Market Overview - On November 19, A-shares opened slightly lower and maintained a fluctuating trend throughout the day, with the Shanghai Composite Index rising by 0.18%, the Shenzhen Component Index closing flat, and the ChiNext Index increasing by 0.25 [1] - The total market turnover exceeded 1.7 trillion yuan, a decrease of over 200 billion yuan compared to the previous day, with more than 4,100 stocks declining [1] Sector Performance - The aquaculture sector saw a strong rise, with Guolian Aquatic Products hitting the 20% daily limit, and several other stocks such as Zangzi Island and Dahu Shares also reaching their daily limits [1] - The lithium mining sector experienced significant gains, with Rongjie Shares and Jinyuan Shares hitting the daily limit [1] - The gas concept sector weakened, with Shengli Shares hitting the daily limit down [1] - Other sectors that performed well included deep-sea technology, gold and jewelry, insurance, lithium extraction from salt lakes, and aerospace military industry, while gas, real estate, Hainan Free Trade Port, photovoltaic glass, and short drama games saw declines [1] Chemical Sector - The chemical sector continued to rise in the afternoon, with Huaron Chemical and Hengguang Shares hitting the 20% daily limit, and several other stocks also reaching their daily limits [2] - As of November 14, the domestic price of 99.5% sulfur in East China was reported at 3,860 yuan per ton, a month-on-month increase of 43% and a year-on-year increase of 166% [2] - Chlorosulfonic acid prices rose by 23.5% in November, with a cumulative increase of over 35% since early August [2] - CITIC Securities reported that the chemical sector is currently trading around three main lines, driven by energy storage demand and the restructuring of supply and demand in upstream lithium battery materials [2] Company Specifics - Huaxia Happiness (600340) touched the daily limit in the afternoon, marking its second consecutive day of a "quasi-limit-up" trend, with nearly 3 billion yuan in trading volume [3] - On November 18, Huaxia Happiness announced that, apart from the major matters disclosed, there were no other undisclosed significant matters [5] - For the first three quarters of 2025, Huaxia Happiness reported revenue of 3.882 billion yuan, a year-on-year decrease of 72.09%, and a net profit of -9.829 billion yuan [5] - As of September 30, 2025, Huaxia Happiness had a debt-to-asset ratio of 96.44%, an increase of 2.76 percentage points from the end of the previous year, with a current ratio of 1.65, down 12.23%, and a quick ratio of 0.42, down 32.26% [5]

SQM在未经其股东大会审批授权的情况下与Codelco签署《合伙协议》，损害了公司全资子公司天齐智 利作为SQM股东的投票权以及相关股东权利。本公司将在法律允许的范围内全面评估，不排除考虑在 确保相关股东利益得到保障的前提下可能采取进一步行动(包括但不限于提起上诉)。 天齐锂业（002466）(09696)发布公告，本公司全资子公司天齐智利于智利当地时间2024年7月26日就 CMF于2024年6月18日作出的决定向智利法院提起诉讼，智利法院于智利当地时间2025年5月14日进行 开庭审理。2025年11月12日，天齐智利收到智利法院就本次诉讼做出的判决书，其驳回了天齐智利的诉 讼请求。根据智利相关法律规定，该判决非终审判决。 ...

Investment Rating - The investment rating for the company is "Buy" and "Maintain" [7] Core Views - The company is expected to benefit from the release of new production capacity, which may drive performance recovery [1] - The company's net profit is showing continuous recovery, and as a leader in the lithium resource industry, it has significant earnings elasticity in the future [1] - The improvement in gross margin in Q3 is attributed to the rise in lithium prices, with the average price of lithium carbonate reaching 73,000 RMB/ton, up 11.91% quarter-on-quarter [2] - The demand for lithium is expected to remain strong due to high growth in energy storage, supporting the growth of lithium carbonate demand [3] - The company is set to increase its lithium concentrate production capacity with the expected launch of the Greenbushes CGP3 project by the end of 2025 [4] - The company's earnings forecasts for 2025-2027 are 1.791 billion, 2.827 billion, and 3.553 billion RMB respectively, with corresponding EPS of 1.09, 1.72, and 2.16 RMB [5] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 2.565 billion RMB, a year-on-year decrease of 29.66% but a quarter-on-quarter increase of 14.06% [1] - The net profit attributable to the parent company for Q3 was 95.485 million RMB, showing a year-on-year increase of 119.26% and a quarter-on-quarter increase of 580.70% [1] - For the first three quarters of 2025, the company reported total revenue of 7.397 billion RMB, down 26.50% year-on-year, with a net profit of 180 million RMB, up 103.16% year-on-year [1] Cost and Margin Analysis - The gross margin for Q3 2025 was 37.57%, improving quarter-on-quarter by 3.11 percentage points, although it decreased by 6.56 percentage points year-on-year [2] - The total expense ratio for the first three quarters was 2.94%, down 2.62 percentage points year-on-year [2] Market Outlook - The lithium price is expected to maintain an upward trend due to supply constraints and strong demand from the energy storage sector [3] - The domestic lithium carbonate social inventory has decreased from 140,000 tons in early August to around 130,000 tons by October 23, indicating tightening supply [3] Production Capacity Expansion - The company has established an annual lithium concentrate production capacity of 1.62 million tons, with the Greenbushes CGP3 project expected to add another 520,000 tons by December 2025 [4] - The company has also commenced production of a new lithium hydroxide project with an annual capacity of 30,000 tons [4] Valuation and Price Target - The target price for the company's A/H shares is set at 68.30 RMB and 64.24 HKD respectively, based on a PB ratio of 2.41 for 2026 [5]

