Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment opportunities in this sector [2][17]. Core Insights - The non-ferrous metals industry has shown a significant increase, with a 3.70% rise over the past two weeks, outperforming the CSI 300 index by 1.72 percentage points, ranking 4th among 31 industries [3][13]. - The energy metals sector has experienced a notable increase of 8.72%, while precious metals have seen a decline of 9.37% [19][22]. - The report highlights the impact of macroeconomic factors, such as the Federal Reserve's interest rate cuts, which have contributed to the upward trend in metal prices [51][67]. Market Review - As of October 30, 2025, the non-ferrous metals industry has risen by 79.55% year-to-date, leading the market performance among all sectors [13][19]. - The industrial metals segment is benefiting from a global easing cycle, with copper and aluminum prices gradually recovering [68]. - Precious metals, particularly gold and silver, have shown volatility, influenced by changes in investor sentiment and central bank purchasing trends [37][67]. Price Analysis - Key prices as of October 30, 2025: - LME Copper: $10,930/ton - LME Aluminum: $2,870/ton - LME Lead: $2,022/ton - LME Zinc: $3,044.50/ton - LME Nickel: $15,250/ton - LME Tin: $35,720/ton [26][68]. - For precious metals: - COMEX Gold: $4,038.30/oz (up $145.7 since early October) - COMEX Silver: $48.73/oz (up $1.31 since early October) [37][67]. Sector Performance - The report suggests focusing on specific companies within the industry: - Western Mining (601168) and Luoyang Molybdenum (603993) in the industrial metals sector [70]. - Xiamen Tungsten (600549) in the small metals sector [68][70]. - The energy metals sector, particularly lithium carbonate, is highlighted for its potential growth due to advancements in energy storage and solid-state battery technologies [69].

Market Overview - The energy metals sector declined by 1.99% on October 31, with Ganfeng Lithium leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers included Yongxing Materials, which rose by 7.29% to a closing price of 49.16, and Shengxin Lithium Energy, which increased by 3.03% to 25.50 [1] - Major decliners included Ganfeng Lithium, which fell by 4.63% to 69.02, and Tianqi Lithium, down 4.09% to 53.40 [2] Trading Volume and Capital Flow - The energy metals sector experienced a net outflow of 2.393 billion yuan from institutional investors, while retail investors saw a net inflow of 1.932 billion yuan [2] - The trading volume for Yongxing Materials was 710,100 shares, with a transaction value of approximately 3.489 billion yuan [1] Individual Stock Capital Flow - Ganfeng Lithium had a significant net outflow of 586.643 million yuan from institutional investors, while retail investors contributed a net inflow of 25.185 million yuan [3] - Shengxin Lithium Energy saw a net outflow of 405.228 million yuan from institutional investors, with retail investors contributing a net inflow of 6.547 million yuan [3]

Core Viewpoint - Ganfeng Lithium has established a comprehensive integrated layout for solid-state batteries and possesses commercialization capabilities, indicating a strong position in the battery industry [1] Group 1: Company Capabilities - The company has developed research and production capabilities in key areas of solid-state batteries, including sulfide electrolytes, oxide electrolytes, lithium metal anodes, battery cells, and battery systems [1] - Ganfeng Lithium has launched a flight series power supply suitable for low-altitude economy, with high energy density batteries ranging from 320Wh/kg to 550Wh/kg [1] Group 2: Product Performance - The batteries have a maximum cycle life of 1000 cycles and have passed the automotive standard GB38031-2020 [1] - The company has formed partnerships with well-known drone and eVTOL enterprises, enhancing its market presence and application potential [1]

Core Viewpoint - Ganfeng Lithium (002460.SZ) has developed a 324Wh battery pack that is now utilized in products such as quadruped robots and humanoid robots [1] Group 1 - The company has successfully integrated its 324Wh battery pack into various robotic applications [1]

Core Viewpoint - Ganfeng Lithium has strategically positioned itself in the electric ship lithium battery sector through partnerships and industry chain extensions [1] Summary by Categories - **Company Developments** - Ganfeng Lithium has engaged in strategic collaborations to expand its presence in the electric ship lithium battery market [1]

Core Viewpoint - The company has made significant progress in the electric heavy truck sector through collaborations with original equipment manufacturers (OEMs) and has launched corresponding battery products and solutions [2]. Group 1 - The company has engaged in partnerships with OEMs to advance in the electric heavy truck market [2]. - The company has developed and introduced battery products and solutions tailored for the electric heavy truck sector [2].

