Summary of Conference Call on Lithium Industry and Companies Industry Overview - The conference call discusses the lithium industry in China, particularly focusing on the impact of regulatory changes and supply chain dynamics related to lithium resources [1][3][4]. Key Points and Arguments - **Regulatory Changes**: The Ministry of Natural Resources in China is tightening regulations on lithium resources, particularly affecting by-product mines like the Ningde Times mica mine, which may not have its mining license renewed after expiration [1][3]. - **Investment in Africa**: Chinese companies have made significant investments in lithium resources in Africa, especially in Zimbabwe, with expected production exceeding 100,000 tons of LCE equivalent in 2024, enhancing the self-sufficiency of the domestic electric vehicle supply chain [1][4]. - **Cost and Pricing Issues**: The Ningde Times mica mine has low ore grades and high costs (approximately 80,000 yuan per ton of LCE equivalent), leading to a price drop to around 60,000 yuan to reduce procurement costs, which aligns with the anti-involution policy [1][5]. - **Supply Stability Concerns**: The shutdown of mining rights in regions like Singapore, Qinghai, and Jiangxi indicates stricter regulatory oversight, which may impact the stability of lithium supply in the industry [1][6][7]. - **Global Supply-Demand Forecast**: The global lithium salt surplus for 2025 is revised down from 150,000 tons to approximately 110,000 tons due to production cuts from Zangge and other mines, as well as reduced output from Ningde [1][8]. Additional Important Insights - **Future Supply-Demand Balance**: If the offline mine remains closed throughout 2026, the supply-demand balance could shift from surplus to tight balance. A reduction of 60,000 to 80,000 tons from other regions could lead to a shortage [2][9]. - **Price Projections**: Given the anticipated production cuts and rising costs due to mining rights issues, lithium prices are expected to potentially exceed 100,000 yuan [10]. - **Recommended Stocks**: The call highlights key investment opportunities in companies with overseas operations, particularly in Africa, such as Zhongmin Resources and Yahua Group, along with other recommended stocks [11].

| 601139 | 深圳燃 | 0.92 | 0.30 | 6.57 | 6.61 | 0.63 | | --- | --- | --- | --- | --- | --- | --- | | | 气 | | | | | | | 002813 | 路畅科 | 1.36 | 2.69 | 24.37 | 24.52 | 0.63 | | | 技 | | | | | | | 000966 | 长源电 | 0.66 | 0.71 | 4.58 | 4.60 | 0.45 | | | 力 | | | | | | | 601158 | 重庆水 | 0.43 | 0.12 | 4.70 | 4.72 | 0.35 | | | 务 | | | | | | | 000875 | 吉电股 | 1.35 | 0.84 | 5.24 | 5.25 | 0.25 | | | 份 | | | | | | | 002032 | 苏泊尔 | 0.21 | 0.08 | 51.32 | 51.39 | 0.14 | | 002157 | 正邦科 | 0.70 | 0.38 | 2.87 | 2.87 | 0.12 | | | 技 | | ...

天眼查商业履历信息显示，苏州天华新能源科技股份有限公司，成立于1997年，位于苏州市，是一家以 从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本83075.0788万人民币，实缴资本 4000万人民币。公司法定代表人为陆建平。 通过天眼查大数据分析，苏州天华新能源科技股份有限公司共对外投资了21家企业，参与招投标项目37 次，知识产权方面有商标信息32条，专利信息162条，此外企业还拥有行政许可16个。 来源：金融界 金融界消息 截至2025年8月5日收盘，天华新能（300390）报收于19.97元，上涨0.5%，换手率1.58%， 成交量10.62万手，成交金额2.12亿元。 资金流向方面，今日主力资金净流出1407.09万元，占比成交额6.64%。其中，超大单净流出716.25万 元、占成交额3.38%，大单净流出690.85万元、占成交额3.26%，中单净流出流入2083.83万元、占成交 额9.83%，小单净流出676.74万元、占成交额3.19%。 天华新能最新一期业绩显示，截至2025一季报，公司营业总收入16.88亿元、同比减少3.80%，归属净利 润325.88万元，同比减少99. ...

