Zijin Mining(SH:601899) Guo Tai Jun An Qi Huo·2025-05-08 02:28Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The cost center of lithium carbonate continues to move downward, and the pattern of inventory accumulation restricts its rebound. The trend strength of lithium carbonate is 0, indicating a neutral outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market Data: The closing prices of the 2507 and 2509 contracts of lithium carbonate decreased compared to previous periods. For example, the 2507 contract's closing price dropped by 1,100 yuan to 64,160 yuan, and the 2509 contract's closing price decreased by 1,000 yuan to 65,520 yuan. The trading volumes and open interests of these contracts also showed certain changes [1]. - Spot - Futures Basis: The basis between spot and futures contracts, such as spot - 2507 and spot - 2509, showed different values and trends. The basis between different futures contracts (2507 - 2509) also changed over time [1]. - Raw Materials and Lithium Salts: The prices of raw materials like lithium spodumene concentrate (6%, CIF China) and lithium mica decreased. The prices of various lithium salts, including battery - grade and industrial - grade carbonates, also declined. For instance, battery - grade lithium carbonate dropped by 450 yuan to 66,650 yuan [1]. - Related Products in the Industry Chain: The prices of products such as lithium iron phosphate, ternary materials, and electrolytes in the lithium battery industry chain also showed different degrees of decline or change [1]. 3.2 Macro and Industry News - Lithium Carbonate Price: The SMM battery - grade lithium carbonate index price decreased by 423 yuan/ton to 66,761 yuan/ton. The average price of battery - grade lithium carbonate dropped by 450 yuan/ton to 66,650 yuan/ton, and the average price of industrial - grade lithium carbonate decreased by 400 yuan/ton to 65,000 yuan/ton [2]. - European Emission Targets: The European Parliament approved more lenient carbon dioxide emission targets for passenger cars and vans. Automakers can use a three - year average (2025 - 2027) to measure compliance, and the plan still needs EU Council approval [3]. - Corporate Acquisition: Zijin Mining's subsidiary completed the acquisition of 392,249,869 shares of Zangge Mining, gaining control. Zijin Mining and its affiliates now hold 411,051,869 shares, accounting for 26.18% of Zangge Mining's total shares. The acquisition adds copper, lithium, and potassium resources and aims for in - depth synergy [3].