Group 1 - Lithium stocks continued to decline, with Ganfeng Lithium down 3.79% at HKD 45.7 and Tianqi Lithium down 2.03% at HKD 43.5 [1] - Lithium carbonate futures have significantly dropped, with the main contract falling over 4% on November 4, currently priced at CNY 78,520 per ton [1] - There are reports of a key breakthrough in the resumption approval of the mining operations by CATL, but the final confirmation of the resumption status is still uncertain [1] Group 2 - Current supply and demand are both strong, but high lithium carbonate production levels are leading to increased cautiousness among downstream consumers, indicating a potential turning point in demand [1] - If demand weakness is confirmed, there is further room for price correction in lithium [1]

Core Viewpoint - Lithium stocks continue to decline, with specific companies experiencing notable drops in share prices [1] Company Summary - Ganfeng Lithium (002460) (01772.HK) has seen a decrease of 3.79%, trading at 45.7 HKD [1] - Tianqi Lithium (002466) (09696.HK) has dropped by 2.03%, with shares priced at 43.5 HKD [1]

Group 1 - Lithium stocks continued to decline, with Ganfeng Lithium down 3.79% at HKD 45.7 and Tianqi Lithium down 2.03% at HKD 43.5 [1] - The recent significant drop in lithium carbonate futures was influenced by supply-side news, with the main contract falling over 4% on November 4, currently priced at CNY 78,520 per ton [1] - There are reports of a key breakthrough in the resumption approval of the Jiangxi lithium mines by CATL, but the final confirmation of the resumption status is still pending [1] Group 2 - Current supply and demand are both strong, but the repeated news of Jiangxi lithium mine resumption has led to high lithium carbonate production, which is increasing cautious sentiment among downstream consumers [1] - There is a potential turning point in demand for power, and if demand weakness is confirmed, there may be further price corrections expected in lithium prices [1]

Core Viewpoint - The company has partially produced potassium fertilizer from its salt lake lithium projects, but the potassium fertilizer business currently contributes a small proportion to its overall performance [2] Group 1 - Investors inquired why the company does not fully develop potassium fertilizer alongside lithium from its salt lake projects, given the significant domestic potassium fertilizer shortage and the economic benefits of producing it [2] - The company confirmed that it has already produced some potassium fertilizer products from its salt lake projects [2]

证券日报网讯赣锋锂业（002460）11月4日在互动平台回答投资者提问时表示，截至2025年10月31日， 公司A股股东人数为393，567户。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002460 | 說明 | A股 (深圳證券交易所) | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | 1 | RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | 1 | RMB | | 1,61 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling 0.79% to 25,952.4 points, and the Hang Seng Technology Index dropping 1.76% to 5,818.29 points, amid a total trading volume of HKD 239.99 billion [1] - Dongwu Securities indicated that the Hong Kong market is entering an adjustment phase towards the end of the year, although it remains in a medium to long-term upward trend [1] Blue-Chip Stocks Performance - Baidu Group (09888) rose 2.87% to HKD 121.9, contributing 6.83 points to the Hang Seng Index, with weekly orders for its service exceeding 250,000 [2] - Other notable blue-chip movements included Kang Shifu Holdings (00322) up 3.27%, and China Merchants Bank (03968) up 2.37%, while Zijin Mining (02899) fell 5.36% [2] Sector Performance - The technology sector saw most large-cap stocks decline, with Alibaba down 2.57% and Tencent slightly up by 0.16%, while Baidu gained nearly 3% [3] - The cryptocurrency sector faced significant pressure, with major declines in related stocks, and Bitcoin prices dropping below USD 105,000 [4] - Apple-related stocks generally fell, with notable declines in companies like Q Technology (01478) and BYD Electronics (00285) [4][5] Lithium Sector - Lithium stocks continued to decline, with Ganfeng Lithium (01772) down 5.85% and Tianqi Lithium (09696) down 4.68% [6] - The price of lithium carbonate futures fell over 4%, with market speculation surrounding the production timeline of CATL's projects [7] Notable Stock Movements - Aide New Energy (02623) surged 290% after announcing a major share sale [8] - Yum China (09987) rose 3.83% ahead of its upcoming financial results [8] - Sanhua Intelligent Controls (02050) fell 6.4% after a downgrade by Goldman Sachs, citing overly optimistic market expectations for its humanoid robot business [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01772 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 443,599,680 | RMB | | 1 RMB | | 443,599,680 | | 增加 / 減少 (-) | | | 2,732,401 | | | RMB | | 2,732,401 | | 本月底結存 | | | 446,332,081 | RMB | | 1 RMB | | 446,332,081 | 本月底法定/註冊股本總額： RMB 2,059,925,780 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 呈交日期: 2 ...

