Core Insights - The article highlights the upcoming CINE2025 Solid-State Battery Exhibition and Industry Annual Conference scheduled for November 6-8, 2025, in Guangzhou, which aims to showcase advancements in solid-state battery technology and industry developments [2][3]. Event Details - The event is organized by Qidian Solid-State Battery, Qidian Lithium Battery, and SSBA Solid-State Battery Alliance, with Ru Tian Technology as the main sponsor [2]. - The scale of the event includes over 200 exhibitors, more than 2,000 participating companies, and around 20,000 professional attendees [2]. - Concurrent activities include the 2025 Qidian Solid-State Battery Golden Ding Award Ceremony and the SSBA Solid-State Battery Industry Alliance Council [2]. Industry Developments - Tibet Mining Development Co., Ltd. announced the successful completion of a 120-hour functional assessment for its lithium carbonate project at the Zabuye Salt Lake, marking the start of large-scale production [3]. - The Zabuye Salt Lake is noted as the world's third-largest and Asia's largest lithium salt lake, with proven lithium reserves of 1.841 million tons and a lithium concentration second only to Chile's Atacama Salt Lake [3]. - The project utilizes a "membrane separation + MVR" process, significantly reducing energy consumption and carbon emissions while shortening the production cycle from 18 months to 3 months [3]. - The launch of this project is expected to enhance China's lithium resource self-sufficiency, as Tibet's salt lake lithium resources account for 33% of the national total [3].

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [66]. Core Views - Recent disruptions in copper mining, particularly the mudslide incident at Freeport McMoRan's Grasberg mine, have raised concerns about copper supply, potentially leading to price increases as demand peaks in the industrial metals sector [5][57]. - The Federal Reserve's recent interest rate cut is expected to support metal prices, particularly as the domestic industrial metal demand season approaches [5][59]. - The report highlights significant price movements in various metal markets, with copper prices reaching $10,275 per ton and gold prices increasing to $3,780.50 per ounce as of September 25, 2025 [24][36]. Market Review - As of September 25, 2025, the non-ferrous metals industry has seen a 1.28% increase over the past two weeks, outperforming the CSI 300 index by 0.28 percentage points, ranking 9th among 31 sectors [12]. - Year-to-date, the non-ferrous metals industry has risen by 56.32%, significantly outperforming the CSI 300 index, which has increased by 39.58% [12]. - The energy metals sector has shown a notable increase of 4.68% in the last two weeks, while the small metals sector has decreased by 5.42% [19][18]. Price Analysis - As of September 25, 2025, the following prices were recorded: LME copper at $10,275/ton, LME aluminum at $2,664/ton, LME lead at $2,009/ton, LME zinc at $2,922.50/ton, LME nickel at $15,240/ton, and LME tin at $34,390/ton [24][58]. - Gold prices have increased by $264.4 since the beginning of September, with COMEX silver also showing a rise of $4.72 [36][59]. - The report notes a decline in rare earth prices, with the rare earth price index at 217.37, down 9.56 from the beginning of September [42][60]. Company Recommendations - The report suggests monitoring companies such as Xingye Silver Tin (000426) and Luoyang Molybdenum (603993) in the industrial metals sector [5][59]. - In the gold sector, Zijin Mining (601899) is recommended due to its potential for growth amid rising gold prices [59]. - For small metals, companies like Xiamen Tungsten (600549), China Rare Earth (000831), and Jieli Permanent Magnet (300748) are highlighted for their market positions [61].

Core Viewpoint - The first large-scale lithium extraction project from a salt lake in Tibet has officially commenced production, marking a significant milestone for the company and the industry [1][5]. Company Summary - The project, located in the Zabuye salt lake, has a designed annual production capacity of 9,600 tons of battery-grade lithium carbonate, 2,400 tons of industrial-grade lithium carbonate, 156,000 tons of potassium chloride, and 200 tons of rubidium and cesium mixed salt [1][7]. - The project was initially planned to be completed by July 2023 but faced delays due to various issues, including construction violations, and only entered trial production in June 2024 [4][9]. - The company estimates that the new production capacity could generate over 1 billion yuan in annual revenue, which is crucial given the current downturn in the lithium industry [3][8]. Industry Summary - The Zabuye project is the first large-scale industrial facility globally to utilize membrane separation and MVR technology for lithium extraction, indicating a technological advancement in the industry [7]. - The domestic market price for battery-grade lithium carbonate is currently around 73,700 yuan per ton, while potassium chloride is priced at approximately 3,100 yuan per ton, suggesting a potential project value of about 1.192 billion yuan upon full capacity [7][8]. - The overall development of salt lake resources in Tibet is lagging behind that of Qinghai, but with the launch of projects like Zabuye, there is potential for accelerated scaling in the region, aiming for a combined capacity of over 80,000 tons of lithium salts in the medium to long term [11][12].

