Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The recent inventory has been continuously decreasing, providing some support to the market. However, when the price reaches 80,000 yuan/ton, the upstream has a strong willingness to hedge. The resumption of production at the mine end is in progress. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and the mine resumes production, the inventory may shift from destocking to stockpiling, and the market may decline at that time [3]. 3. Summary by Relevant Catalogs Market Analysis - On November 6, 2025, the opening price of the lithium carbonate main contract 2601 was 79,480 yuan/ton, and the closing price was 80,500 yuan/ton, a 1.95% change from the previous trading day's settlement price. The trading volume was 582,033 lots, and the open interest was 471,983 lots, compared with 453,260 lots in the previous trading day. The current basis was 1,300 yuan/ton. The number of lithium carbonate warehouse receipts was 26,420 lots, a decrease of 410 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 78,500 - 82,300 yuan/ton, a decrease of 100 yuan/ton from the previous trading day; the price of industrial - grade lithium carbonate was 77,800 - 78,600 yuan/ton, also a decrease of 100 yuan/ton. The price of 6% lithium concentrate was 925 US dollars/ton, unchanged from the previous day. The market transactions were slightly dull, and downstream material enterprises maintained the rhythm of on - demand procurement [1]. - The overall operating rate of lithium salt plants remained high, with the operating rates of both the spodumene and salt lake ends above 60%. It is expected that the domestic lithium carbonate production in November can maintain the same level as in October [1]. - In terms of demand, the new energy vehicle market in the power sector (both commercial and passenger vehicles) is growing rapidly, and the energy storage market has strong supply and demand, with supply remaining tight [1]. - This week, the demand for power batteries continued to operate at a high level, and the cell prices were relatively stable. In the passenger vehicle sector, domestic terminal sales remained high, and some mainstream car companies increased promotion and production scheduling, driving a steady increase in power battery installation demand. In the commercial vehicle sector, affected by the expected vehicle purchase tax halving policy next year, some demand was advanced to the fourth quarter of this year, driving a significant increase in power battery orders [2]. - According to the latest weekly statistics, the weekly production increased by 454 tons to 21,534 tons, and the weekly inventory decreased by 3,405 tons to 123,753 tons. The inventories of smelters, downstream, and intermediate links all decreased, indicating strong support from the consumer end recently [2]. Strategy - Unilateral: In the short term, it is advisable to wait and see. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell and hedge at high prices [3]. - Inter - period: No strategy is provided. - Cross - variety: No strategy is provided. - Spot - futures: No strategy is provided. - Options: No strategy is provided.

