Group 1: Lithium Carbonate Market - The average price of battery-grade lithium carbonate remains stable at 73,250 yuan/ton as of today [1] - After hitting a low of 60,000 yuan/ton in the first half of 2025, the price rebounded to a peak of 86,000 yuan/ton in August and stabilized at 72,500 yuan/ton in early September [1] - Haitong International believes that with the advancement of "anti-involution" policies and the continuous expansion of demand for new energy vehicles and energy storage, the lithium carbonate price has passed its low point, and industry profitability is expected to gradually recover [1] Group 2: Ganfeng Lithium Industry Developments - Ganfeng Lithium announced on September 18 that its energy storage cells have achieved large-scale production and established long-term stable supply partnerships with several leading companies [1] - The company’s energy storage cell production capacity is currently fully utilized, ensuring stable delivery to customers amid surging energy storage demand [1] - Ganfeng Lithium is also actively developing solid-state batteries for power batteries, which are being trialed in certain vehicle models and applied in well-known drone and eVTOL companies [1] Group 3: Industry Outlook and ETF Performance - According to Industrial Securities, the demand for new energy vehicles and energy storage is expected to grow steadily by 2025, although the industry still faces an oversupply situation due to previous rapid capacity expansion [2] - The lithium battery sector is experiencing a dual benefit of price stabilization and slowed capacity expansion, leading to a gradual recovery in market sentiment [2] - As of September 19, 2025, the rare metals ETF has seen a strong increase of 2.11%, with significant gains in component stocks such as Ganfeng Lithium and Tianqi Lithium [2] Group 4: ETF Fund Flows and Growth - As of September 18, 2025, the rare metals ETF has seen a significant growth of 76.18 million yuan in scale over the past two weeks [3] - The ETF's shares increased by 38.40 million over the past week, with a net inflow of 5.46 million yuan recently [3] - Over the last five trading days, the ETF has attracted a total of 25.09 million yuan in capital [3]

Group 1 - The solid-state battery sector experienced a significant surge on September 19, with leading stocks like Ganfeng Lithium and Fengshan Group hitting the daily limit, indicating strong market interest [1][2] - Ganfeng Lithium, a global leader in the lithium industry, has established a comprehensive industrial chain covering lithium resource development, lithium salt deep processing, lithium battery manufacturing, and retired battery recycling, showcasing significant synergy across its core business segments [2][4] - The company has production capabilities for over 40 types of lithium compounds and lithium metal products, with stable supply systems established in key lithium resource areas such as Argentina and Mali [4] Group 2 - Ganfeng Lithium's Argentine project is expected to achieve an annual production of over 30,000 tons of lithium carbonate, with a projected self-sufficiency rate of over 60% by 2025 [4] - The company's lithium salt comprehensive cost is controlled between 45,000 to 50,000 yuan per ton, which is 20%-30% lower than the industry average [4] - Recently, the company raised 2.542 billion Hong Kong dollars through H-share refinancing, specifically for the construction of solid-state battery capacity and technology research and development [4]

