Core Viewpoint - Jinyuan Co., Ltd. (000546.SZ) announced on the investor interaction platform that the 8,000-ton salt lake lithium extraction project is still in the trial production phase [1] Group 1 - The 8,000-ton salt lake lithium extraction project is currently undergoing trial production [1]

Core Points - Ganfeng Lithium announced that shareholder Li Liangbin has notified the company of the release of part of his pledged shares, totaling 4.6 million shares, which represents 1.21% of his holdings and 0.22% of the company's total share capital [1] - The pledge began on November 1, 2024, and will be released on October 31, 2025, with the pledgee being China Merchants Securities [1] - As of the announcement date, Li Liangbin and his concerted parties have a total of 91.948 million pledged shares, accounting for 22.61% of his holdings and 4.46% of the company's total share capital [1] - The release of the pledge has no impact on the company, and there is no risk of forced liquidation of the pledged shares [1]

Group 1 - The company's stock (trading as Dazhong Mining, stock code: 001203) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over two consecutive trading days on October 29 and 30, 2025 [2] - The company conducted an investigation regarding the stock price fluctuation and confirmed that there were no corrections or supplements needed for previously disclosed information [3][8] - The company's recent production and operational conditions are normal, and there have been no significant changes in the internal or external operating environment [4] Group 2 - The company did not find any significant undisclosed information in public media that could have impacted the stock price [5] - During the period of stock price fluctuation, there were no stock trades conducted by the company's controlling shareholders or actual controllers [6] - The company confirmed that there are no undisclosed matters that should have been disclosed according to the Shenzhen Stock Exchange's regulations [8] Group 3 - The company has a wholly-owned subsidiary that recently obtained a mining license for the Hunan Jijia Mountain lithium mine, benefiting from the favorable developments in the electric vehicle and energy storage industries [9] - The company emphasizes that the actual construction, production progress, and capacity realization of the mining project may still face uncertainties due to various natural, social, and policy factors [9] - All company information is officially disclosed through selected media outlets, and investors are advised to invest rationally and be aware of risks [9]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - In the short term, the price of lithium carbonate may maintain a relatively strong oscillation, but the upside space is restricted by the expected increase in future supply. The current low - inventory pattern and demand resilience support the price, and the reluctance of lithium salt manufacturers to sell exacerbates the shortage of spot goods. However, the gradual release of new production capacity such as Dazhong Mining, the supply elasticity after the commissioning of Tianqi Lithium's production line, and the risk of a month - on - month decline in new energy vehicle sales will suppress the momentum for the price to continuously break through the previous high [3] Group 3: Summary According to the Directory 1. Daily Market Summary - **Lithium carbonate futures market data change analysis** - **Main contract and basis**: On October 30, the price of the lithium carbonate main contract closed at 82,900 yuan/ton, up 1.5% from the previous day. The price center in the past week gradually shifted up from 79,520 yuan/ton to 82,900 yuan/ton, and market sentiment recovered. The basis weakened slightly from - 2,340 yuan/ton on October 29 to - 2,600 yuan/ton [1] - **Position and trading volume**: The position of the main contract continued to rise, reaching 506,900 lots on October 30, a 17.5% increase from 431,200 lots a week ago. The trading volume was 659,400 lots, which declined from the previous day but remained at a high level [1] - **Analysis of industrial chain supply - demand and inventory changes** - **Supply side**: The price of spodumene concentrate remained stable at 7,330 yuan/ton, while the price of lepidolite concentrate rose 3% to 3,775 yuan/ton. The capacity utilization rate remained at 74.39%, and the output in October may reach a record high [2] - **Demand side**: The retail sales of new energy vehicles from October 1 - 26 were flat year - on - year, but the demand for power batteries was strong, with the prices of ternary cells rising 0.89% - 1.96% within the week. The pre - placement of orders for energy storage and commercial vehicles further boosted the demand for lithium - battery materials [2] - **Inventory and warehouse receipts**: Lithium carbonate inventory decreased for two consecutive weeks, dropping to 130,400 tons on October 30, a 1.7% decrease from the previous week, and the upstream destocking speed accelerated [2] - **Market summary**: In the short term, the price of lithium carbonate may maintain a relatively strong oscillation, but the upside space is restricted by the expected increase in future supply. The current low - inventory pattern and demand resilience support the price, and the reluctance of lithium salt manufacturers to sell exacerbates the shortage of spot goods. However, the gradual release of new production capacity such as Dazhong Mining, the supply elasticity after the commissioning of Tianqi Lithium's production line, and the risk of a month - on - month decline in new energy vehicle sales will suppress the momentum for the price to continuously break through