智通财经APP讯，赣锋锂业(01772)公布，近日，公司收到副总裁傅利华先生的《股份减持计划告知 函》，傅利华先生计划自本公告披露之日起 15 个交易日后的3 个月内(即2025 年 11 月 14 日至 2026 年 2 月 13 日)以集中竞价方式减持公司股份不超过4万股(即不超过公司总股本比例0.002%)。 ...

Core Viewpoint - Ganfeng Lithium (002460.SZ) announced that Vice President Fu Lihua plans to reduce his shareholding by no more than 40,000 shares, representing approximately 0.002% of the company's total share capital, within a three-month period starting from November 14, 2025, to February 13, 2026 [1] Summary by Category - **Company Actions** - The Vice President of Ganfeng Lithium intends to sell up to 40,000 shares through centralized bidding [1] - **Shareholding Details** - The planned reduction accounts for a maximum of 0.002% of the total share capital of the company [1]

Group 1 - The company Ganfeng Lithium (002460.SZ) announced that its Vice President, Mr. Fu Lihua, plans to reduce his shareholding by no more than 40,000 shares, which represents approximately 0.002% of the company's total share capital [1] - The planned reduction will take place within a three-month period from November 14, 2025, to February 13, 2026, through centralized bidding [1] - This announcement follows the disclosure of the plan, which will occur 15 trading days after the announcement date [1]

Core Viewpoint - Ganfeng Lithium announced that Vice President Fu Lihua plans to reduce his shareholding by a maximum of 40,000 shares, representing no more than 0.002% of the company's total share capital, to repay equity incentive loans [1] Summary by Relevant Sections - **Share Reduction Plan** - Fu Lihua intends to sell shares within a three-month period from November 14, 2025, to February 13, 2026, starting 15 trading days after the announcement [1] - **Reason for Reduction** - The reduction is aimed at repaying loans related to equity incentives, with the shares being sourced from those granted under the company's equity incentive plan [1]

Core Viewpoint - Ganfeng Lithium (002460) announced that its Vice President, Fu Lihua, plans to reduce his shareholding by a maximum of 40,000 shares, which represents 0.002% of the company's total share capital, within three months after 15 trading days [1] Summary by Category - **Company Announcement** - Ganfeng Lithium's Vice President intends to sell up to 40,000 shares through centralized bidding [1] - The planned reduction accounts for 0.002% of the company's total share capital [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint The futures market is expected to fluctuate in the short - term. With support from the consumption peak season, the short - term supply - demand pattern is favorable, and inventory is continuously decreasing. However, if mines resume production and consumption weakens, the market may decline. For trading, short - term interval operations are recommended, and if the market rebounds significantly, selling hedging at high prices can be considered [1][3]. 3. Summary by Related Catalogs Market Analysis - On October 21, 2025, the opening price of the lithium carbonate main contract 2601 was 75,920 yuan/ton, and the closing price was 75,980 yuan/ton, a - 0.26% change from the previous settlement price. The trading volume was 197,979 lots, and the open interest was 310,199 lots, an increase from the previous trading day's 293,283 lots. The current basis was - 1,580 yuan/ton, and the number of lithium carbonate warehouse receipts was 2,9892 lots, a decrease of 813 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 73,600 - 74,600 yuan/ton, an increase of 100 yuan/ton from the previous day; the price of industrial - grade lithium carbonate was 71,250 - 72,450 yuan/ton, also an increase of 100 yuan/ton. The price of 6% lithium concentrate was 865 US dollars/ton, an increase of 5 US dollars/ton [1]. - Downstream material factories maintained a high operating rate, and demand supported spot transactions. New production lines were put into operation at both the spodumene and salt - lake ends, and the total lithium carbonate production in October was expected to increase. In terms of demand, both the power and energy - storage markets were booming. Overall, supply was tight and inventory was decreasing in October [1]. - As of the end of September 2025, the total number of electric vehicle charging infrastructure (guns) in China reached 18.063 million, a year - on - year increase of 54.5%. Among them, public charging facilities were 4.476 million, a year - on - year increase of 40%, with a total rated power of 19.9 billion kilowatts and an average power of about 44.36 kilowatts; private charging facilities were 13.587 million, a year - on - year increase of 60%, and the declared power capacity for private charging facilities was 12 billion kilovolt - amperes [2]. Strategy - **Unilateral**: Short - term interval operations are recommended. If the market rebounds significantly, selling hedging at high prices can be considered [3]. - **Cross - period**: No relevant strategy is provided. - **Cross - variety**: No relevant strategy is provided. - **Spot - futures**: No relevant strategy is provided. - **Options**: No relevant strategy is provided.

