Core Viewpoint - The A-share market showed strong performance on July 18, with the ChiNext Index reaching an 8-month high, driven by significant gains in rare earth permanent magnet stocks and other sectors [2][4][3]. Group 1: Market Performance - The A-share market indices rose, with the ChiNext Index breaking its February high, reaching 2296.91 points, marking the highest level in 8 months [4]. - The overall market saw strong gains in sectors such as non-ferrous metals, steel, coal, and basic chemicals, while public utilities, media, and light manufacturing sectors experienced declines [4]. Group 2: Rare Earth Sector - The rare earth permanent magnet concept surged, with stocks like Jiu Wu High-Tech and Northern Rare Earth hitting the daily limit, reflecting strong investor interest [4][7]. - A new rare earth mineral named "Ned Yellow River" was discovered, which has been approved by the International Mineralogical Association, potentially boosting the sector's profile [7]. - Several rare earth companies reported significant profit increases, with Huahong Technology expecting a net profit growth of 3047% to 3722% year-on-year for the first half of the year, and Northern Rare Earth projecting a growth of 1883% to 2015% [7]. Group 3: Individual Stock Highlights - The stock of Shangwei New Materials hit the daily limit for the eighth consecutive trading day, with a cumulative increase of 330.21% since July [9][11]. - The company announced a significant share transfer agreement that could change its controlling shareholder, pending approval from the shareholders' meeting and regulatory bodies [11][12]. - Haixing Co. also saw its stock hit the limit for the third consecutive trading day, indicating strong market interest [14].

Group 1 - The lithium mining sector experienced significant fluctuations on July 18, with companies like Shengxin Lithium Energy and Jinyuan Co. hitting the daily limit up, while others like Zhongmin Resources and Tianqi Lithium also saw notable gains [1][2] - The main driver behind this market movement was a sudden announcement from Zangge Mining, which stated that its subsidiary was ordered to halt lithium resource development activities due to compliance issues [3][7] - The announcement highlighted a tightening of local government regulations regarding lithium resource development, signaling potential challenges for the industry [7] Group 2 - Tianqi Lithium and Ganfeng Lithium, referred to as the "lithium mining twins," both released their half-year performance forecasts, with Tianqi expecting a net profit of 0 to 1.55 billion yuan, a significant recovery from a loss of 5.206 billion yuan in the same period last year [8] - Ganfeng Lithium, on the other hand, projected a net loss of 300 million to 550 million yuan, although this was an improvement from a loss of 760 million yuan in the previous year [8][9] - The differing strategies of the two companies in response to lithium price fluctuations were noted, with Tianqi adjusting its pricing mechanism to a monthly basis, while Ganfeng focused on expanding its battery business [10] Group 3 - The lithium carbonate market is currently facing an oversupply situation, with prices continuing to decline, which has led to inventory pressures [10] - Recent data indicated that the price of lithium carbonate futures had reached a new high of 70,980 yuan per ton, marking a 4.32% increase [2][11] - The supply-demand dynamics are shifting, with rising costs for lithium raw materials and a decrease in inventory levels, suggesting potential support for prices in the near term [11][12] Group 4 - Policy measures are being implemented to support the lithium carbonate market, including the elimination of inefficient production capacities and government stockpiling of industrial-grade lithium carbonate [12][13] - The overall sentiment in the market is currently characterized by a rebound phase driven by market emotions, although the reality of weak fundamentals may limit significant price increases [13]

Core Viewpoint - Lithium mining stocks continue to show strong performance, with Jin Yuan Co. hitting the daily limit up, indicating robust investor interest in the sector [1] Group 1: Company Performance - Jin Yuan Co. reached the daily limit up, reflecting strong market sentiment [1] - Other companies in the lithium sector, including Shengxin Lithium Energy, Zhongkuang Resources, Fangyuan Co., Tianqi Lithium, and Ganfeng Lithium, also experienced price increases [1] Group 2: Market Trends - The main contract for lithium carbonate on the Shanghai Futures Exchange rose over 4% in early trading, reaching 70,700 yuan per ton, signaling a bullish trend in lithium prices [1]

