Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the short - term, the increase in demand leads to a supply - demand mismatch, which supports the futures price. However, in the medium - to - long - term, the pattern of supply surplus remains unchanged. The approaching traditional peak season of new energy vehicles has led to downstream inventory - building demand, and the increase in capacity electricity price and the expansion of the spot price difference have made the economy of independent energy storage more prominent, with strong installation demand. Meanwhile, the overall increase in production is the main factor suppressing the futures price [3]. 3. Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 73,600, a decrease of 150; SMM industrial - grade lithium carbonate has an average price of 71,350, a decrease of 150. The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 [1][2]. - Futures contracts: Lithium carbonate 2510 has a closing price of 72,680 with a decline of 0.57%; lithium carbonate 2511 has a closing price of 72,880 with a decline of 0.95%; lithium carbonate 2512 has a closing price of 72,940 with a decline of 0.98%; lithium carbonate 2601 has a closing price of 72,820 with a decline of 1.09%; lithium carbonate 2602 has a closing price of 72,600 with a decline of 1.04% [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 857, an increase of 44. Lithium mica with Li20: 1.5% - 2.0% has a price of 1140; with Li20: 2.0% - 2.5% has a price of 1875; phosphate - lithium - aluminum ore with Li20: 6% - 7% has a price of 6150; with Li20: 7% - 8% has a price of 7285 [1][2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 33,650, a decrease of 40; the average price of ternary material 811 (polycrystalline/power type) is 148,800, an increase of 750; the average price of ternary material 523 (single - crystal/power type) is 121,350, an increase of 600; the average price of ternary material 613 (single - crystal/power type) is 126,200, an increase of 600 [2]. Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 2,250; the price difference between battery - grade lithium carbonate and the main contract is 720, with a change of 1010; the price difference between the near - month and the first - continuous contract is - 200, with a change of 100; the price difference between the near - month and the second - continuous contract is - 260, with a change of 60 [2]. Inventory - The total inventory (weekly, tons) is 136,825, a decrease of 706; the inventory of smelters (weekly, tons) is 33,492, a decrease of 964; the inventory of downstream (weekly, tons) is 60,893, an increase of 1398; the inventory of others (weekly, tons) is 42,440, a decrease of 1140; the registered warehouse receipts (daily, tons) is 40,329, an increase of 20 [2]. Profit Estimation - The cash cost of purchased lithium spodumene concentrate is 75,418, and the profit is - 2,888; the cash cost of purchased lithium mica concentrate and the profit are not clearly presented, but the profit is - 8,189 [3]. Company News - Longpan Times, a joint - venture company of CATL and Longpan Technology, stopped production on September 25th, and most employees are on holiday. It may resume production in November due to the suspension of raw material supply from CATL [3].

Core Viewpoint - The joint venture between CATL and Longpan Technology, Longpan Times, will halt production due to the suspension of raw material supply from CATL's Yichun lithium mine [2] Company Summary - Longpan Times was established in March 2022 and is one of the smelting plants associated with CATL's Yichun lithium mine, with Longpan Technology holding a 70% stake and CATL holding 30% [2] - The company primarily engages in the processing, production, and sales of battery-grade lithium carbonate products [2] - As of September 25, Longpan Times has ceased production, and most employees have been sent on leave, with a potential resumption of operations not expected until November [2] Industry Summary - The suspension of operations at Longpan Times is linked to the anticipated resumption of operations at CATL's Yichun Jiangxiawo lithium mine in November, as per market rumors [2] - Longpan Technology representatives indicated that production in September was normal, but future production will depend on raw material procurement [2] - The company is actively seeking to expand its procurement sources, including mines outside of Jiangxi Province, to expedite the resumption of production lines [2]

Core Viewpoint - The suspension of operations at CATL's Yichun lithium mine has triggered a chain reaction affecting its joint venture with Longpan Technology, leading to production halts at Longpan Times due to raw material shortages [2][3]. Group 1: Company Operations - CATL's Yichun lithium mine ceased operations on August 9, 2023, after the expiration of its mining license, and is currently in the process of applying for a renewal [3]. - Longpan Times, a joint venture between Longpan Technology (70% ownership) and CATL (30% ownership), has stopped production as of September 25, 2023, with expectations to resume by November 2023 [2][3]. - Longpan Times primarily sourced its raw materials from CATL's Yichun mine, which accounted for a significant portion of its production capacity [2][3]. Group 2: Market Impact - The Yichun region has eight large-scale mines with a total production capacity of 43.9 million tons per year, with CATL's Yichun mine contributing 30 million tons per year, representing over 68% of the region's output [3]. - Longpan Times is actively seeking alternative raw material sources, including mines outside Jiangxi province, to mitigate the impact of the supply disruption [3][4].