Core Viewpoint - Ganfeng Lithium has turned a profit in the first three quarters of 2025, primarily due to non-recurring gains, despite facing significant financial pressure and declining operating cash flow [1][4][10] Financial Performance - In the first three quarters of 2025, Ganfeng Lithium reported revenue of approximately 146 billion yuan, a year-on-year increase of about 5% [1][4] - The net profit attributable to shareholders was 25.52 million yuan, a significant turnaround from a loss of 640 million yuan in the same period last year, representing a year-on-year increase of 103.99% [4][10] - Non-recurring gains contributed nearly 1 billion yuan to the profit, mainly from the disposal of energy storage stations and joint ventures, as well as investment income [1][5] Cash Flow and Financial Health - The company's operating cash flow was -426 million yuan, a drastic decline from 4.106 billion yuan in the previous year, indicating a decrease of 110.45% [8][9] - As of September 30, 2025, Ganfeng Lithium's debt-to-asset ratio was 57.59%, up from 52.80% at the beginning of the year [9] - Financial expenses reached 1.028 billion yuan, nearly doubling compared to the previous year [7][9] Research and Development - Despite financial pressures, Ganfeng Lithium maintained its focus on research and development, with R&D expenditures amounting to 729 million yuan, a year-on-year increase of 6.42% [2][10] Market Performance - Over the past four months, Ganfeng Lithium's A-share price has doubled, rising from 33.41 yuan per share on July 1 to a peak of 75 yuan on October 31 [3][10]

Core Viewpoint - The price of lithium carbonate has been rising recently due to unexpected demand and accelerated inventory depletion, indicating a potential recovery in the lithium carbonate industry after a challenging period [1][2][6]. Price Trends - Since mid-October, the main contract for lithium carbonate futures has increased from 72,000 yuan/ton to 82,280 yuan/ton, marking a rise of over 10,000 yuan/ton in just over half a month, with a percentage increase of 14% [2][3]. - The price of lithium carbonate had previously dropped to as low as 50,000 yuan/ton due to significant capacity expansion, but recent market dynamics have led to a rebound [2][6]. Supply and Demand Dynamics - The current supply-demand situation remains tight, with a notable increase in downstream purchasing activity and a reduction in inventory levels [3][4]. - In October, domestic lithium carbonate production increased by 6% month-on-month and 55% year-on-year, maintaining a high operating rate among lithium carbonate refineries [4][6]. Market Influences - The anticipated resumption of production at the Jiangxia Mine has introduced volatility in lithium carbonate prices, with recent rumors causing a temporary price drop of 3.14% [4][7]. - The strong demand from the new energy power battery and energy storage markets is a significant driver of the current price rebound, alongside expectations of winter production cuts from salt lakes [2][4]. Industry Outlook - Major lithium companies like Tianqi Lithium and Ganfeng Lithium have reported significant profit increases, indicating a recovery in the industry [6]. - The demand for energy storage is expected to surge, with projections indicating that by the third quarter of 2025, global lithium battery energy storage installations will exceed 170 GWh, a year-on-year increase of 68% [6]. - Analysts predict that lithium carbonate prices may continue to rise, with short-term resistance levels between 85,000 and 86,000 yuan/ton, and a potential long-term price target exceeding 90,000 yuan/ton [6][7].