1. Report Industry Investment Rating - The report gives a "sideways" rating for lithium carbonate [1] 2. Core Viewpoints of the Report - Last week, lithium salt prices first rose and then fell, with the closing prices of LC2511 and LC2601 showing increases. Lithium hydroxide prices stabilized, and the price spread changed accordingly. The domestic lithium carbonate inventory decreased, but there were market rumors affecting the market sentiment, leading to profit - taking by long positions [1][2][13] - From a fundamental perspective, the demand side is expected to remain strong in November, with a slight increase in production of ternary and lithium iron phosphate cathodes and batteries. There is still room for a slight increase in apparent demand in November, and the monthly inventory reduction is expected to exceed 10,000 tons before the resumption of supply - side projects. However, the inventory reduction is expected to slow down from late November [3][15] - In terms of strategy, the short - term market will focus on the resumption rhythm of Jiangxi mica projects, with increased market volatility. It is recommended to use a range - trading approach. In the medium term, attention should be paid to short - selling opportunities after the demand reaches a phased peak. For arbitrage, the reverse arbitrage of LC2511 - LC2601 has been gradually realized and can be gradually closed, and attention should be paid to the positive arbitrage opportunity of LC2601 against more distant contracts [3][16] 3. Summary by Relevant Catalogs 3.1 Seasonal Inventory Reduction Accelerates, and Supply - Side Game Intensifies - Lithium salt prices showed a trend of rising first and then falling last week. The closing prices of LC2511 and LC2601 increased by 0.5% and 1.6% respectively, and the spot prices of battery - grade and industrial - grade lithium carbonate increased by 6.8% and 7.1% respectively. Lithium hydroxide prices stabilized, and the price spread changed [1][13] - The domestic lithium carbonate inventory decreased by 0.3 million tons to 12.7 million tons this week, accelerating the inventory reduction. However, market rumors on Friday led to profit - taking by long positions [2][14] - The demand side is expected to remain strong in November, with a slight increase in production of ternary and lithium iron phosphate cathodes and batteries. There is still room for a slight increase in apparent demand in November, and the monthly inventory reduction is expected to exceed 10,000 tons before the resumption of supply - side projects. The inventory reduction is expected to slow down from late November [3][15] - In terms of strategy, short - term market volatility will increase with the game over the resumption of Jiangxi mica projects. A range - trading approach is recommended. In the medium term, attention should be paid to short - selling opportunities after the demand reaches a phased peak. The reverse arbitrage of LC2511 - LC2601 can be gradually closed, and attention should be paid to the positive arbitrage opportunity of LC2601 against more distant contracts [3][16] 3.2 Weekly Industry News Review - Pilbara's lithium spodumene production in Q3 2025 increased by 1.7% quarter - on - quarter, the sales price of spodumene SC6 increased by 19% quarter - on - quarter, and the operating cost per ton decreased by 13% [17] - Dazhong Mining's wholly - owned subsidiary obtained the mining license for the Hunan Jijiaoshan lithium mine, with a lithium ore resource of 489.872 million tons, equivalent to about 3.2443 million tons of lithium carbonate [17] - Albemarle's 16,400 dry tons of 5.21% lithium spodumene concentrate was sold at a price of RMB 7,058 per ton [18] - Imerys is in exclusive negotiations to sell a minority stake in its lithium mine project in central France and is confident of completing the transaction by the end of January [18] 3.3 Key High - Frequency Data Monitoring of the Industrial Chain 3.3.1 Resource End: Spot Quotes of Lithium Concentrate Rise - The spot price of lithium concentrate increased, with the average price of lithium spodumene concentrate (6%, CIF China) rising from $881 per ton to $944 per ton, a 7.2% increase [14] 3.3.2 Lithium Salt: Position Reduction and Price Decline due to News Disturbance - The main contract of lithium carbonate showed an upward trend with increasing positions last week, but there was a significant position reduction of 22,000 lots on Friday, accompanied by a 3.14% decline, with a weekly increase of 1.6% [2][14] 3.3.3 Downstream Intermediates: Ternary and Lithium Cobalt Oxide Remain Strong - The production of ternary and lithium iron phosphate cathodes increased slightly, and the prices of downstream intermediate products such as ternary materials and lithium cobalt oxide showed an upward or stable trend [15][14] 3.3.4 Terminal: The Penetration Rate of New Energy Vehicles Reached 50% in September - The penetration rate of new energy vehicles reached 50% in September, indicating strong terminal demand [41]