the previous high [3] 2. Industrial Chain Price Monitoring - On October 30, 2025, the price of the lithium carbonate main contract was 83,400 yuan/ton, up 0.60% from the previous day; the basis was - 3,100 yuan/ton, down 19.23% from the previous day; the position of the main contract was 532,871 lots, up 5.13% from the previous day; the trading volume of the main contract was 829,117 lots, up 25.73% from the previous day. The market price of battery - grade lithium carbonate remained unchanged at 80,300 yuan/ton, the market price of spodumene concentrate remained unchanged at 7,330 yuan/ton, the market price of lepidolite concentrate rose 3% to 3,775 yuan/ton, the price of lithium hexafluorophosphate rose 2.91% to 106,000 yuan/ton, the price of power - type ternary materials rose 0.22% to 139,000 yuan/ton, and the price of power - type lithium iron phosphate rose 0.59% to 35,805 yuan/ton [5] 3. Industry Dynamics and Interpretation - **Spot market quotation** - On October 30, the SMM battery - grade lithium carbonate index price was 79,881 yuan/ton, up 674 yuan/ton from the previous working day; the price range of battery - grade lithium carbonate was 78,200 - 81,800 yuan/ton, with an average price of 80,000 yuan/ton, up 850 yuan/ton from the previous working day; the price range of industrial - grade lithium carbonate was 77,300 - 78,300 yuan/ton, with an average price of 77,800 yuan/ton, up 850 yuan/ton from the previous working day. The futures price of lithium carbonate rose significantly, and the center of the main contract shifted up to the range of 82,200 - 85,000 yuan/ton. Currently, the operating rate of downstream material manufacturers continues to rise, and demand supports spot transactions. However, as the price rises, the reluctance of lithium salt manufacturers to sell intensifies, and the market transaction situation is dull. On the supply side, the overall operating rate of lithium salt manufacturers remains high, with the operating rates of the spodumene and salt - lake ends both maintaining above 60%, becoming the main supply force. It is expected that the total output of lithium carbonate in October will continue to rise and is expected to break through the historical high. The demand side is stronger. The new energy vehicle market is growing rapidly in both the commercial and passenger vehicle fields, and together with the energy storage market, it presents a pattern of strong supply and demand, continuously driving the demand for lithium - battery materials. In general, although the supply of lithium salt continued to grow steadily in October, due to the strong growth in demand continuously consuming inventory, the upstream inventory is currently at a low level, and the market has presented a significant de - stocking pattern [6] - **Downstream consumption situation** - According to the data of the Passenger Car Association, from October 1 - 26, the retail sales of new energy passenger vehicles in the country were 901,000 units, a 0% year - on - year increase compared with the same period in October last year, and an 8% decrease compared with the same period last month. The cumulative retail sales this year were 9,771,000 units, a 22% year - on - year increase; from October 1 - 26, the wholesale of new energy passenger vehicles by domestic manufacturers was 1,034,000 units, a 4% year - on - year increase compared with the same period in October last year, and a 5% decrease compared with the same period last month. The cumulative wholesale this year was 11,480,000 units, a 29% year - on - year increase [7] - **Industry news** - On October 28, Dazhong Mining's (001203.SZ) "Mining Plan for Jada Lithium Mine Mineral Resources" was officially approved by the Ministry of Natural Resources, with an annual mining scale of 2.6 million tons/year. The spodumene mining scale is among the top in the industry, and it can produce about 50,000 tons of lithium carbonate per year after reaching full production. This key node marks that it is closer to obtaining the mining license and will enter the "production capacity implementation sprint" stage. This mine is the core carrier of the company's strategic transformation from the traditional iron ore field to the new energy mineral track. The approval not only verifies its strength and responsibility in dimensions such as resource development efficiency, safety risk management and control, and green and sustainable operation, but also locks in the certainty of the "exploration - to - mining" process through the full - process authoritative compliance procedures of the Ministry of Natural Resources [9] - On October 20, Tianqi Lithium announced that after repeated commissioning and optimization, the first bag of battery - grade lithium hydroxide products from its 30,000 - ton/year lithium hydroxide project in Zhangjiagang, Jiangsu passed the sampling inspection by the company's internal laboratory, and all parameters were confirmed to meet the battery - grade lithium hydroxide standard. Subsequently, the company will continue to commission and optimize this project to achieve continuous and stable production of products and flexible switching of lithium carbonate [9] 4. Industrial Chain Data Charts - The report provides data charts on the lithium carbonate futures main contract and basis, battery - grade and industrial - grade lithium carbonate prices, lithium concentrate prices, lithium hexafluorophosphate and electrolyte prices, ternary precursor prices, ternary material prices, lithium iron phosphate prices, lithium carbonate operating rate, lithium carbonate inventory, and cell selling prices, with data sources including iFinD, SMM, and Shanghai Steel Union [10][13][15]

