Report Industry Investment Rating No relevant content provided. Core Views of the Report - Strategy: For unilateral trading, maintain a long - position mindset, monitor price movements at previous high levels (take profit if there is a sharp rally), and set stop - profit points. For options, hold out - of - the - money short put options with a light position and manage risks (rolling operations are possible). For calendar spreads, stay on the sidelines [4]. - Supply: Yichun's lithium mines are less likely to stop production. The Zhenkouli - Jianxiawo mine in Jiangxi is unlikely to resume production this year, eliminating supply concerns. Overall, supply is expected to increase steadily as expected. Also, new warehouse receipts registration volume may be a concern due to high demand and large open interest [5]. - Demand: Energy storage cell production is full, with independent energy storage contributing significant growth. New energy vehicles are in the peak production and sales season, and demand is expected to remain high in Q4 2025. Lithium prices are supported by strong demand, but supply growth may increase price volatility [5]. - Hedging: Lithium salt producers should conduct low - proportion short hedging, and downstream enterprises can conduct medium - proportion long hedging based on orders to lock in procurement costs [5]. - Basis: Hold cash - and - carry arbitrage portfolios with a light position and manage risks [5]. Summary by Related Catalogs 1. Market Review - As of November 13, battery - grade lithium carbonate increased by 3950 yuan week - on - week to 84350 yuan/ton, and industrial - grade lithium carbonate increased by 3800 yuan to 82000 yuan/ton. Battery - grade lithium hydroxide (coarse particles) increased by 500 yuan to 76180 yuan/ton. The price difference between battery - grade and industrial - grade lithium carbonate was 2350 yuan/ton, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 8170 yuan/ton [9]. - As of November 13, the closing price of the lithium carbonate 2601 contract increased by 5540 yuan (+6.73%) week - on - week to 87840 yuan/ton, and the weighted open interest increased by 128,300 lots to 1,037,300 lots [9]. 2. Supply - Side Analysis 2.1 Lithium Ore Production and Import - In October 2025, the output of Chinese sample lithium spodumene was 7350 tons, a month - on - month increase of 550 tons (+8%); the total output of Chinese lithium mica was 12,700 tons, a month - on - month decrease of 450 tons (-3%) [12]. - In September 2025, China's lithium spodumene imports reached 711,000 physical tons, a month - on - month increase of 14.8%, equivalent to about 67,000 tons of lithium carbonate equivalent (LCE). Imports from Australia were 347,000 tons, a significant month - on - month increase of 64.1%; imports from Nigeria were about 120,000 tons, a month - on - month increase of 14.4%; imports from Zimbabwe were 109,000 tons, a month - on - month decrease of 7.8% [12]. - From November 3 to November 9, 2025, the total shipment of Mysteel's Australian lithium concentrate to China was 76,000 tons, a week - on - week decrease of 27,000 tons. The weekly average shipment to China was 68,000 tons, and the global shipment that week was 76,000 tons [12]. 2.2 Lithium Ore Price and Inventory - As of November 13, the price of Australian lithium spodumene concentrate increased by 125 dollars week - on - week to 1050 dollars/ton, and the price of lithium mica (2.0% - 2.5%) increased by 195 yuan to 2280 yuan/ton. As of November 7, the available inventory of lithium ore was 100,000 tons (82,000 tons in the previous period, increasing for three consecutive weeks) [15]. - As of November 13, the cash cost of producing lithium carbonate from imported lithium spodumene was 84,065 yuan/ton, with a production loss of 907 yuan/ton; the cash cost of producing lithium carbonate from imported lithium mica was 87,365 yuan/ton, and the loss from imported mica production was 6361 yuan/ton. The loss from producing lithium carbonate from imported raw materials deepened [15]. 