Group 1 - The core viewpoint emphasizes the need for a "long-termism" approach in the lithium battery industry, advocating for companies to find their strengths and stable paths for sustainable growth [1][2] - Tianqi Lithium's half-year performance forecast indicates a net profit range of 0 to 155 million yuan, with a non-recurring net profit range of 0 to 89 million yuan, marking a turnaround from losses in the previous year [1] - The company has maintained a leading position in the industry, with significant increases in production and sales of core lithium compounds and derivatives, alongside improved management and governance since the new chairman took over [1] Group 2 - The company is focusing on a "vertically integrated" business model, enhancing its advantages in the supply chain [2] - The demand for new energy vehicles is rising, with 5.622 million new registrations in the first half of the year, a year-on-year increase of 27.86%, accounting for 44.97% of total new vehicle registrations [2] - Analysts project Tianqi Lithium's net profits to reach 1.768 billion yuan, 3.176 billion yuan, and 5.150 billion yuan in 2025, 2026, and 2027 respectively, indicating strong future growth potential [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic lithium carbonate production and inventory are at a high level, and the supply - demand outlook is relatively loose. However, due to national policy - guided clearance of lithium carbonate and the impact of automobile consumption, the prices of domestic and imported lithium carbonate may have an upward space. It is recommended to hold long positions in appropriate quantities and pay attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [5]. Summary by Related Catalogs Lithium Futures and Spot Prices - **Lithium Futures**: On July 14, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures increased compared with July 11, 2025. The trading volume of the active contract was 1,014,558.00 hands, an increase of 611,742.00 hands; the open interest was 356,161.00 hands, an increase of 33,301.00 hands; the inventory was 11,204.00 tons, a decrease of 399.00 tons [1]. - **Lithium Spot**: The average prices of various lithium - related products such as lithium ore, metal lithium, lithium carbonate, and lithium hydroxide showed different degrees of change. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) was 64,650.00 yuan/ton on July 14, 2025, an increase of 900.00 yuan/ton compared with July 11, 2025 [1]. Lithium - Related Company News - Ganfeng Lithium's lithium mica project phase I with an annual capacity of 816,000 tons of lithium concentrate per month has been officially put into production. Tianqi Lithium's project in Xilin Gol League may be put into production in October 2025, and the total production and sales will reach 21,970 tons per year [3]. - Panasonic Holdings will postpone the production plan of its new EV battery factory in Kansas, USA. Derui Power is promoting the acceptance work of its new production capacity, which will be gradually released according to sales and orders, with the initial production mainly focusing on lithium - manganese and lithium - iron primary batteries [2]. - OaoL plans to produce at least 100 tons of silicon - graphite composite anode materials per year after investing $11 - 20 million in its Moses Lake plant. OneD Battery Sciences has closed its pilot manufacturing plant in Moses Lake due to tariff policies [2]. Supply and Demand Analysis - **Supply**: The production of lithium carbonate in China is expected to increase. Some production lines are under maintenance or capacity upgrading. The inventory of lithium carbonate in China has increased compared with last week. The production of lithium hydroxide in July may decrease, and its inventory may increase [3]. - **Demand**: The monthly average production cost of lithium iron phosphate in China is 10,600 - 12,900 yuan/ton, and its production volume may increase. The monthly average production cost of lithium iron phosphate cathode materials is 29,500 - 55,000 yuan/ton [4]. Investment and Trading Strategies - **Investment Strategy**: Some companies' production capacity expansion and project progress are in progress. The export volume of some products may change. For example, the export volume of lithium salt in China may be affected by the global supply - demand situation. The production and inventory of various materials such as cobalt, ternary precursors, and ternary materials also show different trends [5]. - **Trading Strategy**: It is recommended to hold long positions in appropriate quantities in the domestic lithium carbonate market, paying attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [5].

