Core Viewpoint - The "Golden Award" annual excellence company selection by Gelonghui highlights outstanding companies and their secretaries, emphasizing the importance of corporate governance and investor relations in the market [1][2]. Group 1: Award Winners - Eight individuals received the "Annual Excellence Secretary" award, including Wu Shijun from Aier Eye Hospital, Zhu Qiming from Fushouyuan, Zhang Yuxin from Hisense Home Appliances, Liu Xiaodong from Longi Green Energy, Li Liangyu from Robotech, Zhang Wenyu from Tianqi Lithium, Wan Guilong from XJ Electric, and Han Min from WuXi AppTec [1]. - The award recognizes secretaries for their exceptional performance in corporate governance, equity management, information disclosure, and investor relations [1]. Group 2: Evaluation Process - The selection process for the awards involved quantitative data analysis and expert review to determine the final results [1]. - The "Golden Award" aims to create a valuable reference for investors by ranking listed companies and unicorns across various stock exchanges, including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2].

Group 1 - The main contract for lithium carbonate surged to a high of 116,460 yuan/ton, marking the highest price of the year, with a midday increase of 5.16% [1] - The lithium sector index rose nearly 3%, with Tianqi Lithium, Shengxin Lithium Energy, and Rongjie Co., Ltd. leading in gains [1] - Trading volume reached 5680 contracts, with a total open interest of 575,000 contracts and a daily increase of 32,064 contracts [2] Group 2 - The resumption of operations at the Jiangxi lithium mine by CATL is currently hindered by environmental assessments, mining rights changes, and safety permits, with the mining rights change being a critical bottleneck [5] - The optimistic timeline suggests that trial production could begin by June 2026, while a conservative estimate pushes this to September 2026, indicating limited supply pressure in the first half of 2026 and strong short-term upward momentum for lithium prices [5] - The Yichun Natural Resources Bureau has announced plans to revoke 27 mining rights, with ecological restoration obligations falling to the original rights holders [5]

Group 1 - Lithium stocks continue to rise, with Tianqi Lithium (09696) up 6.01% at HKD 52.75 and Ganfeng Lithium (01772) up 4.65% at HKD 54 [1] - On December 22, the main contract for lithium carbonate on the Shanghai Futures Exchange increased by nearly 5%, currently priced at CNY 115,300 per ton [1] - The Jiangxi Yichun Mining Project's environmental impact assessment has been publicly announced, indicating that further approvals are required for normal mining operations [1] Group 2 - Huachuang Securities suggests that the resumption of operations at the Yichun Jiangxiawo lithium mine may be slower than expected, with the mining license having expired on August 9 and operations currently suspended [1] - The resumption of mining activities is anticipated to be delayed until the first half of 2026, exacerbating the current tight supply of lithium and providing strong support for rising lithium prices [1]

商 品 研 2025 年 12 月 22 日 碳酸锂：泰利森新投产，关注需求淡季不淡的预期 兑现 邵婉嫕 投资咨询从业资格号：Z0015722 shaowanyi@gtht.com 刘鸿儒（联系人） 期货从业资格号：F03124172 liuhongru@gtht.com 【基本面跟踪】 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2601合约（收盘价） | 109,720 | 5,280 | 13,800 | 18,960 | 10,420 | 38,920 | | | | 2601合约（成交量） | 33,894 | -3,737 | -13,972 | -63,166 | -1,733,534 | -134,576 | | | | 2601合约（持仓量） | 57,834 | -11,035 | -47,922 | -150,448 | -445,298 | -116,267 | | | 盘面 | 2605合约（收盘价 ...

Group 1 - Lithium stocks continued to rise, with Tianqi Lithium (09696) up 6.01% at HKD 52.75 and Ganfeng Lithium (01772) up 4.65% at HKD 54 [1] - The main contract for lithium carbonate on the Shanghai Futures Exchange increased by nearly 5%, currently priced at CNY 115,300 per ton [1] - The environmental impact assessment for the lithium mining project in Yifeng County, Jiangxi Province, was publicly announced, indicating that further approvals are required for normal mining operations [1] Group 2 - Huachuang Securities predicts that the resumption of operations at the Jiangxi Zhangxiawo lithium mine may be slower than expected, with the mining license having expired on August 9 and operations currently suspended [1] - The resumption of mining activities may be delayed until the first half of 2026 due to the ongoing approval processes, exacerbating the current tight supply of lithium and providing strong support for rising lithium prices [1]

每经AI快讯，港股锂业股早盘继续走高。截至发稿，天齐锂业(09696.HK)涨6.01%，报52.75港元；赣锋 锂业(01772.HK)涨4.65%，报54港元。 ...

