上周，A股市场整体表现疲软，主要指数深度回调。其中，创业板指一周跌幅达6.15%，并11月21日失 守3000点整数关口，单日跌幅为4.02%，报收2920.08点。科创50和深证成指一周跌幅均超5%，上证指 数也下跌了3.90%，于11月21日跌穿3850点。 港股市场同样未能幸免，恒生指数周跌幅超5%，恒生科技指数周跌逾7%。亚太地区主要股市亦普遍下 挫，韩国综合指数11月21日盘中跌幅一度超4%，周跌幅近4%，日经225指数跌超3.48%。 面对此番深度回调，多家券商周末紧急发声，多份研报指出，目前市场步入中期调整阶段，但此轮震荡 属于牛市进程中的正常回撤，A股中长期慢牛逻辑并未改变。 从1.0到2.0的过渡 锂电产业链上周五大幅下挫，锂矿指数单日跌幅达9.67%，盛新锂能（002240.SZ）、赣锋锂业 （002460.SZ）、天齐锂业（002466.SZ）、西藏矿业（000762.SZ）、金圆股份（000546.SZ）等十余只 个股跌停。 算力产业链也集体回调，上周五，新易盛（300502.SZ）跌8.46%、中际旭创（300308.SZ）跌5.69%、胜 宏科技（300476.SZ）跌7.73%。 ...

Core Viewpoint - The collaboration between China Aerospace Science and Technology Corporation's subsidiary, Aerospace Rainbow, and other companies aims to establish a new company focused on the drone industry in Chongqing, leveraging advanced drone technology and capital from various stakeholders [1][2][3]. Group 1: Company Overview - Aerospace Rainbow is a leading player in the domestic drone sector, with its "Rainbow" drones possessing complete independent intellectual property rights and core technologies that have reached an international leading level [2]. - The company has developed a dual business model focusing on new materials and drone research and manufacturing, expanding its product line to include medium and large reconnaissance and strike drones [2]. Group 2: Joint Venture Details - The new joint venture, Chongqing Saihong Technology Co., Ltd., will have a registered capital of 901.41 million yuan, focusing on the research and manufacturing of low-altitude logistics and manned aircraft [1]. - Aerospace Rainbow will contribute tilt-rotor technology to the joint venture, acquiring approximately 43.64% of the equity [1][3]. Group 3: Stakeholder Composition - The major shareholders of Chongqing Saihong include Chongqing Saihang, which will hold 55.46%, and other investors such as Seres, Ganfeng Lithium, and state-owned enterprises from Chongqing [3][4]. - There is potential for future equity adjustments, with Chongqing Douliang possibly acquiring part of Aerospace Rainbow's shares [4]. Group 4: Strategic Importance - The establishment of the joint venture aligns with national strategies for low-altitude economic development, aiming to enhance the application of drone technology in various sectors [2][5]. - The collaboration is expected to facilitate the transformation of technological achievements into market applications, supporting the creation of a world-class special aircraft industry [2].

本报（chinatimes.net.cn）记者胡雅文 北京报道 11月21日，碳酸锂期货价格跳水，主力合约2601从超过10万元/吨跌至9万元/吨出头。对于碳酸锂来 说，10万元/吨仍是一大关卡。 相比暴涨暴跌的期货市场，现货市场相对稳定，碳酸锂仍保持涨势，但第三方平台披露的最新成交价有 所下降。11月21日，SMM电池级碳酸锂指数上涨401元至9.28万元/吨，上海钢联电池级碳酸锂早盘均价 下跌5700元至9.36万元/吨。有业内人士告诉《华夏时报》记者，"公司散单成交也是和下游客户当面沟 通，基本不通过贸易商，实际成交价主要看客户选择报给哪个平台。" "价格会调节供需平衡。从2026年的供需平衡表看，全年小幅过剩，但由于储能装机的非线性增长，或 许会出现月度供需错配的可能性。"上海钢联新能源事业部锂业分析师李攀告诉《华夏时报》记者，"若 是10万元/吨以上的价格持续3—6个月，澳洲那边才会考虑（新一轮资本开支）。" 多空分歧凸显 今年6月末至今，碳酸锂价格整体上行，从6万元/吨左右涨至9万元/吨出头，整体上涨约50%。回过头 看，8月中旬也曾短暂突破8万元/吨，旋即又在9月中下旬跌至7万元/吨出头。 尤其 ...

Group 1: Market Overview - On November 20, the Hong Kong stock market saw a net inflow of capital from Northbound trading amounting to HKD 159.92 billion, with HK Stock Connect (Shanghai) contributing HKD 78.08 billion and HK Stock Connect (Shenzhen) contributing HKD 81.84 billion [2] - The most net bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba-W (09988), while the most net sold stocks were Ganfeng Lithium (01772) and SMIC (00981) [2] Group 2: Stock Performance - Xiaomi Group-W (01810) experienced a net outflow of HKD 85.62 million, while the Tracker Fund of Hong Kong (02800) had a net inflow of HKD 47.25 billion [3] - Alibaba-W (09988) saw a net inflow of HKD 1.86 billion, and Tencent Holdings (00700) had a net outflow of HKD 671 million [3] Group 3: Sector Insights - Northbound funds showed strong interest in Hong Kong ETFs, with the Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) receiving significant net inflows of HKD 74.19 billion and HKD 19.13 billion respectively [6] - Ganfeng Lithium (01772) faced a net outflow of HKD 25.87 million, while SMIC (00981) had a net outflow of HKD 33.64 million [5][8] Group 4: Company-Specific Developments - Alibaba-W (09988) launched its official AI assistant, Qianwen APP, which is expected to enhance its AI application capabilities and drive revenue growth [6] - Xpeng Motors-W (09868) is projected to see a 40% revenue growth in 2026, with expectations of achieving breakeven for the first time [7] - Ganfeng Lithium (01772) is expected to face a global lithium supply surplus of 76,000 tons and 54,000 tons in the next two years, with prices stabilizing between RMB 75,000 to 90,000 per ton [8]

