Core Insights - The stock of Shengxin Lithium Energy reached its daily limit, with a turnover rate of 14.40% and a transaction amount of 2.668 billion yuan, showing a volatility of 8.02% [2] - Institutional investors net bought 31.0493 million yuan, while the Shenzhen Stock Connect saw a net purchase of 46.5944 million yuan, despite a total net sell of 83.0031 million yuan from brokerage seats [2] - The stock was listed on the Shenzhen Stock Exchange due to a price deviation of 9.78% [2] Trading Data - The top five trading departments accounted for a total transaction of 784 million yuan, with a buying amount of 389 million yuan and a selling amount of 395 million yuan, resulting in a net sell of 5.3594 million yuan [2] - Among the trading departments, three institutional special seats were present, with a total buying amount of 125 million yuan and a selling amount of 93.7377 million yuan, leading to a net buy of 31.0493 million yuan [2] - The main capital inflow for the stock was 448 million yuan, with a significant single net inflow of 414 million yuan and a large single net inflow of 34.2988 million yuan over the day [2] Margin Trading Data - As of October 22, the latest margin trading balance for the stock was 872 million yuan, with a financing balance of 870 million yuan and a securities lending balance of 2.376 million yuan [3] - Over the past five days, the financing balance decreased by 161 million yuan, a decline of 15.63%, while the securities lending balance increased by 452,400 yuan, an increase of 23.52% [3] Detailed Trading Information - On October 23, the top buying and selling amounts from various brokerage departments were detailed, with the Shenzhen Stock Connect being the largest buyer and seller, with buying and selling amounts of 142.4231 million yuan and 95.8287 million yuan respectively [4]

南华期货碳酸锂企业风险管理日报 2025年10月23日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂LC2601合约 | 强支撑位：72000 | 21.1% | 13.9% | source： 南华研究,同花顺 锂电企业风险管理策略建议 | 行为导向 | 情景分析 | | 操作思路 | 套保工具 | 操作建议 | 套保比例 | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 区间 | | 采购管理 | 产成品价格无 相关性 | 未来有生产电池材料的计划， 担心未来采购碳酸锂时价格上 | 为防止成本上涨，企业根据生 产计划需买入对应生产计划的 | 期货 场内/场外期权 | 买入对应期货合约 卖出看跌期权 ...

Core Viewpoint - The market shows signs of recovery with all three major indices closing in the green, driven by strong performances in local Shenzhen stocks, coal, lithium mining, and quantum technology sectors [1][2][3][4]. Sector Summary Shenzhen Local Stocks - Shenzhen local stocks led the market gains, with companies like Teli A, Deep Seige, and others hitting the daily limit up. The Shenzhen government has announced a plan to promote high-quality mergers and acquisitions, aiming for a total market value of listed companies to exceed 20 trillion yuan by the end of 2027 [2][6]. Coal Sector - The coal sector experienced a collective surge, with Dayou Energy achieving an eight-day limit up. Demand remains strong due to high consumption levels since September and low inventory levels, while supply is constrained by a year-on-year decline in production [3][4]. Lithium Mining Sector - Lithium mining stocks saw a strong afternoon performance, with Shengxin Lithium Energy hitting the limit up. The Ministry of Industry and Information Technology reported that Chinese companies hold six of the top ten global battery manufacturers, accounting for 69% of total shipments [4][6]. Quantum Technology Sector - The quantum technology sector showed active performance towards the end of the trading day, with several stocks hitting the limit up. Recent advancements in quantum key distribution technology were reported, indicating a growing market for integrated solution providers in this field [4][6]. Individual Stock Performance - High-profile stocks showed increased volatility, with Dayou Energy leading the market with an eight-day limit up. However, the overall success rate for stocks achieving consecutive limit ups remains below 30% [6][8].

