1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to domestic new - energy vehicle countryside promotion and 618 promotion policies, the domestic lithium carbonate social inventory has been continuously decreasing. However, because of the decreasing domestic lithium carbonate production cost and the loosening supply - demand expectation, the lithium carbonate price may be strong first and then weak. It is recommended that investors mainly conduct range operations, paying attention to the support level around 55,000 - 58,000 and the pressure level around 63,000 - 65,000 [1][4] - The lithium carbonate basis is positive and the monthly spread is positive, and both are basically in a reasonable range. This is due to the promotion of new - energy vehicles in the countryside in China, the initial decline of domestic lithium carbonate social inventory, the decreasing lithium ore price leading to the downward shift of production cost, and the loose supply - demand expectation of domestic lithium carbonate in June. It is recommended that investors temporarily wait and see the arbitrage opportunities of lithium carbonate basis and monthly spread [5][7] 3. Summary According to Related Catalogs Supply Side Lithium Ore and Lithium Concentrate - The price of domestic (imported) lithium ore has been oscillating downward (decreasing). Tianqi Lithium's Greenbushes lithium mine's 520,000 - ton wet - process project may be put into production in October 2025, and the total capacity will reach 2.14 million tons/year, which will lead to the oscillating decline (decrease) of the price of domestic (imported) lithium ore. The domestic lithium concentrate production (import) volume in June may increase (decrease) month - on - month [8][10][13] Lithium Carbonate - The production volume of domestic lithium carbonate (industrial and battery - grade) in June may increase (both increase) month - on - month, and the supply expectation is loose. Yabao's Chengdu lithium salt production line will start maintenance before June 2025. Guangdong Haohai Lithium's 6,000 - ton battery - grade lithium carbonate production capacity may be put into production in July 2025, and Zijin Liyuan's 25,000 - ton production capacity for preparing battery - grade lithium carbonate from crude carbon will be completed and put into production in December 2025. The import window is closed, but Ganfeng Lithium's 20,000 - ton lithium chloride production capacity project in the Mariana lithium salt lake in Argentina was officially put into production in February, which may lead to the month - on - month increase of China's lithium carbonate import volume in June [3][29][36] - The cash production cost of producing lithium carbonate from imported lithium spodumene and lithium mica concentrate is about 65,500 and 65,600 yuan/ton respectively, resulting in negative production profit. The quarterly production profit of producing lithium carbonate from lithium mica/lithium spodumene/salt lake integration is negative/positive/positive. The daily theoretical delivery and import profit of Chinese lithium carbonate are both negative [21][23][25] - The capacity utilization rate (production volume) of Chinese lithium carbonate has increased (increased) compared with last week, and the social inventory of Chinese lithium carbonate has decreased compared with last week. The daily theoretical delivery profit of Chinese lithium carbonate is negative, which makes the inventory of Guangzhou Futures Exchange's lithium carbonate decrease compared with last week [27][30][32] Lithium Hydroxide - The daily cash production cost of Chinese smelting (causticizing) method lithium hydroxide is 58,600 (64,600) yuan/ton, and the production profit is positive (negative). The monthly processing fee from coarse - grained to micron - sized lithium hydroxide has decreased. Hainan Mining's 20,000 - ton lithium hydroxide smelting capacity passed the sampling inspection of the first batch of products in May, and Yahua Group plans to build a 30,000 - ton lithium hydroxide production line before the end of 2025. The production volume of Chinese lithium hydroxide (smelting and causticizing methods) in June may decrease (decrease for smelting, increase