Core Viewpoint - The article highlights the active performance of various stocks in the market, particularly focusing on the rapid rise of companies in the Hainan sector and the solid-state battery concept, indicating potential investment opportunities in these areas [3][6]. Group 1: Stock Performance - Hainan sector stocks, including Jingliang Holdings, Hainan Haiyao, Hainan Expressway, and Kangzhi Pharmaceutical, have shown significant upward movement [3]. - Zhongshui Fishery has achieved a remarkable seven consecutive trading limit-ups, with a current price of 16.60, reflecting a 10.01% increase [4]. - The A-share market opened positively, with the Shanghai Composite Index rising by 0.36%, the Shenzhen Component Index by 0.53%, and the ChiNext Index by 0.90% [7]. Group 2: Industry Trends - The solid-state battery sector is gaining traction, with GAC Group achieving a one-word limit-up and other companies like Funeng Technology and Liyuan Heng also experiencing gains. This follows the establishment of China's first large-capacity solid-state battery production line, which is currently in small-batch testing [6]. - Lithium mining stocks are facing a downturn, with companies like Guocheng Mining and Dazhong Mining hitting their daily limit-downs, indicating a potential risk in this sector [6]. Group 3: Market Overview - The Hong Kong stock market opened with the Hang Seng Index up by 0.92% and the Hang Seng Tech Index up by 1.13%, showing a rebound in tech and new energy vehicle stocks [9]. - Various sectors such as 6G, optical communication, AI applications, and battery technology are active, while lithium mining and aquaculture themes are experiencing corrections [8].

24 November 2025 | 6:54AM HKT Equity Research CHINA METALS & MINING Chinese lithium sector - downside risks after the bull run. Downgrade Ganfeng-H to Sell We update our China benchmark lithium chemical price forecasts and global lithium market S/D balance, to reflect better-than-expected demand mostly from the ESS segment, jointly with the GS global commodity team (see report here). Fundamentals of the lithium market have significantly improved in recent months - we see tight S/D balance in 2H25-1H26, as a ...

廖市无双：上证破趋势，大盘何去何从？20251123 摘要 上证指数跌破 4 月 7 日以来的上升趋势线，确认五浪结构破位及日线 MACD 底背离，预示将进入 ABC 调整结构，需关注调整结构发展及各 指数表现。当前指数在 3,700-3,800 点区域具备较强支撑，包括 3,732 点、3,774 点和 3,702 点等关键点位。 创业板指数自 10 月 17 日以来创新高后随上证指数调整，形成 A 浪下跌。 科创 50 指数呈现 ABC 结构，C 段加速下跌。创业板风险相对较高，需 谨慎对待，而恒生科技和科创 50 指数调整较为充分，无需进一步杀跌。 本周无行业板块上涨，前期强势板块如电芯、基础化工、钢铁、医药、 有色等显著回调，锂矿链条跌幅接近 10%。银行和食品饮料等防御性板 块相对抗跌，银行因前期回调具备防御属性，食品饮料因涨幅小且风险 释放表现稳健。 美联储降息预期减弱导致全球流动性收紧，比特币价格大幅下跌，引发 以其为抵押的经营经理面临流动性紧张，负面影响传导至股票市场。英 伟达财报超预期但应收账款和存货增加引发质疑，可能影响国内科技股。 Q&A 上证指数和上证 50 的近期走势如何，未来可能会 ...

