Group 1: Market Performance - The three major indices strengthened, with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component Index by 0.84%, and the ChiNext Index by 0.97%, while the Sci-Tech Innovation 50 Index increased by 1.74% [2] - Over 2,500 stocks in the two markets saw gains, with a total trading volume reaching approximately 2.09 trillion yuan [2] Group 2: Precious Metals Sector - The precious metals sector was notably strong, with stocks like Zhaojin Mining (000506.SZ) rising by 7.8%, and other companies such as Xiaocheng Technology (300139.SZ), Western Gold (601069.SH), Shandong Gold (600547.SH), and Hunan Silver (002716.SZ) also experiencing increases [2] - The Federal Reserve's decision to cut interest rates by 25 basis points on December 11, 2025, cumulatively lowering rates by 75 basis points, has boosted precious metal prices, alongside heightened expectations for future rate cuts and rising inflation [2] Group 3: Electric Grid Equipment Sector - Electric grid equipment stocks also performed well, with Tongguang Cable (300265.SZ) and Zhongneng Electric (300062.SZ) both rising by 20%, while companies like Xinte Electric (301120.SZ), Jiusheng Electric (301082.SZ), and China Western Power (601179.SH) saw significant gains [2] - The global energy transition and AI computing power growth are driving the evolution of electric grid systems towards smarter and more resilient designs, creating historic opportunities for domestic power equipment leaders with technological advantages and export capabilities [3] Group 4: Commercial Aerospace Sector - The commercial aerospace sector remained active, with stocks such as Superjet Co. (301005.SZ) rising by 20%, Srey New Materials (688102.SH) by 17.58%, and Aerospace Power (600343.SH) by 10% [3] - A successful launch of the Long March 12 rocket on December 12, 2025, which placed 16 low-orbit satellite internet satellites into orbit, highlights the growth potential of China's commercial aerospace industry, projected to reach a scale of 2.8 trillion yuan by 2025 [3] Group 5: Computing Hardware Sector - The computing hardware sector showed repeated activity, with stocks like Lian Te Technology (301205.SZ) increasing by 15.87%, and others such as Changxin Bochuang (300548.SZ), Dongtianwei (301183.SZ), and Tengjing Technology (688195.SH) also performing well [4] - According to TrendForce, the global market for optical transceiver modules over 800G is expected to grow significantly, with projections of 24 million units by 2025 and nearly 63 million by 2026, indicating a growth rate of 2.6 times [4]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant inflow of capital, with the Non-Ferrous 50 ETF (159652) seeing a net inflow of over 150,000 yuan and a cumulative net subscription exceeding 200 million yuan over the past five days, indicating strong investor interest [1][3]. Group 1: Market Performance - As of December 12, the Non-Ferrous 50 ETF (159652) opened strong, rising by 0.26% and briefly exceeding 1% during the morning session [1]. - The performance of the underlying index components is mixed, with companies like Zhongjin Gold and Shandong Gold rising over 2%, while companies such as Ganfeng Lithium and Tianqi Lithium fell over 3% [2][3]. - The ETF has shown a consistent trend of capital inflow, with a net subscription of 100,000 units during the session, reflecting ongoing investor confidence [1]. Group 2: Price Trends and Influences - The non-ferrous metal sector, particularly silver and copper, has seen significant price increases, with copper prices up 35% year-to-date, potentially marking the largest annual gain since 2009 [5]. - Silver prices have also reached historical highs, with a year-to-date increase exceeding 100% [5]. - The macroeconomic environment, including the Federal Reserve's interest rate cuts, is expected to continue supporting the prices of precious metals [6][7]. Group 3: Future Outlook - Looking ahead to 2026, the non-ferrous metal sector is expected to be driven by macroeconomic factors and fundamental supply-demand dynamics, with a focus on the weakening of the US dollar and ongoing supply constraints [6][7]. - The anticipated increase in demand for industrial metals, driven by new growth areas, is expected to enhance price elasticity [6]. - The copper market is projected to face supply constraints, with a slight increase in global copper production expected but limited by high disturbance rates [8]. Group 4: Investment Opportunities - The Non-Ferrous 50 ETF (159652) is highlighted as a leading investment vehicle, with a high concentration of strategic metals such as copper and gold, and a significant portion of its index comprising these metals [10][12]. - The ETF's index has a copper content of 31% and gold content of 14%, making it attractive for investors looking to capitalize on the non-ferrous metal supercycle [12]. - The ETF has demonstrated superior performance with a cumulative return leading its peers since 2022, driven by earnings rather than valuation expansion [14].

