Report Industry Investment Rating - The investment rating for lithium carbonate is "Oscillating" [5] Core Viewpoints of the Report - Last week (May 26 - May 30), lithium salt prices continued to be weak. The closing prices of LC2506 and LC2507 decreased by 1.9% week - on - week to 59,800 yuan/ton, and the closing price of the near - month contract of Liyang Zhonglian Gold lithium carbonate decreased by 4.1% week - on - week to 59,000 yuan/ton. The price of lithium hydroxide was weak, with the average prices of SMM coarse - grained and micronized battery - grade lithium hydroxide decreasing by 2.5% and 2.3% week - on - week to 63,100 and 68,300 yuan/ton respectively. The price premium of battery - grade lithium hydroxide over battery - grade lithium carbonate continued to widen to 2,400 yuan/ton [2][12][13] - The resurgence of the new energy vehicle price war and news about "zero - kilometer used cars" increased market concerns about new energy vehicle inventory pressure, leading to concerns about the slowdown of terminal demand growth and dragging down prices. The inventory of new energy vehicles in China has increased to 1.1 months in the past half - year. In June, the apparent demand in the power sector remained stable month - on - month, while the energy storage sector saw a slight increase month - on - month [2][13] - During the decline last week, the monthly spread strengthened significantly. LC2507 - 2509 strengthened from 1200C to around 100C, possibly due to some funds in LC2507 changing positions in advance. The strengthening of the monthly spread may cause some hedging positions to shift to the near - end. Attention should be paid to whether the spot basis can remain stable and the rhythm of warrant generation [3][14] - Currently, the negative feedback between ore and salt is not over, terminal demand uncertainty is increasing, and the spot pressure is also increasing marginally after the rapid strengthening of the structure. In the short term, the fundamentals are bearish. However, considering that the ore price is approaching the current cash cost of some mines, the short - term downward space is limited. It is not recommended to chase short positions at the current level, and previous short positions can be gradually rolled over when the monthly spread is appropriate [3][16] Summary by Relevant Catalog 1. Concerns Caused by Power - end Inventory and Volatile Monthly Spread within the Week - **Price Trends**: Lithium salt prices were weak. LC2506 and LC2507 decreased by 1.9% week - on - week, and the near - month contract of Liyang Zhonglian Gold lithium carbonate decreased by 4.1% week - on - week. The price of lithium hydroxide was also weak [2][12][13] - **Market Influences**: The new energy vehicle price war and "zero - kilometer used car" news increased inventory concerns, leading to concerns about terminal demand and dragging down prices. The power - end apparent demand remained stable in June, and the energy storage sector had a slight increase [2][13] - **Monthly Spread Changes**: The monthly spread strengthened significantly during the decline, which may be due to early position - changing of some funds. Attention should be paid to the spot basis and warrant generation [3][14] 2. Review of Weekly Industry News - **Hainan Mining**: Its 20,000 - ton battery - grade lithium hydroxide project achieved full - process connectivity [17] - **Salt Lake Co., Ltd.**: Approved a plan to conduct lithium carbonate futures hedging business, with a margin and premium limit of 54 million yuan and a maximum contract value limit of 240 million yuan [17] - **Tianqi Lithium**: A 26,000 - ton battery - grade lithium carbonate project in Jiangsu was publicly announced for environmental assessment, with a total investment of 207.4845 million yuan [18] - **MIIT**: Will strengthen the rectification of "involution - style" competition in the automotive industry and maintain a fair and orderly market environment [18] 3. Monitoring of Key High - frequency Data in the Industrial Chain 3.1 Resource End: Continuous Decline in Lithium Concentrate Spot Quotes - The spot price of lithium concentrate continued to decline, with the average price of lithium spodumene concentrate (6%, CIF China) dropping from 690 US dollars/ton to 676 US dollars/ton, a decrease of 2.0% [13] 3.2 Lithium Salt: Significant Strengthening of Monthly Spread - The monthly spread of lithium salt strengthened significantly. LC2507 - 2509 strengthened from 1200C to around 100C [3][14] 3.3 Downstream Intermediates: Decline in Quotes - The prices of downstream intermediate products such as lithium iron phosphate, ternary materials, and cobalt acid lithium all declined to varying degrees [13] 3.4 Terminal: Recovery of New Energy Vehicle Penetration Rate in China in April - In April, the penetration rate of new energy vehicles in China rebounded [38]