for causticizing) month - on - month, the inventory (of smelters and downstream) in June may increase (increase for smelters, decrease for downstream) month - on - month, and the export volume in June may increase month - on - month because the daily export profit is negative [38][40][49] Demand Side Downstream Products of Lithium - The monthly average production cost of Chinese iron phosphate is 11,000 - 13,000 yuan/ton. The production volume (inventory) of Chinese iron phosphate in June may increase (decrease) month - on - month. The monthly average production cost of Chinese iron phosphate lithium from different production processes is 32,000 - 41,000 yuan/ton, and the inventory of Chinese iron phosphate lithium factories has decreased compared with last week. The production volume of Chinese iron phosphate lithium (iron manganese phosphate lithium) in June may increase (both increase) month - on - month [55][65][69] - The monthly production cost of producing nickel sulfate from MHP/high - grade nickel matte integration in Indonesia is 114,500/121,800 yuan/ton of nickel, and the production profit is positive. The production (import) volume of Chinese nickel sulfate in June may increase (decrease) month - on - month. The production volume of Chinese cobalt - acid lithium in June may decrease month - on - month, and the production volume of Chinese manganese - acid lithium in June may increase month - on - month [4][72][74] - The monthly production cost of producing ternary precursor from externally purchased raw materials is 83,000 yuan/ton, and the production profit is negative. The production volume of Chinese ternary precursor in June may decrease month - on - month, and the export volume may increase month - on - month. The monthly processing fee of Chinese ternary materials has decreased month - on - month. The monthly average production cost of polycrystalline consumer - type 5 - series ternary materials is 114,300 yuan/ton, and the production profit is negative. The inventory of Chinese ternary material factories has decreased compared with last week, which may lead to the month - on - month increase of the production volume of Chinese ternary materials in June [84][95][98] - The daily production profit of producing solid - state lithium hexafluorophosphate from externally purchased lithium fluoride is negative. The production (export) volume of Chinese lithium hexafluorophosphate in June may increase (both increase) month - on - month [104][106][108] Batteries and New - Energy Vehicles - The weekly production cost of various types of Chinese battery cells has decreased. The production (shipment and inventory) volume of Chinese energy - storage battery cells in June may increase (all increase) month - on - month, and the production (shipment and inventory) volume of Chinese power battery cells in June may increase (all increase) month - on - month. Zhejiang Jiaxing Aolifu Photovoltaic Technology's 2GWh iron phosphate lithium energy - storage battery manufacturing project in Heilongjiang may be put into production at the end of October 2025 [112][115][117] - The production (sales) volume of Chinese new - energy vehicles in June may increase (both increase) month - on - month [127][129]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-072 江西赣锋锂业集团股份有限公司 关于担保额度调剂及为控股子公司提供担保的进展公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，无 虚假记载、误导性陈述或者重大遗漏。 一、担保调剂和担保情况概述 （一）担保审批情况与担保调剂 1、江西赣锋锂业集团股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第五届董事会第七十五次会议、于 2024 年 6 月 25 日召开 2023 年年度股东大会审议通过了《关于公司及子公司对外担 保额度预计的议案》。同意公司向子公司提供连带责任保证担保额度 合计人民币 1,355,000 万元，同意子公司向子公司提供连带责任保证 担保额度 705,000 万元，两项合计担保总额 2,060,000 万元（已抵消 原有的担保）。本次担保额度在公司股东大会审议通过此议案之日起 12 个月内有效。授权公司经营层在本议案额度内代表公司办理相关 手续，并签署相关法律文件。（详见公告编号：2024-018、2024-051） 公司控股子公司江西赣锋锂电科技股份有限公司（以下简称"赣 锋锂电"）对其控股子 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 江西贛鋒鋰業集團股份有限公司 呈交日期: 2025年6月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002460 | 說明 | | A股 (深圳證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,613,593,699 | RMB | | 1 RMB | | 1,613,593,699 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,613,593,699 | RMB | | 1 RMB | | 1,613,593,699 | 截至月份: 2025年5月31日 狀態: 新提交 | 2. 股份分 ...

