Market Overview - US stock market continued to rise on December 5, supported by expectations of Federal Reserve interest rate cuts and positive US-China trade signals, with all three major indices closing higher [1] - The Dow Jones Industrial Average increased by 0.22% to 47,954.99 points, the Nasdaq Composite rose by 0.31% to 23,578.13 points, and the S&P 500 gained 0.19% to close at 6,870.40 points, marking four consecutive days of gains for the S&P 500 [1] Technology Sector Performance - Major US technology stocks mostly rose, with the US Tech Giants Index increasing by 0.20%. Facebook saw a nearly 2% rise, Google over 1%, Microsoft up 0.48%, Amazon up 0.18%, and Tesla up 0.1% [2] - Despite declines in Apple and Nvidia by 0.68% and 0.53% respectively, the overall performance of technology stocks remained strong [2] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 1.29%, with notable individual stock performances including Baidu up nearly 6%, Xiaomi over 2%, Meituan nearly 2%, and Xpeng, iQIYI, and TAL Education all up over 2% [3] - Dingdong Maicai led the gains among Chinese stocks with an increase of over 11% [3] Mergers and Acquisitions - Netflix announced its agreement to acquire Warner Bros. Discovery for approximately $72 billion [4] - SoftBank is reportedly in talks to acquire AI infrastructure investment company DigitalBridge [4] - Albemarle, the world's largest lithium producer, saw a 5% increase in stock price after UBS upgraded its rating from "neutral" to "buy" and raised the target price from $107 to $185 per share [4] Commodity Market Movements - Gold prices experienced volatility, closing at $4,197.4 per ounce, down 0.26%, after initially rising over 1% [5] - Silver prices, after reaching a historical high, ultimately closed up 2.07% [5] - In the oil market, WTI crude oil futures for January delivery rose by 0.69% to $60.08 per barrel, while Brent crude for February delivery increased by 0.49% to $63.75 per barrel, supported by ongoing geopolitical risks [5] Cryptocurrency Market - The cryptocurrency market faced pressure, with Bitcoin dropping below $89,000, down 3.59% in a single day, and major altcoins like Ethereum and Solana also experiencing declines of over 3% [8] US-China Trade Relations - Positive signals emerged from US-China trade relations, with discussions between Chinese Vice Premier He Lifeng and US Treasury Secretary Yellen focusing on practical cooperation and addressing mutual concerns in the economic field [9] Federal Reserve Interest Rate Expectations - Market attention is on the Federal Reserve's interest rate cut expectations, with the core PCE price index for September at 2.8%, below the expected 2.9%, reinforcing the likelihood of a rate cut next week [10] - The probability of a 25 basis point rate cut next week is at 87%, according to CME's FedWatch tool [10]

（文章来源：每日经济新闻） 每经AI快讯，美股锂矿概念股走强，美国雅保涨超8%，智利矿业化工涨近3%，Lithium Americas跟 涨。 ...

预期分歧仍存， 关注产业面动态 碳酸锂月报 2025/12/05 0755-23375139 zengyuke@wkqh.cn 从业资格号：F03121027 交易咨询号：Z0023147 曾宇轲（有色金属组） CONTENTS 目录 01 月度评估及策略推荐 03 供给端 06 成本端 01 月度评估及策略推荐 月度要点小结 ◆ 期现市场：12月5日，五矿钢联碳酸锂现货指数（MMLC）早盘报90869元，周跌2.36%，月涨9%。MMLC电池级碳酸锂均价为93300元。同日广期 所LC2605收盘价92160元，本周跌4.42%。 ◆ 供给：12月4日，SMM国内碳酸锂周度产量报21939吨，环比增0.3%。2025年11月国内碳酸锂产量95350吨，环比增3.3%，同比增48.7%，前11 月累计同比增43.7%。2025年11月智利碳酸锂出口数量为1.8万吨，环比减少28%，其中出口至中国的量1.47万吨，环比减少9%。11月智利出 口硫酸锂10132吨，全部出口至中国，环比增长493%。 ◆ 需求：据乘联分会初步统计，11月1-30日，全国乘用车市场零售226.3万辆，同比去年同期下降7%，较上月增长 ...

Core Viewpoint - Ganfeng Lithium has achieved large-scale production of battery-grade lithium sulfide and is supplying it steadily to multiple downstream customers [1] Group 1 - The company confirmed the successful scale production of its battery-grade lithium sulfide production line [1] - Ganfeng Lithium is actively engaging with investors through an interactive platform to provide updates on its production capabilities [1]

证券日报网讯12月5日，赣锋锂业（002460）在互动平台回答投资者提问时表示，截至2025年11月28 日，公司A股股东人数为351555户。 ...

（文章来源：证券日报） 证券日报网讯 12月5日，赣锋锂业在互动平台回答投资者提问时表示，公司秉持稳健的财务策略，在运 营过程中积累了充足的现金储备。并通过境内外债券发行、银行间发债等方式补充资金流动性，有效缓 解现金流压力。 ...