Core Insights - Yongshan Lithium Industry (603399.SH) released its Q3 2025 report on October 31, 2025, indicating significant institutional investment in the company [1] Institutional Holdings - As of October 30, 2025, three institutional investors disclosed holdings in Yongshan Lithium, totaling 223 million shares, which represents 43.60% of the company's total equity [1] - The institutional investors include Pingtan Yongrong Zhisheng Investment Co., Ltd., Ningbo Jutai Investment Management Co., Ltd., and Shanghai Gangshi Equity Investment Co., Ltd. [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 0.34 percentage points [1] Public Fund Participation - In this reporting period, 16 public funds were not disclosed compared to the previous quarter, including notable funds such as Guojin Quantitative Multi-Factor A, Guojin Quantitative Selected A, and several rare metal ETFs [1]

Core Insights - The lithium extraction concept from salt lakes has seen a 0.69% increase, ranking 6th among concept sectors, with 20 stocks rising, including notable gains from Xizang Chengtou, Xinwangda, Tianqi Lithium, and Xizang Mining [1][2] Market Performance - The top gainers in the salt lake lithium sector include: - Xizang Chengtou: +10.04% - Xinwangda: +10.14% - Tianqi Lithium: +9.67% - Xizang Mining: +7.17% - The top decliners include: - Xianfeng Holdings: -5.08% - Wanbangda: -3.90% - Wanlishi: -3.55% [1][5] Capital Flow - The salt lake lithium sector attracted a net inflow of 2.237 billion yuan, with 19 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflows. Tianqi Lithium led with a net inflow of 1.382 billion yuan, followed by Zijin Mining, Huayou Cobalt, and Ganfeng Lithium with net inflows of 444 million yuan, 410 million yuan, and 387 million yuan respectively [2][3] Stock Turnover and Ratios - The stocks with the highest net inflow ratios include: - Xizang Chengtou: 21.43% - Tianqi Lithium: 14.14% - Guojitongyong: 9.85% [3][4]

Core Viewpoint - CITIC Securities has raised the target price for Ganfeng Lithium (01772) H-shares by 65.7%, from HKD 35 to HKD 58, while also increasing the target price for its A-shares, maintaining an "outperform" rating [1] Financial Performance - Ganfeng Lithium reported strong performance in Q3 2025, with both profit and gross margin showing improvement [1] - The company is expected to continue its positive performance in Q4 2025, driven by further integration of upstream operations and contributions from its battery business [1] Profit Forecast - CITIC Securities has slightly lowered the net profit expectations for 2025 and 2026, accounting for higher operating expenses based on the latest financial data [1]

Core Viewpoint - Tianqi Lithium Industries (09696) experienced a stock price increase of over 5%, reaching HKD 47.98, with a trading volume of HKD 163 million [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of approximately RMB 7.397 billion, a year-on-year decrease of 26.5% [1] - The net profit attributable to shareholders was approximately RMB 180 million, showing a year-on-year increase of 103.16% [1] - In the third quarter, revenue was RMB 2.565 billion, down 29.66% year-on-year [1] - The net profit for the third quarter was RMB 95.4855 million, reflecting a year-on-year increase of 119.26% [1] Market Dynamics - Despite a year-on-year decline in lithium product sales prices, the impact of the pricing mechanism mismatch between Talison lithium concentrate and lithium chemical product sales has significantly diminished [1] - The expected substantial growth in the performance of the joint venture company SQM has contributed to an increase in investment income year-on-year [1] - The appreciation of the Australian dollar has resulted in increased foreign exchange gains [1]

Core Insights - Tianqi Lithium's Q3 revenue was 2.565 billion yuan, a year-on-year decrease of 29.66% [1] - The company's net profit for Q3 was 95.4855 million yuan, a year-on-year increase of 119.26% [1] - For the first three quarters, revenue totaled 7.397 billion yuan, down 26.50% year-on-year [1] - Net profit for the first three quarters reached 180 million yuan, reflecting a year-on-year growth of 103.16% [1]

Core Viewpoint - Tianqi Lithium Industries (002466.SZ) reported a significant decline in revenue for the first three quarters of 2025, while net profit showed substantial growth compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 7.397 billion yuan, representing a year-on-year decrease of 26.50% [1] - Net profit attributable to shareholders reached 180 million yuan, marking a year-on-year increase of 103.16% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 71.2758 million yuan, reflecting a year-on-year growth of 101.24% [1]