长沙晚报掌上长沙12月1日讯（全媒体记者 周丛笑）今天三大指数集体高开，沪指高开0.14%，深成指 高开0.42%，创业板指高开0.26%。量能上，开盘20分钟，沪深两市成交额突破5000亿，较上一日此时 放量超1100亿，预计全天成交金额超2万亿。行业板块上，贵金属、影视传媒等板块指数涨幅居前，商 业航天概念快速走强，锂矿概念延续强势，银行板块震荡走强。 消息面，国家统计局11月30日发布数据显示，11月份，制造业采购经理指数（PMI）为49.2%，比上月 上升0.2个百分点，景气水平有所改善。11月份，非制造业商务活动指数为49.5%，比上月下降0.6个百 分点。11月份，综合PMI产出指数为49.7%，比上月下降0.3个百分点。 财政部数据显示，1-10月，国有 企业营业总收入683529.3亿元，同比增长0.9%；国有企业利润总额34214.4亿元，同比下降3.0%。10月 末，国有企业资产负债率65.2%，同比上升0.4个百分点。 机构观点方面，华泰证券研报认为，上周，随着12月美联储降息预期回升，A股缩量反弹。从ETF期权 隐含波动率以及资金面变化看，短期市场情绪有所修复。结构上，超跌修复是景气结 ...

【盘面分析】 创业板： 【大盘预判】 上证指数周一出现高开红盘震荡的走势，始终没有气势磅礴的突破行情，所以个股也是走得犹犹豫豫。当前宏观背景仍偏支持新兴成长板块，包括宏观经济 有待继续修复、产业技术迭代较快、产业政策注重创新、并购重组和IPO相关政策继续对科创企业予以鼓励等，与此同时大市值新兴成长企业占比增加，对 大小盘的影响相比以往更均衡。接下来注意上证指数能否在3900点之上稳住。 近期A股市场开始跟随外盘进行反弹，然而每次高开后并未高走，反而出现高开低走的局面，这说明机构资金和量化资金在借机减仓，这也就表明"开盘追 高、收盘吃面"的情况会频繁出现。现阶段美联储是否会在12月降息已经不是重点，外盘经济复苏是非常明显的，欧美股市有望继续反弹再创新高，只不过 这个月同样面临着圣诞节休市的问题。骑牛看熊认为当下行情机会看似很多，实则赚钱效应并不好，这里还是应该先考虑处理手中的持仓标的，再来进行布 局，盲目上仓位"赌未来"是不可取的！ 骑牛看熊发现当前市场对12月份美联储降息仍有分歧，但会议前期留给美联储平衡降息与否的时间已经较短，会议前期市场博弈或加剧，但根据目前CME Fed Watch 概率模型可以看出市场 ...