Group 1 - The Color Metal Leader ETF (159876) experienced a price increase of 0.66% after three consecutive days of decline, with a net subscription of 600,000 units, totaling 2.53 million yuan in the last two days [1] - Since the low point on April 8, the ETF has risen by 20.84%, outperforming the Shanghai Composite Index (13.57%) and the CSI 300 Index (12.40%) [1] - Lithium stocks led the gains, with Tianqi Lithium and Ganfeng Lithium both rising over 3%, and Shengxin Lithium Energy increasing by more than 2% [1] Group 2 - Tianqi Lithium is expected to turn a profit in its mid-year report, with a net profit forecast between 0 to 155 million yuan, a significant recovery from a loss of 5.206 billion yuan in the same period last year [2] - Ganfeng Lithium's losses are expected to narrow, with a forecasted net loss of 300 million to 550 million yuan, compared to a loss of 760 million yuan last year [2] - The lithium sector is seeing accelerated resource clearance, with domestic battery production increasing by nearly 40% year-on-year, benefiting the lithium price and the industry's long-term profitability [2][3] Group 3 - Among the 60 companies covered by the Color Metal Leader ETF, 27 have disclosed mid-year performance forecasts, with over 80% expecting profits, and 10 companies predicting a doubling of net profits [3] - Northern Rare Earth is expected to see a net profit increase of 1882% to 2014% year-on-year, leading the sector [3] - The overall improvement in the non-ferrous metal industry is attributed to multiple factors, including macro policy benefits, geopolitical disturbances, and emerging demand from sectors like new energy vehicles and robotics [3][5] Group 4 - As of the end of June, the market-to-book ratio of the CSI Nonferrous Metals Index was 2.24, indicating a relatively low valuation compared to its historical median of 2.52, suggesting a high cost-performance ratio for investment [6] - The Color Metal Leader ETF and its linked funds track the CSI Nonferrous Metals Index, which has significant weightings in copper (26.1%), gold (16.3%), aluminum (15.8%), rare earths (8.5%), and lithium (7.7%), providing risk diversification [7]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Domestic lithium carbonate production and inventory are at high levels, and the supply - demand outlook is loose. However, due to national policy - guided capacity clearance and expectations of automobile consumption stimulus, the prices of domestic and imported lithium concentrates have increased, limiting the downside space for lithium carbonate prices. It is recommended that investors hold their previous long positions cautiously or take profits on rallies, and pay attention to the support level around 63,000 - 65,000 and the resistance level around 68,000 - 70,000 [3] - The lithium carbonate basis is negative and the contango is positive, both within a reasonable range. This is due to the expectation of domestic lithium carbonate over - capacity clearance and the continuation of new energy vehicle consumption stimulus policies. However, the domestic lithium carbonate supply - demand outlook remains loose, and investors are advised to wait and see for arbitrage opportunities [6] 3. Summary by Relevant Catalogs Supply Side Lithium Concentrate - Ganfeng Lithium's Mali Goulamina lithium spodumene project phase I with an annual capacity of 506,000 tons of lithium concentrate was officially put into production in July. Tianqi Lithium's Greenbushes lithium mine 520,000 - ton wet - process project may be put into production in October 2025, with the total capacity reaching 2.14 million tons per year. However, the daily prices of domestic and imported lithium ores have increased, and the domestic lithium concentrate production (import) volume in July may decrease (increase) month - on - month [10][11][13] Lithium Carbonate - The capacity utilization rate (production volume) of domestic lithium carbonate has increased compared to last week. Guangdong Haohai Lithium's 6,000 - ton battery - grade lithium carbonate capacity may be put into production in July 2025, and Zijin Liyuan's 25,000 - ton capacity for producing battery - grade lithium carbonate from crude carbon will be completed and put into production in December 2025. The production volume of domestic lithium carbonate (industrial and battery - grade) in July may increase month - on - month, and the supply outlook is loose [27] - The import window is closed, and the import volume of domestic lithium carbonate in July may decrease month - on - month. The daily theoretical delivery profit of domestic lithium carbonate is negative, causing the inventory of lithium carbonate on the Guangzhou Futures Exchange to decrease compared to last week. The social inventory (of smelters, traders, and downstream) of domestic lithium carbonate has increased compared to last week [30][34] Lithium Hydroxide - The daily cash production cost of domestic smelting (causticizing) lithium hydroxide is 58,700 (67,150) yuan per ton, and the production profit is negative. Yahua Group plans to build a 30,000 - ton lithium hydroxide production line by the end of 2025. The production volume of domestic lithium hydroxide (by smelting and causticizing methods) in July may decrease month - on - month, the inventory (of smelters and downstream) in July may increase month - on - month, and the export volume in July may decrease month - on - month [38][43][48] Demand Side - The production volume of domestic lithium iron phosphate (lithium manganese iron phosphate) in July may increase month - on - month. Hubei Ruipai New Energy's project and Tiancheng Lithium's project, as well as Longpan Technology's project, are expected to contribute to the increase [60] - The production (import) volume of domestic nickel sulfate in July may increase month - on - month. The daily full production cost of domestic MHP/high - grade nickel matte/yellow slag/nickel beans to produce nickel sulfate is 124,100/119,500/126,600/125,200 yuan per nickel ton, and the production profit is negative/positive/negative/negative. The monthly production cost of Indonesian MHP/high - grade nickel matte integrated production of nickel sulfate is 112,000/119,100 yuan per nickel ton, and the production profit is positive [63] - The production volume of domestic lithium cobalt oxide in July may increase month - on - month. The suspension of cobalt exports in the DRC since February 22 and its extension have affected the supply, leading to a decrease in the processing fee of domestic cobalt intermediates and changes in the production of related cobalt products [67] - The production volume of domestic lithium manganate in July may increase month - on - month. The production (export) volume of domestic electrolytic manganese dioxide (lithium manganate type) in July has increased (decreased, decreased) month - on - month [77] - The production volume of domestic ternary precursors in July may increase month - on - month. The monthly processing fee of domestic ternary precursors has decreased month - on - month, the monthly production cost of producing ternary precursors from externally sourced raw materials is 79,450 yuan per ton, and the production profit is negative. The supply - demand outlook for domestic ternary precursors in July may be tight [81][83][87] - The production volume of domestic ternary materials in July may increase month - on - month. The monthly processing fee of domestic ternary materials has decreased month - on - month, the monthly average production cost of polycrystalline consumer - grade 5 - series ternary materials is 107,600 yuan per ton, and the production profit is negative. The inventory of domestic ternary material factories has increased compared to last week [92][93][95] - The production (export) volume of domestic lithium hexafluorophosphate in July may increase month - on - month. The daily production profit of producing solid - state lithium hexafluorophosphate from externally sourced lithium fluoride is negative [103][105][107] - The production volume of domestic lithium batteries in July may increase month - on - month, while the export volume may decrease month - on - month. The production (shipment and inventory) volume of domestic energy - storage cells in July may decrease (decrease, increase) month - on - month, and the production (shipment and inventory) volume of domestic power cells in July may increase (increase, increase) month - on - month [114][118][122] - The production (sales) volume of domestic new energy vehicles in July may increase (decrease) month - on - month [124][126]

