Core Viewpoint - Tianqi Lithium has established a comprehensive commodity futures hedging management system to mitigate potential risks from price fluctuations of its main products [1] Group 1 - The company has a professional management team dedicated to the commodity futures hedging strategy [1] - The board of directors approved a proposal for conducting lithium carbonate commodity futures hedging business in March 2025 [1] - The company strictly adheres to the authorized limits set by the board and bases its hedging strategies on actual production and business needs [1] Group 2 - The company formulates hedging strategies around its spot risk exposure [1] - The operational execution of the hedging business is aligned with the company's production and operational requirements [1]

（编辑 姚尧） 证券日报网讯 2月2日，天齐锂业在互动平台回答投资者提问时表示，为减少公司主营产品价格波动对 公司经营带来的潜在风险，公司建立了较为完善的商品期货套期保值管理制度，并配备了相应的专业管 理团队。公司董事会于2025年3月审议通过了《关于开展碳酸锂商品期货套期保值业务的议案》。在具 体执行层面，公司严格遵守董事会授权额度范围，坚持以实际生产经营及业务需求为基础，围绕现货风 险敞口制定套保策略，开展套期保值业务操作。公司套期保值业务的具体开展情况及相关损益情况，请 关注公司后续披露的定期报告。此外，公司已在《商品期货及衍生品套期保值业务管理制度》及相关内 部制度中系统明确了开展套期保值业务的岗位设置及职能职责、审批权限、风险测算及处理、定期报告 义务等风控措施，具体内容请以公司在巨潮资讯网披露的相关制度文件为准。 ...

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The macro sentiment has fluctuated significantly, amplifying volatility in the commodity market. Short-term carbonate lithium prices have surged and then retreated, with inventory adjustments providing support. There remains potential for a rebound before the holiday. In the medium term, lithium salt supply is constrained, and mining costs are rising, maintaining the upward price logic for lithium. The cobalt sector is supported by raw material costs, showing strong price resilience with limited downside [4][12][13]. Summary by Sections 1. Cycle Assessment - The lithium and cobalt sectors are identified as having clear investment value, with recommendations for active positioning. The lithium sector has seen increased price volatility, with futures contracts experiencing significant declines. The price of lithium concentrate was reported at $2,070 per ton, down $144 from the previous week. The carbonate lithium price has significantly corrected, but downstream demand has led to active market transactions [8][12][13]. 2. Company and Industry Dynamics - Various companies have released performance signals, with notable announcements including Pilbara's production advancements and CATL's plans for a new battery manufacturing base in Yunnan. Yongshan Lithium and Yahua Group have provided profit forecasts indicating significant year-on-year growth, while Tianqi Lithium and Ganfeng Lithium have also reported expected turnarounds in profitability [15][16][17]. 3. Core Data on New Energy Materials - December production data shows mixed trends, with carbonate lithium production up 4% month-on-month and hydroxide lithium up 2%. The inventory levels are undergoing structural adjustments, with significant increases in imports of carbonate lithium and hydroxide lithium [18][31][49].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Lithium market, particularly in relation to energy storage systems (ESS) and electric vehicles (EVs) [1][19] - **Growth Forecast**: Global lithium demand is expected to grow at a CAGR of 21% from 2026 to 2027, driven primarily by a 35% CAGR in ESS-related demand [1][19] Core Insights - **Demand Drivers**: - Incremental ESS demand is expected to enhance global lithium demand, with significant contributions from independent projects in China and increased ESS demand in the US due to power shortages linked to AI data center growth [1] - EV-related lithium demand is projected to grow at an 18% CAGR, supported by larger battery sizes and the penetration of electric heavy-duty trucks [1][19] - **Supply Dynamics**: - A narrowing supply surplus is anticipated, with global lithium capacity expected to grow by 17% in 2026 and 10% in 2027, leading to a supply surplus of 218kt in 2026 and 60kt in 2027 [2][21] - Key projects contributing to supply include Greenbushes CGP3 in Australia and Goulamina in Mali, with potential resumption of previously suspended mines [2][24] - **Price Outlook**: - Lithium carbonate prices are forecasted to average CNY180k per tonne in 2026 and CNY200k per tonne in 2027, with potential upside risks from supply shocks and downside risks from lower-than-expected demand [3][49] Additional Insights - **Sensitivity Analysis**: - ESS demand is less sensitive to lithium prices, with a CNY10k/tonne increase in lithium carbonate price leading to a 0.2pp decline in internal rates of return (IRRs) for independent ESS projects in China [4][50] - Most ESS projects in China can maintain favorable IRR levels above 6% even with lithium prices at CNY200k/tonne [4][51] - **Impact on Supply Chain**: - Rising lithium prices are expected to benefit upstream lithium miners, particularly those with cost advantages, while mid-stream cathode makers will likely pass cost increases to battery cell manufacturers [5] - **Market Trends**: - Global EV battery usage grew by 33% year-on-year to 1046GWh in 2025, with China being the major contributor [7] - ESS has emerged as a key growth driver for lithium-ion battery shipments, with global ESS battery shipments increasing by 83% year-on-year to 640GWh in 2025 [8] - **Regulatory Changes**: - China's Ministry of Finance announced a reduction in the export VAT refund rate for battery products, which may influence export demand and subsequently lithium demand [9] Risks and Challenges - **Downside Risks**: - Potential risks include worse-than-expected EV sales due to fading government subsidies, slower-than-expected resumption of suspended mines, and unexpected downward revisions of global ESS demand [52] - **Supply Chain Constraints**: - Mining permit regulations and environmental protection requirements in Jiangxi Province may impact lepidolite production in China [2][28] Conclusion - The lithium market is poised for significant growth driven by ESS and EV demand, with a tightening supply-demand balance expected in the coming years. However, various risks, including regulatory changes and market dynamics, could impact this outlook.

