Report Industry Investment Rating No relevant content provided. Core Viewpoints - Domestic lithium carbonate production and inventory are at high levels with a loose supply - demand outlook, but due to national policies guiding capacity clearance and expectations of automobile consumption stimulus, the prices of domestic and imported lithium concentrates have risen, suggesting that lithium carbonate prices may still have room to rise. It is recommended that investors try to go long on the main contract with a light position in the short - term, paying attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [3]. - The basis of lithium carbonate is positive and generally within a reasonable range, and the monthly spread is positive and also within a reasonable range. This is due to the continuation of domestic new - energy vehicle consumption stimulus policies. However, the domestic lithium carbonate supply - demand outlook remains loose, so investors are advised to wait and see for arbitrage opportunities [6]. Summary by Related Catalogs Supply Side Lithium Concentrate - Ganfeng Lithium's Mali Goulamina lithium spodumene project phase I with an annual capacity of 506,000 tons of lithium concentrate was officially put into production in July, and Tianqi Lithium's Greenbushes lithium mine's 520,000 - ton wet - process project may be put into production in October 2025, increasing the total capacity to 2.14 million tons per year. However, the daily prices of domestic and imported lithium ores have increased [9]. - Domestic lithium concentrate production in July may decrease month - on - month, while imports may increase [2][10][12]. Lithium Carbonate - The capacity utilization rate and production of domestic lithium carbonate have decreased compared to last week. However, with the possible commissioning of Guangdong Haohai Lithium's 6,000 - ton battery - grade lithium carbonate capacity in July 2025 and Zijin Liyuan's 25,000 - ton capacity for preparing battery - grade lithium carbonate from crude carbon by December 2025, the production of domestic lithium carbonate (industrial and battery - grade) in July may increase month - on - month, and the supply outlook is loose [26]. - The import window is closed, and the import volume of Chinese lithium carbonate in July may decrease month - on - month [33]. - The daily cash production costs of producing lithium carbonate from purchased lithium spodumene and lithium mica concentrates are about 61,700 and 66,500 yuan/ton respectively, resulting in negative production profits. The quarterly production profits of producing lithium carbonate from integrated lithium spodumene/mica/salt - lake sources are positive [18][22]. Lithium Hydroxide - The daily cash production costs of Chinese smelting (causticizing) method lithium hydroxide are 56,900 (64,600) yuan/ton, with positive (negative) production profits. The monthly processing fee from coarse - grained to fine - grained lithium hydroxide has decreased [37][38]. - Yahua Group plans to build a 30,000 - ton lithium hydroxide production line by the end of 2025, which may lead to a month - on - month decrease in the production of Chinese lithium hydroxide (smelting and causticizing methods) in July. The inventory of Chinese lithium hydroxide (smelters and downstream) in July may increase month - on - month [42][51]. - The daily export profit of Chinese lithium hydroxide is negative, so the export volume of Chinese lithium hydroxide in July may decrease month - on - month [47]. Demand Side - The production volume of Chinese lithium iron phosphate (lithium manganese iron phosphate) in July may increase month - on - month [59]. - The production (import) volume of Chinese nickel sulfate in July may increase month - on - month [60]. - The production volume of Chinese lithium cobalt oxide in July may increase month - on - month [64]. - The production volume of Chinese lithium manganate in July may increase month - on - month [74]. - The monthly processing fee of Chinese ternary precursors has decreased month - on - month. The monthly production cost of producing ternary precursors from purchased raw materials is 79,450 yuan/ton, with negative production profits. The production volume of Chinese ternary precursors in July may increase month - on - month [80][82]. - The monthly processing fee of Chinese ternary materials has decreased month - on - month. The monthly average production cost of polycrystalline consumer - grade 5 - series ternary materials is 107,600 yuan/ton, with negative production profits. The inventory of Chinese ternary material factories has increased compared to last week, which may lead to a month - on - month increase in the production of Chinese ternary materials in July [91][94]. - The production (shipment and inventory) volume of Chinese energy - storage cells in July may decrease (decrease, increase) month - on - month; the production (shipment and inventory) volume of Chinese power cells in July may increase (increase, increase) month - on - month [3]. Investment Strategy - Short - term investors are advised to go long on the main contract with a light position at low prices, paying attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [3]. - Investors are advised to wait and see for arbitrage opportunities [6].