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report The report presents a comprehensive overview of the global financial market, including stock markets, commodity markets, bond markets, and foreign exchange markets, as well as important macro - economic and industry - related news. It reflects the current market trends, such as the decline in major global stock indices, fluctuations in commodity prices, and changes in bond yields. Additionally, it covers significant events like corporate mergers, policy announcements, and international cooperation initiatives. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - US major stock indices closed lower, with the Dow down 0.84% at 46912.3 points, the S&P 500 down 1.12% at 6720.32 points, and the Nasdaq down 1.9% at 23053.99 points [5] - European major stock indices also closed lower, with the German DAX down 1.29% at 23740.38 points, the French CAC40 down 1.36% at 7964.77 points, and the UK FTSE 100 down 0.42% at 9735.78 points [6] - US Treasury yields fell across the board, with the 2 - year yield down 7.20 basis points to 3.553%, and others also showing declines [6] - International precious metal futures generally declined, with COMEX gold down 0.20% at $3984.80 per ounce and COMEX silver down 0.37% at $47.85 per ounce [7] - US oil and Brent crude futures declined slightly, with US oil down 0.12% at $59.53 per barrel and Brent crude down 0.08% at $63.47 per barrel [9] - Most London base metals rose, with LME copper down 0.1% at $10687 per ton, and others showing various changes [9] Important News Macro - economic News - Xi Jinping emphasized the strategic goal of building the Hainan Free Trade Port to be an important gateway for China's opening - up in the new era [11] - The Ministry of Commerce reported on the results of China - US economic and trade consultations in Kuala Lumpur, including issues such as fentanyl, tariffs, and agricultural trade [11] - China is actively promoting its accession to the CPTPP [11] - As of November 5, 2025, the annual customs clearance volume of the Ceke Port exceeded 26 million tons, a year - on - year increase of 25.7%, and it is expected to exceed 30 million tons in 2025 [12] Industry News - For the soda ash industry, this week's shipments, production, and overall inventory in China showed certain changes [14] - In Japan, commercial crude oil and gasoline inventories increased, while kerosene inventory decreased, and the refinery's average operating rate rose slightly [14] - In Singapore, fuel oil and light distillate inventories decreased, while middle distillate inventories increased [15] - In the US, the natural gas inventory increased by 33 billion cubic feet in the week ending October 31, 2025 [15] Metal Futures - A polysilicon restructuring "consortium" platform is being planned, with a proposed fund size of about $70 billion [17] - As of this Thursday, the national metallurgical - grade alumina's total production capacity and operating rate showed some changes [19] - Global gold ETFs had five consecutive months of capital inflows, with significant growth in asset management scale and trading volume in October [19] - The mining rights transfer income assessment report of a mine in Jiangxi is being publicly announced [19] Black - series Futures - For rebar, production, apparent demand decreased, and factory and social inventories continued to decline for four weeks [21] - The capacity utilization rate of coking coal mines decreased, and there were changes in coal production and inventory [21] - The average profit per ton of coke in independent coking plants showed different levels in different regions [21] Agricultural Futures - In southern Mato Grosso, Brazil, the soybean and corn yields increased significantly, and the second - season corn output is expected to rise substantially [24] - As of November 5, 2025, the apple cold - storage inventory in China's main producing areas decreased year - on - year [25] - In Malaysia, palm oil production increased in the first five days of November [25] - Brazil's November exports of soybeans, soybean meal, and corn are expected to be higher than last year [25] - India may double its sugar export quota in the new year [26] Financial Market Financial - A - shares rose unilaterally, with the Shanghai Composite Index back above 4000 points, and some sectors and concepts showed different trends [28] - The Hong Kong Hang Seng Index and related indices rose, and there were new stock listings and performance [29] - MSCI announced the November index adjustment results [29] - The China Securities Index Company will launch new indices [30] - The Science and Technology Innovation Board of the Shanghai Stock Exchange accepted the IPO application of Core Medical [30] - Hong Kong is promoting dual - currency trading of some local stocks and related measures [30] - The second - batch of long - term investment pilot insurance funds has made progress [30] - Guizhou Moutai held a performance briefing [31] - DeepWay submitted a prospectus to the Hong Kong Stock Exchange [32] Industry - The polysilicon industry may undergo major integration [33] - The financial regulatory authority is formulating guidelines for the high - quality development of science and technology insurance [33] - China will promote international cooperation in the new - energy storage field [33] - The construction machinery industry's October operating rate showed certain changes [33] - Chongqing issued policies to support the high - quality development of innovative drugs [34] Overseas - US President Trump reached an agreement on GLP - 1 weight - loss drugs, and there are investment and factory - building plans [35] - The US employment situation is severe, increasing the expectation of interest rate cuts [35] - The US government shutdown affects official inflation data and policy - making [35] - Some Fed officials have different views on interest rate cuts due to inflation concerns [36] - The US government shutdown affects the aviation industry, with flight capacity cuts [36] - The Bank of England maintained the interest rate at 4%, and the expectation of a December interest rate cut increased [36] - Japan plans to allocate about $6.5 billion annually to support the local chip and AI industries [38] - Japan's nominal wages increased in September, which may affect the central bank's policy [38] - Germany's industrial output showed a certain recovery in September [39] International Stock Markets - US major stock indices closed lower, with some individual stocks performing poorly, and there were concerns about Trump's tariff policies [40] - European major stock indices closed lower, affected by multiple factors [40] - Multiple valuation indicators of the US stock market are at high levels [41] - Nissan had a net loss in the first half of fiscal year 2025 and plans to sell its headquarters building [42] - Airbnb's third - quarter performance was good, and its after - hours trading price rose [42] Commodities - International precious metal futures declined [43] - Oil prices fell due to concerns about supply and demand [43] - Most London base metals rose [43] - Indonesia stopped approving applications for some nickel ore processing plants [43] - Saudi Aramco lowered the December crude oil price for Asia [45] - The US included copper in the 2025 key minerals list [45] Bonds - The Ministry of Finance issued $4 billion in sovereign bonds in Hong Kong, with high subscription rates [46] - The strength of A - shares put pressure on the bond market, and there were changes in bond yields and prices [46] - The real estate industry's bond financing in October increased year - on - year [46] - US Treasury yields fell [47] - Berkshire Hathaway may issue yen bonds [48] Foreign Exchange - The on - shore RMB against the US dollar rose, and the RMB was added as a settlement currency by the IATA [50] - The US dollar index fell, and most non - US currencies showed different trends [50]