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The macro sentiment has fluctuated significantly, amplifying volatility in the commodity market. Short-term carbonate lithium prices have surged and then retreated, with support from inventory adjustments ahead of the holiday. There remains potential for a rebound before the holiday. In the medium term, lithium salt supply is constrained, and mining costs are rising, maintaining the upward price logic for lithium. The cobalt sector is supported by raw material costs, showing strong price resilience with limited downside [4][12][13]. Summary by Sections 1. Cycle Assessment - The lithium and cobalt core targets have clear investment value, suggesting active positioning. The lithium sector has seen increased price volatility, with a divergence in the rhythm between mining and salt ends. Futures contracts have dropped significantly, with the Wuxi 2605 contract down 16.65% to 149,200 CNY/ton, and the Guangxi 2605 contract down 18.36% to 148,200 CNY/ton. Lithium concentrate prices have decreased to 2,070 USD/ton, down 144 USD from the previous week. The carbonate lithium price has significantly corrected due to regulatory cooling and market fluctuations, with downstream demand stabilizing [12][13]. 2. Company and Industry Dynamics - Various companies have released performance signals. For instance, Pilbara is evaluating the potential for increased production capacity at its Ngungaju plant, while CATL plans to build a lithium battery manufacturing base in Yunnan. Yongshan Lithium Industry and other companies have announced significant changes in their profit forecasts, reflecting the impact of lithium price fluctuations and operational adjustments [15][16][17]. 3. Core Data on New Energy Materials - In December, domestic carbonate lithium production increased by 4% month-on-month, while hydroxide lithium production rose by 2%. The inventory showed structural adjustments, with a general increase in prices for lithium and cobalt materials. The average price for battery-grade carbonate lithium rose by 7.15% to a range of 161,000-182,000 CNY/ton, and battery-grade hydroxide lithium increased by 8.12% to 158,000-169,000 CNY/ton [18][19][67].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry [1] Core Insights - The supply and demand expectations for lithium and cobalt are reversing, indicating the start of a new price cycle [2][3] - Lithium demand is expected to recover, leading to a replenishment cycle, while supply disruptions will create a medium-term gap [2] - Cobalt supply is dominated by export quotas from sovereign nations, leading to a raw material shortage that supports prices [3] Summary by Sections Lithium - Supply disruptions from African lithium projects and stable production from South American salt lakes are expected, while China's regulatory management will lead to a temporary supply contraction of lithium mica [2] - Demand for lithium is driven by the growth of energy storage as a second growth driver after electric vehicles, with solid-state batteries opening up potential for increased lithium consumption [2] - From the second half of 2025, supply disruptions in Jiangxi and strong downstream demand will lead to a price rebound for lithium, maintaining a tight supply situation through 2026-2027 [2] Cobalt - The supply side is significantly influenced by the export quota system in the Democratic Republic of Congo, resulting in a definitive raw material shortage [3] - Demand for cobalt products is currently weak due to high prices, and the recovery of demand hinges on the adoption of solid-state batteries [3] - The Congolese government has a strong ability and willingness to support prices, with expectations for cobalt prices to remain strong in the medium term [3] Investment Strategy - In an upward cycle, it is essential to consider the self-reinforcing attributes of stock prices and commodity prices, alongside fundamental factors [4] - The interplay between stock prices, futures, and spot prices creates a positive feedback loop, where stock prices often react first to anticipated changes [4] Investment Recommendations - Recommended lithium-related stocks include Yongxing Materials, Ganfeng Lithium, and Tianqi Lithium, among others [5] - Recommended cobalt-related stocks include Huayou Cobalt and others [5]

