一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 碳酸锂日报（2025 年 12 月 17 日） 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 2 1. 昨日碳酸锂期货 2605 合约涨 1.4%至 101060 元/吨。现货价格方面，电池级碳酸锂平均价上涨 650 元/吨至 95150 元/吨，工业级碳酸锂平均价上涨 650 元/吨至 92650 元/吨，电池级氢氧化锂（粗颗 粒）上涨 500 元/吨至 83530 元/吨。仓单方面，昨日仓单库存增加 210 吨至 15260 吨。 2. 消息面，消息面，继宁德时代枧下窝矿被关停后，"亚洲锂都"宜春又现大动作。最新消息，根据《矿 产资源法》，《矿产资源开采登记管理办法》和《自然资源部关于进一步完善矿产资源勘查开采登记 管理的通知》等相关要求，宜春市自然资源局拟对高安市伍桥瓷石矿等 27 宗采矿许可证予以注销。 目前，宜春市自然资源局已对拟注销的 27 宗采矿许可证进行公示，公示期(30 个工作日)满后予以公 告注销。注销后，生态修复等相关义务由原矿权人履行。 3. 供应端， ...

碳酸锂日报 碳酸锂日报（2025 年 12 月 16 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2605 合约涨 1.4%至 101060 元/吨。现货价格方面，电池级碳酸锂平均价上涨 650 元/吨至 95150 元/吨，工业级碳酸锂平均价上涨 650 元/吨至 92650 元/吨，电池级氢氧化锂（粗颗 粒）上涨 500 元/吨至 83530 元/吨。仓单方面，昨日仓单库存增加 210 吨至 15260 吨。 2. 供应端，周度产量环比增加 59 吨至 21998 吨，其中锂辉石提锂环比增加 260 吨至 13744 吨，锂云母 产量环比减少 200 吨至 2876 吨，盐湖提锂环比减少 15 吨至 3075 吨，回收料提锂环比增加 14 吨至 2303 吨；12 月碳酸锂产量预计环比增加 3%至 98210 吨。需求端，周度三元材料产量环比减少 384 吨至 18313 吨，库存环比减少 318 吨至 18524 吨；周度磷酸铁锂产量环比减少 1336 吨至 94144 吨， 库存环比减少 23 吨至 103658 吨；1 ...

Group 1 - The article highlights the strong performance of the commercial aerospace sector, which is currently thriving despite market uncertainties [1] - The lithium battery supply chain is experiencing renewed activity, particularly in the electrolyte segment, with companies like Molybdenum and Yongtai Technology leading the gains [1] - Several midstream material companies in the lithium battery industry have disclosed large procurement agreements this year, with order amounts ranging from tens of billions to hundreds of billions [1] Group 2 - Major players in the industry, including CATL, Zhongxin Aviation, and LGES, are accelerating their supply agreements, reflecting optimistic demand expectations [1] - The Fujian sector, which had been strong, saw a decline with stocks like Xinhai Co. and Shuhua Sports hitting the daily limit down, and Deyi Cultural Creative dropping over 10% [1]

碳酸锂日报 1. 昨日碳酸锂期货 2605 合约涨 2.56%至 95980 元/吨。现货价格方面，电池级碳酸锂平均价下跌 50 元 /吨至 92700 元/吨，工业级碳酸锂平均价下跌 100 元/吨至 90250 元/吨，电池级氢氧化锂（粗颗粒） 维持 81930 元/吨。仓单方面，昨日仓单库存增加 760 吨至 13680 吨。 2. 供应端，周度产量环比增加 74 吨至 21939 吨，其中锂辉石提锂环比增加 120 吨至 13484 吨，锂云母 产量环比增加 55 吨至 3076 吨，盐湖提锂环比减少 145 吨至 3090 吨，回收料提锂环比增加 44 吨至 2289 吨；12 月碳酸锂产量预计环比增加 3%至 98210 吨，其中锂云母提锂、锂辉石提锂环比增加， 盐湖提锂、回收提锂环比下滑。需求端，周度三元材料产量环比减少 564 吨至 18697 吨，库存环比 减少 519 吨至 18842 吨；周度磷酸铁锂产量环比减少 233 吨至 95480 吨，库存环比减少 660 吨至 103681 吨；周度动力电池合计产量环比增加 0.7%至 29.87GWh，其中磷酸铁锂环比增加 0.6%至 22. ...