2025年05月28日 国泰君安期货商品研究晨报 观点与策略 | 黄金：震荡回落 | 3 | | --- | --- | | 白银：跟随上涨 | 3 | | 铜：缺乏明确驱动，价格震荡 | 5 | | 铝：小幅反弹 | 7 | | 氧化铝：市场驱动较弱 | 7 | | 锌：价格相对承压 | 9 | | 铅：震荡运行 | 10 | | 锡：窄幅震荡 | 11 | | 镍：弱预期压制镍价，现实成本支撑 | 13 | | 不锈钢：供需边际双弱，钢价震荡运行 | 13 | | 碳酸锂：过剩格局难改，偏弱震荡延续 | 15 | | 工业硅：盘面再创新低，关注上游变动 | 17 | | 多晶硅：临近交割月，盘面短期波动放大 | 17 | | 铁矿石：下游需求阶段性见顶，偏弱震荡 | 19 | | 螺纹钢：预期不佳，弱势震荡 | 20 | | 热轧卷板：预期不佳，弱势震荡 | 20 | | 硅铁：需求预期转弱，低位震荡 | 22 | | 锰硅：需求预期转弱，低位震荡 | 22 | | 焦炭：底部震荡 | 24 | | 焦煤：环保督导组进驻，底部震荡 | 24 | | 动力煤：煤矿库存增加，震荡偏弱 | 26 | | 原木： ...

Core Viewpoint - The article discusses how Huadong Co., Ltd. has developed a futures hedging system to manage risks in the volatile pig farming industry, providing a replicable risk management model for the sector [2][3][4]. Group 1: Company Overview - Huadong Co., Ltd. is a key national agricultural enterprise established in 2003, listed on the Shenzhen Stock Exchange in 2017, and has developed a full industry chain model covering feed processing, pig farming, slaughtering, and meat processing [2][3]. - The company is projected to have a pig output of over 2.5 million heads and a slaughtering capacity of 14 million heads annually by 2024 [2]. Group 2: Risk Management Challenges - The pig farming industry faces a "sandwich" dilemma with upstream raw material price fluctuations, midstream inventory management risks, and downstream impacts from pig price volatility [3]. - Huadong's management identified the need for risk management primarily from the downstream side, where price fluctuations can significantly affect sales profits [3]. Group 3: Futures Hedging Strategy - The company established a derivatives trading department to create a "three-in-one" hedging system focusing on pigs, corn, and soybean meal [3][4]. - In 2024, Huadong predicted the pig futures contract price to be around 19 yuan/kg, higher than the November spot market average, and decided to hedge by selling futures contracts at this price [3]. Group 4: Internal Control and Talent Development - Huadong has implemented a comprehensive internal control system for futures trading, including a permissions management mechanism and real-time risk monitoring [6]. - The company has focused on recruiting professionals with experience in futures trading and agricultural knowledge, enhancing its market analysis and risk control capabilities [7]. Group 5: Contribution to Industry Development - Huadong's participation in the futures market has improved supply chain collaboration and customer loyalty, establishing long-term agreements with suppliers and stabilizing product prices [9][10]. - The company believes that engaging in the futures market not only optimizes production costs and cash flow but also enhances financial metrics and investor expectations, contributing to high-quality industry development [10].

Group 1: Company Overview and Competitive Advantage - The company has nearly 40 years of experience in the copper foil industry, with a strong R&D team and advanced equipment, enabling it to conduct research and development based on electrochemistry and materials science [1] - The company has developed a comprehensive R&D system that integrates basic research, simulation analysis, modular development, and product testing [1] - The company possesses strong capabilities in autonomous production line design and optimization, supported by experienced management and technical personnel [1] Group 2: Product Development and Market Position - The company is currently advancing its high-end RTF and HVLP products in line with expectations, with specific updates available in company announcements [2] - As of May 20, 2025, the number of shareholders is 26,136 [3] - The company has implemented futures hedging strategies to mitigate raw material price fluctuations, ensuring the safety of hedging funds [4] Group 3: Product Applications and Collaborations - The company has developed various new copper foil solutions for semi/fully solid-state batteries, with some products already achieving mass shipments within the year [5][7] - The company has established deep strategic partnerships with leading lithium battery clients, focusing on providing advanced copper foil solutions [7] - The company's products are widely used in lithium batteries and electronic circuits, impacting industries such as robotics, new energy vehicles, consumer electronics, and AI servers [8] Group 4: Future Projections - The company expects to ship thousands of tons of HVLP1-4 and RTF1-3 products in the high-frequency, high-speed PCB and AI application sectors by 2025 [6]

