Core Viewpoint - Tianqi Lithium Industries experienced a 5.27% increase in stock price, reaching 56.95 CNY per share, with a trading volume of 1.573 billion CNY and a turnover rate of 1.92%, resulting in a total market capitalization of 93.466 billion CNY [1] Company Overview - Tianqi Lithium Industries, established on October 16, 1995, and listed on August 31, 2010, is located in Chengdu, Sichuan Province, China. The company specializes in the production and sales of lithium concentrate products and lithium compounds and their derivatives [1] - The revenue composition of Tianqi Lithium includes 50.54% from lithium compounds and derivatives, 49.25% from lithium ore, and 0.21% from other sources [1] Fund Holdings - Xinhua Fund has a significant holding in Tianqi Lithium, with its Xinhua Active Value Flexible Allocation Mixed A Fund (001681) holding 30,400 shares, accounting for 1.03% of the fund's net value, making it the fifth-largest holding [2] - The Xinhua Active Value Flexible Allocation Mixed A Fund was established on December 21, 2015, with a current size of 128 million CNY. Year-to-date returns are 10.2%, ranking 5934 out of 8145 in its category, while the one-year return is 17.06%, ranking 4084 out of 8059 [2] - The fund manager, Lin Zhai, has been in the position for 5 years and 310 days, with total assets under management of 715 million CNY. The best return during his tenure is 16.1%, while the worst is -5.55% [2]

摩根大通电池分析师预计，在政策激励和电网级项目持续部署的支持下，2026年全球储能电池出货量将 同比增长30%，达到约770GWh。正是考虑到储能带来的额外14-16.5万吨碳酸锂当量(LCE)需求，摩根 大通才将其对锂市场的中期供需预测从过剩扭转为短缺。此外，中信建投（601066）表示，看好储能超 预期增长带来的锂电电池和材料端出货量和价格上修带来的机会。预计2026年国内、海外动力电池需求 分别同比+16%/20%，全球动力电池需求1559GWh，同比+17%。 锂业股早盘走强，截至发稿，天齐锂业（002466）(09696)涨4.76%，报53.9港元；赣锋锂业（002460） (01772)涨4.5%，报55.75港元。 消息面上，摩根大通在最新中国锂行业报告中，罕见地承认了此前的误判，并宣布将天齐锂业和赣锋锂 业的评级从"减持"上调至"中性"。此举标志着摩根大通对锂市场基本面的重大修正，摩根大通表示，核 心在于此前严重低估储能(ESS)市场的爆发性需求。摩根大通预计，全球锂市场在2025和2026年仍将面 临供应缺口。这一判断迫使该行将2026年锂价预测从人民币7万元/吨大幅上调至9万元/吨，涨幅 ...

Group 1 - The 2025 6G Development Conference will be held in Beijing on November 13-14 [1] - The Baidu World 2025 Conference has taken place [2] - The EIA has released its monthly Short-Term Energy Outlook report [2] - The IEA has published its monthly Oil Market Report [3] Group 2 - Tencent Holdings, Bilibili, and JD.com have released their earnings reports [4] - The Dow Jones Industrial Average closed at 48,254.82, up 0.68%, marking a new historical high [5] - The Nasdaq Composite Index fell by 0.26% to 23,406.46, while the S&P 500 rose by 0.06% to 6,850.92 [5] - Nvidia shares increased by 0.3%, while major tech stocks like Apple, Google, Amazon, Tesla, Meta, and Oracle saw declines [5] - The financial sector showed strength, with Goldman Sachs up 3.5%, Citigroup up 2.0%, and JPMorgan Chase up 1.5% [6] - AMD shares surged by 9.0% following strong long-term financial guidance [6] - The Nasdaq China Golden Dragon Index fell by 1.46%, with notable declines in Alibaba, Baidu, and JD.com [6] Group 3 - International oil prices dropped significantly, with WTI crude oil down 4.18% to $58.49 per barrel and Brent crude down 3.76% to $62.71 per barrel [6] - International gold prices rose, with COMEX gold futures up 2.38% to $4,204.40 per ounce and silver futures up 5.36% to $53.33 per ounce [6] Group 4 - The People's Bank of China held a meeting to discuss the spirit of the 20th National Congress, emphasizing the importance of a robust central bank system for high-quality financial development [7] - The National Energy Administration released guidelines to promote the integrated development of renewable energy, aiming for significant improvements by 2030 [7] Group 5 - The value of A-shares held by foreign investors has increased from over 3 trillion yuan at the end of 2020 to over 3.5 trillion yuan currently [8] - The State Post Bureau reported that from October 21 to November 11, express delivery companies collected 13.938 billion packages, with a daily average of 634 million, marking a 17.8% increase [8] Group 6 - Alibaba's first self-developed flagship dual-display AI glasses are set to be released on November 27 [9] - Haibo Technology signed a strategic cooperation agreement with CATL [9] - Shengtun Mining plans to invest 1.423 billion yuan in its wholly-owned subsidiary [9] - Century Huatong intends to repurchase 500 million to 1 billion yuan of its shares [9] - Zhejiang Transportation Science and Technology won a project worth 11.103 billion yuan [9] Group 7 - Zhongyuan Securities suggests that the A-share market is at a critical turning point, with cyclical and technology sectors expected to alternate in performance [10]

