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].

AUDI首款量产车型奥迪E5 Sportback近日正式上市，全系推出先锋型、先锋plus型、先锋quattro型和旗 舰quattro型共4款配置车型，官方指导价23.59万—31.99万元，奥迪E5 Sportback在上汽奥迪AUDI智造基 地量产。 去年5月，上汽集团与奥迪汽车正式签订合作协议。根据协议，奥迪将与上汽集团联合开发专注中国市 场的全新平台——"智能数字平台(Advanced Digitized Platform)"，并基于该平台为上汽奥迪打造全新一 代高端智能网联车型。随后，奥迪发布新品牌"AUDI"的同时亮相奥迪E概念车。 今年上海国际车展期间，奥迪·上汽合作项目CEO宋斐明宣布，AUDI品牌首款量产车定名"AUDI E5 Sportback"，并在车展亮相。 在外界看来，推出AUDI新品牌的背后考量因素，是奥迪方面重新衡量中国市场的需求走向。数据显 示，今年8月豪华车零售21万辆，同比下降5%；豪华品牌零售份额10.5%，同比下降1.1个百分点。传统 自主品牌与造车新势力凭借新能源汽车弯道超车，推出的产品不断上探市场，杀入BBA等传统豪华车 企"腹地"。面对市场格局变阵，推出符合中国 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年9月18日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘下探之后回升。宏观面上本周美国有降息预期。产业链上，镍矿价格坚挺，印尼突然 查矿引发矿端利多，看后期是否会有实质性的情况。镍铁价格稳中有升，成本线进一步上移。不锈钢库 存继续回落，金九银十去库存良好。新能源汽车产销数据良好，三元电池装车仍然呈现下降，对镍需求 提升有限。中长线过剩格局不变。偏空 2、基差：现货122800，基差1010，偏多 3、库存：LME库存228468，+2034，上交所仓单26141，-26，偏空 4、盘面：收盘价收于20均线以上，20均线向上，偏多 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2510：20均线上下震荡运行。 不锈钢 每日观点 1、基本 ...

国金证券近日发布基础化工行业研究：2025年8月，我国新能源汽车销量为139.5万辆， 同比增长26.82%，渗透率为48.8%。2025年1-8月，新能源汽车销量为962万辆，同比增长 36.7%，渗透率为45.5%。随着各大厂家加速向新能源转型，我们对2025年新能源车市场的 发展保持积极乐观的态度。 基本面角度来看，行业整体需求虽然相对稳定，但结构上来看半钢替换市场支撑力度更 强，拥有海外基地产能增量的龙头企业收入有望继续向好。盈利方面随着关税影响逐渐被消 化叠加原料价格回落，预计企业盈利也将得到一定程度的修复。贸易风险角度来看，美国关 税长期预计基本可通过终端涨价实现传导；欧盟正式对进口自中国的新乘用车及轻卡充气橡 胶轮胎启动反倾销调查，拥有多个海外基地的轮胎企业可通过灵活调配订单来规避风险，若 裁定税率较高，考虑到短期供应紧缺且海外产能扩建周期相对较长，预计未来2-3年海外产 能出口欧盟订单将会具备较好的涨价弹性和盈利空间。虽然行业仍然存在竞争加剧、双反关 税、原料价格抬升等风险，但从产业趋势角度来看，一方面需求端在消费降级背景下高性价 比的轮胎市场仍然具备增长潜力，远期国产轮胎能抢占的市场空间天花 ...

根据安科泰数据统计，25年初电池级碳酸锂价格约为7.6万元/吨，但上半年价格持续下滑，至6月底最 低跌至约6.0万元/吨，这也是上半年公司盈利能力低迷的主要原因;而下半年随着国内"反内卷"的推进， 碳酸锂价格触底反弹，8月最高价反弹至8.6万元/吨，9月最新价格为7.25万元/吨;该行认为当前碳酸锂价 格已度过低谷，在新能源汽车稳健成长、储能持续爆发背景下，碳酸锂需求端仍在扩张，供给端反内卷 优化格局，供需格局将有所改善，预计下半年公司相关业务盈利能力将有所修复。 新项目顺利推进，提升综合竞争力 锂辉石方面，公司马里Goulamina锂辉石项目一期已正式投产，公司正在积极加快推动该项目产能爬坡 进度;盐湖卤水方面，公司阿根廷Cauchari-Olaroz盐湖项目已在稳定产能爬坡过程中，该项目碳酸锂设计 产能4万吨/年，阿根廷Mariana项目一期也于2025年初正式投产，该项目氢氧化锂设计产能2万吨/年。 海通国际发布研报称，考虑行业盈利拐点显现，赣锋锂业(01772)行业领先地位稳固，多项业务发展齐 头并进，给予公司25年1.8倍PB，对应目标价40.36港元，予优于大市评级。 海通国际主要观点如下： 20 ...

