Core Viewpoint - The Hong Kong stock market saw significant gains in the lithium mining and battery sectors, with notable increases in stock prices for several companies [1]. Group 1: Company Performance - Ganfeng Lithium experienced a rise of over 13% in its stock price [1]. - Zhongchuang Innovation surged by more than 10% [1]. - Tianqi Lithium saw an increase of over 9% [1].

Market Performance - The Shanghai and Shenzhen stock indices opened lower on October 30, with significant declines after initial gap filling, followed by a rebound [1] - The Shanghai Composite Index reached a peak of 4025.70 points, marking a new intraday high for the year [1] - The ChiNext Index also hit a new intraday high of 3331.86 points [1] - By midday, the Shanghai Composite Index was at 4018.86 points, up 0.06%, with a trading volume of approximately 666.8 billion yuan [1] Sector Performance - Sectors such as advertising packaging, transportation services, and die-casting saw significant declines at the opening [1] - Conversely, sectors like China-Korea Free Trade Zone, port shipping, insurance, and steel experienced notable gains [1] - Lithium mining, quantum technology, and military information technology sectors continued to rise during the session [1] Cultural Industry Growth - The cultural industry in China reported a revenue of 1,095.89 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 7.9% [4] - Industries characterized by new cultural business models achieved a revenue of 488.6 billion yuan, growing 14.1% year-on-year, outpacing the overall cultural enterprise growth by 6.2 percentage points [4] Policy and Development Initiatives - The Ministry of Housing and Urban-Rural Development emphasized the development of smart and green construction methods to promote high-quality development in the real estate sector [5] - The focus is on optimizing housing supply for urban workers and families in need, while also enhancing the competitiveness of the construction industry globally [5] Financial Support for Emerging Industries - The Export-Import Bank of China completed a task of injecting 100 billion yuan through new policy financial tools, supporting over 360 projects [7] - This financial support is expected to stimulate total project investments exceeding 1.3 trillion yuan, particularly in digital economy and artificial intelligence sectors [7]

Core Viewpoint - The A-share market continues to see a rise in lithium mining stocks, driven by increased confidence in large-scale battery storage demand and supportive government policies [1] Group 1: Market Performance - Lithium mining stocks such as XINWANDA and DAZHONG MINING have seen significant gains, with XINWANDA rising over 10% and DAZHONG MINING hitting the daily limit of 10% [1] - Other notable performers include YONGXING MATERIALS up over 8%, JIANGTE MOTOR up over 6%, and several others rising between 3% to 5% [1][2] Group 2: Price Trends - The price of lithium carbonate has been increasing, with the most actively traded contracts on the Guangzhou Futures Exchange rising for five consecutive trading days, reaching a two-month high [1] - Despite the recent price increases, current lithium prices remain approximately 85% lower than the peak levels seen in 2022 [1] Group 3: Government Policies and Future Outlook - The Chinese government is implementing measures to expand energy storage system capacity and investment, aiming to double the capacity to 180 GW by 2027 to support intermittent wind and solar power generation [1] - This initiative is expected to drive up demand for lithium and other battery materials, alleviating previous concerns over price declines due to supply surplus [1]

Group 1 - The A-share market continues to see an upward trend in lithium mining stocks, with notable increases in companies such as XINWANDA (up over 10%) and DAZHONG MINING (10% limit up) [1] - The market is driven by increased confidence in large-scale battery storage demand, leading to a rise in lithium prices, with the most active lithium carbonate contracts on the Guangzhou Futures Exchange rising for five consecutive trading days [2][3] - The current spot market price of lithium has reached a two-month high, although it remains approximately 85% lower than the peak prices of 2022 [2] Group 2 - The Chinese government has implemented measures to expand energy storage system capacity and investment, including establishing compensation mechanisms to ensure sufficient energy storage during peak usage [3] - China plans to double its energy storage system capacity to 180 GW by 2027 to support intermittent wind and solar power generation, which is expected to drive up demand for battery materials like lithium [3]

Group 1 - Tianqi Lithium Industries (002466.SZ) reported its Q3 2025 results, with 49 institutional investors holding a total of 591 million shares, representing 36.04% of the company's total equity [1] - The top ten institutional investors collectively hold 35.27% of the shares, with a slight increase of 0.10 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 23 funds increased their holdings, with a total increase ratio of 0.63%, while 13 funds decreased their holdings, with a decrease ratio of 0.13% [2] - Seven new public funds disclosed their holdings this period, while 410 funds did not disclose their holdings compared to the previous quarter [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.20% [2]