Investment Rating - The report maintains a "Buy" rating for Yongxing Materials [1] Core Views - The cost advantage of lithium carbonate is sustained, and there is potential for price elasticity in the future [1][8] - The company is expected to maintain a low cost level, with lithium prices projected to stabilize around 80,000 yuan/ton, which may release profit elasticity [8] - The report has adjusted profit forecasts for 2025-2027, estimating net profits of 700 million, 980 million, and 1.41 billion yuan respectively, reflecting a year-on-year decline of 32% in 2025, but growth of 39% and 44% in 2026 and 2027 [8] Financial Performance Summary - For Q3 2025, the company reported total revenue of 1.855 billion yuan, a year-on-year decrease of 35.4%, with a gross margin of 16.6% [8] - The average price of lithium carbonate in Q3 2025 was 71,000 yuan/ton, with a stable all-in cost estimated at 48,000 yuan/ton [8] - The company’s operating cash flow for the first three quarters of 2025 was 460 million yuan, a year-on-year increase of 20.1% [8] Revenue and Profit Forecasts - The total revenue forecast for 2023 is 12.189 billion yuan, with a projected decline of 21.76% [1] - The net profit attributable to shareholders is forecasted to be 3.407 billion yuan for 2023, reflecting a year-on-year decrease of 46.09% [1] - The report anticipates a gradual recovery in downstream demand for special steel, with expected contributions of nearly 350 million yuan in profit for the full year 2025 [8]

Core Viewpoint - The company has decided to terminate its plan to issue H-shares and list on the Hong Kong Stock Exchange, citing a commitment to shareholder interests and strategic development considerations [2] Group 1: Announcement Details - On October 31, the company announced the termination of its H-share issuance and listing plan [2] - The decision was made during the 24th meeting of the 8th Board of Directors held on October 31, 2025, after careful analysis and consideration [2] - The initial proposal for H-share issuance was approved on August 23, 2024, during the 12th meeting of the 8th Board of Directors [2] Group 2: Impact on Operations - The company stated that the termination of the H-share issuance will not have a significant impact on its operational activities [2] - The decision falls within the authority granted to the Board of Directors by the shareholders' meeting, thus does not require further shareholder approval [2]

Group 1 - The U.S. Treasury Secretary indicated that a U.S.-China trade agreement could be signed as early as next week, with China expressing willingness to work with the U.S. to implement the consensus reached by the two heads of state [1] - The public fund industry in China, valued at over 36 trillion yuan, is undergoing significant reforms, including guidelines for performance benchmarks that may lead to reduced compensation for fund managers whose long-term performance falls below benchmarks [1] Group 2 - The State Council is focusing on deepening reforms in key areas and expanding institutional openness, aiming to enhance market access and optimize regulatory frameworks for factor markets [2] - The People's Bank of China is working on optimizing the monetary policy framework and addressing market "herding effects," while also preparing policy tools to respond to macroeconomic and financial market fluctuations [2] - The Ministry of Finance plans to utilize special bonds and long-term government bonds effectively to encourage private capital participation in major projects and improve income distribution [2] Group 3 - The National Development and Reform Commission announced that 2 trillion yuan of the 5 trillion yuan local government debt limit will be allocated for new special bonds to support investment in certain provinces [3] - China's manufacturing PMI for October was reported at 49%, a decrease of 0.8 percentage points from the previous month, while the non-manufacturing PMI rose slightly to 50.1 [3] - A new action plan for smart city development aims to establish over 50 fully digital transformation cities by the end of 2027 [3] Group 4 - The China Securities Regulatory Commission (CSRC) is emphasizing the need for a more inclusive and adaptable capital market system during the 14th Five-Year Plan period, including reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [5] - The CSRC has taken a strict stance against misinformation in the capital market, reinforcing a "zero tolerance" policy towards false information dissemination [5] - A-shares experienced a decline, with the Shanghai Composite Index closing down 0.81% at 3954.79 points, while small-cap stocks saw a rebound [6] Group 5 - The Hong Kong Hang Seng Index closed down 1.43%, with technology stocks continuing to struggle, while healthcare stocks performed well [6] - The Shanghai Stock Exchange reported a year-on-year increase in net profit for listed companies in Q3, with significant growth in mergers and acquisitions since the introduction of new policies [6] - The Hong Kong Stock Exchange announced an expansion of the "Southbound ETF Connect" list, increasing the number of ETFs available for trading [7] Group 6 - The Ministry of Housing and Urban-Rural Development is reforming the real estate development and sales system to prevent delivery risks and protect buyers' rights [10] - The top 100 real estate companies in China reported a sales amount of 253 billion yuan in October, reflecting a year-on-year decrease of 41.9% [10] - The China Automotive Dealers Association reported an increase in the inventory warning index for October, indicating improved conditions in the automotive circulation industry [11]

