Investment Rating - The report maintains a "Buy" rating for the company, anticipating a relative increase of over 20% in stock price compared to the market benchmark within the next six months [5][15]. Core Insights - The company reported a revenue of 4.833 billion yuan in H1 2025, a decrease of 25% year-on-year, while the net profit attributable to shareholders was 84 million yuan, an increase of 102% year-on-year [2]. - The report highlights that cost advantages are helping to offset the pressure from lithium prices, with expectations for increased production from mining operations [1][5]. - The company has confirmed an investment income of 235 million yuan from SQM, marking a return to profitability compared to the previous year [2]. Financial Performance Summary - In Q2 2025, the company achieved a revenue of 2.248 billion yuan, a decrease of 13% quarter-on-quarter, with a net loss of 20 million yuan [2]. - Lithium concentrate production in Q2 2025 was 340,000 tons, a slight decrease of 0.2% quarter-on-quarter but an increase of 2.3% year-on-year [3]. - The average selling price of lithium concentrate in Q2 2025 was 725 USD/ton, down 8.3% from the previous quarter [3]. - The cash production cost per ton in Q2 2025 was 366 AUD, an increase of 7.3% quarter-on-quarter, primarily due to lower ore grades [3]. Production and Cost Guidance - The company has provided production guidance for FY25, estimating an actual output of 1.479 million tons, with cash costs expected to be 325 AUD/ton, aligning with previous expectations [4]. - The production capacity of the lithium hydroxide plant in Australia is gradually increasing, with Q2 2025 output at 2,126 tons, a 36% increase quarter-on-quarter [4]. Profit Forecast - The profit forecast for the company has been adjusted, with expected net profits of 1.105 billion yuan, 1.556 billion yuan, and 1.790 billion yuan for 2025, 2026, and 2027 respectively [5].

Market Overview - The market experienced a downward trend with all three major indices closing lower, with the Shanghai Composite Index down 0.30%, the Shenzhen Component down 0.04%, and the ChiNext Index down 0.16% [1] - Trading volume significantly decreased, with the total turnover of the Shanghai and Shenzhen markets at 2.32 trillion, a reduction of 811.3 billion compared to the previous trading day [1] High-Profile Stock Declines - Shanghai Construction fell to its daily limit, with a latest stock price of 3.49 yuan and a market capitalization of 31 billion [3] - The stock of Shanghai Construction saw a cumulative increase of 61% over five trading days from September 12 to September 18, with high turnover rates of 24.68% and 25.83% on September 17 and 18, indicating a "hot potato" effect [8] - Similarly, Shoukai Co., which had previously seen 12 consecutive days of gains, also experienced a limit down [9] Robotics Sector Retreat - The robotics sector saw a widespread decline, with stocks like Wolong Electric Drive, Bojie Co., and Wanxiang Qianchao hitting their daily limits, and Sanhua Intelligent Control dropping over 8% [13] - Wolong Electric Drive announced that its robotics-related products accounted for only 2.71% of its total revenue, indicating that the recent stock fluctuations would not significantly impact its operational performance [16] Lithium Mining Sector Surge - The lithium mining sector experienced a rally, with Ganfeng Lithium hitting its daily limit and other companies like Tianqi Lithium and Shengxin Lithium also seeing gains [17][18] - The upcoming 2025 Suining International Lithium Battery Industry Conference is expected to address safety and development standards in the lithium battery industry [20] Logistics Sector Activity - The logistics sector was active, with leading stock Shentong Express hitting its daily limit, and other companies like Huapengfei and YTO Express also seeing significant increases [21] - Recent operational data for August showed that YTO Express generated 5.39 billion yuan in revenue, a year-on-year increase of 9.82%, while Shentong Express reported a revenue of 4.43 billion yuan, up 14.47% year-on-year [24][25]

每经AI快讯，9月19日，天齐锂业(09696.HK)涨近5%，截至发稿，涨4.98%，报41.28港元，成交额4.18 亿港元。 ...