2025年第二届中国国际锂业大会于11月24日至26日在四川举办。 华西证券认为，根据SMM消息，供应方面，锂盐厂整体开工率保持高位运行，其中锂辉石端与盐湖端 为供应主力。预计11月国内碳酸锂产量可以维持10月的生产量级，环比大致持平。需求方面，需求端则 展现出强劲动力，动力电池领域受益于新能源汽车商用与乘用市场的同步快速增长，而储能市场延续供 需两旺格局，供应持续偏紧，共同为碳酸锂消费提供有力支撑。展望后市，下游电芯及正极材料企业在 11月的排产计划持续向好，预计碳酸锂库存将继续呈现较大幅度去化。综合来看，需求支撑下的去库预 期将对价格底部形成稳固支撑，预计短期内碳酸锂价格将保持偏强运行。 （文章来源：证券时报网） 中信证券认为，2025年三季度海外锂矿产量环比持平，反映出在前三季度锂价低迷背景下，海外矿企增 产积极性减弱。尽管锂价在2025年三季度回暖，但海外矿企反馈缓慢。南美盐湖提锂企业2025年三季度 经营显著改善，且对2025年四季度展望保持乐观。预计在储能电池需求持续强劲的拉动下，锂产业链有 望延续去库态势，锂价或超预期上涨，上调锂价预测区间上限至12万元/吨，建议关注在锂价反弹过程 中的低成本标 ...

Core Viewpoint - The global market is experiencing volatility due to declining expectations for interest rate cuts by the Federal Reserve and ongoing declines in Japanese government bonds, leading to a sell-off in A-shares, particularly in the non-ferrous metals sector [1][3]. Group 1: Market Performance - On November 21, A-shares saw all three major indices decline, with the non-ferrous metals sector ETF (159876) dropping by 5.62%, with a trading volume exceeding 1 billion yuan [1]. - Despite the market downturn, the non-ferrous metals ETF (159876) attracted a net subscription of 85.2 million units, indicating strong investor interest in the sector [1]. Group 2: Employment Data and Fed Policy - The U.S. Labor Department reported an unexpected increase of 119,000 non-farm jobs in September, significantly above the market expectation of 50,000, which raises the likelihood that the Federal Reserve may not cut interest rates next month [3]. - Even if the Fed pauses a rate cut, as long as it remains in a rate-cutting cycle, there is still upward momentum for non-ferrous metal prices, suggesting that the sector's bullish trend is not over [3]. Group 3: Lithium Market Dynamics - In November, lithium carbonate futures have been on the rise, with prices reaching over 100,000 yuan/ton, marking a 67% increase from the year's low on May 30 [3]. - The market is currently experiencing a supply shortage of approximately 13,000 tons, with demand at 128,000 tons against a supply of 115,000 tons, indicating a continued upward pressure on prices [3]. Group 4: Future Outlook - Institutions generally believe that the non-ferrous metals sector is likely to continue its bullish trend, with various firms expressing optimism about a comprehensive bull market in non-ferrous metals [4]. - Key investment themes include industrial metals like copper and aluminum, energy metals such as lithium and cobalt, and strategic assets like gold and rare earths [4]. - The non-ferrous metals ETF (159876) offers broad exposure across various metals, which can help mitigate risks compared to investing in single metal sectors [4].