2.3 Lithium Mine Project Progress - On November 6, 2025, the Natural Resources Department of Jiangxi Province released the "Public Notice of the Assessment Report on the Mining Right Transfer Income of the Zhenkouli - Jianxiawo Mine (Utilized but Unpaid Resources) in Yifeng County, Jiangxi Province". It is estimated that the probability of resuming production this year is low, and concerns about its resumption are weakened in the short term [15]. 2.4 Lithium Carbonate Production - According to SMM statistics, the weekly output of lithium carbonate in the week of November 13 was 21,545 tons, a week - on - week increase of 11 tons. Among them, the output from spodumene decreased by 220 tons to 12,904 tons (accounting for 60%), the output from mica decreased by 70 tons to 2941 tons (accounting for 14%), the output from salt lakes increased by 236 tons to 3555 tons (accounting for 17%), and the output from recycled materials increased by 65 tons to 2145 tons (accounting for 10%) [21]. - In October 2025, the monthly output of domestic lithium carbonate was 92,260 tons, a month - on - month increase of 6% and a year - on - year increase of 55%. The cumulative output from January to October was 780,000 tons, a year - on - year increase of 39%. It is expected that the output of domestic lithium carbonate in November can still maintain the production level of October, with a roughly flat month - on - month change [21]. 2.5 Lithium Carbonate and Hydroxide Import and Export - According to Chilean customs data, in October 2025, Chile exported 25,000 tons of lithium carbonate, a month - on - month increase of 56%; the amount exported to China was 16,200 tons, a year - on - year decrease of 4% and a month - on - month increase of 46%. From January to October 2025, Chile exported a total of 189,400 tons of lithium carbonate, a year - on - year decrease of 5.3%, and the amount exported to China was 137,100 tons, a year - on - year decrease of 15% [27]. - According to customs data, in September 2025, China's lithium carbonate imports were about 19,600 tons, a month - on - month decrease of 10.3%, mainly affected by previous concentrated arrivals and domestic inventory digestion rhythms. Among them, 10,800 tons were imported from Chile, accounting for 55.2%, and 6948 tons were imported from Argentina, accounting for 35.5% [27]. - According to SMM statistics, in October 2025, the output of lithium hydroxide was 29,220 tons, a month - on - month increase of 6% and a year - on - year decrease of 5%. Among them, the smelting output was 24,950 tons, and the causticizing output was 4270 tons. It is expected that the overall output of lithium hydroxide in November will have a slight upward trend, with a roughly flat year - on - year performance [28]. - According to customs data, China's lithium hydroxide imports in September 2025 were 1473 tons, a month - on - month increase of 20.3%, mainly due to the moderate recovery of high - nickel ternary material demand; exports were 6526 tons, a month - on - month increase of 15% and a year - on - year decrease of 48.7% [28]. 3. Demand - Side Analysis 3.1 New Energy Vehicle Market - In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, a year - on - year increase of 21.1% and 20%, and a month - on - month increase of 9.6% and 6.9% respectively. From January to October, the cumulative production and sales of new energy vehicles were 13.015 million and 12.943 million respectively, a year - on - year increase of 33.1% and 32.7% respectively [33]. - In 2025, from January to October, the sales of new energy heavy - duty trucks in China exceeded 119,600, a year - on - year increase of 198%. In September 2025, 392,000 new energy vehicles were sold in Europe, a year - on - year increase of 33% and a month - on - month increase of 62%, with a market penetration rate of 31.7% [33]. - In October 2025, new energy vehicle exports were 256,000, a month - on - month increase of 15% and a year - on - year increase of 100%. From January to October, the cumulative exports were 1.983 million, a year - on - year increase of 87.4% [33]. - As of November 13, 17 mainstream automobile brands have launched purchase tax subsidy plans, which will ease the cliff - like decline in vehicle sales across the year to some extent [33]. 