Group 1 - Ganfeng Lithium experienced a nearly 6% increase in stock price, reaching 50.7 HKD during trading [1] - MSCI announced the results of its November index review, including Ganfeng Lithium in the MSCI China Index [1] - The inclusion of Ganfeng Lithium in the index will take effect after the market closes on November 24, 2025 [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The production of lithium carbonate last week was 21,080 tons, a week-on-week decrease of 1.07%, higher than the historical average. The inventory of lithium iron phosphate sample enterprises last week was 104,979 tons, a week-on-week increase of 0.61%, and the inventory of ternary material sample enterprises was 18,890 tons, a week-on-week increase of 1.60% [8]. - In October 2025, the production of lithium carbonate was 92,260 physical tons, and the predicted production for next month is 92,080 physical tons, a month-on-month decrease of 0.19%. The import volume of lithium carbonate in October 2025 was 22,000 physical tons, and the predicted import volume for next month is 27,000 physical tons, a month-on-month increase of 22.73%. It is expected that the demand will strengthen next month, and the inventory may be reduced. The cost of 6% concentrate CIF decreased on a daily basis and was lower than the historical average. The lithium carbonate 2601 is expected to fluctuate in the range of 78,080 - 80,200 [9]. - The main logic is that the mismatch between production capacity leads to strong supply and weak demand, and the downward trend is difficult to change [12]. Summaries by Directory 1. Daily Viewpoints - **Supply Side**: Last week's lithium carbonate production was 21,080 tons, down 1.07% week-on-week and higher than the historical average. In October 2025, production was 92,260 tons, and next month's forecast is 92,080 tons, a 0.19% decrease. The import volume in October was 22,000 tons, and next month's forecast is 27,000 tons, a 22.73% increase [8][9]. - **Demand Side**: The inventory of lithium iron phosphate sample enterprises last week was 104,979 tons, up 0.61% week-on-week, and the inventory of ternary material sample enterprises was 18,890 tons, up 1.60% week-on-week. It is expected that the demand will strengthen next month, and the inventory may be reduced [8][9]. - **Cost Side**: The daily price of 6% concentrate CIF decreased and was lower than the historical average. The cost of purchasing spodumene concentrate was 78,943 yuan/ton, a daily decrease of 0.86%, with a profit of 425 yuan/ton. The cost of purchasing lithium mica was 82,750 yuan/ton, a daily decrease of 0.82%, with a loss of -5,412 yuan/ton. The production cost at the recycling end was close to that at the ore end, and the production enthusiasm was average. The quarterly cash production cost at the salt lake end was 31,477 yuan/ton, significantly lower than that at the ore end, with sufficient profit margins and strong production motivation [9]. - **Market Outlook**: The lithium carbonate 2601 is expected to fluctuate in the range of 78,080 - 80,200 [9]. 2. Fundamental/Position Data - **Lithium Carbonate Market Overview**: The futures closing prices of various contracts showed different degrees of increase or decrease. The basis of most contracts decreased. The prices of upstream raw materials such as lithium ore and lithium carbonate also changed to varying degrees, with some increasing and some decreasing [14]. - **Supply - Side Data**: The weekly operating rate was 74.39%, unchanged from the previous period. The monthly production of lithium carbonate in October was 92,260 tons, an increase of 5,000 tons compared to the previous month, a 5.73% increase. The monthly import volume of lithium concentrate was 520,514 tons, an increase of 49,915 tons compared to the previous month, a 10.61% increase. The monthly import volume of lithium carbonate was 19,596.90 tons, a decrease of 2,250.01 tons compared to the previous month, a -10.30% decrease [17]. - **Demand - Side Data**: The monthly operating rate of various products increased to varying degrees. The monthly production of lithium iron phosphate was 394,350 tons, an increase of 37,600 tons compared to the previous month, a 10.54% increase. The monthly production of ternary materials increased to varying degrees. The monthly total battery loading volume was 76,000 GWh, an increase of 13,500 GWh compared to the previous month, a 21.60% increase [17].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the reports. 2. Core View of the Report The current market shows a situation where spot prices of lithium carbonate have slightly declined, and the futures market is oscillating. With continuous inventory reduction and a change in the basis after a significant drop in the futures price, both the spot and futures markets are supported by the consumer side. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and mine production resumes, the inventory may shift from reduction to accumulation, leading to a potential decline in the futures market [1][3]. 3. Summary by Related Content Market Analysis - **Futures Market**: On November 5, 2025, the main contract 2601 of lithium carbonate opened at 78,440 yuan/ton and closed at 79,140 yuan/ton, a -0.45% change from the previous settlement price. The trading volume was 515,731 lots, and the open interest was 453,260 lots, down from 457,374 lots the previous day. The current basis is 1,800 yuan/ton, and the number of lithium carbonate warehouse receipts is 26,830 lots, a change of 340 lots from the previous day [1]. - **Spot Market**: According to SMM data, the price of battery - grade lithium carbonate is 78,700 - 82,300 yuan/ton, a -400 yuan/ton change from the previous day, and industrial - grade lithium carbonate is 77,900 - 78,700 yuan/ton, also a -400 yuan/ton change. The price of 6% lithium concentrate is 925 US dollars/ton, a -20 US dollars/ton change from the previous day [1]. - **Supply**: Lithium salt plants are operating at a high utilization rate, with both spodumene and salt - lake production ends maintaining over 60% utilization. It is expected that the domestic lithium carbonate production in November will remain at the same level as in October [1]. - **Demand**: The power market for new energy vehicles (both commercial and passenger) is growing rapidly, and the energy storage market has strong supply and demand, with supply remaining tight [1]. - **Company News**: On November 5, Salt Lake Co., Ltd. reported that its 40,000 - ton lithium salt project is in the trial - operation stage, and the annual production target of 3,000 tons is expected to be exceeded. Its subsidiary, Lan Ke Lithium Industry, has a total production capacity of about 40,000 tons after technological upgrades [2]. Strategy - **Unilateral**: In the short term, it is advisable to wait and see. Pay attention to the inflection points of inventory and consumption, and choose the opportunity to sell hedging at high prices [3]. - **Other Strategies**: No cross - period, cross - variety, spot - futures, or options strategies are provided [4].