Report Industry Investment Rating - The rating for lithium carbonate is "Oscillation" [1] Core Viewpoints of the Report - Last week, lithium salt prices showed a strong trend, but there was a high - level callback on the Friday daytime session. The market expects short - term supply shortages and strong year - end demand in the energy storage sector. Regulatory measures and potential restarts of production may affect the market. The report predicts short - term callback pressure on the disk and suggests light - position short - selling opportunities [2][3][16] Summary by Directory 1. Limitation of Positions, Increase of Fees, Slower Inventory Reduction, and Lithium Prices Peaking and Falling - From November 17th to 21st, lithium salt prices were strong. LC2512 and LC2601 closing prices increased by 4.3% and 4.2% respectively to 91,000 yuan/ton. SMM battery - grade and industrial - grade lithium carbonate spot average prices rose by 8.4% and 8.6% to 92,300 and 89,900 yuan/ton. Lithium hydroxide prices also followed the upward trend [2][13] - The market was affected by supply expectations, demand support, regulatory measures, and potential restarts of production. SMM data showed an increase in lithium carbonate production and a decrease in inventory, with a slower inventory accumulation slope [3][16] 2. Review of Weekly Industry News - PMET submitted a feasibility study report for the CV5 lithium project, revealing the largest lithium spodumene resource in the Americas, with a planned annual production of about 800,000 tons of lithium spodumene concentrate [17] - Sigma suspended its Brazilian lithium mine in the third quarter, reduced production, and plans to complete expansion by the end of 2026, increasing the total capacity to 520,000 tons/year [17] - Liontown Resources' first lithium spodumene auction price was 16.7% higher than the current spot price [18] - Hunan Yueneng started the construction of a 20,000 - ton battery recycling and a 30,000 - ton lithium carbonate project [18] 3. Monitoring of Key High - Frequency Data in the Industry Chain 3.1 Resource End: Continuous Increase in Lithium Concentrate Prices - The spot average price of lithium spodumene concentrate (6%, CIF China) increased by 83 dollars/ton to 1,089 dollars/ton, a year - on - year increase of 8.3% [14] 3.2 Lithium Salt: Intensified Game of Restart Disturbances - The prices of lithium carbonate futures and spot showed an upward trend, and the profit of lithium salt plants and relevant price differences also changed [14][16] 3.3 Downstream Intermediates: Continued Strength of Ternary and Lithium Cobalt Oxide - The prices of downstream materials such as ternary materials, lithium cobalt oxide, and lithium iron phosphate showed an upward or stable trend [14] 3.4 Terminal: High - Growth Maintenance of Power Battery Installation - The power battery installation volume in China maintained high growth, and the production and sales of new energy vehicles also showed positive trends [47][48][52]

Market Overview - A-shares experienced significant declines, with the Shanghai Composite Index closing at 3834.89 points, down 2.45%, and the Shenzhen Component Index down 3.41% [1] - Over 5000 stocks in the market fell, indicating a widespread downturn, with many stocks seeing cumulative declines exceeding 10% over two weeks [5] Sector Performance - The lithium mining sector faced a "limit down" trend, with companies like Ganfeng Lithium and Shengxin Lithium Energy hitting their daily trading limits [2] - The storage chip sector saw sharp declines, with companies like Purun Co. and Shannon Chip Innovation dropping over 10% [3] - The photovoltaic equipment sector also adjusted collectively, with Jinchen Technology hitting its daily limit down [4] Risk Factors - Global risks, particularly the fluctuating expectations around the Federal Reserve's interest rate decisions, have contributed to market volatility [6][7] - The Japanese bond market's increased volatility has raised global asset pricing risk premiums, affecting high-valuation assets, especially in AI and technology sectors [8][9] - The AI computing sector, a crowded investment area, is experiencing a shift as investors reassess risks, impacting related stocks in A-shares [11] Domestic Influences - Core technology sectors have seen significant declines over the past two weeks, with the large fund holdings index dropping approximately 3.24% last week and over 4% this week [12] - Semiconductor and chip-related indices have also experienced double-digit corrections, indicating that the recent downturn is a cumulative risk release rather than an isolated event [13] Market Dynamics - The market has shown a pattern of "slow rise and rapid decline," with main funds managing their positions strategically [18][19] - The AI computing sector has been central to the recent sell-off, being the most sensitive to valuation changes amid external pressures [20][21] Technical Analysis - The 20-week moving average is identified as a critical support level for the market, with expectations of further declines towards this level before potential stabilization [23][25] - The Shanghai Composite Index is currently near the 20-week line, which is projected to provide significant technical support [25] Investment Strategy - Investors are advised to avoid panic selling during downturns and to reassess their portfolio allocations, focusing on valuation and performance stability [34][36] - The current market environment is viewed as a phase of "stage adjustment" rather than a beginning of a medium-term downtrend, suggesting a potential for recovery after the risk release [28][42]

