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]

Core Viewpoint - The company plans to issue A-shares to specific investors, which will not change the control of the company [1] Group 1: Issuance Details - The board meeting is scheduled for October 31 to review the proposal for issuing A-shares [1] - The targeted investors for the issuance are Shengtu Group, Zhongchuang Xinhang, and Huayou Holding Group [1] - The issuance price is set at 17.06 yuan per share, with a maximum of 187,573,269 shares to be issued [1] Group 2: Ownership Structure - Prior to the issuance, the actual controller, Yao Xiongjie, and his concerted parties hold 22.77% of the shares [1] - After the issuance, the expected shareholding will increase to 24.89%, while Zhongchuang Xinhang and Huayou Holding Group will hold 5.02% and 5.99%, respectively [1] Group 3: Regulatory Approval - The issuance is subject to approval from the shareholders' meeting, Shenzhen Stock Exchange, and the China Securities Regulatory Commission, indicating some uncertainty [1]

| 第一部分 | 前言概要 | 2 | | --- | --- | --- | | | 【行情回顾】 | 2 | | | 【市场展望】 | 2 | | | 【策略推荐】 | 2 | | 第二部分 | 市场回顾 | 3 | | | 一、行情回顾 | 3 | | 第三部分 | 基本面情况 | 4 | | | 一、需求保持平稳 | 4 | | | 二、供应增长有限 | 10 | | 第四部分 | 后市展望及策略推荐 | 15 | 有色板块研发报告 碳酸锂 11 月报 2025 年 10 月 31 日 去库与否取决于供应 锂价冲高回落 第一部分 前言概要 【行情回顾】 十一长假后的第一周，市场抱持观望态度，锂价延续了 9 月以来的窄幅 震荡格局。但十月中旬之后，即使产量小幅增加，库存却出现快速下降，同 时仓单也大幅注销，市场快速认同了需求的旺盛。叠加供应扰动消息及商品 氛围整体回暖，碳酸锂增仓向上突破，月末主力合约涨至 83480 元/吨高点。 指数持仓自最低 67 万手增至 86 万手，距离 7、8 月高点的 91 万手仅余 4 万手，而主力合约持仓已经创出新高。大幅增仓下价格涨幅偏低，反映市场 分歧巨大。 【市场 ...

Core Viewpoint - Ganfeng Lithium's Q3 performance exceeded expectations, turning a loss into a profit with a net profit of 557 million yuan, contributing to a total net profit of 26 million yuan for the first three quarters [1] Financial Performance - The company adjusted its 2025 expected net loss from 149 million yuan to a net profit of 407 million yuan [1] - Profit forecasts for 2026 and 2027 were raised by 42% and 21% respectively, reaching 1.925 billion yuan and 3.309 billion yuan, driven by higher sales and gross margin expectations [1] Investment Rating - The rating for Ganfeng's H-shares was upgraded to "Buy," with the target price increased from 40 HKD to 78 HKD [1] - The A-shares rating remains "Hold" with a target price of 72 yuan [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The short - term supply - demand pattern of lithium carbonate is favorable due to continued inventory depletion, consumption exceeding expectations, and slower - than - expected resumption of production at previously shut - down mines, providing some support to the market. However, attention should be paid to consumption and inventory inflection points. If consumption weakens and mine production resumes, the inventory may shift from depletion to accumulation, causing the market to decline [4]. 3. Summary by Related Catalogs Market Analysis - On October 30, 2025, the lithium carbonate main contract 2601 opened at 83,120 yuan/ton and closed at 83,400 yuan/ton, with a 1.19% change in the closing price compared to the previous day's settlement price. The trading volume was 829,117 lots, and the open interest was 532,871 lots (506,882 lots the previous day). The current basis was - 3,780 yuan/ton, and the lithium carbonate warehouse receipts were 27,641 lots, a change of 116 lots from the previous day [2]. - According to SMM data, the price of battery - grade lithium carbonate was 78,200 - 81,800 yuan/ton, a change of 850 yuan/ton from the previous day; the price of industrial - grade lithium carbonate was 77,300 - 78,300 yuan/ton, also a change of 850 yuan/ton. The price of 6% lithium concentrate was 985 US dollars/ton, a change of 30 US dollars/ton from the previous day. The downstream material factory's operating rate is rising, and demand supports spot transactions. New production lines have been put into operation at both the spodumene and salt - lake ends, and the total lithium carbonate production in October is expected to have growth potential. The power market (new energy vehicles) and the energy - storage market are both booming [2]. - On the afternoon of October 30, the auction of Albemarle spodumene concentrate ended. The auction item was 16,400 dry tons of 5.21% spodumene concentrate from Wodgina, with an actual transaction price of 7,058 yuan/ton (tax - included, self - pick - up from Zhenjiang Port) [2]. Inventory Situation - According to the latest weekly statistics, the weekly production decreased by 228 tons to 21,080 tons. The production from spodumene and mica decreased slightly, while the production from salt - lakes and recycling increased slightly. The weekly inventory decreased by 3,008 tons to 127,358 tons. The inventory of smelters and downstream decreased, while the inventory in the intermediate links increased slightly. Recent consumption has strongly supported inventory depletion [3]. Strategy - Short - term: It is advisable to wait and see. Pay attention to inventory and consumption inflection points and choose the opportunity to sell hedging at high prices. It is expected that the willingness of upstream to hedge will increase when the price reaches 85,000 yuan/ton [4]. - For cross - period, cross - variety, spot - futures, and options, there are no relevant strategies provided [5].