Core Viewpoint - PLS, Australia's largest pure lithium producer, remains optimistic about the demand outlook for battery metals despite current price declines due to oversupply [1] Company Summary - PLS CEO Dale Henderson highlighted a strong long-term demand outlook, noting a 20% year-on-year increase in global electric vehicle demand in Q2 [1] - The company, formerly known as Pilbara Minerals, completed its rebranding earlier this year [1] Industry Summary - Canaccord Genuity forecasts that global lithium demand will exceed supply for the first time by 2027, driven by project delays, production cuts, and rising electric vehicle sales [1] - In the first half of 2025, global electric vehicle sales are expected to grow by 30% year-on-year, reaching 9 million units, with China showing the largest increase at 32% [1] - The EU is also experiencing a sales increase of 24% due to stricter carbon emission regulations, while the US market remains flat due to the impact of clean energy policies [1]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core View of the Report - The de - stocking of lithium carbonate warehouse receipts continues, and the short - term price is relatively firm [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the 2511 contract, the closing price was 75,580 (down 120 compared to T - 1), the trading volume was 102,894 (down 66,214 compared to T - 1), and the open interest was 113,411 (down 25,023 compared to T - 1). For the 2601 contract, the closing price was 75,980 (up 40 compared to T - 1), the trading volume was 197,979 (up 9,188 compared to T - 1), and the open interest was 310,199 (up 16,916 compared to T - 1). The warehouse receipt volume was 29,892 (down 813 compared to T - 1) [2]. - **Raw Material Data**: The price of spodumene concentrate (6%, CIF China) was 854 (up 3 compared to T - 1), the price of lithium mica (2.0% - 2.5%) was 1,845 (up 20 compared to T - 1), the price of battery - grade lithium carbonate was 74,100 (up 100 compared to T - 1), and the price of battery - grade lithium carbonate (CIF) was 9,400 (unchanged compared to T - 1) [2]. - **Lithium Salt and Related Product Data**: The price of industrial - grade lithium carbonate was 71,850 (up 100 compared to T - 1), the price of battery - grade lithium hydroxide (micropowder) was 78,100 (unchanged compared to T - 1), and the price of battery - grade lithium hydroxide (CIF) was 9,450 (unchanged compared to T - 1). The prices of various types of lithium iron phosphate, ternary materials, and other products also showed different changes [2]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 74,110 yuan/ton, up 119 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 74,100 yuan/ton, up 100 yuan/ton compared to the previous working day, and the average price of industrial - grade lithium carbonate was 71,850 yuan/ton, up 100 yuan/ton compared to the previous working day [3]. - Kodal announced on October 20 that the first batch of 30,000 tons of spodumene concentrate from the Bougouni project will be shipped from the Port of San Pedro in Côte d'Ivoire to Yangpu Port in Hainan, marking the official start of the mine's export business. The transportation is expected to take 4 to 6 weeks, and 45,000 tons of inventory will be shipped later [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 1, indicating a relatively strong trend. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].

