Market Overview - On September 18, the energy metals sector declined by 1.29%, with Tibet Mining leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Tibet Mining (000762) closed at 21.91, down 4.11% with a trading volume of 213,900 shares [1] - Rongjie Co. (002192) closed at 34.96, down 4.01% with a trading volume of 114,900 shares [1] - Blue Electric Mining (600711) closed at 8.40, down 4.00% with a trading volume of 1,290,200 shares [1] - Ganfeng Lithium (002460) closed at 48.02, down 3.86% with a trading volume of 983,400 shares [1] - Tianqi Lithium (002466) closed at 43.15, down 3.66% with a trading volume of 508,200 shares [1] - Other notable declines include Sai Rui Drilling (300618) down 3.47% and Shengxin Lithium Energy (002240) down 3.35% [1] Capital Flow Analysis - The energy metals sector experienced a net outflow of 1.765 billion yuan from main funds, while retail funds saw a net inflow of 1.286 billion yuan [1] - Notable net inflows from retail investors were observed in Tibet Mining and Cangge Mining, with 28.16 million yuan and 58.10 million yuan respectively [2] - Conversely, significant net outflows from main funds were recorded for Rongjie Co. and Tibet Mining, with 30.47 million yuan and 35.79 million yuan respectively [2]

Market Overview - On September 17, the energy metals sector rose by 0.63% compared to the previous trading day, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Boqian New Materials (605376) closed at 56.52, with a gain of 4.40% and a trading volume of 132,400 shares, amounting to a transaction value of 746 million yuan [1] - Other notable performers included: - Ganfeng Lithium (002460) at 49.95, up 3.42% with a volume of 951,100 shares [1] - Shengxin Lithium Energy (002240) at 18.53, up 2.49% with a volume of 296,000 shares [1] - Yongxing Materials (002756) at 35.16, up 0.80% with a volume of 76,600 shares [1] - Tianqi Lithium (002466) at 44.79, up 0.67% with a volume of 438,800 shares [1] Capital Flow - The energy metals sector experienced a net outflow of 108 million yuan from institutional investors, while retail investors saw a net inflow of 19.53 million yuan [2] - The capital flow for key stocks included: - Ganfeng Lithium had a net inflow of 238 million yuan from institutional investors [3] - Shengxin Lithium Energy saw a net inflow of 65.21 million yuan from retail investors [3] - Boqian New Materials had a net inflow of 44.15 million yuan from institutional investors [3] Summary of Key Stocks - Ganfeng Lithium (002460) had a significant net outflow from retail investors amounting to 273 million yuan [3] - Shengxin Lithium Energy (002240) faced a net outflow of 35.20 million yuan from retail investors [3] - Tianqi Lithium (002466) experienced a net outflow of 17.93 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news is that Shengxin Lithium Energy has shown significant stock performance and trading activity, indicating investor interest and market dynamics [1][2]. - As of September 17, Shengxin Lithium Energy's stock price increased by 2.05%, reaching 18.45 CNY per share, with a total market capitalization of 16.887 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 33.89%, with notable gains over various trading periods, including a 43.25% increase over the past 60 days [2]. Group 2 - Shengxin Lithium Energy's main business involves the production and sale of lithium-related products, with 100% of its revenue derived from the new energy sector [2]. - The company reported a significant decline in financial performance for the first half of 2025, with operating revenue of 1.614 billion CNY, down 37.42% year-on-year, and a net profit loss of 841 million CNY, a decrease of 349.88% [2]. - The company has distributed a total of 929 million CNY in dividends since its A-share listing, with 811 million CNY distributed over the past three years [3].

Investment Rating - The report maintains an "Overweight" rating for the industry [1]. Core Insights - The performance of A-share game companies in H1 2025 is strong, driven by two innovative game categories: "Micro Horror Search and Fight" and "Overseas SLG" [2]. - "Micro Horror Search and Fight" is expected to become a long-lasting game with a high profit margin, enhancing the performance of companies like Giant Network [2]. - The overseas SLG market is entering a new expansion cycle, with leading companies showing significant advantages [2]. Summary by Sections 1. Micro Horror Search and Fight: Long-lasting Games with High DAU - The "Search and Fight" category creates a loop of investment, risk, and return, making players addicted through high failure penalties and strong victory rewards [10]. - The game "Supernatural Action Group" targets the casual social and female-oriented segment, with no current competitors in the market, indicating potential for sustained growth [2][20]. - The female gaming market is projected to reach 8 billion yuan in 2024, growing by 124.1% year-on-year, highlighting the increasing importance of female players [11]. 2. Overseas SLG: New Expansion Cycle in the Industry - The overseas SLG mobile game market is expected to reach $124.64 billion in 2024 and $73.08 billion in H1 2025, with year-on-year growth of 17% and 25% respectively [43]. - Chinese companies are projected to generate $185.57 billion in overseas revenue in 2024, with strategy games accounting for 41.38% of the top 100 games [43]. - SLG games have high user value, with the average revenue per download (RPD) for 4X SLG being 8-9 times higher than the overall mobile game level [44]. 3. Major Companies - Giant Network is expected to benefit significantly from "Supernatural Action Group," which could lead to a "Davis Double" effect, enhancing both revenue and valuation [71].

证券日报网讯盛新锂能9月15日在互动平台回答投资者提问时表示，上半年锂盐行业受周期下行的影 响，产品价格低位运行，对公司生产经营和业绩产生较大影响；同时公司根据会计准则计提了资产减值 准备，因汇率变动确认了汇兑损失，上述事项综合影响了公司上半年的业绩情况。7月以来，锂盐价格 自前期低位有所反弹，公司也将努力做好各项经营管理工作，改善公司盈利能力。 （文章来源：证券日报） ...

