证券代码：002466 证券简称：天齐锂业 公告编号：2026-011 天齐锂业股份有限公司 关于独立董事任期届满辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、关于独立董事辞职的情况 天齐锂业股份有限公司（以下简称"公司"）董事会于 2026 年 2 月 27 日收到公司独立董 事向川先生的书面辞职报告。向川先生因连续担任公司独立董事即将满 6 年，根据《上市公司 独立董事管理办法》的有关规定，申请辞去公司第六届董事会独立董事、董事会审计与风险委 员会、董事会战略与投资委员会、董事会薪酬与考核委员会委员职务，辞职后将不再担任公司 任何职务。截至本公告披露日，向川先生未持有公司股份，不存在应当履行而未履行的股份锁 定承诺事项。 鉴于向川先生辞职将导致公司董事会审计与风险委员会人数、董事会战略与投资委员会独 立董事人数以及董事会薪酬与考核委员会委员独立董事所占比例不满足《中华人民共和国公司 法》《上市公司治理准则》《公司章程》等规定，根据《上市公司独立董事管理办法》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《公司章 ...

首席周观点：2026 年第 8 周 2026 年 2 月 26 日 首席观点 周度观点 张天丰 | 东兴证券金属首席分析师 S1480520100001，021-25102914，Zhang_tf@dxzq.net.cn 金属行业：小金属板块估值及收益弹性显现释放 DONGXING SECURITIES 东兴证券研究报告 首席周观点：2026年第8周 P1 金属行业的供需结构明显优化。从供给端观察，金属行业上游已处于弱供给周期，全球矿业 的供给状态在 2028 年前或延续强刚性化特征并且已显现产业链环节的垂直化扩散。从需求 端观察，绿色低碳能源转型、新质生产力发展及算力资本周期的来临或将提振多金属品种需 求曲线右移。 流动性周期的切换有助于金属价格的弹性释放。尽管 2025 年全球货币政策已由紧缩周期转 向宽松周期，但降息缩表的操作方式或将在 2026 年逐渐常态化，全球央行资产负债表的再扩 张或推动本就供需状态紧平衡的小金属品种获得流动性溢价。本文，我们将对稀土、铷铯、 锂、锑、钼和镁等小金属品种的基本面状态进行供需梳理和未来变化趋势的预测。我们认为， 金属行业的供需结构优化及流动性溢价或再次提振小金属板块 ...

锂价暴涨背后：资源国不再只做"原料仓库" 当地时间2月25日，津巴布韦矿业部一纸公告，为全球锂产业链投下重磅变数。 这份即刻生效的文件宣布暂停所有锂原矿及锂精矿出口，覆盖范围包括全部在途货物，且未明确恢复时 间表。 ——读懂津巴布韦锂矿禁令的底层逻辑 次日，资本市场迅速做出反应，碳酸锂期货主力合约开盘一度暴涨超11%，A股锂矿板块集体高开，盐 湖股份、天齐锂业等龙头企业股价应声上扬。 业内人士表示，这场由资源国政策调整引发的震荡，绝非短期市场波动，而是全球锂产业从原料输出向 价值深耕转型的标志性拐点，更是对中资企业海外布局能力的一次全面大考。 拐点：从原料输出到本土增值的全球共振 作为全球第四大锂生产国，津巴布韦在全球供应链中的地位举足轻重。记者查阅美国地质调查局 （USGS）数据发现，2025年该国锂矿产量约2.8万吨金属吨，占全球总产量的10%。 对我国而言，其战略意义更为突出。海关总署数据显示，2025年我国从津巴布韦进口锂精矿约120万 吨，占国内总进口量的19%，津巴布韦成为仅次于澳大利亚的第二大硬岩锂矿来源地。 此次出口暂停，直接导致全球锂精矿月度供给减少约1.2万至1.4万吨碳酸锂当量，约占全球 ...

