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 不對因本公告全部或任何部分內容而產生或因倚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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 刊 發。 根據中華人民共和國的有關法例規定，江西贛鋒鋰業集團股份有限公司（「本 公 司」）在 深 圳 證 券 交 易 所 網 站（http://www.szse.cn/）刊 發 了 以 下 公 告。茲 載 列 如 下，僅 供 參 閱。 承董事會命 江西贛鋒鋰業集團股份有限公司 董事長 李良彬 中 國‧江 西 二 零二五年十 一 月 二 十 六 日 於 本 公告日 期，董事會成員包括本公司執行董事李良彬先 生、王曉申先 生、沈海博先 生、黃婷女士及李承霖先 生；本公司非執行董事羅榮女 士； 本公司獨立非執行董事王金本先 生、黃浩鈞先 生、徐一新女士及徐光華 先 生；以及本公司職工董事廖萃女 士。 ...

Group 1 - Southbound funds recorded a net sell of HKD 39.52 billion in Hong Kong stocks today [1] - Notable net purchases included Alibaba-W at HKD 15.28 billion and Changfei Optical Fiber at HKD 1.77 billion [1] - Significant net sales were observed in the following stocks: Yingfu Fund at HKD 22.59 billion, Tencent Holdings at HKD 11.8 billion, Meituan-W at HKD 3.66 billion, SMIC at HKD 2.51 billion, Hua Hong Semiconductor at HKD 2.27 billion, and Xiaomi Group-W at HKD 1.24 billion [1] Group 2 - Southbound funds have continuously net bought Alibaba for 10 days, totaling HKD 245.31 billion [1] - There has been a continuous net sell of SMIC for 5 days, amounting to HKD 16.6032 billion [1] Group 3 - Alibaba-W experienced a decline of 1.9% with a net purchase of HKD 7.51 billion and a total transaction amount of HKD 81.62 billion [3] - Meituan-W saw an increase of 5.7% but had a net sell of HKD 4.03 billion with a transaction amount of HKD 36.34 billion [3] - Xiaomi Group-W had a slight decline of 0.6% with a net purchase of HKD 5.25 billion and a transaction amount of HKD 22.55 billion [3] - SMIC recorded a 1.3% increase but faced a net sell of HKD 2.47 billion with a transaction amount of HKD 19.98 billion [3] - Tencent Holdings had a minor decline of 0.9% with a net sell of HKD 0.14 billion and a transaction amount of HKD 13.88 billion [3] - Yingfu Fund had a slight increase of 0.2% but faced a net sell of HKD 11.28 billion with a transaction amount of HKD 12.74 billion [3] - Changfei Optical Fiber saw a rise of 4.8% with a net purchase of HKD 1.16 billion and a transaction amount of HKD 11.24 billion [3] - Hua Hong Semiconductor experienced a 2.0% increase but had a net sell of HKD 1.21 billion with a transaction amount of HKD 11.21 billion [3]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-136 江西赣锋锂业集团股份有限公司 关于为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。本次担保额度在公司股东 ...

锂矿股再度走高，截至发稿，天齐锂业（002466）(09696)涨4%，报49.88港元；赣锋锂业（002460） (01772)涨2.76%，报51.05港元。 消息面上，11月26日，碳酸锂期货2605合约一度涨超5%，最高报99880元/吨。天齐锂业董事长蒋安琪 11月25日公开表示，受益于可再生能源并网需求、商用重卡等电动化设备增速迅猛，储能领域和动力电 池对基础锂材料的需求持续上涨，2026年全球锂需求量预计将达到200万吨碳酸锂当量，基本达到供需 平衡。此前一周，赣锋锂业董事长李良彬预测，若明年碳酸锂需求增速超过30%甚至40%，供应短期内 难以匹配，价格可能突破15万元/吨，甚至触及20万元/吨。 中信建投（601066）此前指出，中长期看，储能需求的持续走强，锂电全产业链迎来一轮涨价，碳酸锂 供需基本面也得以大幅改善。静态预测，2026年全球锂资源供给208.9万吨，消费200.4万吨，在不考虑 正极环节及贸易商补库情形下，过剩仅8.5万吨，较2025年收窄，考虑产业链备库2026年将出现结构性 短缺，锂价驱动由供给施压转向需求驱动向上。 ...