Group 1: Report Industry Investment Rating - No industry investment rating information provided Group 2: Core View of the Report - The current market mainly focuses on demand changes, with weekly demand remaining stable and prices being supported. In the medium - term, due to the release of energy storage demand, prices tend to rise, but there is downward pressure on prices in the short - term [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 93,750 yuan, up 450 yuan; SMM industrial - grade lithium carbonate has an average price of 91,300 yuan, up 450 yuan [1] Futures Contracts - Lithium carbonate 2512 has a closing price of 94,560 yuan, down 0.32%; lithium carbonate 2601 has a closing price of 94,640 yuan, down 0.36%; lithium carbonate 2602 has a closing price of 94,700 yuan, down 0.5%; lithium carbonate 2603 has a closing price of 94,800 yuan, down 0.59%; lithium carbonate 2604 has a closing price of 96,260 yuan, down 0.84% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) has a price of 1,150 yuan, up 24 yuan; lithium mica (Li20: 1.5% - 2.0%) has a price of 1,665 yuan; lithium mica (Li20: 2.0% - 2.5%) has a price of 2,600 yuan, up 10 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) has a price of 9,125 yuan, up 225 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) has a price of 10,525 yuan, up 275 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 39,340 yuan, up 110 yuan; the average price of ternary material 811 (polycrystalline/power type) is 161,700 yuan; the average price of ternary material 523 (single - crystal/power type) is 144,400 yuan, up 100 yuan; the average price of ternary material 613 (single - crystal/power type) is 144,650 yuan, up 100 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,450 yuan; the difference between battery - grade lithium carbonate and the main contract is - 2,670 yuan, down 150 yuan; the difference between the near - month and the first - continuous contract is - 80 yuan, down 40 yuan; the difference between the near - month and the second - continuous contract is - 140 yuan, up 20 yuan [2] Inventory - The total inventory (weekly, tons) is 115,968 tons, down 2,452 tons; the inventory of smelters (weekly, tons) is 24,324 tons, down 1,780 tons; the inventory of downstream (weekly, tons) is 41,984 tons, down 2,452 tons; the inventory of others (weekly, tons) is 49,660 tons, up 1,780 tons; the registered warehouse receipts (daily, tons) is 5,441 tons, down 21,340 tons [2] Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 93,461 yuan, with a profit of - 1,012 yuan; the cash cost of externally purchased lithium mica concentrate is 94,750 yuan, with a profit of - 4,604 yuan [3] Industry News - This week, lithium carbonate production decreased by 265 tons and inventory decreased by 2,452 tons; the national new - type energy storage installed capacity exceeds 100 million kilowatts, 30 times that at the end of the "13th Five - Year Plan", accounting for over 40% of the global total installed capacity [3] Market Expectation - The market expects that the permit for Ningde Times' Xiawo Mine will be issued in mid - January at the latest, and possibly in December at the earliest, and the subsequent impact on the ore price will gradually decrease [3]

2025/12/1 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 【产业服务总部|有色产业中心】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 碳酸锂周报 01 周度观点 l 供需状况： 供应端：据百川盈孚统计，上周碳酸锂产量环比减少440吨至23875吨，11月产量环比增加3%至103740吨。宁德枧下窝矿山仍未复产， 宜春和青海地区生产企业均收到矿权转让重审的通知，供应受到影响。三季度澳矿实现对成本的管控，澳矿进一步降本空间极为有限， 主流澳矿基本均已下调25财年资本开支。海外进口方面，2025年10月国内进口锂精矿为65.2万吨，环比减少8.3%，其中进口量前三 的国家分别为澳大利亚、津巴布韦、尼日利亚。10月澳大利亚进口锂精矿环比减少15%，来自津巴布韦进口15万吨，环比增加41%， 来自尼日利亚进口12万吨，环比持平。10月碳酸锂进口23881吨，环比增加21.9%，来自智利进口1.48万吨，占比62%。 成本：进口锂辉石精矿CIF价周度环比上涨，部分外购锂矿生产碳酸锂厂家出现成本倒挂。自有矿石及盐湖企业利润有一 ...

Market Performance - On December 1, 2025, major A-share indices closed in the green, with the Shanghai Composite Index rising by 0.34%, the Shenzhen Component Index up by 0.85%, and the ChiNext Index increasing by 0.7%[1] - The total trading volume across both markets was 1.6 trillion yuan, slightly down from the previous trading day, with over 4,100 stocks rising, indicating sustained market activity[1] Sector Highlights - Lithium carbonate prices have rebounded over 70% from their year-to-date low, stabilizing above 100,000 yuan/ton, driven by a strong demand growth expectation of 30%-40% globally in 2026[1] - The lithium mining sector saw significant gains due to improved supply-demand dynamics, while banks, vitamins, and traditional Chinese medicine sectors experienced slight pullbacks[1] Policy and Industry Developments - The National Space Administration announced a three-year action plan for commercial aerospace, aiming to launch 156 satellites to build a space perception constellation, which is expected to boost related sectors[2] - The Ministry of Commerce is working to expand foreign investment market access, focusing on service sectors and enhancing the investment environment for foreign enterprises[8] Financial Trends - In November, the Shanghai Composite Index fell by 1.67%, ending a six-month streak of gains, while the ChiNext Index dropped by 4.23%[4] - On November 28, net inflows into the Shanghai and Shenzhen markets were 175.55 billion yuan and 156.54 billion yuan, respectively, with the top sectors for inflows being general equipment, batteries, and optical electronics[5] Fund Dynamics - The number of newly established index funds has surged by over 416% year-on-year, with 160 new products launched this year, driven by policy support and investor demand[15] - The issuance of dividend-themed funds has accelerated, with a total of 66.15 billion yuan raised in November alone, marking a monthly record for the year[16]