Group 1 - The core viewpoint of the news is the performance of the China Securities New Energy Vehicle Index, which has shown positive growth in recent months and reflects the overall performance of listed companies in the new energy vehicle sector [2] - The China Securities New Energy Vehicle Index has increased by 4.78% in the past month, 8.69% in the past three months, and 4.84% year-to-date [2] - The index includes companies involved in lithium batteries, charging piles, and new energy vehicles, with a base date of December 31, 2011, set at 1000.0 points [2] Group 2 - The top ten weighted companies in the index are: CATL (10.24%), Huichuan Technology (9.6%), BYD (8.92%), Changan Automobile (4.98%), Sanhua Intelligent Control (4.88%), Yiwei Lithium Energy (4.32%), Huayou Cobalt (3.98%), Ganfeng Lithium (3.09%), Tianqi Lithium (2.77%), and Gree Environmental (2.56%) [2] - The market distribution of the index holdings shows that 84.25% are from the Shenzhen Stock Exchange, 15.15% from the Shanghai Stock Exchange, and 0.60% from the Beijing Stock Exchange [2] - The industry distribution of the index holdings indicates that 59.24% are in the industrial sector, 23.65% in consumer discretionary, 15.86% in materials, and 1.25% in information technology [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [3] - Weight factors are adjusted along with the sample changes, and generally remain fixed until the next scheduled adjustment [3] - Special circumstances may lead to temporary adjustments to the index, such as the delisting of a sample company or corporate actions like mergers and acquisitions [3]

Group 1 - The core viewpoint of the articles highlights the significant growth potential of the Robotaxi market in both China and the United States, with projections indicating substantial market sizes by 2035 [1] - TrendForce estimates that the Robotaxi market in China will reach $44.5 billion by 2035, with a compound annual growth rate (CAGR) of 96% from 2025 to 2035 [1] - In the U.S., the Robotaxi market is expected to be dominated by Tesla and Waymo, with a projected market size of $36.5 billion by 2035 [1] Group 2 - As of July 16, 2025, the China Securities New Energy Vehicle Industry Index (930997) has increased by 0.38%, with notable gains from component stocks such as Keda Li (3.53%) and Dufang Nano (3.21%) [2] - The New Energy Vehicle ETF (515700) has risen by 0.30%, reflecting a 4.32% increase over the past month [2] - The China Securities New Energy Vehicle Industry Index includes 50 listed companies involved in various sectors of the new energy vehicle industry, indicating the overall performance of leading companies in this sector [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index account for 55.74% of the index, with major players including CATL, BYD, and Ganfeng Lithium [3] - The New Energy Vehicle ETF has several off-market connections, indicating a diverse investment approach within the sector [3]

