机构专用席位买入额排名：中微公司(3.54亿元)、天山铝业(1.27亿元)、金力永磁(7222.25万元)、灿芯股 份(7068万元)、盐湖股份(5942.21万元)、晋控电力(5920.88万元)、晶科能源(5650万元)、锦龙股份 (5319.86万元)、湖南白银(4888万元)、云天励飞-U(4743.6万元)、利民股份(1765.87万元)、超图软件 (1425.06万元)、宁德时代(1168.46万元)、藏格矿业(1130.23万元)、融发核电(892万元)、国盛智科(800.12 万元)、创业慧康(776.1万元)、概伦电子(734.16万元)、北京君正(356.92万元)、康泰医学(308.2万元)、国 轩高科(257.4万元)、天孚通信(235.32万元)、海得控制(205.95万元)、浪潮信息(202.28万元)。 Wind数据显示，今日(10月13日)A股共78只个股发生大宗交易，总成交29.25亿元，其中顺丰控股、中微 公司、光启技术成交额居前，成交额依次为7.17亿元、3.57亿元、2.99亿元。 成交价方面，共20只股票平价成交，7只股票溢价成交，51只股票折价成交；美的集团、北方股 ...

Group 1 - On October 13, Cangge Mining conducted a block trade of 187,000 shares, with a transaction amount of 11.3023 million yuan, accounting for 1.3% of the total transaction amount for the day [1] - The transaction price was 60.44 yuan, which was flat compared to the market closing price of 60.44 yuan [1] - The block trade included two transactions: one for 68,000 shares at 4.1099 million yuan and another for 119,000 shares at 7.1924 million yuan, both executed by institutional investors [2]

行业 碳酸锂期货日报 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 每日报告 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 日期 2025 年 10 月 13 日 一、 行情回顾与操作建议 图1：碳酸锂现货价及价差 图2：碳酸锂期货持仓量成交量 数据来源：Wind，建信期货研究发展部 碳酸锂期货下跌，中国对重量能量密度大于等于 300 Wh/kg 的锂电池出口管制， 涉及范围相对较小，对盘面利空影响有限，不过藏格矿业拿到锂矿证，复产在即 对盘面压力明显，早盘碳酸锂低开，不过随着午后 A 股跌幅扩大，空头情绪传染 下碳酸锂跌势扩大。现货电碳持平 73550，澳矿跌 2.5 至 827.5，锂云母矿跌 25 至 1810，盐厂生产情况有所好转，外购锂辉 ...

Core Viewpoint - Cangge Mining's stock price has shown significant growth this year, with a notable increase in both revenue and net profit, despite a slight decline in operating income for the first half of 2025 [2][3]. Company Performance - Cangge Mining's stock price has increased by 122.40% year-to-date, with a 9.32% rise in the last five trading days, 7.00% in the last 20 days, and 45.85% in the last 60 days [2]. - For the first half of 2025, the company reported operating income of 1.678 billion yuan, a decrease of 4.74% year-on-year, while net profit attributable to shareholders reached 1.8 billion yuan, an increase of 38.80% [2]. Shareholder Information - As of July 18, 2025, Cangge Mining had 29,400 shareholders, an increase of 4.41% from the previous period, with an average of 53,435 circulating shares per shareholder, down 4.22% [2]. - The company has distributed a total of 9.629 billion yuan in dividends since its A-share listing, with 5.998 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 5.1863 million shares to 31.1514 million shares, and Shenwan Hongyuan Securities Co., Ltd., which increased its holdings by 2.9574 million shares to 18.1181 million shares [3].

