格隆汇9月19日｜能源金属板块持续走强，其中，赣锋锂业涨停，天齐锂业涨超6%，腾远钴业、博迁新 材、寒锐钴业、盛新锂能跟涨。 相关ETF方面，有色50ETF(159652)涨1.51%，成交额3586.03万元，稀 有金属ETF(159608)涨2.02%，成交额2416.0万元。 ...

长江商报消息 "锂矿双雄"之一的天齐锂业（002466.SZ），在高性能锂电池关键材料领域，取得关键进 展。 9月16日，天齐锂业在互动平台表示，在下一代高性能锂电池关键材料研究领域，目前，公司新型电解 制备技术已完成实验级验证，正积极推进中试线建设。市场较为关注的固态电池的硫化物电解质材料方 面，天齐锂业年产50吨硫化锂中试项目已实质落地并动工。 净利扭亏股价回升 天齐锂业是一家以锂为核心的新能源材料企业，公司深耕锂行业已30余年，通过战略性布局中国、澳大 利亚和智利的锂产业链，为全球多个国家和地区提供优质的产品和服务。 当前，碳酸锂价格持续磨底，但天齐锂业盈利能力有所回升，2025年上半年归母净利润扭亏为盈。 同时，二级市场上，近五个月以来，天齐锂业股价上涨约75%。 参与固态电池产业链发展 根据互动平台内容，在下一代高性能锂电池关键材料研究领域，天齐锂业新型电解制备技术已完成实验 级验证，正积极推进中试线建设；完善稳态合金负极研制实验平台建设，具备"克级—公斤级—百公斤 级"系统性开发能力，开发出的五类二元锂合金负极材料部分进入电芯客户验证阶段；建立300mm幅宽 超宽锂带稳定生产能力，并实现超薄复合带 ...

Core Viewpoint - Suining is positioning itself as a "Lithium Battery Capital," focusing on enhancing its lithium battery industry while expanding into sodium and solid-state battery sectors, aiming for high-quality economic development and increased competitiveness in the lithium battery supply chain [9][10]. Industry Overview - Suining's lithium battery industry is experiencing significant growth, with a projected 21.3% increase in added value in 2024, contributing 86.8% to the industrial added value [9]. - The lithium battery sector in Suining accounts for approximately one-third of the city's industrial scale, becoming a key driver for high-quality development [9]. Production and Capacity - Sichuan Fulin New Energy Materials Co., located in Suining, has an annual production capacity of 123,000 tons of lithium iron phosphate, achieving nearly 4 billion yuan in output from January to July, a 19.3% year-on-year increase [8]. - Suining has established itself as the largest production base for lithium iron phosphate in China, with an annual capacity of 460,000 tons, representing 18% of the national output in 2024 [10]. Supply Chain and Ecosystem - Suining has over 50 large-scale enterprises in the lithium battery industry, including top private companies in China, forming a comprehensive industrial cluster [9]. - The city has developed a full lifecycle industrial chain from lithium resource development to battery recycling, enhancing its competitiveness in the lithium battery market [10]. Investment and Projects - Since 2025, Suining has signed seven major projects in solid-state and sodium battery sectors, with total planned investments exceeding 40 billion yuan [10]. - The establishment of the first carbon lithium futures designated delivery warehouse in Southwest China has positioned Suining as a key player in the national lithium salt trading market [10]. Efficiency and Business Environment - Suining is implementing an "efficiency revolution" to improve the business environment, aiming for a significant reduction in project approval times and enhancing service quality for enterprises [10]. - The city has achieved a 70% improvement in service efficiency through integrated policy reforms and streamlined processes for investment projects [10].

财报显示，天齐锂业上半年营收为4,832,680,736.98元，同比下降24.71%；归属于上市公司股东的净利润为84,410,596元，同比扭亏为 盈；扣除非经常性损益后的净利润为1,320,004.23元，同比扭亏为盈。 （校对/黄仁贵） 同时，硫化物固态电解质材料方面，在完成硫化锂产业化筹备工作基础上，针对下游硫化物固态电解质对硫化锂的需求，公司年产50 吨硫化锂中试项目已实质落地并动工。项目采用自主开发的硫化锂制备新技术、新设备，具有低风险、快速量产的能力。 此外，天齐锂业已完成下一代固态电池关键原材料硫化锂的产业化设备及工艺开发，形成可落地的完整工艺数据包。公司研发的电池 级硫化锂微粉新品在均一性、活性方面显著提升，并通过循环提纯技术降低生产成本，为突破全固态电池原材料"卡脖子"难题提供技 术支持。 9月16日，天齐锂业在投资者互动平台表示，在下一代高性能锂电池关键材料研究领域，目前，新型电解制备技术已完成实验级验证， 正积极推进中试线建设；完善稳态合金负极研制实验平台建设，具备"克级-公斤级-百公斤级"系统性开发能力，开发出的五类二元锂合 金负极材料部分进入电芯客户验证阶段；建立300mm幅宽超 ...

