消息面上，美东时间周二，美国能源部长克里斯.赖特表示，美国政府将持有加拿大矿业巨头美洲锂业 (Lithium Americas)少量股份。受该消息刺激，美洲锂业股价在美股盘后交易中一度暴涨超40%。据悉， 美洲锂业公司正在美国内华达州开展一个大型锂矿开发项目Thacker Pass，该锂矿是美国已知最大锂矿 床之一，该项目的第一阶段预计将于2027年底投入运营。目前美国锂产量较低，而该项目将成为美国最 主要的锂资源来源。值得一提的是，赣锋锂业曾为美洲锂业第一大股东。 东海期货近日指出，当前碳酸锂供需双增，周产量创新高，储能带动下旺季需求表现强劲，社会库存小 幅去库，冶炼厂库存向下游转移，下游持续补库。基本面边际转好，下方空间有限，行情震荡偏强，关 注反内卷政策驱动。瑞达期货（002961）也表示，海外矿商挺价意愿仍强，国内矿区供给走向预计将逐 步明晰，锂矿或将延续坚挺报价。 锂业股早盘走强，截至发稿，天齐锂业（002466）(09696)涨15.15%，报51.75港元；赣锋锂业 （002460）(01772)涨11.36%，报48.04港元。 ...

东海期货近日指出，当前碳酸锂供需双增，周产量创新高，储能带动下旺季需求表现强劲，社会库存小 幅去库，冶炼厂库存向下游转移，下游持续补库。基本面边际转好，下方空间有限，行情震荡偏强，关 注反内卷政策驱动。瑞达期货也表示，海外矿商挺价意愿仍强，国内矿区供给走向预计将逐步明晰，锂 矿或将延续坚挺报价。 消息面上，美东时间周二，美国能源部长克里斯·赖特表示，美国政府将持有加拿大矿业巨头美洲锂业 （Lithium Americas）少量股份。受该消息刺激，美洲锂业股价在美股盘后交易中一度暴涨超40%。据 悉，美洲锂业公司正在美国内华达州开展一个大型锂矿开发项目Thacker Pass，该锂矿是美国已知最大 锂矿床之一，该项目的第一阶段预计将于2027年底投入运营。目前美国锂产量较低，而该项目将成为美 国最主要的锂资源来源。值得一提的是，赣锋锂业曾为美洲锂业第一大股东。 智通财经APP获悉，锂业股早盘走强，截至发稿，天齐锂业(09696)涨15.15%，报51.75港元；赣锋锂业 (01772)涨11.36%，报48.04港元。 ...

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core View of the Report - On September 23, the main contract of lithium carbonate futures fluctuated within a range, with an increase in trading volume and a decrease in open interest. In the spot market, low - price transactions were acceptable, and the basis premium decreased. The prices of spodumene concentrate and lepidolite remained flat on the cost side. On the supply side, lithium carbonate production increased last week, and the production of lithium carbonate from different raw materials also increased. In terms of downstream demand, the production of lithium iron phosphate, ternary materials, and lithium manganate increased, while the production of power batteries remained basically flat last week. In the terminal market, the year - on - year growth rate of new energy vehicle production slowed down, 3C shipments were average, and the production schedule of energy - storage batteries increased in September. In terms of inventory, registered warehouse receipts increased, and social inventory decreased. Overall, both supply and demand are strong, the inventory pressure of upstream is not large, and the expectation of lithium ore supply contraction is weakened. It is expected that the price of lithium carbonate will fluctuate at a low level. It is necessary to pay attention to the downstream restocking cycle and the deadline for Jiangxi's mining end to submit reserve reports. The recommended trading strategy is to wait and see [1]. 3) Summary by Related Content Market Data - **Futures Market**: On September 23, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures increased compared with the previous day. The trading volume of the active contract was 497,857 hands (+101,212), and the open interest was 255,907 hands (-15,717). The inventory was 39,449 tons (+540). The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) decreased by 240 yuan/ton [1]. - **Spot Market**: The average prices of various lithium products such as spodumene concentrate, lepidolite, battery - grade lithium carbonate, industrial - grade lithium carbonate, and lithium hydroxide remained mostly unchanged, while the average price of hexafluorophosphate lithium increased by 500 yuan/ton to 57,500 yuan/ton. The average prices of some ternary precursors and cathode materials also increased [1]. - **Inventory**: The total SMM lithium carbonate inventory decreased by 981 tons to 137,531 tons last week. The inventory of smelters and others decreased, while the downstream inventory increased [1]. Industry News - **Chile**: Chile's economic development agency Corfo submitted a resolution to extend the contract of the Atacama Salt Lake project with SQM Salar SpA until 2030 and a new mineral lease contract with Codelco and Minera Tarapacá SoA from 2031 to 2060. SQM and Codelco are expected to finalize a partnership for the development of the Atacama Salt Flat in northern Chile this year, marking the first large - scale entry into lithium production in the region [1]. - **China**: On September 20, the first - phase lithium carbonate project of Luopu Tuhai New Energy Materials Co., Ltd. was put into operation in Xinjiang. The project has a total investment of 4.6 billion yuan, and after full - scale production, it can process 300,000 tons of lithium concentrate and produce 30,000 tons of battery - grade lithium carbonate annually [1].

