Group 1 - The Central Committee of the Communist Party of China has issued opinions to strengthen judicial work in the new era, emphasizing severe punishment for financial crimes such as market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering [1] - To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 1.4 trillion yuan reverse repurchase operation using a fixed quantity, interest rate bidding, and multiple price levels starting from July 15, 2025 [1] - The Deputy Governor of the Central Bank, Zou Lan, stated that structural monetary policy tools will focus on supporting technological innovation and boosting consumption, with an improvement in the misalignment of monetary policy cycles between China and the US expected in the second half of the year, leading to a narrowing of interest rate differentials [1] Group 2 - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of the year, while Tianqi Lithium anticipates a net profit of 0 to 155 million yuan, marking a turnaround from losses [2] - Xiangyang Bearing is projected to have a net loss of 13 million yuan for the half-year period, and Jingyuntong expects a net loss of 165 million to 225 million yuan [2] - Greenland Holdings anticipates a net loss of 3 billion to 3.5 billion yuan for the first half of the year, while Zhongyan Chemical reports an 88% year-on-year decline in net profit [2] - Tongwei Co. expects a net loss of 4.9 billion to 5.2 billion yuan, and JA Solar anticipates a net loss of 2.5 billion to 3 billion yuan for the first half of the year [2] - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan, showing a reduction in losses compared to previous periods [2] - Lianhuan Pharmaceutical anticipates a net loss of 38 million to 45 million yuan for the first half of the year [2]

天齐锂业：预计2025年上半年净利润0万元–1.55亿元 金十数据7月14日讯，天齐锂业公告，预计2025年上半年归属于上市公司股东的净利润0万元–15,500万 元，上年同期亏损52亿元，同比扭亏为盈。 ...

股票代码：002466 股票简称：天齐锂业 公告编号：2025-039 天齐锂业股份有限公司 2025 年半年度业绩预告 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。 1、业绩预告期间：2025年1月1日至2025年6月30日。 2、业绩预告情况：预计净利润为正值且属于下列情形之一： | √扭亏为盈 | 同向上升 同向下降 | | | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 归属于上市公司股东的 | 盈利：0万元–15,500万元 | 亏损：520,576.91万元 | | 净利润 | 比上年同期增长：100.00%-102.98% | | | 扣除非经常性损益后的 | 盈利：0万元–8,900万元 | 亏损：522,085.99万元 | | 净利润 | 比上年同期增长：100.00%-101.70% | | | 基本每股收益 | 盈利：0元/股–0.09元/股 | 亏损：3.18元/股 | 二、与会计师事务所沟通情况 本次业绩预告未经注册会计师预审计。 三、业绩变动原因说明 天齐锂业股份有限公司（以下简称"公司"） ...

Core Viewpoint - Sichuan province is transitioning its business environment optimization from "Fast Service" 1.0 version to "Cost Control" 2.0 version, with plans to upgrade to "Ecological Optimization" 3.0 version, focusing on reducing costs and enhancing the overall business ecosystem [1][2][6] Group 1: Cost Control Measures - In April of last year, Sichuan introduced 29 measures centered on cost control to improve the business environment [2][3] - The province has implemented various initiatives to directly benefit companies, such as the "No Application Required" subsidy program, which has provided funds to companies without the need for them to apply [2][3] - Chengdu has established a "One Code Inquiry" platform for easy access to over 3,000 policies, and has disbursed over 5 billion yuan in subsidies to businesses in the first half of the year [3] Group 2: Specific Initiatives and Results - Mianyang has developed a "Policy Finds Enterprise" mechanism, allowing for zero-material, zero-approval, and instant fund disbursement, with 420 million yuan allocated to businesses this year [3] - Suining has issued a task list of 655 items to optimize the business environment and has provided 143 million yuan in financial support to ease the burden on enterprises [3][4] - Baoding has formed teams to conduct energy-saving diagnostics for companies, resulting in cost reductions exceeding 25 million yuan since March [4] Group 3: Future Directions - The government plans to further reduce costs by focusing on energy, financing, logistics, and labor, with specific measures to optimize gas supply and electricity pricing [5][6] - The People's Bank of China in Sichuan is working on addressing financing difficulties for private enterprises, enhancing credit information sharing, and promoting innovative financial products [6] - The next steps will involve creating comprehensive policy lists and reform initiatives to continuously monitor and improve the business environment [6]

2025 年 7 月 11 日，公司成功发行了 2025 年度第一期科技创新债券，发行结果具体如 下： | 债券名称 | 天齐锂业股份有限公司 2025 年度 | | | | 债券简称 | 25 | 天 | 齐 | | 锂 | 业 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一期科技创新债券 | | | | | | | MTN001(科创债) | | | | | 债券代码 | 102582831 | | | | 期限 | 3 年 | | | | | | | 起息日 | 2025 7 日 | 年 | 月 | 11 | 兑付日 | 2028 | 年 | 7 月 | 11 | 日 | | | 计划发行总 | 6 亿元人民币 | | | | 实际发行总额 | 6 | 亿元人民币 | | | | | | 额 | | | | | | | | | | | | 1 | 发行利率 | 2.48% | 发行价格（百 | 100 | | --- | --- | --- | --- | | | | 元面值） | | ...

