Core Viewpoint - The A-share market experienced a collective rise on November 13, with the Shanghai Composite Index reaching a 10-year high, driven by significant gains in energy metals and a positive outlook for the recycling of non-ferrous metals in China [2] Industry Summary - The non-ferrous metals industry in China is witnessing rapid growth, with production expected to increase from 14.5 million tons at the end of the 13th Five-Year Plan to 19.15 million tons by the end of 2024, reflecting an average annual growth rate of 7.2% [2] - By the end of 2025, production is anticipated to exceed 20 million tons for the first time, positioning the industry as a crucial solution to resource and environmental bottlenecks [2] Company Summary - Several companies in the energy metals sector, such as Yongxing Materials, Rongjie Co., and Shengxin Lithium Energy, saw their stock prices hit the daily limit, while Tianqi Lithium, Huayou Cobalt, and Ganfeng Lithium also experienced significant gains [2] - According to Dongfang Securities, the non-ferrous metals sector is entering a new cycle driven by supply-demand balance, with a focus on gold, lithium, rare metals, tungsten, and copper-aluminum [2]

Core Viewpoint - The lithium battery sector is experiencing a significant surge, driven by explosive growth in demand for power batteries and energy storage, with expectations of over 30% growth in lithium demand next year due to energy storage [1][5]. Group 1: Industry Dynamics - On November 12, 2025 World Power Battery Conference in Yibin, Sichuan, 180 projects were signed with a total amount of 86.13 billion yuan, covering key areas in green energy such as power batteries, new energy storage, and smart connected vehicles [4]. - The lithium battery industry chain is at a pivotal moment, with unprecedented development opportunities driven by a combination of technological revolution and market demand [6]. - The domestic energy storage market is expected to see a significant increase in installed capacity, projected to reach 300 GWh by 2026, driven by economic factors and market dynamics [5]. Group 2: Company Performance - Leading lithium mining companies such as Tianqi Lithium and Ganfeng Lithium are showing strong performance, with revenue from lithium products reaching 99.79% and 92.30% respectively [2]. - Various funds focused on new energy vehicles and rare metals have shown substantial returns, with the top-performing fund achieving a 39.55% return over the past year [3]. Group 3: Market Outlook - The overall industry sentiment remains positive, with a focus on the price trends of upstream raw materials, monthly sales, and relevant domestic and international policies [6]. - The lithium battery and related sectors are expected to continue to attract investment opportunities, particularly in light of the ongoing transition in the energy structure [6].

Core Viewpoint - The Shanghai Composite Index rose by 0.73% on November 13, with 27 sectors experiencing gains, particularly the power equipment and non-ferrous metals sectors, which increased by 4.31% and 4.01% respectively [1] Market Overview - The net inflow of capital in the two markets reached 24.471 billion yuan, with 16 sectors seeing net inflows. The power equipment sector led with a net inflow of 11.478 billion yuan, followed by the non-ferrous metals sector with 9.199 billion yuan [1] - Conversely, 15 sectors experienced net outflows, with the public utilities sector leading at a net outflow of 1.534 billion yuan, followed by the construction decoration sector with a net outflow of 999.3 million yuan [1] Non-Ferrous Metals Sector Performance - The non-ferrous metals sector rose by 4.01%, with a total net inflow of 9.199 billion yuan. Out of 137 stocks in this sector, 125 rose, 10 hit the daily limit, and 9 declined [2] - Notable stocks with significant net inflows included Tianqi Lithium with 1.373 billion yuan, Ganfeng Lithium with 732.5 million yuan, and Zijin Mining with 682 million yuan [2] Non-Ferrous Metals Sector Outflow - The outflow leaderboard in the non-ferrous metals sector included Huayu Mining with a net outflow of 225.74 million yuan, Yun Aluminum with 153.46 million yuan, and Chang Aluminum with 106.52 million yuan [3] - Other notable outflows included China Aluminum with 78.53 million yuan and Tianshan Aluminum with 77.07 million yuan [3]

固态电池概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 300750 | 宁德时 代 | 7.56 | 1.32 | 262166.69 | 11.43 | | 002709 | 天赐材 料 | 10.00 | 10.02 | 174871.38 | 26.46 | | 002466 | 天齐锂 业 | 9.98 | 9.68 | 137323.99 | 16.56 | | 002407 | 多氟多 | 10.01 | 23.90 | 96127.95 | 10.21 | | 002460 | 赣锋锂 业 | 6.63 | 10.57 | 73185.49 | 8.03 | | 002812 | 恩捷股 份 | 10.00 | 8.92 | 59806.15 | 13.43 | | 603799 | 华友钴 | 8.04 | 7.65 | 50907.16 | 5.47 | | --- | --- | - ...

截至11月13日收盘，盐湖提锂概念上涨4.14%，位居概念板块涨幅第6，板块内，40股上涨，盛新锂 能、*ST正平等涨停，富临精工、天齐锂业、新化股份等涨幅居前，分别上涨11.11%、9.98%、9.50%。 跌幅居前的有倍杰特、国机通用等，分别下跌1.63%、1.56%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 氟化工概念 | 4.50 | 芬太尼 | -0.31 | | 有机硅概念 | 4.47 | 同花顺果指数 | -0.29 | | 钠离子电池 | 4.47 | 深圳国企改革 | -0.24 | | 金属铅 | 4.27 | 高压氧舱 | -0.21 | | 磷化工 | 4.25 | F5G概念 | 0.06 | | 盐湖提锂 | 4.14 | 培育钻石 | 0.10 | | 金属锌 | 4.05 | DRG/DIP | 0.14 | | 石墨电极 | 4.01 | 太赫兹 | 0.17 | | 金属镍 | 3.93 | 青蒿素 | 0.23 | | 固态电池 | 3.86 | 血氧仪 | 0 ...