Group 1 - The U.S. stock market showed mixed results, with the Dow Jones increasing by 0.68% to a new closing high, while the Nasdaq fell by 0.26% and the S&P 500 rose by 0.06% [4] - International gold prices rose, with spot gold increasing by 1.62% to $4,193.51 per ounce, and COMEX gold rising by 2.06% to $4,201.30 per ounce [5] - International oil prices dropped significantly, with WTI crude oil falling by 4.28% to $58.43 per barrel and Brent crude oil decreasing by 3.84% to $62.66 per barrel [6] Group 2 - The Chinese government is promoting the integration of renewable energy industries, emphasizing the use of green electricity and smart microgrids to create low-carbon industrial parks [9] - The Ministry of Education and six other departments issued guidelines to strengthen science and technology education in primary and secondary schools, aiming for a comprehensive educational ecosystem by 2035 [8] Group 3 - CATL reported that in the first three quarters of 2025, lithium battery exports reached 116 GWh, with a total export value of 3,971 billion yuan, accounting for 43.7% of the new energy export sector [15] - Xiaomi announced the recruitment of AI talent, with a notable addition being the 95-born AI prodigy Luo Fuli, who aims to advance the company's AI research [16] Group 4 - Luckin Coffee is preparing to relist on the U.S. main board, which could enhance its brand image and growth potential [17] - Anthropic, an AI startup backed by Google, plans to invest $50 billion in building data centers in the U.S., creating approximately 800 permanent jobs [20] Group 5 - ByteDance terminated an employee for leaking confidential information, highlighting the importance of information security within the company [21] - Tianqi Lithium announced that its subsidiary in Chile received a court ruling rejecting its lawsuit, which may impact its business operations in the region [24]

Core Insights - The Chinese non-ferrous metal recycling industry is experiencing 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, representing an average annual growth rate of 7.2% [1] - By the end of 2025, production is projected to exceed 20 million tons, addressing resource and environmental bottlenecks in the industry [1] - From 2021 to 2024, China's recycled non-ferrous metal production is expected to reach 69.3 million tons, accounting for 25% of the total production of ten commonly used non-ferrous metals in China and one-third of global recycled non-ferrous metal production [1] - The industry has saved 3.6 billion tons of mineral resources and reduced carbon dioxide emissions by 560 million tons over the past four years [1] - A policy document issued by eight departments outlines a target for recycled metal production to surpass 20 million tons, aiming for an average annual growth of around 5% in industry value added [1] Industry Performance - In the A-share market, there are 141 listed companies in the non-ferrous metal sector, with notable stock performance in November, including Shenzhen Xinxing, Guocheng Mining, and Minfa Aluminum, each rising over 20% [2] - Year-to-date, 20 stocks in the sector have seen cumulative gains exceeding 100%, with Zhongzhou Special Materials leading at a 222.41% increase [2] - Zhongzhou Special Materials has advanced technologies in high-temperature corrosion-resistant alloy manufacturing, contributing to its stock performance [2] Institutional Interest - Several companies, including Sree New Materials and Zhongke Sanhuan, have attracted institutional research interest, particularly in high-strength, high-conductivity copper alloy materials due to growing demand in various sectors [3] - As of November 11, 11 non-ferrous metal stocks received over 1 billion yuan in financing, with China Aluminum, Nanshan Aluminum, and Tianqi Lithium among the top net buyers [3] - Companies like Tianqi Lithium and Xiamen Tungsten have received positive institutional ratings, with expectations of over 20% growth in performance for 2025-2026 [3] - Tianqi Lithium has developed advanced recycling technology for lithium iron phosphate batteries, achieving industry-leading recovery rates for key resources [3]