Group 1: Liquidity and Scale of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 3.5%, with a transaction volume of 30.73 million yuan [3] - Over the past week, the average daily transaction volume of the rare metal ETF reached 37.71 million yuan, ranking first among comparable funds [3] - In the past year, the rare metal ETF's scale increased by 16.82 million yuan, also ranking first among comparable funds [3] - The latest margin buying amount for the rare metal ETF reached 2.08 million yuan, with a margin balance of 21.28 million yuan [3] Group 2: Performance and Returns - As of July 10, the net value of the rare metal ETF increased by 30.36% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly gains being 3 months and the longest gain percentage being 14.06% [3] - The average return during the rising months was 7.76% [3] Group 3: Industry Insights and Recommendations - The lithium sector is currently in a bottom oscillation phase, with solid-state battery industrialization accelerating and energy storage demand expected to surge [3] - The new energy storage installations are projected to grow by 140% year-on-year in 2024, which may serve as a core catalyst [3] - Companies with strong cost control in lithium extraction from salt lakes and those with overseas resource layouts are recommended for attention [3] Group 4: Rare Earth Market Dynamics - The implementation of the Rare Earth Management Regulations is expected to enhance compliance capacity concentration, with a growth rate of 5.9% in 2024 [4] - The supply-demand gap for praseodymium and neodymium oxide is anticipated to widen starting in 2025, with a focus on light rare earth leading enterprises [4] - The strategic position of rare earths is significant due to U.S. tariff policies, which may positively impact company performance [4] Group 5: Key Stocks in Rare Metal Sector - The top ten weighted stocks in the CSI Rare Metal Theme Index include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, and others, accounting for 54.07% of the total weight [4] - Notable stock performances include Northern Rare Earth with a 9.85% increase and Salt Lake Co. with a 0.86% increase [6] Group 6: Investment Opportunities - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [7]

Core Viewpoint - The China Securities Index for the subdivided non-ferrous metal industry has shown significant growth, with a 3.10% increase over the past month and a 13.89% increase year-to-date, indicating a strong performance in this sector [1][2]. Group 1: Index Performance - The China Securities Index for subdivided non-ferrous metals rose by 1.28% to 6711.19 points, with a trading volume of 39.135 billion yuan [1]. - The index has increased by 13.83% over the past three months [1]. - The index is composed of seven sub-indices, reflecting the overall performance of larger, more liquid listed companies in related industries [1]. Group 2: Index Composition - The top ten holdings in the index include Zijin Mining (15.24%), Northern Rare Earth (5.39%), and Luoyang Molybdenum (4.48%) [1]. - The index's holdings are primarily concentrated in the Shanghai Stock Exchange (64.67%) and the Shenzhen Stock Exchange (35.33%) [1]. Group 3: Industry Breakdown - The index's sample holdings are predominantly in the raw materials sector (99.39%), with a small representation in the industrial sector (0.61%) [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. Group 4: Related Funds - Public funds tracking the subdivided non-ferrous metal index include several products from Huaxia and Huitianfu, indicating investor interest in this sector [2].

Group 1 - The price of battery-grade lithium carbonate in China has rebounded to 62,600 CNY/ton as of July 9, marking a 1.51% increase from the beginning of the month, but a 35.6% decrease year-on-year [1] - Industrial-grade lithium carbonate price reached 60,966 CNY/ton, up 2.52% month-on-month, and down 35% compared to the same period last year [1] - The lithium battery sector is expected to see a recovery in profitability and revenue growth, driven by high demand in the supply chain and new technologies like solid-state batteries emerging in the second half of 2024 [1] Group 2 - The industry maintains an optimistic long-term growth outlook for demand, with companies utilizing cash reserves in anticipation of market improvement [2] - The entry of low-cost salt lake and integrated Chinese enterprises has strengthened the supply side's ability to withstand price fluctuations, potentially delaying the industry's turning point [2] - Companies with low-cost resources and diversified non-lithium operations are positioned to navigate the industry downturn effectively, with recommendations for specific stocks such as Zhongkuang Resources and others [2]

