Group 1 - The agricultural chemical sector increased by 2.4% on September 5, with Salt Lake Co. leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the agricultural chemical sector showed significant price increases, with Salt Lake Co. rising by 5.59% to a closing price of 20.20 [1] Group 2 - The agricultural chemical sector saw a net inflow of 232 million yuan from main funds, while retail investors experienced a net outflow of 259 million yuan [2] - Salt Lake Co. had a main fund net inflow of 100 million yuan, but also saw a retail net outflow of 38.62 million yuan [3] - Other notable stocks like Yun Tianhua and Xin'an Co. also experienced varying levels of fund inflows and outflows, indicating mixed investor sentiment [3]

Group 1 - On September 5, Salt Lake Co., Ltd. executed a block trade of 1.3822 million shares, with a transaction value of 27.4777 million yuan, accounting for 1.31% of the total trading volume for the day [1] - The transaction price was 19.88 yuan, which represents a discount of 1.58% compared to the market closing price of 20.2 yuan [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On September 4, 2025, the 2511 contract of lithium carbonate futures rose 1.05% to 73,420 yuan/ton. The average price of battery - grade lithium carbonate decreased by 900 yuan/ton to 75,000 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 900 yuan/ton to 72,700 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 150 yuan/ton to 75,850 yuan/ton. The warehouse receipt inventory increased by 830 tons to 34,948 tons [3]. - Regarding the policy inspection of the compliance of mining rights for salt - lake lithium extraction in Qinghai, Salt Lake Co., Ltd. (000792) stated that the company's mining business is fully compliant and its production and operation are stable [3]. - In terms of supply, the weekly output increased by 389 tons to 19,419 tons. In September, the lithium carbonate output is expected to increase by 1.7% to 86,730 tons, mainly from lithium - spodumene extraction and a small amount from lithium recycling. In terms of demand, the output of ternary materials in September decreased by 1.5% to 72,330 tons, while that of lithium iron phosphate increased by 6% to 335,250 tons. In terms of inventory, the total inventory continued to decline significantly, with the weekly inventory decreasing by 1,044 tons to 140,092 tons [3]. - Affected by market news, the futures price rose rapidly yesterday with an intraday amplitude of 4.57%. There is still great uncertainty in the Jiangxi mining end, and there are many market rumors. The market may still fluctuate in the short term [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 73,420 yuan/ton, up 1,540 yuan; the closing price of the continuous contract was 73,000 yuan/ton, up 920 yuan. The price of lithium - spodumene concentrate (6%, CIF China) was 874 US dollars/ton, up 2 US dollars [5]. - Lithium ore: The price of lithium mica (Li₂O: 1.5% - 2.0%) was 1,157.5 yuan/ton, down 17.5 yuan; the price of lithium mica (Li₂O: 2.0% - 2.5%) was 1,865 yuan/ton, down 20 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 75,000 yuan/ton, down 900 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 72,700 yuan/ton, down 900 yuan [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) was 75,850 yuan/ton, down 150 yuan; the price of battery - grade lithium hydroxide (micropowder) was 80,820 yuan/ton, down 150 yuan [5]. - Other products: The price of hexafluorophosphate lithium remained unchanged at 56,000 yuan/ton. The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,300 yuan/ton [5]. 3.2 Chart Analysis - **Ore prices**: Charts show the price trends of lithium - spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%) from 2024 to 2025 [6][8]. - **Lithium and lithium salt prices**: Charts display the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, etc. from 2024 to 2025 [11][14]. - **Price differences**: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [17][18]. - **Precursors and cathode materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium from 2024 to 2025 [24][26][28]. - **Lithium battery prices**: Charts display the price trends of 523 square ternary battery cells, square lithium - iron - phosphate battery cells, cobalt - acid battery cells, and square lithium - iron - phosphate batteries from 2024 to 2025 [30][33]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from January 16, 2025, to September 4, 2025 [37][39]. - **Production costs**: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [43].

