Group 1 - The core point of the article is that Ganfeng Lithium (002460) announced the approval of a proposal for Ganfeng International to issue exchangeable bonds to specific investors during the 11th meeting of the 6th Board of Directors [1] Group 2 - The announcement was made on the evening of November 30 [1] - The decision reflects the company's strategic move to raise capital through the issuance of exchangeable bonds [1] - This action may indicate Ganfeng Lithium's ongoing efforts to strengthen its financial position and support future growth initiatives [1]

Company Focus - Enjie Co., Ltd. plans to acquire 100% equity of Zhongke Hualian, leading to a stock suspension [2] - Canadian Solar Inc. and its controlling shareholder plan to establish a joint venture to adjust their U.S. market operations [3] - Jiarong Technology intends to acquire 100% of Hangzhou Lanan, with stock resuming trading [3] Equity Changes - ST Tianrui's controlling shareholder is planning a change in control, resulting in stock suspension [4] Shareholding Changes & Buybacks - Shanghai Chuangtou intends to reduce its stake in Zhongwei Company by no more than 1% [5] Operations & Performance - China Shenhua's subsidiary successfully completed a 168-hour trial run of its power generation unit, transitioning to commercial operation [6] - Baillie Tianheng received a milestone payment of $250 million from Bristol-Myers Squibb for the iza-bren project [7] - Jiangxi Copper is in the informal offer stage to acquire shares of SolGold Plc [8] - Aorede plans to sign a 635 million yuan computing power procurement agreement [9] - Maiwei Bio's clinical research for 9MW1911 shows significant reductions in acute exacerbation rates for COPD patients [10] - Huayang Co. has launched a high-performance carbon fiber project with an annual production capacity of 200 tons [10] Financing & Capital Increase - Ganfeng Lithium plans to issue $100 million in exchangeable notes to the China-Africa Development Fund [11] Stock Price Fluctuations - Tongyu Communications confirmed normal operations amid stock price fluctuations [12] - Rongji Software reported normal operations despite stock price declines [13] Other - Xianglou New Materials' application for a specific stock issuance has been accepted by the Shenzhen Stock Exchange [15] - JinkoSolar received a prepayment of 220 million yuan for a fire incident at its battery workshop [15] - Dameng Data's general manager has had his detention lifted [15] - Dongpeng Beverage has received approval from the CSRC for its overseas listing [16]

Group 1 - The core point of the article is that Ganfeng Lithium (002460.SZ) has approved a proposal for its wholly-owned subsidiary, Ganfeng International, to issue exchangeable bonds totaling $100 million to the China-Africa Fund, which can be converted into Class A preferred shares of Mali Lithium B.V. [1] - The issuance aims to optimize the company's capital structure and is backed by a guarantee from the company [1] - The board of directors has authorized the management to handle the transaction and sign relevant legal documents [1] Group 2 - The company has set a guarantee limit of RMB 1.5 billion for Ganfeng International, which is within the authorization range approved by the annual shareholders' meeting in 2024 [1]

Group 1 - Ganfeng Lithium announced the convening of its 11th meeting of the 6th board of directors on November 27, 2025, using a combination of on-site and remote voting methods [1] - The meeting reviewed the proposal regarding Ganfeng International's issuance of exchangeable bonds to specific entities [1] Group 2 - The global chip industry is experiencing significant upheaval, highlighted by the emergence of Google's TPU chip and its collaboration with Meta on major initiatives [1] - Nvidia's market value has decreased by 4 trillion yuan, indicating a potential breach of its competitive advantages [1]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-138 本次发行金额和品种：1 亿美元的可交换票据。 交易对手方：中非发展基金有限公司（以下简称"中非基金"）。 本次交易事项已经第六届董事会第十一次会议审议通过，本次 交易不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组，无需提交公司股东会审议。 江西赣锋锂业集团股份有限公司（以下简称"公司"或"赣锋锂 业"）为本次赣锋国际发行 1 亿美元的可交换票据交易提供担保。本 次担保在公司 2024 年年度股东会授权额度范围内。（详见公告： 2025-039、2025-081） 一、交易概述 公司于 2025 年 11 月 27 日召开第六届董事会第十一次会议审议 通过了《关于赣锋国际向特定对象发行可交换票据的议案》，为优化 公司资本结构，公司全资子公司赣锋国际拟向中非基金发行总额为 1 亿美元的可交换票据，中非基金可以根据可交换票据中未偿付的票据 金额及应付利息转换成赣锋国际全资子公司 Mali Lithium B.V.（以下 江西赣锋锂业集团股份有限公司 关于赣锋国际向特定对象发行可交换票据的公告 本公司及董事会全体成员保 ...

本公司及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。 证券代码：002460 证券简称：赣锋锂业 编号：临2025-137 江西赣锋锂业集团股份有限公司 第六届董事会第十一次会议决议公告 江西赣锋锂业集团股份有限公司 董事会 江西赣锋锂业集团股份有限公司（以下简称"公司"）第六届董 事会第十一次会议于2025年11月24日以电话或电子邮件的形式发出 会议通知，于2025年11月27日以现场和通讯表决相结合的方式举行。 会议应出席董事11人，实际出席董事11人，会议由董事长李良彬先生 主持，会议符合《公司法》及《公司章程》的规定。会议审议了所有 议案，一致通过以下决议： 2025 年 11 月 29 日 特此公告。 一、会议以 11 票赞成，0 票反对，0 票弃权，审议通过《关于赣 锋国际向特定对象发行可交换票据的议案》。 为优化公司资本结构，公司全资子公司 GFL International Co., Limited（以下简称"赣锋国际"）拟向中非发展基金有限公司（以下 简称"中非基金"）发行总额为 1 亿美元的可交换票据，中非基金可 以根据可交换票据中未偿付的票据金额 ...