通过天眼查大数据分析，苏州天华新能源科技股份有限公司共对外投资了21家企业，参与招投标项目37 次，知识产权方面有商标信息32条，专利信息162条，此外企业还拥有行政许可16个。 来源：金融界 天华新能最新一期业绩显示，截至2025一季报，公司营业总收入16.88亿元、同比减少3.80%，归属净利 润325.88万元，同比减少99.35%，扣非净利润2737.27万元，同比减少110.56%，流动比率1.835、速动比 率1.285、资产负债率23.00%。 天眼查商业履历信息显示，苏州天华新能源科技股份有限公司，成立于1997年，位于苏州市，是一家以 从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本83075.0788万人民币，实缴资本 4000万人民币。公司法定代表人为陆建平。 金融界消息 截至2025年8月1日收盘，天华新能（300390）报收于19.86元，下跌0.4%，换手率1.85%， 成交量12.45万手，成交金额2.48亿元。 资金流向方面，今日主力资金净流出1017.25万元，占比成交额4.1%。其中，超大单净流出713.48万 元、占成交额2.88%，大单净流出303.76万元 ...

金融界消息 截至2025年7月29日收盘，天华新能（300390）报收于21.0元，下跌0.24%，换手率2.92%， 成交量19.59万手，成交金额4.11亿元。 通过天眼查大数据分析，苏州天华新能源科技股份有限公司共对外投资了21家企业，参与招投标项目37 次，知识产权方面有商标信息32条，专利信息162条，此外企业还拥有行政许可16个。 来源：金融界 资金流向方面，今日主力资金净流出1471.60万元，占比成交额3.58%。其中，超大单净流出2266.49万 元、占成交额5.51%，大单净流入794.88万元、占成交额1.93%，中单净流出流入1522.07万元、占成交 额3.7%，小单净流出50.46万元、占成交额0.12%。 天华新能最新一期业绩显示，截至2025一季报，公司营业总收入16.88亿元、同比减少3.80%，归属净利 润325.88万元，同比减少99.35%，扣非净利润2737.27万元，同比减少110.56%，流动比率1.835、速动比 率1.285、资产负债率23.00%。 天眼查商业履历信息显示，苏州天华新能源科技股份有限公司，成立于1997年，位于苏州市，是一家以 从事计算机、通 ...

Core Viewpoint - Lithium-rich manganese-based cathode materials are ideal for solid-state batteries due to their high specific capacity, high voltage characteristics, cost advantages, and compatibility with solid-state battery systems, showing significant potential in enhancing energy density, safety, and reducing costs [2]. Group 1: Industry Overview - The maturity of solid-state battery technology is expected to accelerate the penetration of lithium-rich manganese-based materials in high energy density demand scenarios such as new energy vehicles and low-altitude economy [2]. - According to incomplete statistics from SPIR, there are currently 34 core production enterprises of lithium-rich manganese-based cathode materials for solid-state batteries in China [2]. Group 2: List of Companies - A list of 34 companies producing lithium-rich manganese-based cathode materials includes: - Tsinghua Tongfang Technology - Rongbai Technology - Guoxuan High-Tech - Hunan Youneng - Greeenme - Ningbo Yian Lithium - Wanrun New Energy - Tianli Lithium Energy - Kunming Technology - Zhongke Gonen - Shenzhen Kejing - Changyuan Lithium Technology - Fengyuan Co., Ltd. - Huayou Cobalt - Zhenhua New Materials - Yibin Lithium Treasure - Jiangte Electric - BASF Shanshan - Chuanglu Advanced - Jinlongyu - Greenme - Xiangtan Electrochemical - Mengguli - Xiamen Tungsten New Energy - Chuangneng Huitong - Jusheng Technology - Sufang New Energy - Longli New Energy - Chuangneng New Materials - Zhuhai Guanyu - Tianhua New Energy - Su Lithium Technology - Ningxia Hanyao - Boshik High-Tech [3].

