Group 1: Rare Earth Industry - The rare earth industry experienced significant improvement in the first three quarters of 2025, with major product prices rising notably. The average market price of praseodymium and neodymium oxide reached 467,300 yuan/ton, a year-on-year increase of 21.81% [1] - In Q3 2025, the average price reached 540,000 yuan/ton, reflecting a year-on-year increase of 39.10% and a quarter-on-quarter increase of 24.96% [1] - Benefiting from price increases and production growth, Northern Rare Earth's net profit attributable to shareholders grew by 280.27% year-on-year in the first three quarters, with a quarter-on-quarter increase of 21.84% in Q3 [1] - The recovery in the rare earth industry has led to increased production and sales of functional materials and permanent magnet motors, indicating a phase of simultaneous volume and price growth [1] - With the consensus reached between China and the US on export control issues, the export channels for rare earth products are expected to improve, leading to a significant increase in overseas demand and a potential rise in praseodymium and neodymium oxide prices [1] Group 2: Lithium Industry - The lithium industry is gradually improving its supply-demand balance, with core resource attributes becoming more prominent. Supply-side high-cost capacity is being phased out, and environmental compliance efforts are increasing [1] - Capital expenditures are significantly slowing down, leading to limited supply growth in the medium to long term [1] - Short-term demand is benefiting from the release of energy storage both domestically and internationally, while medium to long-term lithium battery demand is expected to enter a long-term boom cycle due to power reform and breakthroughs in solid-state battery technologies [1] Group 3: Cobalt and Tin Industries - The Democratic Republic of Congo has implemented a cobalt export quota policy, with quotas set at 18,125 tons for 2025 and 96,600 tons for 2026 and 2027, which is less than half of the 2024 production [2] - In the context of export restrictions, cobalt resources are expected to continue depleting, potentially leading to supply shortages and upward pressure on cobalt prices [2] - In the tin sector, recent actions by Indonesia to crack down on illegal tin mines and smuggling routes are expected to disrupt off-market supply, making it difficult for tin prices to decline significantly [2] Group 4: ESG and Policy Support - The ESG evaluation system in the non-ferrous metals industry is improving, with new indicators related to "green mining," "green energy use," and "emission reduction measures" being added [2] - The Ministry of Industry and Information Technology and other departments released a work plan for stable growth in the non-ferrous metals industry for 2025-2026, emphasizing green upgrades, digital transformation, and scientific capacity layout to support sustainable development [2] Group 5: ETF Performance - As of November 7, 2025, the China Rare Metals Theme Index rose by 1.80%, with the Rare Metals ETF (159608) increasing by 1.61%, marking a three-day consecutive rise [4] - Over the past two weeks, the Rare Metals ETF has accumulated a rise of 5.53%, with significant increases in component stocks such as Tianhua New Energy and Shengxin Lithium Energy [4] - The ETF has seen a scale increase of 559 million yuan over the past three months, with a total inflow of 148 million yuan over the last 21 trading days [4]

Core Viewpoint - Ganfeng Lithium's net profit for Q1-Q3 2025 reached 30 million yuan, representing a year-on-year increase of 104%, with Q3 net profit at 560 million yuan, showing a quarter-on-quarter increase of 364% and a year-on-year increase of 417% [1] Group 1: Financial Performance - The company's net profit for Q1-Q3 2025 is 30 million yuan, up 104% year-on-year [1] - In Q3 2025, the net profit reached 560 million yuan, with a quarter-on-quarter increase of 364% and a year-on-year increase of 417% [1] - Projected net profits for 2025, 2026, and 2027 are 413 million, 1.353 billion, and 2.997 billion yuan respectively, with corresponding PE ratios of 337, 103, and 46 times [1] Group 2: Production Capacity and Projects - The company plans to achieve an annual lithium product supply capacity of no less than 600,000 tons of LCE by 2030, utilizing various methods including brine, ore, clay, and lithium recycling [1] - The annual production capacity of 50,000 tons of lithium salt in Sichuan has completed debugging and is gradually being released [1] - The Argentina Mali project has been solidified, and new lithium battery and energy storage projects are under construction in Chongqing and Dongguan [1] Group 3: Technological Development - The company is continuously advancing solid-state battery technology, having achieved initial mass production of the first generation of solid-liquid hybrid batteries, with significant results in the second generation of research and development [1] - Key materials such as lithium sulfide and solid electrolytes are being developed to meet the demands for high energy density and high safety [1]

