HK Stock Market Move | Lithium stocks continue to rise, with the net profit of the top three lithium ore companies in the first three quarters all turning losses into gains. The bottom support for lithium carbonate prices is relatively strong.

Lithium stocks continue to rise. As of the time of writing, Tianqi Lithium Corporation (09696) rose by 5.05% to 51.3 Hong Kong dollars, while Ganfeng Lithium Group (01772) rose by 4.04% to 52.85 Hong Kong dollars. In terms of news, in the first three quarters, Ganfeng Lithium Group achieved a revenue of 14.625 billion yuan, a year-on-year increase of 5.02%; net profit attributable to owners turned around to 25.52 million yuan. Due to the year-on-year decrease in sales volume and sales price of lithium products, Tianqi Lithium Corporation's revenue in the first three quarters decreased by 26.50% year-on-year to 7.397 billion yuan; but its net profit attributable to owners turned around to 180 million yuan, mainly benefiting from the optimization of pricing mechanisms, a significant year-on-year increase in the performance of the joint venture company SQM, and the increase in exchange gains from the strengthening Australian dollar. China Youzheng Securities issued a research report stating that lithium carbonate prices have slightly increased this week, mainly due to better-than-expected demand from the new energy vehicles and energy storage markets, top lithium salt factories maintaining a high level of production, and high operating rates in the industry. According to SMM, lithium carbonate monthly production in October continued to increase, up 6% month-on-month and a significant 55% year-on-year increase, with enterprises showing strong production enthusiasm. On the supply side, mine policies in Jiangxi region are facing uncertainty, but with high demand certainty, lithium carbonate prices have strong bottom support. It is expected that downstream demand will continue to be strong in November, and lithium prices are expected to continue to rise.