每经AI快讯，11月17日，美股锂股上涨，ALBEMARLE上涨6.2%，SQM股票上涨7.6%，LISTED LITHIUM股票上涨11.1%。 （文章来源：每日经济新闻） ...

天齐锂业（002466）(002466.SZ)发布公告，2025年11月12日，公司全资子公司天齐智利收到智利圣地 亚哥上诉法院判决书，驳回了其诉讼请求，该判决非终审判决。SQM在未经其股东大会审批授权的情 况下与Codelco签署《合伙协议》，损害了公司全资子公司天齐智利作为SQM股东的投票权以及相关股 东权利。公司将在法律允许的范围内全面评估，不排除考虑在确保相关股东利益得到保障的前提下可能 采取进一步行动(包括但不限于提起上诉)。 ...

Core Viewpoint - Tianqi Lithium Industries (002466.SZ) announced that its wholly-owned subsidiary, Tianqi Chile, received a ruling from the Santiago Court of Appeals in Chile on November 12, 2025, rejecting its lawsuit request, which is not a final judgment [1] Group 1: Legal Proceedings - The court ruling was based on SQM signing a partnership agreement with Codelco without approval from its shareholders' meeting, which infringed upon Tianqi Chile's voting rights and related shareholder rights as a shareholder of SQM [1] - The company will conduct a comprehensive assessment within the legal framework and does not rule out the possibility of taking further actions, including but not limited to filing an appeal, to ensure the protection of relevant shareholder interests [1]

Core Viewpoint - Tianqi Lithium (002466)(09696) has filed a lawsuit in Chile against a decision made by CMF on June 18, 2024, with the court hearing scheduled for May 14, 2025. The court ruling on November 12, 2025, rejected Tianqi Lithium's claims, but this ruling is not final under Chilean law [1] Group 1 - Tianqi Lithium's wholly-owned subsidiary, Tianqi Chile, initiated legal action in response to a decision by CMF [1] - The Chilean court is set to hear the case on May 14, 2025, following the lawsuit filed on July 26, 2024 [1] - The court's ruling on November 12, 2025, dismissed Tianqi Chile's lawsuit, but it is noted that this is not a final judgment according to Chilean law [1] Group 2 - SQM signed a partnership agreement with Codelco without approval from its shareholders' meeting, which undermined Tianqi Chile's voting rights and related shareholder rights as a shareholder of SQM [1] - The company will conduct a comprehensive assessment within the legal framework and may consider further actions, including the possibility of an appeal, to protect shareholder interests [1]

Core Viewpoint - Tianqi Lithium Industries (09696) has filed a lawsuit in Chile against a decision made by CMF on June 18, 2024, with the court hearing scheduled for May 14, 2025. The court ruling on November 12, 2025, dismissed Tianqi's claims, but this ruling is not final under Chilean law [1]. Group 1 - Tianqi Lithium's wholly-owned subsidiary, Tianqi Chile, initiated legal action in response to a decision made by CMF [1]. - The Chilean court is set to hear the case on May 14, 2025, following the lawsuit filed on July 26, 2024 [1]. - The court's ruling on November 12, 2025, rejected Tianqi's lawsuit, but it is important to note that this is not a final judgment according to Chilean legal standards [1]. Group 2 - SQM signed a partnership agreement with Codelco without approval from its shareholders, which undermined Tianqi Chile's voting rights and related shareholder rights as a shareholder of SQM [1]. - The company will conduct a comprehensive assessment within the legal framework and may consider further actions, including the possibility of an appeal, to protect shareholder interests [1].