Core Viewpoint - Despite the downturn in lithium carbonate prices, Tianqi Lithium's profitability is expected to grow significantly in the first half of 2025, with a projected net profit of 0 to 155 million yuan, marking a turnaround from a loss of 5.206 billion yuan in the same period last year [1][3]. Company Performance - Tianqi Lithium's revenue for 2024 was 13.063 billion yuan, a decrease of 67.75% year-on-year, with a net loss of 7.905 billion yuan, down 208.32% year-on-year [3]. - For the first quarter of 2025, the company reported revenue of 2.584 billion yuan, a slight decrease of 0.02% year-on-year, and a net profit of 104 million yuan, an increase of 102.68% year-on-year [4]. Market Dynamics - The lithium product market is currently experiencing a bottoming process, which is expected to facilitate industry clearing and restructuring [4][7]. - The lithium industry is characterized by high competition, and companies must continuously enhance their core competitiveness to navigate through cycles successfully [7]. Industry Outlook - The long-term outlook for the lithium industry remains positive, driven by the growth of the new energy vehicle and energy storage sectors [6]. - Emerging applications such as electric vertical takeoff and landing vehicles and drones are expanding the market for lithium batteries [6]. Pricing Trends - As of July 4, the average price of battery-grade lithium carbonate was reported at 62,300 yuan per ton, indicating a need for key catalysts for a market reversal, such as production cuts from large mines or increased downstream demand [7].

然而，实际情况并没有账面利润那么乐观，以上行业龙头的盈利增长也不具备普遍性。其中，赣锋锂业 账面盈利减亏，但是扣非后净利润的亏损幅度较上年同期放大，天齐锂业则是受益于成本错配因素的减 弱，使得公司经营业绩更加趋于正常化。 而从锂行业运行情况来看，二季度相关企业的盈利情况进一步恶化。21世纪经济报道记者掌握的统计数 据显示，今年一季度国内电池级碳酸锂市场均价为7.58万元/吨，二季度进一步回落至6.52万元/吨。 5-6万元/吨，正是国内矿石提锂企业的最低成本线，能够达到这一水平的锂业公司也仅有天齐锂业、永 兴材料（002756.SZ）和中矿资源(002738.SZ)。其他成本偏高的锂业公司，二季度也出现了亏损环比扩 大的情况，比如盛新锂能、江特电机和永杉锂业等。 相对分散的供给端，加上缺少政策引导，又使得锂行业产能去化如同"钝刀子割肉"，至今国内锂盐产 量、库存数据依旧处于相对高位。 21世纪经济报道记者 董鹏 成都报道 7月14日晚间，"锂业双雄"发布半年度业绩预告，赣锋锂业（002460.SZ）同比减亏，天齐锂业 (002466.SZ)则实现扭亏。 比如有望实现扭亏的天齐锂业，公司上半年预计盈利亦不过0- ...

Industry Overview - The new energy vehicle (NEV) sector in China has seen over 30% growth in the first half of the year, with lithium batteries growing by 53.3%, indicating a strong momentum in the new energy industry [2] - The export structure of China continues to optimize, with total exports of electromechanical products reaching 7.8 trillion yuan, a 9.5% increase, accounting for 60% of total exports. The "new three items" (NEVs, lithium batteries, and photovoltaic products) saw a 12.7% increase in exports, showcasing the manufacturing industry's shift towards green and low-carbon development [2] Battery Production and Sales - In June, China's total production of power and other batteries reached 129.2 GWh, a month-on-month increase of 4.6% and a year-on-year increase of 51.4%. The cumulative production for the first half of the year was 697.3 GWh, with a year-on-year growth of 60.4% [6] - The power battery installation volume in June was 58.2 GWh, with a month-on-month increase of 1.9% and a year-on-year increase of 35.9%. Among these, ternary battery installations accounted for 10.7 GWh (18.4% of total installations), while lithium iron phosphate battery installations reached 47.4 GWh (81% of total installations) [6] Company Performance - Tianqi Lithium Industries expects a net profit of 0 to 155 million yuan in the first half of the year, marking a turnaround from losses. This is attributed to a shortened pricing cycle for lithium ore and increased investment income from its joint venture SQM, despite a decline in lithium product sales prices [9] - Sanyuan Co. anticipates a significant net profit increase of 810.41% to 1.265 billion yuan for the first half of 2025, driven by its core businesses in negative materials and polarizers [11] - Zhongke Electric expects a net profit of 232 million to 301 million yuan for the first half of the year, a growth of 235% to 335% year-on-year, due to increased production capacity of lithium battery anode materials and rising demand from the NEV and fast-charging markets [13] Equipment Development - Shenzhen Ruineng Industrial Co., Ltd. has successfully delivered core equipment for solid-state battery manufacturing to a leading domestic battery manufacturer, including specialized equipment for solid-state battery formation and testing [16] International Developments - General Motors announced a shift in its Tennessee battery plant to produce LFP lithium iron phosphate batteries, accelerating the mass production and research of LMR lithium-rich manganese-based batteries, enhancing its battery product lineup [18] - SK On's North American factory has fully commenced operations for the first time since opening three years ago, with all 12 production lines running at full capacity, significantly increasing battery output compared to the previous year [20]