Report Industry Investment Rating - No investment rating provided in the report Core Viewpoint - The current supply and demand are both strong. With the repeated news of the resumption of lithium mines in Jiangxi, the weekly output of lithium carbonate at a high level, and the strong wait - and - see sentiment among downstream players, the spot and futures markets have light trading volume, weakening power demand, and the exchange taking measures to cool down the market. It is expected that the lithium price will fluctuate weakly. The trading strategy is to short at high prices [1] Summary by Relevant Catalog 1. Lithium Carbonate Futures Market Data - **Prices**: On November 28, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 94,560 yuan/ton, 94,640 yuan/ton, 94,800 yuan/ton, and 94,800 yuan/ton respectively, with increases of 600 yuan/ton, 640 yuan/ton, 460 yuan/ton, and 460 yuan/ton compared to the previous day. The closing price of the active contract was 96,420 yuan/ton, up 600 yuan/ton [1] - **Trading Volume and Open Interest**: The trading volume of the active contract was 580,962 lots, a decrease of 160,501 lots compared to the previous day. The open interest was 526,998 lots, an increase of 19,116 lots [1] - **Inventory**: The inventory was 5,441 tons, a decrease of 21,340 tons compared to the previous day [1] - **Spreads**: The spread between the near - month and consecutive - one contracts was - 80 yuan/ton, a decrease of 40 yuan/ton compared to the previous day; the spread between the consecutive - one and consecutive - two contracts was - 160 yuan/ton, an increase of 180 yuan/ton; the spread between the consecutive - two and consecutive - three contracts was 0 yuan/ton, unchanged from the previous day. The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 2,670 yuan/ton, a decrease of 150 yuan/ton [1] 2. Lithium - Related Product Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 1,150 US dollars/ton, an increase of 24 US dollars/ton compared to the previous day. The average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,665 yuan/ton, unchanged; the average price of lithium mica (Li2O: 2.0% - 2.5%) was 2,600 yuan/ton, an increase of 10 yuan/ton [1] - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 93,750 yuan/ton, an increase of 450 yuan/ton; the average price of industrial - grade lithium carbonate (99.2%, domestic) was 91,300 yuan/ton, an increase of 450 yuan/ton. The average price of battery - grade lithium hydroxide (56.5%, CIF China, Japan, and South Korea) was 10.65 US dollars/kg, unchanged; the average price of battery - grade coarse - particle lithium hydroxide (56.5%, domestic) was 82,080 yuan/ton, an increase of 350 yuan/ton; the average price of battery - grade micron - powder lithium hydroxide (56.5%, domestic) was 86,850 yuan/ton, an increase of 350 yuan/ton [1] - **Other Products**: The average price of lithium hexafluorophosphate (99.95%, domestic) was 167,500 yuan/ton, an increase of 2,000 yuan/ton. The prices of various ternary precursors and materials, lithium iron phosphate, cobalt acid lithium, negative electrode materials, electrolytes, and cobalt - related products also had corresponding changes [1] 3. SMM Lithium Carbonate Inventory - On November 28, 2025, the inventory of smelters was 24,324 tons, a decrease of 1,780 tons compared to the previous week; the inventory of downstream players was 41,984 tons, a decrease of 2,452 tons; the inventory of other sources was 49,660 tons, an increase of 1,780 tons; the total inventory was 115,968 tons, a decrease of 2,452 tons [1] 4. Industry News - On November 28, the Ministry of Industry and Information Technology organized a symposium for power and energy - storage battery manufacturing enterprises to discuss regulating the competition order of the industry and promoting high - quality development. It plans to introduce targeted policies, regulate non - rational competition, strengthen capacity monitoring, and promote scientific capacity layout and overseas expansion of enterprises [1] - Frontier Lithium Inc. announced its interim financial results as of September 30, 2025, with cash and cash equivalents of 14.9 million US dollars. The feasibility study of its PAK lithium project's mine and concentrator was completed on July 9, 2025. The company has initiated a feasibility study on a lithium conversion facility, expected to be completed in the first half of 2027. The project is expected to create 216,300 full - time equivalent jobs and contribute 1.5 billion US dollars to GDP during the 3 - year construction period [1] 5. Market Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate decreased, with a decline in the production of lithium carbonate from salt lakes and an increase in the production from other sources. The price of spodumene concentrate increased, while the price of mica remained stable [1] - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In November, the production plan of lithium iron phosphate increased, while that of lithium manganate decreased. The production of power batteries rebounded last week. In October, the year - on - year and month - on - month growth rates of new - energy vehicle production and sales slowed down, the 3C product shipments weakened, and the production of energy - storage batteries increased in November [1]