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 有色金属 宏观情绪降温，金属价格普调 贵金属：沃什鹰派担忧叠加高拥挤度，金银创历史最大单日跌幅。北京时间 1 月 31 日凌晨， 现货白银价格一度暴跌 36%，创出历史最大日内跌幅；现货黄金价格一度下跌超过 12%， 盘中跌穿每盎司 4700 美元，遭遇 40 年来单日最大跌幅。周五特朗普政府准备提名凯文·沃 什为新一任美联储主席，但此次抛售或为多重因素叠加，既包括美联储主席人选的公布，也 涉及更宏观的资金流动层面，多杀多放大了行情的下跌幅度。沃什支持"降息与缩表并行" 的政策组合，其逻辑是通过缩减资产负债表控制通胀，为降低名义利率创造条件。但降息旨 在增加市场流动性、刺激经济增长，而缩表则是通过减少美联储资产负债表规模来回收流动 性、抑制通胀。两者操作方向相反，可能导致政策效果相互抵消，引发市场对政策意图的困 惑。我们认为其政策主张仍将受到美国经济基本面和外部条件的掣肘，特朗普一系列政策行 为所引发的海外投资者对美债担忧仍然存在，若缺乏美联储支持，长债利率下降可能仍有难 度，后续关注新提名主席表态。建议关注：兴业银锡、盛 ...

天齐锂业表示，得益于控股子公司锂矿定价周期缩短，旗下公司化学级锂精矿定价机制与公司锂化工产 品销售定价机制在以前年度存在的时间周期错配的影响已大幅减弱。 1月29日，天齐锂业（002466）发布2025年度业绩预告，预计将盈利3.69亿元—5.53亿元，上年同期为亏 损79.05亿元；扣除非经常性损益后净利润为2.4亿元—3.6亿元，上年同期亏损79.23亿元。 ...

Core Viewpoint - The lithium carbonate market is experiencing a supply-demand imbalance, with prices recovering significantly since mid-2025, leading to optimistic forecasts for the performance of lithium mining companies in 2025 [1][2]. Group 1: Market Conditions - Lithium carbonate prices have increased from 70,000 yuan/ton to around 170,000 yuan/ton since mid-2025, indicating a strong recovery [1]. - The market is characterized by tight supply and high demand expectations, with many lithium mining companies anticipating a significant improvement in their 2025 performance [1][2]. - Recent fluctuations in lithium prices are expected, with analysts predicting a wide range of price movements in the short term due to increased inventory levels among traders and strong demand from downstream markets [1][2]. Group 2: Demand Drivers - The demand for lithium carbonate is expected to remain robust, particularly driven by the strong growth in energy storage battery requirements [2]. - The adjustment of export tax rebates for battery products is anticipated to bring forward market demand to 2027, while national policies are promoting energy storage as a key focus area [2]. - By the end of 2025, new energy storage installations in China are projected to grow by 84% compared to the end of 2024, indicating a significant increase in demand [2]. Group 3: Company Performance - Several lithium companies, including Tianqi Lithium and Ganfeng Lithium, expect to turn losses into profits in 2025, with projected net profits of 369 million to 553 million yuan and 1.1 billion to 1.65 billion yuan, respectively [3]. - Yahua Group anticipates a substantial increase in product sales in the latter half of 2025 due to improved market conditions and operational efficiencies [3]. - The overall order situation for many industry players, especially leading companies, remains strong, suggesting a positive outlook for the sector [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ENVISION GREENWISE HOLDINGS LIMITED 晉景新能控股有限公司 （股份代號：1783） （於開曼群島註冊成立的有限公司） 自願性公告 有關戰略框架協議之 業務更新資料 本公告乃由晉景新能控股有限公司（「本公司」）自願作出，以知會其股東及潛在投資者有 關本公司之最新發展。 戰略框架協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2026年1月28日，本公司與Tianqi Grand Vision Energy Limited（「Tianqi Grand」）（統稱「訂約方」）訂立戰略框架協議（「該協議」）， 在以下方面展開進一步合作：– 1. 核心研發合作 訂約方將就核心研發範疇展開合作，包括共同開發鋰離子電池回收技術（涵蓋電池回 收技術及黑粉下游處理技術的聯合開發），並提升黑粉等高價值材料的精煉回收能力。 為促進此項合作，訂約方將設立聯合實驗室或聯合項目，專注解決全流 ...