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 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会不会涉及变更以往股东会已通过的决议。 中 國‧江 西 二 零 二 五年十 二 月 十 一 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 ...

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） 二零二五年十二月十一日舉行的本公司二零二五年 第四次臨時股東會之投票表決結果 茲 提 述 本 公 司 日 期 均 為 二 零 二 五 年 十 一 月 二 十 一 日 的 通 函（「通 函」） 及 臨 時 股 東 會 通 告。董 事 會 欣 然 宣 佈，於 通 函 所 載 之 所 有 提 呈 決 議 案 已於二零二五年十二月十一日舉行之臨時股東會以投票方式獲正式 通 過。 (I) 臨時股東會投票結果 江 西 贛 鋒 鋰 業 集 團 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 宣 佈，本 公 司 二 零 二 五 年 第 四 次 臨 時 股 東 會（「臨時股東會」）已 於 二 零 二 五 年 十 二 月 十 一 日（星 期 四）於 中 華 人 民 共 ...

证券日报网讯12月11日，赣锋锂业（002460）在互动平台回答投资者提问时表示，截至2025年12月10 日，公司A股股东人数为348097户。 ...

北京市汉坤律师事务所上海分所 关于 江西赣锋锂业集团股份有限公司 2025 年第四次临时股东会的 法律意见书 汉坤（证）字[2025]第 27422-11-O-7 号 中国上海市静安区石门一路 288 号兴业太古汇香港兴业中心二座 33 层 200041 电话：(86 21) 6080 0909；传真：(86 21) 6080 0999 北京 上海 深圳 香港 海口 武汉 新加坡 纽约 硅谷 www.hankunlaw.com 关于江西赣锋锂业集团股份有限公司 北京市汉坤律师事务所上海分所 2025 年第四次临时股东会的法律意见书 北京市汉坤律师事务所上海分所 关于江西赣锋锂业集团股份有限公司 2025 年第四次临时股东会的法律意见书 汉坤（证）字[2025]第 27422-11-O-7 号 致：江西赣锋锂业集团股份有限公司 江西赣锋锂业集团股份有限公司（以下简称"公司"）2025 年第四次临时股东 会（以下简称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 12 月 11 日在江西省新余市经济开发区龙腾路公司总部研发大楼四楼会议 室召开。北京市汉坤律师事务所上海分所（以下简称" ...

证券代码：002460 证券简称：赣锋锂业 编号：临2025-141 江西赣锋锂业集团股份有限公司 2025 年第四次临时股东会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 2、会议地点：江西省新余市经济开发区龙腾路公司总部研发大 楼四楼会议室 3、会议的召开方式：现场表决与网络投票相结合的方式 4、会议的召集人：公司董事会 5、会议主持人：公司董事黄婷女士（公司董事长李良彬先生、 副董事长王晓申先生因工作原因无法主持会议，由半数以上董事共同 推举董事黄婷女士代为主持会议） 6、会议召开的合法、合规性：本次临时股东会的召集、召开程 序符合有关法律、行政法规、部门规章、规范性文件和公司章程等的 2、本次股东会不会涉及变更以往股东会已通过的决议。 一、会议召开情况 1、现场会议召开时间：2025年12月11日14:00 网络投票时间：公司 A 股股东通过深圳证券交易所交易系统进 行网络投票的具体时间为 2025 年 12 月 11 日上午 9:15—9:25， 9:30—11:30，下午 13:00—15:0 ...