Core Viewpoint - The company experienced a significant decline in revenue and net profit in the first half of 2025, primarily due to falling lithium product prices, but is expected to recover in the second half as prices rebound and new projects progress [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 8.258 billion yuan, a year-on-year decrease of 13.82% - The net profit for the same period was -536 million yuan, an improvement of 223 million yuan compared to the previous year - The comprehensive gross margin was 10.78%, down by 0.38 percentage points year-on-year - The net profits for Q1 and Q2 of 2025 were -356 million yuan and -180 million yuan, respectively, with Q2 losses decreasing by 175 million yuan quarter-on-quarter [1]. Market Dynamics - The lithium carbonate price started at approximately 76,000 yuan per ton at the beginning of 2025 but fell to a low of around 60,000 yuan per ton by the end of June - In August, the price rebounded to a peak of 86,000 yuan per ton, with the latest price in September at 72,500 yuan per ton - The demand for lithium carbonate is expected to expand due to the steady growth of the new energy vehicle market and the ongoing energy storage boom, leading to an improved supply-demand balance [2]. Project Development - The company’s Goulamina lithium spodumene project in Mali has officially commenced production, with efforts to accelerate capacity ramp-up - The Cauchari-Olaroz salt lake project in Argentina is in a stable capacity ramp-up phase, with a designed capacity of 40,000 tons/year for lithium carbonate - The Mariana project in Argentina also began production in early 2025, with a designed capacity of 20,000 tons/year for lithium hydroxide [2]. Product Diversification - The company’s business encompasses five major categories of lithium batteries, including solid-state batteries, power batteries, consumer batteries, polymer lithium batteries, and energy storage batteries - The company has established a comprehensive solid-state battery supply chain and possesses commercial capabilities in key areas such as sulfide electrolytes, oxide electrolytes, lithium metal anodes, cells, and battery systems [3]. Industry Positioning - The company is expected to solidify its leading position in the industry as signs of profitability recovery emerge - Multiple business segments are progressing simultaneously, with a target price set at 40.36 HKD based on a 1.8x PB valuation for 2025 [3].

Group 1 - The solid-state battery sector is experiencing upward fluctuations, with Ganfeng Lithium's stock reaching a two-year high of 52.82 yuan and a market capitalization of 108.7 billion yuan as of September 19 [1] - At the 2025 Suining International Lithium Battery Industry Conference, the Ministry of Industry and Information Technology emphasized the need to strengthen lithium battery technology innovation and accelerate the development of solid-state batteries, sodium-ion batteries, and other key materials [3] - Ganfeng Lithium reported a half-year revenue of 8.376 billion yuan, a year-on-year decrease of 12.65%, and a net loss of 531 million yuan, compared to a loss of 760 million yuan in the same period last year [4] Group 2 - The lithium salt industry is undergoing a deep adjustment due to changes in supply and demand dynamics, leading to a decline in sales prices for lithium products and lithium batteries [4] - Industry analysts believe that the demand for new energy vehicles and energy storage will continue to grow, and the market is beginning to see signs of price stabilization and recovery [4][5] - The acceleration of new technologies like solid-state batteries is expected to reshape the competitive landscape of the industry, benefiting companies with technological advantages [5]

Group 1: Liquidity and Performance of Rare Metal ETF - The rare metal ETF had an intraday turnover of 2.39%, with a transaction volume of 62.4557 million yuan [3] - Over the past week, the average daily transaction volume of the rare metal ETF reached 250 million yuan, ranking first among comparable funds [3] - The rare metal ETF's scale increased by 66.2844 million yuan in the past week, achieving significant growth and ranking first among comparable funds [3] - The ETF's shares grew by 262 million shares in the past week, also ranking first among comparable funds [3] - In the last five trading days, the rare metal ETF attracted a total of 175 million yuan in inflows [3] - As of September 18, 2025, the net value of the rare metal ETF increased by 87.33% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly increase being four months and a maximum increase of 58.56% [3] - The average monthly return during the rising months was 8.77%, and the annualized return over the past three months exceeded the benchmark by 6.60% [3] Group 2: Industry Insights and Developments - The concept of the "Asian Lithium Belt" was introduced, spanning 2,800 kilometers across four provinces, with multiple large and super-large lithium mines discovered [4] - According to a report by CITIC Securities, the profitability growth rate of the metal sector is expected to rise further in the first half of 2025, maintaining strong performance [4] - Sub-sectors such as rare earths, tungsten, nickel, cobalt, tin, antimony, and copper are performing exceptionally well [4] - The metal sector's dividends and fund holdings are on the rise, with valuations reaching their highest levels since 2022, although still below the 2021 peak [4] - The top ten weighted stocks in the CSI Rare Metal Theme Index account for 57.58% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Tianqi Lithium [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [4]