Core Viewpoint - Tianqi Lithium is actively pursuing legal measures to protect its overseas investment rights, particularly concerning its stake in SQM, following a court ruling that dismissed its lawsuit against SQM's partnership agreement with Codelco [1][2]. Group 1: Legal Developments - Tianqi Lithium's subsidiary, Tianqi Chile, received a ruling from the Santiago Appeals Court rejecting its lawsuit regarding SQM's partnership agreement with Codelco, which was signed without shareholder approval [1]. - The partnership agreement is seen as detrimental to Tianqi Chile's voting rights and shareholder interests, prompting the company to consider further legal actions, including potential appeals [1][2]. - Tianqi Lithium has been monitoring the situation closely since the signing of the memorandum of understanding between SQM and Codelco in December 2023, which could undermine the rights of minority shareholders [2]. Group 2: Financial Impact - As of now, the court ruling does not affect the company's impairment testing assumptions related to its long-term investment in SQM, indicating no immediate impact on current profits [1]. - For the first three quarters of 2025, Tianqi Lithium reported revenues of 7.397 billion yuan, a year-on-year decrease of 26.5%, and a net profit of 180 million yuan, recovering from a loss of 5.701 billion yuan in the same period last year [3].

天齐锂业（002466）(002466.SZ)发布公告，2025年11月12日，公司全资子公司天齐智利收到智利圣地 亚哥上诉法院判决书，驳回了其诉讼请求，该判决非终审判决。SQM在未经其股东大会审批授权的情 况下与Codelco签署《合伙协议》，损害了公司全资子公司天齐智利作为SQM股东的投票权以及相关股 东权利。公司将在法律允许的范围内全面评估，不排除考虑在确保相关股东利益得到保障的前提下可能 采取进一步行动(包括但不限于提起上诉)。 ...

Core Viewpoint - Tianqi Lithium Industries (002466.SZ) announced that its wholly-owned subsidiary, Tianqi Chile, received a ruling from the Santiago Court of Appeals in Chile on November 12, 2025, rejecting its lawsuit request, which is not a final judgment [1] Group 1: Legal Proceedings - The court ruling was based on SQM signing a partnership agreement with Codelco without approval from its shareholders' meeting, which infringed upon Tianqi Chile's voting rights and related shareholder rights as a shareholder of SQM [1] - The company will conduct a comprehensive assessment within the legal framework and does not rule out the possibility of taking further actions, including but not limited to filing an appeal, to ensure the protection of relevant shareholder interests [1]

Core Viewpoint - Tianqi Lithium (002466)(09696) has filed a lawsuit in Chile against a decision made by CMF on June 18, 2024, with the court hearing scheduled for May 14, 2025. The court ruling on November 12, 2025, rejected Tianqi Lithium's claims, but this ruling is not final under Chilean law [1] Group 1 - Tianqi Lithium's wholly-owned subsidiary, Tianqi Chile, initiated legal action in response to a decision by CMF [1] - The Chilean court is set to hear the case on May 14, 2025, following the lawsuit filed on July 26, 2024 [1] - The court's ruling on November 12, 2025, dismissed Tianqi Chile's lawsuit, but it is noted that this is not a final judgment according to Chilean law [1] Group 2 - SQM signed a partnership agreement with Codelco without approval from its shareholders' meeting, which undermined Tianqi Chile's voting rights and related shareholder rights as a shareholder of SQM [1] - The company will conduct a comprehensive assessment within the legal framework and may consider further actions, including the possibility of an appeal, to protect shareholder interests [1]

Core Viewpoint - Tianqi Lithium Industries (09696) has filed a lawsuit in Chile against a decision made by CMF on June 18, 2024, with the court hearing scheduled for May 14, 2025. The court ruling on November 12, 2025, dismissed Tianqi's claims, but this ruling is not final under Chilean law [1]. Group 1 - Tianqi Lithium's wholly-owned subsidiary, Tianqi Chile, initiated legal action in response to a decision made by CMF [1]. - The Chilean court is set to hear the case on May 14, 2025, following the lawsuit filed on July 26, 2024 [1]. - The court's ruling on November 12, 2025, rejected Tianqi's lawsuit, but it is important to note that this is not a final judgment according to Chilean legal standards [1]. Group 2 - SQM signed a partnership agreement with Codelco without approval from its shareholders, which undermined Tianqi Chile's voting rights and related shareholder rights as a shareholder of SQM [1]. - The company will conduct a comprehensive assessment within the legal framework and may consider further actions, including the possibility of an appeal, to protect shareholder interests [1].