Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On November 11, the lithium carbonate futures 2601 contract rose 1.38% to 86,540 yuan/ton. Spot prices also increased, with the average price of battery-grade lithium carbonate rising 1,550 yuan/ton to 82,300 yuan/ton, and industrial-grade lithium carbonate rising 1,550 yuan/ton to 80,100 yuan/ton. The warehouse receipt inventory increased by 608 tons to 28,099 tons [3]. - In terms of supply, the weekly production increased by 454 tons to 21,534 tons. In November, the expected production of lithium carbonate is expected to decline by 0.2% to 92,080 tons. On the demand side, the production of ternary materials in November increased by 1% to 85,000 tons, and the production of lithium iron phosphate increased by 4% to 410,000 tons. The weekly inventory decreased by 3,406 tons to 123,953 tons [3]. - From a fundamental perspective, demand in November continued to increase month-on-month, and social inventory has been decreasing for 12 consecutive weeks. However, there are significant differences in news factors, and the rhythm of project resumption is unknown. Short-term market sentiment may fade, and attention should be paid to actual project resumption time and the first-quarter off - season in the power sector [3]. Group 3: Summary by Directory 2. Daily Data Monitoring - Futures: The closing price of the main contract was 86,540 yuan/ton, down 700 yuan; the closing price of the continuous contract was 84,620 yuan/ton, up 120 yuan. Lithium ore prices generally increased, and the price of lithium hexafluorophosphate rose by 2,000 yuan/ton to 122,000 yuan/ton [5]. - Price differences: The price difference between battery-grade and industrial-grade lithium carbonate remained unchanged at 2,200 yuan/ton, while the price difference between battery-grade lithium hydroxide and battery-grade lithium carbonate decreased by 1,250 yuan/ton to -6,370 yuan/ton [5]. 3. Chart Analysis - **3.1 Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [8][9]. - **3.2 Lithium and Lithium Salt Prices**: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12]. - **3.3 Price Differences**: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc., from 2024 to 2025 [17][18]. - **3.4 Precursor & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [24][25][26]. - **3.5 Lithium Battery Prices**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid cells, and square lithium iron phosphate batteries from 2024 to 2025 [32][33][34]. - **3.6 Inventory**: Charts show the inventory trends of downstream, smelters, and other links from March to November 2025 [36][37][38]. - **3.7 Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [40][41].

Core Viewpoint - The 2025 (15th) High-tech Lithium Battery Annual Conference will be held from November 18 to 20 in Shenzhen, focusing on the lithium battery industry and attracting over 1,500 executives from more than 1,000 companies in the lithium battery supply chain [3][4]. Event Details - The conference will feature 12 specialized forums over three days, discussing new developments in the lithium battery industry [3]. - A variety of prominent industry leaders and executives are confirmed to attend and speak at the event, including representatives from major companies such as CATL, Yiwei Lithium Energy, and others [4][5]. Guest Speakers - Notable speakers include: - Zeng Yuqun, Chairman of CATL - Liu Jincheng, Chairman of Yiwei Lithium Energy - Wang Mingwang, Founder of Xinwangda - Other leaders from companies like Star Power, Greenmech, and more [4][5]. Sponsorship and Support - The event is supported by several sponsors, including Hai Moxing Laser as the main sponsor and Dazhu Lithium Battery as a special sponsor [6]. - Various companies will also participate in the conference, showcasing their innovations and products [6]. Concurrent Activities - The conference will feature the launch of the "2025 China Solid-State Lithium Battery Industry Chain Development Blue Book" and a new product release from Shangshui Intelligent [7]. - The High-tech Golden Ball Award will also be presented, with numerous companies nominated for their contributions to the industry [7][8]. Award Nominees - Companies such as Yiwei Lithium Energy, Xinwangda, and Rongbai Technology are among the first batch of nominees for the High-tech Golden Ball Award [7]. - Additional nominees will be announced in subsequent batches, highlighting the ongoing recognition of industry leaders [8][9].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 宝城期货投资咨询部 摘要 【期货市场】主力合约仍为 LC2601.GFE。主力合约收盘价 86540 元/吨，较前日下跌 700 元/吨（-0.80%），近 10 个交易日整体呈现 上升走势。 从业资格证号：F3035632 投资咨询证号：Z0014648 【现货市场】碳酸锂现货价格为 82360 元/吨，较前日上涨 1.97%， 近 10 个交易日整体呈现上升走势。 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 11 月 11 日 碳酸锂日报 专业研究·创造价值 碳酸锂震荡企稳 【基差分析】当前基差为-4400 点，负基差（现货贴水），较前日 走强 190 点，近 10 个交易日基差整体走弱。 【仓 ...

