Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [7][13]. Core Insights - The P1000 project has shown significant benefits in Q2 2025, with production increasing by 77% quarter-on-quarter, while costs decreased by 7.7% [2][5]. - In Q2 2025, the production of lithium concentrate was 221,000 tons, reflecting a quarter-on-quarter increase of 77% due to the completion of the P1000 expansion [3]. - The average selling price of lithium concentrate in Q2 2025 was $599 per ton, a decrease of 17% compared to the previous quarter [4]. - The FOB cost in Q2 2025 was $397 per ton, down 7.7% quarter-on-quarter, attributed to increased production and improved cost efficiency from the P1000 project [5]. - The actual production for FY 2025 was 755,000 tons, exceeding guidance, while the guidance for FY 2026 is set at 820,000 to 870,000 tons [6]. Summary by Sections Production and Sales - In Q2 2025, the production of lithium concentrate was 221,000 tons, with a quarter-on-quarter increase of 77% due to the P1000 expansion [3]. - Sales of SC5.1 concentrate reached 216,000 tons, reflecting a quarter-on-quarter increase of 72.2% [3]. Pricing and Costs - The selling price of lithium concentrate in Q2 2025 was $599 per ton, down 17% from the previous quarter [4]. - The FOB cost was $397 per ton, a decrease of 7.7% quarter-on-quarter, driven by increased production and cost efficiency [5]. Project Progress - The Australian midstream demonstration plant project is on track for completion by Q4 2025 [6]. - The Brazil Colina project is progressing with directional exploration, with results expected in Q2 2026 [6]. - The joint venture with POSCO produced 3,037 tons of lithium hydroxide in Q2 2025, with ongoing certification processes for additional production lines [6]. Investment Recommendations - The report suggests focusing on companies such as Zhongjin, Yongxing, Ganfeng, Tianqi, Yahua, Guocheng, Shengxin, Jiangte, and Rongjie, anticipating price increases driven by seasonal demand and production adjustments [7].

资金方面，8月4日主力资金净流出1134.07万元，近五个交易日累计净流出4.49亿元。 风险提示：市场有风险，投资需谨慎。 截至2025年8月4日收盘，赣锋锂业股价报35.91元，较前一交易日下跌0.27元，跌幅0.75%。当日成交量 为266853手，成交额达9.52亿元，振幅2.21%。 赣锋锂业主要从事锂资源开发、锂产品深加工及锂电池制造业务，覆盖锂产业链上游至下游。公司产品 广泛应用于新能源汽车、储能及消费电子等领域。 消息面上，赣锋锂业近期在新能源领域动作频频。旗下江西赣锋锂电科技股份有限公司参股成立广东麦 格度汇储科技有限公司，持股29%，该公司注册资本2000万元，业务涵盖太阳能发电技术服务、储能技 术等。此外，赣锋锂业全资子公司深圳易储能源科技有限公司在深圳成立合邦新能源有限公司，注册资 本1.55亿元，聚焦新兴能源技术研发及光伏设备制造。 ...

行 有色金属 2025 年 08 月 04 日 业 研 究 行 业 定 有色金属 锂产业链月度追踪（202506）：6 月锂供需基本 平衡，月底矿价反弹成本筑底 投资要点： 锂矿：6月主要进口39.6万吨，同比-16.5%，环比-18.1%，其中，澳 大利亚25.6万吨，同比-26.9%，环比-31.2%。2025年1-6月累计进口251 万吨，同比-6万吨/-2.4%。 期 报 告 碳酸锂： 6月表观消费9.1万吨，同环比+7%/+0.5%。其中，国产7.4 万吨，同环比+11.7%/+5.7%；进口1.8万吨，同环比-9.6%/-16.3%，其中 从进口智利1.19万吨，同环比-24.3%/-11.5%。2025年1-6月累计表观消费 53.5万吨，同比+32.7%/+13.2万吨。其中，国产42万吨，同比+40.5%/+12.1 万吨；进口11.8万吨，同比+10.7%/+1.1万吨。 氢氧化锂：6月表观消费1.5万吨，同环比+41.8%/-7.4%。其中，国产 2万吨，同环比-17.9%/-5.6%；出口0.6万吨，同环比-56.1%/+12.1%。2025 年1-6月累计表观消费10.1万吨，同比+ ...

有色金属 2025 年 07 月 10 日 业 研 究 有色金属 锂产业链月度追踪（202505）：5 月锂供需基本 平衡，产业链整体累库速度放缓 投资要点： 行 业 定 期 报 锂矿：5月主要进口48.4万吨，同比-4.3%，环比+5.9%，其中，澳大 利亚37.1万吨，同比-4.7%，环比+24.7%。2025年1-5月全年累计进口5212 万吨，同比+2万吨/+0.7%。5月澳洲黑德兰港发运锂矿至中国量环比 +92.8%。 告 碳酸锂： 5月消费9.1万吨，同环比+4.6%/-5.3%。其中，国产7万吨， 同环比+11.9%/+2.5%；进口2.1万吨，同环比-13.9%/-25.4%，其中从进口 智利1.34万吨，同环比-34%/-34%。2025年1-5月累计供给44.62万吨，同 比+12.67万吨/+40%。其中，国产34.6万吨，同比+48.7%/+11.3万吨；进 口10万吨，同比+15.3%/+1.3万吨。 行 氢氧化锂：5月消费1.7万吨，同环比+46.8%/-11.6%。其中，国产2.1 万吨，同环比-7.4%/-1.8%；出口0.6万吨，同环比-53.5%/+32.3%。2025 年 ...