Core Viewpoint - The A-share market is experiencing a significant upward trend, particularly in the non-ferrous metal sector, with the Non-Ferrous 50 ETF (159652) showing a notable increase and substantial trading volume [1][4]. Group 1: Market Performance - As of 9:58 AM, the Non-Ferrous 50 ETF (159652) opened with a gap up, rising by 2.5% and seeing a significant increase in trading volume, with 200,000 net subscriptions recorded during the session [1]. - Key stocks in the non-ferrous metal sector, such as Zijin Mining and Shandong Gold, have shown strong performance, with Zijin Mining increasing by 4.66% and Shandong Gold by 4.37% [2][4]. Group 2: Commodity Trends - Precious metals are experiencing a surge, with spot gold rising over 1% to exceed $4,383 per ounce, setting a new historical high, while silver has also reached a record of over $67 per ounce [3]. - The overall non-ferrous metal sector has seen an impressive increase of over 85% this year, indicating a strong market performance [4]. Group 3: Economic and Policy Context - Following the December Federal Reserve policy decisions, a monthly operation of $40 billion in reserve management purchases is expected to provide liquidity support to the market [7]. - The Bank of Japan has raised interest rates by 25 basis points to 0.75% to combat rising inflation, marking the highest rate in 30 years [7]. Group 4: Investment Opportunities - The Non-Ferrous 50 ETF (159652) is highlighted as a leading investment vehicle, covering a wide range of metals including gold, copper, aluminum, lithium, and rare earths, which are expected to benefit from the ongoing super cycle in the non-ferrous sector [18][20]. - The ETF has a high concentration of key metals, with copper accounting for 31% and gold for 14%, making it a competitive option in the market [20]. Group 5: Long-term Outlook - The long-term outlook for gold remains positive, driven by factors such as declining real interest rates and increasing central bank gold purchases, with forecasts suggesting gold prices could exceed $4,500 per ounce in the near future [15][16]. - The copper market is also expected to see a growing supply-demand gap, with projections indicating that copper prices may reach new highs due to robust demand from emerging sectors like AI and renewable energy [16][17].

Core Viewpoint - Lithium stocks continue to rise, driven by increasing lithium carbonate prices and regulatory developments in mining projects [1] Group 1: Stock Performance - Tianqi Lithium (002466)(09696) increased by 6.01%, reaching HKD 52.75 [1] - Ganfeng Lithium (002460)(01772) rose by 4.65%, trading at HKD 54 [1] Group 2: Market Developments - On December 22, the main contract for lithium carbonate on the Shanghai Futures Exchange surged nearly 5%, currently priced at CNY 115,300 per ton [1] - The Jiangxi Yichun bidding website announced the first environmental impact assessment for the lithium mining project in Yifeng County, indicating ongoing regulatory processes [1] Group 3: Regulatory Insights - Legal expert Cao Xusheng stated that the environmental impact assessment is a standard approval step, with further applications and approvals required for normal mining operations [1] - Huachuang Securities predicts that the resumption of operations at the Yichun Jiangxiawo lithium mine may be delayed until the first half of 2026, exacerbating current lithium supply constraints and supporting rising lithium prices [1]

Group 1 - Lithium stocks continue to rise, with Tianqi Lithium (09696) up 6.01% at HKD 52.75 and Ganfeng Lithium (01772) up 4.65% at HKD 54 [1] - The main contract for lithium carbonate on the Shanghai Futures Exchange increased by nearly 5%, currently priced at CNY 115,300 per ton [1] - The environmental impact assessment for the lithium mining project in Yifeng County, Jiangxi Province, has been publicly disclosed, indicating that further approvals are needed for normal mining operations [1] Group 2 - Huachuang Securities suggests that the resumption of operations at the Jiangxi Zhangxiawo lithium mine may be slower than expected, with the mining license having expired on August 9 and operations currently suspended [1] - The ongoing environmental assessment and subsequent approval processes may delay the resumption of mining until the first half of 2026, exacerbating the current tight lithium supply situation [1] - The increase in lithium prices is strongly supported by the supply constraints in the market [1]

Group 1 - Platinum prices reached a peak of $1987 per ounce on December 19, marking the highest level since late July 2008, with an annual increase of over 110% [1] - Silver prices surged above $67.49 per ounce, setting a new historical high [1] - The SHFE gold price hit 987 yuan per gram [1] Group 2 - The China Nonferrous Metals Industry Index (399395) rose by 0.96% as of December 22, 2025, with notable increases in stocks such as Yahua Group (002497) up 1.90%, and China Aluminum (601600) up 1.84% [1] - The Nonferrous Metals ETF (159880) increased by 0.77%, with the latest price at 1.84 yuan [1] - The top ten weighted stocks in the Nonferrous Metals Industry Index account for 52.34% of the index, including Zijin Mining (601899) and China Aluminum (601600) [2]