Group 1: Cangge Mining (藏格矿业) - Cangge Mining's subsidiary, Golmud Cangge Potash Fertilizer Co., Ltd., has obtained the property rights certificate and mining license for the Chaka Salt Lake potash and magnesium mine, covering an area of 724.3493 square kilometers [1] - The mining rights will support long-term potash development, stabilize potassium chloride supply, and contribute to national food security while clarifying the legal basis for lithium resource development [1] - This acquisition enhances the company's core competitiveness by maximizing resource value through the comprehensive utilization of co-mined minerals such as lithium and boron [1] Group 2: Ganfeng Lithium (赣锋锂业) - Ganfeng Lithium has reported a significant stock price fluctuation, with a cumulative increase of over 20% in three consecutive trading days, indicating abnormal trading activity [2] - The company claims to have a complete integrated layout for solid-state batteries and commercial capabilities, with developments in key areas such as sulfide electrolytes and lithium metal anodes [2] - Ganfeng Lithium has launched high-energy density batteries suitable for low-altitude economy applications, achieving energy densities between 320Wh/kg and 550Wh/kg, and has established partnerships with well-known drone and eVTOL companies [2] Group 3: Guiguan Electric Power (桂冠电力) - Guiguan Electric Power reported a total power generation of 31.848 billion kWh in the first three quarters of 2025, representing a year-on-year increase of 14.89% [3] - The growth in power generation is primarily driven by an increase in hydropower generation, which rose by 21.93%, and a significant expansion in renewable energy capacity [3] - The company is well-positioned in the new power system construction due to its hydropower resource advantages and renewable energy layout, although it must remain vigilant regarding water flow fluctuations and changes in renewable energy consumption policies [3]

Group 1 - Cangge Mining's subsidiary has obtained mining rights and licenses, providing legal support for lithium extraction from salt lakes [1] - The mining area covers 724.3493 square kilometers, with a depth range from 2680 meters to 2658 meters, focusing on potassium salts and associated minerals [1] - This acquisition strengthens Cangge Mining's core business in potassium fertilizers and clears legal obstacles for lithium extraction, enhancing its competitive edge in the renewable energy sector [1] Group 2 - Ganfeng Lithium has reported a significant stock price fluctuation, with a cumulative increase of over 20% in three trading days [2] - The company claims to have a complete integrated layout for solid-state batteries, with capabilities in key production areas and partnerships with well-known drone and eVTOL companies [2] - Ganfeng Lithium's high-energy-density batteries have a range of 320Wh/kg to 550Wh/kg and can achieve up to 1000 cycles, indicating strong commercial potential [2] Group 3 - Guiguan Electric has achieved a total power generation of 31.848 billion kWh in the first three quarters of 2025, marking a year-on-year increase of 14.89% [3] - Hydropower generation increased by 21.93%, while thermal power and wind power saw declines, with solar power generation rising by 52.20% [3] - The growth in power generation is attributed to increased water inflow in hydropower plants and the expansion of renewable energy capacity [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The precious metals market is expected to remain in a high - level and strong - side oscillation in the short term due to market uncertainties and supply - demand tensions, despite recent price corrections caused by factors such as the cease - fire in Gaza and the rise of the US dollar [1][2] - The copper market shows tight supply at the mine end and weakening terminal consumption. Copper prices may need to consolidate after reaching the pressure level, and a low - buying approach is recommended [5][7] - Alumina is in an oversupply situation, and its price is expected to be in a low - level oscillation until large - scale production cuts occur [14] - Cast