富宝资讯：碳酸锂现货价格较上一交易日环比下跌，富宝电池级碳酸锂报61900元/吨 金十期货5月19日讯，富宝锂电网发布数据显示，电碳现货基差指数为530元/吨（持平）；电池级碳酸 锂报61900元/吨（-1450元/吨）；工业级碳酸锂（综合）报61100元/吨（-1400元/吨）；电池级碳酸锂长 协均价64300元/吨（-150元/吨）；氢氧化锂指数报63583元/吨（-917元/吨）；锂辉石（非洲 SC 5%）报 335美元/吨（持平）；锂辉石（中国 CIF 6%）报685美元/吨（-5美元/吨）；锂辉石指数（5%≤ Li2O <6%）报5272元/吨（持平）；锂云母指数（2%≤ Li2O <4%）报1811元/吨（持平）；磷锂铝石（7%≤ Li2O <8%）报7475元/吨（持平）；富锂铝电解质指数报1790元/吨（持平）；富宝卤水（硫酸锂）折扣 系数报72.5%（+1）。 ...

Group 1 - The core viewpoint of the article indicates that the lithium carbonate basis index remains stable, with market quotes showing a slight premium [1] - The Fubao lithium carbonate basis index is reported at 530 yuan/ton, remaining unchanged [1] - The average price for Fubao electric carbonate spot basis for LC07-mineral material is 650 yuan/ton, also stable [1] Group 2 - The average price for Fubao electric carbonate spot basis for LC07-brine material is 150 yuan/ton, unchanged [1] - The average price for Fubao electric carbonate spot basis for LC07-recycled material is 350 yuan/ton, remaining steady [1] - The average price for Fubao industrial carbonate spot basis for LC07-comprehensive material is -200 yuan/ton, stable [1] Group 3 - The overall trading atmosphere in the spot market is relatively quiet due to the continuous decline in the market [1] - There are no significant fluctuations in the quotes for various raw materials of electric carbonate, although some mainstream industrial carbonate quotes are higher [1]

碳酸锂周报 成本中枢下移，价格延续弱势 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 【产业服务总部|有色中心】 资深研究员：李 旎 执业编号：F3085657 投资咨询号: Z0017083 2025/5/19 01 周度观点 ⚫ 供需状况： 供应端：据百川盈孚统计，4月产量环比减少9%至71652吨。本周碳酸锂产量环比减少205吨至15843吨，3月碳酸锂产量环比增加 24%至78730吨，锂盐厂复产放量较多。近期皮尔巴拉矿业将2025财年的锂精矿生产指导产量下调至70万-74万吨，Bald Hill选矿厂 计划于2024年12月初暂时停止运营。海外进口方面，2025年3月中国锂矿石进口数量为53.45万吨，环比减少6%。其中从澳大利亚 进口30.8万吨，环比增加33%，自津巴布韦进口5.8万吨，环比减少40%，自尼日利亚进口8.5万吨，环比增加83%。3月碳酸锂进口 量为1.81万吨，同比减少5%，自智利进口碳酸锂12718吨，占比70%。 成本：进口锂辉石精矿CIF价周度环比下跌，部分外购锂矿生产碳酸锂厂家出现成本倒挂。自有矿石及盐湖企业利润有一定支撑，氢 氧化锂厂商成本压力较大 ...

