Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [2]. Core Views - The report highlights that the "anti-involution" policy is guiding a short-term strength in energy metals, while gold is under pressure due to rising U.S. Treasury yields and a stronger dollar [1]. - The report suggests that despite short-term fluctuations, the long-term bullish trend for gold remains intact due to central bank purchases and fiscal concerns [1]. - Industrial metals are experiencing mixed trends, with copper facing supply disruptions and aluminum entering a potential inventory accumulation phase [1]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector showed mixed performance this week, with varying price movements across different metals [10]. - The report notes that the overall non-ferrous metals index increased by 1.0%, with energy metals up by 1.0% and industrial metals up by 1.5% [16]. Industrial Metals - **Copper**: Global copper inventory increased slightly to 518,000 tons, with supply disruptions from MMG and Hudbay Minerals affecting logistics [1]. The copper price has seen fluctuations due to macroeconomic factors and demand-side pressures [1]. - **Aluminum**: The report indicates a potential inventory accumulation cycle, with production recovering in some regions while demand remains subdued [1]. Energy Metals - **Lithium**: The report notes a continued strength in lithium prices, driven by supply constraints and robust demand from electric vehicle sales [1]. The price of battery-grade lithium carbonate rose to 64,000 yuan/ton, reflecting a 1.5% increase [26]. - **Metal Silicon**: The report discusses a short-term upward trend in silicon prices due to production cuts and recovery expectations in polysilicon plants [1]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Luoyang Molybdenum, all rated as "Buy" [5]. Company Announcements - Zijin Mining announced an asset acquisition of the RG gold mine project, with a valuation of 1.2 billion yuan [34]. - Ganfeng Lithium completed the acquisition of Mali Lithium, enhancing its lithium resource integration strategy [34]. Price and Inventory Changes - The report provides detailed price movements for various metals, indicating that gold prices increased by 4.2% over the week, while copper prices saw a slight decline [21][23]. Market Trends - The report emphasizes the ongoing supply-demand dynamics in the non-ferrous metals market, with particular attention to the impact of macroeconomic indicators on metal prices [1].

Core Viewpoint - The article discusses the upcoming 2025 China Solid-State Battery Technology Development and Market Outlook Summit, highlighting its significance in the battery industry and the advancements in solid-state battery technology. Conference Details - The summit will take place on July 8-9, 2025, at the Shanghai Pudong Holiday Inn [1]. - The registration fee is 2600 yuan, with free registration available until July 7 [5]. Forum Topics - Various topics will be covered, including advancements in solid-state battery materials, industry trends, and product layouts from different companies [4]. - Notable speakers include researchers and executives from institutions like the Chinese Academy of Sciences and companies such as Shanghai Enjie New Materials Technology Co., Ltd. [4]. Attendee List - The attendee list features a diverse range of professionals from academia and industry, including researchers, managers, and executives from various companies involved in solid-state battery technology [8][10][12].

| FF301 | | | | | | --- | --- | --- | --- | --- | | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | | | | 截至月份: | 2025年6月30日 | | | 狀態: 新提交 | | 致：香港交易及結算所有限公司 | | | | | | 公司名稱: | 天齊鋰業股份有限公司 | | | | | 呈交日期: | 2025年7月2日 | | | | | I. 法定/註冊股本變動 | 不適用 | | | | | 證券代號 (如上市) | 09696 說明 | | | | | 增加多櫃檯證券代號 | | | | | | 手動填寫 | | 法定/註冊股份數目 | 面 | | | 值 | 法定/註冊股本 | | | | | 上月底結存 | | 164,122,200 RMB | 1 | | | RMB | 164,122,200 | | | | | 增加 / 減少 (-) | | 0 | | | | RMB | 0 | | | | | 本月底結存 | | 164,122,200 RMB | 1 | | | RMB | 164 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年6月30日 | | | | 狀態: | 新提交 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | | | 公司名稱: | 天齊鋰業股份有限公司 | | | | | | | | | 呈交日期: | 2025年7月2日 | | | | | | | | | I. 法定/註冊股本變動 | 不適用 | | | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上市 | (註1) | 是 | | + | | 證券代號 (如上市) | 09696 | 說明 | | | | | | | | 增加多櫃檯證券代號 | | | | | | | | | | 手動填寫 | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | | 上月底結存 | | | 164,122,200 RMB | | 1 RMB | | 164,122,2 ...

