天齐锂业（002466）(09696)发布公告，公司独立非执行董事向川先生(向先生)向董事会递交辞任函，因 其连续担任公司独立非执行董事即将满6年，根据《上市公司独立董事管理办法》的有关规定，辞去公 司第六届董事会独立非执行董事、董事会审计与风险委员会成员、董事会战略与投资委员会主席、董事 会薪酬与考核委员会主席职务，辞任后将不再担任公司任何职务。截至本公告日期，向先生未持有公司 股份，不存在应当履行而未履行的股份锁定承诺事项。 ...

格隆汇2月27日丨天齐锂业(09696.HK)宣布，公司独立非执行董事向川向董事会递交辞任函，因其连续 担任公司独立非执行董事即将满6年，根据《上市公司独立董事管理办法》的有关规定，辞去公司第六 届董事会独立非执行董事、董事会审计与风险委员会成员、董事会战略与投资委员会主席、董事会薪酬 与考核委员会主席职务，辞任後将不再担任公司任何职务。 ...

智通财经APP讯，天齐锂业(09696)发布公告，公司独立非执行董事向川先生(向先生)向董事会递交辞任 函，因其连续担任公司独立非执行董事即将满6年，根据《上市公司独立董事管理办法》的有关规定， 辞去公司第六届董事会独立非执行董事、董事会审计与风险委员会成员、董事会战略与投资委员会主 席、董事会薪酬与考核委员会主席职务，辞任后将不再担任公司任何职务。截至本公告日期，向先生未 持有公司股份，不存在应当履行而未履行的股份锁定承诺事项。 ...

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Core Viewpoint - Zimbabwe's sudden ban on all raw mineral and lithium concentrate exports has triggered a significant market reaction, with lithium carbonate futures surging over 11% to exceed 160,000 yuan/ton, indicating a potential new cycle in the lithium market driven by supply disruptions and surging demand from energy storage batteries [1][2][3]. Supply Side - The ban from Zimbabwe is expected to have a short-term impact, with current compliant export capacity limited to 25,000 tons of lithium carbonate equivalent (LCE) in 2026, increasing to 60,000 tons in 2027 [3][5]. - The global lithium supply is projected to be approximately 202,000 tons of LCE in 2026, with demand expected to reach around 201.7 million tons, indicating a tight supply-demand balance [22]. - The recovery of lithium production in Australia is anticipated to take at least a quarter, with many projects still in the planning stages, which limits immediate supply response to rising prices [8][12]. Demand Side - The demand for lithium is increasingly driven by energy storage, with global shipments of storage batteries expected to reach 900 GWh in 2026, translating to a demand for approximately 540,000 tons of LCE, a 50% year-on-year increase [16][18]. - Despite a temporary slowdown in demand for power batteries due to policy changes, the overall demand for lithium is expected to rebound significantly in 2026, with projections of 1.9 million electric vehicles sold in China, a 15.2% increase year-on-year [16][18]. Pricing Dynamics - The current low inventory levels, with social stocks of lithium carbonate dropping to around 10,300 tons, have significantly amplified price elasticity, leading to a market that is trading on "shortage driven by restocking" rather than waiting for supply-demand equilibrium [18][24]. - The pricing logic in the lithium market is shifting from "current period looseness" to "future period tightness," as financial attributes of lithium are becoming more pronounced, with market participants pricing in future scarcity [25][26]. Geopolitical Factors - The emergence of a "Lithium OPEC" in South America, involving Argentina, Bolivia, and Chile, aims to regain pricing power over lithium resources, which could further complicate supply dynamics [6][7]. - Geopolitical and policy variables, such as nationalization efforts in Chile and Mexico's strategic designation of lithium, are expected to layer additional pricing options that could influence market dynamics over time [6][7]. Future Outlook - Analysts predict that lithium carbonate prices could exceed 200,000 yuan/ton in the short term, supported by low inventory, concentrated supply disruptions, and the upcoming demand peak [26]. - The long-term outlook remains uncertain, with differing views on whether prices above 200,000 yuan/ton will be sustainable or if they represent a temporary window before supply increases catch up [26].

证券代码：002466 证券简称：天齐锂业 公告编号：2026-011 天齐锂业股份有限公司 关于独立董事任期届满辞职的公告 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、关于独立董事辞职的情况 天齐锂业股份有限公司（以下简称"公司"）董事会于 2026 年 2 月 27 日收到公司独立董 事向川先生的书面辞职报告。向川先生因连续担任公司独立董事即将满 6 年，根据《上市公司 独立董事管理办法》的有关规定，申请辞去公司第六届董事会独立董事、董事会审计与风险委 员会、董事会战略与投资委员会、董事会薪酬与考核委员会委员职务，辞职后将不再担任公司 任何职务。截至本公告披露日，向川先生未持有公司股份，不存在应当履行而未履行的股份锁 定承诺事项。 鉴于向川先生辞职将导致公司董事会审计与风险委员会人数、董事会战略与投资委员会独 立董事人数以及董事会薪酬与考核委员会委员独立董事所占比例不满足《中华人民共和国公司 法》《上市公司治理准则》《公司章程》等规定，根据《上市公司独立董事管理办法》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《公司章 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium Mining and Export - **Region**: Zimbabwe and China Core Insights - **Export Delays**: Zimbabwe's Minister of Mines announced potential delays in the processing and issuance of export permits for minerals, including lithium, to address malpractices in exports [1] - **Impact on Supply**: In 2025, China imported approximately 1.2 million tonnes of spodumene concentrate from Zimbabwe, contributing to an estimated lithium output of around 140,000 tonnes LCE (Lithium Carbonate Equivalent), which represents about 9% of global supply [2] - **Future Projections**: Expected lithium output from Zimbabwe is projected to increase to approximately 220,000 tonnes LCE (11% of global supply) in 2026 [2] - **Market Tightness**: Potential delays in lithium exports from Zimbabwe may tighten the lithium market further, benefiting companies like Tianqi Lithium and Ganfeng Lithium, which do not have exposure to Zimbabwe [2] Company-Specific Insights - **Tianqi Lithium Industries Inc. (002466.SZ, 9696.HK)**: - Valuation based on a DCF model with a WACC of 11.5% and a terminal growth rate of 2% applied beyond the forecast period of 2025-33 [6][9] - **Ganfeng Lithium Co. Ltd. (002460.SZ, 1772.HK)**: - Valuation derived from H-share price target adjusted for exchange rates and peer comparisons, with a base case 2026 P/B of 2.3x [5] Risks and Opportunities - **Upside Risks**: - Shortages of lithium raw materials could constrain production increases, leading to tighter supply of lithium chemicals in China [8] - Higher-than-expected growth in the electric vehicle (EV) market could drive demand beyond current forecasts [8] - Expansion of A-H share premium could benefit valuations [8] - **Downside Risks**: - EV market demand may fall below expectations, impacting lithium prices and production growth [11] - Faster-than-expected global lithium supply growth could lead to reduced prices and profitability [11] Additional Considerations - **Zimbabwe's Economic Reliance**: Zimbabwe's economy heavily relies on mineral exports, which account for over 60% of its export value, suggesting that any export delays may be temporary [2] - **Market Dynamics**: The ongoing strong demand for lithium is leading to the digestion of existing inventories, which may further influence market conditions [2] This summary encapsulates the critical insights and projections regarding the lithium market, particularly focusing on the implications of Zimbabwe's export policies and the performance outlook for key companies in the sector.

Summary of Key Points from Conference Call Industry Overview - A-shares experienced a pullback after two consecutive days of gains, indicating market volatility in the Chinese stock market [1] - The AI industry chain saw significant strength driven by Nvidia's better-than-expected earnings report, leading to notable increases in core stocks [2][3] Key Companies and Performance - **PCB Sector**: - Huadian Co., Ltd. (002463.SZ) hit the daily limit up - Shenghong Technology (300476.SZ) increased by 9.23% [2][3] - **Lithium Mining**: - Ganfeng Lithium (002460.SZ) rose by 2.61% - Tianqi Lithium (002466.SZ) increased by 4.79% - Companies with asset exposure in Zimbabwe, such as Shengxin Lithium Energy (002240.SZ) and Zhongkuang Resources (002738.SZ), faced declines of 5.2% and 3.33% respectively [3] - **Contemporary Amperex Technology Co., Limited (CATL)**: - Experienced a nearly 5% drop due to concerns over lithium raw material cost pressures [3] Sector Performance - The real estate sector saw a pullback following a rise due to relaxed home purchase policies in Shanghai [4] - The artificial intelligence data center sector showed strong performance due to expectations of a recovery in computing power leasing business [5] Investment Recommendations - A preference for selling in the consumer and insurance sectors, while maintaining a buy stance on consumer electronics, electrical equipment, and printed circuit boards [5] - The battery sector presents two viewpoints, but the overall sentiment leans towards buying [6]