1. Report Industry Investment Ratings - Gold: Expected to decline further, with prices entering a phase of long - short competition and increased market volatility [13][14] - US Dollar Index: Expected to strengthen [17][18] - US Stock Index Futures: Expected to improve risk appetite, but with continued high volatility, recommended to take a bullish approach and buy on dips [20] - Treasury Bonds: In the short - term, trading should be cautious. Later, opportunities to buy on dips for medium - term long positions can be sought [22][23] - Sugar: Expected to show weak oscillations, not recommended to short aggressively [28] - Soybean Meal: Expected to remain weak in the short term [30] - Steel: Recommended to approach prices with an oscillatory mindset [32][33] - Vegetable Oils: Recommended to wait for market drivers and take a short - term wait - and - see approach or hold light long positions [34] - Corn Starch: The price difference between rice and flour in contracts 01 and 03 is expected to have limited room for further narrowing [35] - Corn: Short - term recommended to wait and see, not advisable to short [37] - Red Dates: Recommended to wait and see, focus on price competition in production areas and downstream consumption [40] - Thermal Coal: Prices are expected to strengthen due to supply - demand resonance [41] - Iron Ore: Overall trend is expected to be weak, but short - term decline may not be smooth [42] - Polysilicon: Maintain the view that spot prices will not decline in October. Consider buying on dips when the futures price is at a discount to the spot price, and pay attention to reverse arbitrage opportunities for PS2511 - PS2512 [47] - Industrial Silicon: Buying on dips may be more cost - effective [49] - Lithium Carbonate: Short - term recommended for range trading, mid - term focus on short - selling opportunities after peak demand [51] - Lead: Unilateral trading should be observed with an oscillatory mindset, and mid - term positive arbitrage opportunities between domestic and foreign markets can be considered [53] - Zinc: Unilateral trading recommended to wait and see, focus on mid - term positive arbitrage opportunities, and maintain a positive arbitrage approach for domestic - foreign trading [56] - Crude Oil: Expected to show weak oscillations in the short term [61] - Carbon Emissions: CEA is expected to show weak oscillations in the short term [63] - Methanol: Recommended to wait and see [66] - Pulp: Expected limited upside space for the futures price [68] - Caustic Soda: Not recommended to short aggressively [70][71] - Styrene: The market will oscillate, and attention should be paid to the negative feedback from downstream products of pure benzene [74] - Container Freight Rates: Short - term recommended to approach the market with an oscillatory mindset, not advisable to buy on the rise [76] 2. Core Views - The formulation of a 12 - point peace plan for the Russia - Ukraine conflict by Europe and Ukraine has weakened short - term market risk - aversion sentiment, leading to a stronger US dollar index, but there are still uncertainties in the Russia - Ukraine situation [17] - The decline in gold prices is mainly due to the joint statement of European leaders on supporting a cease - fire in Russia - Ukraine, a softening of Trump's stance on tariffs, and the news of a possible visit to China, which has reduced risk - aversion demand. Gold prices are expected to continue to decline [13] - Multiple small and medium - sized banks have lowered deposit rates, and the bond market is expected to strengthen with oscillations after the implementation of the 14th Five - Year Plan policies [22] - The soybean meal market is trading on the expectation of improved Sino - US relations, and combined with weak supply - demand fundamentals, it is expected to remain weak [30] - Steel prices are oscillating, lacking a clear trend. Due to inventory pressure and average demand recovery, prices are expected to continue to oscillate weakly [32] - The polysilicon market has factors such as production cuts by leading enterprises and limited inventory pressure on non - leading enterprises. Spot prices are expected to remain stable [46] - The industrial silicon market has a clearer price floor due to cost factors, and buying on dips may be more cost - effective [49] 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - European leaders' joint statement on supporting a cease - fire in Russia - Ukraine and Trump's related remarks have led to a more than 5% drop in gold prices. Gold prices are expected to continue to decline due to reduced risk - aversion demand and short - term over - rise [13] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The 12 - point peace plan for the Russia - Ukraine conflict has weakened short - term market risk - aversion sentiment, causing the US dollar index to strengthen. However, there are uncertainties in the Russia - Ukraine situation, and the US dollar is expected to oscillate in the short term [17] 3.1.3 Macro Strategy (US Stock Index Futures) - Nvidia's discussion of providing loan guarantees for OpenAI has increased market concerns. With uncertainties in Sino - US negotiations and a cautious market before the earnings season, risk appetite has declined. The market is expected to improve but with high volatility [20] 3.1.4 Macro Strategy (Treasury Bond Futures) - Multiple small and medium - sized banks have lowered deposit rates, and the central bank has conducted reverse repurchase operations. The bond market is expected to strengthen with oscillations after the implementation of the 14th Five - Year Plan policies [22] 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Sugar) - China's imports of syrup and sugar premix have decreased, Brazil's sugar exports in October have increased, and the price of gasoline in Brazil has been lowered. The domestic sugar market is expected to show weak oscillations [24][26][28] 3.2.2 Agricultural Products (Soybean Meal) - Argentina's soybean exports in September increased, and the US soybean export inspection volume increased week - on - week but decreased year - on - year. The soybean meal market is trading on the expectation of improved Sino - US relations and is expected to remain weak [29][30] 3.2.3 Black Metals (Rebar/Hot - Rolled Coil) - The EU has made an anti - dumping final ruling on Chinese steel crawler tracks, and China's automobile exports in September have increased. Steel prices are oscillating, lacking a clear trend, and are expected to continue to oscillate weakly [31][32] 3.2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production from October 1 - 20 increased. The oil market is oscillating, and it is recommended to wait for market drivers [34] 3.2.5 Agricultural Products (Corn Starch) - The theoretical profits of corn starch enterprises in different regions vary. The price difference between rice and flour in contracts 01 and 03 is expected to have limited room for further narrowing [35] 3.2.6 Agricultural Products (Corn) - Domestic corn prices are mainly rising, but the upward trend has slowed. Spot prices are expected to decline, while futures prices may enter an oscillatory bottom - building phase [36][37] 3.2.7 Agricultural Products (Red Dates) - The price of red dates in the Hebei Cuierzhuang market has fluctuated slightly. The fundamentals have not changed significantly, and it is recommended to wait and see [40] 3.2.8 Black Metals (Thermal Coal) - The price of thermal coal in the northern port market is strong. Due to supply - demand resonance, prices are expected to strengthen [41] 3.2.9 Black Metals (Iron Ore) - BHP's iron ore production in the third quarter of 2025 decreased. Iron ore prices are oscillating weakly, and the overall trend is expected to be weak [42] 3.2.10 Non - Ferrous Metals (Polysilicon) - China's solar power generation in September increased. The polysilicon market has factors such as production cuts by leading enterprises and limited inventory pressure on non - leading enterprises. Spot prices are expected to remain stable [43][46] 3.2.11 Non - Ferrous Metals (Industrial Silicon) - Some polysilicon bases are shutting down, affecting the industrial silicon market. The price floor is clearer, and buying on dips may be more cost - effective [48][49] 3.2.12 Non - Ferrous Metals (Lithium Carbonate) - Sigma Lithium plans to increase lithium concentrate production. The inventory of lithium carbonate is decreasing, and prices are expected to be supported in the short term [50] 3.2.13 Non - Ferrous Metals (Lead) - The LME lead price is oscillating, and the domestic lead market has a short - term supply - demand mismatch. It is recommended to observe unilaterally and consider positive arbitrage between domestic and foreign markets [52][53] 3.2.14 Non - Ferrous Metals (Zinc) - Silvercorp's zinc production in Q2 2025 decreased. The LME zinc price is rising, and the domestic zinc market has a stable supply - demand situation. It is recommended to wait and see unilaterally and consider positive arbitrage [54][55] 3.2.15 Energy Chemicals (Crude Oil) - The US plans to purchase 100 million barrels of crude oil for strategic reserves, and API crude oil inventories have decreased. Oil prices are expected to show weak oscillations [57][60][61] 3.2.16 Energy Chemicals (Carbon Emissions) - The CEA price in the carbon emissions market is oscillating weakly. The supply - demand structure is balanced and loose, and prices are expected to be lower than last year [62][63] 3.2.17 Energy Chemicals (Methanol) - China's methanol imports in September were high. Due to a temporary shutdown of an Iranian methanol plant, futures prices have rebounded, but it is recommended to wait and see [64][66] 3.2.18 Energy Chemicals (Pulp) - The price of imported wood pulp is mostly stable, and the paper pulp futures price is relatively strong. However, due to poor supply - demand fundamentals, the upward space is limited [67][68] 3.2.19 Energy Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong is mostly stable. The supply is sufficient, and demand is stable. It is not recommended to short aggressively [69][71] 3.2.20 Energy Chemicals (Styrene) - A new styrene plant has started production, and there are many maintenance rumors in the industry. The market is oscillating, and attention should be paid to downstream negative feedback [72][74] 3.2.21 Shipping Index (Container Freight Rates) - HPL will increase freight rates from the Far East to multiple destinations. The market is expected to oscillate in the short term, and it is not recommended to buy on the rise [75][76]

