丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨永兴材料（002756.SZ） [Table_Title] 锂价回暖，成本控制能力优秀——永兴材料 2025 三季报点评 报告要点 [Table_Author] 王鹤涛 赵超 王筱茜 肖百桓 周相君 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490519080004 SAC：S0490522080001 SAC：S0490525080007 SFC：BQT626 SFC：BUY139 SFC：BWM115 请阅读最后评级说明和重要声明 %% %% [Table_Summary] 2025Q3 公司实现营业收入 18.53 亿元，同比+6.61%，环比-2.7%；实现归母净利 1.31 亿元， 同比-35.4%，环比-37.55%；实现扣非归母净利 1.39 亿元，同比-17.8%，环比-3.83%。 分析师及联系人 %% %% research.95579.com 1 [Table_scodeMsg2] 永兴材料（002756.SZ） cjzqdt11111 [Table_Title 锂价回 ...

Core Insights - The lithium mining stocks in the A-share market have seen significant gains, with several companies hitting their daily price limits and others experiencing substantial increases in share prices [1] - The futures contract for lithium carbonate has surged past 100,000 yuan, marking a nearly 6% increase and reaching the highest level since June 2024 [1] Company Performance - Rongjie Co., Ltd. (融力股份) experienced a 10% increase in stock price, with a total market capitalization of 16.4 billion yuan and a year-to-date increase of 99.38% [2] - Jinyuan Co., Ltd. (美圆股份) saw a 9.99% rise, with a market cap of 5.91 billion yuan and a year-to-date increase of 54.16% [2] - Dawi Co., Ltd. (大为股份) rose by 8.92%, with a market cap of 7.83 billion yuan and a year-to-date increase of 143.38% [2] - Tianqi Lithium (天齐锂业) increased by 7.67%, with a market cap of 105.9 billion yuan and a year-to-date increase of 95.58% [2] - Chuaneng Power (川能动力) rose by 7.66%, with a market cap of 26.2 billion yuan and a year-to-date increase of 35.10% [2] - Salt Lake Co., Ltd. (盐湖股份) saw a 7.48% increase, with a market cap of 149.9 billion yuan and a year-to-date increase of 72.05% [2] - Ganfeng Lithium (赣锋锂业) increased by 6.89%, with a market cap of 154 billion yuan and a year-to-date increase of 114.43% [2] - Dazhong Mining (大中矿业) rose by 5.45%, with a market cap of 49 billion yuan and a year-to-date increase of 283.10% [2] - Tibet Mining (西藏矿业) increased by 5.25%, with a market cap of 16.3 billion yuan and a year-to-date increase of 45.93% [2] - Jiangte Motor (江特电机) rose by 4.70%, with a market cap of 21.3 billion yuan and a year-to-date increase of 68.42% [2] - Yongxing Materials (永兴材料) increased by 4.46%, with a market cap of 30.3 billion yuan and a year-to-date increase of 52.51% [2] - Tibet Summit (西藏珠峰) rose by 4.33%, with a market cap of 15.4 billion yuan and a year-to-date increase of 58.53% [2] - Cangge Mining (藏格矿业) increased by 4.20%, with a market cap of 96.5 billion yuan and a year-to-date increase of 125.89% [2] - Yahua Group (雅化集团) rose by 4.16%, with a market cap of 29.4 billion yuan and a year-to-date increase of 119.15% [2] - Zhongkuang Resources (中矿资源) increased by 4.02%, with a market cap of 51.2 billion yuan and a year-to-date increase of 102.76% [2]

11月19日，A股三大指数集体低开。截至发稿，三大指数翻红。盘面上，锂矿概念反弹，金圆股份、融捷股份涨停，盐湖股份、天齐锂业等涨幅居前。 | 上证指数 | 深证成指 | | 创业板指 | | | --- | --- | --- | --- | --- | | 3949.33 | 13084.77 | | 3079.57 | | | 9.52 0.24% | 4.28 0.03% | | 10.35 0.34% | | | < V | 锂矿概念 | | E | O | | | 1999.45 2.06% | | | | | 成份股 | 股吧 | | 资讯 | | | 名称 | 最新 | 涨幅 ↓ | | 涨跌 | | 融題股份 002192 融 | 63.26 | 10.00% | | 5.75 | | 全周股份 000546 | 7.60 | 9.99% | | 0.69 | | 川能动力 000155 融 | 14.11 | 6.97% | | 0.92 | | 天齐锂业 002466 融 | 64.02 | 6.81% | | 4.08 | | 大为股份 002213 | 32.28 | 6.61% | ...