Core Viewpoint - The company is making significant progress in the construction of the Jijia Mountain lithium mine in Hunan, aiming for full-scale operations by the first half of 2025, with various approvals and advancements already achieved [2]. Group 1: Project Development - The company has completed the resource reserve assessment for the Jijia Mountain lithium mine, which is recognized as the largest lithium mine in terms of lithium carbonate equivalent approved by the Ministry of Natural Resources [2]. - The company has also completed the review and approval of the "Mineral Resource Development and Utilization Plan," with a mining scale of 20 million tons per year, marking it as the largest raw ore mining scale approved by the Ministry [2]. - The geological environmental protection and land reclamation plan has been reviewed and approved, and the transition from exploration to mining is currently under review by the Ministry [2]. Group 2: Mining and Transportation - The company has determined the mining development system and transportation plan, successfully completing a 7.3-kilometer shield tunneling transportation corridor and access roads for mining, providing a foundational guarantee for subsequent mining construction [2]. Group 3: Processing and Recovery - The company has obtained planning permission for construction land and is concurrently processing other necessary construction permits [2]. - A technical team has been established to complete the pilot test of the new lithium extraction process using sulfuric acid, achieving breakthroughs in environmental compliance for lithium extraction from lepidolite and significantly improving lithium recovery rates to 90% [2]. - The comprehensive recovery of valuable elements has substantially reduced production costs [2].

大中矿业（001203.SZ）9月19日在投资者互动平台表示，公司拥有鸡脚山矿区探矿权100%所有权，规 划由公司全资子公司湖南大中赫锂矿公司独立开发运营。公司自2022年开始在湖南区域布局锂矿，并于 2023年4月以较低成本取得郴州城泰的80%控制权，随后通过破产重整取得其100%股权，进而完全控制 鸡脚山锂矿探矿权，公司取得鸡脚山锂矿探矿权的整体成本为2.09亿元，极具成本优势。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：请问，刚刚发现的4.9亿吨锂矿的鸡脚山矿山，是不是 属于贵公司独家拥有开发？ ...