Group 1 - New Yi Sheng expects a net profit increase of 327.68%-385.47% for the first half of 2025, reaching between 37 billion to 42 billion yuan, driven by growth in AI-related computing power demand and product structure optimization [2][4] - Xinghui Entertainment plans to sell 99.66% of its stake in the Spanish club Espanyol for 1.3 billion euros, with half of the payment in cash and the other half in shares [3] - *ST Yushun intends to acquire 100% of three companies for a total of 33.5 billion yuan, aiming to diversify its business into data center infrastructure services and related products [4] Group 2 - Salted Fish plans to reduce its shareholding by up to 2.04%, with a major shareholder intending to sell 5,455,572 shares [5] - Lian Microelectronics expects a net loss of approximately 1.21 billion yuan for the first half of 2025 [6] - Meinian Health anticipates a net loss of 1.92 billion to 2.36 billion yuan for the first half of 2025, with revenue expected to decline by 0.12%-5.83% [7] Group 3 - Chengdi Xiangjiang forecasts a net profit of 28 million to 42 million yuan for the first half of 2025, marking a turnaround from a loss of 69.29 million yuan in the previous year [8] - Jinpu Titanium plans to acquire 100% of Nanjing Lide Oriental Rubber and Plastic Technology Co., Ltd., with stock resuming trading after the announcement [9] - Bohai Leasing expects a net loss of 1.8 billion to 2.4 billion yuan for the first half of 2025 due to goodwill impairment from a subsidiary's asset sale [10] Group 4 - Foton Motor anticipates a net profit increase of approximately 87.5% for the first half of 2025, reaching about 777 million yuan [11] - Shenwan Hongyuan expects a net profit growth of 92.66%-111.46% for the first half of 2025, estimating profits between 4.1 billion to 4.5 billion yuan [12] - Ganfeng Lithium predicts a net loss of 5.5 billion to 3 billion yuan for the first half of 2025, an improvement from a loss of 7.6 billion yuan in the previous year [13] Group 5 - Suzhou Planning intends to acquire 100% of Beijing Dongjin Aviation Technology Co., Ltd., with stock resuming trading after the announcement [14] - Xiangyang Bearing expects a net loss of approximately 13 million yuan for the first half of 2025, slightly worse than the previous year's loss [15] - Tianqi Lithium forecasts a net profit of 0 to 1.55 billion yuan for the first half of 2025, a significant improvement from a loss of 5.2 billion yuan in the previous year [16] Group 6 - Shandong Gold anticipates a net profit increase of 84.3%-120.5% for the first half of 2025, estimating profits between 2.55 billion to 3.05 billion yuan [17] - Yunnan Geology expects a net profit of 16 million to 23 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [18] - Four-dimensional Map expects a net loss of 319 million to 268 million yuan for the first half of 2025, with revenue growth of 3.07%-14.30% [19] Group 7 - Tangrenshen anticipates a net loss of 54 million to 69 million yuan for the first half of 2025, a significant decline from the previous year's profit [20] - Changbai Mountain expects a net loss of 2.58 million to 1.58 million yuan for the first half of 2025, with revenue decreasing by approximately 7.48% [21] - Jiu Gui Jiu predicts a net profit of 8 million to 12 million yuan for the first half of 2025, a decline of 90.08%-93.39% compared to the previous year [22] Group 8 - Hengsheng Electronics expects a net profit increase of 740.95% for the first half of 2025, estimating profits around 251 million yuan [23] - Qixia Construction anticipates a net profit of 5.5 million to 8 million yuan for the first half of 2025, driven by increased project completions [24] - Poly Development expects a net profit decrease of 63.15% for the first half of 2025, estimating profits around 27.35 billion yuan [25] Group 9 - Anyuan Coal anticipates a net loss of 259 million to 310 million yuan for the first half of 2025, worsening from the previous year's loss [26] - Zhonghua Equipment plans to acquire 100% of Yiyang Rubber Machine and Beihua Machine, with stock suspension expected for no more than 10 trading days [27] - Bayi Steel expects a net loss of 650 million to 700 million yuan for the first half of 2025, primarily due to weak market conditions [28] Group 10 - Yuegui Co. anticipates a net profit increase of 58.67%-77.12% for the first half of 2025, estimating profits between 215 million to 240 million yuan [29] - Dalian Friendship expects a net loss of 38 million to 30 million yuan for the first half of 2025, with revenue impacted by tax-related issues [30] - Hangfa Power expects a net profit decrease of 84.53%-86.55% for the first half of 2025, estimating profits around 80 million to 92 million yuan [31] Group 11 - Dongfang Zirconium anticipates a net profit increase of 141.77%-156.80% for the first half of 2025, estimating profits between 25 million to 34 million yuan [32] - Hangzhou Steel expects a net profit decrease of 2% from a major shareholder's planned reduction [33] - Jingao Technology predicts a net loss of 2.5 billion to 3 billion yuan for the first half of 2025, worsening from the previous year's loss [34] Group 12 - Shanshan Co. expects a net profit increase of 810.41%-1265.61% for the first half of 2025, estimating profits between 160 million to 240 million yuan [35] - Guocheng Mining anticipates a net profit increase of 1046.75%-1174.69% for the first half of 2025, estimating profits between 493 million to 548 million yuan [36] - Jindi Group expects a net loss of 3.4 billion to 4.2 billion yuan for the first half of 2025, with significant declines in revenue [37] Group 13 - Founder Securities anticipates a net profit increase of 70%-80% for the first half of 2025, estimating profits between 22.96 billion to 24.32 billion yuan [38] - Hasi Lian expects a net loss of 98 million to 80 million yuan for the first half of 2025, a significant decline from the previous year [39] - Lanhua Ketech expects a net profit decrease of 89.12%-92.75% for the first half of 2025, estimating profits between 40 million to 60 million yuan [40] Group 14 - Shanxi Securities anticipates a net profit increase of 58.17%-70.72% for the first half of 2025, estimating profits between 5.04 billion to 5.44 billion yuan [41] - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan for the first half of 2025, with significant declines in revenue [42] - Xiangcai Co. anticipates a net profit increase of 63.64%-118.19% for the first half of 2025, estimating profits between 12 million to 16 million yuan [43] Group 15 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, despite an increase in sales volume [44] - Wentai Technology anticipates a net profit increase of 178%-317% for the first half of 2025, estimating profits between 390 million to 585 million yuan [45] - Ruida Futures expects a net profit increase of 50.56%-83.15% for the first half of 2025, estimating profits between 206 million to 251 million yuan [46] Group 16 - Debang Co. anticipates a net profit decrease of 84.26%-87.86% for the first half of 2025, estimating profits between 40 million to 52 million yuan [47] - Jin Yi Culture expects a net loss of 20 million to 32 million yuan for the first half of 2025, a significant decline from the previous year [48] - Hongdian Film expects a net profit increase of 103.55%-160.09% for the first half of 2025, estimating profits between 180 million to 230 million yuan [49] Group 17 - Qiaqia Food anticipates a net profit decrease of 71.05%-76.25% for the first half of 2025, estimating profits between 80 million to 97.5 million yuan [50] - Guotai Haitong expects a net profit increase of 205%-218% for the first half of 2025, estimating profits between 15.283 billion to 15.957 billion yuan [51] - Xining Special Steel expects a net loss of approximately 234 million yuan for the first half of 2025, with revenue impacted by low steel prices [52]