Market Overview - On October 23, the A-share market rebounded, with all three major indices closing in the green. The Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index increased by 0.22%, and the ChiNext Index gained 0.09%. The total trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 23.9 billion yuan from the previous trading day [1]. Sector Performance - The sectors that performed well included Shenzhen state-owned enterprise reform, coal, and energy metals, while sectors such as cultivated diamonds, engineering machinery, and oil and gas saw declines. Specifically, local stocks in Shenzhen led the gains, with over ten stocks, including Teli A and Shenzhen Saige, hitting the daily limit. The coal sector also saw a collective rise, with Dayou Energy achieving eight consecutive limit-ups [1]. - Quantum technology stocks surged in the afternoon, with companies like Shenzhou Information and Keda Guochuang hitting the daily limit. Lithium mining stocks strengthened in the afternoon, with Shengxin Lithium Energy hitting the daily limit. XWANDA (300207) rose by 1.71%, as it announced the launch of a new generation of polymer all-solid-state batteries at the 2025 New Energy Battery Industry Development Conference [1]. Financial Sector Movements - The financial sector experienced notable fluctuations, with Agricultural Bank of China ending its 14-day rising streak. The bank's stock price initially rose over 2% but later fell by 1.24% to close at 7.99 yuan per share, marking a significant adjustment after a rapid increase [3]. Apple Supply Chain Impact - Apple-related stocks declined, with a peak drop of 1.79% before closing down 0.29%. Notably, Dongshan Precision fell over 4%, while other companies like Keri Technology and Pengding Holdings dropped more than 3%. Analyst Ming-Chi Kuo indicated that demand for the newly launched iPhone Air was below expectations, leading to a reduction in output and capacity across the supply chain [4]. - The iPhone Air, which was launched at a starting price of 7,999 yuan, is Apple's first model to rely entirely on eSIM technology, eliminating the physical SIM card slot. The device is noted for its ultra-thin design, measuring only 5.6mm in thickness and weighing 165g, making it the thinnest model in Apple's history [4].

记者丨 李益文 何煦阳 编辑丨吴桂兴 见习编辑张嘉钰 10月23日，A股 市场探底回升，三大指数全线收红。截至收盘，沪指涨0.22%，深成指涨 0.22%，创业板指涨0.09%。沪深两市成交额1.64万亿，较上一个交易日缩量239亿。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3922.41 c | 8.65 | 0.22% | | 399001 | 深让成指 | 13025.45 c | 28.84 | 0.22% | | 899050 | 北证50 | 1455.37 c | -15.70 | -1.07% | | 881001 | 万得全A | 6241.40 c | 8.85 | 0.14% | | 000688 | 科创50 | 1401.26 c | -4.15 | -0.30% | | 399006 | 到亚棱提 | 3062.16 c | 2.84 | 0.09% | 板块方面，深圳国企改革、煤炭、能源金属等板块涨幅居前，培育钻石、工程机械、油气等板 块跌幅居前。具体来看， 深圳本 ...

Group 1 - The core viewpoint of the news highlights the significant growth in the new energy sector, particularly in lithium mining, photovoltaics, and batteries, as evidenced by the rise in the performance of related stocks and ETFs [1] - The "Technical Roadmap 3.0" for energy-saving and new energy vehicles has been officially released, outlining six major goals for the automotive industry in China by 2040, including a 60% reduction in carbon emissions from peak levels by 2040 [1] - The roadmap emphasizes the development of a smart, connected transportation system with a focus on zero accidents and high efficiency, aiming for an 80% penetration rate of new energy vehicles [1] Group 2 - The ChiNext New Energy ETF (159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors such as batteries and photovoltaics, with a total scale of 1.085 billion yuan as of October 16, 2025 [2] - This ETF has the highest trading volume, averaging 85.76 million yuan in daily transactions over the past month, and features a low management and custody fee of only 0.2% [2] - The ETF's composition includes 51% in energy storage and 30% in solid-state batteries, aligning with current market trends [2]

Group 1 - Tianqi Lithium Industries Inc. experienced a 5.05% increase in stock price, reaching 48.29 CNY per share, with a trading volume of 2.845 billion CNY and a turnover rate of 4.11%, resulting in a total market capitalization of 79.255 billion CNY [1] - The company, established on October 16, 1995, and listed on August 31, 2010, is primarily engaged in the production and sales of lithium concentrate products and lithium compounds and their derivatives [1] - The revenue composition of Tianqi Lithium is as follows: lithium compounds and derivatives account for 50.54%, lithium ore for 49.25%, and other products for 0.21% [1] Group 2 - According to data from the top ten holdings of funds, one fund under China Merchants Fund has a significant position in Tianqi Lithium [2] - The China Merchants CSI New Energy Vehicle Index A fund (013195) reduced its holdings by 25,000 shares in the second quarter, maintaining 321,700 shares, which represents 2.49% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a year-to-date return of 46.03%, ranking 570 out of 4,218 in its category, and a one-year return of 47.26%, ranking 498 out of 3,875 [2]