每经AI快讯，11月19日，锂板块持续走强，融捷股份逼近涨停，天齐锂业、赣锋锂业、西藏矿业、永 兴材料跟涨。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the articles indicates a significant increase in lithium carbonate prices, with a rise of over 4% as of November 19, driven by strong demand from downstream material manufacturers and a notable increase in orders from battery cell manufacturers [1] - Approximately 20 lithium iron phosphate companies have reached full production capacity, a trend expected to continue until the end of the year due to ongoing projects in pure electric heavy trucks and a peak sales season for traditional vehicles [1] - Market total inventory has decreased by 3,400 tons to 12,000 tons, with smelting plant inventory down by 2,500 tons to 28,000 tons, and downstream inventory reduced by 3,200 tons to 49,000 tons, indicating a tightening supply chain [1] Group 2 - The latest pricing for Australian lithium ore is reported at $1,055, reflecting a strengthening in the mining sector [1] - The sentiment in the midstream sector is showing signs of recovery, providing some support to the market as downstream demand remains robust [1] - The stock performance of several lithium-related companies shows significant year-to-date gains, with 盛新锂能 (Shengxin Lithium Energy) up 180.84% and 大中矿业 (Dazhong Mining) up 274.85% [2]

11月19日，永兴材料盘中上涨2.03%，截至09:38，报54.90元/股，成交2.62亿元，换手率1.22%，总市值 295.97亿元。 永兴材料所属申万行业为：有色金属-能源金属-锂。所属概念板块包括：特种钢、锂电池、核电、高温 合金、养老金概念等。 截至9月30日，永兴材料股东户数5.25万，较上期减少2.28%；人均流通股7401股，较上期增加2.33%。 2025年1月-9月，永兴材料实现营业收入55.47亿元，同比减少10.98%；归母净利润5.32亿元，同比减少 45.25%。 分红方面，永兴材料A股上市后累计派现56.62亿元。近三年，累计派现43.62亿元。 机构持仓方面，截止2025年9月30日，永兴材料十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3134.95万股，相比上期增加2594.64万股。南方中证500ETF（510500）位居第六大流通股 东，持股470.56万股，相比上期减少10.49万股。易方达稳健收益债券A（110007）位居第九大流通股 东，持股326.11万股，为新进股东。 责任编辑：小浪快报 资金流向方面，主力资金净流入1169.72万元，特大单 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 000546 | 美国股份 | 1 | 8.54 | 58.32亿 | 52.13 | | 002240 | 盛新锂能 | 1 | 3.45 | 354亿 | 180.84 | | 001203 | 大中矿业 | 1 | 3.18 | 480亿 | 274.85 | | 002738 | 中矿资源 | 操 | 3.01 | 507亿 | 100.79 | | 002756 | 永兴材料 | 中 | 2.94 | 299亿 | 50.29 | | 002497 | 雅化集团 | | 2.73 | 290亿 | 116.15 | | 000688 | 国城矿业 * | | 2.06 | 312亿 | 133.05 | | 002192 | 融ナー | 1 | 2.00 | 152亿 | 84.88 | A股市场锂矿股今日逆势高开，其中，金圆股份涨超8%，盛新锂能、大中矿业、中矿资源涨超3%，永兴材料、雅化集团、国城矿业、融捷股份涨超2%。消息面上，碳酸锂期货主 ...

11月18日，永兴材料跌4.39%，成交额18.66亿元。两融数据显示，当日永兴材料获融资买入额1.55亿 元，融资偿还1.34亿元，融资净买入2108.22万元。截至11月18日，永兴材料融资融券余额合计6.15亿 元。 融资方面，永兴材料当日融资买入1.55亿元。当前融资余额6.03亿元，占流通市值的2.08%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，永兴材料11月18日融券偿还2100.00股，融券卖出6500.00股，按当日收盘价计算，卖出金额 34.98万元；融券余量23.21万股，融券余额1249.12万元，超过近一年90%分位水平，处于高位。 资料显示，永兴特种材料科技股份有限公司位于浙江省湖州市霅水桥路618号，成立日期2000年7月19 日，上市日期2015年5月15日，公司主营业务涉及不锈钢及特殊合金材料等特种金属材料棒线材的研 发、生产和销售。主营业务收入构成为：棒材47.71%，线材24.66%，碳酸锂20.10%，其他7.53%。 截至9月30日，永兴材料股东户数5.25万，较上期减少2.28%；人均流通股7401股，较上期增加2.33%。 2025年1月-9月，永 ...

每经AI快讯，有投资者在投资者互动平台提问：公司已取得900万吨开采许可，请问预计什么时候达到 满产？满产后公司碳酸锂生产规模为多大？ 永兴材料（002756.SZ）11月18日在投资者互动平台表示，公司矿山改扩建项目相关工作正在积极推进 中。目前，公司锂电新能源业务碳酸锂产能为3万吨/年。 （文章来源：每日经济新闻） ...

格隆汇11月18日丨永兴材料(002756.SZ)在投资者互动平台表示，公司矿山改扩建项目相关工作正在积 极推进中。目前，公司锂电新能源业务碳酸锂产能为3万吨/年。 ...