3.2 Energy Storage Market - Domestic energy storage cell supply is growing steadily, and demand from diversified investment entities is increasing. Overseas energy storage orders are also growing due to tariff relief and favorable policies [36]. - The "New Energy Storage Large - scale Construction Special Action Plan (2025 - 2027)" sets a goal of reaching an installed capacity of over 180 million kilowatts by 2027, driving direct investment of about 250 billion yuan [36]. - Australia, the UK and other countries have introduced policies to support the development of energy storage, ensuring sufficient energy storage orders [36]. 3.3 Lithium Battery Production - According to SMM statistics, in October 2025, China's lithium battery output was 192.9 GWh, a month - on - month increase of 8%. Among them, the output of power cells increased by 11% to 125 GWh, the output of energy storage cells increased by 3% to 54 GWh, and the output of consumer and other cells increased by 3% to 14 GWh [43]. - From November 7, 2025, to November 10, 2026, the implementation of 6 export control measures related to strategic fields such as rare earths, lithium batteries, and super - hard materials will be suspended [43]. - According to大东时代智库, in November 2025, the production of power + energy storage batteries in Chinese battery factories was 193 GWh; the production of lithium battery A was 71.4 GWh, the production of lithium battery B was 31.4 GWh, and the production of lithium battery C was 14.9 GWh. The production of consumer - type batteries in the Chinese market was about 16 GWh. The production of power + energy storage + consumer - type batteries in the Chinese market in November 2025 was 209 GWh, a month - on - month increase of 12.4% and a year - on - year increase of 64.6% [47]. 3.4 Lithium Battery Material Market - Lithium iron phosphate: In October 2025, the output of lithium iron phosphate was 394,350 tons, a month - on - month increase of 10.5% and a year - on - year increase of 51%. It is expected that the production in November will increase by 8% month - on - month to 425,898 tons [49]. - Ternary materials: In October 2025, the output of ternary materials was 84,090 tons, a month - on - month increase of 11.6% and a year - on - year increase of 43%. It is expected that the market demand will continue to improve in November, and the production plan will continue to rise slightly, with a month - on - month increase of 1.37% and a year - on - year increase of 39.76% [49]. - According to SMM statistics, in October 2025, China's electrolyte output increased by 4.8% month - on - month to 207,580 tons, a year - on - year increase of 29%. From January to October, the cumulative output was 1.655 million tons, a year - on - year increase of 52.3% [50]. - According to SMM research, in October 2025, China's lithium hexafluorophosphate output increased by 14% month - on - month to 25,420 tons, a year - on - year increase of 29%. From January to October, the cumulative output was 200,000 tons, a year - on - year increase of 38.4% [50]. 4. Inventory Analysis - As of November 13, the lithium carbonate inventory decreased by 3481 tons week - on - week to 120,500 tons. Among them, the smelter inventory decreased by 2445 tons to 28,000 tons, the downstream inventory decreased by 3236 tons to 48,800 tons, and the inventory of other sectors such as traders increased by 2200 tons to 43,400 tons [54]. - As of November 13, the warehouse receipt volume was 26,420 tons, a week - on - week increase of 176 tons and a month - on - month decrease of 2384 tons. New warehouse receipts registration volume may be a concern due to high demand and the forced cancellation of non - compliant warehouse receipts at the end of November [54]. 5. Basis Analysis - The holding cost for 1 - month is about 1838 yuan/ton, and for 2 - month is about 2460 yuan/ton. Hold cash - and - carry arbitrage portfolios and manage risks [56]. 6. Spread Analysis - The 11 - 12 spread showed a reverse - arbitrage trend approaching the November delivery month. Pay attention to the reverse - arbitrage opportunity of the 03 - 04 spread approaching the March delivery month [58].