| 6月会议预告 | | | --- | --- | | | 2025高工钠电 产业峰会 | | 主办单位： | 高工钠电、高工产业研究院（GGII） | | 总冠名： | 众钠能源 | | 会议时间： | 6月9日 | | 会议地点： | 苏州香格里拉大酒店（苏州虎丘区塔园路168号） | | | 2025高工固态电池 | | | 技术与应用峰会 | | 主办单位： | 高工锂电、高工储能、高工产业研究院（GGII） | | 总冠名： | 利元亨 | | 会议时间： | 6月10日 | | 会议地点： | 苏州香格里拉大酒店（苏州虎丘区塔园路168号） | ● 全面电动化开启万亿级新能源产业新纪元。 固态电池凭借超高理论能量密度、本质安全性及长循环寿命，成为新能源汽车、储 能、eVTOL、AI、消费电子等领域的终极电池技术。 ● 电池环节， 国内全固态电池技术上取得重大进展。比亚迪、一汽相继宣布成功研制出超过60Ah的大容量全固态电芯，标志着全固 态电池技术从基础科学研究、功能性开发迈向实际应用阶段。 ● 材料环节， 在固态电解质研发中，硫化物成主流，氧化物/聚合物等多路径并行突破。为了突破性能瓶颈，全固态 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Basic Materials, specifically gold, copper, aluminum, steel, and lithium sectors [2][3][6][7] Core Insights 1. **Gold Market**: - Consensus remains positive on gold, with potential prices reaching up to $6,000 [2][3] - Central bank buying continues to support gold prices, with minimal earnings impact from recent seismic activity at Kamoa mine estimated at less than 5% [3] 2. **Copper Supply**: - A shortage in copper concentrate is expected to persist, with supply increases projected between 100,000 to 1 million tons in 2025, insufficient to meet demand [6][8] - High operating costs at mining companies necessitate higher copper prices to incentivize new supply [6] 3. **Aluminum Sector**: - Aluminum margins remain healthy, with alumina prices stabilizing around Rmb3,000 per ton [2][6] - Hongqiao has relocated aluminum capacity to Yunnan, with plans for further expansion [7] 4. **Steel Industry**: - Weak sentiment in the steel market continues, with expectations of a crude steel production cut of 50 million tons to address supply-demand pressures [7] - Trade tensions and tariffs have negatively impacted steel exports, although some companies are exploring new markets [7] 5. **Lithium Market**: - The lithium market faces oversupply issues, with prices expected to decline unless production cuts occur [6][8] - Ganfeng anticipates a short-term drop in lithium prices due to tariff concerns and reduced costs for Australian miners [8] Additional Important Insights - **Zijin Mining**: - Zijin is optimistic about gold prices reaching $5,000 by 2026, driven by demand from electrification and power grid needs [7] - The company plans to maintain high capital expenditures to meet growth targets by 2028 [7] - **CMOC**: - CMOC's profits are closely tied to market price volatility, with a DRC cobalt export policy update expected soon [8] - The company is facing pressure on production costs due to higher sulfur costs and taxes [8] - **Market Sentiment**: - Overall market sentiment remains cautious, with trade tensions and macroeconomic factors influencing demand across various sectors [6][7][8] Conclusion The conference call highlighted a mixed outlook across the basic materials sector, with strong long-term potential for gold and copper, while challenges persist in the steel and lithium markets. Companies are adapting to market conditions through strategic capacity adjustments and exploring new opportunities amidst ongoing trade tensions.