Report Industry Investment Rating - No explicit industry investment rating is provided in the report. Report's Core View - On September 4, the main contract of lithium carbonate futures rebounded after hitting a low. The spot market had fair trading volume, and the basis premium decreased. The cost side saw an increase in the price of spodumene concentrate and a decrease in the price of lepidolite. The supply side witnessed a rise in lithium carbonate production last week, with a slight increase in the production of lithium carbonate from different raw materials. In terms of downstream demand, the production of lithium iron phosphate increased last week, while the production of ternary materials decreased. In September, the scheduled production of lithium cobalt oxide and lithium manganate increased. The production of power batteries increased last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production slowed down in August, the 3C shipments were average, and the scheduled production of energy storage batteries increased in September. In terms of inventory, the registered warehouse receipts were 34,948 (+830) tons, and the social inventory decreased. Considering all factors, with good profits, high lithium carbonate production, rising downstream demand, and decreasing social inventory, the short - term supply and demand both strengthened. The impact from the Jiangxi mine end has been eliminated, and the short - term fundamentals have not changed much. The market is still easily affected by news. It is expected that the lithium carbonate price will fluctuate widely, and it is not advisable to be overly bearish. Operationally, it is recommended to conduct short - term range trading, appropriately buy options to protect positions, and take appropriate profit - taking on the previously bought straddle options. [1] Summary According to Related Information Market Data - **Futures Prices**: On September 4, 2025, the closing price of the near - month contract was 73,000 yuan/ton, that of the consecutive - one contract was 73,340 yuan/ton, the consecutive - two contract was 73,580 yuan/ton, and the consecutive - three contract was 77,700 yuan/ton. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures was 712,151 (+269,351) lots, and the open interest was 353,674 (+7,626) lots. - **Inventory**: The registered warehouse receipts were 34,948 (+830) tons. - **Spreads**: The spread between the near - month and consecutive - one contracts was - 340 yuan/ton, the spread between the consecutive - one and consecutive - two contracts was - 140 yuan/ton, and the spread between the consecutive - two and consecutive - three contracts was 440 yuan/ton. The basis was 1,580 yuan/ton. - **Spot Prices**: The average price of SMM battery - grade lithium carbonate was 75,000 yuan/ton, and the price of spodumene concentrate (6%, CIF China) was 874 US dollars/ton. [1] Industry News - **Salt Lake Mining Rights**: Salt Lake Co., Ltd. (000792) responded during a research reception that the current mining rights compliance inspection is a new trend of stricter industry supervision, reflecting the strict control of the regulatory authorities over the compliance of lithium resource development and utilization activities. The company's mining business is fully compliant, and its production and operation are running stably. - **Ioneer's Project**: Ioneer reduced the leaching time and increased the plant output. The economic viability of its Rhyolite Ridge project in Nevada has been substantially improved. The updated mine plan shows that the unlevered net present value of the mine increased by 38% to $1.89 billion, and the unlevered internal rate of return rose to 16.8%. From the third to the twenty - fifth year, the annual production of lithium carbonate equivalent increased by 20% to 255,000 tons, and the production of lithium carbonate increased by 9% to 126,700 tons. The estimated all - sustaining cash cost of lithium carbonate equivalent is $5,626/ton, and the ore throughput increased by 25% from 2.4 million tons per year to 3 million tons per year. - **Kodal Minerals' Project**: Kodal Minerals obtained an export license for the spodumene concentrate produced from its Bougouni lithium project in southern Mali. The initial export volume is 125,000 tons, but the final administrative steps in the export process need to be completed. [1]

Core Viewpoint - The A-share market for lithium mining stocks experienced significant gains in the afternoon session, indicating strong investor interest and market momentum in this sector [1] Group 1: Stock Performance - XINWANDA saw an increase of over 14% [1] - Ganfeng Lithium reached a 10% limit up [1] - Yihui Lithium Energy rose by more than 9% [1] - Defang Nano and Tianqi Lithium both increased by over 8% [1] - Zhongmin Resources and Yongxing Materials both gained over 7% [1] - Dongyangguang, Shengxin Lithium Energy, Tibet Zhufeng, and Huayou Cobalt all rose by over 6% [1] - Rongjie Co., Naipu Mining, Guocheng Mining, Salt Lake Co., and Jiangte Electric all saw increases of over 5% [1]

