2026年全球锂需求量预计将达到200万吨碳酸锂当量 另一方面，重点减碳领域如工程机械、船舶，新型应用领域如航空航天、人工智能等电动化技术不断提 升，为锂业发展注入了新的动能。同时，以固态电池为引领的，下一代高能量密度电池重要环节研究取 得突破，关键材料性能不断提升，行业上下游技术创新成果迸发，凸显了锂行业的发展韧性和澎湃动 力。我们对锂行业的未来充满信心。 企业或将迎来更大的发展空间 期货日报网讯（记者 刘威魁）11月25日，在"2025年第二届中国国际锂业大会"上，天齐锂业董事长蒋 安琪致辞表示，2026年全球锂需求量预计将达到200万吨碳酸锂当量，基本达到供需平衡，为产业发展 筑牢了根基。她认为，当前，锂行业的韧性已展现出更强的活力，相信随着行业供需格局的改善，企业 将迎来更大的发展空间，促进资源向研发创新集聚，助力产业链破除同质化竞争，向新向绿发展，推动 行业高质量发展进入新阶段。 2025 年，在全球积极应对气候变化、加速向清洁能源转型的大背景下，锂产业发展劲头依旧十足。蒋 安琪认为，在经历了供需失衡的竞争阵痛期后，通过政策有效引导和技术创新升级，锂产业迎来了新的 发展机遇。一方面，受益于可再生能源 ...

Group 1 - Tianqi Lithium Industries saw a stock increase of 5.02%, reaching 54.18 CNY per share, with a trading volume of 3.923 billion CNY and a turnover rate of 5.07%, resulting in a total market capitalization of 88.92 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 Bosera Asset Management holds a significant position in Tianqi Lithium [2] - The Bosera CSI Nonferrous Metals Mining Theme Index A Fund (018132) held 110,100 shares in Tianqi Lithium, representing 3.13% of the fund's net value, ranking it as the tenth largest holding [2] - The fund has achieved a year-to-date return of 69.6%, ranking 54 out of 4,206 in its category, and a one-year return of 57.32%, ranking 134 out of 3,983 [2] Group 3 - The fund manager of Bosera CSI Nonferrous Metals Mining Theme Index A is Wang Xiang, who has been in the position for 9 years and 26 days [3] - The total asset size of the fund is 60.847 billion CNY, with the best return during Wang's tenure being 215.62% and the worst return being -47.82% [3]

Core Viewpoint - Lithium stocks experienced a surge in the afternoon, with Tianqi Lithium Industries rising by 4.11% and Ganfeng Lithium increasing by 3.21, driven by strong demand in renewable energy and electric vehicles [1] Industry Summary - The chairman of Tianqi Lithium, Jiang Anqi, stated that the demand for lithium materials is continuously increasing due to the rapid growth of electric commercial vehicles and energy storage applications. By 2026, global lithium demand is expected to reach 2 million tons of lithium carbonate equivalent, achieving a near balance between supply and demand [1] - Ganfeng Lithium's chairman, Li Liangbin, predicted a 30% increase in lithium carbonate demand by 2026, reaching 1.9 million tons, with supply capacity expected to grow by approximately 250,000 tons. This indicates a balanced supply-demand scenario, with potential upward pressure on lithium carbonate prices [1] - If demand growth exceeds 30% next year, potentially reaching 40%, short-term supply may not be able to keep pace, leading to prices possibly exceeding 150,000 yuan/ton or even 200,000 yuan/ton [1]

智通财经APP获悉，锂矿股午后拉升，截至发稿，天齐锂业(09696)涨4.11%，报47.64港元；赣锋锂业 (01772)涨3.21%，报49.56港元。 消息面上，天齐锂业董事长蒋安琪今日在2025年第二届中国国际锂业大会上表示，受益于可再生能源并 网需求、商用重卡等电动化设备增速迅猛，储能领域和动力电池对基础锂材料的需求持续上涨，2026年 全球锂需求量预计将达到200万吨碳酸锂当量，基本达到供需平衡。随着锂行业供需格局的改善，产业 链将破除同质化竞争，企业将迎来更大的发展空间。 值得一提的是，此前赣锋锂业董事长李良彬预测，2026年碳酸锂需求会增长30%，需求达到190万吨， 同时供应能力经过评估后会增长25万吨左右，供需基本平衡，碳酸锂价格有探涨空间。如果明年需求增 速超过30%，甚至达到40%，短期内供应无法平衡，价格可能会突破15万元/吨甚至20万元/吨。 ...

Core Viewpoint - The lithium sector is experiencing a rebound after hitting a low, with notable increases in stock prices for several companies [2] Group 1: Company Performance - Tibet Mining has seen its stock price rise by over 4% [2] - Tianqi Lithium, Yongshan Lithium, Ganfeng Lithium, and Yongxing Materials have also experienced stock price increases in tandem with Tibet Mining [2]

锂板块探底回升，西藏矿业涨超4%，天齐锂业、永杉锂业、赣锋锂业、永兴材料跟涨。 ...

