Core Insights - The geopolitical competition between the US and China is intensifying in Latin America, particularly in the lithium and rare earth sectors, as both countries seek to secure resources and establish supply chains [4][16]. Group 1: US Strategic Moves - The US International Development Finance Corporation (DFC) plans to invest $5 billion in lithium and rare earth projects in Argentina and Brazil over the next three years [4]. - The US aims to build a "non-China processing chain" by controlling Latin American resources to diminish China's dominance in critical mineral supply chains [4][16]. Group 2: China's Investments - China has been actively involved in Latin America, participating in 37 port projects by 2025, creating a logistics network that connects the Pacific and Atlantic [6]. - Chinese companies are investing in lithium processing facilities in Bolivia, reflecting a broader trend of resource nationalism in the region [9]. Group 3: Resource Nationalism - Bolivia, Argentina, and Chile have introduced regulations requiring foreign companies to build processing plants locally and transfer technology, impacting foreign investments [9]. - Brazil has implemented a 50% export tax on unprocessed rare earth minerals, complicating operations for US companies while benefiting Chinese firms [11]. Group 4: Political Landscape - The political climate in Latin America is shifting, with elections influencing resource policies. In Chile, leftist candidate Janette Jara's proposal for a state lithium company caused market fluctuations [12][14]. - The outcome of Bolivia's elections could determine the future of lithium mining, with potential openings for US companies if right-wing candidates win [14]. Group 5: Technological Innovations - The Direct Lithium Extraction (DLE) technology developed by SQM and EnergyX has significantly improved lithium recovery rates and reduced production time, reshaping the global lithium supply landscape [16]. - AI exploration techniques are being employed in Brazil to lower exploration costs, indicating a technological race in the rare earth sector [14]. Group 6: Argentina's Balancing Act - Argentina is leveraging its position by signing a key minerals cooperation memorandum with the US while maintaining a currency swap agreement with China, attracting a 23% increase in foreign investment in the first half of 2025 [17]. - The introduction of the SUPER platform in Chile has streamlined mining permit processes, balancing efficiency with national interests [17].

Core Viewpoint - Tianqi Lithium Industries (09696.HK) announced a share repurchase plan in accordance with the regulations set by the China Securities Regulatory Commission, aimed at optimizing capital structure and enhancing shareholder value [1][2]. Group 1: Share Repurchase Details - The company repurchased shares using its own funds through centralized bidding, specifically for future employee stock ownership plans and equity incentives [1]. - A total of 26,600 A-shares, representing approximately 0.0016% of the company's total share capital, remain unused from the employee stock ownership plan [1][2]. - The repurchased shares will be canceled if not utilized within three years, in compliance with regulatory requirements [1]. Group 2: Financial Impact - The actual amount for the repurchase and cancellation of the 26,600 A-shares is approximately RMB 2,987,925.71 (excluding transaction fees) [2]. - Following the cancellation, the company's total share capital will decrease from 1,641,221,583 shares to 1,641,194,983 shares [2]. - The cancellation of these shares is not expected to have a substantial impact on the company's financial status or operational results [2].

Core Viewpoint - Tianqi Lithium Industries (09696) announced the cancellation of 26,600 repurchased A-shares on October 22, 2025 [1] Summary by Category - **Company Actions** - The company has decided to cancel a total of 26,600 A-shares that were previously repurchased [1]

