Group 1 - The company's mining license allows for a production capacity of 900 million tons, but the current actual mining capacity is 3 million tons per year [2] - The company is strictly adhering to the safety production scale as per its license [2]

Core Insights - The steel industry is expected to gradually recover as demand stabilizes and supply-side adjustments begin to take effect, with potential acceleration if supply policies are implemented [3][4]. Group 1: Steel Market Overview - Steel prices have decreased, with total inventory also declining. Last week, the average price of rebar in Shanghai fell by 10 CNY/ton to 3200 CNY/ton, a decrease of 0.31% [8][12]. - Apparent consumption of five major steel products was 8.6693 million tons, down 5.4% week-on-week and 1.22% year-on-year [21][26]. - The production of steel decreased to 8.5674 million tons, a week-on-week decline of 18.55 thousand tons [31]. Group 2: Supply and Demand Dynamics - The operating rate of blast furnaces among 247 steel mills increased to 83.13%, up 1.38 percentage points week-on-week, while electric furnace operating rates decreased [27][29]. - The profitability of steel companies has declined, with an average profit margin of 39.83%, down 5.19 percentage points week-on-week [27][30]. - The report anticipates that the demand for steel will stabilize, particularly as the negative impact from the real estate sector diminishes, while infrastructure and manufacturing demand is expected to grow steadily [3][4]. Group 3: Raw Material Prices - Iron ore prices have decreased, with spot prices dropping by 26 CNY/ton to 774 CNY/ton, a decline of 3.25% [46]. - The inventory of iron ore at ports increased to 14898.83 million tons, up 2.45% week-on-week [49]. - The total shipment volume of iron ore from Brazil and Australia has decreased, indicating a tightening supply [50][53]. Group 4: Investment Recommendations - The report maintains an "overweight" rating for the steel sector, highlighting that companies with product structure and cost advantages will benefit from the industry's transition towards higher quality development [4]. - Key recommendations include Baosteel, Hualing Steel, and Shougang, which are noted for their technological and structural advantages [4].

Core Viewpoint - The company has completed its 10,000-ton green intelligent and efficient lithium extraction technology upgrade project, which is currently in the debugging phase [1] Group 1 - An investor inquired about the completion status of the company's technology upgrade project, which was originally scheduled for completion in October [1] - The company confirmed that the technology upgrade project has been built and is now undergoing testing as of November 10 [1]

Core Insights - Yongxing Materials experienced a slight increase of 0.31% in stock price, closing at 51.01 yuan on November 10 [1] - Two large block trades occurred, totaling 1 million shares with a transaction value of 49.73 million yuan [1] Trading Activity - The first transaction involved 500,000 shares at a price of 49.73 yuan, amounting to 24.865 million yuan, with a discount rate of -2.51% [1] - The second transaction also involved 500,000 shares at the same price and value, with the same discount rate [1] - Over the past three months, Yongxing Materials has recorded 15 large block trades, with a total transaction value of 520 million yuan [1] Recent Performance - In the last five trading days, the stock has increased by 8.67% [1] - There has been a net inflow of 286 million yuan from major funds [1]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-11-10 | 002756 | 永兴材料 | 49.73 | 50.00 | 2,486.5(国信证券股份有限 | 广发证券股份有限 | | | | | | | 公司上海浦东分公 | 公司九川长虹大道 | | | | | | | ם | 证券营业部 | | 2025-11-10 | 002756 | 永兴材料 | 49.73 | 50.00 | 2,486.5 国联民生证券股份 | 广发证券股份有限 | | | | | | | 有限公司院部盛岸 | 公司九江长虹大道 | | | | | | | 西路证券营业部 | 证券营业部 | 11月10日，永兴材料大宗交易成交100万股，成交额4973万元，占当日总成交额的2.91%，成交价49.73 元，较市场收盘价51.01元折价2.51%。 ...

