Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The macro sentiment remains volatile, leading to increased volatility in the commodity market. Short-term demand for replenishment supports prices after a correction in lithium carbonate futures. In the medium term, supply constraints and rising costs at the mining level maintain an upward price trend for lithium. The cobalt sector is supported by raw material costs, with limited downside potential despite price corrections, and the market is expected to remain in a state of fluctuation [4][9] Summary by Sections 1. Cycle Assessment - Lithium and cobalt core targets have clear investment value, suggesting active positioning. Lithium carbonate prices have significantly corrected, with downstream purchasing concentrated on replenishment. Futures contracts saw a weekly decline of 10.25% to 133,900 CNY/ton for the Wuxi 2605 contract and 10.92% to 132,000 CNY/ton for the Guangxi 2605 contract. Lithium concentrate prices were reported at 1,880 USD/ton, down 90 USD from the previous week [9][14] 2. Company and Industry Dynamics - Recent announcements include support for rural consumption expansion, particularly in new energy vehicles and smart home appliances, as outlined in the 2026 Central Document No. 1. Tian Tie Technology announced its subsidiary completed high-tech enterprise re-certification. Shengxin Lithium Energy plans to acquire a 13.93% stake in Huirong Mining for 1.2597 billion CNY to enhance lithium supply security [18] 3. Core Data on New Energy Materials - January production of domestic lithium carbonate increased by 5% month-on-month, while hydroxide production decreased by 4%. The inventory showed structural adjustments [19][23]

Core Viewpoint - The ongoing lithium resource battle at the beginning of 2026 will see winners not only among the largest players with the most mines but also among those who can transform resource endowments into sustainable competitive advantages through excellent operations, technological breakthroughs, and strategic collaboration [1] Group 1: Capital Operations and Mergers - In early 2026, major lithium companies initiated a series of capital operations focused on resource control, with Tianqi Lithium announcing a fundraising and asset disposal plan to raise approximately 71 billion yuan [2][6] - Morgan Stanley's report indicated that Tianqi Lithium's fundraising could significantly increase the likelihood of subsequent mergers and acquisitions, despite potential dilution risks exceeding 6% [2] - Shengxin Lithium completed the acquisition of the remaining equity in Huirong Mining for 1.26 billion yuan, fully integrating the Sichuan Muroong lithium mine into its portfolio [3][8] Group 2: Strategic Resource Acquisition - Salt Lake Co. announced the acquisition of a 51% stake in Wenkang Salt Lake for 4.605 billion yuan, enhancing its core resource layout in lithium extraction [3][9] - Shengxin Lithium and Zhongxin Innovation signed a framework agreement for deep cooperation, committing to purchase 200,000 tons of lithium salt products from Shengxin Lithium between 2026 and 2030 [9] Group 3: Market Dynamics and Strategic Logic - The series of financing and acquisition actions reflect a common logic: betting on the "certainty" of resource supply amid the uncertainties of fluctuating lithium prices and geopolitical risks [4] - Tianqi Lithium's strategy emphasizes securing resources to stabilize operations during price downturns and capitalize during peaks, moving away from reliance on price speculation [11][12] - The pursuit of low-cost, high-grade resources is seen as a stabilizing factor during market cycles, with Tianqi Lithium's operations achieving significantly lower cash costs compared to industry averages [12] Group 4: Challenges and Risks - Concerns regarding development costs and efficiency arise as mining depths increase, potentially affecting ore grades and recovery rates [17] - The pressure of rising costs due to stricter environmental regulations and labor costs poses significant challenges to resource development [17] - The complexity of overseas operations, including regulatory and community relationship risks, presents additional uncertainties for companies aiming for global expansion [19]

