Core Viewpoint - Morgan Stanley has acknowledged a previous misjudgment regarding the lithium market and upgraded the ratings of Tianqi Lithium and Ganfeng Lithium from "Underweight" to "Neutral" [1] Group 1: Market Demand and Supply - The significant revision by Morgan Stanley is primarily due to the previously underestimated explosive demand from the energy storage (ESS) market [1] - The supply of lithium is expected to remain tight, as the resumption of operations at CATL's mines is insufficient to alleviate the situation [1] - Morgan Stanley predicts a supply gap in the global lithium market in 2025 and 2026 [1] Group 2: Price Forecast Adjustments - The bank has raised its lithium price forecast for 2026 from RMB 70,000 per ton to RMB 90,000 per ton, representing an increase of nearly 30% [1]

南方财经11月13日电，港股锂电池板块走高，赣锋锂业涨超10%，中创新航、天齐锂业涨超9%。 ...

Group 1 - Ganfeng Lithium (01772.HK) increased by 4.96% [1] - Tianqi Lithium (09696.HK) rose by 4.87% [1] - Zhongchu Innovation (03931.HK) saw a gain of 1.11% [1] - Tianneng Power (00819.HK) experienced an increase of 0.86% [1]

Group 1 - A new company, South China Ganfeng Comprehensive Energy (Guangdong) Co., Ltd., has been established with a registered capital of 50 million yuan [1] - The legal representative of the new company is Huang Tengfei [1] - The business scope includes energy storage technology services, new energy technology research and development, online energy monitoring technology research and development, and energy recovery system research and development [1] Group 2 - The company is wholly owned by Ganfeng Lithium (002460) through indirect holdings [1]

Core Insights - JPMorgan has reversed its bearish stance on the lithium industry, acknowledging a significant underestimation of the explosive demand in the energy storage (ESS) market [1][3] - The bank upgraded its ratings for Tianqi Lithium and Ganfeng Lithium from "Underweight" to "Neutral," indicating a major correction in its outlook on the lithium market fundamentals [1][3] - JPMorgan expects a supply shortage in the global lithium market in 2025 and 2026, prompting a substantial increase in its lithium price forecast for 2026 from RMB 70,000 per ton to RMB 90,000 per ton, a nearly 30% increase [1][6] Energy Storage Demand - The surge in energy storage demand is identified as a key driver of stock prices, outweighing the negative impacts of supply factors such as the resumption of operations at CATL's mines [3][4] - Energy storage batteries accounted for over 25% of global battery production since June, with 40% of lithium iron phosphate (LFP) battery production attributed to this segment [4] - JPMorgan forecasts a 30% year-on-year increase in global energy storage battery shipments by 2026, reaching approximately 770 GWh, driven by policy incentives and ongoing deployment of grid-level projects [4] Supply Dynamics - The resumption of production at CATL's Jiangxi mine, with an annual capacity of approximately 45,000 to 50,000 tons of lithium carbonate equivalent (LCE), is expected to provide some relief to the current market tightness, but it will not be sufficient to fill the significant supply gap [5][6] - Even with the inclusion of the Jiangxi mine's output, the market is anticipated to remain in a state of shortage in 2025 and 2026 [6] - JPMorgan's supply forecasts remain largely unchanged, with slight increases in projections for 2029/2030, while noting that expansions in Australia and Chile may not fully offset delays in Brazil due to financing constraints [6] Price Target Adjustments - JPMorgan has raised its price targets for Ganfeng Lithium and Tianqi Lithium significantly, with Ganfeng's A-shares target increased from RMB 30 to RMB 65, and H-shares from HKD 22 to HKD 48 [6] - Tianqi Lithium's A-shares target has been adjusted from RMB 30 to RMB 54, and H-shares from HKD 28 to HKD 50, reflecting the revised outlook on lithium prices and market conditions [6]

Core Insights - Ganfeng Lithium's stock dropped by 2.34% on November 11, with a trading volume of 5.323 billion yuan, indicating market volatility [1] - The company reported a net financing outflow of 7.2611 million yuan on the same day, with a total financing and securities balance of 4.251 billion yuan [1] - Ganfeng Lithium's revenue for the first nine months of 2025 reached 14.625 billion yuan, reflecting a year-on-year growth of 5.02%, while net profit increased by 103.99% to 25.52 million yuan [2] Financing and Securities - On November 11, Ganfeng Lithium had a financing buy-in of 593 million yuan, with a financing balance of 4.237 billion yuan, accounting for 3.88% of its market capitalization [1] - The company's financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] - The short selling activity on the same day included a repayment of 8,000 shares and a sale of 2,900 shares, with a short selling balance of 1.43975 million yuan, also above the 90th percentile of the past year [1] Shareholder Structure - As of September 30, 2025, Ganfeng Lithium had 372,500 shareholders, an increase of 31.18% from the previous period, while the average number of circulating shares per shareholder decreased by 23.77% to 3,243 shares [2] - The company has distributed a total of 6.162 billion yuan in dividends since its A-share listing, with 3.933 billion yuan distributed in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which holds 69.1199 million shares, and several ETFs, with some reducing their holdings [3]

Core Viewpoint - JPMorgan Chase & Co. has reduced its stake in Ganfeng Lithium Co., Ltd. by selling 1,092,220 shares at an average price of HKD 49.7455 per share, amounting to approximately HKD 54.33 million, resulting in a decrease in their ownership percentage from 8.19% to 7.95% [1][2]. Summary by Relevant Sections - **Share Reduction Details** - JPMorgan Chase & Co. sold 1,092,220 shares of Ganfeng Lithium on November 6, 2025 [1]. - The transaction was executed at an average price of HKD 49.7455 per share, totaling around HKD 54.33 million [1][2]. - **Current Holdings** - After the sale, JPMorgan's total holdings in Ganfeng Lithium are now 35,502,261 shares [1]. - The ownership percentage has decreased from 8.19% to 7.95% following the reduction [1].

Group 1 - JPMorgan reduced its stake in Ganfeng Lithium (002460)(01772) by 1,092,220 shares at an average price of HKD 49.7455 per share, totaling approximately HKD 54.33 million [1] - After the reduction, JPMorgan's latest holding is approximately 35,502,300 shares, representing a holding percentage of 7.95% [1]

Core Viewpoint - Ganfeng Lithium (01772.HK) shares have increased by over 3%, reaching a price of 55.9 HKD with a trading volume of 1.03 million HKD [2] Group 1 - Ganfeng Lithium's stock price rose by 3.7% [2] - The current trading volume is reported at 1.03 million HKD [2]

Core Viewpoint - Ganfeng Lithium's stock price increased by 3.33% to HKD 55.80 following the announcement of a significant development in its joint project with Lithium Argentina, marking a key milestone in the project [1] Company Summary - Ganfeng Lithium's stock price rose to HKD 55.80 with a trading volume of HKD 247 million [1] - The company announced a joint development project with Lithium Argentina, which has received the Environmental Impact Assessment Report (DIA) from the mining and energy secretariat of Salta Province, Argentina [1] - The project aims to submit an application for large investment incentives to the Argentine government in the first half of 2026, seeking local government support and fiscal incentives [1] - The project is designed to have an annual production capacity of approximately 150,000 tons of lithium carbonate equivalent (LCE), with a planned lifespan of 30 years and divided into three phases [1]