Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Greater China Materials, specifically in the Asia Pacific region [6][62] - **Current Industry View**: Attractive, indicating positive expectations for performance over the next 12-18 months [6][33] Key Market Movements Base Metals - **Copper**: Prices increased by 1.2% week-over-week (WoW) to Rmb79,640/t, with inventories down by 13.2% [2][10] - **Aluminum**: Prices rose by 0.4% WoW to Rmb20,780/t, while inventories increased by 6.4% [2][10] Battery Metals - **Lithium Hydroxide**: Domestic industrial-grade prices rose by 6.5% WoW to Rmb55,370/t, and battery-grade prices increased by 5.4% to Rmb60,520/t [2][10] - **Lithium Carbonate**: Industrial-grade prices saw an 8.8% increase WoW to Rmb68,900/t, while battery-grade prices rose by 8.6% to Rmb70,550/t [2][10] Steel - **Hot Rolled Coil (HRC)**: Prices increased by 1.5% WoW to Rmb3,400/t [3][10] - **Cold Rolled Coil (CRC)**: Prices rose by 4.0% WoW to Rmb3,914/t [3][10] - **Rebar**: Prices increased by 1.3% WoW to Rmb3,296/t [3][10] - **Tangshan Billet**: Prices rose by 5.4% WoW to Rmb3,120/t [3][10] Cement and Coal - **Cement**: Prices decreased by 1.0% WoW to Rmb324/t [3][10] - **Coal**: Prices for QHD5500 increased by 0.3% WoW to Rmb662/t, with inventories up by 1.2% to 5.85 million tonnes [3][10] Glass - **Float Glass**: Prices increased by 2.4% WoW to Rmb1,281/t [4][10] - **Glass Fiber**: Prices remained stable at Rmb3,900/t [4][10] Regulatory and Infrastructure Developments - **Regulatory Actions**: NDRC and SAMR are working to improve standards for recognizing low-price dumping and regulating market price order [8] - **Infrastructure Investment**: Construction of a hydro station in the Yarlung Tsangpo River in Tibet has commenced, with a total investment of Rmb1.2 trillion [8] Analyst Insights - **Analysts Involved**: Rachel L Zhang, Chris Jiang, Hannah Yang, and Davven Xu are the key analysts providing insights on the Greater China Materials sector [5][62] - **Investment Banking Relationships**: Morgan Stanley has received compensation for investment banking services from several companies in the materials sector, indicating potential conflicts of interest [17][20] Conclusion - The Greater China Materials sector is experiencing positive price movements across various commodities, with a favorable outlook for the coming months. Regulatory actions and significant infrastructure investments are also shaping the market landscape.

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Core Viewpoint - Ganfeng Lithium has recently shown strong upward momentum, with its stock price reaching 30.8 HKD, marking a significant increase of 10.39% on Thursday (24th) with a trading volume of 1.568 billion HKD, indicating a bullish technical pattern [1][3] Technical Analysis - The stock price has encountered key technical levels, with immediate support at 26.3 HKD and strong support at 24.2 HKD, while the upper resistance is at 34.7 HKD, which is a critical psychological barrier [3] - Multiple indicators are signaling overbought conditions, with an RSI of 78, suggesting a higher probability of short-term pullbacks when RSI exceeds 75 [1] - The volatility has been significant, with a 5-day price fluctuation of 22.7%, and the implied volatility has surged by 25 percentage points, indicating potential for continued volatility [1] Market Sentiment - The recent surge in Ganfeng Lithium's stock has positively impacted related derivative products, with notable increases in warrants, such as Huatai's warrant rising by 34% and Bank of China's warrant increasing by 30% following a 7.5% rise in the underlying stock [3] - The market sentiment has improved significantly, driven by a rebound in lithium carbonate prices and a recovery in electric vehicle sales [3] Investment Products - Investors may consider bullish strategies with warrants like JPMorgan's warrant (exercise price 29.29 HKD, leverage 3.3) and Bank of China's warrant (exercise price 29.34 HKD, leverage 3.4), which are deemed relatively stable [5] - Caution is advised as the implied volatility of Ganfeng Lithium has increased, necessitating careful comparison of time decay when selecting warrants [5]