Core Viewpoint - The recent decline in gold prices, which fell by 6% from April 22 to May 14, has raised concerns among investors and consumers, despite a significant increase in gold purchases earlier in the year [1][4]. Group 1: Market Trends - Gold fund transaction volume reached approximately 190 billion, with a 6% price drop during the same period [1]. - Gold stocks experienced a more significant decline, dropping over 8% [1]. - Retail sales of gold and jewelry increased by 11% year-on-year, with gold bar and coin purchases rising by 30% [3]. Group 2: Regional Disparities - Retail sales of gold and jewelry in Beijing grew by 29% year-on-year, while Guangzhou saw a 15% increase, both exceeding the national average [4]. - In contrast, Shanghai's retail sales for the same category declined by 9% [4]. Group 3: Factors Influencing Gold Prices - The decline in gold prices is attributed to reduced safe-haven demand, a stronger US dollar, decreased expectations for Federal Reserve rate cuts, profit-taking by speculators, and a slowdown in central bank gold purchases [6][10]. - Despite the current price drop, it remains above the levels seen in the first quarter, indicating that investors are not yet at a loss [4]. Group 4: Future Outlook - Research institutions express caution, noting an increase in hedging by gold producers and a decline in recycled gold after eight consecutive quarters of growth, suggesting a higher likelihood of price adjustments [12]. - However, there is optimism regarding the long-term support for gold prices due to the ongoing contraction of US dollar credit [12].

如何应对价格波动成为产业企业关注的重点，这也是相关期货、期权品种上市后助力实体经济发展的具体要求。 期货具有价格发现功能。市场上集中了大量信息，不同的交易主体从不同角度对信息进行解读，并通过公开竞价形成未来商品价格走势。 2021年能耗双控政策发布后，铁合金工厂、期现贸易商等在预计供需可能阶段性错配的情况下，在期货市场提前储备库存。 期现结合操作中最常见的是期货套期保值。随着铁合金期货市场认知度和接受度逐渐提高，参与的产业企业类型也日益多样化。目前，参与期货市场的主体 已从铁合金工厂、期现商扩展至锰矿贸易商、钢厂原料采购部门等。 图为国内粗钢年产量 铁合金工厂和下游钢厂的分布情况导致部分地区供需不匹配，且在淡旺季交替阶段，供需格局也会发生变化。期货交割库的设立则保障了各地区能以合理价 格获取库存，一定程度上缓解了时空价差过大的问题。 期货也有助于提升铁合金产业链在国际市场的话语权。锰矿在锰硅行业的重要性无需赘述，而我国锰矿对外依存度高达90%，供应端常年被海外寡头垄断， 国内只能被动接受海外矿山报价。这种情况下，进口贸易商大多处于盈亏平衡状态。当锰矿供应端出现问题时，对华报价的非理性上涨压缩了铁合金工厂、 进 ...

Core Viewpoint - Wangli Security Technology Co., Ltd. is preparing for its 2025 annual shareholder meeting, focusing on financial performance, operational strategies, and future growth opportunities in the smart lock industry amid a recovering real estate market in China [2][6][7]. Group 1: Company Financial Performance - The net profit attributable to the parent company for 2024 was approximately 138.84 million yuan, an increase of 154.09% year-on-year [6][27]. - The net profit after deducting non-recurring gains and losses was about 129.51 million yuan, reflecting a year-on-year increase of 178.36% [6][27]. - The company's main business revenue for 2024 was approximately 2.99 billion yuan, a growth of 3.85% compared to the previous year [8][9]. Group 2: Industry Overview - The smart lock industry in China is experiencing a positive demand trend, with a retail volume of 20.31 million units in 2024, representing a year-on-year growth of 8.6% [6][7]. - The online market for smart locks accounted for 39% of total retail volume in 2024, up 4 percentage points from 2023, with online retail volume reaching 7.89 million units, a growth of 20.9% [6][7]. Group 3: Operational Strategies - The company plans to enhance production capacity through automation and smart manufacturing, with a focus on improving product quality and reducing production costs [14][15]. - The marketing strategy includes deepening engagement with distributors and leveraging digital marketing to boost brand awareness and sales [15][16]. - The company aims to expand its product offerings and enhance customer experience through technological advancements and market research [14][15]. Group 4: Future Financial Projections - The financial budget for 2025 anticipates a revenue of approximately 4.1 billion yuan, representing a growth of 31.31% year-on-year, with a projected net profit of around 231 million yuan, an increase of 66.21% [27][28].

