江特电机表示，上述事项不会影响公司的日常经营活动，公司将根据《企业会计准则第24号-套期会计》对公司商品期货和衍生品业务进行账务处理，是 否对全年的利润产生影响以实际盈亏为准。 近期，碳酸锂期货持续大涨，价格从9月低位不足7万元/吨涨至目前超12万元/吨，各路资金蜂拥而至，将价格不断推高。12月24日收盘大涨5.89%，报 124720元/吨。虽然12月25日价格有所波动，但整体上涨趋势未改。 12月25日，江特电机（002176）发布关于开展商品期货和衍生品业务的进展公告。公司用于对冲现货风险的碳酸锂期货空单，因价格持续飙升，已确认及 浮亏金额超过1000万元。 据此前公告，公司2025年11月14日和12月1日分别召开了董事会会议和临时股东会，审议通过了《关于开展2026年度商品期货和衍生品业务及可行性分析 的议案》，同意公司及子公司开展商品期货和衍生品业务，交易品种为碳酸锂、纯碱和铜。 最新公告显示，近日，经公司初步测算，公司商品期货和衍生品交易已确认损益及浮动亏损金额已达到公司最近一年经审计的归属于上市公司股东净利润 的10%且绝对金额超过1000万元，具体以会计师事务所的审计结果为准。 亏损原因方面 ...

"做空"本是套期保值的常规动作，却在碳酸锂身上演成了"吞金兽"。今日，江特电机一纸公告震惊市 场：公司用于对冲现货风险的碳酸锂期货空单，因价格持续飙升，已确认及浮亏金额超过1000万元！ 在碳酸锂如此狂飙的行情之下，竟然还敢坚持做空，让我们一起来看看到底是怎么个事儿？ 01 资金狂潮下的价格狂飙 这种狂热背后，是供需格局的实质性收紧。据上海钢联数据，12月国内锂盐厂库存仅剩2.4万吨，社会 库存连续13周下降，累计去库2.2万吨，创期货上市以来新低。与此同时，储能领域需求爆发式增长： 2026年全球储能市场预计维持50%增速，国内12月"动力 + 储能 + 消费"电池排产量达220GWh，环比增 长5.3%，其中储能占比显著提升。供需错配下，碳酸锂价格开启"长周期紧平衡"通道。 12月24日晚间，广期所紧急调整交易规则，将碳酸锂期货LC2601-LC2605合约的最小开仓下单数量从1 手提升至5手，并对非期货公司会员的单日开仓量实施400手限额，试图为过热的市场降温。12月25日， 市场情绪出现分化，早盘，碳酸锂价格一度下探，但尾盘又再度上扬，显示出市场多空双方激烈博弈， 价格波动加剧。 风浪越大鱼越贵，波动 ...

江西特种电机股份有限公司 证券代码：002176 证券简称：江特电机 公告编号：2025-075 为规避产品价格波动给公司带来的经营风险，和减少因原材料价格波动造成 的成本波动对生产经营影响，公司及子公司根据生产经营计划，开展了商品期货 和衍生品业务，以降低原料、产品等市场价格波动对公司生产经营成本及主营产 品价格的影响。但因近期碳酸锂期货价格持续上涨，导致公司期货账户出现亏损。 三、对公司的影响 上述事项不会影响公司的日常经营活动，公司将根据《企业会计准则第 24 号-套期会计》对公司商品期货和衍生品业务进行账务处理，是否对全年的利润 产生影响以实际盈亏为准。 四、风险提示 关于开展商品期货和衍生品业务的进展公告 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。 一、情况概述 江西特种电机股份有限公司(以下简称"公司")于 2025 年 11 月 14 日和 2025 年 12 月 1 日分别召开了第十一届董事会第二次会议和 2025 年第三次临时股东会， 审议通过了《关于开展 2026 年度商品期货和衍生品业务及可行性分析的议案》， 同意公司及子公司开展商品 ...