Core Viewpoint - Xiaopeng Motors expresses a strong interest in attracting more domestic investors and is closely monitoring opportunities for a potential A-share listing in the future [1] Group 1 - Xiaopeng Motors' Vice Chairman and Co-President, Gu Hongdi, highlighted that over 20% of its shareholders are domestic investors through the Hong Kong Stock Connect [1] - The company is actively seeking opportunities for an A-share listing while observing market conditions [1]

Core Viewpoint - The initial public offering (IPO) of Seres Automotive faced significant challenges, including a sharp decline in stock price on its debut, reflecting a disconnect between market expectations and the company's valuation based on future risks [1][2][6]. Group 1: IPO Performance - Seres Automotive raised 14 billion HKD in its IPO, marking the largest IPO for a car company in Hong Kong this year [1]. - On its first trading day, the stock price dropped nearly 10%, leading to a market capitalization loss of over 20 billion HKD [1]. - Despite a significant oversubscription of 133 times from retail investors, institutional investors showed caution, purchasing only slightly more than half of the planned shares [1][5]. Group 2: Valuation Issues - The IPO pricing was based on a discount to the A-share market price, which was deemed inappropriate by institutional investors who focus on intrinsic value rather than relative pricing [3][4]. - The reliance on a potentially inflated A-share price as a benchmark led to a perception of the IPO price as excessively high [4][6]. - The valuation logic collapsed as the company transitioned from a "story-driven" to a "fundamentals-driven" assessment, revealing a disconnect between market expectations and actual performance [7][11]. Group 3: Financial Performance - For the first three quarters of 2025, Seres reported a mere 3.7% year-on-year revenue growth, signaling a potential peak in growth [12]. - The company's net profit declined by 1.7% in the third quarter, raising concerns about its profitability and operational efficiency [12]. - The projected price-to-earnings (P/E) ratio of 26.5 times at the IPO was significantly higher than the average of 13.6 times for traditional car companies in Hong Kong, leading to skepticism among investors [13][14]. Group 4: Strategic Dependence - Seres' heavy reliance on its partnership with Huawei has created strategic vulnerabilities, as the company has not developed its own core competencies [21][24]. - The shift in market perception from being a unique partner of Huawei to one among many competitors has diminished its valuation appeal [25][28]. - The uncertainty surrounding the future of the partnership with Huawei has led to increased risk premiums in the company's valuation [33]. Group 5: Market Dynamics - The activation of the "green shoe" mechanism by underwriters to stabilize the stock price indicated a lack of confidence in the stock's ability to maintain its initial price without intervention [34][36]. - The Hong Kong market's rationality and focus on performance metrics mean that any slowdown in growth or profitability will be harshly penalized [36][40]. - To regain market confidence, Seres must demonstrate a clear path to reducing its dependence on Huawei and improving its financial performance [38][40].

Economic Performance - Guangdong's GDP is projected to reach 14.16 trillion yuan in 2024, maintaining its position as the largest economy in China for 36 consecutive years, with an average annual growth rate of 4.7% during the "14th Five-Year Plan" period [1] - The local general public budget revenue is expected to reach 1.35 trillion yuan, ranking first in the country for 34 years [1] Technological Innovation and Industry Development - Guangdong has established itself as a leader in technological innovation, with R&D expenditure, high-value invention patents, and the number of high-tech enterprises all ranking first in the nation [3] - The province has cultivated nine trillion-yuan industrial clusters, with the core AI industry exceeding 220 billion yuan, accounting for one-third of the national total [3] - Guangdong's production of new energy vehicles reached 3.618 million units, representing 25% of the national output, and industrial robot production was 247,000 units, accounting for 43.5% of the national total [3] Infrastructure and Regional Integration - The Guangdong-Hong Kong-Macao Greater Bay Area has seen significant progress, with the "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranking first globally in innovation index [2] - Major cooperation platforms such as Hengqin, Qianhai, Nansha, and He Tao have been established to deepen integration and expand development space for Hong Kong and Macao [2] Reform and Open Economy - Guangdong has implemented comprehensive reforms, with over 60 national firsts achieved through the Shenzhen comprehensive reform pilot [4] - The province's total import and export volume exceeded 9 trillion yuan, maintaining the top position in the country for 39 consecutive years [4] - Actual foreign investment reached 626.26 billion yuan over four years, while outbound investment totaled 83.939 billion USD [4] Social Development and Quality of Life - The income disparity between urban and rural residents has narrowed, with the ratio decreasing from 2.49 in 2020 to 2.31 in 2024 [5] - The province has created over 6 million new urban jobs, maintaining an urban unemployment rate below 5.5% [6] - Guangdong's healthcare system includes 66,100 medical institutions, with a 100% compliance rate for county-level hospitals meeting national standards [6] Safety and Stability - Guangdong has effectively managed natural disasters and maintained social stability, enhancing food and energy security [7] - The province has implemented measures to prevent financial and real estate risks, ensuring systemic risk is kept at bay [7]

