Report Overview - **Report Date**: November 4, 2025 - **Report Title**: Lithium Carbonate: Game between Positive Demand and Restart Expectations, Range-bound Volatility - **Analysts**: Shao Wanyi, Liu Hongru 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The lithium carbonate market is in a state of range-bound volatility, with a game between positive demand and restart expectations [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **2511 Contract**: The closing price was 80,620, with a change of 1,320 compared to T - 1. The trading volume was 978, a decrease of 19,308 from T - 1. The open interest was 5,780, a decrease of 4,847 from T - 1 [1]. - **2601 Contract**: The closing price was 82,280, with a change of 1,500 compared to T - 1. The trading volume was 586,668, a decrease of 328,577 from T - 1. The open interest was 525,184, an increase of 14,744 from T - 1 [1]. - **Warehouse Receipts**: The number of warehouse receipts was 27,290, a decrease of 331 from T - 1 [1]. - **Basis**: The basis of 2511 - 2601 was -1,660, a change of -180 compared to T - 1 [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 941, a decrease of 3 from T - 1. The price of lepidolite (2.0% - 2.5%) was 2,150, a decrease of 30 from T - 1 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 81,000, an increase of 450 from T - 1. The price of industrial - grade lithium carbonate was 78,800, an increase of 450 from T - 1 [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 81,039 yuan/ton, a daily increase of 509 yuan/ton. The average price of battery - grade lithium carbonate was 81,000 yuan/ton, an increase of 450 yuan/ton. The average price of industrial - grade lithium carbonate was 78,800 yuan/ton, an increase of 450 yuan/ton [2]. - In October, Seres' new energy vehicle sales were 51,456, a year - on - year increase of 42.89%. BYD's new energy vehicle sales in October were 441,706, and the cumulative sales for the year were 3,701,852, a year - on - year increase of 13.88%. SAIC Group's vehicle sales in October were 454,000, a year - on - year increase of 12.96% [2][4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral trend [4].

2025年11月04日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | | 镍：冶炼端累库压制，矿端不确定性支撑 | 2 | | --- | --- | | 不锈钢：钢价低位窄幅震荡运行 | 2 | | 碳酸锂：需求向好与复产预期博弈，区间震荡 | 4 | | 工业硅：仓单继续去化，底部支撑偏强 | 6 | | 多晶硅：关注本周是否发布公告 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 11 月 4 日 镍：冶炼端累库压制，矿端不确定性支撑 不锈钢：钢价低位窄幅震荡运行 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 3）根据钢联 9 月 22 日资讯，印尼能源和矿产资源部通过矿产和煤炭总局正式对印度尼西亚各地区的 190 家采矿公司实施制裁。暂停是因为这些公司没有按照适用的规定提供索赔和退款担保，尽管之前已经 请务必阅读正文之后的免责条款部分 1 2 国 泰 君 安 期 货 研 究 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T ...

