1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold prices are expected to be strongly volatile in the short - term, but whether they can continue to rise and start the next wave of the market remains to be observed [12]. - The US dollar is expected to weaken in the short - term [16]. - For stock indices, a balanced long - position allocation is recommended [20]. - US stock index futures should be treated with a bullish mindset [26]. - The bond market is expected to be in a state of oscillation, and short - term trading is not recommended to chase long positions [29]. - For various commodities, different investment suggestions are given according to their respective fundamentals, such as short - term bullish or bearish outlooks, and strategies like long or short positions at appropriate times [32][35][39] etc. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Fed Governor Milan believes a 50 - basis - point rate cut in December is appropriate, and at least a 25 - basis - point cut is needed. Gold prices rose nearly 3% due to expectations of the Fed's potential balance - sheet expansion and Trump's proposed fiscal expansion. Buying funds entered the market around $4000. Gold is expected to be strongly volatile in the short - term, but the sustainability of the upward trend needs further observation [12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Switzerland is close to reaching a deal with the US to reduce its export tariff to 15%. Trump supports the Senate's agreement to end the government shutdown. The US dollar index is expected to weaken in the short - term due to the relief of market tightness and the recovery of risk appetite [13][14][16]. 3.1.3 Macro Strategy (Stock Index Futures) - The A - share market was strong driven by consumer stocks. New policies on consumption have been introduced this year, but the sustainability of the traditional consumer stocks' rally remains to be seen. A balanced long - position allocation for stock indices is recommended [17][19][20]. 3.1.4 Macro Strategy (US Stock Index Futures) - Some Fed officials have different views on interest - rate cuts. Trump is trying to reduce tariffs on Switzerland and India. The Senate passed a temporary appropriation bill. The US stock index futures should be treated with a bullish mindset [21][23][25][26]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 7 - day reverse repurchase operation, resulting in a net injection of funds. Inflation data has a limited negative impact on the bond market. The bond market is in a state of oscillation, and short - term trading is not recommended to chase long positions [27][28][29]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Last week, domestic soybean oil mills' soybean inventory increased, while soybean meal inventory decreased. Brazilian soybean sowing progress is slower than last year. Soybean meal prices are expected to oscillate in the short - term. Attention should be paid to the USDA's monthly supply - demand report and China's soybean procurement and South American weather [30][32]. 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - The Simandou Iron Ore project is about to be put into production. Steel prices are oscillating slightly upward, but there is no obvious trend. The valuation of steel prices is not high, but there is still fundamental pressure. Steel prices are expected to remain weakly oscillating in the short - term [33][34][35]. 3.2.3 Agricultural Products (Sugar) - Pakistan's sugar mills will start crushing on November 15. The 25/26 sugar - crushing season in Guangxi is expected to start on November 15, postponed by 7 days. India allows 150,000 tons of sugar exports in the 25/26 season. Zhengzhou sugar futures are expected to oscillate in the short - term, and a long - short spread strategy for the 1 - 5 contracts can be considered [36][38][39]. 3.2.4 Black Metals (Steam Coal) - On November 10, the import market of steam coal had a dull trading performance. Coal prices have risen sharply since November, supported by seasonal demand. However, there is also regulatory pressure above 800 yuan. Attention should be paid to the risk of price corrections [40][41]. 3.2.5 Black Metals (Iron Ore) - Grange's iron ore production and sales increased in the third quarter. Iron ore prices are in a weak oscillation. The supply pressure is moderately high, and the inventory is expected to accumulate seasonally in November - December. The valuation space is difficult to open in the short - term [42]. 