Core Insights - The launch of the IM LS9 marks a significant step for the brand as it enters the competitive large SUV market, aiming to enhance its brand positioning and capture a share of the high-end market segment [1][8] - The LS9 features advanced technology, including a range extender system and high-end configurations, which may provide a competitive edge against established models like Li Auto L9, AITO M9, and Zeekr 9X [1][8] Product Overview - The IM LS9 is a large six-seat SUV with dimensions of 5279mm in length, 2000mm in width, and 1806mm in height, with a wheelbase of 3160mm [4] - It offers a luxurious interior with features such as zero-gravity seats, a 4D massage seat, a B&O audio system with 25 speakers, a 21.5-inch 4K entertainment screen, and a dual-door refrigerator [4] - The vehicle is equipped with a multi-screen system, including a 27.1-inch main screen and a 15.6-inch passenger entertainment screen, along with advanced driving hardware like lidar and NVIDIA Thor chip [4][6] Performance Specifications - The LS9's powertrain consists of a 1.5T engine combined with an electric motor, delivering a maximum power of 390kW and torque of 670N·m, achieving 0-100 km/h in approximately 4 seconds [6] - It offers two battery options, with a maximum pure electric range of 402 km and a combined range of 1508 km, supporting 800V fast charging that can add 150 km of range in just 10 minutes [6] Market Positioning - The LS9 is positioned in the increasingly competitive market for new energy SUVs priced between 300,000 and 400,000 yuan, where it faces competition from established models [8] - The pre-sale price of the LS9 is set at 336,900 yuan for the 52 Ultra version and 366,900 yuan for the 66 Ultra version, which is relatively competitive compared to its rivals [1][3] - The initial demand for the LS9 is promising, with over 8,000 orders placed within the first 30 minutes of its pre-sale launch [3]

Core Viewpoint - Xiaopeng Motors has launched its new generation range extension technology, "Kunpeng Super Range Extension," aimed at addressing five major pain points faced by traditional range extension users, and has announced the pre-sale of its first model, the Xiaopeng X9 Super Range Extension [1][5][10] Technology and Features - The Kunpeng Super Range Extension technology combines a fast-charging large battery with a 60L fuel tank, achieving a CLTC pure electric range of over 450 km and a comprehensive range of over 1600 km, which is claimed to be the best in the industry [5][7] - The technology features a third-generation 1.5T efficient turbocharged engine that maintains a cruising speed of 150 km/h even in low battery conditions, addressing the issue of reduced power when the battery is depleted [5][6] - The system includes a high-efficiency oil-cooled generator and an intelligent energy management system, leading to a comprehensive fuel consumption that is 15% better than competitors in the same class [6][8] Model Launch - The Xiaopeng X9 Super Range Extension is the first model equipped with the Kunpeng technology, featuring a 63.3 kWh battery and a 60L fuel tank, making it the longest-range seven-seater vehicle globally with a CLTC comprehensive range of 1602 km [7][8] - The vehicle supports 92-octane gasoline, reducing operating costs, and achieves a low comprehensive energy consumption of 16.5 kWh/100 km [8][9] Design and Safety - The Xiaopeng X9 features a unique 9-in-1 integrated rear axle design, maximizing space utilization at 95.8%, while also enhancing vehicle safety with a high-strength steel and aluminum structure [9][10] - The vehicle meets safety standards in China and Europe, with a robust design that includes multiple safety features and airbags to protect occupants [10] Market Positioning - Xiaopeng Motors positions itself as a global AI automotive company, leveraging deep regional research to enhance user experience and promote the technological benefits of smart vehicles [4][10]