天齐锂业：预计2025年上半年净利润0万元–1.55亿元 金十数据7月14日讯，天齐锂业公告，预计2025年上半年归属于上市公司股东的净利润0万元–15,500万 元，上年同期亏损52亿元，同比扭亏为盈。 ...

股票代码：002466 股票简称：天齐锂业 公告编号：2025-039 天齐锂业股份有限公司 2025 年半年度业绩预告 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。 1、业绩预告期间：2025年1月1日至2025年6月30日。 2、业绩预告情况：预计净利润为正值且属于下列情形之一： | √扭亏为盈 | 同向上升 同向下降 | | | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 归属于上市公司股东的 | 盈利：0万元–15,500万元 | 亏损：520,576.91万元 | | 净利润 | 比上年同期增长：100.00%-102.98% | | | 扣除非经常性损益后的 | 盈利：0万元–8,900万元 | 亏损：522,085.99万元 | | 净利润 | 比上年同期增长：100.00%-101.70% | | | 基本每股收益 | 盈利：0元/股–0.09元/股 | 亏损：3.18元/股 | 二、与会计师事务所沟通情况 本次业绩预告未经注册会计师预审计。 三、业绩变动原因说明 天齐锂业股份有限公司（以下简称"公司"） ...

Core Viewpoint - Sichuan province is transitioning its business environment optimization from "Fast Service" 1.0 version to "Cost Control" 2.0 version, with plans to upgrade to "Ecological Optimization" 3.0 version, focusing on reducing costs and enhancing the overall business ecosystem [1][2][6] Group 1: Cost Control Measures - In April of last year, Sichuan introduced 29 measures centered on cost control to improve the business environment [2][3] - The province has implemented various initiatives to directly benefit companies, such as the "No Application Required" subsidy program, which has provided funds to companies without the need for them to apply [2][3] - Chengdu has established a "One Code Inquiry" platform for easy access to over 3,000 policies, and has disbursed over 5 billion yuan in subsidies to businesses in the first half of the year [3] Group 2: Specific Initiatives and Results - Mianyang has developed a "Policy Finds Enterprise" mechanism, allowing for zero-material, zero-approval, and instant fund disbursement, with 420 million yuan allocated to businesses this year [3] - Suining has issued a task list of 655 items to optimize the business environment and has provided 143 million yuan in financial support to ease the burden on enterprises [3][4] - Baoding has formed teams to conduct energy-saving diagnostics for companies, resulting in cost reductions exceeding 25 million yuan since March [4] Group 3: Future Directions - The government plans to further reduce costs by focusing on energy, financing, logistics, and labor, with specific measures to optimize gas supply and electricity pricing [5][6] - The People's Bank of China in Sichuan is working on addressing financing difficulties for private enterprises, enhancing credit information sharing, and promoting innovative financial products [6] - The next steps will involve creating comprehensive policy lists and reform initiatives to continuously monitor and improve the business environment [6]

