业绩经营情况 天齐锂业已发布业绩预告，预计2025年归母净利润为3.69亿至5.53亿元，实现扭亏为盈。正式年报预计 在近期披露，业绩改善主要得益于锂矿定价周期缩短、SQM投资收益增长等因素。 经济观察网天齐锂业（002466）近期披露多项重要动态，涉及融资计划、资产处置、业绩预告及海外投 资法律事件。 股票近期走势 天齐锂业于2026年2月3日公告，拟按每股45.05港元配售新H股融资，并发行26亿元人民币零息可转债， 预计合计募资净额约58.29亿港元。资金将用于锂领域战略发展，包括项目开发、并购及补充营运资 金。摩根大通分析指出，完成融资后公司并购可能性可能增加，但需关注股权稀释潜在影响。 关联交易情况 公司于2026年2月4日宣布，拟择机处置参股公司中创新航和SQM的部分股权，以提升资产流动性。这 一举措与融资计划同步进行，旨在优化财务结构。 行业政策现状 以上内容基于公开资料整理，不构成投资建议。 事件影响 智利最高法院于2026年1月27日作出终审判决，驳回天齐锂业上诉，SQM与智利国家铜业公司的合作将 从2031年起变更控制权。这可能导致天齐锂业作为SQM第二大股东的投资收益面临不确定性，长期或 ...

本公告僅供參考，並非收購、購買或認購任何證券的邀請或要約，或訂立協議以進行任何該等 事宜的邀請，亦非旨在邀請任何要約以收購、購買或認購任何證券。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告並非亦不構成於美國（包括其領土和屬地、美國任何州份和哥倫比亞地區）出售證券的要 約或邀請。本公告或其任何內容或其副本亦不得攜進美國境內或於美國境內直接或間接派發。 除非有關證券根據證券法或美國的任何其他適用證券法律辦理登記或獲得豁免遵守證券法或美 國任何其他適用證券法律的登記規定，否則有關證券未曾亦不會根據經修訂的1933年《美國證 券法》（「證券法」）或美國任何其他適用證券法律登記，且不得於美國或向美國人士，或代表美 國人士或為美國人士的利益提呈發售、出售或以其他方式轉讓。任何在美國提呈的證券公開發 售必須由本公司刊發招股說明書，當中須載列本公司及管理層以及財務報表的詳細資料。本公 司並無計劃在美國公開發售任何證券。 Tianqi Lithium Co ...

Group 1 - The non-ferrous metal sector is leading the market, with companies like Zhongtung High-tech, Xiamen Tungsten, and Northern Rare Earth seeing significant stock price increases of 7.98%, 6.72%, and 6.34% respectively, contributing to a nearly 3% rise in the Tianhong Non-ferrous Metal ETF (159157) [1] - The Tianhong Non-ferrous Metal ETF has attracted substantial capital inflow, with a total of 890 million shares purchased in a single day and a cumulative net inflow of 614 million yuan over three days, indicating strong investor interest [1] - The ETF covers a wide range of sectors including copper, aluminum, gold, and rare earths, allowing it to capture various market cycles effectively [1] Group 2 - On February 10, prices for mainstream rare earth products such as praseodymium and neodymium oxides have risen due to tight supply conditions and strong demand from downstream buyers [2] - The non-ferrous sector is expected to perform well in 2025, with companies like Zijin Mining and Luoyang Molybdenum projected to see net profit increases of over 60% and 50% respectively, while Shenghe Resources and Huayu Mining are expected to see even higher profit growth [2] - Following price adjustments by tungsten companies, Zhangyuan Tungsten has also raised its long-term procurement prices for black and white tungsten concentrates by 28.1% [2] - The U.S. has initiated a $12 billion strategic metal reserve plan, and the Non-ferrous Metals Industry Association has suggested commercial interest subsidies for copper and copper concentrates to enhance resource value [2]