3.2.6 Black Metals (Coking Coal/Coke) - The coking coal price in the East China market is running strongly. The supply is in a tight - balance state, and the fourth round of coke price increases is underway. The coking coal market is expected to be difficult to fall in the short - term, but the decline in hot - metal production and high downstream inventory may put pressure on the market [43][44]. 3.2.7 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - MPOB data shows that Malaysia's palm oil inventory increased in October. The oil market rebounded slightly due to the release of the data. Palm oil prices are expected to oscillate after a small - scale rebound in November. Attention should be paid to the weather from December to early next year. Opportunities for long positions in the 05 contract and 1 - 5 spread short - positions can be considered [45][46][47]. 3.2.8 Agricultural Products (Corn Starch) - Corn starch enterprises in different regions have different levels of theoretical profits. Corn prices are rising, and starch prices are stable. Enterprises are expected to maintain profitability, and the开机 rate is expected to increase. A band - trading strategy is recommended [48]. 3.2.9 Agricultural Products (Corn) - Corn prices are strong. Farmers' willingness to sell is weak, and the supply - demand situation is slightly tight. The 01 contract is expected to oscillate in the short - term and rebound in the long - term. Caution is needed for far - month contracts [49]. 3.2.10 Agricultural Products (Red Dates) - The purchase price of red dates in the production area has been slightly reduced. The futures price of the main contract has fallen. It is recommended to wait and see until the harvesting is completed and pay attention to the price negotiation and purchase progress in the production area [50][51]. 3.2.11 Non - Ferrous Metals (Polysilicon) - The government issued a guidance on promoting new - energy consumption and regulation. The polysilicon market is entering a critical point of policy - and fundamental - based games. If the progress of platform companies fails to meet expectations, the spot price may fall. A short - position strategy at high prices can be considered [52][53][54]. 3.2.12 Non - Ferrous Metals (Industrial Silicon) - A shareholder of Hesheng Silicon Industry plans to reduce its shareholding. With the arrival of the dry season, the production in Yunnan and Sichuan has decreased. A long - position strategy at low prices can be considered, but profit - taking at high prices is necessary [55][56]. 3.2.13 Non - Ferrous Metals (Lead) - The LME lead is at a discount, and the inventory of lead ingots is increasing. The supply and demand of lead are expected to remain strong in the short - term. The industry can consider short - position hedging at high prices [57][58]. 3.2.14 Non - Ferrous Metals (Zinc) - Domestic zinc concentrate production decreased in November. The LME zinc is at a premium, and the domestic inventory has slightly increased. The industry can consider short - position hedging at medium - term highs, and a long - short spread strategy can be considered [59][60][61]. 3.2.15 Non - Ferrous Metals (Nickel) - Sumitomo's nickel - bean production increased. The raw - material price is expected to remain stable and strong. The inventory accumulation of refined nickel is slowing down. Attention can be paid to long - position opportunities after the inventory accumulation inflection point [62][63]. 3.2.16 Non - Ferrous Metals (Lithium Carbonate) - Ganfeng Lithium's PPGS lithium - salt lake project obtained an environmental assessment report. The lithium - carbonate market is in a game between strong current reality and weak future expectations. It is expected to be strongly oscillating in the short - term, and a short - position strategy at high prices can be considered in the medium - term [64][65][66]. 3.2.17 Non - Ferrous Metals (Copper) - A Congolese mine suspended operations due to a leakage incident. A company applied for a US seabed - mining license. The valuation of an Ecuadorian copper mine is $4.6 billion. Copper prices are expected to rise in the short - term, and a long - position strategy can be considered, but large - scale increases are limited [67][68][70]. 