Core Viewpoint - The A-share market for lithium mining stocks has seen a collective surge, driven by increased confidence in large-scale battery storage demand and supportive government policies aimed at expanding storage system capacity [1] Group 1: Market Performance - Lithium mining stocks such as Dazhong Mining, Keli Yuan, and Chuaneng Power reached the daily limit of 10% increase, while Hainan Mining, Shengxin Lithium Energy, and Guocheng Mining saw gains exceeding 7% [1] - The most actively traded lithium carbonate contracts on the Guangzhou Futures Exchange have risen for five consecutive trading days, with spot market prices hitting a two-month high, although they remain approximately 85% lower than the peak in 2022 [1] Group 2: Government Policies and Industry Outlook - Recent government measures aim to expand storage system capacity and investment, including establishing compensation mechanisms to ensure sufficient energy storage during peak usage [1] - China plans to double its storage system capacity to 180 GW by 2027 to support intermittent wind and solar power generation, which is expected to drive up demand for lithium and other battery materials [1] Group 3: Company Performance Metrics - Dazhong Mining: 10.03% increase, market cap of 24.3 billion, year-to-date increase of 90.02% [2] - Keli Yuan: 10.03% increase, market cap of 11.9 billion, year-to-date increase of 72.64% [2] - Chuaneng Power: 10.01% increase, market cap of 22.5 billion, year-to-date increase of 16.07% [2] - Hainan Mining: 7.17% increase, market cap of 19.4 billion, year-to-date increase of 39.02% [2] - Shengxin Lithium Energy: 7.08% increase, market cap of 21.5 billion, year-to-date increase of 70.10% [2]

Group 1 - The lithium mining sector continues to strengthen, with major companies experiencing significant stock price increases [1] - Da Zhong Mining has reached its daily limit increase, indicating strong market interest [1] - Other companies such as Shengxin Lithium Energy, Chuaneng Power, Ganfeng Lithium, Tianqi Lithium, Rongjie Co., and Guocheng Mining have also seen their stock prices rise [1]

从资金流向上来看，当日能源金属板块主力资金净流入1.79亿元，游资资金净流出1.53亿元，散户资金净 流出2599.45万元。能源金属板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603799 | 华友钻业 | 1.02 Z | 1.84% | -6722.36万 | -1.21% | -3514.36万 | -0.63% | | 002460 | 赣锋锂业 | 5062.43万 | 0.99% | -5382.21万 | -1.05% | 319.78万 | 0.06% | | 002466 | 天齐锂业 | 4501.73万 | 1.49% | -4139.24万 | -1.37% | -362.49万 | -0.12% | | 000762 西藏矿业 | | 3017.67万 | 5.82% | -2165.60万 | -4.18% | -852.07万 | -1.64% | | 30 ...

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Core Insights - The article highlights the recent developments in Limited Partner (LP) activities across various regions in China, focusing on the establishment of new funds and investment strategies aimed at supporting strategic emerging industries. Group 1: Fund Establishments and Investments - Shenzhen has launched a semiconductor fund, the Shenzhen Semiconductor and Integrated Circuit Fund Phase I, with a scale of 50 billion yuan, backed by state-owned enterprises [2] - The Shanghai government has introduced a comprehensive investment fund management regulation, allowing for early exit from underperforming funds [3] - A 70 billion yuan AIC mother fund has been established in Shenzhen to support industrial investments and mergers [4] - A 30 billion yuan cultural and tourism fund has been launched in Fujian, focusing on the "Cultural +" sector [5] - The Shanghai "Xinjuzhiyuan" venture capital fund has been set up with a scale of 450 million yuan, targeting high-end manufacturing and new materials [6] - The first new materials and renewable energy theme fund by Yinshi Capital has raised 500 million yuan [7] - A clinical transformation seed investment fund in Shanghai has been registered with an initial scale of 18 million yuan [8] - The first angel fund in Zhuhai has been established with a total scale of 200 million yuan [9] - The Chaoyang District has set up a 500 million yuan data aggregation equity fund to support the digital economy [11] - The Yunnan province has launched a 482 million yuan agricultural biotechnology fund [12] - A 1 billion yuan health industry fund has been established in Zhangzhou [13] - The Taizhou Semiconductor Industry Fund has been registered with a total scale of 1 billion yuan [14] - The Wuwei City Science and Technology Innovation Fund has been established with a total scale of 300 million yuan [15] Group 2: Strategic Initiatives and Policies - Tianjin's angel mother fund aims to invest in sub-funds with a target scale of 10 billion yuan [19] - Hangzhou's strategic emerging industry fund aims to create a fund cluster exceeding 300 billion yuan [21] - Wuxi's low-altitude economy and aerospace mother fund plans to invest in a sub-fund with a total scale of 1 billion yuan [22] - Chengdu's venture capital guidance fund has a total scale of 690 million yuan and is seeking GP partners [23] - Fujian province is selecting fund management institutions for its strategic emerging industry fund [24] - Nanjing is establishing a hydrogen energy and new energy storage fund, inviting fund management institutions [25][26] - Beijing aims to attract over 1 trillion yuan in long-term capital for technology innovation by 2027 [28] - Shenzhen's action plan for high-quality development of mergers and acquisitions aims for a total market value of listed companies to exceed 20 trillion yuan by 2027 [29]