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]

主力资金净流出的行业有30个，电子行业主力资金净流出规模居首，全天净流出资金264.75亿元，其次 是电力设备行业，净流出资金为195.35亿元，净流出资金较多的还有计算机、有色金属、非银金融等行 业。 有色金属行业今日下跌5.26%，全天主力资金净流出107.83亿元，该行业所属的个股共137只，今日上涨 的有2只；下跌的有135只，跌停的有11只。以资金流向数据进行统计，该行业资金净流入的个股有18 只，其中，净流入资金超千万元的有8只，净流入资金居首的是驰宏锌锗，今日净流入资金3803.41万 元，紧随其后的是海亮股份、新疆众和，净流入资金分别为3578.58万元、2386.28万元。有色金属行业 资金净流出个股中，资金净流出超亿元的有26只，净流出资金居前的有赣锋锂业、北方稀土、华友钴 业，净流出资金分别为10.11亿元、9.41亿元、9.00亿元。（数据宝） 有色金属行业资金流入榜 沪指11月21日下跌2.45%，申万所属行业中，跌幅居前的行业为综合、有色金属，跌幅分别为5.50%、 5.26%。有色金属行业位居今日跌幅榜第二。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主 ...

Group 1: Market Overview - On November 21, the Hong Kong stock market saw a net inflow of 105 million HKD from northbound trading, with a net buy of 498 million HKD from the Shanghai Stock Connect and a net sell of 393 million HKD from the Shenzhen Stock Connect [2] - The most bought stocks included Tencent (00700), Xiaomi Group-W (01810), and Alibaba-W (09988), while the most sold stocks were the Tracker Fund of Hong Kong (02800), Hua Hong Semiconductor (01347), and Ganfeng Lithium (01772) [2] Group 2: Stock Performance - Alibaba-W had a net inflow of 8.47 billion HKD, with a buy amount of 41.80 billion HKD and a sell amount of 33.33 billion HKD [3] - Xiaomi Group-W recorded a net inflow of 9.48 billion HKD, with a buy amount of 29.79 billion HKD and a sell amount of 20.31 billion HKD [3] - Tencent Holdings had a net inflow of 9.61 billion HKD, with a buy amount of 22.87 billion HKD and a sell amount of 13.25 billion HKD [3] Group 3: Sector Insights - Northbound funds are actively buying technology stocks, with Tencent, Alibaba, Kuaishou-W, and Meituan-W receiving significant net buys [6] - Xiaomi Group-W's strong third-quarter performance, with a revenue increase of 22.3% to 113.1 billion HKD and a net profit growth of 80.9% to 11.3 billion HKD, is driven by its high-end smartphone strategy and automotive business [6] - Semiconductor stocks like SMIC (00981) and Hua Hong Semiconductor (01347) faced net sells of 1.89 billion HKD and 3.37 billion HKD respectively, amid reports of potential delays in U.S. semiconductor import tariffs [7] Group 4: Commodity Market Impact - Ganfeng Lithium (01772) experienced a net sell of 1.9 billion HKD, influenced by recent adjustments in lithium carbonate futures trading fees and limits, leading to a drop in futures prices [7] - The overall sentiment in the lithium market is shifting as recent price movements are increasingly driven by market speculation rather than fundamental supply-demand dynamics [7] Group 5: ETF Performance - The Southern Hang Seng Technology ETF (03033) saw a net buy of 72.34 million HKD, while the Tracker Fund of Hong Kong (02800) faced a significant net sell of 5.142 billion HKD [8] - The divergence in ETF performance reflects broader market uncertainties, particularly regarding U.S. interest rate policies and inflation concerns [8]

截至11月21日收盘，金属钴概念下跌6.57%，位居概念板块跌幅榜前列，板块内，赣锋锂业、海南矿业 等跌停，容百科技、寒锐钴业、中伟股份等跌幅居前。 | 600549 | 厦门钨业 | -5.76 | 2.83 | -8505.71 | | --- | --- | --- | --- | --- | | 601618 | 中国中冶 | -3.63 | 1.14 | -8127.47 | | 601969 | 海南矿业 | -9.98 | 3.40 | -8098.88 | | 002009 | 天奇股份 | -5.65 | 8.78 | -6296.96 | | 000758 | 中色股份 | -7.03 | 3.17 | -5535.08 | | 002266 | 浙富控股 | -5.45 | 2.34 | -5512.51 | | 000009 | 中国宝安 | -8.33 | 2.65 | -5465.50 | | 601390 | 中国中铁 | -2.16 | 0.78 | -4488.71 | | 000426 | 兴业银锡 | -5.67 | 3.09 | -4359.33 | | 301219 ...

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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 刊 發。 根據中華人民共和國的有關法例規定，江西贛鋒鋰業集團股份有限公司（「本 公 司」）在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn/）刊 發 了 以 下 公 告。茲 載 列 如 下，僅 供 參 閱。 承董事會命 江西贛鋒鋰業集團股份有限公司 董事長 李良彬 中 國‧江 西 二零二五年十 一 月 二十一 日 於本公告日 期，董事會成員包括本公司執行董事李良彬先 生、王曉申先 生、沈海博先 生、黃婷女士及李承霖先 生；本公司非執行董事羅榮女 士； 本公司獨立非執行董事王金本先 生、黃浩鈞先 生、徐一新女士及徐光華 先 生；以及本公司職工董事廖萃女 士。 证券代码 ...