Core Insights - Morgan Stanley's report indicates that the demand for energy storage will lead to a lithium shortage, resulting in both short-term and long-term price increases Group 1: Supply and Demand Assessment - The production of materials used in energy storage batteries is expected to increase by 50% and 43% in 2025 and 2026 respectively, creating a supply-demand gap [1] - Electric vehicle demand is projected to grow by 3% to 5% according to global team research [1] - The supply side remains uncertain, particularly regarding the restart of CATL's mines, which is crucial under the new demand forecast [1] - Lithium spodumene spot prices have rebounded from approximately $800 per ton to $950 per ton, highlighting short-term supply tightness [1] Group 2: Long-term Price Expectations - Long-term lithium prices should be higher due to sustained growth in energy storage battery demand and market acceptance of higher prices [2] - Mining companies have indicated that they will not consider restarting idle capacity unless prices stabilize between $1,200 and $1,500 per ton [2] Group 3: Market Dynamics - The development of energy storage technology has reversed the long-term oversupply expectations for lithium, with a significant increase in energy storage battery shipments expected [3] - Energy storage technology is projected to account for 30% of lithium market demand by 2026 and 36% by 2030, with total global lithium demand reaching 2.8 million tons by 2030 [3] Group 4: Supply Adjustments - Supply adjustments are lagging behind demand growth, with unclear timelines for the restart of CATL's nine mines, which have become catalysts for price increases during their downtime [4] - Supply is expected to increase by about 2% to 3% starting in 2027 as higher price expectations stimulate more mining companies to expand capacity [4] Group 5: Price Forecast Adjustments - Short-term price forecasts for lithium spodumene have been raised from $800 per ton to $1,100 to $1,200 per ton, reflecting current market supply-demand imbalances [5] - Long-term price expectations have been adjusted upwards to $1,300 per ton, as previous estimates were deemed too conservative given the surge in energy storage system demand [6] Group 6: Reasons for Price Adjustments - Higher long-term demand necessitates elevated prices to incentivize the production of new and idle mines, alongside rising capital expenditures and operational costs [7] - The valuation trends in the lithium market have increased, making previous low-price forecasts unsuitable for the current demand growth [8] - Mining companies in countries like Australia have stated that prices must exceed $1,200 per ton to consider restarting production at certain mines [9]

盛新锂能（002240）(002240.SZ)发布公告，根据公司战略发展规划等情况，本着维护股东利益、对股 东负责的原则，经公司审慎分析和论证，公司于2025年10月31日召开第八届董事会第二十四次会议，审 议通过了《关于终止发行H股股票并在香港联合交易所有限公司上市的议案》，公司决定终止筹划发行 H股股票并在香港联交所主板上市。 ...

Group 1 - The company plans to issue shares to specific investors, aiming to raise a total of up to RMB 320 million, which will be used to supplement working capital and repay debts [1] - The specific investors include Shengtun Group, Zhongchuang Xinhang, and Huayou Holding Group, all of which will fully subscribe in cash [1] - Shengtun Group is the controlling shareholder of the company, while Zhongchuang Xinhang and Huayou Holding Group will become shareholders holding more than 5% after the issuance, constituting a related party transaction [1]

Core Insights - The article highlights the performance of stocks with significant trading volumes and consecutive price increases, indicating strong market interest and potential investment opportunities in specific sectors [1][2]. Group 1: Stock Performance - The top stock by trading volume on the limit-up board is Hezhan Energy, with a total of 523,000 hands [1]. - ST Zhongdi achieved a remarkable 10 consecutive limit-ups, while other stocks like Shikong Technology and Yashichuangneng recorded 6 and 5 consecutive limit-ups, respectively [1]. - A total of 20 stocks had limit-up orders exceeding 10 million yuan, with Shikong Technology, Ruierte, and others exceeding 20 million yuan [2]. Group 2: Company Developments - Shikong Technology plans to acquire 100% of Shenzhen Jiahe Jingwei Electronic Technology Co., Ltd., which specializes in storage products, marking a significant expansion into a new industry [2]. - The company reported a third-quarter revenue of 71.01 million yuan, a year-on-year increase of 66.04%, but incurred a net loss of 49.02 million yuan [2]. - Hezhan Energy's trading volume reached 523,000 hands, with a focus on wind power and energy storage, despite reporting a year-on-year loss reduction in its third-quarter results [3]. Group 3: Sector Highlights - The lithium mining sector saw multiple stocks hitting the limit-up, including Xizang City Investment and Yongxing Materials, driven by strong lithium resource development and production plans [5]. - The battery recycling sector is gaining traction, with companies like Fulongma and Yuanda Environmental Protection actively engaging in lithium battery recycling and related services [6][7]. - Quantum computing is also highlighted, with companies like Geer Software and Shenzhou Information making strides in quantum technology and applications [7]. Group 4: Institutional Investment - Five stocks saw net purchases exceeding 100 million yuan, with Jiangte Electric leading at 277 million yuan, followed by other notable companies [8].

Core Viewpoint - The company has decided to terminate its plan to issue H-shares and list on the Hong Kong Stock Exchange, prioritizing shareholder interests and adhering to its strategic development plan [1] Group 1 - The decision was made during the 24th meeting of the 8th Board of Directors held on October 31, 2025 [1] - The termination of the H-share issuance plan falls within the authority granted to the Board by the shareholders' meeting, thus does not require further shareholder approval [1]

Core Viewpoint - Shengxin Lithium Energy (002240) has decided to terminate its plan to issue H-shares and list on the Hong Kong Stock Exchange, as approved in the board meeting held on October 31, 2025 [1] Group 1 - The decision was made during the 24th meeting of the 8th Board of Directors [1] - The termination is based on the company's strategic development planning and other considerations [1]