Group 1: Business Strategies and Adjustments - The company plans to expand market coverage and optimize customer structure to address challenges in the asphalt business due to insufficient infrastructure construction and weak supply-demand dynamics in 2024 [1] - Strategic cooperation with industry leaders will be strengthened to enhance resource integration and service capabilities [1] - The company aims to leverage its platform for refinancing to support business growth and reduce financing costs [2] - A specialized futures team will be established to analyze market trends and mitigate risks associated with price fluctuations in asphalt commodities [2] Group 2: Financial Performance - In 2024, the company's revenue decreased by 8.23%, while net profit attributable to shareholders increased by 149.91%, indicating a turnaround from losses [2] - The company sold assets, including Sichuan Baoli Asphalt Co., and several helicopters, contributing to improved financial performance [2] - Cash flow from operating activities increased by 331.99% to 203 million yuan, driven by enhanced operational efficiency and better management of receivables and inventory [4] Group 3: Market Outlook and Predictions - The asphalt market is expected to experience wide fluctuations in 2025, influenced by macroeconomic factors and cyclical supply-demand changes [3] - The company anticipates a recovery in asphalt demand due to government policies aimed at boosting the economy and infrastructure projects [6] - Increased construction activities, particularly in road projects, are expected to support asphalt demand growth in 2025 [6] Group 4: Organizational and Structural Changes - The company has optimized its organizational structure to enhance operational efficiency and reduce costs [3] - Asset management has been improved through the sale of underperforming assets, which has also enhanced liquidity [3] - The company is focused on maintaining a flexible operational structure to adapt to market changes [5]

Group 1: Company Projects and Developments - The company has several upcoming construction projects, including the Silverman Phase II and Yubang mining projects, with the Silverman Phase II already having 50% of its underground engineering completed by the end of 2024 [5][7]. - The Atlantic Tin project is expected to start production in Q4 2027, with an estimated annual output of around 6,000 tons of tin metal [5][6]. - The Yubang mining project is currently seeking construction permits from the National Emergency Management Department [5]. Group 2: Financial Strategies and Performance - The company plans to issue $300 million in overseas bonds to support the Moroccan project and optimize its financing structure [5][6]. - In 2024, the company’s subsidiary, Qianjinda Mining, achieved a net profit of approximately 245 million RMB, a 39.16% increase year-on-year [8]. - The increase in contract liabilities in Q1 2025 is primarily due to an increase in advance payments received [11]. Group 3: Resource Management and Exploration - The Atlantic Tin project has an average ore grade of 0.55% with a recovery rate of 70%, and the planned annual ore processing capacity is 150,000 tons [6][9]. - The company is actively exploring the Silverman and Yubang mining areas, with significant potential for resource expansion identified [9][10]. - The company has four mining licenses covering 140 square kilometers in Morocco, with promising geological conditions for further exploration [6][9]. Group 4: Safety and Operational Management - The company emphasizes safety management, implementing strict risk control measures and training programs to enhance operational safety [10]. - A comprehensive safety responsibility system has been established to ensure the safety of employees and the sustainable development of the company [10]. Group 5: Stakeholder Engagement - The company held an investor relations event on May 5, 2025, to discuss its annual and quarterly performance with various investment institutions [5][11]. - Key executives, including the President and CFO, participated in the event to address investor inquiries regarding project developments and financial strategies [5].

Core Insights - The performance of TBEA has come under scrutiny due to a significant decline in revenue and profit, raising questions about the strategic leadership of Chairman Zhang Xin [2][10] Financial Performance - TBEA's revenue growth was positive from 2019 to 2022, but it has stagnated in 2023 and 2024, with a projected revenue decline of 0.35% in 2024 [2] - Net profit peaked in 2022 but has since dropped by 32.62% in 2023 and is expected to plummet by 61.37% in 2024, with a further decline of 19.74% anticipated in Q1 2025 [2] Business Segment Challenges - The new energy sector, once a growth driver, has become a major area of concern, particularly for TBEA's subsidiary, New Special Energy, which has faced significant losses due to falling polysilicon prices [6] - The coal business, while showing revenue growth in 2024, has experienced a 26.19% decrease in gross profit, marking the first profit decline since coal became a main business in 2014 [7] Strategic Leadership and Management - Zhang Xin's past successes contrast sharply with the current challenges, leading to doubts about his strategic direction and ability to adapt to market changes [2][10] - The company has faced management issues in the past, particularly during a failed hedging strategy in 2004, which highlighted weaknesses in risk management and operational oversight [8][9] Market Confidence and Stock Performance - TBEA's stock price has halved since 2022, reflecting a loss of market confidence, with a significant reduction in institutional investor holdings by the end of 2024 compared to the peak in 2022 [9][10] Future Outlook - The company must address its strategic misalignment and adapt to the rapidly changing energy sector to regain its competitive edge and restore investor confidence [10]