Core Viewpoint - The energy metals sector experienced a significant decline of 3.71% on November 18, with Ganfeng Lithium leading the drop [1][2]. Market Performance - The Shanghai Composite Index closed at 3939.81, down 0.81% - The Shenzhen Component Index closed at 13080.49, down 0.92% [1]. Individual Stock Performance - Notable stock movements include: - Shengxin Lithium Energy (002240) rose by 4.12% to 37.41 - Ganfeng Lithium (002460) fell by 5.56% to 69.92 - Tianqi Lithium (002466) decreased by 3.63% to 59.94 - Other companies like Huayou Cobalt (603799) and Rongjie Co. (002192) also saw declines of 4.88% and 3.10% respectively [1][2]. Capital Flow Analysis - The energy metals sector saw a net outflow of 3.281 billion yuan from major funds, while retail investors contributed a net inflow of 1.999 billion yuan [2][3]. - Specific stock capital flows include: - Ganfeng Lithium had a net outflow of 922 million yuan from major funds - Tianqi Lithium experienced a net outflow of 745 million yuan from major funds [3].

Core Insights - The energy metals sector experienced a significant increase of 5.08% on November 17, with Shengxin Lithium Energy leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Company Performance - Shengxin Lithium Energy (002240) closed at 35.93, up 10.01% with a trading volume of 918,100 shares and a transaction value of 3.251 billion [1] - Rongjie Co., Ltd. (002192) also saw a rise of 10.01%, closing at 59.35 with a transaction value of 2.130 billion [1] - Tianqi Lithium (002466) increased by 9.87%, closing at 62.20 with a transaction value of 9.551 billion [1] - Yongxing Materials (002756) rose by 8.86%, closing at 56.28 with a transaction value of 2.258 billion [1] - Ganfeng Lithium (002460) increased by 7.48%, closing at 74.04 with a transaction value of 9.520 billion [1] Market Capital Flow - The energy metals sector saw a net inflow of 2.779 billion from main funds, while retail funds experienced a net outflow of 1.77 billion [2] - The main funds' net inflow for Ganfeng Lithium was 726 million, accounting for 7.62% of its trading volume [3] - Tianqi Lithium had a net inflow of 717 million from main funds, representing 7.51% of its trading volume [3] - Huayou Cobalt (603799) recorded a net inflow of 497 million from main funds, which is 5.69% of its trading volume [3]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector saw a weekly increase of 1.07% from November 10 to November 14, outperforming the overall market index [14]. - Precious metals, particularly gold, are expected to maintain a bullish outlook in the medium term despite short-term fluctuations due to changing interest rate expectations [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.18%, while the non-ferrous metals sector ranked 16th among 31 sectors, outperforming the index by 1.25 percentage points [14]. - Precious metals increased by 2.77%, energy metals by 2.47%, and industrial metals by 1.56%, while small metals and new materials declined by 1.42% and 3.22%, respectively [14]. Industrial Metals - **Copper**: Prices rose with LME copper at $10,846 per ton (up 1.41%) and SHFE copper at ¥86,900 per ton (up 1.12%). Supply remains weak, with Codelco's September production down 7.2% year-on-year [2][31]. - **Aluminum**: LME aluminum reached $2,859 per ton (up 1.41%), driven by increased demand from the electric vehicle sector, where sales exceeded 50% of total new car sales in October [3][35]. - **Zinc**: Prices fell with LME zinc at $3,015 per ton (down 1.70%) and SHFE zinc at ¥22,470 per ton (down 1.30%). Zinc inventories increased, indicating a bearish trend [41]. - **Tin**: LME tin rose to $36,860 per ton (up 2.90%) due to reduced exports from Indonesia, which halved in October [45]. Precious Metals - **Gold**: COMEX gold closed at $4,084.40 per ounce (up 1.91%), while SHFE gold was at ¥953.20 per gram (up 3.47%). The resumption of U.S. government operations alleviated liquidity concerns, boosting prices [4][49]. - The Federal Reserve's hawkish comments and the lack of supporting economic data have led to a decrease in December rate cut expectations from 95% to around 50%, causing some price corrections in precious metals [50]. Inventory Changes - Copper inventories decreased, with LME at 135,700 tons (down 0.13%) and SHFE at 109,400 tons (down 4.89%) [29][34]. - Aluminum inventories increased slightly, with LME at 552,400 tons (up 0.57%) and SHFE at 114,900 tons (up 1.38%) [35].

