有色金属行业信息点评：澳洲在产锂矿停产，锂行业反转正在路上

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights that the supply of lithium is continuously shrinking, leading to a strong price maintenance for lithium [3] - The suspension of operations at the Bald Hill lithium mine in Australia is seen as a significant event indicating supply clearing in the industry [5] - The report suggests that the demand for lithium will strengthen due to the rising prosperity of the downstream electric vehicle and power battery industries [5] Summary by Relevant Sections Industry Overview - The Bald Hill lithium mine has ceased operations due to persistently low lithium concentrate prices, with expected shipments for fiscal year 2025 revised down from 120,000-145,000 dry tons to approximately 60,000 dry tons [3] - The project has a high operational cost, with a FOB cost of $851 per ton, significantly higher than other mature lithium mines [4] Market Performance - In October, the production and sales of new energy vehicles in China reached 1.463 million and 1.43 million units, respectively, marking year-on-year growth of 48% and 49.6% [5] - The cumulative installed capacity of power batteries in China from January to October reached 405.8 GWh, with a year-on-year increase of 37.6% [5] Investment Recommendations - The report recommends focusing on companies such as Tianqi Lithium, Ganfeng Lithium, Zhongjin Lingnan, Yongxing Materials, and Shengxin Lithium Energy, as they are expected to benefit from the rising lithium prices and demand [5]