Core Viewpoint - Tianqi Lithium Industries (09696.HK) announced a share repurchase plan in accordance with the regulations set by the China Securities Regulatory Commission, aimed at optimizing capital structure and enhancing shareholder value [1][2]. Group 1: Share Repurchase Details - The company repurchased shares using its own funds through centralized bidding, specifically for future employee stock ownership plans and equity incentives [1]. - A total of 26,600 A-shares, representing approximately 0.0016% of the company's total share capital, remain unused from the employee stock ownership plan [1][2]. - The repurchased shares will be canceled if not utilized within three years, in compliance with regulatory requirements [1]. Group 2: Financial Impact - The actual amount for the repurchase and cancellation of the 26,600 A-shares is approximately RMB 2,987,925.71 (excluding transaction fees) [2]. - Following the cancellation, the company's total share capital will decrease from 1,641,221,583 shares to 1,641,194,983 shares [2]. - The cancellation of these shares is not expected to have a substantial impact on the company's financial status or operational results [2].

Core Viewpoint - Tianqi Lithium Industries (002466)(09696) announced the cancellation of 26,600 repurchased A-shares on October 22, 2025 [1] Group 1 - The company is actively managing its share repurchase program by canceling a specific number of shares [1]

Core Viewpoint - Tianqi Lithium Industries (09696) announced the cancellation of 26,600 repurchased A-shares on October 22, 2025 [1] Summary by Category - **Company Actions** - The company has decided to cancel a total of 26,600 A-shares that were previously repurchased [1]

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之內容概不負責，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 賴該等內容而引致之任何損失承擔任何責任。 Tianqi Lithium Corporation 天齊鋰業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9696） 關於部分回購A股註銷完成暨股份變動的公告 茲提述本公司(i)股東於2022年10月17日批准實施的2022年度員工持股計劃；(ii) 本公司日期為2025年8月29日之公告及通函、日期為2025年9月22日之臨時股東 大會表決結果公告，內容有關變更部分回購A股用途並註銷。除非在本公告中另 有定義，本公告所用詞彙與上述公告及通函界定者具相同涵義。 1 三、本公司股本結構變動情況 二、部分回購A股的註銷情況 公司本次註銷涉及的部分回購A股數量為26,600股，佔註銷前公司總股本的 0.0016%，實際回購註銷金額為人民幣2,987,925.71元（不含交易費用）。本次註銷 完成後，公司總股本由1,641,221,583股減少至1,641,194,983股。公司於20 ...

FF305 備註： A部分已發行股份或庫存股份變動的佔有關事件前的現有已發行股份（不包括庫存股份）數目百分比是依據本公司已發行股份（不包括庫存股份）數目總額 1,641,221,583股 (包括164,122,200股 H 類普通股及 1,477,099,383股A類普通股)計算 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 天齊鋰業股份有限公司 呈交日期： 2025年10月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | A 股份類別 | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | ...