Group 1 - The New Yu City Market Supervision Administration has implemented a "six-chain action" strategy to enhance the quality and development of key industrial chains, focusing on quality, standards, branding, intellectual property, government services, and regulatory enforcement [1][2][3] - The establishment of a one-stop service platform for quality infrastructure has led to the creation of seven service stations in various sectors, providing comprehensive technical consulting services to over 100 enterprises [1] - New Yu City is actively participating in the formulation of international and national standards, with key enterprises like Ganfeng Lithium and Jiangxi Sayi LDK leading the development of multiple standards [1][2] Group 2 - The brand promotion initiative aims to cultivate local brands and enhance competitive advantages, with five geographical indication trademarks currently registered and additional trademarks in the application process [2] - Intellectual property financing has been advanced through a triad mechanism of trademarks, patents, and copyrights, enabling Ganfeng Lithium to secure 570 million yuan in financing [2] - The "one license for all" reform has streamlined administrative processes, reducing processing time by over 80% and minimizing the need for paper documentation [2][3] Group 3 - The regulatory enforcement reform has consolidated inspections into a single visit per industry, reducing the frequency of checks and promoting a "no disturbance" approach to market operations [3] - The administration has adopted a more lenient regulatory framework, applying exemptions and reductions in penalties for 190 cases, fostering a more supportive environment for businesses [3]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-071 江西赣锋锂业集团股份有限公司 关于公司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、担保情况概述 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） 2、为满足子公司业务发展需要，公司与中国进出口银行江西省 分行（以下简称"进出口银行"）签署《保证合同》（合同编号： HETO2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's 2024 annual report shows a net loss attributable to shareholders of -2.074 billion yuan, with a non-recurring net loss of -0.887 billion yuan. In Q4 2024, the net loss attributable to shareholders was -1.434 billion yuan, with a non-recurring net loss of -0.530 billion yuan [2][4]. Summary by Sections Financial Performance - The company reported a lithium salt production of 130,300 tons in 2024, an increase of 25% year-on-year, and sales of 129,700 tons, up 27% year-on-year. The average selling price was 92,600 yuan per ton, down 61% year-on-year. The gross margin for lithium salt business was 10.47%, a decrease of 2.06 percentage points year-on-year [10]. - The company recorded an asset impairment loss of 423 million yuan for the year, primarily due to high inventory levels and significant price declines in lithium products. Non-recurring losses amounted to 1.187 billion yuan, with fair value changes contributing approximately 1.482 billion yuan [10]. - In Q4, the gross margin improved to 12.14%, with a net margin of -32.08%. Despite a continued decline in lithium salt prices, the larger drop in mineral prices helped restore some profitability [10]. Production and Resource Development - The company is entering a phase of accelerated resource release, with expectations for self-supply rates to continue improving and production costs to decrease. The C-O salt lake is projected to produce 30,000-35,000 tons of LCE in 2025, with cost optimization efforts underway [10]. - The Goulamina lithium concentrate project is expected to commence production in December 2024, with promising profitability due to resource scale and quality advantages. The Mariana salt lake project is also set to begin production in the second half of 2025 [10]. Market Outlook - As lithium prices stabilize and recover, the company is positioned as a leading resource player with faster self-supply rate improvements and ongoing cost optimization. The company is also expanding its battery business and holds the largest global capacity for lithium metal, indicating significant growth potential in the future [10].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 3.772 billion yuan in Q1 2025, representing a year-on-year decrease of 25.43% and a quarter-on-quarter decrease of 24.28%. The net profit attributable to the parent company was -356 million yuan, showing a year-on-year increase of 18.93% and a quarter-on-quarter increase of 75.18%. The net profit excluding non-recurring items was -242 million yuan, with a year-on-year increase of 4.72% and a quarter-on-quarter increase of 54.28% [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross profit of 489 million yuan, which is a decrease of 115 million yuan quarter-on-quarter. The average price of battery-grade lithium carbonate was 75,800 yuan per ton (including tax), down 0.5% quarter-on-quarter, while the average price of lithium concentrate was 834.4 USD per ton, up 5.8% quarter-on-quarter [10]. Resource Development - The company is entering a phase of accelerated resource release, with expectations for self-sufficiency to continue improving and production costs to decrease. The C-O salt lake is expected to produce 30,000-35,000 tons of LCE in 2025, with cost reductions anticipated through operational optimization. The Mali Goulamina lithium concentrate project is expected to contribute significantly starting from Q2 2025 [10]. Market Outlook - The company is expected to benefit from the recovery of its own resources, with a focus on solid-state batteries and energy storage as new performance support points. As lithium prices stabilize, the long-term value of the company is expected to become more apparent [10].

Industry Information - CATL has launched the 75 standardized battery swap block and aims to build a nationwide battery swap network covering 80% of trunk transport capacity by 2030, targeting a 50% market penetration for electric heavy trucks within three years [8][9] - In the first four months, Ningbo port exported over 70,000 new energy vehicles, marking a year-on-year increase of 366.8% [12] - The number of active new energy vehicles in China has surpassed 30 million, with over 20 million being pure electric vehicles [12] - TrendForce predicts that global new energy vehicle sales will exceed 4 million units in Q1 2025, representing a 39% year-on-year increase [16][20] - Ganfeng Lithium has established a comprehensive layout in the solid-state battery sector, with energy densities reaching 420Wh/kg [22] Policy Information - Guizhou Province plans to adjust peak and valley electricity prices, with peak prices increasing by 60% and valley prices decreasing by 60% [29][30] - The Zhejiang Provincial Finance Department has allocated 118.8 million yuan for energy-saving and emission reduction subsidies, focusing on charging and swapping facilities [11] - Beijing has issued an additional 20,000 new energy vehicle license plates to meet the needs of carless families [11][12] - The Shenzhen Market Supervision Administration has released fire safety management regulations for electric vehicle supercharging stations [32][33] - The Shanghai Municipal Development and Reform Commission has introduced a reward system for V2G (Vehicle-to-Grid) capabilities, with a maximum reward of 240 yuan per kilowatt per year [35][36]

Core Insights - The article highlights the transformation of Jujuy Province in Argentina due to the influx of Chinese investment in lithium mining, particularly through the Exar Mining Company, which is set to produce 25,000 tons of lithium carbonate in 2024, making it the highest-producing lithium project in Argentina [1][2]. Group 1: Investment and Economic Impact - Chinese investment has brought advanced technology and management knowledge to Exar Mining Company, improving production efficiency and management standards [1]. - The project has created over 2,000 jobs locally and contributed significantly to local finances through taxes and mining fees [2]. - The influx of foreign investment, including from China, has led to improvements in the urban landscape and safety in San Salvador de Jujuy, reducing the need for locals to migrate to larger cities for work [2]. Group 2: Cultural Exchange and Community Engagement - Employees from Exar Mining Company participated in cultural exchange activities in China, enhancing their understanding of Chinese culture and improving communication with Chinese colleagues [2]. - The local government has expressed gratitude towards Chinese enterprises for providing high-quality job opportunities and better infrastructure in the province [3].

Report Industry Investment Rating No information provided on the industry investment rating. Core View of the Report The domestic lithium carbonate supply in May 2025 is expected to be loose, and the social inventory of domestic lithium carbonate has decreased month - on - month. Due to the cost and supply - demand expectations, the lithium carbonate price may remain weak. It is recommended that investors mainly lay out short positions when the price rebounds, and pay attention to the support level around 53,000 - 60,000 and the pressure level around 66,000 - 70,000 [1][6]. Summary by Related Catalogs Lithium Carbonate Futures Market - On May 26, 2025, the closing prices of the near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures decreased compared with May 23, 2025, with decreases of 720 yuan/ton, 860 yuan/ton, 1,000 yuan/ton, and 860 yuan/ton respectively. The trading volume decreased by 32,588 lots, and the open interest increased by 7,966 lots. The inventory decreased by 794 tons [1]. - The spreads between different contracts and the basis also changed. For example, the spread between the near - month and continuous - one contracts increased by 140 yuan/ton [1]. Lithium Spot Price - The average prices of various lithium - related products such as lithium ore, lithium carbonate, and lithium hydroxide decreased compared with the previous period. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) decreased by 550 yuan/ton [1]. - The price differences between different grades of lithium products also changed. For example, the price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 1,600 yuan/ton [1]. Lithium - Related Company News - Dazhong Mining, a domestic mining enterprise, has made important breakthroughs in its "iron ore + lithium ore" dual - wheel drive strategy. Its Hunan lithium ore project has rapid progress, with a proven reserve of 3.044 million tons in December 2024 [1]. - Sijie Co., Ltd. released new sulfide products at the 2025 China International Battery Technology Exchange Conference. It has achieved leading - level production indicators in terms of purity, particle size control, and ion conductivity of sulfide solid - state electrolytes. It has also reached a procurement framework agreement with Beijing Weilan New Energy [2]. - Hainan Mining's 20,000 - ton battery - grade lithium hydroxide project has achieved full - process connectivity, marking a phased achievement in its industrial transformation and upgrading strategy [3]. - Rio Tinto will form a joint venture with the Chilean National Mining Company to develop and operate the Maricunga Salt Lake project in Chile, with a planned investment of up to $900 million [3]. Supply - Demand Situation Supply - Tianqi Lithium's Greenbushes lithium mine project may increase the total annual production capacity to 2.01 million tons after being put into operation in October 2025, which may lead to a decline in the price of domestic lithium concentrate and an increase in the domestic production (import) volume of lithium concentrate in May. The production capacity utilization rate and production volume of domestic lithium carbonate decreased last week, and the supply in May is expected to be loose [4]. - The import window of lithium carbonate is closed, and the theoretical delivery profit is negative, resulting in a decrease in the inventory of Guangzhou Futures Exchange and a decrease in the social inventory of lithium carbonate [4]. - The monthly cash production cost of lithium hydroxide by some domestic methods is positive or negative in terms of profit. Some companies' production line construction plans may increase the production volume and inventory of lithium hydroxide in May, while the export profit is negative, which may lead to an increase in the export volume [4]. Demand - The average production cost of phosphoric acid iron and lithium iron phosphate by different domestic production processes is within a certain range. The production volume and inventory of phosphoric acid iron and lithium iron phosphate may increase in May. Some companies' project plans will also affect the production and inventory of related products [5]. - The production (import) volume of various lithium - related products such as cobalt sulfate, electrolytic manganese dioxide, ternary precursors, ternary materials, and hexafluorophosphate lithium may change in May due to factors such as production cost and profit [6]. - Some new energy - related projects are expected to be put into operation, which may increase the production, shipment, and inventory of energy - storage cells, power cells, and lithium - ion batteries in May, as well as the production and sales volume of new energy vehicles [6].

Investment Rating - The industry investment rating is optimistic, with a recommendation to buy [3][19]. Core Insights - The report highlights the production elasticity and profit elasticity of electrolytic aluminum companies, indicating that profitability will be a key competitive factor due to fixed production capacity [8]. - The report predicts a decrease in the volatility of alumina prices in 2025, which will enhance the profitability of companies like Yun Aluminum, Shenhuo, and Tianshan [8]. - The report provides forecasts for gold production from listed companies, with specific attention to the CAGR of production from 2024 to 2027 [10][11]. Summary by Sections Copper Industry - The report includes production data and forecasts for major copper companies, emphasizing the importance of proprietary mining data [6]. Electrolytic Aluminum - The report details the production capacity and market valuation of various electrolytic aluminum companies, noting that the lowest market value per ton of aluminum is approximately 21,000 RMB [8][9]. Gold Industry - The report presents a forecast of self-produced gold output for listed companies, with specific figures for total gold resources and market capitalization [10][11]. Lithium Industry - The report outlines the lithium resource rights and production forecasts for several companies, highlighting significant growth rates for companies like Ganfeng Lithium and Yongxing Materials [12]. Uranium Industry - The report discusses the production forecasts for uranium companies, particularly focusing on China General Nuclear Power Corporation, with a projected CAGR of 8.16% from 2024 to 2027 [14][15].

证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 25 日 本周沪锡价格小幅下跌，Bisie 首批锡精矿已 进入物流环节 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要: ►本周沪镍价格环比下跌，沪镍持续去库 截止到 5 月 23 日，LME 镍现货结算价报收 15,205.00 美 元/吨，较 5 月 16 日下跌 1.49%，LME 镍总库存为 198,636.00 吨，较 5 月 16 日增加 1.75%；沪镍报收 12.31 万元/吨，较 5 月 16 日下跌 1.25%，沪镍库存为 26,955.00 吨，较 5 月 16 日 减少 2.84%；截止到 5 月 16 日，硫酸镍报收 28,900.00 元/吨， 较 5 月 16 日价格持平。根据 SMM 周报，硫酸镍方面，需求 端表现方面，经过 5 月行业去库存后，部分前驱体生产企业 6 月排产计划趋于乐观，对硫酸镍的询价活跃度显著提升，且 企业对镍盐价格的接受度有所增强。供应端来看，部分镍盐生 产企业受需求增长及原料库存紧张影响，上调了产品报价系 数，另有部分企业报价维持稳 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector experienced a weekly increase of 1.26%, ranking it in the middle among all primary industries. Precious metals saw a significant rise of 5.58%, while industrial metals increased by 1.86% [1][14]. - The report highlights that tariff policies and a cooling U.S. Treasury auction have negatively impacted macroeconomic sentiment, leading to a weakening in industrial metals [1][24]. - Gold prices have surged due to deteriorating U.S. fiscal conditions, with COMEX gold closing at $3,357.70 per ounce, a 4.75% increase week-on-week [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.57%, while the non-ferrous metals sector rose by 1.26%, outperforming the index by 1.83 percentage points [14]. - Among the sub-sectors, precious metals led with a 5.58% increase, followed by industrial metals at 1.86%, while small metals and new materials declined [1][14]. Industrial Metals - **Copper**: As of May 23, LME copper was priced at $9,614 per ton, up 1.76% week-on-week. Supply remains tight due to mining incidents, but domestic smelting capacity is unaffected [2][32]. - **Aluminum**: LME aluminum closed at $2,466 per ton, down 0.62%. The supply side is impacted by the shutdown of bauxite mines in Guinea, leading to a significant rise in alumina prices [3][36]. - **Zinc**: LME zinc price increased by 0.78% to $2,713 per ton, with inventories decreasing [39]. - **Tin**: LME tin price fell by 0.46% to $32,665 per ton, with mixed inventory trends [45]. Precious Metals - Gold prices have risen significantly due to concerns over U.S. fiscal health, with a notable increase in both COMEX and SHFE gold prices [4][49]. - The report notes that the U.S. credit rating downgrade and a lackluster Treasury auction have further weakened market sentiment, contributing to the rise in gold prices [51][49]. Rare Earths - The report indicates stable supply and moderate demand for rare earths, with prices showing a slight decline [4]. News Highlights - The report discusses the implications of U.S. tariff policies and their potential impact on the market, particularly in relation to gold and industrial metals [4][51].