格隆汇12月5日丨天齐锂业(002466.SZ)在互动平台表示，公司锂产品订单涵盖长单和短单，具体销售价 格则结合不同客户的商业需求和商务条件随行就市确定。公司目前下游客户提货正常。公司库存处于安 全水平。公司将持续密切关注下游需求变化及市场动态，灵活调整销售策略，确保公司经营稳健。关于 您提到的碳酸锂购买事宜，公司产品主要面向具备相关资质的工业客户进行销售，暂不提供零售服务。 ...

财达证券指出，铜铝期货价格在近期表现强势，新能源车、算力中心、美欧电网更新等因素，对铜铝需 求有望产生显著的增量。从实际经营看，相关板块的盈利能力也正在改善。工业金属板块可能正面临较 为长期的投资机会。 有色ETF基金紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2025年11月28日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业 (601899)、洛阳钼业(603993)、北方稀土(600111)、华友钴业(603799)、中国铝业(601600)、赣锋锂业 (002460)、中金黄金(600489)、山东黄金(600547)、天齐锂业(002466)、云铝股份(000807)，前十大权重 股合计占比52.34%。 截至2025年12月5日 10:37，国证有色金属行业指数(399395)强势上涨1.10%，成分股中孚实业(600595)上 涨8.21%，南山铝业(600219)上涨6.72%， ...

Group 1 - The "Investment Opportunities in China" roadshow successfully took place in Germany, featuring representatives from five Shenzhen-listed companies engaging with institutional investors [1] - The Shenzhen Stock Exchange (SZSE) organized a total of 11 overseas roadshows in 2025, covering over 50 Shenzhen-listed companies and reaching countries like Singapore, South Korea, Australia, and Germany [1] - The participating companies in the German roadshow represent key sectors such as renewable energy, high-end manufacturing, and healthcare, which are of significant interest to German investors [1] Group 2 - In the Sydney roadshow, six companies from the green low-carbon and high-end manufacturing sectors engaged with nearly 70 representatives from Australian investment institutions, highlighting the shift of Chinese companies from "technology followers" to "standard setters" [2] - During the Singapore roadshow, companies like Mindray Medical and Inovance Technology received positive feedback from foreign investors, who expressed high interest in the global strategies and technological advancements of Chinese firms [2] - The SZSE is actively organizing roadshows in Hong Kong to enhance understanding and trust between Shenzhen-listed companies and foreign investors, facilitating international investment in the Shenzhen market [2][3] Group 3 - The SZSE plans to continue organizing overseas roadshows and activities for foreign investors to enhance their understanding of the investment value of Chinese assets [3] - The exchange aims to improve the quality of services for connecting Shenzhen-listed companies with foreign investors, facilitating cross-border investment activities [3]

Investment Rating - The report rates the industry as "Positive" [4] Core Insights - The lithium price has shown a strong rebound due to supply constraints and increased demand from the energy storage sector, with battery-grade lithium carbonate prices rising from 61,300 CNY/ton to 85,700 CNY/ton in Q3 2025, marking an 11.92% increase from the previous quarter [12] - The overall revenue of 12 A-share lithium companies reached 39.718 billion CNY in Q3 2025, reflecting a year-on-year increase of 27.01% and a quarter-on-quarter increase of 12% [18] - The net profit attributable to shareholders for these companies surged to 5.328 billion CNY in Q3 2025, a significant year-on-year increase of 110% and a quarter-on-quarter increase of 65% [21] - The average gross margin for the companies was 24.7%, with a net margin of 13.42%, indicating a positive trend in profitability [29] Market Analysis - The lithium supply remains resilient despite production disruptions in regions like Jiangxi, with Q3 2025 lithium salt production reaching 328,500 tons, a year-on-year increase of 17.9% [14] - Global sales of new energy vehicles reached 5.4 million units in Q3 2025, a 23% increase year-on-year, driving demand for lithium [9] - Lithium salt inventory decreased from 150,000 tons to 130,000 tons in Q3 2025, indicating a trend of destocking in the industry [17] Financial Performance - The average cash ratio for the companies was 0.79, with a debt-to-asset ratio of 38.75%, indicating stable debt repayment capabilities [55] - Capital expenditures for the 12 companies totaled 16.943 billion CNY in the first three quarters of 2025, reflecting a year-on-year increase of 15.65% [49] - The four major expenses (sales, management, R&D, and financial costs) totaled 3.26 billion CNY in Q3 2025, with a notable increase in financial expenses [38]

登录新浪财经APP 搜索【信披】查看更多考评等级 新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点击 查看【 ESG评级中心服务手册】 12月2日，第13届中国责任投资论坛（China SIF）年会在京成功举行。年会由商道融绿主办，联合国环境规划署金融倡议（UNEP FI）、联合国可持续证券 交易所倡议（UN SSE） 联合主办。来自监管、市场和学术界的数十位专家围绕"重构全球格局，发现新兴机遇"这一主题发表观点。来自金融机构、上市公 司及学术机构等300多位代表现场参会，线上观看人次首次超过百万。 中国责任投资论坛理事长、商道融绿董事长、联合国环境规划署金融倡议（UNEP FI）中国代表郭沛源主持本届年会。他介绍道，在全球ESG发展面临波动 的情况下，中国积极推动绿色转型，绿色金融市场规模持续上升，以气候相关披露为重点的可持续披露准则也广受关注。在此背景下，本届年会旨在聚焦 ESG的最新进展，探讨可持续金融的新格局和新机遇。 第一轮主旨演讲环节聚焦"国内外ESG发展态势"。 全国社保基金理事会原副理事长、中国责任投资论坛名 ...

