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].

恒指开盘涨0.95%，恒生科技指数涨0.46%。锂矿股多数走高，天齐锂业涨6.11%，赣锋锂业涨5.48%。 (本文来自第一财经) 来源：第一财经 ...

2月26日，港股开盘，恒生指数涨0.95%，恒生科技指数涨0.46%。锂矿股高开，天齐锂业高开逾6%，赣 锋锂业高开逾5%。 来源：智通财经 ...

供给：锂价反弹刺激供给，但短期增量有限 智通财经APP获悉，国信证券发布研报称，动力电池和储能电池双驱动，预计2026年全球锂需求有望达 到约200万吨LCE。另国内锂电池出口退税下调，短期或推动锂电抢出口，需求前置下或将带动锂行业 供需边际趋紧。经历过连续几个月的去库存之后，目前国内锂盐库存周期仅不足一个月时间，在供需如 此紧张的情况下，库存矛盾将愈加凸显。该行看好锂价在近期进一步上行，预计短期有望涨至20万元/ 吨以上。 国信证券主要观点如下： 相关标的：赣锋锂业、天齐锂业、盐湖股份、中矿资源、永兴材料、华友钴业、盛新锂能、雅化集团、 大中矿业、国城矿业 风险提示：锂终端需求不及预期;全球锂资源开发速度超预期。 动力电池和储能电池双驱动，预计2026年全球锂需求有望达到约200万吨LCE。储能电池需求自2025年 下半年开始显著超预期，年初也保持旺盛的需求状态，预计全年出货量可以达到900Gwh左右，同比增 速近50%;动力电池需求年初遇冷，主要是受补贴退坡和淡季消费等因素影响，预计从3月份开始有望迅 速回暖，全年仍有望实现20%左右增长。另外，国内锂电池出口退税下调，自2026年4月1日至12月31日 ...

证券研究报告·行业研究·电力设备与新能源行业 需求超预期，开启26-27年向上新周期 ——碳酸锂专题 电新首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 电动车首席证券分析师 ：阮巧燕 执业证书编号：S0600517120002 联系邮箱：ruanqy@dwzq.com.cn 联系电话：021-60199793 2026年2月26日 请务必阅读正文之后的免责声明部分 1 摘要 注：全文的"预计"若无特别说明，均为东吴证券研究所预测 ◆ 供给：增量供给为非矿、澳矿、国内盐湖，增量多集中于26H2。中性情况下，26年全球锂矿供给214万吨， 新增44万吨，若津巴布韦锂精矿出口恢复低于预期，则实际新增更低；27年262万吨，新增48万吨；28年 303万吨，新增41万吨。其中，26年增量主要来自：国内盐湖新增8.4万吨（麻米措、察尔汗、拉果措）、国 内矿山6.6万吨（枧下窝复产、新疆红柳滩、党坝、加达、湘源矿）、海外盐湖6.9万吨（3Q、Mariana和 CO）、澳矿的7.8万吨（泰利森和皮尔巴拉以及Marion等矿山达产）、非矿11.5万吨（中 ...

有色ETF鹏华（159880）业绩比较基准为国证有色金属行业指数收益率，管理人为鹏华基金管理有限公 司，基金经理为闫冬，成立（2021-03-08）以来回报为138.66%，近一个月回报为3.18%。 2月26日，有色ETF鹏华（159880）开盘涨1.30%，报2.416元。有色ETF鹏华（159880）重仓股方面，紫 金矿业开盘涨0.66%，洛阳钼业涨1.19%，北方稀土跌0.12%，华友钴业涨3.39%，中国铝业涨1.63%，赣 锋锂业涨4.44%，云铝股份涨1.08%，山东黄金涨0.00%，中金黄金跌0.60%，天齐锂业涨5.91%。 来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...