Core Viewpoint - The Federal Reserve has lowered the federal funds rate by 25 basis points, positively impacting the Hong Kong stock market, with significant gains in mining stocks and increased activity from insurance funds in equity markets [1] Group 1: Federal Reserve Actions - On October 29, the Federal Reserve announced a reduction of the federal funds rate target range by 25 basis points to between 3.75% and 4.00% [1] - This marks the fifth rate cut since September 2024, following a previous cut of 25 basis points on September 17 [1] Group 2: Market Reactions - The Hang Seng Index opened 0.76% higher, while the Hang Seng Tech Index rose by 0.53% [1] - Mining stocks saw significant increases, with Ganfeng Lithium up 7.63%, Tianqi Lithium up 4.12%, and Jiangxi Copper up 6.15% [1] Group 3: Insurance Fund Activity - Insurance companies have actively increased their stakes in listed companies, with 33 instances reported this year involving 24 companies, surpassing last year's total of 20 [1] - Key sectors attracting insurance capital include banking, public utilities, and environmental protection, with H-shares becoming a significant choice for insurance fund allocation [1] Group 4: Market Outlook - According to CITIC Securities, the Fed's expected rate cut is a direct benefit for the Hong Kong stock market [1] - The current liquidity in the Hong Kong market is robust, with continuous inflows from southbound funds, and sectors with strong industrial logic, such as AI and self-developed chips in internet companies, are worth ongoing attention [1]

Core Viewpoint - The market has shown a favorable environment with significant increases in industrial profits and positive developments in trade negotiations, leading to a strong upward trend in the stock market [1] Market Performance - The market index successfully broke above the 4000-point mark after several attempts, indicating a strong bullish sentiment [1] - The latest data from the National Bureau of Statistics shows a substantial increase in industrial profits for September, contributing to a positive market atmosphere [1] - Structural hotspots are evident, particularly in the energy metals and non-ferrous metals sectors, which are closely linked to the artificial intelligence industry [1] - The photovoltaic sector and lithium mining have also shown strength amid expectations of reduced competition, while multi-financial and securities sectors have performed well [1] - The CSI 2000 index showed weaker performance, indicating that small-cap stocks did not perform as strongly as larger stocks [1] Future Outlook - The market is expected to maintain a strong and stable upward trend, with a focus on the upcoming third-quarter earnings reports from listed companies, especially in the ChiNext and STAR Market [1] - If earnings exceed expectations, stock prices are likely to continue to strengthen [1] - Attention is also on the Federal Reserve's upcoming meeting and the APEC leaders' summit in South Korea, as favorable news could provide ongoing support for the A-share market [1]

Core Viewpoint - The Chinese stock market showed positive performance with significant increases in major indices, while certain sectors experienced declines and others saw strong gains [1] Market Performance - The Shanghai Composite Index closed at 4016.33 points, up by 0.70%, with a trading volume of 968.216 billion [1] - The Shenzhen Component Index closed at 13691.38 points, up by 1.95%, with a trading volume of 1287.814 billion [1] - The ChiNext Index closed at 3324.27 points, up by 2.93%, with a trading volume of 616.646 billion [1] Sector Analysis - Banking and liquor sectors experienced declines [1] - The non-ferrous metals sector showed strong gains [1] - Other sectors such as brokerage, coal, insurance, electricity, and oil also saw upward movements [1] - The photovoltaic industry chain stocks surged, while lithium mines, solid-state batteries, and rare earth concepts were active [1]