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [5] Core Viewpoints - Copper prices are fluctuating within a narrow range, awaiting further macroeconomic catalysts. The weekly changes in copper prices are -0.05% for London copper, -0.24% for Shanghai copper, and -3.35% for New York copper. Domestic copper inventory has increased by 7.2% to 106,000 tons [5][22] - Aluminum prices are stable with ongoing inventory depletion. The price of alumina has risen by 2.95% to 3,320 CNY/ton, while electrolytic aluminum prices have decreased by 0.40% to 20,100 CNY/ton [5][31] - Lithium prices continue to decline, with carbonate lithium down 3.73% to 60,700 CNY/ton. The supply side has not shown significant production cuts yet, which is a major factor suppressing lithium prices [5][72] - Cobalt prices remain under pressure due to weak demand, with potential policy changes in the Democratic Republic of Congo that could create rebound opportunities [5][84] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has underperformed, with the Shenwan non-ferrous index down 2.40%, lagging behind the Shanghai Composite Index by 2.38 percentage points [11] - The sector's PE_TTM is 17.86, down 0.50 from the previous week, while the PB_LF is 2.05, down 0.06 [17][20] 2. Industrial Metals 2.1 Copper - London copper prices decreased by 0.05%, while Shanghai copper prices fell by 0.24%. London copper inventory dropped by 9.02%, while Shanghai inventory increased by 7.22% [22] 2.2 Aluminum - London aluminum prices increased by 0.02%, while Shanghai aluminum prices decreased by 0.40%. The inventory of both London and Shanghai aluminum has decreased [31] 2.3 Lead and Zinc - London lead prices fell by 1.29%, and Shanghai lead prices decreased by 0.92%. London zinc prices dropped by 0.67%, while Shanghai zinc prices fell by 0.07% [42] 2.4 Tin and Nickel - London tin prices decreased by 6.80%, and Shanghai tin prices fell by 4.45%. Nickel prices also saw a decline [57] 3. Energy Metals 3.1 Lithium - Lithium carbonate prices fell by 3.73% to 60,700 CNY/ton, with lithium demand currently in a seasonal downturn [72] 3.2 Cobalt - Domestic cobalt prices decreased by 1.68% to 234,000 CNY/ton, with potential for policy changes in the DRC to impact future prices [84]

Core Viewpoint - The lithium price decline has slowed down in Q1 2025, leading to a slight recovery in overseas lithium mine prices and improved operations for salt lake companies, but the industry is facing significant losses as prices drop to 60,000 yuan/ton [1] Group 1: Lithium Market Dynamics - In Q1 2025, overseas lithium mine production decreased, with a total output of 1.01 million tons, a decline of over 10% quarter-on-quarter [2] - Major lithium mines saw a slight price recovery in Q1 2025, with average prices rising above $800/ton, driven by strong demand in the Chinese market [2] - The price of lithium concentrate has entered a new downward trend since Q2 2025, dropping below $650/ton by the end of May, leading to increased operational pressure and losses for overseas lithium miners [3] Group 2: South American Salt Lake Operations - In Q1 2025, lithium sales for ALB, SQM, and LAAC/Ganfeng Lithium were 44,000 tons, 55,000 tons, and 7,200 tons respectively, with year-on-year growth of 6%, 26%, and 60% [4] - ALB and SQM showed improved operational performance in Q1 2025 due to reduced price declines and increased contributions from other business segments [4] - South American salt lake lithium companies are continuing their expansion plans, with LAR and Ganfeng Lithium aiming to increase their lithium production capacity in Argentina to over 200,000 tons [4] Group 3: Supply and Price Outlook - As of the end of May 2025, domestic lithium carbonate prices fell to 60,000 yuan/ton, further expanding industry losses and strengthening expectations for mine production cuts and price rebounds [5] - The company expects lithium prices to stabilize and rebound at current levels, but long-term prices are anticipated to remain at the bottom due to oversupply and cost-cutting efforts by lithium resource companies [5] - The adjusted forecast for lithium prices in the second half of 2025 is set at 60,000 to 70,000 yuan/ton [5]

Core Viewpoint - The lithium battery industry is experiencing a recovery in orders, particularly in the energy storage sector, with a global trend towards large-scale energy storage following the European household storage boom [1] Group 1: Industry Trends - The rapid development of AI is increasing the energy consumption burden on the global power industry due to the high energy requirements of hardware, model building, data centers, and temperature control systems [2] - The scale of energy storage is expected to grow significantly, driven by the high growth rates in the sales of new energy vehicles in China, with Q1 2023 showing approximately 50% and 47% growth in production and sales respectively [3] - Two new sectors are emerging as opportunities in the battery industry: data center energy storage, with over 150 new computing center projects this year, and the robotics sector, where 15 companies are already involved [4] Group 2: Company Performance - In Q1 2023, major battery manufacturers showed varied performance, with CATL, EVE Energy, and others reporting positive growth, while Ganfeng Lithium faced losses but saw a