Battery - The second-generation Longlin Jia battery from Hive Energy officially launched on July 22, featuring the world's largest mass-produced 800V ternary hybrid battery with a capacity of 65KWh and 5C ultra-fast charging capability, enhancing user charging experience [2][3] - Tesla reported a decline in both revenue and profit for Q2 2025, with revenue at $22.496 billion, down 12% year-on-year, and net profit at $1.172 billion, down 16% year-on-year [4][5] - Ruipu Lanjun's heavy-duty truck battery installation volume surged in the first half of 2025, achieving a market share of 7.5% in the new energy heavy truck battery sector and 18% in battery swapping, both ranking second nationally, indicating strong competitiveness in the heavy truck market [6][7] - Tesla plans to build its third energy storage super factory near Houston, Texas, with the first lithium iron phosphate battery factory expected to be operational by the end of the year [8][9] - Guoxuan High-Tech has initiated the design of the first-generation all-solid-state battery production line, with its Jinshi battery currently in the pilot production stage [10][12] Materials - Zhejiang YouShan New Materials is set to invest in a project in Bijie City, Guizhou Province, to produce 600,000 tons of phosphoric iron annually, along with supporting water treatment facilities [14][15] Overseas - German startup Vulcan received €104 million in government funding for a zero-carbon lithium project, with a total investment of €690 million, aiming for production by the end of 2026 with an annual output of 24,000 tons to meet the demand of 500,000 electric vehicles [16][17] - The Argentine government approved Galan Lithium's $217 million lithium mining project to join the "Large Investment Incentive Program," while China's Ganfeng Lithium's Mariana project was rejected for not meeting criteria [18][20]

Transaction Overview - Jiangxi Ganfeng Lithium Co., Ltd. has approved a proposal to pledge its 49% equity in Minmetals Salt Lake Co., Ltd. and mining rights of two other subsidiaries to secure financing [1][2] - The pledge is intended to support the company's daily operations and financing activities [1] Recent Developments - The company has completed the pledge registration for the 49% equity in Minmetals Salt Lake [1] - As of the announcement date, the pledges for the mining rights of the two other subsidiaries have not yet been completed [2]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-090 江西赣锋锂业集团股份有限公司 本公司及其董事会全体成员保证公告内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 关于以持有子公司股权及矿权质押担保涉及关联交易的进展公告 近日，公司收到全资子公司青海良承矿业有限公司（以下简称"青 海良承"）的通知，青海良承已向相关登记部门提交质押申请，并完 成五矿盐湖 49%股权的质押登记工作。 截至本公告披露日，公司暂未办理横峰县松树岗钽铌矿和宁都河 源锂辉石矿的矿权质押登记。公司董事会将积极关注事项进展情况， 及时履行信息披露义务。敬请广大投资者理性投资，注意投资风险。 特此公告。 江西赣锋锂业集团股份有限公司 董事会 2025 年 7 月 25 日 一、本次交易概述 江西赣锋锂业集团股份有限公司（以下简称"公司"）分别于 2025 年 2 月 21 日召开第五届董事会第八十九次会议、于 2025 年 3 月 17 日召开 2025 年第一次临时股东大会审议通过了《关于以持有子公司 股权及矿权质押担保涉及关联交易的议案》，为保障公司日常经营活 动正常开展，同意公司将持有的参股子公司五矿盐湖 ...

证券代码：002460 证券简称：赣锋锂业 编号：临2025-089 江西赣锋锂业集团股份有限公司 关于为全资子公司提供担保的进展公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，无 虚假记载、误导性陈述或者重大遗漏。 一、担保情况概述 1、江西赣锋锂业集团股份有限公司(以下简称"公司") 于 2025 年 3 月 28 日召开的第五届董事会第九十一次会议、于 2025 年 6 月 25 日召开 2024 年年度股东大会审议通过了《关于 2025 年度公司及 子公司对外担保额度预计的议案》，为满足公司及子公司的发展和生 产经营需要，同意公司向子公司提供连带责任保证担保额度合计人民 币 2,521,000 万元，同意子公司向子公司提供连带责任保证担保额度 人民币 1,114,000 万元，两项合计担保总额人民币 3,635,000 万元（包 括新增担保和原有担保的展期或续保）。其中公司及子公司向资产负 债率 70%以上的子公司提供总额不超过人民币 1,501,000 万元，向资 产负债率 70%以下的子公司（含新设立暂无财务数据的子公司）提供 总额不超过人民币 2,134,000 万元。本次担保额度在 ...