3.2.18 Energy and Chemicals (Crude Oil) - Two Indian state - owned enterprises bought 5 million barrels of oil from the US and the Middle East. Oil prices are oscillating, and the recovery of market risk appetite provides some support [70][71]. 3.2.19 Energy and Chemicals (Pulp) - The pulp market is relatively strong recently, but the risk of further upward movement has increased as European pulp can now be registered as warehouse receipts [73]. 3.2.20 Energy and Chemicals (Caustic Soda) - The caustic - soda market in Shandong is stable. The supply is sufficient, and the demand is moderate. The market is expected to oscillate in the short - term [74][75][76]. 3.2.21 Energy and Chemicals (PVC) - The PVC powder market price is weakly sorted. The supply is expected to increase, and the demand is limited. A short - position strategy at rebounds for near - month contracts and a long - position strategy for far - month contracts after price over - decline can be considered [77][78]. 3.2.22 Energy and Chemicals (Urea) - The capacity - utilization rate of compound fertilizers is stable. Urea prices rebounded due to new export - quota policies and replenishment demand. Urea prices are expected to oscillate within a certain range [79][80][81]. 3.2.23 Energy and Chemicals (Styrene) - A new styrene device of Guoen was put into operation. The fundamental upward drive of pure benzene and styrene is limited. A wait - and - see attitude is recommended [82][83][84]. 3.2.24 Energy and Chemicals (Asphalt) - Asphalt refinery inventory increased, while social inventory decreased. The asphalt market is weakly oscillating, and it is waiting for the winter - storage policy [85][86][87]. 3.2.25 Energy and Chemicals (Soda Ash) - Soda - ash manufacturers' inventory decreased slightly. Soda - ash prices rose due to cost support and production suspension of some enterprises. In the short - term, the downward space of soda - ash prices depends on coal - price fluctuations and new - capacity commissioning. A bearish view is recommended in the medium - term [88]. 3.2.26 Energy and Chemicals (Float Glass) - The price of float glass in the Shahe market decreased. The glass market is bearish due to weak production and sales after price increases last week. It is recommended to wait and see [89][90]. 3.2.27 Shipping Index (Container Freight Rate) - Maersk has no intention to return to the Red Sea in the short - term. The SCFIS (Europe route) index increased. The container - freight - rate market is expected to oscillate in the short - term. Attention should be paid to the spot price and booking situation [91][92].

Market Overview - The A-share market is expected to experience a balanced market style, with the Shanghai Composite Index likely consolidating around the 4000-point level [1][9]. - The long-term positive trend of the A-share market remains unchanged, with attention on themes such as anti-involution and dividends during sector rotations [9]. Economic Policies - The State Council has issued measures to promote private investment, including 13 targeted policy initiatives aimed at encouraging private capital participation in key sectors like railways and nuclear power [5]. - The National Development and Reform Commission and the National Energy Administration have released guidelines to enhance the consumption and regulation of renewable energy, aiming for a multi-layered system by 2030 [6]. Corporate Developments - Ganfeng Lithium has made significant progress in developing the PPGS lithium salt lake project in collaboration with LAR [9]. - A major asset sale by Wingtech Technology has been completed, although some payments remain outstanding [9]. - Shandong Gold's subsidiary is required to pay back taxes amounting to 738 million yuan, which is expected to impact the company's net profit for 2025 by 230 million yuan [8]. Stock Market Movements - The U.S. stock market saw significant gains, with the Dow Jones Industrial Average rising by 0.81%, the Nasdaq by 2.27%, and the S&P 500 by 1.54% [4]. - Notable technology stocks performed well, with Nvidia increasing by 5.8% and Google by 3.9% [4]. Commodity Prices - International oil prices have risen, with WTI crude oil increasing by 0.64% to $60.13 per barrel and Brent crude by 0.68% to $64.06 per barrel [4]. - Gold prices surged, with COMEX gold futures for November delivery rising by 2.81% to $4111.80 per ounce [4].