消息面上，9月19日，2025遂宁国际锂电产业大会召开。工业和信息化部电子信息司二级巡视员吴国纲 在发言中表示，下一步，将强化锂电池技术创新引领，加快布局前瞻技术，加快固态电池、钠离子电 池、全气候电池、快充电池及关键材料的研发和产业化。 此外，近日，研究机构EVTank、伊维经济研究院联合中国电池产业研究院共同发布了《中国金属锂行 业发展白皮书(2025年)》。根据白皮书内容，全球各地固态电池头部企业已经开始布局和研发金属锂用 于固态电池负极材料，随着全固态电池实现大规模商业化，以及金属锂负极的渗透率的上升，将为金属 锂开拓一个巨大的增量市场。其中，天齐锂业拥有600吨金属锂产能，在建产能1000吨，排名全球第 二。 天齐锂业（002466）(09696)涨近5%，截至发稿，涨4.98%，报41.28港元，成交额4.18亿港元。 ...

Core Viewpoint - Tianqi Lithium Industries (09696) saw a nearly 5% increase in stock price, reaching HKD 41.28 with a trading volume of HKD 418 million, following the announcement of advancements in lithium battery technology and market opportunities for lithium metal [1] Industry Developments - The 2025 Suining International Lithium Battery Industry Conference highlighted the Ministry of Industry and Information Technology's focus on enhancing lithium battery technology innovation and accelerating the development of solid-state batteries, sodium-ion batteries, all-climate batteries, fast-charging batteries, and key materials [1] - A white paper titled "China's Metal Lithium Industry Development White Paper (2025)" was jointly released by EVTank, the YV Economic Research Institute, and the China Battery Industry Research Institute, indicating that leading companies in solid-state batteries are beginning to develop lithium metal for solid-state battery anodes [1] - The commercialization of all-solid-state batteries and the increasing penetration of lithium metal anodes are expected to create a significant incremental market for lithium metal [1] Company Position - Tianqi Lithium Industries has a production capacity of 600 tons of lithium metal and an additional 1,000 tons under construction, ranking as the second-largest globally [1]

Group 1: Liquidity and Performance of Rare Metal ETF - The rare metal ETF had an intraday turnover of 2.39%, with a transaction volume of 62.4557 million yuan [3] - Over the past week, the average daily transaction volume of the rare metal ETF reached 250 million yuan, ranking first among comparable funds [3] - The rare metal ETF's scale increased by 66.2844 million yuan in the past week, achieving significant growth and ranking first among comparable funds [3] - The ETF's shares grew by 262 million shares in the past week, also ranking first among comparable funds [3] - In the last five trading days, the rare metal ETF attracted a total of 175 million yuan in inflows [3] - As of September 18, 2025, the net value of the rare metal ETF increased by 87.33% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly increase being four months and a maximum increase of 58.56% [3] - The average monthly return during the rising months was 8.77%, and the annualized return over the past three months exceeded the benchmark by 6.60% [3] Group 2: Industry Insights and Developments - The concept of the "Asian Lithium Belt" was introduced, spanning 2,800 kilometers across four provinces, with multiple large and super-large lithium mines discovered [4] - According to a report by CITIC Securities, the profitability growth rate of the metal sector is expected to rise further in the first half of 2025, maintaining strong performance [4] - Sub-sectors such as rare earths, tungsten, nickel, cobalt, tin, antimony, and copper are performing exceptionally well [4] - The metal sector's dividends and fund holdings are on the rise, with valuations reaching their highest levels since 2022, although still below the 2021 peak [4] - The top ten weighted stocks in the CSI Rare Metal Theme Index account for 57.58% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Tianqi Lithium [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [4]

Group 1 - Tianqi Lithium Industries saw a stock price increase of 5.59%, reaching 45.56 CNY per share, with a trading volume of 1.916 billion CNY and a turnover rate of 2.91%, resulting in a total market capitalization of 74.774 billion CNY [1] - The company, established on October 16, 1995, and listed on August 31, 2010, is located in Chengdu, Sichuan Province, and specializes in the production and sales of lithium concentrate products and lithium compounds and their derivatives [1] - The revenue composition of Tianqi Lithium includes 50.54% from lithium compounds and derivatives, 49.25% from lithium ore, and 0.21% from other sources [1] Group 2 - According to data from the top ten holdings of funds, one fund under China Merchants Fund has a significant position in Tianqi Lithium, specifically the China Merchants CSI New Energy Vehicle Index A fund, which reduced its holdings by 25,000 shares in the second quarter, now holding 321,700 shares, accounting for 2.49% of the fund's net value [2] - The China Merchants CSI New Energy Vehicle Index A fund, established on August 27, 2021, has a current scale of 126 million CNY, with a year-to-date return of 42.44%, ranking 870 out of 4222 in its category, and a one-year return of 85.97%, ranking 872 out of 3805 [2] Group 3 - The fund manager of the China Merchants CSI New Energy Vehicle Index A fund is Liu Zhongjie, who has been in the position for 7 years and 140 days, managing total assets of 31.428 billion CNY, with the best fund return during his tenure being 101.67% and the worst being -32.44% [3]