Group 1 - The top three companies with the highest short positions are WuXi AppTec (22.57%), CATL (17.76%), and COSCO Shipping Holdings (14.27%) [1][2] - The companies with the largest absolute increase in short positions are Alibaba Health (4.45%), China Liansu (2.54%), and Hong Kong Travel (2.02%) [1][2] - The companies with the largest absolute decrease in short positions are Far East Horizon (-1.62%), ZhongAn Online (-1.55%), and Rongchang Biologics (-1.32%) [1][3] Group 2 - The latest short position data shows that WuXi AppTec has 87.35 million shares, CATL has 27.69 million shares, and COSCO Shipping Holdings has 411 million shares [2] - Alibaba Health's short position increased from 6.97% to 11.42%, while China Liansu's increased from 0.61% to 3.15% [2] - Far East Horizon's short position decreased from 4.43% to 2.82%, and ZhongAn Online's decreased from 7.43% to 5.88% [3][4]

2025 年 7 月 11 日，公司成功发行了 2025 年度第一期科技创新债券，发行结果具体如 下： | 债券名称 | 天齐锂业股份有限公司 2025 年度 | | | | 债券简称 | 25 | 天 | 齐 | | 锂 | 业 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一期科技创新债券 | | | | | | | MTN001(科创债) | | | | | 债券代码 | 102582831 | | | | 期限 | 3 年 | | | | | | | 起息日 | 2025 7 日 | 年 | 月 | 11 | 兑付日 | 2028 | 年 | 7 月 | 11 | 日 | | | 计划发行总 | 6 亿元人民币 | | | | 实际发行总额 | 6 | 亿元人民币 | | | | | | 额 | | | | | | | | | | | | 1 | 发行利率 | 2.48% | 发行价格（百 | 100 | | --- | --- | --- | --- | | | | 元面值） | | ...

Core Viewpoint - The China Securities Index for the subdivided non-ferrous metal industry has shown significant growth, with a 3.10% increase over the past month and a 13.89% increase year-to-date, indicating a strong performance in this sector [1][2]. Group 1: Index Performance - The China Securities Index for subdivided non-ferrous metals rose by 1.28% to 6711.19 points, with a trading volume of 39.135 billion yuan [1]. - The index has increased by 13.83% over the past three months [1]. - The index is composed of seven sub-indices, reflecting the overall performance of larger, more liquid listed companies in related industries [1]. Group 2: Index Composition - The top ten holdings in the index include Zijin Mining (15.24%), Northern Rare Earth (5.39%), and Luoyang Molybdenum (4.48%) [1]. - The index's holdings are primarily concentrated in the Shanghai Stock Exchange (64.67%) and the Shenzhen Stock Exchange (35.33%) [1]. Group 3: Industry Breakdown - The index's sample holdings are predominantly in the raw materials sector (99.39%), with a small representation in the industrial sector (0.61%) [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. Group 4: Related Funds - Public funds tracking the subdivided non-ferrous metal index include several products from Huaxia and Huitianfu, indicating investor interest in this sector [2].

Core Viewpoint - The China Securities New Energy Vehicle Index (CS New Energy Vehicle, 399976) has shown positive performance, with a recent increase of 1.42% and significant gains over various time frames, indicating a strong market for new energy vehicles in China [1][2]. Group 1: Index Performance - The CS New Energy Vehicle Index has increased by 2.20% over the past month, 11.53% over the past three months, and 3.42% year-to-date [2]. - The index reflects the overall performance of listed companies involved in lithium batteries, charging stations, and new energy vehicles, with a base date of December 31, 2011, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted companies in the CS New Energy Vehicle Index are: CATL (10.33%), Huichuan Technology (9.45%), BYD (9.05%), Changan Automobile (5.02%), Sanhua Intelligent Control (4.53%), Yiwei Lithium Energy (4.34%), Huayou Cobalt (4.21%), Ganfeng Lithium (3.14%), Tianqi Lithium (2.75%), and Guoxuan High-Tech (2.61%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (84.08%), followed by the Shanghai Stock Exchange (15.30%) and the Beijing Stock Exchange (0.62%) [2]. - In terms of industry composition, the index is comprised of 59.42% industrial sector, 23.09% consumer discretionary, 16.27% materials, and 1.23% information technology [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3].