碳酸锂日报 碳酸锂日报（2025 年 11 月 11 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 2601 合约涨 7.36%至 87240 元/吨。现货价格方面，电池级碳酸锂平均价上涨 350 元/吨至 80750 吨，工业级碳酸锂平均价上涨 350 元/吨至 78550 元/吨，电池级氢氧化锂（粗颗粒） 上涨 50 元/吨至 75630 元/吨。仓单方面，昨日仓单库存增加 159 吨至 27491 吨。 2. 供给端，周度产量环比增加 454 吨至 21534 吨，其中锂辉石提锂环比增加 220 吨至 13124 吨，锂云 母提锂环比增加 130 吨至 3011 吨，盐湖提锂环比增加 72 吨至 3319 吨，回收提锂环比增加 32 吨至 2080 吨；11 月预计碳酸锂产量环比下降 0.2%至 92080 吨。需求端，11 月三元材料产量环比增加 1% 至 8.5 万吨，周度三元材料产量环比增加 666 吨至 19234 吨，库存环比增加 663 吨至 19553 吨；11 月磷酸铁锂产量环比增加 4%至 41 万吨，周度 ...

Core Insights - The article emphasizes the importance of timely and relevant research reports for identifying investment opportunities, particularly in the lithium battery materials sector, which is experiencing structural shortages and price increases [1][2]. Group 1: Lithium Battery Materials - The lithium battery materials industry is expected to enter a new cycle driven by energy storage, with structural shortages and rising prices already observed [1]. - As of November 3, the report highlighted investment opportunities in the lithium battery materials supply chain, leading to significant stock price increases for companies like DLF (up over 25%), Tianqi Lithium, and Hunan Youneng (both up over 10%) [1]. Group 2: Market Trends and Projections - By 2025, the shipment volume in the lithium battery sector is projected to exceed 580 GWh, with leading companies achieving capacity utilization rates above 90% [2]. - The ban on single-use e-cigarettes in Europe and the U.S. is creating a new market opportunity, with a predicted acceleration in industry reshuffling by 2025, benefiting compliant contract manufacturers [2].

Group 1 - The core viewpoint indicates that lithium prices have surged significantly, driven by unexpected demand in energy storage, with a daily increase exceeding 6% [1] - The market anticipates that the rapid resumption of mining rights at Jiangxiawo is unlikely in the short term, leading to bullish expectations and a return to strong demand realities [2] - The overall production of lithium iron phosphate is expected to maintain a month-on-month increase, with the industry operating at higher rates, supported by optimistic storage demand forecasts for 2026 [2] Group 2 - On November 10, domestic futures contracts showed mixed results, with lithium carbonate rising over 7%, while glass prices fell nearly 3% [3] - The supply-demand balance has shifted to a tight situation, with expected shortages of approximately 1wt in November and December, influenced by the resumption pace at Jiangxiawo [4] - It is anticipated that lithium prices will remain strong until the end of the year due to funding and strong demand, although future highs may be limited if actual demand does not meet expectations [4]