Core Viewpoint - The financial performance of Shengxin Lithium Energy (002240) for the first half of 2025 shows significant declines in revenue and profit, indicating serious operational challenges and increased costs [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.614 billion yuan, a decrease of 37.42% compared to 2.579 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -841 million yuan, down 349.88% from -187 million yuan in the previous year [1]. - Gross margin fell to -3.72%, a decrease of 235.27% year-on-year, while net margin dropped to -58.69%, down 525.65% [1]. - The total of selling, administrative, and financial expenses reached 396 million yuan, accounting for 24.54% of total revenue, an increase of 85.32% year-on-year [1]. - Earnings per share were -0.92 yuan, a decline of 360.00% from -0.20 yuan in the previous year [1]. Changes in Key Financial Metrics - Cash and cash equivalents increased by 71.78% due to reduced cash outflows for investments [3]. - Inventory decreased by 14.89% as the company increased provisions for inventory impairment [3]. - Short-term borrowings rose by 18.47% due to increased working capital loans [3]. - Operating income decreased by 37.42% due to lower sales volume and average selling prices of lithium salt products [3]. - Operating cash flow decreased by 56.7% as cash received from sales declined compared to the previous year [3]. Business Model and Historical Performance - The company's historical financial performance has been weak, with a median Return on Invested Capital (ROIC) of 2.52% over the past decade, indicating low investment returns [4]. - The company has reported losses in five out of its sixteen annual reports since going public, suggesting a challenging business model [4]. Capital Expenditure and Debt Situation - The company relies on capital expenditures for growth, necessitating careful evaluation of the profitability of these investments [5]. - The cash flow situation is concerning, with cash and cash equivalents covering only 41% of current liabilities [5]. - The interest-bearing debt ratio has reached 38.01%, indicating a significant level of leverage [5]. Mining Project Development - The company is actively developing the Muzhong lithium mine in Sichuan, which has a production capacity of 3 million tons per year and is expected to have low production costs due to its favorable resource endowment [6]. - The Muzhong mine has confirmed Li2O resources of 989,600 tons with an average grade of 1.62%, making it one of the highest-grade lithium mines in the region [6].

Core Viewpoint - Dazhong Mining (001203) has completed the approval process for resource reserves assessment and development plans for its lithium mines in Hunan and Sichuan, ensuring compliance with regulations [1] Group 1: Project Development - The mining license for the Hunan lithium mine is currently being processed normally by the Ministry of Natural Resources [1] - Dazhong Mining plans to complete the first phase of the Hunan lithium mine project, with a capacity of 20,000 tons, by 2026, and expects to generate by-product revenue in the first half of 2025 [1] - The Sichuan lithium mine is expected to achieve by-product ore output and sales this year, contributing to new profit growth for the company [1]

Core Viewpoint - Ganfeng Lithium is collaborating with LAR to establish a joint venture company, Millennial, to develop lithium brine assets in Argentina, specifically the Pozuelos-Pastos Grandes salt lake basin [1][2]. Group 1: Joint Venture and Asset Integration - Ganfeng Lithium's wholly-owned subsidiary, Ganfeng International, and LAR plan to integrate three lithium brine assets into Millennial: PPG, PG, and Puna salt lakes [1]. - After the integration, Ganfeng Lithium will hold 67% of Millennial, while LAR will hold 33% [1]. - The PG lithium brine project will see Ganfeng Lithium holding a 14.89% stake, while LAR will hold 85.11%. In the Puna project, Ganfeng Lithium will hold 35%, and LAR will hold 65% [1]. Group 2: Financial Support and Equity Structure - As part of the transaction, Ganfeng Lithium or Ganfeng International will provide LAR with financial support of up to $130 million, secured by LAR's equity in the integrated Millennial [1]. - The financial support is intended to assist LAR's funding needs, including the development of the integrated PPGS lithium brine project [1]. Group 3: Company Backgrounds - LAR is a newly registered lithium carbonate producer in Switzerland, primarily focused on lithium-ion batteries and electric vehicles, and is listed on both the Toronto Stock Exchange and the New York Stock Exchange [2]. - Millennial, a Dutch-registered company, specializes in investing, holding, developing, and operating lithium mining assets, with a registered capital of $378.1 million [2].