Core Viewpoint - Ganfeng Lithium's net profit for Q1-Q3 of 2025 reached 0.3 billion yuan, marking a year-on-year increase of 104%, with Q3 net profit at 5.6 billion yuan, reflecting a quarter-on-quarter increase of 364% and a year-on-year increase of 417% [1] Group 1: Financial Performance - The company's projected net profits for 2025, 2026, and 2027 are 4.13 billion yuan, 13.53 billion yuan, and 29.97 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of 337, 103, and 46 times [1] - The significant improvement in lithium supply and demand dynamics is expected between 2026 and 2027 [1] Group 2: Production Capacity and Projects - Ganfeng Lithium plans to achieve an annual lithium product supply capacity of no less than 600,000 tons of lithium carbonate equivalent (LCE) by 2030, utilizing various sources including brine, ore, clay, and lithium recycling [1] - The lithium salt project in Sichuan has completed debugging, and production capacity is gradually being released [1] - The Mali project in Argentina has been solidified, and new lithium battery and energy storage projects are under construction in Chongqing and Dongguan [1] Group 3: Technological Development - The company is advancing solid-state battery technology, having achieved preliminary mass production of the first generation of solid-liquid hybrid batteries, with significant results in the second generation of research and development [1] - Key materials such as lithium sulfide and solid electrolytes are being developed to meet the demands for high energy density and high safety [1]

Group 1: ETF Performance - The New Energy ETF has a turnover rate of 2.21% with a transaction volume of 33.46 million yuan [3] - The latest scale of the New Energy ETF reached 1.513 billion yuan, marking a new high since its establishment [3] - In the past week, the New Energy ETF saw a significant increase of 10.2 million shares [3] - Over the last five trading days, there were net inflows on three days, totaling 81.43 million yuan [3] - As of November 6, the net value of the New Energy ETF has increased by 69.97% over the past six months, ranking 151 out of 3850 in index equity funds, placing it in the top 3.92% [3] - The highest monthly return since inception was 25.07%, with the longest consecutive monthly increase being six months and a maximum increase of 67.53% [3] - The average return during the months of increase is 8.57% [3] Group 2: Market Trends and Opportunities - According to CITIC Securities research, the market is recovering, and there is a positive outlook on the global trend of energy storage [3] - The domestic energy storage sector is experiencing a significant economic turning point, driven by the marketization of new energy and capacity electricity prices [3] - The cumulative penetration rate of energy storage is still below 10%, with an upward adjustment of new domestic installations to 300 GWh for next year [3] - The largest overseas opportunity arises from the demand for energy storage in data centers, with leading companies already securing substantial orders [3] - Energy storage is expected to drive lithium battery demand growth exceeding 30% next year, presenting investment opportunities across materials, batteries, and integration [3] Group 3: Key Stocks in New Energy Index - As of October 31, 2025, the top ten weighted stocks in the CSI New Energy Index include: Sunshine Power, CATL, Longi Green Energy, EVE Energy, TBEA, Huayou Cobalt, Ganfeng Lithium, China Nuclear Power, Tongwei Co., and Lead Intelligent [5] - The combined weight of the top ten stocks accounts for 46.1% of the index [5]

Core Viewpoint - The green energy ETF (562010) opened with a slight decline of 0.19%, indicating a mixed performance among its major holdings [1] Group 1: ETF Performance - The green energy ETF (562010) opened at 1.035 yuan, reflecting a decrease of 0.19% [1] - Since its establishment on December 16, 2022, the fund has achieved a return of 4.07%, with a monthly return of 3.81% [1] Group 2: Major Holdings Performance - Major stocks within the ETF showed varied performance: - Contemporary Amperex Technology Co., Ltd. (宁德时代) decreased by 0.30% - BYD Company Limited (比亚迪) fell by 0.53% - Yangtze Power Co., Ltd. (长江电力) increased by 0.04% - Sungrow Power Supply Co., Ltd. (阳光电源) dropped by 1.65% - EVE Energy Co., Ltd. (亿纬锂能) decreased by 0.19% - LONGi Green Energy Technology Co., Ltd. (隆基绿能) fell by 0.60% - Huayou Cobalt Co., Ltd. (华友钴业) decreased by 0.93% - Ganfeng Lithium Co., Ltd. (赣锋锂业) increased by 0.26% - Lead Intelligent Equipment Co., Ltd. (先导智能) dropped by 1.30% - Tongwei Co., Ltd. (通威股份) fell by 0.64% [1]