请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报 碳酸锂日报（2025 年 12 月 10 日） 一、研究观点 点 评 1. 昨日碳酸锂期货 2605 合约跌 1.23%至 92800 元/吨。现货价格方面，电池级碳酸锂平均价维持 92750 元/吨，工业级碳酸锂平均价维持 90350 元/吨，电池级氢氧化锂（粗颗粒）维持 81930 元/吨。仓单 方面，昨日仓单库存减少 200 吨至 12920 吨。 2. 供应端，周度产量环比增加 74 吨至 21939 吨，其中锂辉石提锂环比增加 120 吨至 13484 吨，锂云母 产量环比增加 55 吨至 3076 吨，盐湖提锂环比减少 145 吨至 3090 吨，回收料提锂环比增加 44 吨至 2289 吨；12 月碳酸锂产量预计环比增加 3%至 98210 吨，其中锂云母提锂、锂辉石提锂环比增加， 盐湖提锂、回收提锂环比下滑。需求端，周度三元材料产量环比减少 564 吨至 18697 吨，库存环比 减少 519 吨至 18842 吨；周度磷酸铁锂产量环比减少 233 吨至 95480 吨，库存环比减少 660 吨至 1036 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On December 8, 2025, the lithium carbonate futures 2605 contract rose 1.76% to 94,840 yuan/ton. The average price of battery - grade lithium carbonate decreased by 500 yuan/ton to 92,750 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 450 yuan/ton to 90,350 yuan/ton, and the battery - grade lithium hydroxide (coarse particles) decreased by 200 yuan/ton to 81,930 yuan/ton. The warehouse receipt inventory increased by 2,198 tons to 13,120 tons [2]. - Nigerian media reported that on December 1, the governors of northern Nigerian states and traditional leaders held a joint meeting and decided to promote a six - month suspension of mining activities in the region [2]. - In terms of supply, the weekly production increased by 74 tons to 21,939 tons. In December, the lithium carbonate production is expected to increase by 3% month - on - month to 98,210 tons. In terms of demand, the weekly production of ternary materials decreased by 564 tons to 18,697 tons, and the inventory decreased by 519 tons to 18,842 tons; the weekly production of lithium iron phosphate decreased by 233 tons to 95,480 tons, and the inventory decreased by 660 tons to 22.35 GWh. In December, the ternary material production is expected to decrease by 7% month - on - month to 78,280 tons, and the lithium iron phosphate production is expected to decline by 1% month - on - month to 410,000 tons. In terms of inventory, the weekly inventory decreased by 2,336 tons to 113,602 tons [2]. - Last week, the social inventory continued to decline. However, due to the marginal weakening of demand, the total inventory days slightly increased to 27 days. Short - term news - related disturbances have led to stronger prices, but the potential supply increment has not been released, the inventory - reduction rhythm may face pressure to slow down, and the bullish factors may be marginally weakening. There is still a certain probability of a price correction [2]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 94,840 yuan/ton, up 2,680 yuan; the closing price of the continuous contract was 92,800 yuan/ton, up 2,120 yuan. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 1,165 US dollars/ton, up 11 US dollars; the prices of different grades of lithium mica and phospho - lithium - aluminum stone also increased. - Lithium carbonate: The average price of battery - grade lithium carbonate decreased by 500 yuan/ton to 92,750 yuan/ton, and the average price of industrial - grade lithium carbonate decreased by 450 yuan/ton to 90,350 yuan/ton. - Lithium hydroxide: The prices of various types of lithium hydroxide mostly decreased. - Other products: The price of lithium hexafluorophosphate increased by 500 yuan/ton to 173,000 yuan/ton, and the prices of some ternary precursors and cathode materials increased slightly, while the prices of lithium iron phosphate products decreased slightly [5]. 3.2 Chart Analysis - **Ore prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), different grades of lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [8][9]. - **Lithium and lithium salt prices**: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12]. - **Spreads**: Charts present the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [17]. - **Precursors & cathode materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [23][26][29]. - **Lithium battery prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [32][33][34]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from April 17, 2025, to December 4, 2025 [36][37][38]. - **Production cost**: A chart presents the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [40][41].

