local elections [17] - The US Supreme Court questioned the legality of Trump's tariff policy [18] - The ADP employment data exceeded expectations, but the economic downward pressure continues, and the US dollar maintains an oscillating trend [19] 3.1.3 Macro Strategy (Stock Index Futures) - China will firmly promote high - level opening - up [21] - The A - share market showed resilience, and the stock index is expected to oscillate at a high level [22] 3.1.4 Macro Strategy (US Stock Index Futures) - The US ADP employment in October increased by 42,000, and the ISM services PMI reached a new high [25][26] - The US economic data remained resilient, and the stock market's risk appetite recovered [26] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 65.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 492.2 billion yuan [28] - The bond market's upward space is limited, and it is expected to oscillate. Long - positions should consider rhythm and odds [29] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Sugar) - India's 2025/26 sugar production season has started, and Brazil's sugar production estimate has been raised [30][31] - The expected high - yield of the two major producers has increased concerns about global supply surplus, which is negative for the market [34] 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - The retail sales of passenger cars in October increased year - on - year and month - on - month [35] - Steel prices continued to be weak, and the supply pressure is expected to ease in November - December [40] 3.2.3 Agricultural Products (Live Pigs) - The project of Wens Co., Ltd.'s subsidiary passed the environmental assessment, and Dabeinong signed a regulatory agreement [42][43] - The short - term spot market is bullish, but the medium - term supply is expected to be loose [43] 3.2.4 Agricultural Products (Red Dates) - The acquisition of red dates in Xinjiang is progressing, and the futures price declined [45][46] - The supply is increasing, and the demand is weak. It is recommended to wait and see [47] 3.2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production in October increased by 12.31% month - on - month [48] - The market expects inventory accumulation in October. Pay attention to actual data and November's high - frequency supply - demand data [48] 3.2.6 Agricultural Products (Corn Starch) - The开机率 of corn starch enterprises increased, and the inventory slightly rose [49][51] - The inventory pressure is expected to be acceptable in January, and enterprises may maintain profitability [51] 3.2.7 Agricultural Products (Corn) - The spot price of corn is generally stable, with some regional differences [51] - Substitute supply is expected to increase, and the 01 contract may oscillate weakly in the short - term and rebound in the long - term [52][53] 3.2.8 Black Metals (Thermal Coal) - The international thermal coal price was strong on November 5, and the domestic price has risen recently [54][55] - The price is expected to remain strong in the short - term, and watch policy changes after breaking through $800 [55] 3.2.9 Black Metals (Iron Ore) - The demand for concrete weakened slightly, and iron ore prices oscillated weakly [56] - The downside space is limited, considering negotiation and coking coal valuation [56] 3.2.10 Black Metals (Coking Coal/Coke) - The price of coking coal in Linfen Anze was strong [57] - The short - term market is tight, but the hot metal production has peaked, and it may oscillate [57] 3.2.11 Non - ferrous Metals (Copper) - Chile's Codelco's copper production in the first nine months increased by 2.1% year - on - year [58] - The short - term macro - expectations are volatile, and copper prices are expected to oscillate [60] 3.2.12 Non - ferrous Metals (Polysilicon) - The number of photovoltaic component project bids decreased last week, and the price of polysilicon was under pressure [61][62] - November is a critical point of policy and fundamental game. Consider long - positions on dips if the contract price corrects [63] 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in Sichuan and Yunnan decreased, and the inventory is expected to be difficult to reduce in November [64] - Buying on dips may be more cost - effective [65] 3.2.14 Non - ferrous Metals (Lead) - The LME lead inventory decreased, and the domestic lead price trended upward [69] - The short - term supply is slowly recovering, and pay attention to delivery risks; consider short - selling at high levels in the long - term [69] 3.2.15 Non - ferrous Metals (Zinc) - The LME zinc showed a premium, and the domestic zinc production is expected to decline in November - December [73] - Zinc prices may oscillate at a high level in the short - term, and need demand improvement for further rise [73] 3.2.16 Non - ferrous Metals (Lithium Carbonate) - Hainan Mining's lithium concentrate has been shipped, and EVE Energy signed a cooperation agreement [75][76] - The short - term price may oscillate widely, and consider short - selling on rallies in the medium - term [79] 3.2.17 Non - ferrous Metals (Nickel) - Minmetals' acquisition of a nickel business entered the second - stage review [80] - The short - term price may be under pressure, and bet on valuation recovery after risk release [81] 3.2.18 Energy Chemicals (Crude Oil) - Kazakhstan's oil field production decreased due to maintenance, and the EIA crude oil inventory increased [82][84] - Oil prices are expected to oscillate [85] 3.2.19 Energy Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt decreased [86] - The asphalt price may oscillate weakly in the short - term [87] 3.2.20 Energy Chemicals (Methanol) - The Chinese methanol port inventory increased slightly [88] - The rebound does not indicate a fundamental reversal. Holders of short - positions add short after the rebound ends [89] 3.2.21 Energy Chemicals (Pulp) - The import pulp price was stable, and the futures price rose [90] - The upward space of the pulp price is limited [90] 3.2.22 Energy Chemicals (Urea) - The urea enterprise inventory increased, and the price oscillated upward due to export quota rumors [91] - The urea price may oscillate due to sentiment support [92] 3.2.23 Energy Chemicals (Caustic Soda) - The caustic soda price in Shandong decreased locally, and the inventory decreased [93][94] - The caustic soda price may oscillate weakly in the short - term [94] 3.2.24 Energy Chemicals (Soda Ash) - The soda ash price in Shahe oscillated, and the demand may be affected in the short - term [95] - The soda ash price may decline in the medium - term, and the short - term downside space depends on coal price and new capacity [95] 3.2.25 Energy Chemicals (Float Glass) - The float glass price in Shahe increased slightly, and the market game is intense [96][97] - It is recommended to wait and see due to intense market game [97] 3.2.26 Shipping Index (Container Freight Rates) - Shipping companies adjusted European - route freight rates [98] - The container freight rate may rise in the short - term, and consider short - selling after the rally [99]

