由宁德时代运营的一座重要的中国锂矿准备最早于下月初重启。据知情人士透露，宁德时代已制定初步 计划，拟于12月初重启枧下窝矿区。公司已要求供应商和合作伙伴备妥设备、化学品及工人，并通知了 从该矿获取原料的精炼商。公司计划可能存在变数，目前仍在等待主管部门的批准。 ...

据了解，大中矿业主营业务是铁矿石采选、铁精粉和球团生产销售、副产品机制砂石及硫酸的加工销 售，主要产品为铁精粉和球团。 2025年中报显示，大中矿业在坚定铁矿主业的同时，加快推动湖南鸡脚山锂矿和四川加达锂矿两大锂矿 的开发建设，即将形成公司新的利润增长点。 锂矿方面，据大中矿业中报披露，其湖南鸡脚山锂矿通天庙矿段及四川加达锂矿首采区经自然资源部评 审备案的锂矿折合碳酸锂当量超472万吨，资源量在国内处于领先地位，且未来增储空间较大。 近期公司动态方面，10月28日，大中矿业正式公告，湖南省临武县鸡脚山锂矿项目已获得自然资源部核 发的采矿证。这是在新《矿产资源法》实施后，全国锂矿发证大整顿背景下，自然资源部颁发的首张锂 矿采矿证，标志着大中矿业布局三年的锂矿全产业链项目正式进入投产倒计时。 11月17日上午，碳酸锂期货主力合约一度涨超8%，再创年内新高。截止中午收盘，碳酸锂期货主力合 约报收93835元/吨。 受此影响，A股锂矿股集体大涨，其中，大中矿业、盛新锂能、国城矿业等多只个股涨停，千亿巨头天 齐锂业盘中涨停，赣锋锂业和盐湖股份也涨超6%。 消息面上，11月16日，在第十届动力电池应用国际峰会上，赣锋锂业 ...

Core Viewpoint - Ganfeng Lithium's stock price increased by 3.33% to HKD 55.80 following the announcement of a significant development in its joint project with Lithium Argentina, marking a key milestone in the project [1] Company Summary - Ganfeng Lithium's stock price rose to HKD 55.80 with a trading volume of HKD 247 million [1] - The company announced a joint development project with Lithium Argentina, which has received the Environmental Impact Assessment Report (DIA) from the mining and energy secretariat of Salta Province, Argentina [1] - The project aims to submit an application for large investment incentives to the Argentine government in the first half of 2026, seeking local government support and fiscal incentives [1] - The project is designed to have an annual production capacity of approximately 150,000 tons of lithium carbonate equivalent (LCE), with a planned lifespan of 30 years and divided into three phases [1]

Core Viewpoint - Ganfeng Lithium has made significant progress in the development of the PPGS lithium salt lake project in Argentina, receiving an environmental impact assessment report, which is a key milestone for the project [1] Group 1: Project Development - The PPGS lithium salt lake project is set to submit a large-scale investment application to the Argentine government in the first half of 2026 to gain local government support and fiscal incentives [1] - The integrated PPGS lithium salt lake project has approximately 15.07 million tons of LCE proven and controlled resources, making it one of the largest undeveloped lithium brine resources [1] - The project is designed for an annual production capacity of about 150,000 tons of LCE, with a lifespan of 30 years, and will be developed in three phases [3] Group 2: Financial Support and Ownership Structure - Ganfeng International and LAR hold 67% and 33% of Millennial Lithium Corp, respectively, and jointly own the PPGS lithium salt lake project [2] - Ganfeng Lithium is providing LAR with financial support of up to $130 million over six years, secured by LAR's equity in Millennial, to fund the development of the PPGS project [2] Group 3: Operational Efficiency and Technology - The project will utilize Ganfeng Lithium's direct lithium extraction process and solar evaporation pond technology to enhance production efficiency, reduce freshwater consumption, and improve product consistency and quality [3] - The project retains flexibility in product pathways, allowing customization of final lithium products based on market conditions and specifications [3] Group 4: Financial Performance - Ganfeng Lithium reported a revenue of 6.249 billion yuan for Q3 2025, a year-on-year increase of 44.10%, and a net profit attributable to shareholders of 557 million yuan, up 364.02% year-on-year [3] - For the first three quarters, the company achieved a revenue of 14.625 billion yuan, a 5.02% increase year-on-year, and turned a profit with a net profit of 25.52 million yuan [3] - The significant growth in Q3 performance was attributed to increased fair value gains from financial assets and profits from the disposal of energy storage stations and joint ventures, despite operational cash flow being pressured by falling lithium prices [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company reported a revenue of 3.025 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.60%. However, the net profit attributable to shareholders decreased by 10.67% to 594 million yuan [5][18]. - The decline in performance is primarily attributed to the drop in iron concentrate prices, which fell by 10.59% year-on-year for the first three quarters [5][18]. - The company is focusing on its core iron ore business while developing lithium mining as a new growth driver, with significant resources and production capacity in both sectors [6][14]. Company Overview - The latest closing price of the company's stock is 15.04 yuan, with a total market capitalization of 22.7 billion yuan [4]. - The company has a debt-to-asset ratio of 57.8% and a price-to-earnings ratio of 29.49 [4]. Financial Performance - In Q3 2025, the company achieved a revenue of 1.053 billion yuan, with a net profit of 188 million yuan, reflecting a year-on-year increase of 4.88% in revenue but a decrease of 6.93% in net profit [5][18]. - The average price of iron concentrate decreased by 5.29% year-on-year in Q3 2025, although it showed a quarter-on-quarter increase of 3.35% [5][18]. Lithium Mining Development - The company owns two major lithium mines, with a total lithium resource of 530 million tons and a lithium carbonate equivalent of over 4.72 million tons [7][14]. - The Hunan Jijiashan lithium mine is set to invest 1.762 billion yuan in a project expected to process 20 million tons of multi-metal resources annually, with production anticipated to start in 2026 [7][15]. - The Sichuan Jiada lithium mine's extraction plan has been approved, aiming for an annual production capacity of 2.6 million tons, which can yield approximately 50,000 tons of lithium carbonate [7][15]. Profitability Outlook - The company expects steady growth in profitability, with projected revenues of 4.024 billion yuan in 2025, 4.322 billion yuan in 2026, and 5.018 billion yuan in 2027, reflecting year-on-year growth rates of 4.72%, 7.41%, and 16.10% respectively [9][11]. - The net profit attributable to shareholders is forecasted to be 799 million yuan in 2025, 859 million yuan in 2026, and 1.070 billion yuan in 2027, with corresponding growth rates of 6.41%, 7.44%, and 24.62% [9][11].