Group 1 - The company's stock (Dazhong Mining, stock code: 001203) experienced an abnormal trading fluctuation, with a cumulative closing price increase of over 20% during three consecutive trading days from November 5 to November 7, 2025 [2] - The company conducted an internal review and confirmed that there were no significant changes in its production and operational conditions, nor any major changes in the internal and external business environment [4][5] - The company did not find any undisclosed significant information in public media that could have impacted its stock trading price [5][6] Group 2 - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange's regulations, nor any ongoing plans or negotiations that require disclosure [8] - The company has not violated any information disclosure regulations and has maintained compliance with fair disclosure practices [9] - The company recently obtained a mining license for its wholly-owned subsidiary, which is expected to benefit from the growing demand in the electric vehicle and energy storage sectors [9]

Company Announcements - Visionox plans to issue 419 million shares to Hefei Jianshu at a price of 7.01 CNY per share, raising up to 2.937 billion CNY for working capital and debt repayment, potentially changing the company's control to Hefei Jianshu [1] - Industrial Bank's wholly-owned subsidiary, Xingyin Financial Asset Investment Co., has received approval to commence operations with a registered capital of 10 billion CNY, aimed at supporting innovation and reducing corporate leverage [2] - Dazhong Mining's subsidiary has obtained a mining license for lithium resources, although future production remains uncertain due to various factors [3] - Taiji Co. plans to transfer 4.6423% of its shares to China Electronics' subsidiary, aiming to enhance strategic cooperation and industry synergy [4] - Deep Sanda A's major shareholder plans to transfer 3.01% of its shares to China Electronics, also focusing on strategic collaboration [5] - Aerospace Hanyu's subsidiary won a project worth 246 million CNY, expected to positively impact the company's performance [6] Financing and Share Buybacks - Tianchen Medical has adjusted its share buyback price cap from 28.03 CNY to 70.00 CNY per share, with other terms remaining unchanged [7] Shareholding Changes - Jingneng Thermal's shareholder plans to reduce holdings by up to 3% [8] - Yinxin Technology's actual controller's associates plan to reduce holdings by up to 1% [9] - Silk Road Vision's director intends to reduce holdings by up to 0.056% [10] - New Ray Energy's shareholder plans to reduce holdings by up to 0.65% [11] - Jian Ke Yuan's shareholder plans to reduce holdings by up to 1% [12] - San Sheng Guo Jian's shareholder plans to reduce holdings by up to 1% [13] - Bixing Wulian's major shareholder plans to reduce holdings by up to 1% [14] Other Corporate Developments - Deep Sanda A's subsidiary has paid 112 million CNY in taxes and penalties, expected to reduce the company's 2025 net profit by approximately 57.36 million CNY [15] - Weining Health has elected Liu Ning as the new chairman following the resignation of Zhou Wei [16] - Del Shares' plan to acquire 100% of Aizhuo Intelligent Technology through share issuance has been approved by the Shenzhen Stock Exchange's review committee [17]

Group 1 - The core point of the article is that Dazhong Mining announced an abnormal fluctuation in stock trading due to the recent acquisition of a mining license for the Hunan Jijia Mountain lithium mine by its wholly-owned subsidiary [1] - The market maintains a high level of attention towards the lithium battery industry chain and lithium ore resources, driven by favorable developments in downstream industries such as new energy vehicles and energy storage [1] - The subsidiary, Chenzhou Chengtai Mining Investment Co., Ltd., has legally obtained the mining license, but the actual construction, production progress, and capacity realization of the mine remain uncertain due to various natural, social, and policy factors [1]

Group 1 - The core viewpoint of the article highlights that Dazhong Mining (001203.SZ) is benefiting from the favorable developments in the downstream industries of new energy vehicles and energy storage, leading to increased market attention on the lithium battery industry chain and lithium ore resources [1] - The company’s wholly-owned subsidiary, Chenzhou Chengtai Mining Investment Co., Ltd., has legally obtained a mining license, which is a positive development for its operations [1] - However, the actual construction, production progress, and capacity realization of the mining project remain uncertain due to various factors such as natural conditions, social factors, and policy adjustments, indicating potential investment risks [1]