证券日报网讯盛新锂能（002240）9月15日在互动平台回答投资者提问时表示，公司将密切关注行业及 市场变化，加强对相关风险的预判和应对能力，并努力做好各项经营管理工作，改善公司盈利能力。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301219 | 腾远钻业 | 69.96 | -4.86% | 11.88万 | 8.49 Z | | 300618 | 塞锐钻√ | 50.45 | -3.90% | 33.61万 | 17.41亿 | | 600711 | 蓝电矿业 | 8.77 | -3.09% | 112.45万 | 2666.6 | | 6633209 | 永杉锂业 | 10.02 | -0.89% | 12.72万 | 1.29亿 | | 000762 | 西藏矿业 | 23.09 | -0.26% | 20.37万 | 4.73 Z | | 603799 | 华友钻业 | 52.25 | -0.10% | 115.57万 | 61.80亿 | | 002756 | 永兴材料 | 35.54 | 0.17% | 13.04万 | 4.68亿 | | 002192 | 融捷股份 | 36.83 | 0.71% | 10.50万 | 3.90亿 | | 002240 | ...

Market Overview - On September 11, the energy metals sector rose by 0.93% compared to the previous trading day, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Boqian New Materials (605376) closed at 48.67, with a gain of 2.90% and a trading volume of 54,700 shares, amounting to a transaction value of 263 million yuan [1] - Shengdian Mining (600711) closed at 8.84, up 2.43%, with a trading volume of 979,100 shares and a transaction value of 853 million yuan [1] - Other notable performers include: - Sai Rui Aluminum (300618) at 53.04, up 2.00% [1] - Cangge Mining (000408) at 55.75, up 1.75% [1] - Huayou Cobalt (603799) at 51.65, up 1.27% [1] Capital Flow - The energy metals sector experienced a net outflow of 702 million yuan from institutional investors, while retail investors saw a net inflow of 453 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Shengtun Mining (600711) had a net outflow of 83.81 million yuan from institutional investors, while retail investors contributed a net inflow of 30.98 million yuan [3] - Boqian New Materials (605376) saw a net inflow of 10.27 million yuan from institutional investors, but a net outflow of 13.89 million yuan from retail investors [3] - Other stocks like Rongjie Co. (002192) and Yongsan Lithium (603399) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - The report from Huafu Securities indicates that Shengxin Lithium Energy reported a net profit attributable to shareholders of -840 million yuan for the first half of the year, with a significant decline in performance due to falling lithium carbonate prices and inventory impairment losses [1] Financial Performance - Shengxin Lithium Energy's net profit attributable to shareholders for the first half of 2024 was -187 million yuan, a year-on-year decrease of 650 million yuan [1] - In Q2 2025, the net profit attributable to shareholders was -686 million yuan, a quarter-on-quarter decrease of 530 million yuan [1] - The non-recurring net profit attributable to shareholders was -693 million yuan, a quarter-on-quarter decrease of 490 million yuan [1] - Asset impairment losses amounted to 438 million yuan, accounting for 43% of the total profit for the first half of the year [1] Project Development - The Indonesian Shengtuo lithium salt project, with an annual production capacity of 60,000 tons, commenced trial production in June 2024, making it the largest overseas lithium extraction project by capacity [1] - The project primarily supplies overseas markets, and as of the mid-year report, certification work for some core customers has been completed, with bulk supply already initiated [1] Competitive Advantage - In the context of export restrictions on lithium product production technology, the company has strategically positioned itself with overseas lithium salt plants, enhancing its competitive advantage [1] - The company is rapidly improving its ability to ensure and service global customers [1] - With the upcoming ramp-up of overseas smelting capacity and the potential future output from low-cost wood wool mines, the company maintains a "buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Views - The report highlights that the company's performance has been pressured by declining lithium prices, with a notable decrease in revenue and net profit for the first half of 2025. However, the overseas expansion efforts are beginning to show results [3][4][5]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 1.614 billion yuan, a year-on-year decrease of 37.42%. The net profit attributable to the parent company was -840 million yuan, compared to -187 million yuan in the same period of 2024 [4]. - The average price of battery-grade lithium carbonate fell by 32.13% year-on-year, impacting the company's revenue from lithium business, which decreased by 37% to 1.614 billion yuan in 2025H1 [5]. - The company reported a gross profit margin of -3.72% in the first half of 2025, down 6.87 percentage points year-on-year [5]. Resource and Production Capacity - The company has significant lithium production capacity, with the Yilonggou spodumene mine capable of producing approximately 75,000 tons of lithium concentrate annually, and the Sabi Star lithium-tantalum mine with a capacity of 290,000 tons per year [5]. - The Muroong lithium mine has confirmed Li2O resources of 989,600 tons, making it one of the highest-grade lithium mines in Sichuan [6]. Overseas Expansion - The company has made progress in its overseas lithium salt plant in Indonesia, which has a production capacity of 60,000 tons per year and has begun trial production [6]. - The completion of core customer certifications for the Indonesian lithium salt project is expected to enhance the company's competitive advantage and service capabilities in the global market [6]. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to the parent company for 2025-2027 is -690 million yuan, 260 million yuan, and 420 million yuan, respectively, reflecting adjustments in lithium prices and production volumes [7]. - The report maintains a "Buy" rating, considering the upcoming increase in overseas smelting capacity and the potential for the low-cost Muroong mine to ramp up production in the long term [7].