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their H-shares and A-shares, with some companies showing extremely high premiums while others exhibit negative premiums [1]. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, with H-share priced at 0.290 HKD and A-share at 2.25 CNY [1]. - Sinopec Oilfield Service (01033) follows with a premium rate of 296.70%, H-share at 0.910 HKD and A-share at 3.01 CNY [1]. - Beijing Jingcheng Machinery Electric (00187) ranks third with a premium of 285.05%, H-share at 4.280 HKD and A-share at 13.76 CNY [1]. Group 2: Lowest AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -13.27%, with H-share priced at 511.000 HKD and A-share at 370 CNY [1]. - China Merchants Bank (03968) shows a premium of -4.06%, H-share at 49.300 HKD and A-share at 39.49 CNY [1]. - WuXi AppTec (02359) has a premium of -2.14%, with H-share at 120.800 HKD and A-share at 98.7 CNY [1]. Group 3: Top Deviation Values - Jinju Group (02009) has the highest deviation value at 24.42%, with a premium of 212.05% [1]. - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 21.92%, with a premium of 285.05% [1]. - Longpan Technology (02465) ranks third with a deviation value of 19.68%, and a premium of 101.01% [1]. Group 4: Lowest Deviation Values - JunDa Co., Ltd. (02865) has the lowest deviation value at -70.56%, with a premium of 176.15% [2]. - Changfei Optical Fiber (06869) follows with a deviation of -45.38%, and a premium of 105.94% [2]. - Chenming Paper (01812) has a deviation of -26.81%, with a premium of 190.80% [2].

Group 1 - The core viewpoint of the article highlights the performance of the Non-ferrous Metals ETF Fund (516650), which opened with a gain of 1.90% at 2.145 yuan [1] - Major holdings in the Non-ferrous Metals ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, which also experienced gains [1] - The fund's performance benchmark is the CSI Sub-Industry Non-ferrous Metals Theme Index return, managed by Huaxia Fund Management Co., with a return of 110.83% since its inception on June 9, 2021, and a 4.15% return over the past month [1]

Group 1 - The core point of the article highlights the performance of the Penghua Nonferrous ETF (159880), which opened with a gain of 2.06% at 2.233 yuan [1] - Major holdings in the ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum (2.14%), Northern Rare Earth (2.97%), and Huayou Cobalt (1.49%) [1] - The ETF's performance benchmark is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd., with a return of 118.94% since its inception on March 8, 2021, and a 5.03% return over the past month [1]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：昊 近日，天齐锂业宣布配售新H股及发行可转换公司债券，同时拟出售中创新航和SQM部分股权。通过上述资本运作，天齐锂业募资和套现合计或将超过70亿 元。 事实上，从目前财务指标看，天齐锂业资金和债务压力并不大。考虑到天齐锂业表示筹资将继续锂资源并购，同时碳酸锂价格近一年出现大涨，是否将进 行"高抛低吸"值得关注。 2024年4月，二代掌门人蒋安琪接班，推行"夯实上游、做强中游、渗透下游"的长期战略。然而，蒋安琪上任后却立即叫停澳大利亚奎纳纳二期氢氧化锂项 目，并全额计提14.84亿元减值准备，此次又出售下游电池头部厂商中创新航股权。 不仅如此，天齐锂业研发投入长期大幅低于赣锋锂业，与后者积极布局锂电全产业链形成鲜明对比，公司或仍在延续豪赌上游资源的老路。 配股发债再卖关键资产 筹资超70亿或"高抛低吸"？ 2月3日晚，天齐锂业发布公告，公司拟按每股45.05港元的价格，向独立投资者配售6505万股新H股，同时发行本金总额26亿元的可转换公 ...