Core Viewpoint - The cobalt and nickel sector is experiencing a strong rally, with several companies reaching their daily price limits [1] Group 1: Stock Performance - Companies such as Xingye Yinxin, Guocheng Mining, and Shengtun Mining have hit the daily limit up [1] - Other notable performers include Huayou Cobalt, Tibet Mining, ST Hezhong, Hainan Mining, Shengda Resources, Dangsheng Technology, and Hanrui Cobalt, which have shown significant price increases [1]

Market Overview - The energy metals sector experienced a decline of 1.32% on November 12, with Boqian New Materials leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable stock performances included: - Jidian Mining (600711) closed at 11.10, up 0.63% with a trading volume of 1.1145 million shares and a transaction value of 1.234 billion [1] - Ganfeng Lithium (002460) closed at 67.88, up 0.21% with a trading volume of 682,000 shares [1] - Boqian New Materials (605376) closed at 49.32, down 2.61% with a trading volume of 39,800 shares and a transaction value of 197 million [2] Capital Flow - The energy metals sector saw a net outflow of 744 million from institutional investors, while retail investors contributed a net inflow of 711 million [2] - The capital flow for specific stocks included: - Jidian Mining had a net inflow of 64.415 million from institutional investors [3] - Ganfeng Lithium experienced a net outflow of 67.128 million from institutional investors [3] - Boqian New Materials had a significant net outflow of 18.9704 million from institutional investors [3]

Core Viewpoint - Hanrui Cobalt Industry announced the adjustment of its board committee to enhance sustainable development management and improve its ESG management system [2] Group 1: Committee Adjustment - The board's strategic committee will be renamed to the "Board Strategic and Sustainable Development Committee" to align with the company's strategic development needs [2] - The original meeting rules of the strategic committee will be revised to reflect the new name and added ESG management responsibilities [2] - The composition, member positions, and terms of the committee will remain unchanged despite the name and responsibility adjustments [2]

Group 1 - The core point of the article is that Hanrui Cobalt Industry (SZ 300618) held its 17th meeting of the 5th board of directors on November 5, 2025, to discuss the proposal for the first extraordinary shareholders' meeting of 2025 [1] - For the year 2024, Hanrui Cobalt's revenue composition is as follows: 96.19% from the non-ferrous metal industry, 2.73% from new energy battery materials, and 1.07% from other businesses [1] - As of the report date, Hanrui Cobalt's market capitalization is 14.4 billion yuan [1]

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证券代码：300618 证券简称：寒锐钴业 公告编号：2025-056 一、调整公司治理结构情况 根据《中华人民共和国公司法（2023 年修订）》（以下简称"《公司法》"）的相关规 定，结合公司实际情况，公司将调整治理结构，不再设置监事会，监事会的职权由董 事会审计委员会行使，《南京寒锐钴业股份有限公司监事会议事规则》相应废止，《公 司章程》中相关条款亦作出相应修订。 二、变更公司注册资本情况 公司于 2025 年 10 月 15 日召开第五届董事会第十五次会议、第五届监事会第十五 次会议，审议通过了《关于公司 2024 年限制性股票激励计划第一个归属期归属条件成 就的议案》。公司董事会认为 2024 年限制性股票激励计划第一个归属期归属条件已经 成就，同意公司按规定为符合条件的 96 名激励对象办理 1,372,100 股第二类限制性股 票归属相关事宜，本次归属股票来源为公司向激励对象定向发行的公司 A 股普通股股 票。 截至本公告披露日，公司已办理完成了 2024 年限制性股票激励计划第一个归属期 股份归属登记工作。公司股本总额由 308,324,991 股增加至 309,697,091 股，注册资本 由 ...

在上述额度内的具体融资及担保事项，提请股东大会自通过上述事项之日起 授权董事会具体组织实施，并授权公司董事长梁杰先生或其授权代表签订相关合 同或协议文件，不再另行召开股东大会。 证券代码：300618 证券简称：寒锐钴业 公告编号：2025-057 南京寒锐钴业股份有限公司 南京寒锐钴业股份有限公司（以下简称"公司"）及子公司提供担保额度总 金额超过公司最近一期经审计净资产的 100%，前述担保主要系公司对全资子公司、 控股子公司的担保，担保风险可控，敬请投资者充分关注担保风险。 关于为子公司向银行申请授信提供担保的公告 公司于 2025 年 11 月 5 日召开第五届董事会第十七次会议，审议通过了《关 于为公司子公司向银行申请授信额度提供担保的议案》，该议案尚需提交公司 2025 年第一次临时股东大会审议批准，现将具体情况公告如下： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 特别提示： 为保障公司子公司寒锐阿拉斯加矿业（香港）有限公司（以下简称"寒锐阿 拉斯加"）的正常运作，拓宽资金渠道，公司对子公司寒锐阿拉斯加向银行申请 综合授信提 ...