Core Insights - The energy metals sector experienced a significant increase of 7.87% on November 13, with Yongxing Materials leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Sector Performance - Yongxing Materials (002756) closed at 53.99, with a rise of 10.00% and a trading volume of 335,900 shares, amounting to a transaction value of 1.784 billion [1] - Shengxin Lithium Energy (002240) also saw a 10.00% increase, closing at 31.02 with a trading volume of 750,600 shares and a transaction value of 2.266 billion [1] - Other notable performers included Tianqi Lithium (002466) with a closing price of 59.50, up 9.98%, and Huayou Cobalt (603799) with a closing price of 65.42, up 8.04% [1] Capital Flow - The energy metals sector saw a net inflow of 3.884 billion in main funds, while retail funds experienced a net outflow of 2.047 billion [1] - The main funds' net inflow for Tianqi Lithium was 1.218 billion, representing 14.69% of its trading volume, while retail funds had a net outflow of 555 million [2] - Ganfeng Lithium (002460) had a main fund net inflow of 671 million, accounting for 7.36%, with retail funds seeing a net outflow of 486 million [2]

11月13日，A股三大指数今日低开高走，截至收盘，沪指涨0.73%报4029点续创十年新高，深证成指涨 1.78%，创业板指涨2.55%，北证50指数涨2.62%。全市场成交额2.07万亿元，较前一交易日增量1009亿 元，超3900股上涨，逾百股涨停。 | 代码 名称 | 现价 | 涨跌 | 涨幅 | | --- | --- | --- | --- | | 000001 上证指数 | 4029.50 +29.36 +0.73% | | | | 399001 | 深证成指 13476.52 +235.90 +1.78% | | | | 399006 创业板指 | 3201.75 +79.72 +2.55% | | | 盘面上，碳酸锂期货价格持续上涨，锂矿概念、锂电池产业链大爆发，天齐锂业、盛新锂业、雅化集团 等多股涨停；黄金概念板块继续上升，兴业银锡、国成矿业涨停；油气、银行等少数几个板块录得下 跌。 具体来看： | B | 代码 | 名称 | 现价 | 涨跌 | 涨幅 | | --- | --- | --- | --- | --- | --- | | 1 | 920252 | 大大理电 | 38.34 | ...

Core Viewpoint - The ongoing legal dispute between Tianqi Lithium and SQM regarding the "public-private partnership" in the Atacama Salt Flat has raised concerns about shareholder rights and governance, particularly after a Chilean court dismissed Tianqi's lawsuit [1][2][6]. Group 1: Legal Proceedings and Court Rulings - Tianqi Lithium's subsidiary, Inversiones TLC SpA, had its lawsuit dismissed by the Santiago Appeals Court, which Tianqi plans to evaluate for potential further legal actions [1][2]. - The court's ruling is not final, allowing Tianqi to consider an appeal while emphasizing the need for shareholder approval for significant transactions [2][5]. - Tianqi expressed disappointment with the court's interpretation, arguing it undermines shareholder rights and sets a harmful precedent for minority shareholders [6][7]. Group 2: Partnership Agreement and Implications - SQM entered a partnership agreement with Codelco without shareholder approval, which Tianqi claims infringes on its voting rights and those of other minority shareholders [2][5]. - The partnership is seen as a strategic move by the Chilean government to strengthen control over lithium resources, with Codelco gaining majority ownership in the joint venture [4][8]. - The agreement allows SQM to extend its lithium extraction rights in the Atacama Salt Flat until 2060, increasing its production quota during this period [7][8]. Group 3: Market and Regulatory Context - The partnership has received conditional approval from China's market regulatory authority, which includes commitments to fair supply practices and timely reporting of significant supply changes [9]. - The agreement is critical for the lithium supply chain, particularly for industries like electric vehicles, highlighting the importance of stable and competitive market conditions [9].

Core Viewpoint - Morgan Stanley has acknowledged a previous misjudgment regarding the lithium market and upgraded the ratings of Tianqi Lithium and Ganfeng Lithium from "Underweight" to "Neutral" [1] Group 1: Market Demand and Supply - The significant revision by Morgan Stanley is primarily due to the previously underestimated explosive demand from the energy storage (ESS) market [1] - The supply of lithium is expected to remain tight, as the resumption of operations at CATL's mines is insufficient to alleviate the situation [1] - Morgan Stanley predicts a supply gap in the global lithium market in 2025 and 2026 [1] Group 2: Price Forecast Adjustments - The bank has raised its lithium price forecast for 2026 from RMB 70,000 per ton to RMB 90,000 per ton, representing an increase of nearly 30% [1]

Group 1 - The Hong Kong battery sector continues to strengthen, with Longpan Technology rising over 25% [1] - Ruipu Lanjun increased by more than 10% [1] - Ganfeng Lithium rose by over 9% [1] - Zhongchuang Xinhang and Tianqi Lithium both saw increases of over 8% [1]