Group 1 - President Xi Jinping held a phone call with US President Trump on September 19 [1] - The State Council, led by Premier Li Qiang, discussed the implementation of domestic product standards in government procurement, emphasizing the importance of this measure for improving the procurement system and ensuring fair treatment for foreign enterprises [2] - The State Council Information Office announced a significant press conference scheduled for September 22, 2025, to discuss the achievements of the financial sector during the 14th Five-Year Plan period [3] Group 2 - The China Securities Regulatory Commission (CSRC) emphasized the need to accelerate a new round of capital market reforms and opening up to better support economic recovery [4] - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations, which will now adopt a fixed quantity and multi-price bidding method, aimed at stabilizing the funding environment ahead of the quarter-end and holiday [5] - The Ministry of Industry and Information Technology is working on the "14th Five-Year" new battery industry development plan to enhance the overall planning and layout of the industry [6] Group 3 - The Shanghai Stock Exchange announced that the IPO of Moore Threads will be reviewed on September 26, 2025 [7][8] - The State Administration of Foreign Exchange reported that foreign capital net purchases of domestic stocks and bonds increased in August, indicating a stable foreign exchange market [9] Group 4 - BYD launched a new energy storage product named "Haohan" with a minimum unit capacity of 14.5 MWh, featuring the world's largest storage-specific blade battery [13] - Citic Securities noted that the cancellation of strong allocations has cooled down low-price competition, while the full market entry of new energy is creating substantial profits for energy storage [14] - Other sectors of interest include the Apple concept with the launch of iPhone 17 and coal prices surpassing 700 yuan [15]

Report Industry Investment Rating - Not provided in the document Core View - The current supply and demand are balanced, with little inventory pressure upstream. As lithium mines are actively resuming production, the expectation of supply contraction weakens. It is expected that the price of lithium carbonate will fluctuate at a low level, and the key lies in the downstream restocking point. The trading strategy suggests shorting on rallies [1]. Summary by Related Content Lithium Carbonate Futures Market - On September 17, 2025, the closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts of lithium carbonate futures increased compared with the previous day, with increases of 440 yuan/ton, 460 yuan/ton, 460 yuan/ton, 460 yuan/ton respectively. The trading volume was 343,863 lots (-156,404), and the open interest was 294,624 lots (-5,813). The inventory was 39,234 tons (+410) [1]. Lithium - Related Product Prices - The average price of lithium spodumene concentrate (6%, CIF China) was 857 US dollars/ton (+4). The average prices of lithium mica remained flat. The average price of battery - grade lithium carbonate (99.5%/domestic) was 73,150 yuan/ton (+300), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 70,900 yuan/ton (+300). The average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was 9.35 US dollars/kg (+0.05) [1]. Supply and Demand - Supply: Last week, the output of lithium carbonate increased, with the output of lithium carbonate from different raw materials all rising. In September, the production and scheduled production of lithium carbonate increased [1]. - Demand: Last week, the output of lithium iron phosphate increased, while the output of ternary materials decreased. In September, the scheduled production of lithium batteries increased, and the output of power batteries increased last week. In August, the year - on - year growth rate of new energy vehicle production slowed down, 3C shipments were average, and the scheduled production of energy - storage batteries increased in September [1]. Inventory - Registered warehouse receipts were 39,234 tons (+410). Social inventory decreased, with inventory in smelters and other sectors decreasing and downstream inventory increasing [1]. Industry News - Pantera Lithium's shareholders voted overwhelmingly in favor of selling its subsidiary Daytona Lithium Pty Ltd to Energy Exploration Technologies (EnergyX). This acquisition will allow EnergyX to further integrate lithium resources in the Smackover area, and analysts estimate that the lithium resources in this area may exceed 4 million tons [1].

Group 1 - The core viewpoint of the news highlights the positive performance of various battery-related indices, with the National Renewable Energy Vehicle Battery Index rising by 2.3%, the China Securities Battery Theme Index increasing by 1.9%, and the National Renewable Energy Battery Index up by 1.4% [1] - The recent World Energy Storage Conference in Ningde, Fujian, focuses on the implementation of industry achievements, with key outcomes including the release of the "14th Five-Year" New Energy Storage Development Trends and a New Energy Storage Technology Development Roadmap for 2025-2035 [1] - The energy storage bidding data for August exceeded market expectations, reaching a historical high, indicating a significant improvement in the long-term logic of energy storage acceptance, supported by strong orders and production plans from leading battery manufacturers [1] Group 2 - The comparison of battery-related indices shows that the National Renewable Energy Battery Index focuses on energy storage and battery, with 65% of its composition related to energy storage systems, while the National Renewable Vehicle Battery Index focuses on power batteries with 42% in battery manufacturing [2] - Over the past year, the National Renewable Energy Battery Index has increased by 86%, while the National Renewable Vehicle Battery Index has risen by 93%, indicating strong market performance [2] - The leading ETF in the energy storage sector is the Energy Storage Battery ETF (159566), which has seen a net inflow of nearly 300 million yuan in the past week [1][2]