Core Viewpoint - The suspension of the Ningde Times Yichun lithium mine has led to a chain reaction affecting related companies, particularly Longpan Technology's joint venture, Longpan Times, which has also ceased operations due to a lack of raw materials [1] Group 1: Company Impact - Longpan Times has confirmed that it stopped production on September 25, with most employees on leave, and is not expected to resume operations until November [1] - The primary source of raw materials for Longpan Times is the Ningde Times Yichun Jiangxiawo lithium mine, which has been out of operation since August 9 [1] Group 2: Market Context - The anticipated resumption of operations at the Ningde Times Yichun Jiangxiawo lithium mine is rumored to occur in November, coinciding with Longpan Times' expected timeline for restarting production [1] - Following the suspension of the Yichun lithium mine, Longpan Times has been relying on inventory consumption and limited external sourcing for lithium raw materials [1]

Core Viewpoint - The suspension of operations at CATL's Yichun lithium mine has triggered a chain reaction, leading to the halt of production at the joint venture company Longpan Times, which is significantly reliant on the lithium supply from this mine [3][4]. Group 1: Company Impact - Longpan Times, a joint venture between Longpan Technology and CATL, has ceased production as of September 25, with most employees on leave and expected to resume operations in November [3]. - The Yichun lithium mine, which was the largest lithium producer in Jiangxi, had an annual production capacity of 30 million tons before its suspension, accounting for over 68% of the total production capacity in the region [4]. Group 2: Industry Context - The Yichun lithium mine's mining license expired on August 9, leading to a halt in operations while CATL seeks to renew the license [4]. - Longpan Times has been relying on inventory and limited external sourcing for raw materials since the mine's closure, but sourcing from other mines has proven challenging due to the scale and capacity of the Yichun mine [4].

Core Viewpoint - The suspension of the Yichun lithium mine by CATL has triggered a chain reaction affecting its joint venture with Longpan Technology, leading to production halts at Longpan Times [2][3]. Group 1: Company Impact - CATL's Yichun lithium mine ceased operations on August 9, 2023, due to the expiration of its mining license, and the company is currently working on renewing the license [3]. - Longpan Times, a joint venture between Longpan Technology (70% ownership) and CATL (30% ownership), has stopped production since September 25, 2023, with expectations to resume in November 2023 [2][3]. - The Yichun mine is the largest lithium mine in Jiangxi, with a pre-suspension production capacity of 30 million tons per year, accounting for over 68% of the total production capacity in the region [3]. Group 2: Production and Supply Chain - Longpan Times primarily sourced its lithium ore from CATL's Yichun mine, and after the mine's suspension, it relied on inventory and limited external purchases [2]. - The operational difficulties in sourcing external lithium ore have been highlighted, as other mines cannot replace the capacity lost from the Yichun mine [3]. - Longpan Times is actively seeking to expand its procurement sources, including mines outside Jiangxi province, to resume production as soon as possible [3].

本周三晚上，第一财经记者从锂电业内人士处获悉，因为宁德时代宜春锂矿停止供应原材料，宁德时代 和龙蟠科技（603906.SH）合资公司龙蟠时代将在周四停产。 8月11日早间，宁德时代在投资者互动平台表示，公司在宜春项目采矿许可证8月9日到期后已暂停了开 采作业，正按相关规定尽快办理采矿证延续申请，待获得批复后将尽早恢复生产。 龙蟠时代外采矿目前来看操作难度不小，上述知情人士表示，因为宁德时代枧下窝锂矿是江西宜春在产 规模最大的锂矿，其他矿虽然目前仍在开采，但都没法取代这部分产能。 9月28日，记者实探位于江西省宜春市宜丰县工业园的龙蟠时代工厂，工厂内部人士向记者确认，龙蟠 时代已于9月25日停产，大部分员工已经放假，预计可能要到11月才正式复产。值得注意的是，今年11 月，正是宁德时代宜春枧下窝锂矿复工复产的市场传闻时间。 龙蟠时代成立于2022年3月，是宁德时代宜春锂矿矿区配套的冶炼厂之一，龙蟠科技持股70%，宁德时 代持股30%。公开资料显示，龙蟠时代项目一期投资超25亿元，占地面积达600余亩，建成年产4万吨电 池级碳酸锂生产厂房及配套设施。 相关知情人士向第一财经记者表示，龙蟠时代大部分矿产来源，是来自 ...

智通财经APP获悉，香港联交所最新资料显示，9月22日，瑞银增持龙蟠科技(02465)31.45万股，每股均 价11.7657港元，总金额约为370.03万港元。增持后最新持股数目为849.05万股，最新持股比例为 7.08%。 ...

香港联交所最新资料显示，9月22日，瑞银增持龙蟠科技（603906）(02465)31.45万股，每股均价 11.7657港元，总金额约为370.03万港元。增持后最新持股数目为849.05万股，最新持股比例为7.08%。 ...

Market Overview - The battery sector experienced a decline of 2.31% on the previous trading day, with Naconor leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the battery sector included: - Fangyuan Co., Ltd. (688148) with a closing price of 6.71, up 20.04% [1] - Huazi Technology (300490) at 12.56, up 15.44% [1] - Tianji Co., Ltd. (002759) at 16.30, up 9.99% [1] - Conversely, Naconor (832522) saw a significant decline of 7.66%, closing at 65.71 [2] - Other notable decliners included Honggong Technology (301662) down 7.47% and Kuoguli (301487) down 6.91% [2] Trading Volume and Capital Flow - The battery sector saw a net outflow of 4.296 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.169 billion yuan [2][3] - The trading volume for Fangyuan Co., Ltd. reached 326,400 shares, with a transaction value of 214 million yuan [1] - Huazi Technology had a trading volume of 1,035,900 shares, with a transaction value of 1.273 billion yuan [1] Capital Inflow Analysis - Tianji Co., Ltd. (002759) had a net inflow of 478 million yuan from institutional investors, representing 30.17% of its total trading [3] - Shanshan Co., Ltd. (600884) saw a net inflow of 256 million yuan, accounting for 12.87% [3] - Conversely, Naconor experienced a net outflow of 740 million yuan from institutional investors [3]