Core Viewpoint - The China Securities New Energy Vehicle Index (CS New Energy Vehicle, 399976) has shown positive performance, with a recent increase of 1.42% and significant gains over various time frames, indicating a strong market for new energy vehicles in China [1][2]. Group 1: Index Performance - The CS New Energy Vehicle Index has increased by 2.20% over the past month, 11.53% over the past three months, and 3.42% year-to-date [2]. - The index reflects the overall performance of listed companies involved in lithium batteries, charging stations, and new energy vehicles, with a base date of December 31, 2011, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted companies in the CS New Energy Vehicle Index are: CATL (10.33%), Huichuan Technology (9.45%), BYD (9.05%), Changan Automobile (5.02%), Sanhua Intelligent Control (4.53%), Yiwei Lithium Energy (4.34%), Huayou Cobalt (4.21%), Ganfeng Lithium (3.14%), Tianqi Lithium (2.75%), and Guoxuan High-Tech (2.61%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (84.08%), followed by the Shanghai Stock Exchange (15.30%) and the Beijing Stock Exchange (0.62%) [2]. - In terms of industry composition, the index is comprised of 59.42% industrial sector, 23.09% consumer discretionary, 16.27% materials, and 1.23% information technology [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Domestic lithium carbonate production and inventory are at high levels with a loose supply - demand outlook, but due to national policies guiding capacity clearance and expectations of automobile consumption stimulus, the prices of domestic and imported lithium concentrates have risen, suggesting that lithium carbonate prices may still have room to rise. It is recommended that investors try to go long on the main contract with a light position in the short - term, paying attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [3]. - The basis of lithium carbonate is positive and generally within a reasonable range, and the monthly spread is positive and also within a reasonable range. This is due to the continuation of domestic new - energy vehicle consumption stimulus policies. However, the domestic lithium carbonate supply - demand outlook remains loose, so investors are advised to wait and see for arbitrage opportunities [6]. Summary by Related 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, and Tianqi Lithium's Greenbushes lithium mine's 520,000 - ton wet - process project may be put into production in October 2025, increasing the total capacity to 2.14 million tons per year. However, the daily prices of domestic and imported lithium ores have increased [9]. - Domestic lithium concentrate production in July may decrease month - on - month, while imports may increase [2][10][12]. Lithium Carbonate - The capacity utilization rate and production of domestic lithium carbonate have decreased compared to last week. However, with the possible commissioning of Guangdong Haohai Lithium's 6,000 - ton battery - grade lithium carbonate capacity in July 2025 and Zijin Liyuan's 25,000 - ton capacity for preparing battery - grade lithium carbonate from crude carbon by December 2025, the production of domestic lithium carbonate (industrial and battery - grade) in July may increase month - on - month, and the supply outlook is loose [26]. - The import window is closed, and the import volume of Chinese lithium carbonate in July may decrease month - on - month [33]. - The daily cash production costs of producing lithium carbonate from purchased lithium spodumene and lithium mica concentrates are about 61,700 and 66,500 yuan/ton respectively, resulting in negative production profits. The quarterly production profits of producing lithium carbonate from integrated lithium spodumene/mica/salt - lake sources are positive [18][22]. Lithium Hydroxide - The daily cash production costs of Chinese smelting (causticizing) method lithium hydroxide are 56,900 (64,600) yuan/ton, with positive (negative) production profits. The monthly processing fee from coarse - grained to fine - grained lithium hydroxide has decreased [37][38]. - Yahua Group plans to build a 30,000 - ton lithium hydroxide production line by the end of 2025, which may lead to a month - on - month decrease in the production of Chinese lithium hydroxide (smelting and causticizing methods) in July. The inventory of Chinese lithium hydroxide (smelters and downstream) in July may increase month - on - month [42][51]. - The daily export profit of Chinese lithium hydroxide is negative, so the export volume of Chinese lithium hydroxide in July may decrease month - on - month [47]. Demand Side - The production volume of Chinese lithium iron phosphate (lithium manganese iron phosphate) in July may increase month - on - month [59]. - The production (import) volume of Chinese nickel sulfate in July may increase month - on - month [60]. - The production volume of Chinese lithium cobalt oxide in July may increase month - on - month [64]. - The production volume of Chinese lithium manganate in July may increase month - on - month [74]. - The monthly processing fee of Chinese ternary precursors has decreased month - on - month. The monthly production cost of producing ternary precursors from purchased raw materials is 79,450 yuan/ton, with negative production profits. The production volume of Chinese ternary precursors in July may increase month - on - month [80][82]. - The monthly processing fee of Chinese ternary materials has decreased month - on - month. The monthly average production cost of polycrystalline consumer - grade 5 - series ternary materials is 107,600 yuan/ton, with negative production profits. The inventory of Chinese ternary material factories has increased compared to last week, which may lead to a month - on - month increase in the production of Chinese ternary materials in July [91][94]. - The production (shipment and inventory) volume of Chinese energy - storage cells in July may decrease (decrease, increase) month - on - month; the production (shipment and inventory) volume of Chinese power cells in July may increase (increase, increase) month - on - month [3]. Investment Strategy - Short - term investors are advised to go long on the main contract with a light position at low prices, paying attention to the support level around 58,000 - 62,000 and the resistance level around 66,000 - 70,000 [3]. - Investors are advised to wait and see for arbitrage opportunities [6].