Investment Rating - The report maintains an "Accumulate" rating for the lithium sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The lithium price has shown continuous growth, rising from 59,000 CNY/ton to 64,000 CNY/ton, marking an increase of 8.1% since June 23 [10]. - Supply-side signals indicate a reduction in output from Australian mines, suggesting that the industry is in the later stages of capacity clearance [2]. - Demand remains robust, with significant growth in the lithium battery production and electric vehicle sales, supporting a favorable price transmission for lithium [3]. Supply Summary - Australian lithium mines are signaling reduced output, with production expected to remain flat at 740,000 tons in Q1 2025, down 17% from the previous quarter [2]. - The current pricing has reached a sensitive cost level for Australian producers, leading to operational adjustments and cost-cutting measures [2]. - The low lithium prices have resulted in a squeeze on capital expenditures, potentially leading to a slowdown in supply growth in the future [2]. Demand Summary - The lithium battery industry is experiencing high growth, with domestic battery production reaching 801 GWh in the first half of 2025, a 52% year-on-year increase [26]. - Electric vehicle sales in China reached 5.42 million units in the first half of 2025, reflecting a 32% increase compared to the previous year [26]. - The competitive landscape in the electric vehicle sector is prompting manufacturers to initiate a "de-involution" process to stabilize pricing and improve profitability across the supply chain [27]. Investment Recommendations - The report suggests that companies with low-cost resource supply and diversified non-lithium operations will have a competitive advantage in the current market [4]. - Recommended stocks include Zhongkuang Resources, Yongxing Materials, Salt Lake Co., Tianqi Lithium, and Ganfeng Lithium, which are expected to navigate the industry downturn effectively [4].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [2]. Core Views - The report highlights that the "anti-involution" policy is guiding a short-term strength in energy metals, while gold is under pressure due to rising U.S. Treasury yields and a stronger dollar [1]. - The report suggests that despite short-term fluctuations, the long-term bullish trend for gold remains intact due to central bank purchases and fiscal concerns [1]. - Industrial metals are experiencing mixed trends, with copper facing supply disruptions and aluminum entering a potential inventory accumulation phase [1]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector showed mixed performance this week, with varying price movements across different metals [10]. - The report notes that the overall non-ferrous metals index increased by 1.0%, with energy metals up by 1.0% and industrial metals up by 1.5% [16]. Industrial Metals - **Copper**: Global copper inventory increased slightly to 518,000 tons, with supply disruptions from MMG and Hudbay Minerals affecting logistics [1]. The copper price has seen fluctuations due to macroeconomic factors and demand-side pressures [1]. - **Aluminum**: The report indicates a potential inventory accumulation cycle, with production recovering in some regions while demand remains subdued [1]. Energy Metals - **Lithium**: The report notes a continued strength in lithium prices, driven by supply constraints and robust demand from electric vehicle sales [1]. The price of battery-grade lithium carbonate rose to 64,000 yuan/ton, reflecting a 1.5% increase [26]. - **Metal Silicon**: The report discusses a short-term upward trend in silicon prices due to production cuts and recovery expectations in polysilicon plants [1]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Luoyang Molybdenum, all rated as "Buy" [5]. Company Announcements - Zijin Mining announced an asset acquisition of the RG gold mine project, with a valuation of 1.2 billion yuan [34]. - Ganfeng Lithium completed the acquisition of Mali Lithium, enhancing its lithium resource integration strategy [34]. Price and Inventory Changes - The report provides detailed price movements for various metals, indicating that gold prices increased by 4.2% over the week, while copper prices saw a slight decline [21][23]. Market Trends - The report emphasizes the ongoing supply-demand dynamics in the non-ferrous metals market, with particular attention to the impact of macroeconomic indicators on metal prices [1].

Core Viewpoint - The article discusses the upcoming 2025 China Solid-State Battery Technology Development and Market Outlook Summit, highlighting its significance in the battery industry and the advancements in solid-state battery technology. Conference Details - The summit will take place on July 8-9, 2025, at the Shanghai Pudong Holiday Inn [1]. - The registration fee is 2600 yuan, with free registration available until July 7 [5]. Forum Topics - Various topics will be covered, including advancements in solid-state battery materials, industry trends, and product layouts from different companies [4]. - Notable speakers include researchers and executives from institutions like the Chinese Academy of Sciences and companies such as Shanghai Enjie New Materials Technology Co., Ltd. [4]. Attendee List - The attendee list features a diverse range of professionals from academia and industry, including researchers, managers, and executives from various companies involved in solid-state battery technology [8][10][12].

| FF301 | | | | | | --- | --- | --- | --- | --- | | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | | | | 截至月份: | 2025年6月30日 | | | 狀態: 新提交 | | 致：香港交易及結算所有限公司 | | | | | | 公司名稱: | 天齊鋰業股份有限公司 | | | | | 呈交日期: | 2025年7月2日 | | | | | I. 法定/註冊股本變動 | 不適用 | | | | | 證券代號 (如上市) | 09696 說明 | | | | | 增加多櫃檯證券代號 | | | | | | 手動填寫 | | 法定/註冊股份數目 | 面 | | | 值 | 法定/註冊股本 | | | | | 上月底結存 | | 164,122,200 RMB | 1 | | | RMB | 164,122,200 | | | | | 增加 / 減少 (-) | | 0 | | | | RMB | 0 | | | | | 本月底結存 | | 164,122,200 RMB | 1 | | | RMB | 164 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年6月30日 | | | | 狀態: | 新提交 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | | | 公司名稱: | 天齊鋰業股份有限公司 | | | | | | | | | 呈交日期: | 2025年7月2日 | | | | | | | | | I. 法定/註冊股本變動 | 不適用 | | | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上市 | (註1) | 是 | | + | | 證券代號 (如上市) | 09696 | 說明 | | | | | | | | 增加多櫃檯證券代號 | | | | | | | | | | 手動填寫 | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | | 上月底結存 | | | 164,122,200 RMB | | 1 RMB | | 164,122,2 ...