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - China's October RatingDog manufacturing PMI data was mixed. The PMI was 50.6, indicating continued improvement in manufacturing sentiment, but lower than the previous value of 51.2, suggesting a slowdown in growth [7]. - The soymeal market should focus on the return to US soybean cost trading. The domestic soymeal market has been in a "trade news trading" phase since late August. After the US President's Asian trip at the end of October, relevant trade agreements were reached, which had a substantial positive impact on US soybeans and soymeal. The price of US soybeans reached a new high in nearly 16 months, and domestic soymeal rebounded cautiously [8]. - The soda ash market trend remains weak. In the short term, the reduction in glass production in the Shahe area has put pressure on the rigid demand for soda ash. In the medium term, the problems of high production and high inventory in the soda ash industry have not slowed down but increased [10]. Group 3: Summaries Based on Related Catalogs Metals - **Gold**: Focus on US bank risks. The trend strength is 0, indicating a neutral view [13][16][18]. - **Silver**: It is expected to have an oscillatory rebound. The trend strength is 1, indicating a slightly bullish view [13][16][18]. - **Copper**: The decrease in LME inventory limits price decline. The trend strength is 0, indicating a neutral view [13][20][22]. - **Zinc**: It is expected to run strongly. The trend strength is 0, indicating a neutral view [13][23][25]. - **Lead**: The continuous decrease in overseas inventory supports the price. The trend strength is 0, indicating a neutral view [13][26][27]. - **Tin**: Pay attention to macro - impacts. The trend strength is 1, indicating a slightly bullish view [13][29][32]. - **Aluminum**: It is expected to have a strong - oscillatory trend. The trend strength is 1, indicating a slightly bullish view [13][33][35]. - **Alumina**: There is support at the bottom. The trend strength is 0, indicating a neutral view [13][33][35]. - **Cast Aluminum Alloy**: It is expected to have a strong - oscillatory trend. The trend strength is 1, indicating a slightly bullish view [13][33][35]. - **Nickel**: The accumulation of inventory at the smelting end suppresses the price, while the uncertainty at the ore end provides support. The trend strength is 0, indicating a neutral view [13][37][39]. - **Stainless Steel**: The steel price is expected to run in a narrow range at a low level. The trend strength is 0, indicating a neutral view [13][37][39]. Energy and Chemicals - **Carbonate Lithium**: There is a game between improving demand and the expectation of resuming production, and it is expected to oscillate within a range. The trend strength is 0, indicating a neutral view [13][40][43]. - **Industrial Silicon**: The warehouse receipts continue to decline, and the bottom support is relatively strong. The trend strength is 1, indicating a slightly bullish view [13][44][47]. - **Polysilicon**: Pay attention to whether an announcement will be released this week. The trend strength is 0, indicating a neutral view [13][45][47]. - **Iron Ore**: It is expected to fluctuate at a high level. The trend strength is 0, indicating a neutral view [13][48]. - **Rebar**: Affected by sector sentiment, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][50][53]. - **Hot - Rolled Coil**: Affected by sector sentiment, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][50][53]. - **Silicon Ferrosilicon**: Affected by sector sentiment and supply - demand factors, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][54][57]. - **Manganese Silicide**: Affected by sector sentiment and supply - demand factors, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][54][57]. - **Coke**: It is expected to have a strong - oscillatory trend. The trend strength is 0, indicating a neutral view [13][58][60]. - **Coking Coal**: The macro and sector themes resonate, and it is expected to have a strong - oscillatory trend. The trend strength is 0, indicating a neutral view [13][59][60]. - **Log**: It is expected to oscillate repeatedly [13][61].

Seres Group Co., Ltd. 賽力斯集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9927） 非執行董事 張克邦先生 尤崢先生 李瑋先生 周昌玲先生 獨立非執行董事 李開國先生 張國林先生 景旭峰先生 黎明先生 魏明德先生 1 附註： C 相關董事會委員會主任 M 相關董事會委員會成員 香港，2025年11月4日 董事名單及其角色與職能 賽力斯集團股份有限公司（「本公司」）董事會（「董事會」）成員載列如下： 執行董事 張正萍先生 尹先知先生 申薇女士 張正源先生 董事會下設五個委員會。下表載列各委員會的成員詳情： 審計委員會 薪酬與考 核委員會 提名委員會 戰略決策 委員會 ESG委員會 張正萍先生 C C 尹先知先生 M M 申薇女士 M M 張正源先生 張克邦先生 M 尤崢先生 李瑋先生 M 周昌玲先生 M 李開國先生 M C C M M 張國林先生 M M 景旭峰先生 黎明先生 C M 魏明德先生 2 ...