Core Viewpoint - Dawi Co., Ltd. has experienced a significant stock price increase of 51.01% from October 22 to November 21, 2025, driven by strong market sentiment and its dual business focus on semiconductor storage and lithium battery new energy [1][2]. Group 1: Company Performance - Dawi Co., Ltd. has seen its stock price rise sharply, with multiple instances of consecutive trading limits reached, indicating high market enthusiasm [1]. - The company reported a revenue of 879 million yuan for the first three quarters of 2025, marking a year-on-year growth of 9.9%, primarily due to the mass production of LPDDR5X products and the ongoing domestic substitution in the semiconductor supply chain [1][2]. - Despite the revenue growth, the company reported a net profit of -7.53 million yuan, although this represents a 71.58% year-on-year improvement, indicating challenges in achieving profitability [4][6]. Group 2: Industry Trends - The storage industry is experiencing a price increase, with major companies like Samsung and SK Hynix planning to raise DRAM and NAND flash prices by up to 30% in Q4 2025, driven by surging demand from AI and data centers [2][4]. - The lithium battery sector is also gaining momentum, with Dawi's project in Hunan province completing mineral resource registration and advancing from exploration rights to mining rights, highlighting the potential for resource value as lithium carbonate prices rise above 102,000 yuan per ton [2][4]. - The overall market sentiment is bolstered by the strong performance of the lithium mining concept and the semiconductor sector, with significant price movements in related stocks [4]. Group 3: Market Dynamics - Dawi Co., Ltd. has appeared on the trading leaderboard 27 times this year, reflecting active trading and interest from both institutional and retail investors [1][4]. - The stock has shown a high turnover rate of 43.55% on November 19, indicating significant market divergence and potential short-term volatility risks [4][6]. - Experts express cautious optimism regarding Dawi's dual business model, noting the potential for growth in both semiconductor storage and lithium battery sectors, while also highlighting concerns over high price-to-earnings ratios and the uncertain progress of lithium projects [6].

Core Viewpoint - The lithium carbonate futures prices experienced a significant decline, with the main contract LC2601 dropping by 9% to 91,020 yuan/ton, reflecting a bearish sentiment in the market [1][2]. Market Performance - The market sentiment has cooled, with a substantial reduction in positions; the main contract saw a decrease of 68,000 contracts, indicating caution among bullish investors [3]. - Weekly inventory reduction has slowed, with a total inventory of 118,000 tons as of November 20, showing a decrease of 2,052 tons week-on-week, which is less than market expectations [3]. Supply and Demand Dynamics - The demand for lithium carbonate may have reached a temporary peak, influenced by the upcoming reduction in subsidies for new energy vehicles in 2026, which could lead to a front-loading of car purchases [3]. - Weekly lithium carbonate production increased to 22,100 tons, up by 585 tons, maintaining high supply levels [3]. Market Reactions to News - The announcement regarding CATL's plan to restart the Jiangxiawo lithium mine project in early December has garnered significant market attention, although the exact timeline remains uncertain [4]. - Analysts caution against overreacting to this news, as previous expectations regarding the mine's production resumption have led to price volatility [4]. Future Outlook - Short-term market sentiment remains negative, with potential for further price declines, but there are signs of improved demand in the spot market [4]. - The resumption of the Jiangxiawo lithium mine could lead to a loosening of supply-demand balance in December, potentially exerting downward pressure on lithium carbonate prices [4][5]. - The ability of domestic lithium carbonate production to quickly respond to market changes suggests that supply dynamics will heavily depend on actual demand performance moving forward [5].

中信证券研报指出，2025Q3海外锂矿产量环比持平，反映出在前三季度锂价低迷背景下，海外矿企增 产积极性减弱。尽管锂价在2025Q3回暖，但海外矿企反馈缓慢。南美盐湖提锂企业2025Q3经营显著改 善，且对2025Q4展望保持乐观。中信证券预计在储能电池需求持续强劲的拉动下，锂产业链有望延续 去库态势，锂价或超预期上涨，中信证券上调锂价预测区间上限至12万元/吨，建议关注在锂价反弹过 程中的低成本标的以及具有资源端增产预期的公司。 ...