Core Insights - The main focus of the article is on the significant outflow of capital from various stocks as of November 25, with specific amounts listed for the top 20 stocks experiencing the largest withdrawals [1] Group 1: Major Stocks with Capital Outflow - BlueFocus Communication Group saw a capital outflow of 668 million yuan [1] - Provincial Advertising Group experienced a withdrawal of 491 million yuan [1] - Industrial Fulian had a capital outflow of 467 million yuan [1] - 360 Security Technology faced a withdrawal of 325 million yuan [1] - Aerospace Development saw an outflow of 320 million yuan [1] Group 2: Additional Stocks with Notable Withdrawals - Guofeng New Materials had a capital outflow of 309 million yuan [1] - Zhongke Shuguang experienced a withdrawal of 305 million yuan [1] - Ganfeng Lithium saw an outflow of 292 million yuan [1] - Great Wall Military Industry faced a capital withdrawal of 210 million yuan [1] - Shida Group had an outflow of 208 million yuan [1] Group 3: Other Stocks in the Top 20 - GAC Group experienced a capital outflow of 201 million yuan [1] - Pingtan Development saw a withdrawal of 196 million yuan [1] - Data Port had an outflow of 193 million yuan [1] - China Shipbuilding Defense experienced a capital withdrawal of 182 million yuan [1] - Gree Electric Appliances saw an outflow of 180 million yuan [1] - Shiji Information faced a capital withdrawal of 168 million yuan [1] - Rongjie Co. experienced an outflow of 159 million yuan [1] - Tianqi Lithium saw a withdrawal of 153 million yuan [1] - Tianci Materials had a capital outflow of 152 million yuan [1] - Guomai Technology experienced a withdrawal of 148 million yuan [1]

（文章来源：每日经济新闻） 她提到，当前，锂行业的韧性已展现出更强的活力，相信随着行业供需格局的改善，企业将迎来更大的 发展空间。 每经成都11月25日电（记者胥帅）11月25日，"2025年第二届中国国际锂业大会"在四川省成都市举行， 天齐锂业董事长蒋安琪在致辞中表示，锂行业在经历了供需失衡的竞争阵痛期后，通过政策有效引导和 技术创新升级，锂产业迎来了新的发展机遇。比如，受益于可再生能源并网需求、商用重卡等电动化设 备增速迅猛，储能领域和动力电池对基础锂材料的需求持续上涨，"预计2026年全球锂需求量达到200万 吨碳酸锂当量"。 ...

Summary of Key Points from Conference Call Records Industry Overview - The non-ferrous metals sector is experiencing a pullback, viewed as a buying opportunity, with a bullish outlook on lithium carbonate and energy metals for the year ahead [1][3][4] - Key targets for investment include aluminum, lithium, and cobalt, with copper and gold also entering a favorable period for investment [1][4] Lithium Market Insights - Lithium carbonate prices are driven by secondary growth in demand, with a long-term bullish outlook for price reversal despite short-term challenges [1][5] - Current price levels are expected to struggle to break above 100,000, with a potential dip to around 80,000 in Q1 2026 seen as a buying opportunity [1][7] - By 2026, a significant price reversal is anticipated, with prices potentially exceeding 100,000 and reaching around 150,000 by 2027 [1][7] Company-Specific Developments - **Dazhong Mining**: Expected to lower costs to 40,000-50,000 per ton through by-products and large-scale production, with a projected market cap of over 500 billion by 2026-2027 [1][9] - **Guocheng Mining**: Similar to Dazhong, with a potential lithium carbonate output of 120,000 tons and a future market cap of around 600 billion [1][10] - **Shengxin Lithium Energy**: Currently has over 40,000 tons of lithium carbonate production, with plans to expand to 75,000 tons, presenting a high value proposition with a current market cap of around 30 billion [1][11] - **Ganfeng Lithium**: Valued at 1,200 billion, with a reasonable valuation of 2,000 billion due to strong growth potential and solid-state battery business [1][13] - **Tianqi Lithium**: Holds valuable resources with a conservative valuation of 1,500 billion [1][13] - **Salt Lake Co.**: Currently valued at 1,300 billion, with low-cost production capabilities expected to enhance profitability significantly [1][13] Market Dynamics - Recent trading restrictions on lithium contracts have led to market declines, influenced by corporate hedging activities [1][6] - The overall inventory situation is expected to remain stable, with production levels balancing out current stock [1][6] Investment Recommendations - Focus on emerging companies like Dazhong Mining and Guocheng Mining, which show strong competitive advantages and growth potential [1][8] - Established companies like Ganfeng Lithium and Tianqi Lithium are also recommended due to their solid market positions and growth trajectories [1][13] Additional Insights - The overall sentiment in the non-ferrous metals sector remains optimistic, with significant investment opportunities identified despite short-term market fluctuations [1][4]

Core Viewpoint - Tianqi Lithium Industries has filed an appeal to the Chilean Supreme Court regarding a lawsuit stemming from a partnership agreement between its investee SQM and Codelco, which may impact its investment returns and shareholder rights in SQM in the long term [1][2][3] Group 1: Legal Proceedings - Tianqi Lithium's subsidiary, Inversiones TLC SpA, has appealed to the Chilean Supreme Court against a ruling from the Santiago Court of Appeals, which is not expected to significantly impact the company's current or future profits [1] - The lawsuit originated from a partnership agreement between SQM and Codelco concerning the operation and development of the Salar de Atacama from 2025 to 2060 [1][2] - Tianqi Lithium believes that the partnership agreement requires approval from a special shareholders' meeting of SQM, leading to a series of legal actions including an administrative review and subsequent lawsuit [2] Group 2: Financial Implications - The partnership agreement allows Codelco to hold a majority stake in the joint venture, which may result in SQM losing control over its core lithium business in the Salar de Atacama starting in 2031 [3] - The agreement also proposes an extension of lithium mining rights from 2030 to 2060 and an increase in production quotas from 2025 to 2030, but the shift in control could affect Tianqi Lithium's investment returns and dividends from SQM [3] - Tianqi Lithium will continue to monitor developments related to SQM and assess financial impacts dynamically, ensuring timely information disclosure [3]