Core Insights - China's market regulator has granted conditional approval for a joint venture focused on lithium production between Chile's state-run copper giant Codelco and local lithium producer SQM [1] Company Summary - The joint venture involves Codelco, a major player in the copper industry, and SQM, a significant local producer in the lithium sector, indicating a strategic collaboration aimed at enhancing lithium production capabilities [1]

Core Viewpoint - Lithium sector stocks continue to rise, with leading lithium miners reporting a turnaround in net profits for the first three quarters, supported by strong bottom prices for lithium carbonate [1] Company Summaries - Ganfeng Lithium achieved revenue of 14.625 billion yuan, a year-on-year increase of 5.02%, and turned a profit with a net profit of 25.52 million yuan [1] - Tianqi Lithium reported a revenue decline of 26.50% year-on-year, totaling 7.397 billion yuan, but managed to turn a profit with a net profit of 180 million yuan, attributed to optimized pricing mechanisms and strong performance from joint venture SQM [1] Industry Insights - Recent reports indicate a slight increase in lithium carbonate prices due to better-than-expected demand from the electric vehicle and energy storage markets [1] - The production rate in the lithium salt sector remains high, with October lithium carbonate production showing a month-on-month increase of 6% and a year-on-year increase of 55% [1] - Despite uncertainties in mining policies in Jiangxi, strong demand ensures robust support for lithium carbonate prices, with expectations for continued price increases in November [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The short - term positive macro - atmosphere will drive up commodity prices, and the price of lithium carbonate may show a strong performance. However, as the market's macro - sentiment fades, the lithium price may decline again. It is expected that the price of lithium carbonate will fluctuate in November, with an upward trend first and then a downward trend [4][70]. 3. Summary by Directory 3.1. Market Review In October, the operating range of the main lithium carbonate contract shifted upward. The demand side maintained moderate growth. Due to capacity bottlenecks, spodumene - based lithium production only increased slightly. Although a large amount of new capacity was put into operation in salt lakes, it took time to reach full production. The mid - month saw the shutdown of the Jiangxi 414 mine and a warm macro - atmosphere, which led to a rise in lithium prices [8]. 3.2. End of Resource - end Disturbances - **Overseas Mines Maintain Production Increase**: As domestic previously shut - down mines have not resumed production, the dependence on overseas ore imports has increased. As of October 27, the average CIF price of spodumene was $906/ton, a 7.47% increase from the beginning of the month. In September, the import volume of spodumene increased by 14.75% month - on - month. It is expected that the arrival of spodumene in November will increase month - on - month [11]. - **Domestic Mines' Production Stabilizes**: In September, the output of domestic lepidolite ore decreased by about 6% month - on - month, while the output of domestic spodumene mines increased by about 2% month - on - month. Overall, domestic lepidolite mines' production is stable, and spodumene mines have a slight reduction in production [20]. 3.3. Continued Growth in Lithium Carbonate Supply - **Domestic Lithium Carbonate Production May Increase Month - on - Month**: In the first three weeks of October, the production of lithium carbonate increased by 5.46% (or 3264 tons) month - on - month. Spodumene - based lithium production increased by 3.72% (or 1415 tons), mica - based lithium production was basically flat, salt - lake - based lithium production increased by 15.66% (or 1252 tons), and recycling - based lithium production increased by 7.35% (or 410 tons). In November, domestic lithium salt factories are expected to maintain an increasing production trend [27]. - **Overseas Salt Lakes Increase Production and Shipments Gradually Increase**: In November, the import volume from Argentina will increase significantly, and the import volume from Chile is also expected to increase. Overall, the domestic import of lithium salt may increase significantly month - on - month [37]. 3.4. Weak Growth in Power and Slowing Growth in Cathode Materials - **Differentiated Terminal Demand**: In October, the year - on - year and month - on - month growth rates of new energy vehicle sales narrowed. In September, the total winning bid capacity of domestic energy storage projects decreased by 12.39% month - on - month. In September, the sales of plug - in new energy vehicles in the EU increased by 35.65% month - on - month and 33.35% year - on - year. In November, the growth of domestic and overseas power terminal demand is weak, while the demand for energy storage installation remains good [40][42]. - **Slowing Month - on - Month Growth Rate of Cathode Material Scheduling**: In October, the scheduling of lithium iron phosphate power cells increased by 9.1% month - on - month, and that of ternary material power cells was basically flat. The scheduling of energy storage cells was also basically flat. In September, the export of power cells increased by 17.1% month - on - month, and that of energy storage cells increased by 21.33% month - on - month. It is expected that the month - on - month growth rate of cathode material scheduling in November will narrow significantly [52]. 3.5. Slowdown in Inventory Reduction Progress From September to October, lithium carbonate was seasonally destocked. As of October 23, the lithium carbonate inventory decreased by 10,800 tons compared with the end of August, 27.07% less than the destocking volume in the same period last year. In November, the supply and demand of lithium carbonate will both increase, but the destocking speed will slow down compared with October [66]. 3.6. Outlook for the Future The short - term positive macro - atmosphere will drive up commodity prices, and the price of lithium carbonate may show a strong performance. However, as the market's macro - sentiment fades, the lithium price may decline again. It is expected that the price of lithium carbonate will fluctuate in November, with an upward trend first and then a downward trend [70].