Core Viewpoint - JPMorgan has upgraded Ganfeng Lithium's A-share rating to Neutral [1] Company Summary - Ganfeng Lithium is recognized as a significant player in the lithium industry, which is crucial for battery production and electric vehicles [1] Industry Summary - The lithium market is experiencing fluctuations, impacting companies like Ganfeng Lithium, which are heavily involved in the supply chain for electric vehicle batteries [1]

Core Viewpoint - Ganfeng Lithium has made significant progress in the development of the PPGS lithium salt lake project in Argentina, receiving an environmental impact assessment report, which is a key milestone for the project [1] Group 1: Project Development - The PPGS lithium salt lake project is set to submit a large-scale investment application to the Argentine government in the first half of 2026 to gain local government support and fiscal incentives [1] - The integrated PPGS lithium salt lake project has approximately 15.07 million tons of LCE proven and controlled resources, making it one of the largest undeveloped lithium brine resources [1] - The project is designed for an annual production capacity of about 150,000 tons of LCE, with a lifespan of 30 years, and will be developed in three phases [3] Group 2: Financial Support and Ownership Structure - Ganfeng International and LAR hold 67% and 33% of Millennial Lithium Corp, respectively, and jointly own the PPGS lithium salt lake project [2] - Ganfeng Lithium is providing LAR with financial support of up to $130 million over six years, secured by LAR's equity in Millennial, to fund the development of the PPGS project [2] Group 3: Operational Efficiency and Technology - The project will utilize Ganfeng Lithium's direct lithium extraction process and solar evaporation pond technology to enhance production efficiency, reduce freshwater consumption, and improve product consistency and quality [3] - The project retains flexibility in product pathways, allowing customization of final lithium products based on market conditions and specifications [3] Group 4: Financial Performance - Ganfeng Lithium reported a revenue of 6.249 billion yuan for Q3 2025, a year-on-year increase of 44.10%, and a net profit attributable to shareholders of 557 million yuan, up 364.02% year-on-year [3] - For the first three quarters, the company achieved a revenue of 14.625 billion yuan, a 5.02% increase year-on-year, and turned a profit with a net profit of 25.52 million yuan [3] - The significant growth in Q3 performance was attributed to increased fair value gains from financial assets and profits from the disposal of energy storage stations and joint ventures, despite operational cash flow being pressured by falling lithium prices [3]

Core Viewpoint - Ganfeng Lithium (01772) has made significant progress in its joint development project with Lithium Argentina, receiving the Environmental Impact Assessment Report (DIA) from the Salta Province's Mining and Energy Secretariat, which is a crucial step for the project [1] Group 1: Project Development - The joint project aims to submit an application for the Regimen de Incentivo para Grandes Inversiones to the Argentine government in the first half of 2026 to gain local government support and fiscal incentives [1] - The project is designed with an annual production capacity of approximately 150,000 tons of Lithium Carbonate Equivalent (LCE) and will be developed in three phases over a lifespan of 30 years [1] Group 2: Cost Estimates - The average operating cost for the project at an annual production of 150,000 tons of LCE is estimated to be $5,027 per ton, which includes mining and processing costs of $4,026, management fees of $98, and other costs of $664 [1] - For the first phase with an annual production of 50,000 tons of LCE, the average operating cost is estimated at $5,344 per ton, with mining and processing costs of $4,228, management fees of $154, and other costs of $707 [1] Group 3: Technology and Efficiency - The project will utilize the company's direct lithium extraction process combined with solar evaporation pond technology, aimed at improving production efficiency, reducing freshwater consumption, and enhancing product consistency and quality while significantly lowering production costs [1] - The project retains flexibility in product pathways, allowing customization of the final lithium product based on off-take specifications and market conditions [1]

Core Viewpoint - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18 to 20 in Shenzhen, focusing on the lithium battery industry's new journey and attracting over 1,500 executives from more than 1,000 companies in the lithium battery supply chain [3][4]. Event Details - The conference will last for three days and feature 12 specialized forums [3]. - The latest agenda and participation strategies are available for attendees [4]. - A list of confirmed attendees includes over 100 leaders from various equipment and battery companies, such as Ningde Times and Yiwei Lithium Energy [4][5]. Keynote Speakers - Notable speakers include: - Zeng Yuqun, Chairman of Ningde Times - Liu Jincheng, Chairman of Yiwei Lithium Energy - Wang Mingwang, Founder of Xinwanda - Feng Xiao, Chairman of Xingheng Power [5][6]. Sponsorship and Support - Major sponsors include Hai Moxing Laser, Dazhu Lithium Battery, and Karol Weide, among others [6]. - Various companies will also present at the conference, showcasing their latest innovations and developments [7]. Awards and Recognition - The conference will feature the announcement of the High-tech Golden Ball Awards, with several companies already listed for recognition, including Yiwei Lithium Energy and Xinwanda [7][8]. - The awards will highlight achievements in the lithium battery sector, with ongoing updates on nominees [8].

