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]

（文章来源：每日经济新闻） 每经AI快讯，11月24日，锂矿股延续调整，国城矿业、融捷股份、大为股份、盛新锂能跌停封板，金 圆股份触及跌停，西藏矿业、雅化集团等跌幅居前。 ...

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） ...

（文章来源：每日经济新闻） 每经AI快讯，11月24日，A股锂矿股继续调整，国城矿业、大中矿业、盛新锂能再度跌停，金圆股份、 融捷股份、雅化集团等跌幅居前。 ...

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].

Core Viewpoint - The global market is experiencing volatility due to declining expectations for interest rate cuts by the Federal Reserve and ongoing declines in Japanese government bonds, leading to a sell-off in A-shares, particularly in the non-ferrous metals sector [1][3]. Group 1: Market Performance - On November 21, A-shares saw all three major indices decline, with the non-ferrous metals sector ETF (159876) dropping by 5.62%, with a trading volume exceeding 1 billion yuan [1]. - Despite the market downturn, the non-ferrous metals ETF (159876) attracted a net subscription of 85.2 million units, indicating strong investor interest in the sector [1]. Group 2: Employment Data and Fed Policy - The U.S. Labor Department reported an unexpected increase of 119,000 non-farm jobs in September, significantly above the market expectation of 50,000, which raises the likelihood that the Federal Reserve may not cut interest rates next month [3]. - Even if the Fed pauses a rate cut, as long as it remains in a rate-cutting cycle, there is still upward momentum for non-ferrous metal prices, suggesting that the sector's bullish trend is not over [3]. Group 3: Lithium Market Dynamics - In November, lithium carbonate futures have been on the rise, with prices reaching over 100,000 yuan/ton, marking a 67% increase from the year's low on May 30 [3]. - The market is currently experiencing a supply shortage of approximately 13,000 tons, with demand at 128,000 tons against a supply of 115,000 tons, indicating a continued upward pressure on prices [3]. Group 4: Future Outlook - Institutions generally believe that the non-ferrous metals sector is likely to continue its bullish trend, with various firms expressing optimism about a comprehensive bull market in non-ferrous metals [4]. - Key investment themes include industrial metals like copper and aluminum, energy metals such as lithium and cobalt, and strategic assets like gold and rare earths [4]. - The non-ferrous metals ETF (159876) offers broad exposure across various metals, which can help mitigate risks compared to investing in single metal sectors [4].

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]

Overall Market Performance - A-shares experienced a significant decline, with the Shanghai Composite Index falling by 2.45% to 3834.89 points, the Shenzhen Component down by 3.41%, and the ChiNext Index dropping by 4.02% [3] - The total trading volume for A-shares reached 1.98 trillion yuan, an increase from the previous day's 1.72 trillion yuan [3] Sector Performance - Over 5000 stocks in the market declined, with the lithium battery supply chain experiencing a sharp downturn, particularly the lithium mining index [4] - Nearly 20 stocks, including Jiangte Electric, Tibet Summit, Jinyuan Co., Shengxin Lithium Energy, Rongjie Co., and Ganfeng Lithium, hit the daily limit down [4] - Conversely, the shipbuilding sector saw gains, with Jiuzhiyang rising over 15%, and other companies like China Shipbuilding Defense and Kunshan Intelligent also following suit [4] - Some seafood stocks were active, with companies like Zhangzidao and Zhongshui Fishery reaching the daily limit up [4] Market Outlook - The primary catalyst for today's A-share adjustment stemmed from overseas markets, particularly the reinforced expectation of the Federal Reserve maintaining high interest rates, with the probability of a rate cut in December dropping from 50% to about one-third [6] - The U.S. stock market experienced a sharp decline, with the Nasdaq index falling by 2.15%, and despite Nvidia's better-than-expected earnings, it still dropped by 3.15%, leading to significant losses among other tech giants like AMD and Oracle [6] - This panic sentiment spread to Asian markets, with the Nikkei 225 index down by 2.32% and the Korean Composite Index down by 3.42%, impacting A-shares from the opening [6] - Internal factors further amplified market volatility, with a high limit-down rate of 49% and a prevailing cautious sentiment among investors [6] - The adjustment in A-shares is attributed to a combination of internal and external pressures, but signals of policy support and the inherent resilience of A-shares provide medium to long-term support [6] - The market is expected to enter a phase of consolidation in the short term, with investors advised to focus on performance certainty and policy direction while managing risks to seize structural opportunities [6]

本文自南都·湾财社。 采写 | 南都·湾财社记者 赵元 编辑 | 柴华 A股震荡调整持续，截至11月21日收盘，上证指数报3834.89，较上日下跌96.16，跌2.45%，深证成指报 12538.07，跌3.41%，创业板指报2920.08，跌4.02%。全市场超5000只个股下跌。三市全天成交额19836 亿元，较上日放量2610亿元。 业内分析 多空分歧加大，需阶段调整确认趋势 近期，大盘出现了反复震荡调整的走势，对此，前海开源基金首席经济学家杨德龙认为，临近年底，部 分投资者出于兑现全年收益的考虑，出现一定程度的获利了结行为，这在情理之中。因此，年底市场往 往呈现反复震荡的特征，但这并不意味着本轮结构性行情的结束。短期市场走势是无法预测的，但这轮 调整不会持续太久，因为场外还有很多资金等待这个调整来进行布局。 同时，杨德龙指出近期权益类基金销售明显回暖，出现了很多日光基，说明在牛市启动之后，市场的赚 钱效应逐步体现出来，已经开始吸引居民存款流入，越来越多投资者来股市找机会，特别是现在银行理 财、余额宝、银行定期存款利率都很低。日光基的出现并不意味着市场见顶的信号，只有出现一天销售 上百亿的基金，买基金 ...