Group 1 - The core viewpoint of the news is the positive outlook for the non-ferrous metals sector, driven by recent market trends and potential Federal Reserve interest rate cuts [3][4]. - The non-ferrous metals ETF (159876) has seen a price increase of 0.46% and has attracted 206 million yuan in the last 10 days, indicating strong investor interest [1]. - As of November 25, the total size of the non-ferrous metals ETF reached 686 million yuan, making it the largest among three ETFs tracking the same index [1]. Group 2 - Federal Reserve Governor Stephen Milan suggested increasing rate cuts to support the economy, with an 84.9% probability of a 25 basis point cut in December [3]. - Analysts believe that a Fed rate cut could boost non-ferrous metal prices due to currency depreciation, making metals cheaper in dollar terms and increasing global demand [3]. - Institutions are optimistic about the non-ferrous metals sector continuing a bull market, with key focus areas including copper and aluminum due to supply constraints and recovering demand, as well as lithium and cobalt driven by energy storage and battery needs [3]. Group 3 - The non-ferrous metals ETF (159876) and its linked funds provide comprehensive coverage of various metals, allowing for better risk diversification compared to investing in single metal sectors [4].

1. Report Industry Investment Ratings - Gold: Gold prices are expected to continue oscillating, with increased volatility. It is recommended to pay attention to the fluctuations [13]. - Stock Index Futures: It is recommended to evenly allocate long positions in each stock index [16]. - Foreign Exchange Futures (US Dollar Index): The US dollar is expected to weaken in the short term [20]. - US Stock Index Futures: Adopt a generally bullish approach, but note that the technology sector has not fully reversed its decline. Observe whether the 50 - day moving average can form strong support [25]. - Treasury Bond Futures: The bond market may shift from oscillation to a bearish trend. It is recommended to focus on short - term rebound short - selling strategies [30]. - Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil): The market is expected to maintain a weak oscillation. Wait for production data to show a decline before expecting a rebound; otherwise, it will likely remain weak [31]. - Agricultural Products (Soybean Meal): The futures price is expected to remain oscillating. Continue to monitor China's actual purchase of US soybeans and the weather in South American production areas [32]. - Agricultural Products (Corn Starch): Starch is expected to remain relatively strong in the short term, following the trend of corn. For price spreads, it is recommended to operate within a range [34]. - Agricultural Products (Corn): The short - term price is expected to remain high and oscillating. It is recommended to wait and see for the near - term contracts and not to short [38]. - Black Metals (Rebar/Hot - Rolled Coil): Adopt an oscillating perspective and be cautious about the upward space [43]. - Agricultural Products (Pigs): Investors with existing short positions can continue to hold them and adjust stop - loss and take - profit points. For those not yet in the market, wait for a rebound to enter short positions. Long - term investors can focus on far - month contracts after significant corrections [46]. - Non - Ferrous Metals (Lead): For single - side trading, look for opportunities to stop losses at low prices; for arbitrage and cross - market trading, it is recommended to wait and see [48]. - Non - Ferrous Metals (Zinc): For single - side trading, wait and see; for calendar spread arbitrage, hold long positions; for cross - market arbitrage, continue to wait and see [50]. - Non - Ferrous Metals (Polysilicon): The futures main contract is expected to oscillate between 50,000 - 56,000 yuan/ton. Pay attention to range - trading opportunities [53]. - Non - Ferrous Metals (Industrial Silicon): The short - term price is expected to oscillate between 8,800 - 9,500 yuan/ton. Pay attention to range - trading opportunities [55]. - Non - Ferrous Metals (Copper): For single - side trading, it is recommended to buy on dips; for arbitrage, continue to pay attention [59]. - Non - Ferrous Metals (Nickel): Existing short - position holders can gradually stop losses and take profits, or lightly consider going long on dips. Mid - term evaluation of resource contraction in Indonesia is required [61]. - Non - Ferrous Metals (Lithium Carbonate): Do not chase long positions. If production resumes and demand declines in the off - season, consider lightly shorting on the right side. For the long - term, adopt a strategy of buying on dips [63]. - Energy Chemicals (Crude Oil): Oil prices are expected to oscillate with a bearish bias in the short term [66]. - Energy Chemicals (Carbon Emissions): It is recommended to wait and see [68]. - Energy Chemicals (LLDPE): The futures price of PE is expected to oscillate and decline under the influence of supply increase and demand decrease [70]. 2. Core Views - The US economic data in September, including retail sales and employment, showed weakness, increasing the likelihood of a Fed rate cut in December. The market risk appetite has recovered, and the US dollar index is expected to decline [19]. - The A - share market opened higher and rebounded, but due to uncertainties in Sino - Japanese relations, trading volume remained low, and it is expected to maintain a high - level oscillation in the short term [2][15]. - The bond market sentiment has weakened. With the possible introduction of pro - consumption policies and the impact of the fund fee rate new regulations, it is recommended to look for short - term short - selling opportunities on rebounds [29]. - In the agricultural products market, the supply pressure of oils and fats is large, and the market is expected to be weak; the supply - demand situation of soybean meal is stable, and the price is expected to oscillate; the price of corn and corn starch is expected to be relatively strong [31][32][38]. - In the non - ferrous metals market, the demand for lithium carbonate needs verification, and different trading strategies are recommended for the short - term and long - term; the price of copper is expected to oscillate at a high level, and it is recommended to buy on dips [5][59]. - In the energy chemicals market, the decline in oil prices is due to the progress of the Russia - Ukraine peace plan, and the short - term trend is bearish; the short - term trend of LLDPE is expected to decline under the influence of supply and demand [66][70]. 3. Summaries by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - News: Ukraine agreed to the terms of the peace agreement, and Fed Governor Milan called for significant rate cuts. The US budget deficit in October reached $284 billion [11][12][13]. - Comment: Gold prices oscillated and closed higher. The progress of the Russia - Ukraine cease - fire negotiation and the dovish speech of the Fed governor affected the market. In the short term, gold prices are expected to continue oscillating [13]. 