significant narrowing of those losses [6][7] - CATL continues to lead the industry with record battery sales and successful bids for large energy storage projects, such as a 19GWh project in the UAE [7] - EVE Energy is maintaining a steady growth strategy, focusing on both power and energy storage batteries without major disruptions [7] - Guoxuan High-Tech is expanding aggressively overseas, with significant revenue growth from international markets [8] - Despite challenges, companies like Dofluorid and others are adapting by diversifying their product offerings and improving profitability [8] Group 3: Competitive Landscape - The overall battery market in Q1 2023 showed positive trends, with increasing sales in both power and energy storage batteries, and a shift in supply-demand dynamics leading to inventory clearance [11] - The market is expected to undergo significant adjustments in 2024, with intensified competition and rapid product innovation across various battery types [11] - The demand for lithium resources is stable domestically, but cobalt prices may rise due to export restrictions from the Democratic Republic of Congo, while nickel resources remain a concern due to high external dependency [12] - The competition in the energy storage sector is likely to be global, with companies leveraging emerging markets such as AI, XR, robotics, and drones [12]

Core Viewpoint - The price of battery-grade lithium carbonate has been continuously declining in 2023, with significant drops observed compared to previous months and the same period last year [1][2][3]. Price Trends - As of May 29, 2023, the price of battery-grade lithium carbonate was 60,200 yuan/ton, down 1.63% from the previous day and 44.97% lower than the same time last year [1][2]. - The price has decreased from approximately 78,800 yuan/ton at the beginning of the year [1]. Supply and Demand Dynamics - The current market is experiencing a reduction in production capacity for battery-grade lithium carbonate, with expectations of supply-side cutbacks as prices continue to fall [2]. - The industry is facing a long-term oversupply situation, which is expected to suppress any potential price rebounds [2][3]. - The breakeven price for lithium carbonate processing companies is generally considered to be around 70,000 yuan/ton, but current prices have fallen below this threshold, leading many companies to reduce or halt production [2]. Industry Impact - The decline in lithium carbonate prices has negatively affected the performance of lithium-related listed companies, with most reporting revenue declines in 2024 [4]. - Companies are adjusting their cost structures and accelerating the development of domestic and international salt lake capacities to maintain profitability [4]. - For example, Qinghai Salt Lake Industry Co., Ltd. plans to apply for a project loan of up to 1.8 billion yuan to support the construction of a 40,000-ton/year lithium salt integrated project [4]. Future Outlook - The supply of lithium carbonate is expected to continue growing from June to August 2023, while demand may enter a seasonal downturn [3]. - The industry anticipates that the overall market will remain in an oversupply situation until significant production cuts occur at mining operations [3].

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1] Core Insights - Technological breakthroughs are driving the upgrade of solid-state battery industry, with energy density reaching up to 500Wh/kg, making it a mainstream technology to replace traditional lithium batteries [2][3] - The industrialization process of solid-state batteries is accelerating due to policy guidance and capital support, with major players like CATL and EVE Energy planning significant production capacities [2][3] - AI-enabled applications are opening up a new market worth hundreds of billions, particularly in eVTOL and humanoid robots, which require high energy density [2][3] Summary by Sections Section 1: Solid-State Battery Advantages - Solid-state batteries use solid electrolytes instead of liquid, offering higher energy density and safety, with a theoretical limit of over 500Wh/kg [11][12] - Compared to liquid batteries, solid-state batteries exhibit superior thermal stability and can operate safely even when punctured [26][31] - Solid-state batteries maintain better performance in low temperatures, with discharge capacity retention of 90% at -30°C [36][31] Section 2: Industry Trends and Developments - The report highlights that by 2024, the shipment of solid-state batteries is expected to reach 7GWh, with a significant growth phase anticipated by 2027 [2] - Major companies are ramping up their solid-state battery production, with hundreds of GWh of capacity planned or under construction in China [99] - The report emphasizes the importance of policy support, with various government initiatives aimed at accelerating the development and commercialization of solid-state batteries [92][94] Section 3: Investment Recommendations - The report suggests focusing on key players in the battery sector such as CATL, EVE Energy, and Guoxuan High-Tech, as well as equipment manufacturers like Naconor and Manstein [2] - It also highlights opportunities in solid-state electrolytes and upstream materials, recommending companies like Sanxiang New Materials and Xiamen Tungsten [2]