Core Insights - The energy metals sector experienced a decline of 0.38% on November 10, with Boqian New Materials leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Shengxin Lithium Energy (002240) saw a closing price of 28.43, with an increase of 4.14% and a trading volume of 1.08 million shares, amounting to a transaction value of 3.071 billion [1] - Rongjie Co., Ltd. (002192) closed at 49.05, up 1.64%, with a trading volume of 240,200 shares and a transaction value of 1.197 billion [1] - Tianqi Lithium (002466) closed at 57.51, up 0.91%, with a trading volume of 1.21 million shares and a transaction value of 7.058 billion [1] - Other notable performances include Xizang Mining (000762) at 28.75, up 0.45%, and Yongxing Materials (002756) at 51.01, up 0.31% [1] Capital Flow - The energy metals sector saw a net outflow of 1.003 billion from major funds, while retail investors contributed a net inflow of 1.006 billion [2] - The detailed capital flow indicates that Yongxing Materials (002756) had a net inflow of 88.2731 million from major funds, while it experienced a net outflow of 57.6490 million from retail investors [3] - Rongjie Co., Ltd. (002192) also had significant capital movement, with a net inflow of 81.2920 million from major funds and a net outflow of 74.9826 million from retail investors [3]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Views - The overall industrial metal prices have experienced a decline, particularly in the overseas market, primarily due to liquidity issues in the US banking system. The government shutdown has led to a tightening of cash balances, impacting global risk assets. Concerns over power shortages in North America due to data center developments have raised fears of production halts in high-energy-consuming sectors like aluminum and zinc, resulting in relatively strong prices for these commodities. The lithium industry has seen a turnaround, with improving supply-demand fundamentals. The uncertainty in overseas resource development and weak profitability due to low lithium prices have peaked capital expenditures in the industry by 2024-2025, with a confirmed trend of declining supply growth from 2026 to 2028. By 2026, equity values are expected to outperform commodity prices, potentially leading the market out of a downturn [2][4][5]. Summary by Sections Precious Metals - The ongoing US government shutdown has heightened risk aversion, which is expected to drive gold prices higher in the short term. The report emphasizes that gold prices are currently stabilizing rather than indicating a trend reversal. Historically, gold prices tend to peak early in a rate-cutting cycle, and the current macroeconomic environment suggests that gold may not have reached its peak yet. The report maintains a positive outlook for gold, suggesting that the market is entering a phase of systematic re-evaluation [4]. Industrial Metals - The report highlights a long-term positive outlook for copper and aluminum. Recent price adjustments in these metals are attributed to liquidity issues in the US. The report notes that copper inventories have increased by 4.68% week-on-week and 25.01% year-on-year, while aluminum inventories have decreased by 0.49% week-on-week and 13.31% year-on-year. The report suggests that despite short-term fluctuations, the long-term economic outlook and supply-demand structure will favor a strong cycle for copper and aluminum [4][5]. Energy and Minor Metals - The lithium sector is expected to see a supply inflection point and a new demand cycle. The report indicates that the darkest period for the lithium industry has passed, with a clear trend of improving supply-demand fundamentals. The demand for lithium is projected to grow significantly due to stable domestic power needs and the acceleration of solid-state battery industrialization. The report also highlights the strategic importance of rare earths and tungsten, with expectations of a new upward trend in prices due to supply constraints and increased demand [5][24]. Supply Dynamics - The report discusses the high concentration of supply in cobalt and nickel, with specific attention to the Democratic Republic of Congo's cobalt quotas and Indonesia's tightening supply policies for nickel. These factors are expected to support long-term price increases for both cobalt and nickel, benefiting resource-oriented companies [5][24].

1、 商务部新闻发言人就安世半导体问题答记者问 ：中方注意到荷兰经济大臣卡雷曼斯于11月6日发表的声明，但截至目前尚未见到荷方在停止侵 害中国企业合法权益和恢复全球半导体供应链稳定方面的实际行动 。 中方希望，荷方表态不能只停留在口头上，应尽快实质性提出建设性方案并采 取实际行动，从源头上迅速且有效恢复全球半导体供应链稳定，以及停止用行政手段介入并干涉企业内部事务，推动安世半导体问题早日解决 。 中 方同意荷经济部派员来华磋商的请求 。 2、 美国参议院民主党领袖查克·舒默向共和党提出一项新方案，试图结束10月1日开始的美国政府停摆僵局 。根据舒默的提案，民主党人将同意通过 一项为政府运营提供短期资金的决议。作为交换，共和党需同意将《平价医疗法案》的税收抵免单独延长一年。美国参议院共和党人回绝了该项提议，并 称"没有讨论的余地"。不过双方开始交换提案的举动，被市场解读为谈判僵局可能松动的迹象。 1、 国务院新闻办公室发布《碳达峰碳中和的中国行动》白皮书 。白皮书除前言、结束语外分为六个部分，分别是坚定不移推进碳达峰碳中和、能 源绿色低碳转型取得显著成效、重点领域低碳发展深入推进、重点降碳路径全面落地见效、支撑 ...