Group 1 - Jiangte Electric's stock price increased by 0.72% to 9.80 CNY per share, with a trading volume of 679 million CNY and a turnover rate of 4.07%, resulting in a total market capitalization of 16.722 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 6.29% during this period [1] - Jiangte Electric, established on May 11, 1995, and listed on October 12, 2007, primarily engages in lithium mica mining and lithium carbonate processing, as well as the research, production, and sales of special motors [1] Group 2 - Among Jiangte Electric's top ten circulating shareholders, Huaxia Fund's Huaxia CSI 1000 ETF (159845) reduced its holdings by 18,300 shares in Q3, now holding 9.273 million shares, which is 0.54% of the circulating shares [2] - The ETF has generated a floating profit of approximately 649,100 CNY today and 5.3783 million CNY during the four-day increase [2] - The Huaxia CSI 1000 ETF was established on March 18, 2021, with a current scale of 45.469 billion CNY and a year-to-date return of 25.59% [2] Group 3 - The fund manager of Huaxia CSI 1000 ETF is Zhao Zongting, who has been in the position for 8 years and 254 days, managing assets totaling 355.865 billion CNY [3] - During his tenure, the best fund return was 122.72%, while the worst was -32.63% [3] Group 4 - Huaxia Fund's Huaxia CSI Machine Tool ETF (159663) increased its holdings in Jiangte Electric by 127,500 shares in Q3, now holding 481,000 shares, which is 3.36% of the fund's net value [4] - The ETF has generated a floating profit of approximately 33,700 CNY today and 279,000 CNY during the four-day increase [4] - The Huaxia CSI Machine Tool ETF was established on October 12, 2022, with a current scale of 143 million CNY and a year-to-date return of 49.3% [4] Group 5 - The fund manager of Huaxia CSI Machine Tool ETF is Si Fan, who has been in the position for 4 years and 173 days, managing assets totaling 7.494 billion CNY [5] - During his tenure, the best fund return was 77.82%, while the worst was -35.4% [5]

（文章来源：证券日报） 证券日报网讯 12月23日，江特电机在互动平台回答投资者提问时表示，公司将依照信息披露的公平原 则和一贯性原则，在定期报告中披露对应期末时点的股东情况。 ...

Group 1 - The core viewpoint of the article highlights a significant increase in lithium carbonate futures prices, with the main contract rising by 5.02% to 112,640.0 yuan/ton as of the report date [1] - The supply side indicates a slight increase in domestic lithium carbonate production, which rose by 59 tons to 22,000 tons last week, while spodumene production saw a minor increase and salt lake production experienced seasonal declines [2] - On the demand side, despite the increasing penetration rate of new energy vehicles, there is a potential risk of decreased automobile sales in late 2025, which could impact the growth of the power battery market and overall demand for lithium carbonate [2] Group 2 - The short-term outlook suggests that lithium carbonate futures prices will be driven by market optimism, but there are concerns about supply shocks from unexpected resumption of production and potential declines due to downstream maintenance [3] - The long-term perspective remains positive, as the demand growth logic in core applications such as new energy power batteries and energy storage has not fundamentally changed, supporting the long-term value of lithium carbonate [3] - There are still opportunities for buying on dips in lithium carbonate, indicating a favorable investment sentiment in the sector [3]

Core Viewpoint - Jiangte Electric's stock price has experienced fluctuations, with a year-to-date increase of 24.70% but a recent decline in the last 5, 20, and 60 trading days [1] Group 1: Stock Performance - As of December 18, Jiangte Electric's stock price was 9.24 CNY per share, with a market capitalization of 15.766 billion CNY [1] - The stock has seen a net outflow of 49.12 million CNY in principal funds, with significant selling pressure in large orders [1] - The company has appeared on the trading leaderboard three times this year, with the most recent net buy of 277 million CNY on October 30 [1] Group 2: Financial Performance - For the period from January to September 2025, Jiangte Electric reported a revenue of 1.432 billion CNY, reflecting a year-on-year growth of 14.62% [2] - The net profit attributable to shareholders was -113 million CNY, a decrease of 37.31% compared to the previous year [2] Group 3: Business Overview - Jiangte Electric specializes in lithium mica mining and lithium carbonate processing, as well as the research, production, and sales of special motors [1] - The revenue composition includes 49.80% from motor products and 47.21% from lithium mining and lithium salt manufacturing [1] Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 222,500, with an average of 7,666 circulating shares per person [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with changes in their holdings noted [3]

Report Summary 1. Core View - The recent sharp rise in lithium carbonate prices is due to two reasons: the market's expectation of supply contraction has increased after Jiangte Motor's announcement of the proposed cancellation of mining rights, and the previous day's market rumor that the resumption of production at Shixiaowo has encountered obstacles again, leading to the failure of the supply release expectation. The main contract closed at 108,620 yuan/ton, with a gain of 7.61%. It is expected that lithium carbonate will experience a correction after short - term high - level fluctuations, and attention should be paid to the resistance level of 115,000 yuan/ton [6]. 2. Specific Information Mining Rights Cancellation - On December 17, 2025, Jiangte Motor announced that the Yichun Natural Resources Bureau website recently released a notice to cancel 27 mining rights, including its Jiangxi Yifeng County Shiziling Mining Area lithium - bearing porcelain stone mine. Among the 27 mining licenses, 17 are for ceramic clay mines, 7 are for limestone, and others include kaolin and quartzite. The expiration of these licenses has little impact on the lithium carbonate market supply, and previous similar announcements in Yichun have not significantly affected the market [5]. Price Fluctuation Reasons - The sharp rise in lithium carbonate prices after the announcement is due to market sentiment being affected by Jiangte's announcement and media reports, which increased the expectation of supply contraction, and the previous day's rumor of production resumption obstacles at Shixiaowo, which also contributed to the price increase [6]. Market Outlook - As the lc2601 contract is about to enter the delivery month, the short - term market is expected to experience high - level fluctuations followed by a correction. Attention should be paid to the resistance level of 115,000 yuan/ton. The Guangzhou Futures Exchange has issued a market risk warning, and attention should also be paid to the weekly inventory data released on Thursday. If the de - stocking speed slows down or fails to meet expectations, market sentiment may decline [6][7].