Group 1 - The A-share market saw a strong performance in lithium mining concept stocks, with Shengxin Lithium Energy hitting the daily limit up [1] - Keli Yuan increased by over 6%, while Chuaneng Power and Rongjie Co., Ltd. rose by more than 5% [1] - Yahua Group, Salt Lake Co., and Dazhong Mining experienced gains of over 3% [1]

Report Industry Investment Rating No information provided. Core View of the Report The recent futures market rebound is mainly influenced by news disturbances and consumption support. Currently, the total inventory is being reduced, and there are many disturbances in the supply - side such as delayed resumption of production and shutdown news. The short - term supply - demand pattern is favorable, and the inventory is continuously decreasing, providing some support for the market. It is expected that the market will fluctuate in the short term. As the policy disturbances at the mine end weaken, and if the inventory inflection point appears, the market may decline after the mine resumes production and consumption weakens [3]. Summary by Related Catalogs Market Analysis - On October 22, 2025, the lithium carbonate main contract 2601 opened at 76,000 yuan/ton and closed at 77,120 yuan/ton, with a 1.63% change in the closing price compared to the previous trading day's settlement price. The trading volume was 376,449 lots, and the open interest was 353,231 lots, up from 310,199 lots in the previous trading day. The current basis is - 1,950 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 29,019 lots, a decrease of 873 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate is 73,900 - 74,800 yuan/ton, up 250 yuan/ton from the previous trading day; the price of industrial - grade lithium carbonate is 71,500 - 72,700 yuan/ton, also up 250 yuan/ton. The price of 6% lithium concentrate is 865 US dollars/ton, unchanged from the previous day. Downstream material factories are taking a cautious and wait - and - see attitude, and the overall market trading activity is dull [1]. - New production lines have been put into operation at both the spodumene and salt - lake ends, and it is expected that the total output of lithium carbonate in October still has growth potential. In terms of demand, the power market of new energy vehicles is growing rapidly in both commercial and passenger vehicles; the energy storage market has strong supply and demand [1]. - Customs data shows that the monthly import of spodumene increased significantly month - on - month, reaching 711,000 physical tons. Australia, Nigeria, and Zimbabwe together contributed 81.1% of the total import volume. Australia imported 347,000 tons, a significant month - on - month increase of 64.1%; Nigeria imported about 120,000 tons, a month - on - month increase of 14.4%; Zimbabwe imported 109,000 tons, a month - on - month decrease of 7.8%. In addition, imports from South Africa increased significantly to 109,000 tons, while there were no arriving ore volumes from Mali in September [2]. Strategy - **Unilateral**: Short - term range operation. If the market rebounds significantly, sell - hedging can be carried out at high prices [3]. - **Options**: None [3]. - **Inter - period**: None [4]. - **Inter - commodity**: None [4]. - **Spot - futures**: None [4].

据披露，上海隐山普衡企业管理有限公司(下称"上海隐山")为安徽隐齐、珠海隐湾控股股东， UnityCMC Holdings Limited为两公司实际控制人，并通过上海隐山普衡企业管理有限公司分别持有安徽 隐齐、珠海隐湾65%股权。安徽隐齐、珠海隐湾以及基金管理人隐山资本均受同一控制人控制或由其管 理，系一致行动人。 10月22日晚间，天齐锂业（002466）公告，公司全资子公司成都天齐锂业有限公司于22日与安徽隐齐企 业管理有限公司(下称"安徽隐齐")、珠海隐湾投资咨询有限公司(下称"珠海隐湾")、安徽省新材料产业 主题投资基金合伙企业(有限合伙)、明光市嘉元投资有限公司(下称"明光投资")签署了《安徽隐山天齐 双新股权投资合伙企业(有限合伙)合伙协议》(下称《合伙协议》)及相关协议，拟共同出资设立安徽隐 山天齐双新股权投资合伙企业(有限合伙)(下称"合伙企业"或"基金")，基金管理人为珠海隐山资本股权 投资管理有限公司(下称"隐山资本")。 此外，明光市财政局为明光投资控股股东及实际控制人，并持有明光投资91.15%股权。 此外，公司本次与专业机构共同投资是在保证公司主营业务正常发展的前提下，依托专业投资 ...