賽力斯集團股份有限公司 提名委員會議事規則 第一章 總則 第四條 提名委員會設召集人一名，由公司董事會指定一名獨立董事委員擔 任。提名委員會召集人負責召集和主持提名委員會會議，當委員會召集人不能或 無法履行職責時，由其指定一名其他委員代行其職權；委員會召集人既不履行職 責，也不指定其他委員代行其職責時，任何一名委員均可將有關情況向公司董事 會報告，由公司董事會指定一名委員履行提名委員會召集人職責。 第五條 提名委員會委員任期與同屆董事會董事的任期相同，委員任期屆 滿，可連選連任。提名委員會委員任期屆滿前，除非出現《公司法》、《公司章 程》、《香港上市規則》或本議事規則規定的不得任職之情形，不得被無故解除職 務。期間如有提名委員會委員不再擔任公司董事職務，自動失去提名委員會委員 資格。若公司於任何時候未能符合《香港上市規則》的任何有關提名委員會的規 定，須即時刊發公告載明有關詳情及理由，並由董事會根據本議事規則合理地盡 力適時（無論如何於其未能符合有關規定起計三個月內）補足。 第六條 《公司法》、《公司章程》、《香港上市規則》關於董事義務的規定適用 於提名委員會委員。 1 第三章 職責權限 第七條 提名委員會是 ...

賽力斯集團股份有限公司 薪酬與考核委員會議事規則 第一章 總則 第一條 為進一步建立健全賽力斯集團股份有限公司（以下簡稱「公司」或 「本公司」）董事及高級管理人員的考核和薪酬管理制度，完善公司治理結構，根 據《中華人民共和國公司法》（以下簡稱「《公司法》」）、《香港聯合交易所有限公司 證券上市規則》（以下簡稱「《香港上市規則》」）及《賽力斯集團股份有限公司章程》 （以下簡稱「《公司章程》」），參照《上市公司治理準則》等有關規定，公司特設立董 事會薪酬與考核委員會（以下簡稱「薪酬與考核委員會」），並制定本議事規則。 第二條 薪酬與考核委員會是董事會下設的負責制訂、管理與考核公司董事 及高級管理人員薪酬制度的專門機構，向董事會報告工作並對董事會負責。 第三條 本議事規則所稱董事是指在公司支取薪酬的董事長、董事；高級管 理人員是指董事會聘任的總裁、副總裁、財務總監、董事會秘書等以及董事會確 定的其他高級管理人員。 第四條 董事會有權否決損害股東利益的薪酬計劃或方案。 第二章 人員構成 第五條 薪酬與考核委員會由三名董事組成，其中獨立董事應當過半數，委 員由董事長、二分之一以上獨立董事或全體董事的三分之一提名，並由董 ...

Group 1 - Geely and Renault Group have signed a strategic cooperation agreement in Brazil, marking a shift from product export to technology sharing and channel integration for Chinese automakers [1] - Geely will acquire 26.4% of Renault Brazil, allowing shared access to production capacity and market networks, with Renault Brazil becoming a distributor for Geely's electric SUV EX5 [1] - This partnership is expected to enhance Geely's localization in the South American electric vehicle market and improve model penetration efficiency through Renault's established distribution network [1] Group 2 - Zhu Huarong has resigned as chairman of Changan Ford, with Zhao Fei taking over, indicating a strategic adjustment by stakeholders in the joint venture [2] - The management changes may accelerate decision-making efficiency in Changan Ford's electrification transformation and localization operations, signaling positive developments for joint venture management [2] - The restructuring of key personnel in leading joint ventures could attract market attention towards innovative collaboration models during a critical transformation period for traditional automakers [2] Group 3 - Seres has set the final price for its H-share IPO at HKD 131.50 per share, with an additional issuance of 8.40% of shares, indicating strong recognition from international capital markets [3] - The IPO proceeds are expected to enhance the company's financial strength, supporting its expansion in smart vehicle business and technology development [3] - This cross-border financing case may open new capital replenishment paths for the new energy vehicle sector and prompt a reassessment of valuation models for smart electric vehicle companies [3] Group 4 - The automotive consumption index for October 2025 is reported at 90.5, indicating an increase from the previous month, with expectations for a slight rise in November [4] - The release of the fourth batch of subsidies for vehicle trade-ins is expected to boost consumer demand for car purchases in the fourth quarter [4] - The improvement in the automotive consumption index and the availability of trade-in subsidies are likely to enhance market expectations for the automotive sector, particularly benefiting domestic brands and new energy vehicle companies [4]