Core Viewpoint - Jiangxi Jiangte Trading Co., Ltd. has been established with a registered capital of 100 million yuan, focusing on the sale of metal ores, metal materials, and high-performance non-ferrous metal alloys, fully owned by Jiangte Electric (002176) [1][2]. Company Information - The company is registered in Yichun City, Jiangxi Province, with a legal representative named Liu Zhilin [2]. - The business scope includes general items such as metal ore sales, chemical product sales (excluding licensed chemical products), and import-export activities [2]. - The company is classified as a limited liability company and is currently in operation with no fixed business duration [2]. Shareholder Structure - Jiangte Electric Co., Ltd. holds 100% ownership of Jiangxi Jiangte Trading Co., Ltd., with a subscribed capital of 100 million yuan [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The lithium carbonate futures rose, with the intraday gain of the main contract approaching the daily limit. The market continued to trade on the disturbance in Yichun's mining end. After the market on Tuesday, Jiangte Motor announced the proposed cancellation of its Shiziling mining area, which pushed up the lithium price. The 05 - 01 spread narrowed to 1800, and the prices in the industrial chain showed a stable upward trend. With the short - term supply - side disturbance, the market's bullish sentiment was high, breaking through the previous high, and a new round of upward trend in lithium prices was expected [11]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The lithium carbonate futures rose, and the intraday gain of the main contract almost hit the daily limit. The market focused on the mining - end disturbance in Yichun. After the market on Tuesday, Jiangte Motor's announcement of the proposed cancellation of the Shiziling mining area led to the high - opening and high - walking of the lithium price during the day. The 05 - 01 spread narrowed to 1800. The spot price of electric carbon increased by 1200 to 97050, the price of spodumene rose by 70 to 1330, the price of lepidolite increased by 85 to 2785, the price of ternary materials increased by 200 - 300, and the price of lithium iron phosphate rose by 280 - 295. The upward trend in the industrial chain was stable, and the lithium price was expected to continue rising [11]. 3.2. Industry News - A joint report by global consulting firm Kearney and the World Economic Forum showed that the global lithium supply can only meet one - third (35%) of the predicted demand in 2035. The report warned that the pace of global electrification, digitalization, and emission reduction is faster than the supply speed of mineral resources. The lithium supply needs to more than double by 2035, and the production of rare - earth elements and copper must increase by over 50%. By 2035, electric vehicles will account for 86% of the total lithium demand, 55% of the cobalt demand, and one - third of the total rare - earth consumption. Even if all announced projects are implemented, existing mines and smelters can only meet 35 - 45% of the predicted demand for lithium and graphite. There is a significant time mismatch in the value chain due to the long development cycle (10 - 20 years) of new mining projects compared to the 1 - 3 - year scale - up time for battery and motor factories. To achieve electrification goals, 60 million kilometers of transmission lines need to be newly built or replaced by 2035, and the grid infrastructure will account for 22% of the global copper demand, 29% of the vanadium demand, and 7% of the lithium demand [12]. - J.P. Morgan's latest report predicted that the average price of lithium carbonate in 2026 will be $17,500 per ton, a 43% increase from the previous forecast, and $22,000 per ton in 2027, a 66% increase. It is estimated that the lithium production of Chilean lithium producer SQM in 2026 will reach 275,000 tons of lithium carbonate equivalent, with 250,000 tons from Chile and 25,000 tons from Australia. The demand for energy - storage system batteries in 2026 is expected to reach 900 gigawatt - hours, a 17% increase from the previous forecast, and energy - storage systems will account for 34% of the total lithium demand in 2026, rising to 42% by 2030 [12]. - The Yichun Natural Resources Bureau recently issued a public notice on the proposed cancellation of 27 mining rights, which attracted wide attention in the domestic lithium - battery industry, and some involved enterprises raised objections. Jiangte Motor's Shiziling mining area in Yifeng County, Jiangxi Province, is one of the 27 mining rights to be cancelled. On the evening of December 16, Jiangte Motor announced that it had submitted an objection application to the Yichun Natural Resources Bureau, proposed relevant solutions, and tried its best to renew the mining license for the Shiziling mining area. The company also stated that the notice is a proposed cancellation notice, and the final decision depends on the Yichun Natural Resources Bureau. The company obtained the mining license for the Shiziling mining area in 2014 and renewed it in 2019, with an annual production scale of 1.2 million tons and a mining area of 0.1114 square kilometers [13].