aluminum alloy prices are expected to be strong along with aluminum prices, supported by cost factors [18][19] - Aluminum prices are likely to maintain an upward trend due to the influence of interest - rate cut expectations and the overall strength of the non - ferrous metal sector, despite short - term seasonal inventory accumulation [26] - Zinc prices may be supported by overseas inventory reduction but could face downward pressure if there is large - scale LME warehousing. Short - term prices may be strong, but selling on rallies is advisable [29][30] - Lead prices may rise in the short term due to inventory reduction but could fall back later as supply is expected to increase while consumption shows no significant improvement [35][36] - Nickel prices are expected to oscillate within a range determined by supply surplus and cost support, following the rhythm of macro - sentiment [38][40] - Stainless steel prices are likely to oscillate widely, with overseas policy relaxation potentially boosting exports and domestic demand remaining stable [43][45] - Industrial silicon prices may oscillate within a certain range. There may be a slight surplus in November, which could limit price increases [48][50] - Polysilicon prices may face downward pressure from supply - demand imbalances in October but could see price increases due to potential capacity integration. Low - buying after sufficient corrections is recommended [52] - Lithium carbonate prices are expected to maintain an oscillating pattern as both upward and downward driving forces are limited [56][58] - Tin prices are expected to oscillate at a high level in the short term, and the progress of mine resumption in Myanmar should be monitored [60][64] 3. Summary by Related Catalogs Precious Metals Market Review - London gold closed down 1.6% at $3976.28 per ounce, London silver closed up 0.66% at $49.205 per ounce. Shanghai gold and silver futures also showed corresponding price changes [1] - The US dollar index rose 0.63% to 99.538, the 10 - year US Treasury yield was at 4.144%, and the RMB exchange rate against the US dollar fell 0.14% to 7.1309 [1] Important资讯 - The US government is expected to release the CPI report during the shutdown. Fed officials have different views on interest - rate cuts. The first - stage Gaza cease - fire agreement has taken effect, and the Congo (Kinshasa) central bank plans to build gold reserves [1] Logic Analysis - The cease - fire in Gaza led to profit - taking in gold, and the rise of the US dollar pressured precious metals. However, market uncertainties and supply - demand tensions in silver support precious metals to oscillate strongly at high levels [2] Trading Strategy - For single - side trading, a low - buying approach is recommended. For arbitrage, stay on the sidelines. Buy deep - out - of - the - money call options on silver [3] Copper Market Review - Shanghai copper 2511 contract closed at 86,650 yuan per ton, up 0.86%. LME copper closed at $10,776.5 per ton, up 0.71%. LME and COMEX inventories increased [5] Important资讯 - Fed officials have different views on interest - rate cuts. Zambia plans to increase copper production, and some mines have production adjustments [5][6] Logic Analysis - Mine supply is tight, and terminal consumption is weak. The market expects copper prices to need consolidation after reaching the pressure level [7] Trading Strategy - For single - side trading, buy on dips cautiously. Hold long - short arbitrage across markets and consider long - short arbitrage across periods after domestic inventory decline. Stay on the sidelines for options [7][8] Alumina Market Review - Alumina 2601 contract fell 8 yuan to 2,875 yuan per ton. Spot prices in different regions showed declines [10][12] Important资讯 - An electrolytic aluminum plant in Xinjiang tendered for alumina, and the winning price decreased. Alumina inventory increased, and there is a monthly supply surplus. Production costs and profits have changed [12][13] Logic Analysis - Alumina supply is increasing, resulting in an oversupply situation. Prices are expected to oscillate at low levels until large - scale production cuts [14] Trading Strategy - Alumina prices are expected to be weak. Stay on the sidelines for arbitrage and options [15] Cast Aluminum Alloy Market Review - The night - session casting aluminum alloy 2511 contract rose 65 yuan to 20,550 yuan per ton. Spot prices were stable [18] Important资讯 - The SHFE aluminum alloy warehouse receipts increased, and most aluminum die - casting enterprises had extended holidays [18] Logic Analysis - The high price of scrap aluminum and cost factors support the price of cast aluminum alloy [19] Trading Strategy - Cast aluminum alloy prices are expected to be strong. Stay on the sidelines for arbitrage and options [20] Electrolytic Aluminum Market Review - The night - session Shanghai aluminum 2511 contract rose 95 yuan to 21,100 yuan per ton. Spot prices in different regions increased [22][25] Important资讯 - The US government is in a shutdown, and Fed officials have differences in interest - rate cut views. Production costs decreased, and inventory increased [25][26] Logic Analysis - Aluminum prices are rising due to interest - rate cut expectations and sector strength. Short - term inventory accumulation has limited impact on prices [26] Trading Strategy - Adopt a long - position approach for aluminum prices. Stay on the sidelines for arbitrage and options [27][28] Zinc Market Review - LME zinc rose 0.63% to $3,014 per ton, Shanghai zinc 2511 rose 0.61% to 22,335 yuan per ton. Spot market trading was mainly among traders [29] Important资讯 - Domestic zinc inventory increased, and a mine in Congo (Kinshasa) increased production [29] Logic Analysis - Overseas inventory reduction supports zinc prices, but potential LME warehousing could lead to price drops [30] Trading Strategy - Zinc prices may be strong in the short term, but sell on rallies. Stay on the sidelines for arbitrage. Sell out - of - the - money call options [31] Lead Market Review - LME lead rose 0.75% to $2,020.5 per ton, Shanghai lead 2511 rose 0.44% to 17,115 yuan per ton. Spot market trading was light [34] Important资讯 - Lead inventory decreased, and a lead - zinc mine's production resumption was postponed [35] Logic Analysis - The lead market has tight raw - material supply, potential production changes at smelters, and weak consumption [35][36] Trading Strategy - Lead prices may rise and then fall. Stay on the sidelines for arbitrage. Sell out - of - the money call options [36][37] Nickel Market Review - LME nickel rose to $15,485 per ton, and Shanghai nickel rose to 123,620 yuan per ton. Spot premiums showed some changes [38] Important资讯 - A nickel mine in Indonesia plans to start production, and Indonesia has introduced a new mining - license policy. There are export controls on lithium - battery - related products [38] Logic Analysis - Nickel prices are affected by factors such as inventory increase, export controls, and market sentiment, and are expected to oscillate within a range [38][40] Trading Strategy - Nickel prices are expected to oscillate widely. Stay on the sidelines for arbitrage and options [41] Stainless Steel Market Review - The stainless - steel main contract rose to 12,845 yuan per ton. Spot prices were in a certain range [43] Important资讯 - India relaxed import - certification requirements, a typhoon affected some processing enterprises, and Indonesia won an anti - dumping lawsuit [43] Logic Analysis - Overseas policy relaxation may boost exports, and domestic demand is stable. Prices are expected to oscillate widely [45] Trading Strategy - Stainless - steel prices are expected to oscillate widely. Stay on the sidelines for arbitrage [46] Industrial Silicon Market Review - Industrial silicon futures fell 0.29% to 8,640 yuan per ton. Spot prices were stable [48] Important资讯 - The government issued a notice on price management. Some silicon plants had production adjustments [48] Logic Analysis - There may be a slight surplus in November, and prices are expected to oscillate within a range [48][50] Trading Strategy - Trade within the range for single - side trading. Stay on the sidelines for options and arbitrage [50] Polysilicon Market Review - Polysilicon futures closed flat at 50,765 yuan per ton. Spot prices were stable [52] Important资讯 - The government issued a notice on price management. Polysilicon production and demand changed [52] Logic Analysis - Supply - demand imbalances in October may lead to price pressure, but capacity integration may push up prices. Buying at low levels after corrections is advisable [52] Trading Strategy - Buy after sufficient corrections for single - side trading. Hold reverse arbitrage for 2511 and 2512 contracts. Buy both out - of - the - money call and put options [54] Lithium Carbonate Market Review - Lithium carbonate 2511 contract rose to 73,340 yuan per ton. Spot prices were stable [56] Important资讯 - A company obtained mining rights, there were export controls, and some lithium - related projects had developments [56] Logic Analysis - Production increased slightly, inventory decreased, and prices are expected to oscillate [58] Trading Strategy - Lithium carbonate prices are expected to oscillate widely. Stay on the sidelines for arbitrage and options [58] Tin Market Review - Shanghai tin 2511 contract rose 0.82% to 287,400 yuan per ton. Spot prices increased, but market activity was low [60] Important资讯 - Fed - related news, and Indonesia adjusted its tin - trading system and carried out industry governance [60][62] Logic Analysis - The supply of tin mines is tight, and demand is weak. Pay attention to mine resumption and consumption recovery [63] Trading Strategy - Tin prices are expected to oscillate at a high level in the short term. Monitor the resumption of mines in Myanmar [64]

证券代码：000408 证券简称：藏格矿业 公告编号：2025-078 4、面积：724.3493 平方公里 关于藏格钾肥取得不动产权证书（采矿权）与采矿许可证的公告 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。 近日，藏格矿业股份有限公司（以下简称"公司"）全资子公司格尔木藏格 钾肥有限公司（以下简称"藏格钾肥"）收到了中华人民共和国自然资源部颁发 的《不动产权证书（采矿权）》与《采矿许可证》。具体情况如下： 一、《不动产权证书（采矿权）》主要信息 1、证号：DC6300002010066120068127 2、 矿山名称：格尔木藏格钾肥有限公司察尔汗盐湖钾镁矿 3、矿山地址：青海省海西蒙古族藏族自治州格尔木市 藏格矿业股份有限公司 3、单位地址：青海省海西州格尔木市昆仑南路 15-02 号 1 4、企业类型：有限责任公司 5、矿山名称及地址：与《不动产权证书（采矿权）》一致 5、开采深度：由 2680 米至 2658 米标高 6、开采矿种：主矿种为钾盐，共伴生矿种为矿盐、镁盐、锂矿、硼矿 7、权利期限：2025 年 08 月 10 日至 2029 年 1 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The report emphasizes the significance of the recent issuance of the "Mining License" and "Property Rights Certificate" by the Ministry of Natural Resources, which alleviates market concerns regarding the company's ability to continue lithium salt operations [1][4] - The company is positioned to benefit from its high-quality assets, favorable timing, and promising collaborations, particularly in copper, potassium chloride, and lithium carbonate sectors [2] - The report forecasts a substantial increase in net profit for the years 2025 to 2027, with expected figures of 34.39 billion, 49.06 billion, and 62.26 billion respectively, indicating a strong growth trajectory [2][3] Summary by Sections Company Overview - The company, Cangge Mining (000408.SZ), has received essential mining licenses that support its long-term development in potassium and lithium resources [1][4] Financial Projections - Revenue and net profit projections for 2025-2027 are as follows: - Revenue: 34.39 billion (2025), 49.06 billion (2026), 62.26 billion (2027) - Net Profit: 3.43 billion (2025), 4.91 billion (2026), 6.22 billion (2027) [3] - Earnings per share (EPS) are projected to be 2.19 (2025), 3.12 (2026), and 3.96 (2027) [3] Market Position - The company is strategically positioned in the market with significant assets in the Chaharhan Salt Lake and a stake in Jilong Copper, which are expected to enhance its competitive edge [2]

新能源及有色金属日报 | 2025-10-10 多空博弈剧烈，碳酸锂高开低走 市场分析 2025-10-09，碳酸锂主力合约2511开于73200元/吨，收于73340元/吨，当日收盘价较昨日结算价变化0.27%。当日成 交量为361093手，持仓量为229022手，前一交易日持仓量231964手，根据SMM现货报价，目前基差为170元/吨（电 碳均价-期货）。当日碳酸锂仓单42379手，较上个交易日变化670手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价72900-74200元/吨，较前一交易日变化0元/吨，工业级碳酸锂报价 70700-71900元/吨，较前一交易日变化0元/吨。6%锂精矿价格830美元/吨，较前一日变化-5美元/吨。据SMM数据， 节后首个工作日市场成交清淡，上下游均持观望态度。供应方面，锂辉石端和盐湖端均有新产线投产，预计10月 碳酸锂总产量仍具备增长潜力。需求方面，动力市场新能源汽车商用乘用同时快速增长；储能市场供需两旺。整 体来看，10月供应虽稳步增长，形成阶段性供应偏紧态势。 根据最新统计周度数据，周度产量增加119吨至20635吨，以锂辉石生产产量小幅增加，云母生产产量小幅 ...