ZANGGE MINING(SZ:000408) Guo Tai Jun An Qi Huo·2025-10-20 01:53Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core View of the Report The report suggests that lithium carbonate will experience a relatively strong and volatile trend, and investors should pay attention to the sustainability of demand [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Market Data: The closing prices of the 2511 and 2601 contracts are 75,700 and 75,780 respectively. The trading volumes are 366,375 and 303,602, and the open interests are 159,000 and 271,858 [2]. - Basis Data: The basis between spot and 2511 contract is -2,350, and between spot and 2601 contract is -2,430. The basis between 2511 and 2601 contracts is -80 [2]. - Raw Material Data: The prices of lithium spodumene concentrate (6%, CIF China) and lithium mica (2.0% - 2.5%) are 846 and 1,825 respectively. The price of battery - grade lithium carbonate is 73,350 [2]. 3.2 Macro and Industry News - Price Information: SMM's battery - grade lithium carbonate index price is 73,349 yuan/ton, up 285 yuan/ton from the previous trading day. The average price of battery - grade lithium carbonate is 73,350 yuan/ton, up 350 yuan/ton, and that of industrial - grade lithium carbonate is 71,100 yuan/ton, up 350 yuan/ton [3]. - Policy News: Sichuan Province will optimize and adjust the 2025 subsidy policy for trading in old cars and electric bicycles. The subsidy policy for car scrapping and replacement in 2025 has been suspended since October 18, 2025 [4]. - Company News: From January to September 2025, Zangge Mining's lithium carbonate production was 6,021 tons, reaching 70.75% of the annual production target, and sales were 4,800 tons, completing 56.4% of the annual sales target. The company's photovoltaic power station construction contract for the Mamilcuo Salt Lake project has been signed, and the project plant construction is progressing as planned [4]. 3.3 Trend Intensity The trend intensity of lithium carbonate is 1, indicating a relatively strong trend [4].