记者丨董鹏 编辑丨郑世凤 张明艳 金珊 本就处于紧平衡的锂盐市场，供给端再添重要变量。 2026年2月25日，津巴布韦矿业部发布锂矿出口禁令，涵盖在途货物，且无明确恢复时间表。 津巴布韦，是过去几年全球锂精矿增长最迅速的国家之一，此前曾吸引多家中资锂业公司参与当地资源开发。 相关数据显示，2025年，中国进口锂精矿总量约为775.1万吨，其中从津巴布韦进口量达120.4万吨，占总进口量的15.5%左右，是仅次于澳大利亚的第二大 进口来源国。 因为有刚果（金）暂停出口引发2025年钴价上涨的案例在先，此次津巴布韦限制锂精矿出口也加重了市场各方对锂产品涨价的预期。 不过，节后碳酸锂期、现价格已经连续大涨，逼近今年1月下旬的前期高点，加之该品种多空博弈激烈，26日多个期货合约高开低走，Wind锂矿指数涨幅也 大幅收窄至1.19%。 "价值留存"战略 津巴布韦加强自身锂资源管控，此前已有征兆。 2022年12月，时任矿业部长奇坦多签署禁令，首次禁止未加工锂原矿出口，启动"价值留存"战略，以迫使矿业公司在当地精炼矿产,从其国家资源中获取更 大的经济收益。 不过，也正是在2022年四季度，全球锂价触顶回落，到2025年碳 ...

Core Viewpoint - Zimbabwe's sudden ban on lithium ore and concentrate exports has created significant disruptions in the global lithium supply chain, affecting nearly 20% of China's lithium raw material supply and potentially leading to a supply gap of approximately 14,000 to 15,000 tons of lithium carbonate equivalent per month starting in May 2026 [1][3][4]. Group 1: Impact of Zimbabwe's Ban - Zimbabwe's Ministry of Mines announced an immediate suspension of all lithium ore and concentrate exports, including shipments already at sea, to strengthen mineral regulation and promote domestic processing [1][3]. - In 2025, China imported 7.75 million tons of lithium concentrate, with 1.2 million tons (19%) coming from Zimbabwe, highlighting the critical role of Zimbabwe in China's lithium supply [3]. - The ban is expected to lead to a significant increase in lithium prices, with domestic carbonate lithium futures prices surging to over 171,440 yuan per ton, reflecting a nearly 17% increase in just two trading days [4]. Group 2: Market Reactions and Opportunities - The immediate market reaction saw a spike in lithium prices, with the benchmark price for battery-grade lithium carbonate reaching 162,000 yuan per ton, an increase of over 8% since the beginning of the month [4]. - Companies with integrated mining and processing capabilities in Zimbabwe are positioned to benefit from the ban, as they can still apply for export licenses while others face supply constraints [6]. - A total of 13 domestic companies with lithium carbonate production or lithium mining resources are now in the spotlight, with 7 of them forecasting significant profit increases for 2025 [7]. Group 3: Company Profiles and Strategies - The first tier of companies, termed "ban immune," includes Huayou Cobalt, which has established deep processing capacity in Zimbabwe and is set to produce lithium sulfate, allowing it to circumvent the export ban [9]. - Zhongjin Lingnan has a strong position with its control over the Bikita lithium mine, which allows it to apply for export licenses despite the ban, and it has a stockpile of 150,000 tons of lithium concentrate to buffer against short-term export restrictions [11]. - The second tier includes resource giants like Ganfeng Lithium, which has diversified global resources and is expected to see a significant increase in production from 200,000 tons to 500,000 tons by 2026, benefiting from rising lithium prices [11][13]. Group 4: Long-term Industry Implications - The ban is prompting a reevaluation of companies with overseas resources, local processing capabilities, or stable domestic sources, as their strategic value is being reassessed in the market [17]. - The surge in lithium carbonate futures and the rising stock prices of lithium mining companies reflect this market reassessment and the potential for long-term growth in the sector [17].