每经AI快讯，12月29日，天齐锂业(002466.SZ)公告称，智利当地时间2025年12月27日，SQM披露称已 完成其与智利国家铜业公司Codelco之间的战略合作，合营公司SQM Salar名称将变更为Nova Andino Litio SpA。本次合并系按照双方于2024年5月31日签署的《合伙协议》中所约定的条款执行，但目前仍 受一项解除性条件约束，即有待智利最高法院就公司全资子公司天齐智利向智利最高法院提起的上诉作 出裁决。SQM公告称：根据《合伙协议》的约定，合营公司A类股份（由Codelco持有）与B类股份（由 SQM持有）所享有的优先权及经济权利已于2025年1月1日起生效。该协议生效后预计将对公司持有 SQM长期股权应享有的投资收益及分红金额产生影响。 ...

Core Viewpoint - Tianqi Lithium announced that its associate company SQM has completed a strategic partnership with Codelco, with the joint venture name changing to Nova Andino Litio SpA, pending a court ruling [1] Group 1: Strategic Partnership - The merger is executed according to the terms outlined in the partnership agreement signed on May 31, 2024 [1] - The joint venture's A-class shares, held by Codelco, and B-class shares, held by SQM, will have their rights and economic benefits effective from January 1, 2025 [1] Group 2: Legal Conditions - The merger is still subject to a suspensive condition, awaiting a ruling from the Chilean Supreme Court regarding an appeal filed by Tianqi Lithium's wholly-owned subsidiary in Chile [1]

Core Viewpoint - Tianqi Lithium announced that on December 27, 2025, local time in Chile, SQM disclosed the completion of its strategic cooperation with Codelco, resulting in the name change of the joint venture company SQM Salar to Nova Andino Litio SpA. This merger is executed according to the terms outlined in the partnership agreement signed on May 31, 2024, but is still subject to a suspensive condition pending a ruling from the Chilean Supreme Court regarding an appeal filed by Tianqi Lithium's wholly-owned subsidiary in Chile [1]. Group 1 - The strategic cooperation between SQM and Codelco has been finalized, leading to the establishment of a new entity named Nova Andino Litio SpA [1]. - The merger follows the partnership agreement signed on May 31, 2024, indicating a planned collaboration between the two companies [1]. - The completion of this merger is contingent upon a ruling from the Chilean Supreme Court regarding an appeal by Tianqi Lithium's subsidiary [1].

证券代码：002466 证券简称：天齐锂业 公告编号：2025-062 天齐锂业股份有限公司 关于公司重要参股公司签署重大合同的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、背景概述 2024 年 5 月 31 日，天齐锂业股份有限公司（以下简称"公司"）参股公司 Sociedad Química y Minera de Chile S.A（. 智利化工矿业公司，以下简称"SQM"）与 Corporación Nacional del Cobre de Chile（智利国家铜业公司，以下简称"Codelco"）签署了 Partnership Agreement（以下简 称"《合伙协议》"）。该协议确立了双方的权利和义务，拟通过将 Codelco 之子公司 Minera Tarar SpA（以下简称"Minera Tarar"）并入 SQM 子公司 Salar S. A.（以下简称"SQM Salar"， 并入后的公司以下简称"合营公司"）的方式，建立合作伙伴关系，以开发 SQM 目前从智利 政府经济部下属的生产促进局（Corporación d ...

Group 1 - Lithium stocks are declining, with Tianqi Lithium (09696) down 3.51% at HKD 50.85 and Ganfeng Lithium (01772) down 3.03% at HKD 54.35 [1] - On December 29, the main contract for lithium carbonate on the Shanghai Futures Exchange continued to decline, hitting the limit down at the end of trading [1] - At the supplier conference held by CATL in Ningde, it was announced that sodium batteries will be widely applied in various fields such as battery swapping, passenger vehicles, commercial vehicles, and energy storage by 2026, indicating a potential trend of "sodium-lithium dual stars shining" [1] Group 2 - According to sources close to CATL, the lithium mining project of Yichun Times New Energy Mining Co., Ltd. in Yifeng County is expected to resume production around the Spring Festival [1] - Daiwa's report suggests that while the market anticipates an increase in CATL's lithium production capacity next year, the current lithium futures prices only reflect short-term supply-demand balance improvements [1] - The report also indicates that with an expected increase in lithium supply in the first half of next year and a potential quarter-on-quarter decline in demand in the first quarter, lithium prices are unlikely to rise further at the beginning of next year [1]

每经AI快讯，港股锂业股走低。截至发稿，天齐锂业(09696.HK)跌3.51%，报50.85港元；赣锋锂业 (01772.HK)跌3.03%，报54.35港元。 （文章来源：每日经济新闻） ...