賽力斯集團股份有限公司 審計委員會議事規則 第一章 總則 第一條 為強化賽力斯集團股份有限公司（以下簡稱「公司」）董事會決策功 能，實現對公司財務收支和各項經營活動的有效監督，充分發揮公司內部控制制 度的獨立性、有效性，保護全體股東及利益相關者的權益，公司設立董事會審計 委員會（以下簡稱「審計委員會」或「委員會」)，作為負責公司內、外部的審計的溝 通、監督和核查工作的專門機構。 第二條 為確保審計委員會規範、高效地開展工作，根據《中華人民共和國 公司法》（以下簡稱「《公司法》」）、《香港聯合交易所有限公司證券上市規則》（以下 簡稱「《香港上市規則》」），參照《上市公司治理準則》等有關規定，董事會特制訂 本規則。 第三條 審計委員會根據《賽力斯集團股份有限公司章程》（以下簡稱「《公司 章程》」）和本議事規則規定的職責範圍履行職責，獨立工作，不受公司其他部門 干涉。 第二章 人員構成 第四條 審計委員會由五名董事組成，其成員必須全部為非執行董事，其中 獨立董事應當過半數，並且至少應有一名獨立董事是符合公司股票上市地證券監 管規則相關規定的會計專業人士。委員由董事長、二分之一以上獨立董事或全體 董事的三分之一提名， ...

賽力斯集團股份有限公司 章 程 | | | | 第一章 | 總則 | 1 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 3 | | 第三章 | 股份 | 3 | | 第一節 | 股份發行 | 3 | | 第二節 | 股份增減和回購 | 5 | | 第三節 | 股份轉讓 | 6 | | 第四章 | 股東和股東會 | 7 | | 第一節 | 股東的一般規定 | 7 | | 第二節 | 控股股東、實際控制人 | 10 | | 第三節 | 股東會的一般規定 | 12 | | 第四節 | 股東會的召集 | 14 | | 第五節 | 股東會的提案與通知 | 16 | | 第六節 | 股東會的召開 | 18 | | 第七節 | 股東會的表決和決議 | 21 | | 第五章 | 董事和董事會 | 26 | | 第一節 | 董事的一般規定 | 26 | | 第二節 | 董事會 | 30 | | 第三節 | 獨立董事 | 36 | | 第四節 | 董事會專門委員會 | 39 | | 第五節 | 董事會秘書 | 41 | | 第六章 | 高級管理人員 | 42 | | 第七章 | 財務會計制度、利 ...

Investment Highlights - This week, the performance of the automotive sector was mixed, with the SW commercial passenger vehicle segment leading with a gain of 4.8%, followed by SW motorcycles and others at 3.2%, while the SW passenger vehicle segment saw a decline of 1.9% [4][13] - The team released several reports, including a test drive report for October in Beijing and third-quarter reviews for various companies such as Changan Automobile, Great Wall Motors, and Yutong Bus [5][13] Industry Core Changes - SAIC Group reported total revenue of CNY 169.4 billion for Q3 2025, with year-on-year growth of 16% and a net profit of CNY 2.08 billion, reflecting a significant increase of 645% year-on-year [6][13] - Seres achieved Q3 2025 revenue of CNY 48.13 billion, with a net profit of CNY 2.37 billion, showing a slight decrease of 1.7% year-on-year [6][13] - Xiaopeng Motors delivered 42,013 vehicles in October, setting a new monthly record, while Leap Motor delivered 70,289 vehicles, also a historical high [6][8][13] Current Automotive Sector Configuration - The automotive industry is at a crossroads, transitioning from the end of the electric vehicle boom to the dawn of automotive intelligence, with three main investment opportunities emerging: AI smart vehicles, AI robots, and traditional vehicle segments [9][15] - Key investment targets in the AI smart vehicle segment include Tesla, Xiaopeng Motors, and various technology providers like Horizon Robotics and Baidu [15] - The traditional vehicle segment remains promising, particularly in buses and heavy trucks, with companies like Yutong Bus and China National Heavy Duty Truck Group being highlighted [10][15]