固态电池因高能量密度和高安全性优势加速产业化突破。 固态电池相关港股： 龙蟠科技（02465）：公司全资子公司江苏三金锂电科技有限公司涉及固态电池三元前驱体的开发工 作，目前仍处于研发试用阶段，部分前驱体材料已小批量送样到头部企业并通过客户测试，但暂未对外 销售产生收入，对公司整体业绩暂不构成重大影响。 赣锋锂业（01772）：公司已形成固态电池全链路布局，覆盖硫化物电解质及原材料、氧化物电解质、 金属锂负极等关键环节。公司同步推进硅基与锂金属负极双路线，其中400Wh/kg电池循环寿命突破800 次并完成工程验证；首款500Wh/kg级10Ah产品实现小批量量产。硅基体系实现320-450Wh/kg产品梯度 布局，其中320Wh/kg电芯循环寿命突破1000次。公司将充分发挥上下游产业一体化协同优势，持续加 大研发力度，推动固态电池商业化进程，促进能源转型与产业升级。 天齐锂业（09696）：公司已完成下一代固态电池关键原材料硫化锂产业化相关支持工作，累计与十余 家下游客户进行打样。目前公司硫化锂产品暂未量产，但公司已完成硫化锂产业化相关工艺、设备开发 及验证，已形成完整的产业化数据包，将使公司拥有硫化锂快 ...

Market Overview - The Hang Seng Index closed down 0.17% at 24,284.15 points, while the Hang Seng Tech Index fell 0.07% to 5,341.43 points, and the Hang Seng China Enterprises Index decreased by 0.47% to 8,762.47 points [2] - The automotive, pharmaceutical, and banking sectors showed weakness, while the metals sector experienced gains [4] Metals Sector Performance - The metals sector saw significant gains, with Jiangxi Copper rising over 7%, Tianqi Lithium and Luoyang Molybdenum both increasing over 6%, and Zijin Mining among the top performers [4] - Notable stock performances included Luoyang Molybdenum at 6.26% with a market cap of 191.02 billion, Tianqi Lithium at 6.78% with a market cap of 56.97 billion, and Ganfeng Lithium at 2.74% with a market cap of 69.64 billion [5] Commodity Price Outlook - Goldman Sachs forecasts that copper prices will peak at approximately $10,050 per ton by August 2025 due to tightening supply in markets outside the U.S. [5] - Ping An Securities reports that the weakening of the U.S. dollar credit system will continue to drive precious metal prices higher, while industrial metals like copper and aluminum are expected to benefit from a loose monetary environment [5] Automotive Sector Dynamics - Xiaomi Group's stock rose by 3.6%, while major automotive stocks like Xpeng Motors, NIO, and BYD saw declines of 3.17%, 1.84%, and 1.19% respectively [6][7] - Market analysts suggest that the automotive sector may be impacted by Xiaomi's competitive pricing strategy for its new YU7 series, with expectations of monthly sales reaching 60,000 to 80,000 units [7] Banking Sector Trends - Chinese bank stocks experienced slight declines, with Luzhou Bank, Chongqing Bank, and China Merchants Bank dropping by 3.49%, 2.91%, and 2.39% respectively [8] - Recent reports indicate that insurance funds have been favoring high-dividend bank stocks, but this trend may be slowing down as investment teams shift focus towards technology innovation board companies [8] Financial Sector Developments - Huaxing Capital Holdings saw a significant intraday rise of nearly 38% before closing up 4.67% at HKD 4.48 per share, following its announcement of a $100 million investment in the Web 3.0 and cryptocurrency asset space [11] - The Hong Kong Securities and Futures Commission announced an increase in position limits for futures and options contracts on major indices, effective July 2, 2025, aimed at enhancing market flexibility [12]

Group 1 - Tianqi (Yajiang) Mining Co., Ltd. has been established, with Guo Wei as the legal representative [1] - The company's business scope includes non-coal mining resource extraction, common non-ferrous metal smelting, metal ore sales, and mineral processing [1] - Tianqi Lithium (002466) holds 100% ownership of the newly established company [1]

A股能源金属板块走高，腾远钴业涨超10%，赣锋锂业、天齐锂业、永杉锂业、融捷股份、盛新锂能等 跟涨。消息面上，刚果金政府宣布延长3个月钴的临时禁令，全球钴供应量或将大幅下降。 ...