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Group 1 - The National Index for New Energy Vehicle Batteries (980032) saw a strong increase of 2.65% as of July 24, 2025, with component stocks such as Huayou Cobalt (603799) rising by 9.44%, Ganfeng Lithium (002460) by 8.00%, and Tianhua New Energy (300390) by 7.09% [1] - The price of battery-grade lithium carbonate decreased by 500 yuan, averaging 70,150 yuan per ton, which is beneficial for the downstream of the new energy vehicle industry chain, alleviating cost pressures for vehicle manufacturers and enhancing market competitiveness [1] - CITIC Futures noted that lithium carbonate market sentiment is volatile, with prices experiencing a pullback after a surge, and while supply disruptions persist, the recovery in demand remains to be observed [1] Group 2 - Dongfang Securities highlighted that semi/solid-state batteries, which significantly reduce electrolyte usage, are an effective technical solution for enhancing energy density and safety performance before the large-scale application of all-solid-state batteries [2] - The recent recall of power banks has raised public awareness regarding battery safety, leading to stricter national standards for power batteries, which now mandate "non-flammability and non-explosiveness," thereby significantly lowering the tolerance for battery safety risks [2] - Semi-solid-state batteries are expanding their commercial application scenarios and have achieved breakthroughs in orders, particularly in niche markets, due to their compatibility with the increasing demands for lightweight design and high energy density in applications such as 3C devices, drones, and robots [2]

Core Viewpoint - The lithium mining sector is experiencing a significant rally, driven by rising lithium carbonate prices and strong market sentiment, particularly in the context of the electric vehicle industry and solid-state battery technology advancements [1][2][4][9]. Lithium Market Dynamics - On July 24, A-shares saw a notable increase, with lithium stocks like Tibet Mining and Yongshan Lithium hitting the daily limit, while others like Ganfeng Lithium and Rongjie shares also surged [1][3]. - The main contract for lithium carbonate futures rose by 7.83% to 77,120 yuan/ton, marking a significant rebound in prices, which have increased over 30% since late June [2][4]. - The average price for battery-grade lithium carbonate increased by 1,350 yuan/ton to 70,450 yuan/ton, while industrial-grade lithium carbonate also saw a similar rise [5]. Regulatory Environment - Recent regulatory actions in Yichun City require lithium mining companies to compile resource verification reports by September 30, raising concerns about potential production halts and contributing to price increases [6][7]. - Cangge Mining announced the suspension of its lithium resource development activities following a notice from local authorities, which could further impact supply dynamics [7]. Global Supply Trends - Prices for lithium spodumene from Australia and Zimbabwe have started to rebound after a period of stagnation, with Australian spodumene priced at $730/ton and Zimbabwean lithium priced at $657.5/ton, reflecting weekly increases of 7.7% and 7.3%, respectively [8]. Battery Industry Outlook - The Chinese automotive battery sector is projected to grow significantly, with a 47.3% year-on-year increase in cumulative battery installation from January to June, driven by the rising demand for electric vehicles [9]. - Solid-state battery technology is gaining traction, with companies like CATL and BYD making progress in development, indicating a potential shift in the battery landscape [10][11]. - The overall demand for lithium batteries is expected to maintain a rapid growth trajectory, supported by advancements in solid-state battery technology and increasing production capacities [10][11].

Market Overview - The Shanghai Composite Index closed at 3519.65 points, above the annual line, with a change of 0.27% [1] - The total trading volume of A-shares reached 14809.22 billion yuan [1] Stocks Breaking Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Huaming Equipment (002270) with a deviation rate of 2.75% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.63% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, latest price 76.99 yuan, deviation rate 7.62% - Huaming Equipment: 3.25% increase, latest price 16.85 yuan, deviation rate 2.75% - Tongyi Co., Ltd.: 2.63% increase, latest price 16.02 yuan, deviation rate 2.63% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Daqin Railway and *ST Haiyuan with minimal deviation rates [1]