Core Viewpoint - Tianqi Lithium Industries has filed an appeal to the Chilean Supreme Court regarding a lawsuit stemming from a partnership agreement between its investee SQM and Codelco, which may impact its investment returns and shareholder rights in SQM in the long term [1][2][3] Group 1: Legal Proceedings - Tianqi Lithium's subsidiary, Inversiones TLC SpA, has appealed to the Chilean Supreme Court against a ruling from the Santiago Court of Appeals, which is not expected to significantly impact the company's current or future profits [1] - The lawsuit originated from a partnership agreement between SQM and Codelco concerning the operation and development of the Salar de Atacama from 2025 to 2060 [1][2] - Tianqi Lithium believes that the partnership agreement requires approval from a special shareholders' meeting of SQM, leading to a series of legal actions including an administrative review and subsequent lawsuit [2] Group 2: Financial Implications - The partnership agreement allows Codelco to hold a majority stake in the joint venture, which may result in SQM losing control over its core lithium business in the Salar de Atacama starting in 2031 [3] - The agreement also proposes an extension of lithium mining rights from 2030 to 2060 and an increase in production quotas from 2025 to 2030, but the shift in control could affect Tianqi Lithium's investment returns and dividends from SQM [3] - Tianqi Lithium will continue to monitor developments related to SQM and assess financial impacts dynamically, ensuring timely information disclosure [3]

Group 1: Report Overview - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: November 24, 2025 [3] Group 2: Weekly View Supply Situation - Last week, carbonate lithium production increased by 465 tons week-on-week to 24,315 tons, and October production increased by 10% month-on-month to 105,040 tons [5] - Ningde Jianxiawo Mine has been shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for the re-review of mining rights transfers, affecting supply [5] - In the third quarter, Australian mines achieved cost control, and the space for further cost reduction is extremely limited. Most mainstream Australian mines have reduced their capital expenditure for fiscal year 25 [5] - In October 2025, China imported 652,000 tons of lithium concentrate, a month-on-month decrease of 8.3%. The top three importing countries were Australia, Zimbabwe, and Nigeria. Imports from Australia decreased by 15% month-on-month, those from Zimbabwe increased by 41% to 150,000 tons, and those from Nigeria remained flat at 120,000 tons [5] - In October, carbonate lithium imports were 23,881 tons, a month-on-month increase of 21.9%. Imports from Chile were 14,800 tons, accounting for 62% [5] - The CIF price of imported lithium spodumene concentrate increased week-on-week, and some manufacturers producing carbonate lithium from purchased lithium ore faced cost inversion. Enterprises with their own ore and salt lakes had some profit support, while lithium hydroxide manufacturers faced greater cost pressure [5] Demand Situation - In October, overall production scheduling increased month-on-month. In September, the production scheduling of large battery cell manufacturers increased by 8% month-on-month [6] - In October, the combined production of power and other batteries in China was 170.6 GWh, a month-on-month increase of 12.9% and a year-on-year increase of 50.5%. The combined export was 28.2 GWh, a month-on-month increase of 5.5% and a year-on-year increase of 33.5%. Sales were 166.0 GWh, a month-on-month increase of 13.3% and a year-on-year increase of 50.8% [6] - The trade-in policy and the extension of the new energy vehicle purchase tax on the policy side are expected to continue to support the rapid growth of new energy vehicle sales in the Chinese market [6] Inventory Situation - This week, carbonate lithium inventory showed a destocking state. Factory inventory decreased by 1,430 tons, market inventory increased by 426 tons, and futures inventory decreased by 322 tons [6] Strategy Suggestions - From the supply side, Ningde Jianxiawo Mine is still shut down. In October, domestic carbonate lithium production increased by 10% month-on-month, imports of lithium concentrate were 652,000 tons, a month-on-month decrease of 8.3%, and the total imports of carbonate lithium were about 24,000 tons, a month-on-month increase of 22% and a year-on-year increase of 3%. Downstream demand is strong, and the domestic supply and demand remain in a tight balance. It is expected that subsequent imports of lithium salts from South America will supplement the supply [7] - From the demand side, the terminal demand for energy storage continues to be good. It is expected that the production scheduling of cathode materials in October will increase by 4% month-on-month after an 8% increase in September. The risk of mining licenses in Yichun persists. With profit recovery, lithium production from ore continues to increase, and the cost center moves up. The process of new contract signing and application for