Core Viewpoint - Ganfeng Lithium has made significant progress in its joint development project with Lithium Argentina, receiving the Environmental Impact Assessment Report from the Salta Province government, which is a crucial step for the project [1] Group 1: Project Development - The joint project plans to submit an application for the Large Investment Incentive Regime to the Argentine government in the first half of 2026 to gain local government support and fiscal incentives [1] - The project utilizes direct lithium extraction technology and solar evaporation pond techniques, aiming to enhance production efficiency and reduce freshwater consumption [1] Group 2: Production and Quality - The project is expected to improve product consistency and quality while significantly lowering production costs [1] - It retains flexibility in product pathways, allowing customization of the final lithium products based on off-take specifications and market conditions [1]

Core Viewpoint - Lithium Argentina AG and Ganfeng Lithium Group have announced the results of the Scoping Study for the Pozuelos-Pastos Grandes lithium brine project, highlighting a significant partnership aimed at advancing lithium production in Argentina [1][4]. Project Overview - The PPG Project integrates three projects owned by Ganfeng and Lithium Argentina, with Ganfeng holding a 67% stake and Lithium Argentina holding 33% [1][14]. - The project is located in Salta Province, Argentina, and is designed to produce primarily lithium carbonate, with flexibility for lithium hydroxide and lithium chloride [12][9]. Environmental Approval - The Environmental Impact Statement (DIA) for Stage 1 of the PPG Project was issued by the Secretariat of Mining and Energy of Salta Province after a 14-month review [2][5]. Scoping Study Results - The Scoping Study indicates an annual production capacity of 150,000 tonnes per annum (tpa) of lithium carbonate equivalent (LCE) over a 30-year project life, with Stage 1 targeting 50,000 tpa [6][7]. - The project has a measured and indicated resource of 15.1 million tonnes (Mt) of LCE, making it one of the largest undeveloped lithium brine resources globally [7]. Economic Metrics - The estimated initial capital cost for Stage 1 is $1.1 billion, with a total capital cost of $3.3 billion over the project's life [8][22]. - At a lithium carbonate price of $18,000 per tonne, the after-tax NPV at an 8% discount rate is projected to be $8.1 billion, with an internal rate of return (IRR) of 33% [8][27]. Operating Costs - The operating cash cost is estimated at $5,027 per tonne, with an all-in sustaining cost (AISC) of $5,351 per tonne over the project's life [7][38]. - For Stage 1, the projected operating cash cost is $5,344 per tonne [20][38]. Financing and Development - The company is exploring financing options, including debt, offtake agreements, and minority equity investments to support Stage 1 development [35][36]. - The project aims to leverage Argentina's Régimen de Incentivo para Grandes Inversiones (RIGI) framework to enhance long-term competitiveness and improve after-tax cash flow [21]. Next Steps - The RIGI application is expected to be submitted in the first half of 2026, following the receipt of the environmental permit [35][21]. - A technical report compliant with NI 43-101 standards will be filed within 45 days of the announcement [5][40].

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 就因本公告全部或任何部份內容而產生或因依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） 進展公告 須予披露及關連交易 關於本公司與Lithium Argentina共同開發合併項目 茲提述(i)江 西 贛 鋒 鋰 業 集 團 股 份 有 限 公 司（「本公司」）日 期 為2025年8月 12日 關 於 組 建 合 資 企 業、合 資 夥 伴 通 過 資 產 注 入 進 行 收 購 及 提 供 財 務 資 助 的 須 予 披 露 及 關 連 交 易 的 公 告（「該公告」）。除 非 另 有 定 義，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義。 項目進展情況 | 資源類別 | | | | | | Pastos Grandes | | | | | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - Ganfeng Lithium has made significant progress with its PPGS lithium salt lake project in Argentina, as the environmental impact assessment report has been issued by the Salta Province's Mining and Energy Secretariat [1] Group 1 - Ganfeng Lithium's PPGS lithium salt lake project has received the Environmental Impact Assessment Report (DIA) [1]