Core Viewpoint - The report from Credit Lyonnais indicates that Ganfeng Lithium (01772) has shown stable performance in Q3, with optimistic prospects for Q4 2025 due to deeper upstream integration and positive contributions from its battery business [1] Financial Performance - Ganfeng Lithium's target prices for H-shares and A-shares have been raised from HKD 35 to HKD 58 and from CNY 45 to CNY 80 respectively, while maintaining an outperform rating [1] - The net profit forecast for Ganfeng Lithium for the fiscal years 2025 and 2026 has been slightly lowered based on the latest financial data [1] Valuation Adjustments - The valuation multiple for the fiscal year 2027 has been increased from 15 times to 25 times, which is higher than peers, reflecting Ganfeng Lithium's unique advantages in lithium chemicals and battery business [1] - The premium for A-shares over H-shares has been adjusted from 40% to 50% [1]

Core Viewpoint - CICC reports that Ganfeng Lithium's Q3 performance is stable, with optimistic prospects for Q4 2025 due to upstream integration and strong contributions from battery business [1] Financial Performance - Ganfeng Lithium's target prices for H-shares and A-shares have been raised to HKD 58 and CNY 80 respectively, maintaining an outperform rating [1] - Slight downward adjustment in net profit forecasts for Ganfeng Lithium for FY 2025/2026 [1] Valuation Metrics - The valuation multiple for FY 2027 has been increased from 15x to 25x, reflecting Ganfeng Lithium's unique advantages in lithium chemicals and battery business [1] - The premium for A-shares over H-shares has been raised from 40% to 50% [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Ganfeng Lithium's third-quarter performance is robust, with optimistic prospects for the fourth quarter due to deeper upstream integration and positive contributions from the battery business [1] Financial Performance - Ganfeng Lithium's net profit forecasts for the fiscal years 2025 and 2026 have been slightly adjusted downwards based on the latest financial data [1] - The valuation multiple for the fiscal year 2027 has been increased from 15 times to 25 times, reflecting Ganfeng Lithium's unique advantages in lithium chemicals and battery business compared to peers [1] Target Price Adjustments - The target prices for Ganfeng Lithium's H-shares and A-shares have been raised from HKD 35 to HKD 58 and from CNY 45 to CNY 80, respectively [1] - The premium for A-shares over H-shares has been increased from 40% to 50% [1] Rating - Credit Lyonnais reaffirms the "Outperform" rating for Ganfeng Lithium [1]

Core Viewpoint - The lithium industry is undergoing a significant transformation as prices have dropped from historical highs, prompting a shift from resource-based competition to a focus on technological innovation and cost control [2][5]. Group 1: Industry Trends - The market is beginning to recognize the dangers of short-term price fluctuations and the need to return to fundamental supply-demand dynamics and cost management [2]. - Companies are encouraged to establish fundamental cost advantages through technological advancements, such as lithium extraction from salt lakes, rather than merely relying on resource ownership [2]. Group 2: Company Insights - Ganfeng Lithium, a leading player in the lithium battery industry, is at the forefront of navigating industry cycles and transitioning towards a "technology-driven" model [3]. - The company is implementing advanced extraction methods in Argentina, which could theoretically double its production capacity, and is also focusing on solid-state batteries [5]. - Ganfeng Lithium aims to achieve a significant increase in its battery business, targeting 60-70% of group revenue from energy storage as part of its growth strategy [7]. Group 3: Upcoming Events - The 2025 High-Performance Lithium Battery Annual Conference will take place from November 18-20, 2025, at the JW Marriott Hotel in Shenzhen, where Ganfeng Lithium's president will deliver a keynote speech [3][8].