Core Viewpoint - The copper metal sector has emerged as the largest gaining sector in the A-share and Hong Kong markets this year, with A-share copper metal concepts rising over 75% and Hong Kong copper metal stocks nearly doubling in value. The recent surge in copper prices is attributed to rising expectations of a Federal Reserve interest rate cut in December, which has also positively impacted other precious metals like silver and gold [1][3][8]. Group 1: Market Performance - The main copper futures contract surged by 2.25%, reaching a record high of $11,210.5 per ton, while domestic copper contracts and New York copper futures rose by 1.75% and 1.62%, respectively [1]. - Silver futures experienced a significant increase of 5.15%, reaching a new historical high, and spot gold prices rose nearly 1.5%, surpassing the $4,200 mark [3]. Group 2: Influencing Factors - A system failure at the Chicago Mercantile Exchange (CME) led to a halt in trading, coinciding with silver's critical price breakout, which fueled conspiracy theories about market manipulation. This incident contributed to a surge in short-term speculative trading in precious metals [4][5]. - The 14th Asian Copper Week held in Shanghai from November 25-27 was a key event, where major global copper companies discussed processing fees, leading to expectations of tighter supply and increased copper prices due to negotiations over record low processing fees and the halting of illegal copper smelting capacity in China [6][14]. Group 3: Supply and Demand Dynamics - The copper supply chain is under significant stress, with major copper mines facing production disruptions and declining ore grades, leading to increased extraction costs. The average copper ore grade has dropped from 0.81% in 2000 to 0.45% in 2023, resulting in an 80% increase in mining costs over the past decade [15]. - Demand for copper is expected to rise significantly due to the booming industries of renewable energy, electric vehicles, and AI, with global refined copper demand projected to reach 27.29 million tons by 2025, growing at a rate of 2.5%-2.8%, while supply growth is only expected to be 1.1% [16]. Group 4: Future Outlook - The consensus in the market is that copper prices are likely to continue rising due to persistent supply constraints and increasing demand, with projections indicating a potential copper deficit of 2-4 million tons by 2030 [16]. - Major players in the copper industry, such as Zijin Mining, are well-positioned due to their integrated operations and cost advantages, which may lead to higher valuations despite recent price increases [17][18].

Core Viewpoint - The copper metal sector has seen significant gains in both A-shares and Hong Kong stocks, with A-share copper metal concepts rising over 75% this year and Hong Kong stocks nearly doubling in value. The recent surge in copper prices is attributed to renewed expectations of a Federal Reserve interest rate cut in December, which has also positively impacted other precious metals like silver and gold [2][4][11]. Group 1: Market Performance - The copper metal sector has been the largest gaining sector in A-shares and Hong Kong stocks this year, with A-share copper concepts up over 75% and Hong Kong stocks nearly doubling [2]. - On a recent Friday, London copper futures surged by 2.25%, reaching a record high of $11,210.5 per ton, while domestic and U.S. copper prices also saw strong increases of 1.75% and 1.62%, respectively [2]. - Silver futures experienced an even larger increase of 5.15%, reaching a new historical high, while spot gold prices rose nearly 1.5%, surpassing $4,200 [4]. Group 2: Influencing Factors - A system failure at the Chicago Mercantile Exchange (CME) led to a halt in trading, coinciding with silver's critical price breakout, which fueled conspiracy theories about market manipulation. This incident contributed to a surge in short-term speculative trading in precious metals [6][7]. - The 14th Asian Copper Week held in Shanghai from November 25-27 was a significant event, where major global copper companies discussed processing fees, leading to heightened tensions and expectations of rising copper prices due to supply chain pressures [9][10]. Group 3: Supply and Demand Dynamics - The copper market is facing a historically tight supply situation, with mining companies pushing for record high processing fees and halting illegal copper smelting capacity in China [9][10]. - The global copper supply is constrained by various factors, including production interruptions at major mines and a significant decline in average copper ore grades, which has increased extraction costs by nearly 80% over the past decade [18][19]. - Demand for copper is expected to surge due to the growth in industries such as renewable energy, electric vehicles, and AI, with projections indicating a supply shortfall of approximately 10,000 tons by 2025 [20]. Group 4: Future Outlook - The consensus in the market is that copper prices are likely to continue rising due to persistent supply constraints and increasing demand, with some estimates suggesting a potential copper shortfall of 2 to 4 million tons by 2030 [20]. - Major players in the copper industry, such as Zijin Mining, are well-positioned due to their comprehensive supply chain management and cost advantages, which could lead to higher valuations in the market [22][26]. - Institutional investors, including major banks, are still showing confidence in the copper sector, indicating a positive outlook for future investments [27][28].

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 证券代码：002460 证券简称：赣锋锂业 编号：临2025-137 江西赣锋锂业集团股份有限公司 第六届董事会第十一次会议决议公告 本公司及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。 江西赣锋锂业集团股份有限公司（以下简称"公司"）第六届董 事会 ...

Core Insights - BlackRock increased its stake in Ganfeng Lithium (002460)(01772) by acquiring 18,443,505 shares at a price of HKD 48.0038 per share, totaling approximately HKD 885 million [1] - Following this acquisition, BlackRock's total shareholding in Ganfeng Lithium reached approximately 32,964,100 shares, representing a holding percentage of 7.39% [1]