| 碳酸锂日评20250915:偏弱震荡 | | | | --- | --- | --- | | 交易日期(日) 2025-09-12 2025-09-11 2025-09-05 较昨日变化 近两周走势 | | | | 近月合约 收盘价 71180.00 71020.00 73880.00 160.00 | | | | 收盘价 71020.00 70860.00 74100.00 160.00 5 连一合约 | | | | 连二合约 收盘价 71360.00 71300.00 74260.00 60.00 5 | | | | 3 连三合约 收盘价 71360.00 71300.00 74300.00 60.00 | | | | 收盘价 71160.00 71000.00 160.00 3 74260.00 | | | | 砖酸包期货 成交堂(手) 410989.00 426041.00 802006.00 -15,052.00 ~ 活跃合约 | | | | (元/吨) 持仓堂(手) 309402.00 323456.00 364002.00 -14,054.00 | | | | 库存(吨) 38625.00 ...

Group 1: Company Performance and Financials - The company plans to distribute a cash dividend of 2.95 billion in mid-2024 and 3.14 billion in mid-2025, emphasizing shareholder returns [3][4] - The average selling price of electricity in 2025 is expected to decline compared to 2024 due to market reforms [7] - The revenue from wind and solar power generation in 2024 is projected to be 1.638 billion, a year-on-year increase of 4.92%, with this segment now accounting for over 50% of total revenue [11] Group 2: Lithium Mining and Market Strategy - The Li family mine project has a designed capacity of 4,200 tons per day, with an annual output of 180,000 tons, expected to generate over 900 million in revenue at current lithium prices [8][12] - The company is actively exploring new storage technologies and solid-state battery technologies, indicating a strategic shift towards these emerging markets [9][12] - The company has committed to avoiding competition with its controlling shareholder, ensuring that business operations remain distinct [15] Group 3: Market Challenges and Responses - The company acknowledges that its stock price has lagged behind various indices, attributing this to macroeconomic factors and market sentiment [7][10] - The company is focused on enhancing its market value management and improving communication with investors to address concerns about stock performance [4][10] - The company plans to increase its lithium production capacity to 6,000 tons per day, with a focus on optimizing production costs and maximizing profitability [12][14] Group 4: Future Projects and Developments - The company has ongoing wind and solar projects with a total installed capacity of 2.07 million kilowatts, expected to be operational between 2026 and 2028 [11][12] - The company is exploring partnerships for solid-state battery production, indicating a proactive approach to future energy storage solutions [9][12] - The company is conducting geological studies in the Ganzi and Aba regions to secure additional lithium mining rights [9][10]