3.1.2 Macro Strategy (Stock Index Futures) - News: China's foreign investment in the first 10 months increased by 6.2%, and the Sino - US leaders' call was initiated by the US [14][15]. - Comment: The A - share market opened higher and rebounded, but trading volume remained low due to uncertainties in Sino - Japanese relations. It is expected to maintain a high - level oscillation in the short term [15]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - News: Kevin Hassett is considered the leading candidate for the next Fed chair. The US labor market weakened, and retail sales in September increased slightly [17][18][19]. - Comment: The latest US retail data was lower than expected, and the labor market was weak. A rate cut in December is almost certain, and the US dollar is expected to weaken in the short term [19]. 3.1.4 Macro Strategy (US Stock Index Futures) - News: Kevin Hassett is the leading candidate for the Fed chair. US retail sales in September increased by 0.2% month - on - month, lower than expected, and PPI increased by 0.3% month - on - month [21][22][23]. - Comment: PPI was basically in line with expectations, and core PPI growth was slightly lower than expected. Consumption momentum continued to slow down, and the expectation of a rate cut increased. Overall, a bullish approach is recommended, but pay attention to the technology sector [25]. 3.1.5 Macro Strategy (Treasury Bond Futures) - News: The State Council will hold a policy briefing, the central bank conducted 1 trillion yuan of MLF operations and 302.1 billion yuan of 7 - day reverse repurchase operations [26][27][28]. - Comment: The bond market sentiment has weakened. With the possible introduction of pro - consumption policies and the impact of the fund fee rate new regulations, it is recommended to look for short - term short - selling opportunities on rebounds [29]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - News: The export volume of Malaysian palm oil from November 1 - 25 decreased by 16.43% month - on - month [31]. - Comment: The oil market sentiment was weak, and the supply pressure was large. It is expected to maintain a weak oscillation. Wait for production data to show a decline before expecting a rebound [31]. 3.2.2 Agricultural Products (Soybean Meal) - News: The net export sales of US soybeans in the week ending October 9 were 785,000 tons [32]. - Comment: The supply - demand situation of soybean meal changed little. The market will focus on the weather in South American production areas, and the price is expected to remain oscillating [32]. 3.2.3 Agricultural Products (Corn Starch) - News: The theoretical profits of corn starch enterprises in Heilongjiang, Jilin, Hebei, and Shandong on November 25 were 68 yuan/ton, 37 yuan/ton, 110 yuan/ton, and 11 yuan/ton respectively [33]. - Comment: The supply - demand pattern of starch improved, and enterprises remained profitable. Starch futures followed corn higher, and price spreads are expected to operate within a range [33]. 3.2.4 Agricultural Products (Corn) - News: The domestic corn price showed mixed trends, with some regions rising and some falling [35][37]. - Comment: The spot price of corn remained strong, and the futures price continued to rise. The short - term price is expected to remain high and oscillating, and it is recommended to wait and see for the near - term contracts [38]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - News: The transaction volume of first - and second - hand houses in 30 key cities showed signs of stabilizing, and the inventory of the passenger vehicle industry at the end of October was 3.41 million [39][40]. - Comment: Steel prices oscillated and strengthened. The increase in steel prices was related to policy expectations and cost support, but the demand did not strongly support the price increase [41]. 3.2.6 Agricultural Products (Pigs) - News: Huatong Co., Ltd. plans to control costs in the next three years [44]. - Comment: The current spot price of pigs is oscillating and falling, which weakens market confidence in peak - season demand. It is recommended to adopt different trading strategies according to the situation [45]. 3.2.7 Non - Ferrous Metals (Lead) - News: On November 24, the LME 0 - 3 lead was at a discount of $28.49/ton [47]. - Comment: The LME lead price was in a downward trend, and the domestic lead price also declined. It is recommended to look for opportunities to stop losses on short positions [47]. 3.2.8 Non - Ferrous Metals (Zinc) - News: On November 24, the LME 0 - 3 zinc was at a premium of $140.2/ton, and Kazakhstan's refined zinc production in October increased [49]. - Comment: The LME zinc price oscillated, and the domestic zinc inventory decreased. Different trading strategies are recommended for single - side trading and arbitrage [50]. 3.2.9 Non - Ferrous Metals (Polysilicon) - News: The cumulative photovoltaic installed capacity from January to October increased by 43.76% year - on - year, and the single - month installed capacity in October was 12.6 GW [51]. - Comment: The spot price of polysilicon is affected by policy and fundamentals. The price of leading manufacturers is expected to remain stable, and it is recommended to focus on range - trading opportunities [52]. 3.2.10 Non - Ferrous Metals (Industrial Silicon) - News: In October, the export volume of industrial silicon decreased by 36% month - on - month [54]. - Comment: The export of industrial silicon was lower than expected, and the balance sheet deteriorated. The price is expected to oscillate between 8,800 - 9,500 yuan/ton [55]. 3.2.11 Non - Ferrous Metals (Copper) - News: India's Adani copper smelter is facing a shortage of ore, and the 2026 long - term processing fee for Chinese copper smelters may be at a historical low [56][58]. - Comment: The copper price is supported by market risk appetite but is also affected by economic data and geopolitical situations. It is expected to oscillate at a high level, and it is recommended to buy on dips [59]. 3.2.12 Non - Ferrous Metals (Nickel) - News: The SHFE nickel warehouse receipts decreased, and the LME nickel inventory remained unchanged. The production of Indonesia's QMB MHP project is expected to decline [60]. - Comment: The market risk appetite was supported, and the decline in MHP production may improve the balance sheet. It is recommended to adjust short - positions and consider going long on dips [60]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - News: Ganfeng Lithium's 800,000 - ton lithium iron phosphate project is expected to be put into production in 2026 [62]. - Comment: The demand for lithium carbonate needs verification. Do not chase long positions in the short term, and consider different strategies according to the situation [63]. 3.2.14 Energy Chemicals (Crude Oil) - News: The production of Kazakhstan's largest oil field increased, and the US API crude oil inventory decreased [64][65]. - Comment: Oil prices declined due to the progress of the Russia - Ukraine peace plan. The short - term trend is bearish, and attention should be paid to the OPEC+ meeting [65]. 3.2.15 Energy Chemicals (Carbon Emissions) - News: The closing price of CEA on November 25 was 60.16 yuan/ton [67]. - Comment: The impact of the carry - over policy on CEA price may be more emotional than substantial. It is recommended to wait and see [67]. 3.2.16 Energy Chemicals (LLDPE) - News: China's apparent consumption of PE in October increased by 3.9% month - on - month [69]. - Comment: Under the influence of supply increase and demand decrease, the futures price of LLDPE is expected to oscillate and decline [70].