Core Insights - The price of lithium hexafluorophosphate has surged past 170,000 yuan/ton, marking an increase of over 240% from the year's low of 47,000 yuan/ton in July [1][7]. Group 1: Price Surge and Market Dynamics - The recent price recovery is driven by a strong resonance between explosive demand and supply contraction [3][10]. - The industry has undergone significant consolidation, with many small producers exiting or ceasing operations, leading to a higher concentration of market power among leading companies [3][10]. - Major companies are currently operating at full capacity, with firms like Tianji Co. and Tinci Materials confirming that their production lines for lithium hexafluorophosphate are fully booked [3][10]. Group 2: Demand Factors - The demand surge is attributed to the end-of-year push in the electric vehicle sector and concentrated installations in energy storage projects [3][10]. - Downstream battery manufacturers are securing long-term contracts to ensure supply, which is further straining current market availability and driving up spot prices [3][10]. Group 3: Future Price Outlook - Industry experts believe that the price of lithium hexafluorophosphate still has room to rise due to the dual pressures of high lithium carbonate costs and tight supply [4][10]. Group 4: Industry Structure and Key Players - The lithium battery materials sector is characterized by a dominance of leading companies, with smaller capacities being phased out [5][11]. - Ganfeng Lithium leads with a planned capacity of 260,000 tons/year LCE by 2025, utilizing a diversified technology route [6][11]. - Tianqi Lithium focuses on spodumene, with a capacity of 146,600 tons/year, while Salt Lake Industry specializes in lithium extraction from salt lakes, planning to increase its capacity from 40,000 tons/year to 60,000 tons/year by 2026 [6][11].

Core Viewpoint - The A-share market experienced a volatile pullback on December 11, but the Nonferrous 50 ETF (159652) saw a significant inflow of funds, indicating strong investor interest in the nonferrous metals sector amid favorable overseas liquidity conditions [1][4]. Group 1: Market Performance - As of 10:26 AM, the Nonferrous 50 ETF (159652) rose over 1.11%, with an intraday peak approaching 2%, and recorded a net subscription of 23 million shares, resulting in a net inflow of over 35 million yuan [1]. - The latest fund size of the Nonferrous 50 ETF (159652) exceeded 3.5 billion yuan [1]. Group 2: Component Stocks - Most component stocks of the Nonferrous 50 ETF (159652) experienced gains, with Zijin Mining rising by 2.83% and Zhongjin Gold by 2.34%, while Northern Rare Earth and China Aluminum saw slight declines [3]. - The top ten component stocks of the Nonferrous 50 ETF (159652) include Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, with varying performance metrics [3]. Group 3: Federal Reserve Actions - The Federal Reserve announced a 25 basis point rate cut, lowering the target range for the federal funds rate to 3.50%-3.75%, which aligns with market expectations [4]. - The Fed plans to expand its balance sheet by purchasing $40 billion in short-term Treasury bonds, which is expected to support liquidity in the market [4]. Group 4: Copper Market Insights - Long-term projections suggest that the copper price may strengthen due to the ongoing U.S. rate-cutting cycle, supply-side constraints, and new demand drivers from the energy sector [8]. - Supply-side issues, including frequent mining accidents and production interruptions in major copper mines, are expected to tighten the copper market, leading to a projected supply shortfall of 150,000 tons by 2026 [9]. Group 5: Demand Drivers - The demand for copper is anticipated to grow due to significant investments in renewable energy and the development of new power systems, with a focus on enhancing grid and storage capabilities [10]. - The push for technological advancements, particularly in AI, is expected to drive substantial increases in electricity demand, further boosting copper consumption [10]. Group 6: Investment Opportunities - The Nonferrous 50 ETF (159652) is positioned to benefit from the ongoing super cycle in nonferrous metals, with a high concentration of strategic metals such as copper and gold [11][13]. - The ETF's index has a leading copper content of 31% and gold content of 14%, making it an attractive option for investors looking to capitalize on the nonferrous sector [13][15].

Core Viewpoint - Lithium battery stocks experienced a significant increase in early trading, indicating positive market sentiment towards the sector [1][4]. Group 1: Stock Performance - Tianqi Lithium (09696) rose by 5.47%, trading at HKD 50.50 [1][4]. - Ganfeng Lithium (01772) increased by 4.02%, with a price of HKD 53 [1][4]. - Contemporary Amperex Technology Co. (03750) saw a rise of 2.83%, priced at HKD 512.50 [1][4]. - Longpan Technology (02465) gained 2.69%, trading at HKD 14.89 [1][4]. - Zhongchu Innovation (03931) increased by 1.22%, with a trading price of HKD 28.14 [1][4].