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]

Investment Rating - The report maintains a "Positive" investment rating for the industry [6] Core Viewpoints - The report highlights that the short-term fluctuations in lithium carbonate do not alter the long-term positive outlook for the lithium industry, with a supply inflection point and a new demand cycle expected by 2026 [4][10] - The report emphasizes the strategic metals like rare earths and tungsten are poised for a value reassessment due to government policies and market dynamics [4] - The report notes that despite short-term volatility in copper and aluminum prices, the long-term trends remain favorable due to macroeconomic factors and supply-demand dynamics [4][10] Summary by Sections Energy Metals & Minor Metals - Lithium is expected to see a supply inflection point and a new demand cycle, with domestic power demand and energy storage needs driving growth. The supply side faces uncertainties, but the long-term outlook remains positive [4] - Strategic metals such as rare earths and tungsten are highlighted for their potential value reassessment, with government policies supporting demand recovery [4] - Tungsten prices are expected to rise due to tight supply and increased demand from downstream sectors [4] Precious Metals - The report indicates that the fluctuations in interest rate expectations are the main drivers for gold price recovery, maintaining a positive outlook for gold investments [4] - The report suggests that gold prices are likely to remain volatile but are not expected to peak in the early stages of a rate cut cycle [4] Industrial Metals - The report notes that copper and aluminum prices have experienced short-term declines due to increased risk aversion, but the long-term outlook remains optimistic due to economic recovery and supply adjustments [4] - The report provides data showing that copper inventories have increased significantly, while aluminum inventories have shown a mixed trend [4][10]

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]