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | 股份到目 | 景内 | | | 請參閱 拉 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 17 二次元 | | | | | | | | 96 | | CS20251125E00191 | JPMorgan Chase & Co. 1201(L) | | 1,593,302(L | HKD 59.1323 | 30.877.936(L | 6.91(L)20/11/2025 | | | | | | | 16,006,998(S) | 3.58(S) | | | | | | | 4,782,992(P) | 1.07(P) | 减持后，JPMorgan Chase & Co.最新持好仓数目为30,877,936股，持好仓比例由7.27%下降至6.91%。 | 股份代號: | 01772 | | --- | --- | ...

Group 1: Southbound Capital Inflows - Southbound capital net bought Hong Kong stocks worth 11.166 billion HKD on November 25, with notable purchases including Alibaba-W (5.616 billion HKD), Kuaishou-W (571 million HKD), and Ganfeng Lithium (246 million HKD) [1] - Southbound capital has continuously net bought Alibaba for 9 days, totaling 23.003 billion HKD, and Kuaishou for 3 days, totaling 1.98355 billion HKD [1] Group 2: Company Insights - Citic Securities believes that the profitability of electric vehicle companies is still limited, and the Chinese EV industry is entering a critical phase of consolidation, where profitability will be the core competitive indicator [3] - Kuaishou repurchased 2 million shares at a price range of 45.100 to 46.650 HKD, with a total repurchase amount of 91.8768 million HKD, and the stock closed at 46.350 HKD, up 4.51% [3] - Ganfeng Lithium expressed optimism about long-term lithium demand despite recent price volatility, expecting lithium carbonate prices to gradually return to reasonable levels, with potential improvements in supply-demand dynamics next year [3]

香港联交所最新资料显示，11月20日，小摩减持赣锋锂业（002460）(01772)159.3302万股，每股作价 59.1323港元，总金额约为9421.56万港元。减持后最新持股数目约为3087.79万股，最新持股比例为 6.91%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月20日，小摩减持赣锋锂业(01772)159.3302万股，每 股作价59.1323港元，总金额约为9421.56万港元。减持后最新持股数目约为3087.79万股，最新持股比例 为6.91%。 ...