Core Viewpoint - Ganfeng Lithium plans to issue $100 million in exchangeable notes through its wholly-owned subsidiary, Ganfeng International, to the China-Africa Development Fund, with the option for the fund to convert the notes into preferred shares of Mali Lithium B.V. [1] Group 1 - Ganfeng International will issue a total of $100 million in exchangeable notes [1] - The China-Africa Development Fund has the right to convert the notes into Class A preferred shares of Mali Lithium B.V. based on the note amount and accrued interest [1] - Ganfeng Lithium will provide guarantees for this transaction and has authorized its management to handle the related matters [1]

大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 2025年12月1日 交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为21865吨，环比减少1.19%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为104341吨，环比增加1.71%,上周三元材料样本企业 库存为19361吨，环比增加0.37%。 供给端，2025年10月碳酸锂产量为92260实物吨，预测下月产量为92080实物吨，环比减少 0.19%,2025年10月碳酸锂进口量为23881实物吨，预测下月进口量为27000实物吨，环比增加 13.06%。需求端，预计下月需求有所强化，库存或将有所去化。成本端，6%精矿CIF价格日度 环比有所增长，低于历史同期平均水平，需求持 ...

智通财经APP获悉，中信建投证券发布研报称，12月本为锂的传统消费淡季，但下游需求远超预期，季节性因素淡化，锂价预计维持高位。据SMM统 计，供给端，11月碳酸锂及氢氧化锂环比+3%/+2%，预计12月增量有限，基于江西锂云母复产的乐观预期下，碳酸锂仅环比增幅3%，氢氧化锂则预计12 月环比-3%。 需求端，订单火热现象将持续至年末，11月磷酸铁锂及三元材料分别环比+4.7%/-0.2%，12月订单饱满，铁锂需求环比持平，三元环比回落6.7%。 月度平衡角度，11月市场短缺万吨以上，预计12月缺口收窄，但或仍缺口5000吨以上，因此12月保持去库预期，价格有望维持高位。库存端，碳酸锂库存 已降至12万吨以下，其中锂盐厂库存从年中的近6万吨降至2.4万吨，待明年二季度需求旺季，库存水平难以支撑需求，需求将再度赋予价格弹性。 中信建投主要观点如下： 锂：据百川盈孚，本周工业级碳酸锂市场均价为9.15万元/吨，较上周下降3.2%；电池级粗粒氢氧化锂均价为8.1万元/吨，较上周下降0.6%。供给端，本周 碳酸锂产量预计环比小幅增长。锂盐厂维持较高开工率，盐湖提锂的新产能持续释放，其他新增项目稳步推进。库存方面，碳酸锂 ...

Group 1 - The core point of the article is that Ganfeng Lithium (002460) announced the approval of a proposal for Ganfeng International to issue exchangeable bonds to specific investors during the 11th meeting of the 6th Board of Directors [1] Group 2 - The announcement was made on the evening of November 30 [1] - The decision reflects the company's strategic move to raise capital through the issuance of exchangeable bonds [1] - This action may indicate Ganfeng Lithium's ongoing efforts to strengthen its financial position and support future growth initiatives [1]