Core Viewpoint - The report from Haitong International indicates that Ganfeng Lithium (01772) maintains a strong industry position, with multiple business developments progressing simultaneously, and assigns a target price of HKD 40.36 based on a 1.8x PB for 2025, rating it as outperforming the market [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 8.258 billion, a year-on-year decrease of 13.82%, and a net profit of -CNY 536 million, which is a reduction in losses by CNY 223 million [2] - The comprehensive gross margin was 10.78%, down by 0.38 percentage points year-on-year; net profits for Q1 and Q2 were -CNY 356 million and -CNY 180 million respectively, with Q2 losses decreasing by CNY 175 million quarter-on-quarter [2] Group 2: Market Dynamics - The price of battery-grade lithium carbonate hit a low of CNY 60,000 per ton by the end of June 2025, contributing to the company's weak profitability; however, prices rebounded to CNY 86,000 per ton in August and were CNY 72,500 per ton in September [3] - The report suggests that the current lithium carbonate prices have passed the low point, with demand expected to expand due to steady growth in the electric vehicle sector and ongoing energy storage developments [3] Group 3: Project Development - The Goulamina lithium spodumene project in Mali has officially commenced production, and the company is accelerating the ramp-up of this project's capacity [4] - The Cauchari-Olaroz salt lake project in Argentina is in a stable capacity ramp-up phase, with a designed capacity of 40,000 tons/year for lithium carbonate; the Mariana project also commenced production in early 2025, with a designed capacity of 20,000 tons/year for lithium hydroxide [4] Group 4: Product Development - The company has developed a comprehensive range of products across five categories, including solid-state batteries, power batteries, consumer batteries, polymer lithium batteries, and energy storage batteries [5] - The company possesses a complete integrated layout for solid-state batteries and has commercial capabilities, with research and production capabilities in key areas such as sulfide electrolytes, oxide electrolytes, metallic lithium anodes, battery cells, and battery systems [5]

Market Trends - The domestic market indices showed positive performance, with the Shanghai Composite Index closing at 3,876.34, up by 0.37% [4] - The New Materials sector outperformed, with a weekly increase of 2.50%, surpassing the growth of the ChiNext Index by 0.39% [6] Industry Commentary - The automotive industry is expected to benefit from the "Automobile Industry Stabilization Growth Work Plan" issued by eight departments, highlighting opportunities in upstream new materials [6] - The plan aims for approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%, with new energy vehicle sales projected to reach 15.5 million, growing by around 20% [6] Company Analysis: Kingdee International (00268.HK) - Kingdee International reported a revenue of 3.192 billion yuan for the first half of 2025, an increase of 11.2% year-on-year, with a net loss of 98 million yuan, improving by 55.1% [10] - The cloud subscription business generated 1.684 billion yuan, up 22.1% year-on-year, with an annual recurring revenue (ARR) of 3.73 billion yuan, reflecting an 18.5% increase [10] - The company’s gross margin improved to 65.63%, a rise of 2.39 percentage points year-on-year, driven by the higher proportion of high-margin cloud subscription revenue [10] Company Analysis: Zhongji Xuchuang (300308.SZ) - Zhongji Xuchuang's revenue for the first half of 2025 reached 14.79 billion yuan, a year-on-year increase of 37.0%, with a net profit of 4.0 billion yuan, up 69.4% [14] - The company is expected to maintain its position as a global leader in optical modules, with a focus on increasing production capacity for 1.6T products [12][15] - The gross margin is anticipated to improve due to the rising proportion of high-end silicon optical products [15] Investment Recommendations - The report suggests focusing on companies in the new materials sector related to the automotive industry, particularly "Shidai New Materials" and "Jundida" [6] - For Kingdee International, the expected earnings per share (EPS) for 2025-2027 are projected at 0.03, 0.10, and 0.17, with corresponding price-to-earnings (PE) ratios of 528.8, 151.8, and 85.1, respectively, recommending a "Buy-A" rating [13] - Zhongji Xuchuang is expected to achieve net profits of 93.5 billion yuan, 180.8 billion yuan, and 248.5 billion yuan for 2025-2027, maintaining a "Buy-A" rating [16]