Investment Rating - The investment rating for Tianqi Lithium is set at "Hold" with a target price of HK$23.0 for H-shares and Rmb26.26 for A-shares, reflecting a valuation based on P/B multiples [19][21]. Core Insights - The report indicates a near-term bottom for lithium prices at Rmb60k/t, with expectations of supply discipline to help rebalance the market. However, there are concerns about potential supply resumption if prices rebound to Rmb70k/t [1]. - The report maintains a bullish outlook on lithium in the short term, despite anticipated pressure from oversupply in the next 12 months [1]. - Recent data shows mixed trends in lithium prices, with Li2CO3 and LiOH ASP quoted at Rmb60.6k/t and Rmb58.1k/t respectively, indicating slight fluctuations week-over-week [2]. Summary by Sections Lithium Price Trends - Lithium prices are currently experiencing a mixed trend, with Li2CO3 and LiOH ASP at Rmb60.6k/t and Rmb58.1k/t as of June 26, 2025, compared to Rmb60.5k/t and Rmb59.2k/t the previous week [2]. - The production of Li2CO3 in China increased by 2% week-over-week to 18,767 tons, with varying outputs from different sources [2]. Inventory and Production Insights - Total inventory of Li2CO3 reached 136,837 tons, reflecting a 1% increase week-over-week. Inventory levels for downstream players, smelters, and others also showed increases [2]. - The report highlights ongoing production increases across various lithium sources, with brine and lepidolite outputs up by 2% and 3% respectively [2]. Company Valuation - Tianqi Lithium's H-shares are valued at HK$23.0 based on a 0.70x 2025E P/B multiple, while A-shares are valued at Rmb26.26 based on a 1.0x 2025E P/B [19][21].

Investment Rating - The report maintains a positive outlook on aluminum and lithium sectors while being less bullish on steel names, indicating a preference for aluminum and lithium investments [1][2]. Core Insights - The report emphasizes the need for steel supply reform, anticipates a near-term bottom for lithium prices, and expects potential corporate actions from aluminum companies in China [1]. - It highlights that aluminum and lithium stocks have performed well, while steel stocks have lagged behind, prompting a reassessment of investment strategies [1]. - The report ranks the sectors in the following order: aluminum > lithium > copper > steel > gold > battery > thermal coal > cement [1]. Summary by Sections Aluminum - The aluminum sector is viewed as undervalued relative to mid-term fundamentals, with expectations for a re-rating driven by a cap on smelting capacity and improved margins [2]. - Shareholder return policies from companies like Hongqiao and Chalco are generating investor interest, with Chalco initiating share buybacks [2]. Steel - The anticipated steel supply reform has been delayed, with internal communications between local governments and steel mills ongoing [6]. - Recent data from the National Bureau of Statistics (NBS) shows a decline in pig iron output of approximately 3% year-over-year in May 2025, contrasting with a 4% increase reported by MySteel [6]. Lithium - The report suggests that lithium prices are nearing a short-term trough at Rmb60,000 per ton, with expectations of production cuts to stabilize the market [8]. - Investors are concerned about the potential restart of suspended supply if prices rebound to Rmb70,000 per ton, alongside ongoing capacity additions in the pipeline [8].