Report Industry Investment Rating - No explicit industry investment rating is provided in the report. Report's Core View - On September 4, the main contract of lithium carbonate futures rebounded after hitting a low. The spot market had fair trading volume, and the basis premium decreased. The cost side saw an increase in the price of spodumene concentrate and a decrease in the price of lepidolite. The supply side witnessed a rise in lithium carbonate production last week, with a slight increase in the production of lithium carbonate from different raw materials. In terms of downstream demand, the production of lithium iron phosphate increased last week, while the production of ternary materials decreased. In September, the scheduled production of lithium cobalt oxide and lithium manganate increased. The production of power batteries increased last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production slowed down in August, the 3C shipments were average, and the scheduled production of energy storage batteries increased in September. In terms of inventory, the registered warehouse receipts were 34,948 (+830) tons, and the social inventory decreased. Considering all factors, with good profits, high lithium carbonate production, rising downstream demand, and decreasing social inventory, the short - term supply and demand both strengthened. The impact from the Jiangxi mine end has been eliminated, and the short - term fundamentals have not changed much. The market is still easily affected by news. It is expected that the lithium carbonate price will fluctuate widely, and it is not advisable to be overly bearish. Operationally, it is recommended to conduct short - term range trading, appropriately buy options to protect positions, and take appropriate profit - taking on the previously bought straddle options. [1] Summary According to Related Information Market Data - **Futures Prices**: On September 4, 2025, the closing price of the near - month contract was 73,000 yuan/ton, that of the consecutive - one contract was 73,340 yuan/ton, the consecutive - two contract was 73,580 yuan/ton, and the consecutive - three contract was 77,700 yuan/ton. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures was 712,151 (+269,351) lots, and the open interest was 353,674 (+7,626) lots. - **Inventory**: The registered warehouse receipts were 34,948 (+830) tons. - **Spreads**: The spread between the near - month and consecutive - one contracts was - 340 yuan/ton, the spread between the consecutive - one and consecutive - two contracts was - 140 yuan/ton, and the spread between the consecutive - two and consecutive - three contracts was 440 yuan/ton. The basis was 1,580 yuan/ton. - **Spot Prices**: The average price of SMM battery - grade lithium carbonate was 75,000 yuan/ton, and the price of spodumene concentrate (6%, CIF China) was 874 US dollars/ton. [1] Industry News - **Salt Lake Mining Rights**: Salt Lake Co., Ltd. (000792) responded during a research reception that the current mining rights compliance inspection is a new trend of stricter industry supervision, reflecting the strict control of the regulatory authorities over the compliance of lithium resource development and utilization activities. The company's mining business is fully compliant, and its production and operation are running stably. - **Ioneer's Project**: Ioneer reduced the leaching time and increased the plant output. The economic viability of its Rhyolite Ridge project in Nevada has been substantially improved. The updated mine plan shows that the unlevered net present value of the mine increased by 38% to $1.89 billion, and the unlevered internal rate of return rose to 16.8%. From the third to the twenty - fifth year, the annual production of lithium carbonate equivalent increased by 20% to 255,000 tons, and the production of lithium carbonate increased by 9% to 126,700 tons. The estimated all - sustaining cash cost of lithium carbonate equivalent is $5,626/ton, and the ore throughput increased by 25% from 2.4 million tons per year to 3 million tons per year. - **Kodal Minerals' Project**: Kodal Minerals obtained an export license for the spodumene concentrate produced from its Bougouni lithium project in southern Mali. The initial export volume is 125,000 tons, but the final administrative steps in the export process need to be completed. [1]

Group 1 - The State Council issued an opinion to promote high-quality development of the sports industry, aiming to cultivate influential sports enterprises and events by 2030, with a total scale exceeding 7 trillion yuan [1] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released an action plan for the electronic information manufacturing industry, focusing on high-quality development in the photovoltaic and lithium battery sectors, and implementing quality management for related products [2] - The China Securities Index Company will launch several new indices to provide diversified investment targets for the market [2] Group 2 - Huawei launched its second foldable smartphone, the MateXTs, marking it as the world's second mass-produced foldable device [3] - China Shipbuilding Industry Company announced the termination of the listing of China Heavy Industry's A-shares [3] - National Semiconductor successfully tested a new high-performance chip for automotive electronics [3][4] Group 3 - Guotai Junan Securities expects the brokerage sector to benefit from the dual drivers of increased allocation and performance elasticity, continuing to recommend the brokerage sector [5] - Huafu Securities anticipates an improvement in profitability for most sub-sectors of the light manufacturing industry in the second half of the year, driven by stable domestic demand and recovering external demand [6]

2025年上半年，锂业龙头天齐锂业交出一份韧性十足的答卷：实现归母净利润8441.06万元，同比大增101.62%，在经历2024年业绩阶段性回调后成功扭 亏为盈。 这份成绩单在全球锂行业普遍承压的背景下显得尤为亮眼。 数据显示，碳酸锂的现货均价已由2024年底的7.6万元/吨跌至2025年上半年的不足6万元/吨，跌幅超过21%。在此背景下，行业内部分企业依然深陷亏 损泥潭，甚至出现现金流吃紧的情况。那么，天齐锂业凭借什么突出重围，公司未来以及整个锂电行业又有怎么样的前景展望呢？ 0 1 扭亏为盈的硬核底气 天齐锂业主营业务覆盖锂资源开发、锂化工产品加工及销售。公司始终坚持"夯实上游、做强中游、渗透下游"的战略布局：通过控股世界级锂矿资源确 保长期成本优势，在锂盐加工环节不断扩产提效巩固行业地位，并积极延伸至硫化锂固态电池电解质和金属锂负极等新兴材料领域，形成了完整而稳固 的产业链体系。 公司实现扭亏为盈的背后，是定价周期、资产结构与财务构成的系统性优化： 一是精矿成本的定价周期缩短。在2023年，泰利森格林布什化学级锂精矿参考锂产品市场上四家主流报价机构的前一季度平均报价综合确定，与同期市 场价格相比存在一 ...

