Economic Development - The GDP growth rate of Yajiang County has ranked first in the state for four consecutive years, earning titles such as "Fastest Progress County" and "Significant Progress in High-Quality Development" in the province [1] - Yajiang County is rich in resources, with over 10 million kilowatts of hydropower potential and the largest spodumene lithium mine in Asia [1] Clean Energy Initiatives - Yajiang is leveraging its resource advantages by integrating clean energy with computing power and energy storage, following a "1+1>2" strategy [1] - The county has a planned photovoltaic capacity of 12 million kilowatts and hydropower capacity of 10 million kilowatts, with 5.3 million kilowatts already installed and 2.5 million kilowatts under construction [1] Agricultural Development - Yajiang is known as the "Hometown of Matsutake" and is expanding its mushroom industry by developing various products, including Matsutake sashimi and pizza, enhancing its agricultural tourism [2] - The county aims for a transaction volume of 1,530 tons and a value of 450 million yuan for edible mushrooms in 2024, with a digital platform for Matsutake that ensures freshness delivery nationwide within 48 hours [2] Mining Industry - Yajiang is focusing on developing its lithium mining sector into a "billion-dollar leading industry" while balancing economic growth with environmental protection [2] - The county has established partnerships with major companies like CATL and Tianqi Lithium to enhance its lithium processing capabilities [3]

Core Insights - Sichuan's Ganzi Prefecture has confirmed lithium resources of 220 million tons, making it a significant player in the lithium mining industry [1] - The lithium resources in Yajiang County are part of the core composition of the Mica Rare Metal Minefield and have the largest proven reserves of spodumene-type lithium ore globally [1] - Yajiang County has established partnerships with major industry players including CATL, Tianqi Lithium, and Shengtun, indicating strong collaboration in lithium resource development [1] Resource Details - The confirmed lithium spodumene resource is 220 million tons, with an additional 3.06 million tons of lithium oxide resources [1] - The mining rights for the Snowsky lithium mine have been obtained by CATL and Shengtun, while Tianqi Lithium's Cozala lithium mine has resumed full operations [1]

Investment Rating - The industry view for Greater China Materials is rated as Attractive [6] Core Insights - Lithium demand may be pressured by trade tensions, with a market surplus expected to increase to approximately 10,000 tons of lithium carbonate equivalent (LCE) in April, leading to downward pressure on prices [2][3] - Uranium fundamentals remain solid despite a spot price correction, with term pricing stable at around US$80 per pound, indicating a constructive medium-to-long-term supply-demand outlook [3] - Solar glass prices are likely to stabilize due to supply responses, although pressures are expected to persist in the second half of 2025 as demand decreases [4][10] Summary by Sections Lithium - Demand in 1Q25 was stronger than expected due to EV trade-in programs and energy storage system (ESS) demand, but the peak season in 2Q25 is anticipated to be muted due to earlier demand pull-forward [2] - Tariff uncertainties have caused large EV makers to pause April order books, leading to a potential price bottom for lithium carbonate at approximately Rmb65,000 per ton [2] Uranium - The spot price has declined to around US$60 per pound, influenced by uncertainties regarding Russian enriched uranium and US tariffs, but the gap between spot and term prices has widened, limiting further downside [3] - Supply imbalances are expected to gradually reflect in the market, potentially pushing uranium prices higher and benefiting companies like CGN Mining [3] Solar Glass - A reasonable recovery was noted in 1Q25, with prices rebounding due to increased demand from module producers, but a decrease in demand is expected in June as rush installations conclude [4][10] - The near-term supply and demand for solar glass could remain solid, supporting earnings recovery for producers, but increased industry supply may pressure prices again in 2H25 [10] Rare Earth Magnets - An upward trend in rare earth prices is anticipated due to new smelting regulations and tariffs, which could tighten supply from imports, benefiting producers [11] Stock Ratings - Overweight-rated stocks include Xinyi Solar, CGN Mining, and various rare earth magnet producers, with significant upside potential noted for several companies [12][13]

据了解，近年新能源汽车终端需求增速逐步放缓。尽管碳酸锂现货生产虽有减量，但碳酸锂市场仍在下 行，锂精矿石价格也持续走低。机构普遍预计，全球碳酸锂的整体过剩至少要持续到2027年。 平安证券研报分析称，当前锂价已跌至2021年初左右的较低水平，考虑到锂精矿生产成本线抬升的支 撑，下行空间已相对有限；同时，外购矿冶炼厂因亏损而减停产，市场正逐步出清。 4月23日，天齐锂业发布2025年第一季度业绩预告。预计第一季度天齐锂业实现归母净利润为8200万元 至1.23亿元；实现扣非净利润为3200万元至4800万元。 对比去年一季度，天齐锂业净亏损38.97亿元，实现扭亏为盈。去年全年累计亏损更是达79.05亿元，也 是天齐锂业2021年以来首次年度亏损。 对于业绩大涨的原因，天齐锂业称，主要有两个原因；一方面，控股子公司Windfield Holdings Pty Ltd. 锂矿定价周期缩短，其全资子公司泰利森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。 同时，化学级锂精矿成本基本贴近最新采购价格；由自产工厂的产能爬坡及技术改良，在首季度锂化合 物及衍生品的产销量 ...