Group 1 - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking its first rate cut since December 2024 [4] - The Fed predicts an additional 50 basis points cut by the end of the year and 25 basis points cuts in each of the following two years [4] - Inflation risks are on the rise while employment risks are declining, with Powell stating that most inflation expectations will align with the 2% target after next year [4] Group 2 - U.S. stock indices closed mixed, with the Dow Jones up 0.57%, while the Nasdaq and S&P 500 fell by 0.33% and 0.1% respectively [5] - Chinese concept stocks mostly rose, with the Nasdaq China Golden Dragon Index increasing by 2.85%, and Baidu rising over 11% [5] Group 3 - International gold futures fell by 0.82% to $3694.60 per ounce, while silver futures dropped by 2.15% to $41.99 per ounce [6] - U.S. oil prices decreased slightly, with WTI crude oil down 0.85% to $63.97 per barrel [7] Group 4 - The National Development and Reform Commission is increasing support for projects in elderly care, childcare, and cultural tourism to meet the demand for high-quality living [9] - The Ministry of Commerce plans to conduct pilot projects in about 50 cities to expand new consumption formats and models [10] Group 5 - NIO announced the completion of a $1.16 billion financing round, which will be used for core technology development and infrastructure expansion [27] - Ningde Times plans to achieve mass supply of sodium-ion batteries next year, highlighting advantages in low-temperature performance and safety [17] Group 6 - Huawei has reduced prices for three flagship smartphone series, with discounts up to 2000 yuan, aiming to attract more consumers [19] - Vanke has undergone a significant organizational restructuring to explore new business pathways [25]

Core Viewpoint - Chujiang New Materials has demonstrated significant growth and innovation in the copper-based materials industry, emphasizing long-term strategies and internal capabilities to adapt to market opportunities [2][5][8]. Financial Performance - In the first half of 2025, Chujiang New Materials achieved a revenue of 28.803 billion yuan, representing a year-on-year growth of 16.05% [8]. - The company's net profit attributable to shareholders reached 2.51 billion yuan, with a year-on-year increase of 48.83%, while the net profit after deducting non-recurring items was 2.27 billion yuan, up 98.76% [8]. Company Background - Founded in 1986, Chujiang New Materials has evolved from a struggling copper plate factory to a leading player in the copper-based materials sector, with a focus on innovation and modernization [3][4]. - The company has developed a diversified product portfolio that includes precision copper strips, copper conductor materials, copper alloy wires, and carbon fiber composite materials, serving high-end manufacturing sectors such as 5G communications and aerospace [4][6]. Strategic Development - The company has adopted a dual approach of internal growth and external acquisitions to enhance its market position, viewing mergers and acquisitions as essential for strategic upgrades and industry expansion [6][7]. - Since 2015, Chujiang New Materials has successfully acquired several key enterprises in the high-end materials sector, which has accelerated its transformation and diversified its product offerings [6][7]. Management Philosophy - The management emphasizes the importance of internal capability building and strategic foresight, focusing on quality improvement and market readiness during challenging times [5][8]. - The company operates under a unique profit model that maintains a balance between production capacity, product positioning, and cash flow, ensuring a sustainable business cycle [8]. Future Outlook - Chujiang New Materials aims to continue its growth trajectory by exploring opportunities in new materials while maintaining its leadership in essential copper-based materials that support national strategic sectors [8]. - The company is committed to long-term thinking, aspiring not only to lead in China but also to excel in international markets through quality and brand differentiation [8].

Core Viewpoint - The company Top Group (601689.SH) announced the early termination of its share reduction plan by its controlling shareholders, indicating a shift in strategy amidst changing financial needs [2][11]. Share Reduction Details - The controlling shareholder, Wu Jianshu, reduced approximately 2.9983 million shares at a price range of 62.81 to 73.03 CNY per share, totaling around 215 million CNY, with only 920 shares remaining to be sold [3][6]. - Wu Haonian, the vice chairman and son of Wu Jianshu, reduced 495,300 shares at a price range of 62.49 to 63.83 CNY per share, totaling approximately 31.12 million CNY, with 346 shares left unsold [3][6]. - The total shares reduced by both shareholders amounted to 349,360 shares, with only 1,266 shares left to be sold, marking the first reduction since the company's listing in 2015 [6][11]. Fundraising and Project Adjustments - The company plans to change the use of 400 million CNY of raised funds to invest in the Ningbo "Intelligent Manufacturing Industrial Park Project" [2][16]. - The board approved an extension of the timeline for the "Annual Production of 3.3 Million Lightweight Chassis Systems" project by 14 months, now expected to be operational by December 2026 [2][20]. Financial Performance - In the first half of the year, the company reported a revenue increase of 5.83% to 12.935 billion CNY, while net profit decreased by 13.84% to 1.457 billion CNY, indicating a situation of "increased revenue but decreased profit" [11][12]. - The company's performance in the robot business remains low, with revenue from electric drive systems contributing only 0.1% to total revenue [14].