| 碳酸锂日评20251106:宽幅震荡 | | | | | | --- | --- | --- | --- | --- | | 2025-11-05 2025-11-04 2025-10-29 较昨日变化 交易日期(日) 近两周走势 | | | | | | 近月合约 收盘价 77800.00 640.00 m | | 77160.00 | 81740.00 | | | 连一合约 收盘价 79060.00 600.00 | | 78460.00 | 82740.00 | | | m | | | | | | m 79000.00 500.00 连二合约 收盘价 | | 78500.00 | 82900.00 | | | m 连三合约 收盘价 79000.00 500.00 | | 78500.00 | 82400.00 | | | 收盘价 79140.00 580.00 | | 78560.00 | 82900.00 | | | 碳酸锂期货 515731.00 -460.247.00 wn 成交量(手) 活跃合约 | | 975978.00 | 659421.00 | | | (元/吨) ( 持仓堂(手) 45 ...

Core Viewpoint - The company indicates that its main lithium products, such as lithium carbonate, are essential raw materials for the production of lithium hexafluorophosphate. An increase in the price of lithium hexafluorophosphate may positively impact the company's lithium salt business due to potential upward pressure on lithium salt prices [1] Group 1 - The company produces key lithium products that serve as raw materials for lithium hexafluorophosphate [1] - An increase in the price of lithium hexafluorophosphate could lead to upward pressure on lithium salt prices, benefiting the company's operations [1] - The final market price of the products is determined by various objective factors, including supply and demand dynamics [1] Group 2 - The company will closely monitor market changes to adapt its strategies accordingly [1] - Specific operational performance will be reported in the company's regular financial disclosures [1]

Core Viewpoint - Ganfeng Lithium (01772.HK) announced the completion of the issuance of the first phase of green short-term financing bonds for 2025, with a total issuance amount of 710 million yuan [1] Group 1 - The issuance was completed on November 4, 2025 [1] - The total amount raised through the bond issuance is 710 million yuan [1]

Group 1 - The article highlights the dual driving forces of lithium carbonate and potassium salt resources, indicating that the company is expected to see continuous growth in lithium carbonate production capacity following a change in its controlling shareholder, positioning it to become a leading player in the lithium sector [1] - The company has a strong foothold in the blood products industry, with its core product holding the largest market share. Recently, it announced a private placement to acquire additional assets, which is expected to promote growth both organically and through external expansion [1]