来源：今日有色 自春节假期归来之后，受消息面多方扰动，碳酸锂期货连续三个交易日接连拉涨，2月26日盘中更是跳 空高开，开盘涨幅一度高达11.42%，盘中最高一度攀升至187700元/吨，刷新1月26日以来的新高，但随 后涨幅明显收窄，截至日间收盘，碳酸锂期货主连以3.47%的涨幅报173660元/吨。 现货价格方面，据SMM现货报价显示，春节假期归来之后，电池级碳酸锂现货报价也上涨明显，截至2 月26日，电池级碳酸锂现货报价涨至16.8~17.8万元/吨，均价报17.3万元/吨，较2月13日的14.375万元/吨 上涨29250元/吨，涨幅达20.35%。 | CASTING AND A BALLE 电池级碳酸锂 元/吨 | | | | 订阅短信服务 ■ | | --- | --- | --- | --- | --- | | 168000 ~ 178000 ~ 173000 +11250 / +6.96% | | | | | | 更新日期: 2026-02-26 | | | | | | 规格: | Li2CO3≥99.5% | 含税: | 含增值税 | | | 参考标准: | Li2CO3含量至少99.5%, ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium Mining and Export - **Region**: Zimbabwe and China Core Insights - **Export Delays**: Zimbabwe's Minister of Mines announced potential delays in the processing and issuance of export permits for minerals, including lithium, to address malpractices in exports [1] - **Impact on Supply**: In 2025, China imported approximately 1.2 million tonnes of spodumene concentrate from Zimbabwe, contributing to an estimated lithium output of around 140,000 tonnes LCE (Lithium Carbonate Equivalent), which represents about 9% of global supply [2] - **Future Projections**: Expected lithium output from Zimbabwe is projected to increase to approximately 220,000 tonnes LCE (11% of global supply) in 2026 [2] - **Market Tightness**: Potential delays in lithium exports from Zimbabwe may tighten the lithium market further, benefiting companies like Tianqi Lithium and Ganfeng Lithium, which do not have exposure to Zimbabwe [2] Company-Specific Insights - **Tianqi Lithium Industries Inc. (002466.SZ, 9696.HK)**: - Valuation based on a DCF model with a WACC of 11.5% and a terminal growth rate of 2% applied beyond the forecast period of 2025-33 [6][9] - **Ganfeng Lithium Co. Ltd. (002460.SZ, 1772.HK)**: - Valuation derived from H-share price target adjusted for exchange rates and peer comparisons, with a base case 2026 P/B of 2.3x [5] Risks and Opportunities - **Upside Risks**: - Shortages of lithium raw materials could constrain production increases, leading to tighter supply of lithium chemicals in China [8] - Higher-than-expected growth in the electric vehicle (EV) market could drive demand beyond current forecasts [8] - Expansion of A-H share premium could benefit valuations [8] - **Downside Risks**: - EV market demand may fall below expectations, impacting lithium prices and production growth [11] - Faster-than-expected global lithium supply growth could lead to reduced prices and profitability [11] Additional Considerations - **Zimbabwe's Economic Reliance**: Zimbabwe's economy heavily relies on mineral exports, which account for over 60% of its export value, suggesting that any export delays may be temporary [2] - **Market Dynamics**: The ongoing strong demand for lithium is leading to the digestion of existing inventories, which may further influence market conditions [2] This summary encapsulates the critical insights and projections regarding the lithium market, particularly focusing on the implications of Zimbabwe's export policies and the performance outlook for key companies in the sector.

Group 1 - The core viewpoint of the news is the significant impact of Zimbabwe's suspension of all raw mineral and lithium concentrate exports on the lithium carbonate supply chain, which is expected to tighten supply and support high prices in the short term [1] - The China Securities Index for rare metals rose by 3.40%, with key stocks such as Dongfang Zirconium, Zhangyuan Tungsten, and Baotai Co. all increasing by 10% [1] - Zimbabwe's mining department announced the suspension on February 25, 2026, which is expected to affect at least 150,000 tons of lithium carbonate equivalent (LCE) annual effective supply [1] Group 2 - The top ten weighted stocks in the rare metals index as of January 30, 2026, include Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, collectively accounting for 59.71% of the index [2] - The Rare Metals ETF (562800) tracks the rare metals index, providing a convenient investment tool for investors in this sector [2] - Investors can also consider the Rare Metals ETF linked fund (014111) to explore investment opportunities in the rare metals sector [2]

主要指数表现 上证综指：-0.08% 科创 50：+0.12% 上证 50：-0.76% 创业板指：-0.39% 沪深 300：-0.17% 中证 500：+0.40% 市场成交概况 总成交额（人民币万亿元）：1.65 日环比增长：+7.8% 市场走势与板块表现 在连续两日上涨后，A 股早盘出现回调。 春节假期后市场成交 主要指数表现 上证综指：-0.08% 科创 50：+0.12% 上证 50：-0.76% 创业板指：-0.39% 沪深 300：-0.17% 中证 500：+0.40% 市场成交概况 总成交额（人民币万亿元）：1.65 日环比增长：+7.8% 市场走势与板块表现 在连续两日上涨后，A 股早盘出现回调。 宁德时代下挫近 5%，市场部分担忧锂原料成本压力。 另一方面，房地产板块在昨日上海购房政策松绑刺激上涨后今日回调。 此外，算力租赁业务重获市场信心推动 AIDC 板块强势上行。 而消费与保险板块今日表现逊于其他行业。 资金流向 春节假期后市场成交量持续呈上升趋势。 受英伟达业绩超预期提振，人工智能产业链全线走强，核心受益标的普遍录得可观涨幅。 PCB 板块连续第三日上攻，东山精密（002463 ...