Core Viewpoint - Tianqi Lithium's stock price has shown significant growth this year, with a year-to-date increase of 37.55% and notable recent performance in the market [2]. Group 1: Stock Performance - As of September 17, Tianqi Lithium's stock price reached 45.39 CNY per share, with a trading volume of 10.97 billion CNY and a market capitalization of 744.95 billion CNY [1]. - The stock has increased by 3.32% over the last five trading days, 5.46% over the last 20 days, and 44.00% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Tianqi Lithium reported a revenue of 4.833 billion CNY, a year-on-year decrease of 24.71%, while the net profit attributable to shareholders was 84.41 million CNY, reflecting a year-on-year increase of 101.62% [2]. - The company has distributed a total of 7.868 billion CNY in dividends since its A-share listing, with 7.137 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Tianqi Lithium was 270,800, a decrease of 6.08% from the previous period, with an average of 5,451 shares held per shareholder, an increase of 6.45% [2]. - Major shareholders include Hong Kong Central Clearing Limited and China Securities Finance Corporation, with significant increases in holdings for several ETFs [3].

Core Viewpoint - The concept of the "Asian Lithium Belt" has gained significant attention, highlighting a major lithium mineralization zone across four provinces in China, with substantial lithium resources identified [1][2][4]. Summary by Sections Asian Lithium Belt Discovery - The "Asian Lithium Belt" spans 2,800 kilometers across Sichuan, Qinghai, Tibet, and Xinjiang, containing multiple large and super-large lithium mines, with a total proven lithium resource exceeding 6.5 million tons and a potential resource of over 30 million tons [1][6]. - The belt includes significant lithium deposits such as the Jiajika mine in Sichuan, which is one of the most concentrated lithium resources globally [1][6]. Economic Impact and Supply Chain - The discovery of the "Asian Lithium Belt" has attracted major mining companies like Tianqi Lithium and Zijin Mining, as well as battery giants like CATL, contributing to a robust lithium supply chain in China [2][4]. - The price of lithium products has surged, with lithium carbonate prices rising from around 40,000 yuan/ton before 2015 to peaks of 600,000 yuan/ton, driven by the rapid growth of the electric vehicle market [4][5]. Strategic Importance of Lithium Resources - China has historically relied on imported lithium, leading to supply chain vulnerabilities. The discovery of the "Asian Lithium Belt" is a critical step in enhancing domestic lithium resource exploration and development [5][6]. - The "Asian Lithium Belt" has increased China's lithium reserves from 6% to 16.5% of the global total, elevating its global ranking from sixth to second [6]. Regional Economic Development - The development of lithium resources has significantly contributed to regional economic growth, with initiatives in areas like Hunan and Xinjiang demonstrating successful models of resource-driven industrial development [8][9]. - The establishment of partnerships and projects in these regions is expected to create thousands of jobs and attract substantial investments, further enhancing local economies [9][10]. Industry Trends and Future Outlook - The trend towards integration and scale in the lithium industry is evident, with companies like Shengxin Lithium Energy and Zhongmin Resources pursuing both domestic and international resource acquisitions [12][13]. - The "Asian Lithium Belt" is expected to provide a dual resource guarantee for China's new energy industry, supporting the development of a comprehensive lithium supply chain [14].