Group 1 - Tianqi (Yajiang) Mining Co., Ltd. has been established, with Guo Wei as the legal representative [1] - The company's business scope includes non-coal mining resource extraction, common non-ferrous metal smelting, metal ore sales, and mineral processing [1] - Tianqi Lithium (002466) holds 100% ownership of the newly established company [1]

Core Viewpoint - The renewable energy sector is experiencing positive momentum, with significant stock price increases and favorable market conditions, particularly in the context of the Chinese and U.S. markets [1][4]. Group 1: Market Performance - As of June 27, 2025, the CSI New Energy Index rose by 0.93%, with notable stock performances including Xingyuan Material up 9.70% and Tianqi Lithium up 4.68% [1]. - The New Energy ETF (159875) increased by 0.68%, with a cumulative rise of 4.02% over the past week [1]. - The trading volume for the New Energy ETF reached 16.97 million yuan, with a turnover rate of 1.93% [1]. Group 2: Fund and Investment Insights - The New Energy ETF saw a significant scale increase of 7.09 million yuan over the past week, indicating strong investor interest [1]. - The latest financing buy-in for the New Energy ETF was 1.11 million yuan, with a financing balance of 30.07 million yuan [1]. - The CSI New Energy Index is currently valued at a historical low, with a price-to-book ratio (PB) of 2.05, which is below 86.91% of the time over the past five years, highlighting attractive valuation [1]. Group 3: Industry Developments - The Ministry of Industry and Information Technology in China has released a plan to advance green and low-carbon standards in various sectors, including microgrids and clean hydrogen applications [3]. - Recent amendments to U.S. legislation extending energy storage ITC subsidies are expected to benefit the U.S. large-scale storage market, which remains a high-margin sector [4]. - In Europe, offshore wind investments have exceeded 5.6 GW this year, with a 107% year-on-year increase in final investment decisions, indicating a robust growth outlook for the offshore wind sector [4].

Group 1: Fuel Oil Futures and Gold Prices - Fuel oil futures main contract hit the limit down, reporting at 3065 yuan/ton with a decline of 9.02% [2] - International crude oil prices experienced a significant drop, while international gold prices also saw an expanded decline, with spot gold dropping over 1% [2] Group 2: Ceasefire Announcement - U.S. President Trump announced that the ceasefire between Israel and Iran is now in effect, urging not to violate it [4] - The ceasefire agreement includes two 12-hour ceasefire periods, with Iran initiating the first and Israel following with the second, leading to a formal end to the conflict after 24 hours [4] Group 3: Solid-State Battery Stocks - Solid-state battery concept stocks surged, with the Shanghai Composite Index rising over 1% in the afternoon session [5] - Notable stocks include Guoxuan High-Tech (002074) hitting the daily limit up, while Huasheng Lithium and Liyuanheng rose over 10% [6] - Upcoming conferences on solid-state battery technology are expected to catalyze further interest, with events scheduled for June 24-25 and July 3 [8]

Market Overview - A-shares opened lower on June 23, with the ChiNext Index and Shenzhen Component Index turning positive during the session [1] - The Hang Seng Index and Hang Seng Tech Index opened lower, with JD.com leading the decline among blue chips [1][2] Sector Performance - Oil and gas stocks showed strong performance, with Shandong Molong and MI Energy rising nearly 15% [1][3] - Shipping stocks also performed well, with Ningbo Shipping and Xingtong Co. hitting the daily limit [5][6] Oil and Gas Sector - WTI crude oil futures rose over 6% in early trading, contributing to the rally in oil and gas stocks [3] - Citic Securities predicts that Brent crude oil prices may break $80 per barrel, with a trading range expected between $70 and $100 per barrel [5] Shipping Sector - Shipping and port stocks in Hong Kong also saw gains, with DeXiang Shipping rising over 17% [6] - The geopolitical situation in the Middle East, particularly regarding Iran's potential closure of the Strait of Hormuz, is influencing market sentiment [6] Cobalt and Solid-State Battery Sector - Cobalt-related stocks experienced a surge, with Tengyuan Cobalt rising over 17% [7] - The Democratic Republic of the Congo announced an extension of a temporary ban on cobalt exports, impacting market dynamics [9] - Solid-state battery stocks are gaining traction, with companies reporting advancements in production timelines [9] Semiconductor Sector - Semiconductor and photolithography stocks saw strong performance, with multiple companies hitting daily limits [9]