Summary of Key Points from Conference Call Industry Overview - A-shares experienced a pullback after two consecutive days of gains, indicating market volatility in the Chinese stock market [1] - The AI industry chain saw significant strength driven by Nvidia's better-than-expected earnings report, leading to notable increases in core stocks [2][3] Key Companies and Performance - **PCB Sector**: - Huadian Co., Ltd. (002463.SZ) hit the daily limit up - Shenghong Technology (300476.SZ) increased by 9.23% [2][3] - **Lithium Mining**: - Ganfeng Lithium (002460.SZ) rose by 2.61% - Tianqi Lithium (002466.SZ) increased by 4.79% - Companies with asset exposure in Zimbabwe, such as Shengxin Lithium Energy (002240.SZ) and Zhongkuang Resources (002738.SZ), faced declines of 5.2% and 3.33% respectively [3] - **Contemporary Amperex Technology Co., Limited (CATL)**: - Experienced a nearly 5% drop due to concerns over lithium raw material cost pressures [3] Sector Performance - The real estate sector saw a pullback following a rise due to relaxed home purchase policies in Shanghai [4] - The artificial intelligence data center sector showed strong performance due to expectations of a recovery in computing power leasing business [5] Investment Recommendations - A preference for selling in the consumer and insurance sectors, while maintaining a buy stance on consumer electronics, electrical equipment, and printed circuit boards [5] - The battery sector presents two viewpoints, but the overall sentiment leans towards buying [6]

在连续两日上涨后，A股早盘出现回调。 春节后成交量保持上升态势。 受英伟达财报超预期推动，AI产业链全线走强，核心标的涨幅显著 交易台 – 高盛中国午盘 上证综指 -0.08% 科创50 0.12% 上证50 -0.76% 创业板指 -0.39% 沪深300 -0.17% 中证500 0.40% 总成交额(万亿元人民币) 1.65 环比昨日+7.8% 在连续两日上涨后，A股早盘出现回调。 交易台 – 高盛中国午盘 上证综指 -0.08% 科创50 0.12% 上证50 -0.76% 创业板指 -0.39% 沪深300 -0.17% 中证500 0.40% 总成交额(万亿元人民币) 1.65 环比昨日+7.8% 液冷，CPO概念股同步走强。 津巴布韦锂矿出口禁令消息引发市场分歧，赣锋锂业(002460.SZ)涨2.61%，天齐锂业(002466.SZ)涨 4.79%，而在当地有资产敞口的公司表现疲软：盛新锂能(002240.SZ)跌5.2%，中矿资源(002738.SZ)跌3.33%。 宁德时代受锂原料成本压力担忧影响下跌近5%。 房地产板块则在昨日上海购房政策放宽带来的上涨后回调。 人工智能数据中心因算力租赁 ...

Group 1: Amer Sports Performance - Amer Sports reported a 27% revenue growth for the fiscal year 2025, reaching $6.566 billion, with an adjusted net profit of $545 million, up from $236 million in 2024 [7][8] - The fourth quarter of 2025 saw a revenue increase of 28% to $2.101 billion, with an adjusted net profit of $176 million, compared to $90 million in Q4 2024 [8] - The management guidance for 2026 indicates a revenue growth of 16-18% at constant exchange rates, with an operating profit margin of 13.1-13.3% [8] Group 2: Silver Economy and Sports Industry - The aging population in China is creating significant opportunities in the silver economy, particularly in the sports industry and products catering to older adults [9][10] - The sports apparel market is projected to reach ¥437.7 billion by 2025, with outdoor trail running shoes expected to grow over 150% [9] - The demand for professional running shoes priced above ¥200 is anticipated to maintain double-digit growth, driven by increased health awareness among the elderly [9] Group 3: Lithium Industry Insights - The lithium market is experiencing tightening supply and low inventory levels, with global lithium demand expected to reach approximately 200,000 tons LCE in 2026 [12][14] - Domestic lithium supply is not yet at large-scale production, with potential disruptions in lithium mica supply and new mining regulations coming into effect in July 2025 [13] - The demand for lithium is being driven by both power and energy storage batteries, with a projected 50% year-on-year growth in energy storage battery shipments [13][14] Group 4: Chemical Industry Policy - Recent tax incentives for marine oil and gas exploration aim to enhance domestic energy security by reducing import costs for essential equipment [15][16] - The policy includes exemptions from import duties for equipment used in oil and gas exploration and a VAT rebate for qualifying imported natural gas [15][16] - These measures are expected to improve project internal rates of return and promote the development of deep-sea oil and gas fields [16] Group 5: Matrix Holdings - Matrix Holdings is positioned as a leading high-end interior design company, with a focus on space design and soft decoration [19] - The company anticipates a significant recovery in revenue and profit starting in 2025, with projected net profit growth of 72%-137% [19][20] - The introduction of an "AI+Design" platform is expected to enhance design efficiency and improve profit margins [20] Group 6: Anfu Technology - Anfu Technology, a leader in the small battery sector, is transitioning towards high-tech fields, including AI and semiconductor manufacturing [21][22] - The company controls 46% of Nanfu Battery, which has shown consistent revenue growth, with plans to acquire the remaining shares [22] - Strategic investments in next-generation optical chips are expected to open new growth avenues for the company [23]