Group 1 - The core event involves Salt Lake Co., which executed a block trade of 1 million shares on November 5, with a transaction value of 24.5 million yuan, accounting for 0.95% of the total trading volume that day [1][2] - The transaction price was set at 24.5 yuan per share, representing a discount of 0.77% compared to the market closing price of 24.69 yuan [1][2]

Group 1 - The core point of the news is the recent large transaction involving Salt Lake Co., which occurred on November 5, with a transaction volume of 1 million shares and a transaction amount of 24.5 million yuan, at a price of 24.50 yuan, reflecting a discount of 0.77% compared to the closing price of the day [2][3] - In the last three months, Salt Lake Co. has recorded a total of 8 large transactions, amounting to a cumulative transaction value of 797 million yuan [2][3] - The closing price of Salt Lake Co. on the day of the transaction was 24.69 yuan, showing an increase of 3.44%, with a daily turnover rate of 1.99% and a total transaction amount of 2.548 billion yuan, indicating a net inflow of main funds of 113 million yuan for the day [2][3] Group 2 - The latest margin financing balance for Salt Lake Co. is 3.793 billion yuan, which has decreased by 28.5276 million yuan over the past five days, representing a decline of 0.75% [3] - Salt Lake Co. was established on August 25, 1997, with a registered capital of 5.291572541 billion yuan [3]

Core Viewpoint - Salt Lake Co. is on track to steadily advance its production and sales of potassium chloride in 2025, aligning with its expected operational goals [2] Production - The company is continuously optimizing its process flows to enhance the efficiency of resource utilization [2] - Daily production and operational management will be strengthened to ensure the achievement of annual production and sales targets [2] Sales - Salt Lake Co. is enhancing market analysis and customer collaboration to ensure smooth coordination between production and sales [2]

Core Insights - The company is currently in the trial operation phase of its 40,000-ton lithium salt project, with overall performance and efficiency improvements being reported positively [2] - The company's production target for lithium carbonate this year is set at 3,000 tons, and based on current progress, it is expected to exceed this target [2]

Core Viewpoint - The company has significant potential for capacity enhancement in lithium production, focusing on improving product quality and production efficiency [2]. Group 1: Company Production Capacity - Blueco Lithium currently has a production capacity of 10,000 tons of industrial-grade and 20,000 tons of battery-grade lithium carbonate, with a total annual output stabilizing at approximately 40,000 tons [2]. - The company has undergone recent technological iterations and modifications to enhance production capabilities [2]. Group 2: Future Focus Areas - The company aims to improve key indicators such as recovery rates, indicating room for further enhancement in production processes [2]. - Future efforts will concentrate on refining product quality and optimizing production efficiency [2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 31.49 CNY, based on a current price of 23.87 CNY [5]. Core Insights - The company, Salt Lake Co., Ltd. (000792), is positioned as a dual leader in potassium and lithium industries, leveraging its resource advantages from the Qarhan Salt Lake. The company has a current production capacity of 5 million tons of potassium chloride and 40,000 tons of lithium carbonate, with plans to expand lithium capacity to over 200,000 tons by 2030 [1][4]. - The entry of China Minmetals Corporation as the controlling shareholder is expected to bring new momentum for the company, enhancing its international competitiveness and operational efficiency [1][18]. Summary by Sections 1. Company Overview - Salt Lake Co., Ltd. has a rich history dating back to 1958, originally established as the Qarhan Potash Fertilizer Plant. The company has undergone significant restructuring and has been profitable for five consecutive years since exiting bankruptcy in 2019 [1][15]. - The company has transitioned to focus on potassium and lithium production, having divested from loss-making segments such as magnesium and PVC [1][20]. 2. Lithium Industry - The lithium sector is expected to see gradual improvement in supply-demand dynamics, with high-cost production being phased out and new technologies like solid-state batteries driving long-term demand [2][54]. - The company holds significant lithium resources, with lithium chloride reserves of approximately 1.2 million tons, making it a key player in the domestic lithium market [33][39]. 3. Potassium Industry - The global potassium supply is concentrated, with demand expected to grow moderately. The company is the largest producer of potassium fertilizer in China, with a production capacity of 5 million tons [3][4]. - The potassium fertilizer market is characterized by stable demand, particularly in agricultural regions such as China, Latin America, and North America [3][4]. 4. Financial Projections and Investment Recommendations - The company is projected to achieve net profits of 6.48 billion CNY, 7.06 billion CNY, and 7.83 billion CNY for the years 2025, 2026, and 2027, respectively, reflecting growth rates of +39.00%, +8.95%, and +10.81% [4]. - The report anticipates a recovery in lithium prices and stable potassium prices, which will contribute to the company's financial performance [4][20].

Group 1 - The core point of the article is that Salt Lake Co. has confirmed the production capacity of Blue Lithium Industry, which includes 10,000 tons of industrial-grade lithium carbonate and 20,000 tons of battery-grade lithium carbonate, totaling approximately 40,000 tons through recent technological upgrades and modifications [1] Group 2 - Investors are inquiring about the potential for Blue Lithium Industry to continue increasing its production capacity [1]

Core Insights - The company has successfully launched a new lithium project with a capacity of 40,000 tons, which has been in operation for one month [2] - The company is currently in the trial operation phase of the lithium salt project, with overall performance and efficiency improvements being reported as good [2] - The production target for lithium carbonate for the current year is set at 3,000 tons, and based on current progress, the company expects to exceed this target [2]