Group 1: Banking and Financial Products - As of the end of October, the scale of the bank wealth management market has reached 31.6 trillion yuan, an increase of 0.36 trillion yuan compared to September [1] - Some bank wealth management products have seen annualized returns rise above 10% over the past three months [1] - Experts are optimistic about the growth of bank wealth management scale in the fourth quarter, supported by the trend of "deposit migration" in a low-interest environment [1] Group 2: Bond Market - The "Technology Board" in the bond market has seen a strong growth, with a total issuance of 1.38 trillion yuan in the past six months [1] - Technology innovation bonds accounted for 77% of the total issuance this year, indicating a significant shift of funds towards the tech sector [1] - The current market for technology bonds is characterized by simultaneous increases in volume and price, along with enhanced institutional demand [1] Group 3: Gold Market - In the Shenzhen Shui Bei market, the price of gold jewelry has increased by nearly 60 yuan per gram, reaching close to 1,000 yuan [2] - The widening gap between buying and selling prices is noted, as the recovery price has decreased [2] - Some investors are attempting to extract physical gold through bank "accumulated gold" services for arbitrage, leading to several banks suspending related services [2] Group 4: Stock Market - The U.S. stock market experienced a significant sell-off, with major indices dropping over 2%, particularly in technology stocks [2] - Concerns over an "AI bubble" and worsening employment market conditions have heightened market anxiety, reflected in a sharp rise in the VIX fear index [2] - Uncertainty regarding the Federal Reserve's interest rate cut outlook has also contributed to the market decline [2] Group 5: Electric Vehicle and Battery Materials - As of the end of September, China's new energy storage installation capacity has exceeded 100 million kilowatts, growing over 30 times compared to the end of the 13th Five-Year Plan [3] - The price of electrolytes, a core material for batteries, is entering an upward cycle due to multiple driving factors, including the rise in new energy vehicles and explosive growth in the storage industry [3] Group 6: E-commerce and AI - This year's "Double Eleven" shopping festival has seen a significant integration of AI, with e-commerce platforms leveraging AI to enhance shopping experiences [4] - Consumers increasingly rely on AI for shopping decisions, leading to a transformation in how purchasing decisions are made [4] Group 7: Corporate Governance and Management - Tesla's shareholders approved a compensation plan for Elon Musk that could allow him to earn up to 878 billion yuan over the next ten years [4] - Guizhou Moutai addressed concerns regarding a significant reduction in advance payments from distributors, emphasizing the importance of maintaining stable partnerships [5] - Penghua Fund's managers denied rumors of a conflict, labeling them as malicious defamation [6]

Core Viewpoint - Fangzheng Electric (SZ002196) reached its daily limit with a price of 14.11 yuan, marking a 9.98% increase, driven by strong performance in the new energy sector and significant profit growth [1][2]. Group 1: Company Performance - The company reported a net profit attributable to shareholders of 13.76 million yuan for Q3 2025, representing a year-on-year increase of 15,310% [2]. - Basic earnings per share stood at 0.03 yuan, indicating substantial growth in profitability [2]. Group 2: Business Development - Fangzheng Electric has actively developed its new energy business, achieving a motor shipment volume of 463,600 units, with a cumulative total of 3.56 million units across over 40 vehicle models [2]. - The establishment of joint ventures to explore new product categories, such as electric motorcycle drive systems, reflects the company's positive business development trajectory [2]. Group 3: Technological Advancements - The company holds 56 authorized patents, including one international patent and six invention patents, showcasing its strong technological research and development capabilities [2]. - These technological advantages are expected to enhance the company's competitiveness and product value in the market [2]. Group 4: Market Sentiment - Recent trading data indicates that both retail and institutional investors have shown interest in the company, with net purchases recorded from October 28 to 31 [2]. - Technical analysis suggests that if the stock price breaks through key resistance levels, it may attract further investment [2].

Core Viewpoint - Xiaopeng Motors (09868) experienced a nearly 5% increase in stock price following the announcement of the pre-sale for the Xiaopeng X9 Super Extended Range model, indicating strong market interest and potential sales growth [1] Group 1: Product Launch and Sales - The Xiaopeng X9 Super Extended Range is available in two versions, with pre-sale prices starting at 350,000 yuan for the Max version and 370,000 yuan for the Ultra version [1] - As of November 6, 2023, the pre-sale orders for the Xiaopeng X9 have set a new record for the same period in its history [1] Group 2: Technological Advancements - During the Xiaopeng Technology Day held on November 5, the company showcased four significant applications under its "Physical AI" strategy, including the second-generation VLA, Robotaxi, the new generation of the humanoid robot IRON, and two flight systems [1] - The CEO of Xiaopeng Motors confirmed that the new generation humanoid robot IRON operates without human intervention, highlighting the company's advancements in robotics [1] Group 3: Market Position and Future Outlook - According to CMB International, Xiaopeng Motors has achieved its annual sales target within the first ten months of 2025, driven by its competitive pricing, level of intelligence, and diverse product matrix in the electric vehicle sector [1] - The company is expected to achieve breakthrough progress in mass production of its humanoid robots, Robotaxi, and low-altitude aircraft by 2026, indicating significant growth potential in the future [1]