法院文件显示， 天齐锂业 已向 智利最高法院 提交了针对 智利国家铜业公司 （Codelco）与 智利化工 矿业公司 （SQM）合作关系的禁令申请。 天齐锂业 在SQM中持有22%的股份。 天齐锂业 请求法院叫 停该国证券监管机构的一项裁决。该裁决允许 SQM的董事会（而非股东）批准与Codelco的合作联盟。 天齐锂业 认为，现在停止所有进展至关重要，以确保最高法院最终的裁决能够产生实际效力。 ...

Market Overview - The Shanghai Composite Index fell by 0.42% on December 2, with seven industries experiencing gains, led by the petroleum and petrochemical sectors, which rose by 0.71% and 0.55% respectively [1] - The media and non-ferrous metals sectors had the largest declines, with drops of 1.75% and 1.36% respectively [1] - Overall, there was a net outflow of 46.499 billion yuan in the main funds across the two markets, with seven industries seeing net inflows [1] Industry Performance - The non-ferrous metals industry saw a decline of 1.36%, with a net outflow of 3.995 billion yuan in main funds [2] - Out of 137 stocks in the non-ferrous metals sector, 16 stocks increased in value while 121 stocks decreased [2] - The top three stocks with the highest net inflow in the non-ferrous metals sector were Tongling Nonferrous Metals (1.10 billion yuan), Zhongtung High-tech (1.09 billion yuan), and Western Materials (88.4729 million yuan) [2] Fund Flow Analysis - The non-ferrous metals sector had 28 stocks with net inflows, while 15 stocks experienced net outflows exceeding 100 million yuan [2] - The stocks with the largest net outflows included Northern Rare Earth (4.41 billion yuan), Tianqi Lithium (2.59 billion yuan), and Xingye Silver Tin (2.45 billion yuan) [2][4] - The top stocks with the highest net outflows also included Shengxin Lithium Energy and Zijin Mining, with outflows of 2.1862 billion yuan and 2.0201 billion yuan respectively [4]

每经AI快讯，港股锂业股今日走低。截至发稿，天齐锂业(09696.HK)跌3.49%，报47.02港元；赣锋锂业 (01772.HK)跌2.43%，报47.44港元。 （文章来源：每日经济新闻） ...

Group 1 - Lithium stocks experienced a decline, with Tianqi Lithium (002466) down 3.49% at HKD 47.02 and Ganfeng Lithium (002460) down 2.43% at HKD 47.44 [1] - Since October, the price of lithium carbonate has been on the rise, surpassing HKD 80,000 and HKD 90,000, reaching a peak of HKD 102,500 per ton on November 19, marking a new high since June 2024 [1] - The total monthly production of lithium carbonate continued to increase in November, with a month-on-month growth of 3% and a year-on-year increase of 49%, indicating ongoing domestic supply expansion [1] Group 2 - Guoyuan Futures released a report indicating that while market expectations for December demand remain positive, the actual demand performance is falling short of expectations due to inventory levels and production schedules in the downstream sector [1] - The report suggests that with a significant amount of lithium salt inventory still held by downstream players, combined with high lithium prices and year-end inventory reduction needs, the support for lithium prices from the demand side may weaken, leading to a potential short-term downward trend in lithium prices [1]

Core Viewpoint - The A-share market experienced a decline, with the Shanghai Composite Index falling below 3900 points, while the Nonferrous 50 ETF (159652) saw a drop of 1.57%, with significant buying interest emerging during the dip [1][3]. Market Performance - The Nonferrous 50 ETF (159652) index components mostly retreated, with Tianqi Lithium and other stocks dropping over 3%, while Northern Rare Earth and Huayou Cobalt fell more than 2% [3]. - Key stocks in the Nonferrous 50 ETF include Zijin Mining (-1.50%), Northern Rare Earth (-2.75%), and Tianqi Lithium (-3.39%), among others, indicating a general downturn in the sector [4]. Economic Indicators - The U.S. manufacturing sector continues to decline, with the ISM reporting a contraction for the ninth consecutive month, which may influence global market sentiment [5]. - Bank of America forecasts a 25 basis point rate cut by the Federal Reserve in December, with further cuts expected in mid-2026, potentially impacting investment flows into commodities [5]. Precious Metals Market - Silver prices have surged, with a year-to-date increase of over 94%, driven by supply shortages and rising industrial demand, particularly in photovoltaics and electric vehicles [5][6]. - The market anticipates continued support for precious metals due to expectations of Fed rate cuts and liquidity easing, which could further elevate gold and silver prices [7]. Industrial Metals Outlook - The copper market faces production disruptions due to frequent accidents at major mines, leading to a downward revision of global copper output forecasts [8]. - Codelco's significant price increase for refined copper contracts highlights the tightening supply situation, with potential implications for copper prices moving forward [8]. Investment Opportunities - The Nonferrous 50 ETF (159652) is positioned to benefit from a super cycle in metals, with a diversified exposure to gold, copper, aluminum, lithium, and rare earths [9]. - The ETF's composition shows a leading "gold-copper content" of 46%, indicating a strong strategic positioning within the sector [11]. - The ETF has demonstrated superior performance with a cumulative return leading its peers since 2022, driven by earnings rather than valuation expansion [12][13].