Group 1 - The core viewpoint of the report is that Guotai Junan has upgraded Ganfeng Lithium's H-shares rating to "Buy" and raised the target price from HKD 40 to HKD 78 [1] - Ganfeng Lithium's A-shares rating is maintained at "Hold" with a target price of RMB 72 [1] - In Q3, Ganfeng Lithium achieved a net profit of RMB 557 million, reversing previous losses, which contributed to a total net profit of RMB 26 million for the first three quarters [1] Group 2 - The forecast for Ganfeng Lithium's net loss in 2025 has been adjusted from RMB 149 million to a net profit of RMB 407 million [1] - Earnings forecasts for 2026 and 2027 have been raised by 42% and 21%, respectively, to RMB 1.925 billion and RMB 3.309 billion, based on higher sales volumes and gross margin expectations [1]

Group 1 - The core viewpoint of the report is that Daiwa Capital Markets has upgraded Ganfeng Lithium's H-shares rating to "Buy" with a target price increased from HKD 40 to HKD 78, while maintaining a "Hold" rating for its A-shares with a target price of CNY 72 [1] - Ganfeng Lithium reported a net profit of CNY 557 million in Q3, reversing previous losses and contributing to a total net profit of CNY 26 million for the first three quarters [1] - The firm has revised its 2025 net loss forecast from CNY 149 million to a net profit of CNY 407 million, and has increased its profit forecasts for 2026 and 2027 by 42% and 21% respectively, to CNY 1.925 billion and CNY 3.309 billion, based on higher sales and gross margin expectations [1]

Core Insights - The report highlights the potential for collaboration between China and the United States to address significant global issues, emphasizing the importance of joint efforts in various sectors [4] - The revenue of large-scale cultural enterprises in China increased by 7.9% year-on-year in the first three quarters [4] - The establishment of a special fund for strategic emerging industries by state-owned enterprises is expected to support the aerospace industry, with specific stocks identified as potential beneficiaries [5] Industry Updates - The "robotics + AI + low-altitude" integration is expected to open new market opportunities, with solid-state battery industrialization anticipated to accelerate, highlighting related stocks [5] - The storage sector in the U.S. continues to perform well, with institutions predicting a significant improvement in the performance of storage-related stocks [5] Company Focus - Tianyu Co., Ltd. reported a net profit of 71.42 million yuan for the third quarter, representing a year-on-year increase of 123.9% [6] - Mingyang Circuit achieved a net profit of 32.98 million yuan in the third quarter, marking a year-on-year growth of 1121.3% [6] - Tianqi Lithium Industries recorded a net profit of 180 million yuan in the first three quarters, supported by forward-looking strategic planning [6] - Hanyu Pharmaceutical reported an operating income of 683 million yuan in the first three quarters of 2025, with operating cash flow reaching a historical high for the same period [6] Market Review and Outlook - On October 30, the market experienced fluctuations, with major indices showing declines, particularly the ChiNext Index which fell nearly 2% [7] - The total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, an increase of 165.6 billion yuan compared to the previous trading day [7] - The report notes a mixed performance across sectors, with lithium mining stocks gaining strength while computing hardware stocks faced declines [7] - The overall market sentiment remains cautious, with a focus on performance growth and cyclical stock styles attracting more capital [7]

Report Overview - Report Type: Carbonate Lithium Futures Daily Report [1] - Date: October 31, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The carbonate lithium futures continued to rise, with total positions increasing by 36,888 to 912,869 hands. Although the afternoon rally narrowed due to increased market selling pressure after the China-US summit in Busan, the upward trend is expected to continue. The current strong demand in the carbonate lithium market drives inventory reduction, and price transmission is smooth, with the price increase being acceptable to the industry. Moreover, the weekly production of carbonate lithium decreased by 228 tons to 21,080 tons, and it is expected to decline further in November and December. The weekly inventory decreased by 3,008 tons to 127,358 tons, indicating an accelerating de-stocking process [9]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: Carbonate lithium futures rose, with total positions increasing by 36,888 to 912,869 hands. The afternoon rally narrowed due to market selling pressure after the China-US summit in Busan [9]. - **Spot Market**: The carbonate lithium spot price increased by 850 to 80,000, Australian ore rose by 30 to 985, lithium mica rose by 50 to 2,180, ternary materials rose by 100 - 300, lithium iron phosphate rose by 200 - 255, and electrolytes rose by 500 - 850, showing a continuous price increase in the industrial chain [9]. - **Production and Inventory**: Weekly carbonate lithium production decreased by 228 tons to 21,080 tons, mainly due to a 270 - ton decrease in the production of carbonate lithium from spodumene. It is expected that production will decline in November and December. Weekly inventory decreased by 3,008 tons to 127,358 tons, with an accelerating de - stocking speed [9]. 3.2 Industry News - **New宙邦**: On October 29, at the performance briefing, New宙邦 stated that since the third quarter of 2025, the electrolyte industry has gradually rebounded from the historical low in the first half of the year. The price transmission of hexafluorophosphate to electrolytes is gradually taking effect. As some customers still have annual or semi - annual long - term contracts, the fourth quarter is a price transition period, but new contracts will fully refer to the latest hexafluorophosphate price, and the transmission efficiency will further improve [13]. - **Nandu Power Supply (300068)**: On October 29, during an institutional survey, Nandu Power Supply said that with the strategic layout of countries for large - scale grid connection of renewable energy and improved energy security, the energy storage market is growing rapidly. The company currently has about 8.9 billion yuan in unshipped orders, including about 5.5 billion yuan in large - scale energy storage orders (4 billion yuan domestic and 1.5 billion yuan overseas), about 1.67 billion yuan in data center lithium - battery orders (all overseas), about 380 million yuan in unshipped orders for civilian lithium - battery products, about 470 million yuan in communication lithium - battery orders (with a small overseas proportion), and about 790 million yuan in lead - acid battery orders (mostly domestic). The company's overseas large - scale energy storage orders mainly come from countries and regions such as Australia, Europe, and the UK [13][14].