Group 1 - The core viewpoint is that the non-ferrous metal industry index is experiencing a strong upward trend, with significant increases in lithium and cobalt stocks due to rising lithium carbonate prices [1] - As of September 18, the battery-grade lithium carbonate index price reached 73,464 yuan/ton, an increase of 348 yuan/ton from the previous working day, indicating a bullish market for lithium [1] - The industrial-grade lithium carbonate price also saw an increase, with an average price of 71,200 yuan/ton, reflecting a consistent upward trend in spot transaction prices [1] Group 2 - The non-ferrous metal industry index (399395) includes 50 prominent securities from the non-ferrous metal sector, representing the overall performance of listed companies in this industry [2] - The top ten weighted stocks in the index account for 50.35% of the total index, with companies like Zijin Mining and Northern Rare Earth being the most significant contributors [2]

9月19日盘中，固态电池概念短线拉升， 赣锋锂业 强势封板，股价创逾两年新高； 天齐锂业 、 先导智 能 、 亿纬锂能 等权重股集体攀升， 宁德时代 涨近2%。 | 天齐锂业 | 45.53 | 5.52% | | --- | --- | --- | | 深 002466 | | | | 先导智能 | 59.00 | 4.00% | | 创 300450 | | | | 亿纬锂能 | 72.87 | 3.39% | | 创 300014 | | | | 宁德时代 | 373.18 | 1.71% | | 创 300750 | | | ...

Core Viewpoint - The solid-state battery concept is gaining momentum in the market, with several companies experiencing significant stock price increases following the announcement of the 2025 Suining International Lithium Battery Industry Conference and the Ministry of Industry and Information Technology's commitment to advancing battery technology innovation [1] Group 1: Market Reaction - Ganfeng Lithium (002460) reached its daily limit increase, indicating strong investor interest [1] - Other companies such as Huaya Intelligent (003043), Xiamen Tungsten (厦钨新能), Tengyuan Cobalt (301219), Tianqi Lithium (002466), Zhongyi Technology (301150), and Putailai (603659) also saw their stock prices rise [1] Group 2: Government Initiatives - The Ministry of Industry and Information Technology announced plans to enhance lithium battery technology innovation and accelerate the development of advanced technologies [1] - Focus areas include solid-state batteries, sodium-ion batteries, all-climate batteries, fast-charging batteries, and key material research and industrialization [1]

Core Viewpoint - The energy metals sector continues to strengthen, with significant gains in various companies and related ETFs [1] Group 1: Company Performance - Ganfeng Lithium reached a trading limit increase [1] - Tianqi Lithium rose over 6% [1] - Other companies such as Tengyuan Cobalt, Boqian New Materials, Hanrui Cobalt, and Shengxin Lithium Energy also experienced gains [1] Group 2: ETF Performance - The Nonferrous Metals 50 ETF (159652) increased by 1.51%, with a trading volume of 35.8603 million [1] - The Rare Metals ETF (159608) rose by 2.02%, with a trading volume of 24.16 million [1]

Core Viewpoint - Ganfeng Lithium's stock has increased by nearly 6%, reaching HKD 36.06, with a trading volume of HKD 340 million, driven by the company's announcement of large-scale production of energy storage cells and stable supply partnerships with leading industry players [1] Group 1: Company Developments - The company has achieved large-scale production of energy storage cells and has established long-term stable supply collaborations with multiple leading enterprises in the industry [1] - Ganfeng Lithium's energy storage cell production capacity is currently fully utilized, ensuring stable delivery to customers amid a surge in energy storage demand [1] - The company is actively developing in the power battery sector, with solid-state batteries already being trialed in certain vehicle models and applied in well-known drone and eVTOL companies [1] Group 2: Industry Position and Product Range - Ganfeng Lithium's business encompasses five major categories and over twenty types of products, including solid-state lithium batteries, power batteries, consumer batteries, polymer lithium batteries, energy storage batteries, and energy storage systems [1] - The company possesses a complete integrated layout for solid-state batteries and has commercial capabilities, with research and production capabilities in key areas such as sulfide electrolytes, oxide electrolytes, metallic lithium anodes, cells, and battery systems [1] - With signs of an industry profit turning point, Ganfeng Lithium's leading position in the industry remains solid, with multiple business developments progressing simultaneously [1]