Zhi Tong Cai Jing·2025-11-21 01:33Group 1 - Ganfeng Lithium (002460)(01772) opened down over 6%, currently down 6.1% at HKD 54.6, with a trading volume of HKD 20.99 million [1] - Since November, lithium carbonate futures have been on the rise, with the main contract price reaching CNY 92,960 per ton after a drop of over 7% on November 21 [1] - Huatai Futures indicates that the previous market trends were driven by the supply-demand fundamentals of lithium carbonate, but recent movements are more influenced by capital entering the market, accelerating the price increase [1] Group 2 - Daiwa recently published a report expressing a conservative outlook on lithium prices for next year, predicting a range of CNY 75,000 to 90,000 per ton, indicating limited upward potential from the current level of CNY 85,000 per ton [1] - The report suggests that lithium prices in China are expected to remain soft from Q4 this year to Q1 next year, primarily due to weak demand ahead of the Lunar New Year and the global electric vehicle market entering a low season [1]