Yichun mining enterprises is still undetermined. Downstream production scheduling exceeds expectations, and attention should be paid to the disturbances at the Yichun mining end [7] - Downstream enterprises are actively purchasing carbonate lithium, and destocking continues. It is expected that prices will continue to fluctuate strongly. Attention should be paid to the progress of mining licenses in Yichun mines and the resumption of production at Ningde Jianxiawo Lithium Mine [7] Group 3: Key Data Tracking - The report presents multiple data charts, including the spot tax-included average price of carbonate lithium, weekly and monthly production of carbonate lithium, weekly and monthly inventory of carbonate lithium, factory monthly inventory, average price of lithium concentrate, production of different raw materials for carbonate lithium, production and loading volume differences of domestic power batteries and lithium iron phosphate, average production cost of carbonate lithium, monthly production of lithium iron phosphate and ternary materials, import volume of lithium spodumene, average price of lithium iron phosphate for power use, and average price of ternary materials type 8 NCA [9][10][19]

11月24日，A股探底回升，三大指数集体收红，全市场超4200只个股上涨。 从板块来看，军工板块爆发，中船防务（600685）4天2板，江龙船艇（300589）再次20cm涨停，已6天3板。商业航天概念持续拉升，中天火箭 （003009）、航天发展（000547）等10股涨停。 | 名称 | 现价 | 涨跌幅 -- | | --- | --- | --- | | 航天环宇 | 29.77 | 19.99% | | 688523.SH | | | | 晨曦航空 | 20.68 | 14.13% | | 300581.SZ | | | | 北方长龙 | 177.68 | 12.42% | | 301357.SZ | | | | 国科军工 | 58.99 | 11.60% | | 688543.SH | | | | 中国海防 | 33.61 | 10.02% | | 600764.SH | | | | 雷科防务 | 6.37 | 10.02% | | 002413.SZ | | | | 中天火箭 | 55.10 | 10.00% | | 003009.SZ | | | | 长城军工 | 57.43 | 10.00% ...

Market Overview - On November 24, A-shares rebounded after hitting a low, with all three major indices closing in the green and over 4,200 stocks rising across the market [1] - The Shanghai Composite Index closed at 3,836.77, up 1.87 points or 0.05%, while the Shenzhen Component Index rose by 47.01 points or 0.37% to 12,585.08 [2] Sector Performance - The military industry sector saw significant gains, with stocks like China Shipbuilding Defense hitting the limit up for two consecutive days and Jianglong Shipbuilding achieving a 20% limit up again [2] - The commercial aerospace concept stocks continued to rise, with ten stocks including Zhongtian Rocket and Aerospace Development hitting the limit up [2] Notable Stocks - Aerospace Hangyu surged by 19.99% to 29.77, while Chenxi Aviation and Beifang Changlong also saw substantial increases of 14.13% and 12.42% respectively [3] - Semiconductor equipment stocks experienced a rebound, with Shenghui Integration hitting the limit up and Zhi Zheng Shares nearing the limit up [4] Declining Sectors - The lithium mining sector faced a downturn, with multiple stocks including Guocheng Mining and Dazhong Mining hitting the limit down, and others like Shengxin Lithium Energy and Rongjie Shares dropping nearly 10% [5][6] Hong Kong Market - The Hong Kong market showed strong recovery, with the Hang Seng Technology Index rising approximately 2.7% [7][8] - Notable stocks such as Kuaishou and Bilibili increased by over 6%, while Alibaba's stock price surged nearly 5%, bringing its total market capitalization to HKD 2.95 trillion [8] AI Developments - Ant Group's AI assistant Lingguang achieved over 2 million downloads within six days, setting a record for the fastest growth in downloads [10] - Alibaba's AI assistant Qianwen also saw rapid adoption, surpassing 10 million downloads within a week, making it the fastest-growing AI application [10][11] Strategic Insights - Huayuan Securities highlighted the resilience of leading internet companies like Alibaba, Tencent, and Meituan, suggesting that their strategic adjustments in organizational structure could provide long-term value [11] - The focus on AI technology development and application remains crucial for industry growth and market transactions, emphasizing the importance of strategic execution in this area [11]

Group 1 - The lithium extraction sector in Salt Lake has experienced significant adjustments, with companies such as Tibet Summit, Shengxin Lithium Energy, and Jinyuan Co. hitting the daily limit down [1] - Other companies including Guocheng Mining, Ganfeng Lithium, Chuaneng Power, Tibet Mining, and Jiuwu High-Tech also saw declines in their stock prices [1]

Core Viewpoint - The lithium extraction sector in the salt lake region has undergone significant adjustments, leading to sharp declines in stock prices for several companies involved in lithium production [1] Company Summary - Companies such as Tibet Summit, Shengxin Lithium Energy, and Jinyuan Co., Ltd. experienced a trading halt due to a drop in stock prices [1] - Other companies including Guocheng Mining, Ganfeng Lithium, Chuaneng Power, Tibet Mining, and Jiuwu High-Tech also saw declines in their stock prices, indicating a broader impact across the sector [1]

每经AI快讯，11月24日，盐湖提锂板块盘初走低，盛新锂能跌停，金圆股份跌超9%，西藏珠峰跌超 7%，川能动力、久吾高科、西藏矿业、天齐锂业跟跌。 （文章来源：每日经济新闻） ...