Group 1: Market Trends - Lithium carbonate futures and spot prices have been rising, with the main contract on the Guangzhou Futures Exchange closing at 76,680 yuan/ton, an increase of 7,300 yuan/ton or 7.21% in a single day, reaching a new high [1] - Since hitting a low on June 23, the contract has seen a cumulative increase of over 20%, with the spot market also rising; as of July 24, the domestic battery-grade lithium carbonate price was 70,150 yuan/ton, up 17% from June 23 [1] Group 2: Regulatory Environment - The Yichun Natural Resources Bureau issued a notice on July 14, requiring eight local lithium mining companies to prepare resource verification reports by September 30 due to issues related to "bypassing approval authority and overstepping procedures," indicating increased regulatory scrutiny on lithium resource development [1] - On July 17, Cangge Mining announced that its subsidiary, Geermu Cangge Lithium Industry, was ordered to suspend operations and rectify violations related to unauthorized lithium resource extraction [1] Group 3: Supply Chain Dynamics - Jiangte Electric announced on July 21 that its subsidiary Yichun Yinli would start maintenance on all lithium salt production lines on July 25, expected to last about 26 days, further heightening market expectations of a contraction in lithium carbonate supply [2] - The rebound in lithium carbonate prices is attributed not only to production cuts but also to domestic policies aimed at preventing "involution" in the new energy industry, promoting healthy competition and reducing price wars [2] Group 4: Company Performance - Leading companies like Tianqi Lithium and Ganfeng Lithium saw their stocks hit the daily limit up; Tianqi Lithium expects a net profit of 0 to 155 million yuan for the first half of the year, a significant recovery from a loss of 5.2 billion yuan in the same period last year [3] - Ganfeng Lithium anticipates a net loss of 300 million to 550 million yuan for the first half of 2025, a reduction from a loss of 760 million yuan in the previous year [3] Group 5: Market Outlook - There are differing opinions on the sustainability of price increases; while demand remains primarily driven by necessity, many companies are reluctant to accept high lithium prices, leading to a sluggish spot market [3] - Despite rising lithium salt prices pushing up costs, new capacities from South American salt lakes and African mines are expected to be released in the second half of the year, maintaining a long-term oversupply scenario [3] - Industry insiders predict that the supply-demand gap will narrow by 2025, achieving a balance by 2026, followed by a state of tight balance and eventual shortages [3]

作者 | 哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 今天 A股震荡反弹，沪指涨0.65%报3605.73点，三年半以来首次收于3600点上方 。 助力 A股站上3600的题材真不少， 近期在"反内卷"主旋律催化下， 很多期货品种开始了大幅反弹，情绪面蔓延到 了股票市场。 今天又轮到了碳酸锂。 国内碳酸锂期货主力合约今天涨势强劲，盘中一度触及涨停（ 8%），关联个股如赣锋锂 业、天齐锂业相继涨停，港股涨幅也一度超过15%。 发生了什么？ 涨停！ 01 板块方面，钢铁、地产、券商、多元金融等板块涨幅居前，锂矿、小金属、水利水电等概念股跟 ，盘面热点杂乱， 海南自贸区、免税店、雅下水电概念涨幅居前。 | Wind中国行业指数 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 林木 | 机场 | 基本金属 | 生物科技 | 券商 | 餐饮旅游 | 3.07% | 2.59% | 2.39% | 4.18% | 3.26% | 2.50% | ...

Core Viewpoint - The China Securities New Energy Vehicle Index (CS New Energy Vehicle, 399976) has shown significant growth, with a 2.67% increase on July 24, 2023, and a year-to-date rise of 9.56% [1] Group 1: Index Performance - The CS New Energy Vehicle Index has increased by 8.88% over the past month and 9.74% over the last three months [1] - The index was established on December 31, 2011, with a base value of 1000.0 points [1] Group 2: Index Holdings - The top ten weighted companies in the CS New Energy Vehicle Index are: CATL (10.42%), Huichuan Technology (9.24%), BYD (8.84%), Changan Automobile (4.72%), Sanhua Intelligent Control (4.61%), Huayou Cobalt (4.39%), Yiwei Lithium Energy (4.32%), Ganfeng Lithium (3.3%), Tianqi Lithium (3.09%), and Gree Environmental (2.56%) [1] - The market distribution of the index holdings shows that 84.21% are listed on the Shenzhen Stock Exchange, 15.21% on the Shanghai Stock Exchange, and 0.58% on the Beijing Stock Exchange [1] Group 3: Industry Composition - The industry composition of the index holdings includes: 58.48% in industrials, 22.92% in consumer discretionary, 17.46% in materials, and 1.14% in information technology [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]