Summary of Lithium Industry Conference Call Industry Overview - The lithium industry is experiencing a release of lithium salt production capacity, coupled with demand-side impacts from tariff wars, leading to a weaker market outlook. However, a year-on-year growth of 20%-30% is still expected for 2025 despite increasing inventory pressures and emerging contradictions in the industry [1][4] - Current lithium prices are approximately 68,000 yuan/ton, with around 600,000 tons of production capacity operating at a loss, representing 30%-40% of total production [1][5] Key Insights - High-cost projects may cease operations due to current price levels, potentially driving down mineral prices and forcing miners to shut down operations [1][6] - The acquisition price for lithium resources has significantly decreased from a peak of 7,000 yuan/ton in 2022 to around 1,000 yuan/ton in 2024, with Ganfeng Lithium's resource reset cost estimated at 49 billion yuan [1][7] - Construction costs for lithium mines range from 40,000 to 50,000 yuan/ton, while smelting investments are around 500 million yuan. In Tibet, efficient enterprises have a single-ton investment cost of about 1.4 billion yuan [1][8][9] Production Costs and Profitability - The complete cost of lithium extraction from ore is approximately 65,000 yuan/ton, while from salt lakes it is about 55,000 yuan/ton. To achieve a 10% internal rate of return (IRR) over a 15-year project cycle, the minimum price for ore should be 112,000 yuan, and for salt lake lithium, it should be 116,000 yuan [1][14][15] - In the current price range of 110,000 to 120,000 yuan/ton, both Tianqi Lithium and Ganfeng Lithium expect to achieve profits of at least 4 billion yuan [2][17] Market Dynamics - The lithium market is currently facing an increase in inventory due to the commissioning of new projects, including Ganfeng's projects and others in Hainan and Xinjiang [3][4] - The demand side is significantly influenced by tariff wars, with expectations of a slight month-on-month decline but a strong year-on-year growth forecast for 2025 [4][16] - The industry is experiencing a capital expenditure freeze, with many companies lacking significant new investment plans, indicating a potential bottoming out of the market [16][21] Future Outlook - The lithium supply surplus is expected to exceed 200,000 tons in 2024-2025, with a potential short-term shortage anticipated in 2026 as demand from electric vehicles and advancements in smart driving technology continue to grow [1][16] - Current market valuations for Ganfeng Lithium and Tianqi Lithium are around 56-67 billion yuan and 45-55 billion yuan, respectively, indicating that the market may be undervaluing these companies [18][20] - The industry is seen as a potential investment opportunity, especially as high-cost production is phased out, leading to a reversal in supply-demand dynamics [22][23]

Core Viewpoint - Tianqi Lithium has successfully turned a profit in the first quarter of the new fiscal year, with expected earnings between 0.82 billion and 1.23 billion yuan, a significant recovery from a loss of 3.9 billion yuan in the same period last year [3]. Group 1: Factors Contributing to Profit Turnaround - The company has seen a reduction in various profit-dragging factors, including improvements in its main business and the elimination of certain one-off impacts [4]. - The pricing cycle mismatch for lithium ore has been alleviated, leading to a decrease in production costs for lithium salt products [4][6]. - The tax arbitration issue with SQM has been resolved, which is expected to enhance Tianqi Lithium's investment income [3][5]. Group 2: Market Conditions and Performance - Despite a continued decline in lithium prices, the company has managed to improve its operational situation due to the gradual consumption of inventory and the arrival of newly purchased lithium ore [3][4]. - The average market price for battery-grade lithium carbonate has stabilized, reducing the pressure from inventory devaluation [5]. Group 3: Competitive Advantages - Tianqi Lithium remains one of the most competitive players in the global lithium market, with a revenue of 13.06 billion yuan in 2024, where lithium ore and lithium salt accounted for approximately 38% and 62% of total revenue, respectively [7]. - The company has maintained high gross margins for its lithium products, achieving 63.71% for lithium ore and 35.21% for lithium salt, despite market fluctuations [8]. - Tianqi Lithium's production costs for lithium ore are among the lowest in the industry, with cash production costs at approximately 206 USD per ton [8]. Group 4: Financial Stability - The company has a strong liquidity position, with cash and cash equivalents nearing 5.8 billion yuan and total current assets reaching 12.85 billion yuan as of the end of 2024 [9]. - Tianqi Lithium has maintained a low debt ratio of 28.4%, significantly below the industry median of 43.3%, indicating strong financial health [9].