Group 1 - Tianqi Lithium Industries Inc. experienced a stock price increase of 5.59%, reaching 45.56 CNY per share, with a trading volume of 1.916 billion CNY and a turnover rate of 2.91%, resulting in a total market capitalization of 74.774 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 - Tianhong Fund has a significant holding in Tianqi Lithium, with its Tianhong CSI New Energy Vehicle A fund (011512) reducing its stake by 26,800 shares in the second quarter, now holding 727,300 shares, which represents 2.49% of the fund's net value [2] - The Tianhong CSI New Energy Vehicle A fund was established on April 9, 2021, with a current size of 130 million CNY, achieving a year-to-date return of 42.73% and ranking 853 out of 4222 in its category [2] - The fund has delivered a one-year return of 84.94%, ranking 894 out of 3805 in its category, and a cumulative return of 13% since its inception [2] Group 3 - The fund manager of Tianhong CSI New Energy Vehicle A is Qi Shichao, who has been in the position for 241 days, overseeing total fund assets of 21.225 billion CNY [3] - During his tenure, the best fund return achieved was 42.46%, while the worst return was 9.36% [3]

Core Viewpoint - The energy metals sector continues to strengthen, with significant gains in various companies and related ETFs [1] Group 1: Company Performance - Ganfeng Lithium reached a trading limit increase [1] - Tianqi Lithium rose over 6% [1] - Other companies such as Tengyuan Cobalt, Boqian New Materials, Hanrui Cobalt, and Shengxin Lithium Energy also experienced gains [1] Group 2: ETF Performance - The Nonferrous Metals 50 ETF (159652) increased by 1.51%, with a trading volume of 35.8603 million [1] - The Rare Metals ETF (159608) rose by 2.02%, with a trading volume of 24.16 million [1]

Core Viewpoint - Tianqi Lithium Industry, one of the "lithium mining giants," has made significant progress in the field of key materials for next-generation high-performance lithium batteries, including the completion of experimental verification of new electrolyte preparation technology and the commencement of a pilot project for lithium sulfide production [1][4]. Group 1: Company Developments - The company has initiated a pilot project for the production of 50 tons of lithium sulfide, a key material for solid-state batteries, which has already begun construction [1][4]. - Tianqi Lithium has established a systematic development capability for alloy anode materials, progressing from gram-level to kilogram-level and then to hundred-kilogram-level production [4]. - The company is actively participating in the solid-state battery industry chain through investments, technological research, and collaboration with upstream and downstream partners [4][5]. Group 2: Financial Performance - Despite a continuous decline in lithium carbonate prices, Tianqi Lithium's profitability has improved, with a net profit of 0.84 billion yuan in the first half of 2025, recovering from a loss of 5.206 billion yuan in the same period of 2024 [2][6]. - The company's revenue for 2024 was 13.063 billion yuan, a year-on-year decrease of 67.75%, while the revenue for the first half of 2025 was 4.833 billion yuan, reflecting a decline of 24.71% compared to the previous year [6][7]. - The stock price of Tianqi Lithium has increased approximately 75% over the past five months, rising from a low of 25.57 yuan per share in April 2025 to a high of 49.67 yuan per share in September 2025 [3][8]. Group 3: Research and Development - The company's R&D expenses have shown a consistent upward trend, with expenditures increasing from 18.8264 million yuan in 2021 to 43.6207 million yuan in 2024 [5]. - Tianqi Lithium has established a joint venture with Beijing Weilan New Energy Technology Co., Ltd. to focus on pre-lithiation anode materials and related manufacturing equipment [5].