Core Concept - The concept of the "Asian Lithium Belt" has gained significant attention, spanning 2,800 kilometers across Sichuan, Qinghai, Tibet, and Xinjiang, with multiple large and super-large lithium mines identified [1][8]. Lithium Resource Development - The "Asian Lithium Belt" is not a new concept; it has been previously identified through various projects, with over 6.5 million tons of lithium resources confirmed and a potential exceeding 30 million tons [1][9]. - The belt includes major lithium deposits such as the Maki Ka mine, which is one of the most concentrated areas for lithium resources globally [1][9]. - The discovery of the "Asian Lithium Belt" has led to a significant increase in China's lithium reserves, rising from 6% to 16.5% of global reserves, moving from sixth to second place [10]. Economic Impact - The development of lithium resources has played a crucial role in regional economic growth, with numerous projects across the lithium supply chain contributing to local economies [2][11]. - The establishment of a lithium battery industry development task force in Hunan demonstrates the proactive approach to leveraging local resources for economic benefits [14][15]. Supply Chain and Market Dynamics - The rise in lithium product prices, particularly lithium carbonate, reflects the growing strategic value of lithium in the market, with prices soaring from 40,000 yuan/ton to 600,000 yuan/ton between 2015 and 2021 [4][5]. - The domestic production of lithium carbonate is expected to increase significantly, from 53,400 tons in 2016 to 701,000 tons by 2024, driven by the rapid growth of the electric vehicle market [4][5]. Industry Trends - Companies are increasingly pursuing integration and scale in lithium production, with a trend towards vertical integration in the lithium supply chain [21][23]. - The establishment of the China Salt Lake Group aims to become a leading player in lithium production, with ambitious targets for lithium and potassium production by 2030 [26][27]. Future Prospects - The ongoing exploration and development of lithium resources in the "Asian Lithium Belt" are expected to enhance the domestic supply chain and provide a robust resource guarantee for the new energy industry [27].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [5]. Core Insights - The report highlights a continuous increase in the prices of various metals, particularly electrolytic cobalt and polysilicon, while lithium concentrate prices have seen a decline. This indicates a mixed outlook for different segments within the new materials industry [1][2][4]. Summary by Relevant Sections Non-Ferrous Metals - Electrolytic cobalt price is at 271,000 CNY/ton, up 3.0% week-on-week, with a price ratio of electrolytic cobalt to cobalt powder at 0.87, up 1.4% [1][10]. - Lithium concentrate (Li2O 5%) price is at 700 USD/ton, down 3.58% week-on-week [1]. - The price of lithium iron phosphate and 523-type cathode materials is stable at 343,000 CNY/ton and 1,147,000 CNY/ton, respectively [1]. Photovoltaic New Materials - Polysilicon price is at 6.45 USD/kg, up 4.0% week-on-week, indicating a recovery in the solar materials market [2]. - EVA price remains stable at 10,800 CNY/ton, reflecting a low position since 2013 [2]. Nuclear Power New Materials - Uranium price is at 59.58 USD/lb, up 4.0% week-on-week, indicating a positive trend in nuclear materials [2]. Consumer Electronics New Materials - The price of cobalt tetroxide is at 214,200 CNY/ton, up 0.56% week-on-week, while lithium cobalt oxide price remains stable at 175.0 CNY/kg [3]. - Silicon carbide price is stable at 5,300 CNY/ton, reflecting steady demand in the electronics sector [3]. Investment Recommendations - The report suggests focusing on the metal new materials sector, particularly lithium and cobalt, due to price increases and supply disruptions. Companies like Salt Lake Co., Zangge Mining, and Huayou Cobalt are highlighted as potential investment opportunities [4].

来源：智通财经网 锂电池板块涨幅居前，截至发稿，中创新航（03931）涨8.59%，报29.06港元；宁德时代（03750）涨4.9%，报454港元；赣锋锂业（01772）涨3.79%，报35.06港元；天齐锂业（09696 消息面上，9月11日，摩根士丹利发布报告指出，随着宁德时代在欧洲市场取得突破，而规模较小的竞争对手在关键的储能领域陷入盈利困局，加之当前大热的固态电池技术被视为短期炒作，宁 中信建投则认为，锂电板块已兑现2025年市场需求超预期的逻辑，当前板块核心矛盾转向2026年需求预期能否在20%增速基础上进一步上修。后续关注三大信号：一是四季度储能招标情况，其 责任编辑：杨赐 ...

Group 1 - The lithium battery sector is experiencing significant gains, with companies like CATL and Ganfeng Lithium seeing notable stock price increases of 4.9% and 3.79% respectively [1] - Morgan Stanley's report highlights CATL's breakthrough in the European market and the struggles of smaller competitors in the energy storage sector, suggesting that CATL's leading advantage will continue and its valuation is now considered attractive compared to peers [1] - The report describes CATL as "the cheapest in the industry," indicating a strong position for potential investment [1] Group 2 - CITIC Securities believes that the lithium sector has already priced in the expected market demand for 2025, with the focus now shifting to whether the demand forecast for 2026 can be revised upwards from a 20% growth rate [2] - Three key signals to watch include the fourth-quarter energy storage bidding, which will reflect 2026 installation data, and the battery companies' bidding at the end of November that corresponds to 2026 demand expectations [2] - The continuation of policies for vehicle trade-ins and lithium production scheduling in 2026 will also be critical, with expectations of accelerated energy storage demand potentially leading to a second wave of market activity [2]