Group 1: Report Information - Report title: Non-ferrous Metals Weekly Report [1] - Date: October 24, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Copper Core View - Affected by the improved macro - atmosphere and strong medium - term fundamentals, copper prices are expected to continue rising next week [7]. Market Review - This week, the main contract of Shanghai copper operated in the range of (84410, 87860), with total positions rising 7% to 584,000 lots. LME copper operated in the range of (10536.5, 10969). The net long position of funds decreased by about 3% to 57,476 lots, and the commercial net short position decreased by 7% to 73,093 lots [7]. Fundamental Analysis Supply - Copper ore processing fees are in a deeper inversion. SMM seven - port copper concentrate inventory decreased. In September, the import of copper concentrates and their ores decreased month - on - month. Domestic cold - material processing fees fell again. In September, domestic electrolytic copper production decreased significantly, and it is expected to continue to decline in October [10][11][13]. Demand - The weekly operating rate of scrap copper rods increased slightly, while that of refined copper rods decreased. The operating rate of wire and cable and enameled wire increased slightly, but the overall consumption was lackluster [15][16]. Spot - Domestic copper stocks decreased by 0.08 to 274,000 tons, and bonded area stocks decreased by 0.49 to 92,800 tons. The LME + COMEX market increased stocks by 1,439 tons to 450,000 tons [17]. Group 3: Lithium Carbonate Core View - Due to short - term supply - demand boom, continuous inventory reduction, and unresolved supply - side disturbances, lithium carbonate futures are expected to move up [27]. Market Review - This week, lithium carbonate futures rose, with the main contract operating in the range of (75340, 80880), and total positions increasing by 7.5% to 812,000 lots. Spot prices also moved up, but the trading was dull [26]. Fundamental Analysis Supply - Lithium ore prices moved up, and the losses of salt plants increased. The weekly output of lithium carbonate reached a new high, and the production costs of purchasing lithium spodumene and lepidolite increased [30][31]. Demand - The prices of ternary materials, lithium iron phosphate, lithium cobalt oxide, and battery cells all increased. The domestic power market is in the peak season, and the demand for materials is supported [32][33][34]. Spot - The price difference between electric - grade and industrial - grade lithium carbonate is at a low level. Lithium carbonate inventory decreased by 2,292 tons to 130,366 tons [36][37]. Group 4: Aluminum Core View - Aluminum prices are expected to remain in a high - level shock, with a low - buying strategy recommended [46]. Market Review - This week, Shanghai aluminum rose unilaterally, hitting a new high for the year. The overseas market is worried about tariff risks. The demand side has gradually fulfilled its expectations in the peak season, but the downstream performance lacks highlights [42]. Fundamental Changes Bauxite - Domestic bauxite supply is tight, and prices in some regions have risen slightly. Imported bauxite prices are weak [47][48]. Alumina - Alumina prices have initially stabilized, with the bottom slightly rising. The import window remains open [50][51]. Electrolytic Aluminum - The profit of the smelting industry remains at a high level. The operating capacity remains unchanged. The export of aluminum profiles has slightly recovered, and the import window of aluminum ingots remains closed. The operating rate of downstream processing enterprises has declined slightly, and aluminum ingot stocks have decreased slightly [56][64][66]. Group 5: Nickel Core View - Nickel prices remain in a range - bound pattern, with support at the 120,000 level. Pay attention to overseas market changes and Indonesian policy risks [80]. Market Review - This week, Shanghai nickel was in a narrow - range shock in the first four days and rose on Friday, but it has not broken out of the range - bound pattern. The futures market maintains a contango structure, and the import window remains closed [75][80]. Fundamental Changes Nickel Ore - The prices of Philippine and Indonesian nickel ores remained stable this week. Some smelters have started procurement plans in advance [81]. Ferronickel - Ferronickel prices continued to fall this week, and it is expected that the downward trend will continue [80]. Electrolytic Nickel - The production capacity of electrowon nickel is rapidly releasing, but the output is difficult to increase significantly in the short term [92][93]. Nickel Sulfate - Nickel salt prices remained stable this week. It is expected that the supply of nickel sulfate will still increase slightly in October [96][98]. Stainless Steel - The inventory of stainless steel in Wuxi and Foshan decreased slightly this week, but it is expected that the inventory will not decline significantly [103]. Group 6: Zinc Core View - Zinc ore processing fees have peaked and declined. The supply of zinc ingots has increased, and the demand is weak. Pay attention to the implementation of export volume and gradually enter the market for reverse arbitrage [106]. Market Review - LME zinc inventory is at a low level, and the risk of structural shortage has increased. Shanghai zinc rose oscillatingly. The import window has been deeply closed since July, and there is a small amount of exports [105]. Fundamental Analysis Supply - Domestic zinc ore processing fees have peaked and declined. In October, the overall output of refined zinc increased month - on - month. The import window remains closed, and the export window is open [115][116]. Demand - The operating rates of galvanizing, die - casting zinc alloy, and zinc oxide all decreased slightly, and the overall demand has declined [117][118]. Spot - Domestic zinc stocks decreased to 162,100 tons, and LME zinc inventory decreased to below 40,000 tons [119].

Core Viewpoint - Shengxin Lithium Energy (002240.SZ) reported significant growth in its Q3 2025 financial results, indicating strong performance in the lithium industry [1] Financial Performance - The company's operating revenue reached 1.481 billion yuan, representing a year-on-year increase of 61.07% [1] - Net profit attributable to shareholders was 88.7191 million yuan, showing a year-on-year growth of 132.30% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 58.4765 million yuan, reflecting a year-on-year increase of 119.20% [1]

Core Viewpoint - Tianqi Lithium Industries (002466) reported on October 24 that as of October 20, 2025, the number of A-share shareholders is 306,044, with 2,835 of them being institutional shareholders [1] Group 1 - The total number of A-share shareholders is 306,044 [1] - The number of institutional shareholders among A-share shareholders is 2,835 [1]

Core Viewpoint - Shengxin Lithium Energy (002240) reported significant revenue growth in Q3 2025, indicating a recovery in performance despite challenges in the first three quarters of the year [1] Financial Performance - Q3 2025 revenue reached 1.481 billion yuan, a year-on-year increase of 61.07% [1] - Net profit for Q3 2025 was 88.7191 million yuan, a turnaround from a loss of 275 million yuan in the same period last year [1] - Revenue for the first three quarters of 2025 totaled 3.095 billion yuan, reflecting a year-on-year decline of 11.53% [1] - Cumulative net profit for the first three quarters showed a loss of 752 million yuan [1] Product Pricing - The sales price of lithium salt products decreased compared to the same period last year, impacting overall revenue [1]

Core Viewpoint - The announcement from Shengxin Lithium Energy indicates that its controlling shareholder, Shenzhen Shengtun Group Co., Ltd., has released a pledge on 7.1 million shares of the company, reflecting a significant change in the company's shareholding structure [1] Summary by Relevant Sections - **Share Pledge Release** - Xiamen Tunlan Investment Partnership (Limited Partnership), an action party of the controlling shareholder, has released a pledge on 7.1 million shares of Shengxin Lithium Energy [1] - **Current Pledged Shares** - As of the announcement date, Xiamen Tunlan and its action parties have a total of 95.736 million pledged shares, which accounts for 10.46% of the company's total share capital [1]

Core Insights - The company reported a revenue of 3.095 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 11.53% [1] - The net profit attributable to shareholders was -0.752 billion yuan, showing a significant year-on-year decrease of 62.96% [1] - The basic earnings per share were -0.83 yuan, which is a decline of 62.75% compared to the previous year [1]

盛新锂能公告，第三季度营收为14.81亿元，同比增长61.07%；净利润为8871.91万元，同比增长 132.30%。前三季度营收为30.95亿元，同比下降11.53%；净利润亏损7.52亿元，同比下降62.96%。 ...