Core Points - Ganfeng Lithium (002460) announced the completion of its first phase of green short-term financing bond issuance for 2025 on November 4, 2025 [1] - The bond, named "25 Ganfeng Lithium CP001 (Green)", has a total issuance amount of 710 million yuan, with an interest rate of 2.38% [1] - The funds raised will be used to repay maturing interest-bearing debts related to green projects and to purchase used power batteries [1]

Report Title - "Carbonate Lithium Market Soars and Then Declines, with Intensified Capital Gaming in the Context of Strong Supply and Demand - Carbonate Lithium Weekly Report from October 27 - 31, 2025" [1] Report Industry Investment Rating - Not provided Core View of the Report - It is expected that lithium carbonate will oscillate between 80,000 - 84,000 yuan per ton next week, and attention should be paid to the actual impact of warrant cancellations. The current market is in a high - level oscillation stage. The core contradiction lies in the game between the expectation of new capacity release and strong demand. The short - term pattern of strong supply and demand will continue, but capital sentiment fluctuations will intensify price oscillations [2] Summary by Relevant Catalogs Lithium Salt Market Introduction - **Lithium Salt Price Changes**: The weekly increase of battery - grade carbonate lithium was 5.29% to 83,600 yuan per ton, and the basis changed from negative to positive to 2,820 yuan per ton. Industrial - grade carbonate lithium also rose 5.39% to 82,150 yuan per ton, with a stable price difference of 1,450 yuan per ton between battery - grade and industrial - grade. The weekly increase of carbonate lithium futures was 5.05%, from 75,700 yuan to 79,520 yuan. The arrival price of battery - grade carbonate lithium increased by 4.82% to 79,400 yuan, and the spot price of industrial - grade carbonate lithium increased by 4.77% to 77,950 yuan. The prices of lithium hydroxide remained unchanged [2][4] - **Lithium Salt Premium Changes**: The weekly premium changes of different raw materials and enterprises for lithium carbonate were significant. For example, the premium of spodumene raw materials increased by 150 yuan, and the premium of Ganfeng Lithium Industry increased by 100 yuan [7] Lithium Salt Fundamentals Supply - **China's Carbonate Lithium Production**: The capacity utilization rate of carbonate lithium remained at 74.39%. Although new production lines were put into operation, the actual increase was limited. The production of different regions and raw material sources is also an important part of the supply side [2] - **China's Lithium Hydroxide Production**: Not detailed in the provided content Demand - **Downstream Consumption**: The production of energy - storage cells increased by 5% week - on - week to 52GWh, the weekly production of ternary materials reached 18,568 tons, and the penetration rate of new energy vehicles exceeded 60%, showing strong demand [2] Import and Export - **Lithium Ore Import**: The shipping cost of lithium ore imports was stable with a slight increase. The shipping cost of the Nigerian route increased by 7.14% week - on - week. In September, the import volume decreased by 10% month - on - month, indicating tight overseas supply [2] - **Lithium Ore Transportation and Cost**: The shipping costs from South Africa, Zimbabwe, and other countries remained unchanged, while those from Nigeria decreased. For example, the bulk shipping cost from Nigeria decreased by 7.14% [27] - **Carbonate Lithium and Lithium Hydroxide Import and Export**: Not detailed in the provided content Inventory - **Carbonate Lithium Social Inventory**: The warrant inventory decreased by 3.76% week - on - week to 27,621 lots, and the available inventory of lithium ore increased by 9.09% to 12,000 tons, with limited overall inventory pressure [2] - **Carbonate Lithium Warrants**: The total number of carbonate lithium warrants decreased by 1,987 lots week - on - week, from 30,686 lots to 28,699 lots [40] Cost and Profit - **Carbonate Lithium**: The production profit of externally purchased lithium concentrate increased by 82.52% week - on - week to 9,339 yuan per ton, while the lithium mica route still had a loss of 7,681 yuan per ton, and cost differentiation intensified industry reshuffle [2] Lithium Battery Fundamentals Market - **Cathode Materials**: Not detailed in the provided content Supply - **Cathode Materials Production**: Not detailed in the provided content - **Electrolyte Price and Production**: Not detailed in the provided content Demand - **Cathode Materials Consumption**: Not detailed in the provided content Import and Export - **Lithium Battery Materials and Batteries**: Not detailed in the provided content Cost and Profit - **Ternary Materials**: Not detailed in the provided content Lithium Battery Recycling - Not detailed in the provided content New Energy Vehicles - **Production and Sales**: Not detailed in the provided content