Investment Rating - The report indicates a positive outlook for the lithium sector, suggesting a potential recovery and growth in demand, particularly in the context of energy storage and electric vehicles [2][47]. Core Insights - After a three-year price decline, lithium prices are currently at historical lows, with a significant portion (80%) of demand driven by lithium batteries. The supply-demand balance is expected to shift from surplus to tight balance or even shortage by 2026, driven by improved demand expectations [2][47]. - The report outlines three phases of the lithium sector's evolution in 2025: initial pessimism regarding demand, short-term supply disruptions due to production halts, and a subsequent recovery in demand driven by energy storage [4][15]. - The capital expenditure in the lithium sector has peaked, with a downward trend in supply growth expected from 2026 to 2028. The projected supply growth rates for 2025, 2026, and 2027 are 22%, 21%, and 14%, respectively [5][31]. - The energy storage sector is anticipated to experience significant growth, with lithium demand expected to increase by 68%, 45%, and 35% from 2025 to 2027. The demand from the power sector is also projected to grow steadily [6][31]. - The report emphasizes a strong likelihood of a supply-demand turning point in the lithium industry between 2026 and 2027, with potential for a supply gap as early as 2026 if demand exceeds expectations [7][29]. - The report forecasts a bullish trend for lithium equities, with 2026 expected to be a significant year for lithium carbonate stocks, potentially mirroring the market dynamics seen at the end of 2019 [8][47]. Summary by Sections Review of 2025 - The lithium sector has undergone a transformation with improved supply-demand dynamics due to production disruptions and increased demand from energy storage [4][15]. Outlook for 2026 - The report anticipates a clear trend of supply growth decline and a significant improvement in demand, leading to a potential supply-demand turning point in 2027 [28][29]. Supply and Demand Dynamics - The report highlights a projected decline in supply growth rates and a substantial increase in demand from both energy storage and electric vehicles, indicating a tightening market [5][6][31].

Core Viewpoint - Recent surge in lithium battery stocks indicates a potential rebound after a two-month upward trend, driven by strong demand for energy storage and positive earnings reports from several companies [2][5]. Stock Price Movements - Several lithium battery companies, including Yongxing Materials, Shangtai Technology, and Dazhong Mining, experienced significant stock price fluctuations, with increases of over 20%-30% in just a few trading days [2]. - Dazhong Mining's stock rose from 14.65 CNY to 19.5 CNY, a cumulative increase of 33.11% from October 29 to 31 [3]. - Tianji Shares saw its stock price increase from 22.76 CNY to 30.84 CNY, a rise of 35.5% over four trading days [3]. - Penghui Energy's stock surged from 37.31 CNY to 48.59 CNY, marking a 30.23% increase in just two days [4]. - The lithium battery index rose from 8027.68 points to 8925.42 points in the last seven trading days of October, reflecting a nearly 900-point increase [4]. Earnings Performance - Companies like Penghui Energy and Duofuduo reported significant profit growth, with Penghui Energy's revenue reaching 7.581 billion CNY, a 34.23% year-on-year increase, and a net profit of 115 million CNY, up 89.33% [5]. - Duofuduo's revenue was 6.729 billion CNY, with a net profit of 78 million CNY, reflecting a 407.74% increase despite a slight revenue decline [5]. - Tianji Shares reported a turnaround in revenue and net profit growth, while Shangtai Technology also showed improved performance compared to the previous year [5]. Market Demand and Supply Dynamics - The surge in stock prices is attributed to strong downstream demand for energy storage, with companies reporting increased sales orders and production capacity [5][6]. - The price of lithium hexafluorophosphate, a key raw material, has been rising significantly, reaching 119,000 CNY per ton by November 6, with expectations of further increases [6][7]. - The domestic energy storage market has seen a substantial increase in project bidding, with a 97.7% year-on-year growth in new bids from January to September 2025 [6].