Report Summary 1. Market Analysis - On July 31, 2025, the main lithium carbonate contract 2509 opened at 68,540 yuan/ton and closed at 68,280 yuan/ton, a -4.66% change from the previous day's settlement price. The trading volume was 521,849 lots, and the open interest was 229,368 lots, down from 272,753 lots the previous day. The basis was 4,120 yuan/ton, and the number of lithium carbonate warehouse receipts was 5,545 lots, a decrease of 7,586 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 70,800 - 73,200 yuan/ton, a -950 yuan/ton change from the previous day, and industrial - grade lithium carbonate was 69,300 - 70,500 yuan/ton, also a -950 yuan/ton change. The price of 6% lithium concentrate was 763 US dollars/ton, a -18 US dollars/ton change from the previous day. Downstream inquiry activity increased, but actual transactions did not expand proportionally, and downstream buyers were still cautious [1]. - Australian lithium miner PLS reported that in fiscal year 2025, the production of spodumene concentrate reached 754,600 tons, a 4% year - on - year increase, exceeding the guidance target of 700,000 - 740,000 tons. The production in the second quarter increased by 77% quarter - on - quarter to 221,300 tons. The company plans to increase production to 820,000 - 870,000 tons in 2026 [1]. 2. Project Report - Australian lithium developer Wildcat Resources released a pre - feasibility study report for the Tabba Tabba lithium project in Western Australia, indicating long - term development value. The two - stage development plan includes a $443 million investment in the first stage to build a 2.2 million - ton - per - year lithium mine facility, with an annual output of 295,000 tons of 5.5% spodumene concentrate. In the second stage, production can be expanded to 4.5 million tons per year, with a concentrate output of 565,000 tons. The project has proven ore reserves of 46.3 million tons (lithium oxide grade 1%), a mine life of 17 years, and a post - tax payback period of 5.4 years [2]. 3. Strategy - Recent disturbances are mainly due to domestic mine - end review issues, which are not fully determined. Overseas mine financial reports show increasing production and lower mining costs, reducing expectations of overseas production cuts. As the domestic lithium mine approval issue is undecided, the market may fluctuate, and short - term trading may be volatile. Participants should manage risks [3]. 4. Trading Strategies - Unilateral: None - Inter - delivery: None - Inter - commodity: None - Spot - futures: None - Options: None [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report tracks the fundamentals of lithium carbonate, including data on futures contracts, spot prices, and raw materials. It also mentions macro and industry news, such as price changes of battery - grade lithium carbonate and corporate announcements [1][2]. - The trend strength of lithium carbonate is 0, indicating a neutral outlook [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: For the 2507 contract, the closing price was 60,480, down 1,200 from T - 5; the trading volume was 35,622, down 200,575 from T - 5; and the open interest was 99,266, down 78,969 from T - 5. For the 2509 contract, the closing price was 59,880, down 1,860 from T - 5; the trading volume was 181,046, up 12,314 from T - 5; and the open interest was 306,885, up 90,331 from T - 5 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 29,967, down 2,870 from T - 5 [1]. - **Basis**: The basis between spot and 2507 contract was - 30, up 1,150 from T - 5; between spot and 2509 contract was 570, up 1,810 from T - 5; between 2507 and 2509 contracts was 600, up 660 from T - 5 [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 622, down 8 from T - 5; lithium mica (2.0% - 2.5%) was 1,225, up 15 from T - 5 [1]. - **Lithium Salts**: Battery - grade lithium carbonate was 60,450, down 50 from T - 5; industrial - grade lithium carbonate was 58,850, down 50 from T - 5 [1]. - **Related Products in the Industry Chain**: Battery - grade lithium hydroxide (micronized powder) was 64,570, down 1,480 from T - 5; lithium hexafluorophosphate was 52,250, down 250 from T - 5 [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 60,464 yuan/ton, up 72 yuan/ton from the previous working day. Battery - grade lithium carbonate was 5.99 - 6.10 million yuan/ton, with an average of 6.045 million yuan/ton, unchanged from the previous working day; industrial - grade lithium carbonate was 5.835 - 5.935 million yuan/ton, with an average of 5.885 million yuan/ton, unchanged from the previous working day [2]. - Yahua Group plans to rename its wholly - owned subsidiary Sichuan Yahua Lithium Industry Technology Co., Ltd. to "Yahua Lithium Industry Group" and transfer the equity of 5 subsidiaries involved in lithium business to it for free [2][3]. - On May 12, Ukrainian President Volodymyr Zelensky signed a landmark mineral agreement with the United States. On June 16, the Ukrainian government approved opening its lithium mining to private investors, with the Dobra lithium mine in central Ukraine being the first project under this agreement [3].