资料来源：国泰君安期货、同花顺、Mysteel、SMM、Fastmarkets 【宏观及行业新闻】 2025 年 5 月 19 日 碳酸锂：成本曲线持续下移，走势或仍偏弱 | | 邵婉嫕 | | 投资咨询从业资格号：Z0015722 | | | shaowanyi@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | | | | liuhongru@gtht.com | | | 【基本面跟踪】 | | | | | | | | | 碳酸锂基本面数据 | | | | | | | | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | 2507合约（收盘价） | | 61,800 | -2,320 | -1,220 | -4,460 | -8,760 | -16,340 | | 2507合约（成交量） | | 305,596 | 75,519 | 16,194 | 177,535 | 273,930 | 300,960 | | 2507合 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - Short - term lithium carbonate prices may stabilize due to policy expectations, but the high - inventory and oversupply situation remains unchanged. The downward trend in the cost side opens up price space, and it is expected to maintain a weak oscillation [12] 3. Summary by Directory 3.1 Viewpoint Overview - The short - term price of lithium carbonate may be affected by policy expectations and stabilize, but the high - inventory and oversupply pattern persists, and the cost decline allows for price drops, with a forecast of weak oscillation [12] 3.2 Balance Sheet 3.2.1 Global Balance Sheet - From 2018 to 2025E, global lithium demand has been growing, with the global effective lithium demand reaching 142.3 million tons in 2025E, a year - on - year increase of 29%. Global lithium supply has also been increasing, with the global effective lithium supply reaching 165.0 million tons in 2025E, a year - on - year increase of 13%. The global lithium market shows a trend of changing from surplus to shortage and then back to surplus, with a surplus of 22.7 million tons in 2025E, accounting for 16% of the total demand [15] 3.2.2 Domestic Balance Sheet - In 2024 - 2025, the supply and demand of domestic lithium carbonate are both increasing. In May 2025E, the total supply of lithium carbonate is expected to be 91,250 tons, and the total demand is expected to be 90,421 tons, with a supply - demand difference of 829 tons [16] 3.3 Fundamental Data 3.3.1 Supply and Demand - In April, the estimated total supply of lithium carbonate was 89,560 tons, and the total demand was 87,292 tons, with a supply - demand difference of 2,268 tons. In May, the estimated total supply was 91,250 tons, and the total demand was 90,421 tons, with a supply - demand difference of 829 tons [10] 3.3.2 Inventory - According to SMM data, the monthly inventory in April was 96,202 physical tons, including 45,169 physical tons of downstream inventory and 51,033 physical tons of smelter inventory. The weekly inventory this week was 131,920 physical tons, including 56,522 physical tons of smelter inventory, 41,428 physical tons of cathode factory inventory, and 33,970 physical tons of battery and trader inventory. According to Baichuan data, the lithium carbonate factory inventory was 34,785 tons [10] 3.3.3 Price Difference - On May 16, the spot price of battery - grade lithium carbonate was 64,500 yuan/ton, a month - on - month decrease of 1.15%, the futures price was 61,800 yuan/ton, and the basis was 2,700 yuan/ton [10]

碳酸锂市场总体库存降500吨至13.2万吨，下游库存降3000吨至4.2万吨，冶炼厂库存增3800吨在5.5万 吨，中间环节积极去库。 机构观点 南华期货（603093）：二季度碳酸锂供应过剩局面不改，抢出口预期能否落地有待观察；锂矿与锂盐库 存双高，锂盐产能出清压力逐渐向矿端传导，矿价松动将让成本端继续下移，后续关注矿与盐的螺旋式 下跌以及供给端企业异动。 正信期货：现货市场交投清淡，锂盐厂挺价惜售，供给端产量增加，进口回升，库存压力较大，锂矿价 格下跌削弱成本支撑，中美经贸会谈利好储能电池出口，短期锂价预计震荡。 5月16日，国内期市有色金属板块全线飘绿。其中，碳酸锂期货盘面表现偏弱，截至发稿主力合约大幅 下挫3.84%，报62020.0元/吨。 【消息面汇总】 5月16日富宝锂电网发布数据显示，电碳现货基差指数为530元/吨（持平）；电池级碳酸锂报63350元/ 吨（-1300元/吨）；工业级碳酸锂（综合）报62500元/吨（-900元/吨）；电池级碳酸锂长协均价64450 元/吨（-100元/吨）。 5月15日，广期所发布《关于征集碳酸锂期货注册品牌的通知》，注册品牌要求具备健全的商品流向追 溯机制、 ...

Core Viewpoint - The spot price of lithium carbonate has decreased compared to the previous trading day, indicating a downward trend in lithium prices within the market [1] Price Summary - Battery-grade lithium carbonate is reported at 63,350 CNY/ton, down by 1,300 CNY/ton - Industrial-grade lithium carbonate (comprehensive) is reported at 62,500 CNY/ton, down by 900 CNY/ton - The average price of battery-grade lithium carbonate for long-term contracts is 64,450 CNY/ton, down by 100 CNY/ton - The lithium hydroxide index is reported at 64,500 CNY/ton, down by 1,000 CNY/ton [1][1][1] Lithium Ore Prices - Lithium spodumene (Africa SC 5%) is reported at 335 USD/ton, down by 10 USD/ton - Lithium spodumene (China CIF 6%) is reported at 690 USD/ton, down by 10 USD/ton - The lithium spodumene index (5% ≤ Li2O < 6%) is reported at 5,272 CNY/ton, down by 98 CNY/ton - The lithium mica index (2% ≤ Li2O < 4%) is reported at 1,811 CNY/ton, down by 44 CNY/ton - The phosphor-lithium aluminum stone (7% ≤ Li2O < 8%) is reported at 7,475 CNY/ton, down by 90 CNY/ton [1][1][1] Other Indices - The rich lithium aluminum electrolyte index remains stable at 1,790 CNY/ton - The discount coefficient for rich brine (lithium sulfate) is reported at 71.5%, up by 1 [1][1][1]