Core Viewpoint - Ganfeng Lithium (002460) emphasizes its commitment to legal and compliant operations, leveraging its core advantages in resources, cost, technology, and full industry chain layout to benefit from industry recovery and create long-term value for investors [1] Company Summary - Ganfeng Lithium maintains a focus on legal and compliant business practices [1] - The company relies on its own resources, cost efficiency, and technological capabilities as core advantages [1] - Ganfeng Lithium is positioned to benefit from the recovery of the lithium industry [1] - The company aims to create long-term value for its investors [1]

（文章来源：证券日报） 证券日报网讯 12月5日，赣锋锂业在互动平台回答投资者提问时表示，公司的技术储备紧密对接市场前 沿需求，从上游的锂矿提锂技术到中游关键的电解质、负极材料等生产技术，再到下游的电芯与系统集 成均有所技术储备。 ...

（文章来源：证券日报） 证券日报网讯 12月5日，赣锋锂业在互动平台回答投资者提问时表示，公司已建立系统化的市值管理机 制。 ...

Report Industry Investment Rating - Not provided Core Viewpoints - As of December 4, 2025, the spot main contract of lithium carbonate fluctuated at a low level, with the trading volume increasing by 20,135 to 663,458 lots and the open interest decreasing by 2,207 to 560,629 lots. The spot market trading was sluggish, and the basis premium narrowed [1]. - On the cost side, the prices of spodumene concentrate and lepidolite decreased. On the supply side, the weekly output of lithium carbonate increased, with the output from salt lakes decreasing and that from other raw materials increasing. In terms of downstream demand, the output of lithium iron phosphate and ternary materials decreased last week. In December, the production and scheduled production of lithium carbonate decreased, while the output of power batteries rebounded last week. For terminal demand, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down in October, the 3C shipments weakened, and the scheduled production of energy - storage batteries stagnated in December [1]. - In terms of inventory, the registered warehouse receipts increased by 770 to 10,422 tons, and the social inventory decreased, with smelters and others reducing inventory and downstream increasing inventory. Overall, both supply and demand are strong, and there are repeated reports of the resumption of mines in Jiangxi. The weekly output of lithium carbonate is at a high level, and downstream players still have a wait - and - see attitude. The spot market trading is sluggish, demand growth has stagnated, and the exchange has taken measures to cool down the market. It is expected that lithium prices will fluctuate weakly. The trading strategy is to hold short positions [1]. Summary by Related Content Lithium Carbonate Futures and Spot Prices - On December 4, 2025, the closing prices of the near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate were 90,680 yuan/ton, 92,260 yuan/ton, 92,480 yuan/ton, and 92,480 yuan/ton respectively, with changes of - 1,520 yuan/ton, + 200 yuan/ton, + 280 yuan/ton, and + 280 yuan/ton compared to the previous day [1]. - The average prices of battery - grade lithium carbonate (99.5%/domestic) and industrial - grade lithium carbonate (99.2%/domestic) were 94,000 yuan/ton and 91,550 yuan/ton respectively, both decreasing by 350 yuan/ton compared to the previous day [1]. Lithium Ore and Related Product Prices - The average price of spodumene concentrate (6%, CIF China) was 1,162 US dollars/ton, decreasing by 18 US dollars/ton compared to the previous day [1]. - The average prices of different grades of lepidolite decreased, for example, the average price of lepidolite (Li2O: 1.5% - 2.0%) was 1,590 yuan/ton, decreasing by 40 yuan/ton compared to the previous day [1]. Downstream Product Prices - The average price of lithium hexafluorophosphate (99.95%/domestic) was 172,000 yuan/ton, increasing by 1,000 yuan/ton compared to the previous day [1]. - The average prices of various ternary precursors and materials decreased slightly, for example, the average price of ternary precursor 523 (polycrystalline/consumer - type) was 104,950 yuan/ton, decreasing by 50 yuan/ton compared to the previous day [1]. New Energy Vehicle Sales Data - From January to October 2025, the global new energy passenger vehicle sales reached 17.36 million units, a year - on - year increase of 30%. In October, the global new energy passenger vehicle sales reached 2.11 million units, a year - on - year increase of 17% and a month - on - month decrease of 32% [1]. - From January to October 2025, the new energy vehicle sales in the US were 1.4 million units, with a growth rate of 10%. In October, the new energy vehicle sales in the US were 93,000 units, a year - on - year decrease of 51% [1]. Company News - Yihu Co., Ltd. is expected to exceed its annual lithium carbonate production plan of 300 tons [1]. - Salt Lake Co., Ltd. stated that its 40,000 - ton lithium extraction project is running smoothly, with a daily output of 60 - 70 tons, a purity of over 99.9%, and stable equipment operation [1].