Group 1 - The lithium mining sector experienced significant fluctuations, with companies like Zhezhong Co., Ltd. hitting the daily limit up, and Fangyuan Co., Ltd. previously reaching a 20% limit up [1] - Other companies in the sector, such as Xinwangda, Zhongwei Co., Ltd., Huayou Cobalt, and Tibet Mining, also showed notable gains [1]

Core Insights - The announcement from Tibet Mining indicates the official launch of the 10,000-ton battery-grade lithium carbonate project at the Zabuye Salt Lake, marking the end of the trial production phase and the beginning of large-scale production [1][2][3] Group 1: Project Overview - The Zabuye Salt Lake is the largest lithium salt lake in Asia and the third largest in the world, with high lithium concentration and low magnesium-lithium ratio, making it a valuable resource [2][3] - The project is the world's first to utilize a membrane separation and MVR lithium extraction process, which involves complex technical adjustments and environmental adaptations [2] - The project has faced delays and challenges, including issues with power supply and regulatory compliance, but has now successfully completed a 120-hour functional assessment [2][5][6] Group 2: Market Context - The lithium market has experienced significant price fluctuations, with prices rising from a shortage to oversupply, impacting the project's timeline and economic viability [1][5] - The project aims to produce 10,000 tons of lithium salt annually, which is relatively small compared to other industry players, potentially limiting its impact on the overall market [4][6] Group 3: Competitive Position - Tibet Mining claims a cost advantage over other domestic salt lakes, with extraction costs 20% lower than competitors and 50%-70% lower than traditional lithium mining [6] - Other companies, such as Salt Lake Co., are also ramping up lithium production, with their projects showing significant progress and profitability [7]

Core Viewpoint - On September 26, a total of 6 listed companies had their restricted shares unlocked, with a total market value of approximately 11.125 billion yuan [1] Summary by Category Restricted Share Unlocking Details - The companies involved in the unlocking of restricted shares include: - Xizang Mining (Stock Code: 000762) with 99,600 shares from equity incentive restrictions - Huayou Cobalt (Stock Code: 603799) with 3.4138 million shares from equity incentive restrictions - Ziyan Food (Stock Code: 603057) with 344 million shares from pre-issue share restrictions - Haoshanghao (Stock Code: 001298) with 626,400 shares from equity incentive restrictions - Runbei Hangke (Stock Code: 001316) with 663,900 shares from equity incentive restrictions - Xinke Mobile (Stock Code: 688387) with 638 million shares unlocked [1]

证券日报网讯 9月25日晚间，西藏矿业发布公告称，西藏扎布耶盐湖绿色综合开发利用万吨电池级碳酸 锂项目于2025年9月20日至24日顺利完成120小时的功能考核，标志着该项目正式投产。 （文章来源：证券日报） ...

Core Insights - The energy metals sector experienced a rise of 1.36% on September 25, with Shengtu Mining leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Energy Metals Sector Performance - Shengtu Mining (600711) closed at 8.60, up 3.37% with a trading volume of 1.5912 million shares and a transaction value of 1.377 billion [1] - Tianqi Lithium (002466) closed at 44.69, up 3.11% with a trading volume of 738,300 shares [1] - Yongxing Materials (002756) closed at 35.29, up 2.23% with a trading volume of 137,900 shares [1] - Other notable performers include: - Cangge Mining (000408) at 55.14, up 1.92% [1] - Shengxin Lithium Energy (002240) at 18.18, up 1.68% [1] - Ganfeng Lithium (002460) at 55.73, up 1.47% [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 147 million in main funds, while retail funds experienced a net outflow of 27.5759 million [2] - Major stocks in the sector showed varied capital flows, with Tianqi Lithium seeing a main fund inflow of 260 million [3] - Cangge Mining had a main fund inflow of 59.2092 million, while Shengtu Mining experienced a main fund inflow of 46.1362 million [3]

Core Viewpoint - The company has successfully completed the functional assessment of its lithium extraction project, marking the official commencement of production in September 2025 [1] Group 1: Project Overview - The project involves the green comprehensive development and utilization of a lithium carbonate project at the Zabuye Salt Lake, with a capacity of 10,000 tons [1] - It is the world's first project to utilize membrane separation combined with MVR technology for lithium extraction from salt lakes [1] Group 2: Technical and Environmental Challenges - The project faces complex technical debugging, environmental adaptation, and product validation due to its large industrial scale [1] - The construction is located in a high-altitude, cold region, presenting significant challenges [1] Group 3: Project Timeline - The project was initially announced on August 27, 2021, with subsequent progress updates released in November 2023 and July 2024 [1] - The functional assessment was completed successfully over a 120-hour period from September 20 to 24, 2025 [1]

Core Viewpoint - The announcement from Tibet Mining (000762.SZ) highlights the successful completion of a 120-hour functional assessment for the lithium carbonate project at the Zabuye Salt Lake, marking the official commencement of production for this significant industrial facility [1] Group 1: Project Details - The Zabuye Salt Lake lithium carbonate project is set to produce battery-grade lithium carbonate [1] - The project utilizes a unique membrane separation and MVR (Mechanical Vapor Recompression) technology, making it the first of its kind globally [1] - The project is classified as a large-scale industrial installation [1]