Investment Rating - The investment rating for Tianqi Lithium Industries is "Recommended (Maintain)" with a current price of 50.77 CNY [1]. Core Views - The report highlights that lithium prices have bottomed out and are beginning to recover, leading to a turnaround in the company's quarterly net profit [7][8]. - The demand for lithium batteries remains strong, driven by the robust growth in new energy vehicles and energy storage batteries [7]. - The company is expected to benefit from new projects coming online, including a lithium hydroxide plant in Jiangsu and the expansion of its mining capacity at the Greenbushes lithium mine [8]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 2.565 billion CNY, a year-over-year decrease of 29.66%, while the net profit attributable to shareholders was 95 million CNY, an increase of 119.26% year-over-year [4]. - For the first three quarters of 2025, the company reported total revenue of 7.397 billion CNY, down 26.50% year-over-year, and a net profit of 180 million CNY, up 103.16% year-over-year [4]. Market Trends - The report notes that since Q3 2025, the production of power and other batteries has increased by 39.5% year-over-year, indicating strong demand in the market [7]. - Despite a year-over-year decline in lithium product prices, there has been a recent upward trend, with battery-grade lithium carbonate and hydroxide prices increasing by 11.9% and 6.0% respectively on a month-over-month basis [7]. Future Outlook - The report anticipates that lithium prices will have upward potential due to strong downstream demand and limited supply growth, with the company expected to see improved profitability in Q4 2025 [8]. - The projected net profits for the company from 2025 to 2027 are 459 million CNY, 812 million CNY, and 932 million CNY respectively, reflecting a positive outlook despite a downward adjustment for 2025 [8].

Group 1: Iodine and Its Applications - Iodine and its derivatives are crucial raw materials in medical, agricultural, industrial, and nutritional fields, widely used in various product formulations as key components or catalysts [2] - The downstream application structure of iodine includes three core areas: X-ray contrast agents, pharmaceutical manufacturing, and LCD panel manufacturing, which together account for approximately 63% of global consumption [2] - Major iodine production is concentrated in Chile, Japan, and the United States, with these three countries accounting for 88% of global sales [2][3] Group 2: Company Product Overview - The company’s inorganic iodide products include potassium iodide, potassium iodate, sodium iodide, hydriodic acid, and cuprous iodide, primarily used in pharmaceuticals, pesticides, feed, and optoelectronic materials [3] - Organic iodide products include trimethylsilyl iodide and methyl iodide, with trimethylsilyl iodide being used as a protecting group in organic synthesis, particularly in the production of antibiotics [3] Group 3: Strategic Developments - The company signed a strategic cooperation framework agreement with a technology partner in October 2025 to enhance the industrialization of sulfide solid electrolyte technology through resource integration and innovation [3] - The company’s 4000 tons/year inorganic iodide production project is expected to be completed by the end of 2025, with a production capacity of 300 tons of lithium iodide upon full operation [3]