Core Viewpoint - Citic Securities has raised the target price for Ganfeng Lithium (002460)(01772) H-shares by 65.7%, from HKD 35 to HKD 58, while also increasing the target price for its A-shares, maintaining an "outperform" rating [1] Group 1 - Ganfeng Lithium reported strong performance in Q3 2025, with improvements in both profit and gross margin [1] - Citic Securities anticipates continued positive performance in Q4 2025, driven by further integration of upstream operations and contributions from battery business [1] - The firm has slightly lowered its net profit expectations for 2025/2026 after accounting for higher operating expenses based on the latest financial data [1]

Market Overview - The A-share market experienced a significant rally, with the Shanghai Composite Index surpassing 4000 points and the North Exchange 50 Index soaring over 8% [3][11] - By the end of the trading day, the Shanghai Composite Index rose by 0.7%, the Shenzhen Component Index increased by 1.95%, and the ChiNext Index climbed by 2.93% [3][4] Sector Performance - The photovoltaic and energy storage sectors saw a strong surge, with companies like Longi Green Energy and Tongwei Co. hitting the daily limit [5][6] - Lithium mining stocks also performed well, with firms such as Dazhong Mining reaching their upper limit [7] - The non-ferrous metals sector experienced a boost, with companies like Chang Aluminum and Jiangxi Copper showing significant gains [8] Policy and Regulatory Developments - The chairman of the Beijing Stock Exchange announced plans to accelerate the launch of the North Exchange 50 ETF and explore after-hours fixed-price trading to enhance trading convenience [11][12] - The Ministry of Commerce and other departments released the "Urban Commercial Quality Improvement Action Plan," aiming to enhance urban commercial systems and promote new consumption scenarios [12][13] - Beijing's financial authorities introduced policies to support venture capital and equity investment, as well as to facilitate mergers and acquisitions for high-quality development [12][14] - The State Administration of Foreign Exchange announced measures to promote cross-border trade and support foreign trade development [14] International Relations - A significant meeting between the leaders of China and the United States is scheduled, which is expected to address strategic and long-term issues in bilateral relations [14]

Core Viewpoint - Tianqi Lithium Industries announced that its Jiangsu Zhangjiagang project for producing 30,000 tons of battery-grade lithium hydroxide has successfully passed internal laboratory sampling checks, meeting all battery-grade standards [1] Investment and Financial Summary - The total investment for the project is capped at 2 billion yuan, funded through the company's own resources [1] - The project is expected to expand the company's lithium salt processing capacity, enhancing profitability and stability of profit growth [1] Risks and Challenges - The project may face market risks and challenges related to achieving continuous and stable production, which could negatively impact project returns and the company's overall performance [1]

Core Viewpoint - Ganfeng Lithium (01772) announced the election of Ms. Liao Cui as the employee director of the sixth board of directors, effective from October 14, 2025, until the term of the sixth board ends [1] Group 1 - The company held an employee representative meeting to approve the election of Ms. Liao Cui [1] - Ms. Liao Cui will serve as the employee director for the sixth board of directors [1] - The term for Ms. Liao Cui begins on October 14, 2025 [1]

Group 1 - The company expects a positive net profit for the period from January 1, 2025, to September 30, 2025, indicating an upward trend [1] - The preliminary estimated net profit attributable to shareholders for the first three quarters of 2025 is between 320 million and 360 million yuan, representing a year-on-year increase of 106.97% to 132.84% [2] - The net profit for the third quarter alone is estimated to be between 184.23 million and 224.23 million yuan, with a quarter-on-quarter growth of 245.58% to 320.62% and a year-on-year growth of 251.37% to 327.66% [2] Group 2 - The company has communicated with its accounting firm regarding the performance forecast, and there are no discrepancies in the forecast [1] - The increase in performance is attributed to stable orders from high-quality clients, positive market feedback for certain end products, and improved operational efficiency through better management of production and sales [1]