Group 1: Liquidity and Performance of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 6.52%, with a transaction volume of 144 million yuan [2] - Over the past week, the average daily transaction volume of the rare metal ETF reached 228 million yuan, ranking first among comparable funds [2] - The rare metal ETF's scale increased by 68.32 million yuan in the past week, achieving significant growth and ranking first among comparable funds [2] - The latest share count of the rare metal ETF reached 2.992 billion shares, a new high since its inception, also ranking first among comparable funds [2] - In the last five days, the rare metal ETF experienced continuous net inflows, with a maximum single-day net inflow of 116 million yuan, totaling 333 million yuan [2] - As of September 4, 2025, the net value of the rare metal ETF increased by 77.68% over the past year, ranking 433 out of 3004 in the index stock fund category, placing it in the top 14.41% [2] - The highest monthly return since inception for the rare metal ETF was 24.02%, with the longest consecutive monthly increase being four months and a maximum increase of 58.56% [2] - The average return during the rising months was 8.77%, and the annualized excess return over the benchmark for the past three months was 9.14% [2] Group 2: Market Trends and Company Performance - The rare metal sector is experiencing multiple favorable factors, with rising rare earth prices improving the profitability of related companies [3] - Shenghe Resources reported significant year-on-year growth in rare earth and rare metal production and sales for the first half of 2025, driven by changes in market supply and demand dynamics [3] - The gross profit margin for Shenghe Resources reached 8.42% in H1 2025, an increase of 6.95 percentage points year-on-year, with Q2 2025 gross profit margin at 8.84%, up 5.82 percentage points year-on-year [3] - The company is strengthening its rare earth industry chain layout through a diversified raw material supply assurance system, indicating potential for continued performance improvement [3] - CITIC Construction pointed out that the monetary easing from the Federal Reserve and domestic policies aimed at optimizing production factors are conducive to the upward transmission of metal prices to downstream sectors [3] - The valuation of the industrial metal sector is currently low, suggesting potential for upward correction [3] - 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 Ganfeng Lithium [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The lithium carbonate futures rose as the market speculated on the change of mine types in Yichun. However, in the afternoon, the increase narrowed due to the broader decline in the A - share market. With the spot price remaining higher than the futures price, stronger price - holding at the mine end, the arrival of the peak demand season, and the uncertainty of the mine type change in Yichun, lithium prices are expected to stop falling and rebound [10] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The lithium carbonate futures increased, with the main contract reaching a maximum of 74,440. The spot price dropped by 900 to 75,000, the Australian ore price remained flat at 850, and the lithium mica ore price dropped by 20 to 1,865. The production losses of salt plants using purchased lithium spodumene and lithium mica expanded to 1,567 and 6,991 respectively [10] 3.2 Industry News - Salt Lake Co., Ltd. (000792) responded to the policy investigation on the compliance of salt - lake lithium extraction mining rights in Qinghai, stating that its mining business is fully compliant and production is stable [13] - Ascend Elements announced the first commercial production of black recycled lithium carbonate with a purity of over 99% at its facility in Georgia. The company plans to expand the annual production of recycled lithium carbonate in the US and Europe to over 15,000 tons by 2027 [13]

Group 1 - Rare metal concept stocks have strengthened, with Ganfeng Lithium rising over 6%, Tianqi Lithium and Zhongkuang Resources rising over 5%, and Salt Lake Co. rising over 4% [1] - The ETF tracking the CSI Rare Metals Theme Index has increased by over 3% due to market influence [1] Group 2 - The CSI Rare Metals Theme Index selects no more than 50 listed companies involved in the mining, smelting, and processing of rare metals to reflect the overall performance of rare metal theme stocks [2] - Analysts indicate that strategic minor metal reserves are limited, mining is challenging, and supply elasticity is insufficient, while downstream demand in sectors like new energy, semiconductors, and military industry is rapidly growing, exacerbating supply-demand conflicts [2] - With the continued prominence of resource scarcity, upgrading demand structure, and policy regulation, minor metal prices are expected to maintain an upward trend, benefiting companies with resource reserves, technological barriers, and compliant export channels [2]

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

Group 1 - Yong'an Guofu recently conducted research on a listed company, Salt Lake Co., which operates the Chaka Salt Lake scenic area through its subsidiary, Dream Tourism Company [1] - Salt Lake Co. is involved in the production of lithium resources for electric vehicle batteries, supporting the development of the new energy vehicle sector [1] Group 2 - Yong'an Futures Co., Ltd. is a New Third Board listed company with a registered capital of 1.31 billion RMB, maintaining a strong market position in Zhejiang Province [2] - The company has been ranked among the top ten futures companies in China for eighteen consecutive years, indicating its stability and market presence [2] - Yong'an Futures operates in various business areas including commodity futures brokerage, financial futures brokerage, investment consulting, asset management, and fund sales, with a focus on becoming a leading comprehensive financial derivatives service provider [2]