碳酸锂日报 碳酸锂日报（2025 年 12 月 5 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2605 合约跌 1.26%至 93700 元/吨。现货价格方面，电池级碳酸锂平均价跌 350 元/ 吨至 94000 元/吨，工业级碳酸锂平均价跌 350 元/吨至 91550 元/吨，电池级氢氧化锂（粗颗粒）跌 100 元/吨至 82480 元/吨。仓单方面，昨日仓单库存增加 770 吨至 10422 吨。 2. 供应端，周度产量环比增加 74 吨至 21939 吨，其中锂辉石提锂环比增加 120 吨至 13484 吨，锂云母 产量环比增加 55 吨至 3076 吨，盐湖提锂环比减少 145 吨至 3090 吨，回收料提锂环比增加 44 吨至 2289 吨；据 SMM 数据，12 月预计供应环比增加 3%至 9.8 万吨。需求端，周度三元材料产量环比 减少 564 吨至 18697 吨，库存环比减少 519 吨至 18842 吨；磷酸铁锂产量环比减少 233 吨至 95480 吨，库存环比减少 660 吨至 103681 吨；据 ...

Group 1 - The core viewpoint of the news is that the chemical industry is experiencing a price surge, particularly in phosphate rock, which is benefiting related stocks and ETFs [1][2] - The China Securities Subdivision Chemical Industry Theme Index (000813) has seen a strong increase of 1.03%, with notable gains in constituent stocks such as Yangnong Chemical (600486) up 5.34% and Luxi Chemical (000830) up 3.13% [1] - Phosphate rock prices remain high, with the average market price for 30% grade phosphate rock at 1016 RMB/ton, 28% grade at 945 RMB/ton, and 25% grade at 758 RMB/ton as of December 2 [1] Group 2 - Huatai Securities reports an expected increase in lithium battery production in December, with a month-on-month growth of 2.3% to 143.3 GWh, indicating a positive trend in the lithium battery sector [2] - The demand for lithium battery materials is strong, with supply constraints leading to price increases in various components such as batteries, lithium hexafluorophosphate, and phosphoric iron lithium [2] - The top ten weighted stocks in the China Securities Subdivision Chemical Industry Theme Index account for 45.41% of the index, with major companies including Wanhua Chemical (600309) and Yilong Co. (000792) [3]

Group 1 - The A-share market experienced slight fluctuations and adjustments, with coal, non-ferrous metals, wind power equipment, and traditional Chinese medicine sectors performing well, while internet services, energy metals, cultural media, and software development sectors lagged behind [1] - The market is expected to stabilize around the 4000-point level, with a continued rebalancing of market styles, indicating a potential alternating performance between cyclical and technology sectors [1] - The current low risk appetite among investors is reflected in the A-share market's continued adjustments despite favorable external market conditions, leading to a weakening of short-term rebound momentum [1][2] Group 2 - The A-share market is currently in a directional choice range, with the Shanghai Composite Index oscillating between 3830 and 3930 points, indicating a lack of significant imbalance between bullish and bearish forces [2] - The previous strong lithium battery industry chain is undergoing adjustments, and the technology sector, particularly the AI industry chain, has not met expectations despite recent positive developments [1] - There is anticipation for a new bullish window in the A-share market as institutional funds begin to position for 2026, the Federal Reserve's interest rate cuts are expected, and concerns over the "AI investment bubble" are expected to subside [1]

Core Viewpoint - The company's stock price is influenced by multiple complex factors including macroeconomic environment, industry policies, overall market sentiment, and sector rotation [1] Group 1: Company Operations - The company emphasizes the importance of market value management and states that all production and operational activities are normal [1] - The company obtained a mining license for the Hunan Jijiao Mountain lithium mine in October, marking significant progress for its lithium mining project [1] Group 2: Industry Context - The company benefits from favorable developments in downstream industries such as new energy vehicles and energy storage, maintaining high market attention on the lithium battery industry chain and lithium resources [1] - The company asserts that there is no irrational speculation surrounding its stock [1]