Core Viewpoint - Longyan boss Yao Xiongjie is making significant moves in the lithium industry through the acquisition of Huirong Mining, aiming for full ownership to enhance resource supply stability and reduce reliance on imports [2][5]. Group 1: Acquisition Details - Shengxin Lithium Energy plans to invest 1.26 billion yuan to acquire the remaining 13.9% stake in Huirong Mining, valuing the target at 9 billion yuan [2]. - Prior to this transaction, Shengxin Lithium Energy's subsidiaries held 15.1% and 70.97% stakes in Huirong Mining, respectively [2]. - Upon completion of the acquisition, Shengxin Lithium Energy will fully control Huirong Mining [2]. Group 2: Financial Overview - The total assets of Huirong Mining as of August 31, 2025, are approximately 9.02 billion yuan, with total liabilities of about 1.77 billion yuan, resulting in a net asset value of around 7.25 billion yuan [7]. - For the first eight months of 2025, Huirong Mining reported a net loss of approximately 162.63 million yuan, while the previous year showed a profit of 14.43 million yuan [7]. - Shengxin Lithium Energy is projected to incur losses between 600 million and 850 million yuan for 2025, with a net profit loss of 600 million to 840 million yuan for the same period [12]. Group 3: Market Context and Future Outlook - The core asset of Huirong Mining is the Muzhong Lithium Mine, which is expected to start production in October 2024, with identified Li2O resources of 989,600 tons and an average grade of 1.62% [5]. - The lithium concentrate price is highly influenced by downstream demand and macroeconomic conditions, which could impact the future profitability of the acquisition [8]. - Management anticipates a rebound in the lithium market starting mid-2025, driven by unexpected growth in global energy storage business, which may improve operational performance [10].

Group 1 - The lithium mining index increased by 3%, with most constituent stocks showing positive performance [1] - Major companies such as Zhongjin Mining, Guocheng Mining, Shengxin Lithium Energy, Yahua Group, and Zhongkuang Resources saw significant stock price increases of 7.99%, 6.94%, 6.48%, 4.62%, and 4.49% respectively [1]

2026 年 2 月 6 日 碳酸锂：关注商品宏观情绪变化 | | 邵婉嫕 | | 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | --- | --- | --- | | | 张 | 航 | 投资咨询从业资格号：Z0018008 | zhanghang2@gtht.com | | 【基本面跟踪】 | | | | | | 碳酸锂基本面数据 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | | | 2605合约（收盘价） | 132,780 | -14,440 | -32,040 | -36,000 | -5,160 | 50,580 | | | | 2605合约（成交量） | 531,724 | 219,827 | 10,390 | 67,327 | 227,487 | 456,982 | | | | 2605合约（持仓量） | 329,777 | -30,1 ...

Core Viewpoint - Shengxin Lithium Energy plans to fully acquire Huirong Mining, a top lithium mine in Asia, by paying approximately 1.26 billion yuan for a 13.93% stake, aiming for 100% ownership [1][5][9]. Group 1: Acquisition Details - The total estimated cost for acquiring 100% of Huirong Mining is around 7.4 billion yuan [3]. - Since 2020, Shengxin Lithium has been acquiring shares in Huirong Mining, having spent 3.536 billion yuan to obtain 70.97% of the company by 2025 [2][6]. - After the latest acquisition, Shengxin Lithium will hold 86.07% of Huirong Mining [8]. Group 2: Core Assets and Production Capacity - The core asset of Huirong Mining is the Mu Rong lithium mine, which is the largest hard rock lithium mine in Asia, with a production capacity of 3 million tons per year [10][11]. - The Mu Rong lithium mine has confirmed lithium oxide resources of 989,600 tons and an average grade of 1.62%, making it one of the highest-grade lithium mines in Sichuan [11]. Group 3: Supply Contracts and Strategic Partnerships - Shengxin Lithium has secured contracts for approximately 221,400 tons of lithium salt products, with a significant agreement to supply Huayou Cobalt Group over five years [12][13]. - The estimated value of the supply agreement, based on lithium carbonate futures prices, is about 21.994 billion yuan [14]. - The company is also engaging in a private placement to raise up to 3.2 billion yuan, with strategic investments from Huayou Cobalt Group and Zhongchuang Innovation, enhancing its competitive position [16][18].

公司公告汇总 盛新锂能第八届董事会第二十八次会议审议通过多项议案，并将于2026年2月26日召开2026年第二次 （临时）股东会，股权登记日为2026年2月13日，会议将审议以下事项： - 全资子公司盛屯锂业拟以现金125,970.00万元收购厦门创益持有的惠绒矿业13.99%股权，交易完成后 公司将通过盛屯锂业和启成矿业合计持有惠绒矿业100%股权。惠绒矿业拥有木绒锂矿采矿权，Li₂O资 源量98.96万吨，平均品位1.62%，生产规模300万吨/年。本次交易构成关联交易，不构成重大资产重 组，尚需提交股东会审议。 - 公司拟为下属子公司提供合计不超过150亿元的担保额度，其中为资产负债率高于70%的子公司提供担 保不超过40亿元，为低于70%的子公司提供不超过110亿元，担保方式包括保证、抵押、质押等，有效 期为股东会审议通过之日起十二个月，该议案属特别决议事项，需经出席股东会股东所持表决权的2/3 以上通过。 截至2026年2月5日收盘，盛新锂能(002240)报收于34.11元，下跌5.64%，换手率4.27%，成交量38.95万 手，成交额13.46亿元。 当日关注点 交易信息汇总 2月5日盛新锂能 ...