Group 1 - Hainan sector shows active trading with companies like Jingliang Holdings and Hainan Haiyao experiencing significant price increases [1] - Zhongshui Fisheries hits a limit up, marking its seventh consecutive trading day of gains [1] Group 2 - Solid-state battery concept stocks are active, with GAC Group hitting a limit up and companies like Funeng Technology and Liyuanheng also seeing gains [2] - The first large-capacity solid-state battery production line has been established by GAC Group, which is now in small-batch testing production [2] Group 3 - Lithium mining stocks continue to adjust, with companies like Guocheng Mining and Dazhong Mining hitting their daily limit down [3] - Other lithium-related companies such as Jinyuan Co. and Rongjie Co. also experience significant declines [3] Group 4 - A-shares open higher, with the Shanghai Composite Index up 0.36%, the Shenzhen Component Index up 0.53%, and the ChiNext Index up 0.90% [4] Group 5 - The Hong Kong stock market opens higher, with the Hang Seng Index up 0.92% and the Hang Seng Tech Index up 1.13%, driven by rebounds in tech and new energy vehicle stocks [6] Group 6 - The central bank conducts a 338.7 billion yuan reverse repurchase operation with a rate of 1.40%, while 283 billion yuan of reverse repos are set to mature today [7]

Market Overview - The US stock market experienced significant volatility, leading to a decline in the Hong Kong stock market, with the Hang Seng Index falling by 2.38% to 25,220.02 points and a total trading volume of HKD 285.7 billion [1] - The Hang Seng China Enterprises Index and the Hang Seng Tech Index also saw declines of 2.45% and 3.21%, respectively, with weekly losses of 5.09% and 7.18% [1] - Current market conditions are characterized by a critical digestion phase, with increased short-term volatility due to asset allocation shifts between growth and value stocks, as well as risk and safe-haven assets [1] Blue Chip Performance - Xiaomi Group (01810) rose by 1.01% to HKD 38.08, contributing 10.85 points to the Hang Seng Index, following a record buyback of 13.5 million shares at an average price of HKD 37.61 [2] - Among blue-chip stocks, only four saw gains, with Longfor Group (00960) up 1.43% and China Telecom (00728) up 0.69%, while Xinyi Solar (00968) and Link REIT (00823) faced significant declines [2] Sector Performance - Major technology stocks faced pressure, with Alibaba down 4.65% and Tencent down 1.77%, while AI-related stocks also declined significantly [3] - Lithium stocks experienced sharp declines, with Ganfeng Lithium (01772) down 12.47% and Tianqi Lithium (09696) down 11.93%, following a drop in lithium futures [4] - Cryptocurrency-related stocks fell sharply, with major cryptocurrencies like Bitcoin and Ethereum also experiencing significant price drops [5] Gambling Sector - The gambling sector saw collective declines, with Sands China (01928) down 5.97% and MGM China (02282) down 5.73%, amid expectations of a decline in Macau's gaming revenue for the upcoming year [6] - The Macau government projected a total gaming revenue of MOP 236 billion for the next year, reflecting cautious optimism amid external uncertainties [6] Notable Stock Movements - Shide Global (00487) experienced a dramatic drop of 48.25% due to the termination of a service agreement affecting its operations [7] - Link REIT (00823) continued to face pressure, with a decline of 7.47% following a downgrade in earnings forecasts by Bank of America [8]