Core Insights - The report indicates a positive outlook for the semiconductor and communication sectors, with A-shares showing a steady upward trend, particularly in the context of recent macroeconomic developments and trade negotiations [5][9][10] - The report highlights the ongoing recovery in the photovoltaic industry, with signs of performance improvement despite challenges such as overcapacity and price declines [18][19][20] - The automotive interior and exterior parts industry is experiencing significant growth, driven by the increasing demand for electric vehicles and the shift towards smart and lightweight designs [35][36][37] Domestic Market Performance - The Shanghai Composite Index closed at 4,007.76, with a daily increase of 0.97%, while the Shenzhen Component Index rose by 1.73% to 13,452.42 [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 16.26 and 49.50, respectively, indicating a favorable environment for medium to long-term investments [9][14] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15%, respectively [4] Industry Analysis - The semiconductor industry continues to show robust growth, with global sales increasing by 21.7% year-on-year, indicating strong demand and market resilience [23] - The photovoltaic sector is witnessing a gradual recovery, with improvements in quarterly performance attributed to increased efficiency and reduced costs [18][19] - The automotive interior and exterior parts market is projected to grow significantly, with China's market share exceeding 30% globally, driven by rising production and sales of electric vehicles [35][36] Key Data Updates - The report notes a significant increase in the production and sales of lithium batteries, with the industry expected to reach a scale of 1.2 trillion yuan by 2024, highlighting China's competitive advantage in this sector [17] - The photovoltaic industry index has shown a slight decline of 1.39% in October, reflecting ongoing adjustments in the market [32] Monthly Strategy - The report suggests a strategy of increasing allocation to value assets while waiting for growth assets to regain cost-effectiveness, indicating a balanced approach to investment [10][13]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-132 江西赣锋锂业集团股份有限公司 因当前H股股价与赎回价格差异较大，投资者如未及时转股，可 能面临损失，敬请投资者注意投资风险。 特此公告。 截至本公告披露日，本次可转债剩余金额为1,238,000,000港元 （以下简称"余下可转债"），占本次可转债债券本金总金额的90.36%。 根据本次可转债发行条款及条件，由于H股证券交易所营业日连续30 天内任意20个H股证券交易所营业日（该等20个H股证券交易所营业 日的最后一日须在发出赎回通知日期前10天内）H股收市价，不低于 当时生效的转换价的130%，发行人可通过发出不少于30日但不超过 60日的通知，以100%的本金金额赎回所有余下可转债，并支付截至 2025年12月18日（即赎回日期）应计但未支付的利息。 余下债券的结算将于2025年12月18日进行，并在结算后注销余下 可转债。在完成余下可转债的赎回后，发行人将已赎回可转债的全部 本金总额，可转债亦将相应地被完全注销。可转债持有人如欲行使其 转换权，应于2025年12月8日香港时间下午3时前提交转换通知，转换 价格为每股33.67港元。截至 ...

Group 1 - MSCI announced the results of its November index review, which includes the addition of 17 new A-shares and the removal of 16 A-shares [2][3] - The newly added A-shares include companies such as Qianli Technology, Dongyangguang, and Changchuan Technology, while the removed A-shares include companies like Zhongzhi Co., Bertley, and Dong'a Ejiao [1][3] - The adjustments will take effect after the market closes on November 24 [2] Group 2 - In addition to A-shares, MSCI also included 9 new Hong Kong stocks in its indices, such as Zijin Mining International and GF Securities, while removing 4 Hong Kong stocks [3][4] - The largest new additions to the MSCI Global Standard Index include companies like CoreWeave, Nebius Group, and Insmed, indicating a focus on sectors like cloud services and biopharmaceuticals [4] - MSCI conducts four routine adjustments to its indices each year, with the November review being one of the two major semi-annual assessments [5]

Core Viewpoint - Ganfeng Lithium (01772.HK) announced the issuance of HKD 1.37 billion 1.50% convertible bonds maturing in 2026 under a general authorization [1] Group 1: Convertible Bonds - As of the announcement date, the total principal amount of unredeemed convertible bonds has decreased to HKD 1.238 billion, representing 90.36% of the original issued amount [1] - According to the terms and conditions of the convertible bonds, the issuer can redeem all remaining convertible bonds at 100% of the principal amount if the closing price of H-shares is not less than 130% of the effective conversion price for any 20 out of 30 consecutive trading days [1] - The company has issued a redemption notice for the convertible bonds on November 6, 2025, with the redemption date set for December 18, 2025, including any accrued but unpaid interest [1]

Core Viewpoint - Ganfeng Lithium (01772.HK) announced the issuance of HKD 1.37 billion 1.50% convertible bonds maturing in 2026 under a general authorization [1] Group 1: Convertible Bonds - As of the announcement date, the total principal amount of unredeemed convertible bonds has decreased to HKD 1.238 billion, representing 90.36% of the original issued amount [1] - According to the terms and conditions of the convertible bonds, the issuer can redeem all remaining convertible bonds at 100% of the principal amount if the closing price of H-shares is not less than 130% of the effective conversion price for any 20 trading days within a consecutive 30-day period [1] - The company has issued a redemption notice for the convertible bonds on November 6, 2025, with the redemption date set for December 18, 2025, including any accrued but unpaid interest [1]