电池级碳酸锂价格走势图（元/吨） 郭晨凯 制图 ◎记者 李少鹏 "生活中已经开始享受夏日时光，但行业还在'寒冬'里挣扎。"谈及碳酸锂产业近况，A股某锂矿企业高 管感慨道。 结合碳酸锂价格走势，锂矿企业近况的确不容乐观。"我的钢铁网"5月15日数据显示，当日国产电池级 碳酸锂均价为65050元/吨。今年以来，电池级碳酸锂市场报价跌幅已超万元。目前每吨6.5万元的报 价，已跌破大多数碳酸锂生产企业的"盈亏线"。 对于锂价持续下行，下游需求不足或是主因，但有市场人士认为，贸易商"抛货"的情况对价格走势也造 成较大影响。"锂价连续下跌，手里有货的一些贸易商接连'抛货'，或导致锂价进一步下探。"有熟悉碳 酸锂行业的贸易人士表示，目前碳酸锂的供给增长高于下游需求，尽管锂价已到行业认知的底部，但短 期内上涨动力依旧不足。 跌跌不休 目前，已有一些企业因扛不住价格下跌而"倒下"。记者了解到，江西宜春某头部碳酸锂生产商2024年底 就已全面停工，目前该企业因拖欠供应商货款、未履行客户订单等问题已被诉至法院，企业已无法正常 运转。 事实上，锂价跌破7万元/吨，受冲击最大的当数生产成本相对较高的江西锂云母企业。记者采访得知， 除少 ...

种类 利润估算 外购锂辉石精矿现金成本 68000 H # 利 王 -4192 外购锂辉石精矿利润 69263 P 外购锂云母精矿现金成本 外购锂云母精矿利润 -7021 宁德时代港股招股。5月12日，宁德时代披露H股招股说明书，以及H股发行价上限、H股香港公开发售等,预计于今年5月20日在中国香港联交所 V IT 主板挂牌并开始上市交易。公告显示，此次宁德时代港股IP0的发行价格区间上限为263港元/股，基本为今年5月8日的A股收盘价,实现接近/ 价格的高位定价。同时，此次港股IP0共计划发行1.18亿股股份,另设发售量调整权及超额配股权,若上述两项权利均获全额行使，按 的发行价格上限计算,预计募资总额为40亿-50亿美元(约合289.5亿-361.9亿元人民币) H 由于碳酸锂基本面赢弱为改善，且现货端成交近在贸易商与下游企业之间，锂盐厂挺价为主。短期内，碳酸锂期价出现长跌后的反 供过于求的格局没有改变,显性库存端持续累库,游采买意愿未提升,矿端价格持续下移、碳酸锂价格仍偏 员 免 告申的信息均源于公开可获得的资料、国贸期货力求准确可靠。但不对上述信息的准确性及完整性做任何保证。本报告不构成个人投资? 对 ...

Group 1: Investor Relations Activity Overview - The company held an annual performance briefing on May 14, 2025, via online platform [3] - Attendees included the chairman, general manager, financial director, board secretary, and sponsor representative [3] Group 2: Key Questions and Responses - **New Capacity Projects**: The new capacity project is progressing well and is expected to commence production in the second half of 2025. Current lithium battery capacity remains tight, with a focus on lithium manganese and lithium iron batteries for future development [4] - **Stock Price and Dividends**: The company's stock price is influenced by macro policies and market conditions. The company emphasizes investor returns and will continue to consider cash dividends based on profitability and future plans [5] - **Employee Changes**: The company experienced a significant increase in employee numbers due to rising sales orders, which is a normal hiring demand without risks of technology leakage [5] - **Lithium Carbonate Prices**: The decline in lithium carbonate prices does not directly correlate with lithium metal prices, which are influenced by market supply and demand. The company typically procures raw materials 2-3 months in advance and is not currently hedging in the secondary market [6][7] - **Gross Margin Decline**: The gross margin in Q1 2025 decreased due to changes in export tax rebate policies [8]