Core Viewpoint - The U.S. government, under Trump's administration, has shifted its approach to industrial policy by directly acquiring equity stakes in private companies, particularly in critical sectors like semiconductors, rare earths, and steel, as a strategic response to geopolitical challenges [2][4][17]. Group 1: Government Investments - Since January, the Trump administration has made five significant investments in key manufacturing sectors, marking a transition from traditional subsidies to direct equity stakes [4][13]. - The first transaction occurred in June, where the U.S. government approved Nippon Steel's $14.1 billion acquisition of U.S. Steel, gaining "golden shares" that provide control over critical decisions [8]. - In July, the government invested $400 million in MP Materials, acquiring 15% of the company, which is the only U.S. firm capable of rare earth mining and processing [9][14]. - In August, the government invested $8.9 billion in Intel for a 9.9% stake, aiming to bolster domestic chip production [10][11]. - In October, the government acquired 5% stakes in Lithium Americas and Trilogy Metals, focusing on lithium mining to support the electric vehicle industry [12][13]. Group 2: Funding Sources - The funding for these investments primarily comes from previously approved budgets, such as the $400 billion Inflation Reduction Act, which allocated $53 billion for semiconductor support [14][16]. - The Department of Commerce, Department of Energy, and Department of Defense have emerged as the main federal agencies facilitating these equity investments [16]. - The funds utilized are not new but rather reallocated from existing congressional appropriations, indicating a strategic shift in how government support is structured [16]. Group 3: Strategic Implications - The investments reflect a broader strategy to reduce reliance on foreign supply chains, particularly from China, by securing domestic production capabilities in critical materials and technologies [17][20]. - The U.S. aims to establish a complete supply chain for rare earths and lithium, which are essential for defense and clean energy technologies, thereby enhancing national security [18][19]. - The investment in Intel is particularly significant as it seeks to ensure that the U.S. retains control over advanced semiconductor manufacturing, which is currently heavily reliant on foreign production [19].