1. Report Industry Investment Rating - No relevant information provided in the document. 2. Core Viewpoints of the Report - The supply - side of lithium carbonate is expected to increase in the next month, with the predicted production in October 2025 being 89,890 physical tons, a 3.01% month - on - month increase, and the predicted import volume being 22,000 physical tons, a 12.26% month - on - month increase. The demand - side is expected to strengthen, and inventory may be reduced. The cost of 6% concentrate CIF has a daily increase and is lower than the historical average level. Lithium carbonate 2601 is expected to fluctuate in the range of 82,000 - 83,800 [8][9]. - The overall situation of lithium carbonate shows a pattern of strong supply and weak demand due to capacity mismatch, and the downward trend is difficult to change [12]. 3. Summaries According to the Catalog 3.1 Daily Views - **Supply**: Last week, lithium carbonate production was 21,308 tons, a 1.14% week - on - week increase, higher than the historical average. In September 2025, the production was 87,260 physical tons, and the predicted production for the next month is 89,890 physical tons, a 3.01% increase [8][9]. - **Demand**: Last week, the inventory of sample enterprises of lithium iron phosphate was 104,347 tons, a 1.49% week - on - week increase, and the inventory of sample enterprises of ternary materials was 18,592 tons, a 3.50% week - on - week increase [8]. - **Cost**: The cost of purchased lithium spodumene concentrate is 79,574 yuan/ton, a 0.23% daily increase, with a production loss of 1,542 yuan/ton. The cost of purchased lithium mica is 84,524 yuan/ton, a 1.81% daily increase, with a production loss of 8,509 yuan/ton. The cost of the recycling end is close to that of the ore end, and the production enthusiasm is average. The quarterly cash production cost of the salt lake end is 31,477 yuan/ton, with sufficient profit margins and strong production motivation [9]. - **Comprehensive Judgment**: The fundamentals are neutral; the basis on October 29 shows that the spot price of battery - grade lithium carbonate is 79,150 yuan/ton, and the 01 - contract basis is - 3,750 yuan/ton, with the spot at a discount to the futures, which is bearish. The overall inventory is 130,366 tons, a 1.72% week - on - week decrease, higher than the historical average, which is neutral. The disk shows that MA20 is upward, and the 01 - contract futures price closes above MA20, which is bullish. The net position of the main force is short, and the short position decreases, which is bearish [9]. 3.2 Lithium Carbonate Market Overview - **Price and Basis**: The futures prices of various contracts of lithium carbonate have increased to varying degrees. The basis of various contracts shows that the spot is at a discount to the futures, and the discount has increased to varying degrees [11][14]. - **Upstream Prices**: The price of lithium spodumene (6%) has increased by 0.32%, and the price of lithium mica concentrate (2% - 2.5%) has increased by 3.15%. The prices of other upstream products have also changed to varying degrees [14]. - **Positive and Negative Materials Prices**: The prices of positive and negative materials such as ternary precursors, ternary materials, and lithium iron phosphate have increased to varying degrees [14]. 3.3 Supply - Lithium Ore - **Production and Import**: The monthly production of lithium ore has increased to varying degrees, and the monthly import volume of lithium concentrate has also increased. The import volume from Australia has increased significantly, while the import volume from Chile has decreased [17]. - **Supply - Demand Balance**: The supply - demand balance of domestic lithium ore has fluctuated, with shortages in some months and surpluses in others [26]. 3.4 Supply - Lithium Carbonate - **Production and Import**: The monthly production of lithium carbonate has increased to varying degrees, and the monthly import volume has also changed. The production volume from different sources such as lithium spodumene, lithium mica, and salt lakes has different trends [28]. - **Supply - Demand Balance**: The supply - demand balance of lithium carbonate has fluctuated, with shortages in some months and surpluses in others [34]. 3.5 Supply - Lithium Hydroxide - **Production and Export**: The monthly production and export volume of lithium hydroxide have changed. The production volume from different sources such as smelting and causticizing has different trends [37]. - **Supply - Demand Balance**: The supply - demand balance of lithium hydroxide has fluctuated, with shortages in some months and surpluses in others [39]. 3.6 Lithium Compound Cost - Profit - **Cost and Profit of Different Sources**: The cost and profit of lithium compounds from different sources such as purchased lithium spodumene concentrate, purchased lithium mica concentrate, and recycling materials have different trends. The import profit of lithium carbonate and the profit of lithium hydroxide in different production methods also show different changes [42][44][47]. 3.7 Inventory - **Lithium Carbonate Inventory**: The overall inventory of lithium carbonate is 130,366 tons, a 1.72% week - on - week decrease, higher than the historical average. The inventory of smelters, downstream, and others has different trends [9]. - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide from different sources such as downstream and smelters has different trends [49]. 3.8 Demand - Lithium Battery - **Battery Price and Production**: The prices of different types of batteries such as 523 - square batteries and power - square lithium iron phosphate batteries have different trends. The monthly production of battery cells, the monthly loading volume of power batteries, and the export volume of lithium batteries have also changed [52]. 3.9 Demand - Ternary Precursor - **Price, Production, and Supply - Demand Balance**: The prices of different types of ternary precursors have changed. The monthly production and the supply - demand balance of ternary precursors have also fluctuated, with shortages in some months and surpluses in others [58][61]. 3.10 Demand - Ternary Material - **Price, Production, and Inventory**: The prices of different types of ternary materials have changed. The monthly production and the weekly inventory of ternary materials have also changed [64][67]. 3.11 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price, Cost - Profit, and Production**: The prices of iron phosphate and iron phosphate lithium have changed. The cost - profit of iron phosphate lithium and the monthly production of iron phosphate and iron phosphate lithium have also changed [70][73]. 3.12 Demand - New Energy Vehicle - **Production, Sales, and Penetration Rate**: The production, sales, and sales penetration rate of new energy vehicles have changed. The zero - batch ratio of hybrid and pure - electric vehicles of the Passenger Car Association and the inventory warning index and inventory index of dealers have also changed [78][79][82].

每经AI快讯，赣锋锂业(01772.HK)绩后高开逾7%，截至发稿，涨7.63%，报50.8港元，成交额4139.18万 港元。 （文章来源：每日经济新闻） ...