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Group 1: Top Short-Selling Ratios - Lenovo Group-R (80992) has the highest short-selling ratio at 91.38% with a short-selling amount of 52.16 thousand [2]. - Ping An Insurance-R (82318) follows with a short-selling ratio of 83.34% and a short-selling amount of 200.88 thousand [2]. - Xiaomi Group-WR (81810) has a short-selling ratio of 80.95% with a short-selling amount of 597.54 thousand [2]. Group 2: Top Short-Selling Amounts - Tencent Holdings (00700) leads in short-selling amount at 29.69 billion, with a short-selling ratio of 15.25% [2]. - Alibaba Group-W (09988) has a short-selling amount of 23.66 billion and a short-selling ratio of 19.56% [2]. - Xiaomi Group-W (01810) ranks third with a short-selling amount of 10.16 billion and a short-selling ratio of 21.54% [2]. Group 3: Top Short-Selling Deviation Values - Ping An Insurance-R (82318) has the highest deviation value at 36.33%, indicating a significant difference from its average short-selling ratio [2]. - Xiaomi Group-WR (81810) follows with a deviation value of 34.41% [2]. - China Resources Beer (00291) has a deviation value of 33.89% [2].

1. Report Industry Investment Rating - The rating for lithium carbonate is "Oscillating" [4] 2. Core Viewpoints of the Report - The actual fundamentals of lithium carbonate are positive, but the futures market is significantly affected by macro - sentiment and capital flows. After the Spring Festival, the fundamentals are expected to show a simultaneous increase in supply and demand. From March to Q2, lithium carbonate is still expected to experience inventory reduction. After the supply increases in Q3, there may be inventory accumulation, but considering the demand growth, the inventory days are expected to decrease to less than one month. The price center of lithium carbonate may still be significantly higher than before. A bullish strategy is recommended, and investors should look for opportunities to go long at low prices after the trading volume and volatility stabilize [2][16] 3. Summary by Relevant Catalogs 3.1 1 Month Chilean Shipment Exceeded Expectations, and the Futures Market Declined Significantly - **Price Changes**: This week (2/2 - 2/6), lithium salt prices dropped significantly. The closing price of LC2605 decreased by 10.3% week - on - week to 132,900 yuan/ton. The average spot prices of SMM battery - grade and industrial - grade lithium carbonate decreased by 16.2% and 16.6% week - on - week to 134,500 and 131,000 yuan/ton respectively. The price of lithium hydroxide fluctuated accordingly [11] - **Chilean Exports**: In January 2026, Chile exported a total of 25,400 tons of lithium carbonate and lithium hydroxide, a 26% increase month - on - month and an 8% decrease year - on - year. Exports to China were 17,000 tons, a 44.8% increase month - on - month and an 11% decrease year - on - year. In January 2026, Chile shipped 27,800 tons (13,900 tons LCE) of lithium sulfate to China, a 475% increase month - on - month and a 1222% increase year - on - year. This large shipment may be due to pulse shipments considering the Spring Festival [1][12] - **Supply and Demand and Inventory**: According to SMM forecasts, the lithium carbonate production in February is 81,930 tons, a 16% decrease month - on - month. In the demand side, the production schedules of cathodes and cells also decreased in February, but the decline was lower than that of lithium salts. It is expected that lithium carbonate will continue to reduce inventory in February. This week, the total inventory of the SMM lithium carbonate sample decreased by 2019 tons week - on - week [13] - **Terminal Market**: In the power battery sector, in January 2026, the estimated wholesale volume of new energy passenger vehicles by national manufacturers was 900,000 units, a 1% year - on - year increase. Considering the Spring Festival effect in the same period last year, this data is not optimistic. In the energy storage sector, in January 2026, there were 152 energy storage bidding and winning projects. On January 30, the National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism on the power generation side, which is beneficial to the energy storage yield [2][15] 3.2 Weekly Industry News Review - Sigma Lithium resumed the mining operation of the Grota do Cirilo lithium mine on February 3, 2026. This mine is Sigma's only operating asset and the largest lithium mine in Brazil, with an annual production capacity of 270,000 tons of lithium concentrate [17] - Tianqi Lithium plans to dispose of no more than 3,565,970 Class A shares of SQM, accounting for no more than 1.25% of SQM's total shares [17] 3.3 Key High - Frequency Data Monitoring of the Industry Chain 3.3.1 Resource End: The Price Trends of Ore and Salt are Consistent - The report presents data on the average spot price of lithium concentrate and the monthly inventory of lithium ore samples [19][21] 3.3.2 Lithium Salts: The Futures Market Fell from High Levels, and the Basis Fluctuated Significantly - The report shows data on the closing price of the GFEX lithium carbonate main contract, the term structure of GFEX lithium carbonate, domestic weekly lithium carbonate production, SMM weekly lithium carbonate inventory, domestic average spot price of lithium carbonate and the electric - industrial price difference, lithium carbonate basis, domestic average spot price of lithium hydroxide, the price difference between domestic and overseas lithium hydroxide, the price difference between domestic battery - grade lithium hydroxide and lithium carbonate, and the theoretical production profit of lithium salt plants [24][31][34] 3.3.3 Downstream Intermediates: The Production Schedules in February are Good - The report includes data on the monthly production of SMM ternary materials, SMM lithium iron phosphate, the price trend of lithium iron phosphate, the average price of lithium iron phosphate cells (power type), the price trend of ternary materials, the average price of 523 square ternary cells (power type), the price trend of lithium cobalt oxide, and the average price of lithium cobalt oxide cells (consumer type) [48][53][57] 3.3.4 Terminal: Pay Attention to the Negative Feedback in the Industry Chain - The report provides data on China's power battery installation volume and year - on - year growth rate, the monthly installation proportion of China's power batteries, China's new energy vehicle production and sales year - on - year growth rate, and China's new energy vehicle penetration rate [62][66][68]