2月4日晚间盛新锂能(002240)发布公告称，公司全资子公司四川盛屯锂业有限公司拟以近12.60亿元现金，收购厦门创益盛屯新能源产业投 资合伙企业（有限合伙）持有的雅江县惠绒矿业有限责任公司13.93%股权。交易完成后，盛新锂能将100%控股惠绒矿业，进一步夯实锂资 源供应根基。 据公告披露，本次交易前，盛新锂能通过全资子公司盛屯锂业、启成矿业分别持有惠绒矿业15.10%和70.97%股权，厦门创益持有剩余 13.93%股权。 由于厦门创益为盛新锂能关联方，此次股权收购构成关联交易。该事项已通过公司第八届董事会第二十八次会议审议，关联董事回避表决，尚 需提交公司股东会批准。 公告称，惠绒矿业核心资产为四川省雅江县木绒锂矿采矿权。该矿已查明LiO资源量98.96万吨，平均品位1.62%，是四川地区锂矿品位最高 的矿山之一，生产规模达300万吨/年，于2024年10月取得自然资源部颁发的采矿许可证，目前正积极推进开发建设。 此外，惠绒矿业旗下孙公司安泰矿业还持有阿坝州观音桥锂辉石矿采矿权，目前正在办理采矿权延期手续。 本次交易对价参考第三方资产评估结果确定。经广东中广信资产评估有限公司评估，以2025年8月31 ...

中国经济网北京2月5日讯 盛新锂能(002240.SZ)昨晚披露了关于全资子公司盛屯锂业收购惠绒矿业 部分股权暨关联交易的公告。 盛新锂能全资子公司四川盛屯锂业有限公司（以下简称"盛屯锂业"）拟以现金人民币125,970.00万 元收购厦门创益盛屯新能源产业投资合伙企业（有限合伙）（以下简称"厦门创益"）持有的雅江县惠绒 矿业有限责任公司（以下简称"惠绒矿业"或"标的公司"）13.93%股权，本次交易完成后，公司将100% 控股惠绒矿业。 惠绒矿业拥有木绒锂矿的采矿权证，木绒锂矿已查明Li2O资源量98.96万吨，平均品位1.62%，为四 川地区锂矿品位最高的矿山之一，生产规模为300万吨/年，目前正在积极推进矿山开发建设。 2024年、2025年1-8月，惠绒矿业营业收入均为0元，净利润分别为1,443.50万元、-16,262.66万元， 经营活动产生的现金流量净额分别为9,460.89万元、2,560.23万元。 本次交易已经公司第八届董事会第二十八次会议审议通过。本次交易对方厦门创益为公司的关联 方，本次股权收购事项构成关联交易，尚需获得股东会的批准，与该关联交易有利害关系的关联人将回 避表决。本次交 ...

Core Viewpoint - The company, Shengxin Lithium Energy, announced plans to acquire the remaining 13.93% stake in Yajiang Huirong Mining Co., Ltd. for 1.2597 billion yuan, aiming for 100% control of the Huorong lithium mine, a significant asset in its portfolio [1] Group 1 - The acquisition will enhance the company's control over the Huorong lithium mine, which is recognized as a large-scale, high-quality hard rock lithium resource [1] - This move is part of a strategic plan that began with an initial 15.10% stake, gradually increasing through multiple acquisitions to achieve full ownership by 2025 [1] - The company anticipates that the substantial mining scale of the Huorong lithium mine will provide a stable supply of lithium resources, significantly improving its self-sufficiency ratio and market competitiveness [1] Group 2 - Huorong Mining has outlined a borrowing plan to support its business development, seeking a loan of up to 3.3334 billion yuan with a maximum term of 10 years, including a 4-year grace period [1]