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate futures price is expected to show an "oscillating and strengthening" trend within the range of 74,000 - 83,000 yuan/ton in the next month. If the lithium ore gap cannot be replenished, the price may break through 85,000 yuan/ton [5]. - On the lithium ore side, the expected increase in the number of lithium concentrates arriving at ports this month can ease the tight situation. The release of salt - lake production capacity will continuously supplement the supply of the lithium salt market, and the "resumption speed of Jianxiaowo" is a key variable. If its resumption progress exceeds market expectations, it will expand the lithium salt supply scale and potentially suppress prices. The demand side is currently strong, with the prices of core battery materials rising, and the downstream production scheduling in November remains highly prosperous, which will maintain strong demand for lithium salts and intensify the supply - demand mismatch of lithium ore. National industrial policies are expected to support the demand for lithium salts [3]. 3. Summary by Relevant Catalogs 3.1 Futures Data - **Price Range Forecast**: The strong pressure level of the lithium carbonate LC2601 contract is 85,000 yuan/ton, with a current volatility (20 - day rolling) of 29.4% and a current volatility historical percentile (3 - year) of 45.1% [2]. - **Futures Contract Data**: The closing price of the lithium carbonate futures main contract is 78,560 yuan/ton, with a daily change of 0, a daily环比 of 0.00%, a weekly change of - 4,340 yuan/ton, and a weekly环比 of - 5.24%. Other contract data such as trading volume, open interest, and spreads between different contracts are also provided [8]. - **Options and Other Data**: Information on estimated volume totals, option contract data for different months (including opening, high, low, last, change, settle, estimated volume, and prior - day open interest) are presented [22][23]. 3.2 Spot Data - **Lithium Ore Prices**: The daily average prices of different types of lithium ores (lithium mica, lithium spodumene, etc.) with different Li₂O contents are given, along with their daily and weekly changes. The exchange rate of the US dollar to the RMB is also provided [27]. - **Carbon/Hydrogen Lithium Prices**: The daily prices of industrial - grade and battery - grade lithium carbonate, industrial - grade and battery - grade lithium hydroxide, and their daily and weekly changes are presented. The price of battery - grade lithium hydroxide (CIF in China, Japan, and South Korea) is also included [30]. - **Price Spreads**: Spreads such as the difference between electric - carbon and industrial - carbon, electric - carbon and electric - hydrogen, and the difference between the CIF price of battery - grade lithium hydroxide in Japan and South Korea and the domestic price are provided, along with their daily and weekly changes [37]. - **Downstream Product Prices**: The daily prices of downstream products such as phosphoric (manganese) iron lithium, ternary materials, and electrolytes, and their changes are presented [38][39]. 3.3 Basis and Warehouse Receipt Data - **Basis Data**: The main - continuous basis of lithium carbonate and the basis quotes of different lithium carbonate brands are provided [41][43]. - **Warehouse Receipt Data**: The seasonal data and the quantity data of lithium carbonate warehouse receipts (including the total and for different warehouses) are presented, along with their daily changes [44][46]. 3.4 Cost and Profit - The production profit of lithium carbonate from外购 lithium ore (lithium spodumene concentrate and lithium mica concentrate), import profit, and theoretical delivery profit are presented, with their historical trends shown [47][48][49]. 3.5 Lithium - Battery Enterprise Risk Management Strategy Recommendations - **Procurement Management**: For enterprises with battery material production plans, different hedging strategies are recommended according to whether the product price is correlated with the raw material price. The hedging tools include futures and on - and off - exchange options, with different hedging ratios and recommended entry intervals [2]. - **Sales Management**: Enterprises with lithium carbonate production plans can use futures and options to hedge against the risk of price decline during sales. Different hedging ratios are recommended based on different situations [2]. - **Inventory Management**: Enterprises with high lithium carbonate inventories can use futures and options to hedge against the risk of inventory depreciation, with recommended hedging ratios and price levels [2].