Group 1 - The ETF market showed mixed performance on September 3, with the energy storage battery ETFs experiencing gains while aerospace ETFs faced declines [1] - The energy storage battery ETF (159566) increased by 2.99%, and the S&P Biotechnology ETF (159502) rose by 2.84% [1] - The energy storage battery ETF from GF (159305) saw a rise of 2.50%, indicating strong interest in this sector [1] Group 2 - Aerospace ETFs had a negative performance, with the aerospace ETF (159208) dropping by 5.92%, and Tianhong's aerospace ETF (159241) declining by 5.36% [1] - The aerospace ETF (159267) also fell by 5.21%, reflecting a broader trend of weakness in the aerospace sector [1]

Report Title - Carbonate Lithium Daily Review 20250902: Still High Volatility, Pay Attention to Protect Positions [2] Report Industry Investment Rating - Not provided Core View - On September 1, the main contract of lithium carbonate futures declined. The spot market trading was okay, and the basis premium widened. In the cost - end, the price of lithium pegmatite concentrate increased, while the mica price decreased. The lithium carbonate production decreased slightly last week, and the production of lithium carbonate from different raw materials changed little. The production of lithium iron phosphate and ternary materials increased last week. In September, the production scheduling of lithium cobaltate and lithium manganate increased, and the production of power batteries increased last week. The year - on - year growth rate of new energy vehicle production and sales continued in July, but the sales decreased month - on - month. The 3C shipments were average, and the production scheduling of energy - storage batteries increased in September. The inventory of registered warrants increased, and the social inventory decreased. The short - term supply and demand both strengthened. The fundamentals changed little in the short term, and the market was still easily affected by news. It is expected that the lithium carbonate price will fluctuate within a range. It is recommended to conduct short - term range trading, and buy options to protect positions or buy straddle options [3]. Summary by Related Data Futures Market Data - **Prices**: On September 1, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts were 75,540.00, 75,540.00, 75,420.00, and 75,420.00 respectively, showing a decline compared to August 29. The overall closing price was 75,560.00, down 1,620.00 from the previous day [3]. - **Volume and Open Interest**: The trading volume of lithium carbonate futures was 540,295.00 hands (+50,237), and the open interest of the active contract was 339,133.00 hands (-7,472) [3]. - **Inventory**: The inventory was 31,197.00 tons (+1,310) [3]. - **Spreads**: The spread between near - month and continuous - one was 0.00 (+240), between continuous - one and continuous - two was 120.00 (-200), and between continuous - two and continuous - three was 0.00. The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 2,790.00 (+320) [3]. Spot Market Data - **Lithium Ore**: The average price of lithium pegmatite concentrate (6%, CIF China) was 898.00 dollars/ton (+4.00), while the prices of various types of lithium mica and phospho - lithium - aluminum stone decreased [3]. - **Lithium Compounds**: The average prices of battery - grade and industrial - grade lithium carbonate decreased by 1,300.00 yuan/ton. The average price of battery - grade lithium hydroxide in some types decreased, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 1,050.00 [3]. - **Other Lithium - Related Materials**: The prices of some ternary precursors increased, while the prices of most ternary materials remained stable or decreased slightly. The prices of different types of lithium iron phosphate decreased, and the price of lithium cobaltate decreased by 400.00 yuan/ton [3]. - **Other Materials**: The prices of some electrolytes remained stable, and the prices of cobalt - related products such as electrolytic cobalt and cobalt sulfate increased [3]. Inventory Data - The SMM lithium carbonate inventory of smelters decreased by 3,510 tons, while that of downstream and other sectors increased by 1,293 tons and 1,810 tons respectively. The total inventory decreased by 407 tons [3]. Company News - On the afternoon of September 1, Tianqi Lithium (002460) stated in its 2025 semi - annual performance briefing that it had completed the industrialization preparation for lithium sulfide, a core raw material for next - generation all - solid - state batteries. Its 50 - ton/year pilot project for lithium sulfide had started construction in Meishan, Sichuan, using self - developed new technologies and equipment [3].