Core Viewpoint - The strategic partnership between JinJing New Energy Holdings and Tianqi Lithium's subsidiary focuses on the recycling and regeneration of retired lithium batteries in Hong Kong, aiming to establish a green circular industry chain from battery recycling to material regeneration [1] Group 1: Strategic Value of the Partnership - The collaboration aims to deepen the strategic bond through capital links, providing certainty and strong driving force for JinJing New Energy's long-term development [2] - The mutual equity investment signifies a shift from traditional supply-demand relationships to a shared interest community, enhancing trust and long-term collaboration [2] - This capital connection serves as a buffer against industry uncertainties, allowing both companies to align on long-term strategies rather than short-term price competition [2] Group 2: Industry Context and Trends - The capital intensity in the battery recycling sector is increasing, with significant investments being made, as evidenced by Redwood Materials' recent $425 million funding round [3] - The partnership with Tianqi Lithium, a leader in global lithium resources, positions JinJing New Energy to explore resource recycling in various global markets, creating a complementary resource-market-technology dynamic [3] Group 3: Global Network and Market Integration - JinJing New Energy has established over 70 service nodes in 28 countries, and the partnership with Tianqi Lithium enhances this network's quality and depth [4] - The collaboration allows JinJing New Energy to transition from providing single recycling services to offering comprehensive solutions that integrate recycling, resource recovery, and industry pathways [4] Group 4: Strengthening Resource Value Chain - Prior to this partnership, JinJing New Energy had already formed collaborations with companies like Huayou Cobalt and Bangpu Recycling, indicating a trend where battery recycling attracts attention from upstream resource giants [5] - The partnership with Tianqi Lithium opens a direct channel for high-value lithium resource recovery, enhancing JinJing New Energy's ability to meet the growing demand for recycled lithium materials [6] Group 5: Research and Development Collaboration - The companies plan to establish joint laboratories and collaborative R&D projects to enhance lithium battery recycling technology, ensuring that JinJing New Energy meets high-quality standards required by Tianqi Lithium [7] - This interaction between demand-driven R&D and supply assurance is expected to keep JinJing New Energy's technological advancements aligned with market needs [7] Group 6: Conclusion - The partnership represents a significant integration of industry and capital in response to the global energy transition and the emerging wave of retired batteries [8] - By establishing equity ties, the collaboration elevates the strategic partnership to a new level of shared interests, providing a robust foundation for sustainable development [8] - This alliance positions JinJing New Energy to showcase a model of circular economy that combines stable capital relationships, environmental benefits, and sound business logic [8]