◆ 材料 ◆ 龙蟠科技印尼工厂二期项目开工 01 日前，在中国与印尼双方深化新能源产业合作的战略背景下，龙蟠科技旗下印尼锂源年产12万吨磷酸铁锂正极材料生产基地（二期）项目于印尼三 宝垄举行开工仪式。消息显示，印尼锂源项目自2021年启动以来便备受瞩目，一期3万吨磷酸铁锂产线于2024年建成投产，并于2025年1月实现首 批产品出货。 天齐锂业一季度净利扭亏为盈 ◆ 电池 ◆ 南都电源筹划港股上市 01 4月23日，南都电源发布筹划在香港联合交易所有限公司上市的公告。南都电源成立于1994年9月，2010年4月在A股创业板上市。公司总部位于浙 江，主要从事新型电力储能、工业储能和民用储能等领域的系统解决方案及运营服务。 02 天齐锂业公告称，预计2025年第一季度归属于上市公司股东的净利润为8200万元至1.23亿元，上年同期为亏损38.97亿元。随着国内新购锂精矿陆 续入库及库存锂精矿的逐步消化，公司各生产基地生产成本中耗用的化学级锂精矿成本基本贴近最新采购价格。 杉杉科技与OCSiAl开发新一代负极材料 03 近日，杉杉科技与OCSiAl达成战略合作。双方将围绕单壁碳纳米管在锂电负极材料中的应用展开深度技 ...

Market Overview - External disturbances have peaked, and the market is gradually returning to fundamentals [1][21] - U.S. stock markets saw a broad increase, with the Dow Jones up 1.07%, Nasdaq up 2.50%, and S&P 500 up 1.67% [3] - Notable individual stock performances include Tesla rising 5.37% despite a 71% drop in quarterly net profit, and Boeing increasing 6.04% due to better-than-expected quarterly losses [3] Commodity Prices - International oil prices weakened, with WTI crude down 2.20% to $62.27 per barrel and Brent crude down 1.96% to $66.12 per barrel, amid rumors of OPEC+ potentially increasing production [4][7] - Gold prices significantly declined, with COMEX gold futures dropping 3.66% to $3276.30 per ounce [4] Economic Indicators - The Federal Reserve's latest Beige Book indicated little change in U.S. economic activity since early March, with several regions experiencing a "significant deterioration" in outlook amid increasing economic uncertainty [4] Corporate Developments - The People's Bank of China introduced a plan to enhance cross-border financial services in Shanghai, aiming to optimize financial service policies [5] - Xiamen's government announced an upgrade to its housing compensation policy, expanding the range of housing options for those affected by property acquisition [6] - Apple was fined €500 million by the EU for antitrust violations under the Digital Markets Act, marking a significant regulatory action against major tech companies [8] Company Earnings - Wens Foodstuff Group reported a net profit of 2 billion yuan in Q1 2025, reversing a loss from the previous year, primarily due to profitability in the pork sector [11] - Nutrien reported a 374% increase in net profit for Q1 2025, driven by increased sales and prices of potash [12] - Zhongke Electric's Q1 net profit surged 465.8% year-on-year, attributed to increased sales and improved gross margins [13] - Tianqi Lithium expects a net profit of 82 million to 123 million yuan for Q1 2025, a significant recovery from a loss in the previous year [14] Strategic Partnerships - CATL announced the launch of 10 battery swap models in collaboration with major automotive companies, expanding its battery swap network [9] - Four-dimensional Map Technology signed a strategic cooperation agreement with Volcano Engine to enhance automotive intelligence technology [10]

一系列看似独立事件，形成的效应，乃至风暴正在对动储产业全球化趋势产业严重影响，甚至剧 烈冲击。 近日据多方外媒报道，韩国电动汽车 (EV) 电池制造商LG集团及其财团已正式撤回在印度尼西亚 建设电动汽车电池生态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓 慢进展后，最终未能落地。 据悉，该项目总投资额达77亿美元，原计划由LG Energy Solution （LG新能源） 、LG Chem （LG化学） 、LX International Corp （LX国际公司） 以及印度尼西亚国有企业共同推进，旨在 构建从原材料采购到电池生产的 "端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资 源对电动汽车电池产业至关重要，因此该项目被视为LG集团在全球电池供应链布局中的关键一 环。 （消息来自 "环球网"） 事实上，这还只是动储产业全球化退潮的冰山一角。 据德国媒体4月中旬披露，由于国轩高科与市政府之间的法律纠纷，美国密歇根州梅科斯塔县计 划建设的电动汽车电池生产设施已停工。据了解，国轩计划在格林查特镇建设电池生产设施，该 项目预计投资约23.6亿美元，生产原定于2026年1月开始。 ...

金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司 安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2025.04. 23 4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副 总裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4 月22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单 位。如以上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同 期为亏损38.97亿元。 吉比特：一季度净 ...