Group 1 - Lithium stocks are declining, with Tianqi Lithium down 3.51% at HKD 50.85 and Ganfeng Lithium down 3.03% at HKD 54.35 [1] - On December 29, the main contract for lithium carbonate on the Shanghai Futures Exchange continued to decline, hitting the limit down at the close [1] - CATL announced at its supplier conference on December 28 that it plans to significantly apply sodium batteries in various fields by 2026, indicating a potential trend of "sodium-lithium dual stars" [1] Group 2 - Yichun Times New Energy Mining Co.'s lithium mining project in Jiangxi province is expected to resume production around the Spring Festival [1] - Daiwa Research believes that while the market anticipates an increase in CATL's lithium production capacity next year, current lithium futures prices only reflect short-term supply-demand balance improvements [1] - The firm expects an increase in lithium supply in the first half of next year and a potential quarter-on-quarter decline in demand in the first quarter, suggesting that lithium prices may struggle to rise further in early next year [1]

Group 1 - The Hong Kong stock market saw a collective rise in the non-ferrous metals sector on December 29, with Jiangxi Copper Co. Ltd. increasing by nearly 10% [2] - Chalco International experienced a rise of over 5%, while China Aluminum and Luoyang Molybdenum both increased by more than 4% [2] - Ganfeng Lithium, Tianqi Lithium, and China Hongqiao all saw increases of over 3% [2]

据上海有色网（SMM）分析，近期磷酸铁锂企业与下游电芯厂继续展开涨价谈判，头部企业本次展开的是 第二轮谈涨，但大部分其他的材料厂第一轮谈涨仍未落地。下游电芯厂整体仍处于接受原料涨价导致正极 材料有涨价的趋势，但实际涨价落地仍需进一步等待上下游的谈判结果。若后续正极材料厂涨价落地将更 有利于锂价上涨向下游传导，打开上行空间。同时天齐锂业调整现货交易结算价模式也侧面论证下游旺盛 需求。 下游高频数据仍支持行业高景气度，碳酸锂库存连续19周处于去库 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025年12月25日，湖南裕能、德方纳米、万润新能相继发布部分产线减产检修公告：其中湖南裕能预计检 修时间1个月，减少正极材料产品1.5-3.5万吨；万润新能预计检修时间1个月 ...

Core Insights - The lithium iron phosphate (LFP) industry is experiencing significant changes, with major companies announcing equipment maintenance and price disputes affecting market dynamics [2][5][6]. Group 1: Company Announcements - Hunan Youneng announced a one-month equipment maintenance starting January 1, 2026, which is expected to reduce its production of phosphate-based cathode materials by 15,000 to 35,000 tons [5][7]. - Tianqi Lithium announced it will no longer reference Shanghai Metals Market (SMM) prices for its product transactions starting January 1, 2026, opting instead for prices from Mysteel and the Guangzhou Futures Exchange [2][3]. - Other companies, including Wanrun New Energy and Defang Nano, also announced similar one-month maintenance periods, indicating a coordinated effort among LFP producers [2][5]. Group 2: Price Discrepancies - A significant price discrepancy exists between the spot and futures markets for lithium carbonate, with SMM reporting a price of 101,500 CNY/ton, while the futures market prices from the Guangzhou Futures Exchange and Shanghai Steel Union were reported at 121,000 CNY/ton and 116,000 CNY/ton, respectively [3][4]. - The CEO of SMM stated that their pricing reflects the actual market conditions, and most lithium battery companies use SMM prices for procurement and sales [3][4]. Group 3: Market Dynamics - The recent maintenance announcements by LFP producers are seen as a strategy to negotiate better prices with downstream battery manufacturers, particularly as negotiations with leading companies like BYD and CATL have been challenging [5][6]. - The overall production capacity of Hunan Youneng, Wanrun New Energy, and Defang Nano accounts for approximately 48% of the industry’s total capacity, indicating their significant influence on market supply [8]. - The anticipated production of lithium iron phosphate is projected to reach around 3.7 million tons by 2025, highlighting the growing demand in the industry [8].