Core Viewpoint - Ganfeng Lithium announced the completion of the cancellation of 1,317,750 stock options as of October 13, 2025, confirmed by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited [2] Summary by Category - **Company Announcement** - Ganfeng Lithium has completed the cancellation of 1,317,750 stock options [2]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - China announced new national independent contributions at the United Nations Climate Change Summit, aiming to reduce greenhouse gas net emissions by 7 - 10% from the peak by 2035 and increase the total installed capacity of wind and solar power generation to 36 billion kilowatts [22][24]. - The glass market's short - term trend is likely to be strong due to policy anti - involution expectations and industry meetings [8]. - The short - term volatility of the Container Freight Index (Europe Line) may increase, and different trading strategies are proposed based on whether the price increase is implemented [11]. - Copper prices have risen significantly due to supply disruptions from the Grasberg mine in Indonesia, and the supply of copper raw materials is expected to be tight [12][13]. 3. Summaries by Relevant Catalogs 3.1 Gold and Silver - Gold continues to reach new highs, with a trend strength of 0; silver is in a shock adjustment phase, with a trend strength of 1 [17][25]. - The prices, trading volumes, positions, inventories, and spreads of gold and silver futures and spot markets are presented, along with relevant macro and industry news [22]. 3.2 Copper - Copper prices have risen sharply due to the Grasberg mine's force majeure event, and the supply of copper raw materials is expected to tighten, with a trend strength of 2 [12][29]. - The prices, trading volumes, positions, inventories, and spreads of copper futures and spot markets are provided, along with macro and industry news [27]. 3.3 Zinc - Zinc prices show a slight rebound, with a trend strength of 0 [17][32]. - The prices, trading volumes, positions, and spreads of zinc futures and spot markets are presented, along with relevant news [30]. 3.4 Lead - Lead prices are supported by inventory reduction, with a trend strength of 0 [17][33]. - The prices, trading volumes, positions, and spreads of lead futures and spot markets are provided, along with macro and industry news [33]. 3.5 Tin - Tin prices are in a range - bound shock, with a trend strength of 0 [17][40]. - The prices, trading volumes, positions, inventories, and spreads of tin futures and spot markets are presented, along with relevant macro and industry news [36]. 3.6 Aluminum, Alumina, and Cast Aluminum Alloy - Aluminum shows a shock - upward trend, alumina is in a range - bound shock, and cast aluminum alloy is stronger than electrolytic aluminum, with trend strengths of 1, 0, and 1 respectively [17][43]. - The prices, trading volumes, positions, inventories, and spreads of aluminum, alumina, and cast aluminum alloy futures and spot markets are provided, along with relevant news [41]. 3.7 Nickel and Stainless Steel - Nickel prices are in a low - level shock due to the game between smelting inventory accumulation and ore - end expectations; stainless steel prices are in a shock operation due to the game between short - term supply - demand and cost, with trend strengths of 0 for both [17][50]. - The prices, trading volumes, positions, and spreads of nickel and stainless steel futures and spot markets are presented, along with macro and industry news [44]. 3.8 Carbonate Lithium - Carbonate lithium is in a shock trend as pre - holiday restocking is coming to an end, with a trend strength of 0 [17][53]. - The prices, trading volumes, positions, and spreads of carbonate lithium futures and spot markets are provided, along with relevant news [51]. 3.9 Industrial Silicon and Polysilicon - Industrial silicon shows resistance in the market, and polysilicon requires attention to market sentiment due to upstream sudden maintenance, with trend strengths of 0 and 1 respectively [17][56]. - The prices, trading volumes, positions, inventories, and spreads of industrial silicon and polysilicon futures and spot markets are presented, along with macro and industry news [54]. 3.10 Iron Ore - Iron ore prices are in a wide - range shock due to repeated expectations, with a trend strength of 0 [17][57]. - The prices, trading volumes, positions, and spreads of iron ore futures and spot markets are provided, along with relevant news [57]. 3.11 Rebar and Hot - Rolled Coil - Rebar and hot - rolled coil prices are in a wide - range shock, with trend strengths of 0 for both [17][63]. - The prices, trading volumes, positions, and spreads of rebar and hot - rolled coil futures and spot markets are presented, along with macro and industry news [60]. 3.12 Ferrosilicon and Silicomanganese - Ferrosilicon and silicomanganese prices are in a wide - range shock due to sector sentiment resonance, with trend strengths of 0 for both [64][66]. - The prices, trading volumes, positions, and spreads of ferrosilicon and silicomanganese futures and spot markets are provided, along with relevant news [65]. 3.13 Coke and Coking Coal - Coke and coking coal prices are in a wide - range shock due to repeated expectations, with trend strengths of 0 for both [17][68]. - The prices, trading volumes, positions, and spreads of coke and coking coal futures and spot markets are presented, along with relevant news [68]. 3.14 Logs - Log prices are in a repeated shock, but no detailed data or analysis is provided in the report [70].