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [3][20]. Core Insights - In Q3 2025, lithium concentrate production reached 224,800 tons, a 2% increase quarter-on-quarter and year-on-year, indicating sustained reliability and processing capacity following the successful completion of the P1000 expansion [1]. - The average actual sales price of spodumene concentrate was $742 per ton, a 24% increase quarter-on-quarter and a 9% increase year-on-year [2]. - The unit operating cost (including freight and royalties) decreased by 9% to $422 per ton, reflecting effective cost control measures [2]. - The company achieved a revenue of AUD 251 million in Q3 2025, a 30% increase quarter-on-quarter and a 20% increase year-on-year [5]. Production and Sales Performance - Lithium concentrate sales in Q3 2025 were 214,000 tons, a 1% decrease quarter-on-quarter but nearly flat year-on-year [1]. - The lithium recovery rate improved significantly to 78.2%, up from 71.6% in the previous quarter, showcasing the effectiveness of operational strategies [1]. - Tantalum concentrate production totaled approximately 74,267 pounds, a 25% increase quarter-on-quarter, while shipments reached about 66,161 pounds, a 9% increase quarter-on-quarter and a 29% increase year-on-year [4]. Financial Performance - The company ended Q3 2025 with cash of AUD 852 million and undrawn credit facilities of AUD 625 million, with a cash outflow of AUD 19 million due to financing activities and foreign exchange changes [5][6]. - Operating cash profit for Q3 2025 was AUD 8 million, benefiting from price increases, although affected by timing factors [5]. Upstream Development Projects - The Ngungaju processing plant is expected to remain in maintenance mode throughout FY 2026 to flexibly increase production capacity amid rising lithium prices [7]. - A feasibility study for the P2000 project is anticipated to be published in FY 2027, with development progress dependent on research outcomes and funding [8]. Downstream Development Projects - The midstream demonstration plant in Australia is on track for completion in Q4 2025 [11]. - The joint venture with POSCO in South Korea has seen production lines operating in a moderate batch production mode to optimize operational efficiency amid fluctuating lithium prices [12]. - A feasibility study with Ganfeng Lithium regarding the construction of a lithium salt processing plant is ongoing, with site assessments being conducted [15].

Core Viewpoint - Cangge Mining announced the resumption of lithium resource development activities by its wholly-owned subsidiary, Golmud Cangge Lithium Industry Co., Ltd., following approval from local authorities [2] Group 1: Resumption of Operations - Golmud Cangge Lithium Industry received approval from Haixi Prefecture Natural Resources Bureau and Haixi Salt Lake Management Bureau to resume lithium resource development [2] - The resumption is based on the acquisition of mining rights and licenses, with operations officially restarting on October 11, 2025 [2] - The company had previously been ordered to halt operations on July 16, 2025, for a temporary period of 87 days [3] Group 2: Production and Sales Outlook - Cangge Lithium planned to achieve a lithium carbonate production and sales target of 11,000 tons in 2025, with 5,170 tons produced and 4,470 tons sold in the first half of the year [3] - The company will adjust its production and sales plans based on the remaining effective production time in 2025 [3] - Initial estimates suggest that the temporary halt will have a minimal impact on the company's overall performance for 2025 [3] Group 3: Operational Improvements - During the temporary shutdown, the company focused on key maintenance tasks, safety improvements, and employee training to enhance operational efficiency [2] - Measures will be taken to ensure stable equipment operation and to adapt sales strategies based on customer demand [3] - The company aims to minimize the impact of reduced lithium carbonate production and sales on its financial performance by lowering production costs and increasing profit margins [3]

Group 1 - Lithium stocks strengthened in early trading, with Tianqi Lithium (002466)(09696) rising 15.15% to HKD 51.75 and Ganfeng Lithium (002460)(01772) increasing 11.36% to HKD 48.04 [1] - U.S. Energy Secretary Chris Wright announced that the U.S. government will hold a small stake in Lithium Americas, a Canadian mining giant, leading to a surge of over 40% in the company's stock price during after-hours trading [1] - Lithium Americas is developing the Thacker Pass lithium project in Nevada, which is one of the largest known lithium deposits in the U.S., with the first phase expected to be operational by the end of 2027 [1] Group 2 - Current supply and demand for lithium carbonate are both increasing, with weekly production reaching new highs and strong seasonal demand driven by energy storage [1] - Social inventory has slightly decreased, and smelter inventory is shifting towards downstream sectors, indicating a continuous replenishment in the downstream market [1] - The fundamentals are improving marginally, suggesting limited downside potential, with a strong market outlook and attention on policies to prevent excessive competition [1]

Group 1 - Lithium stocks showed strong performance in early trading, with Tianqi Lithium rising by 15.15% to HKD 51.75 and Ganfeng Lithium increasing by 11.36% to HKD 48.04 [1] - U.S. Energy Secretary Chris Wright announced that the U.S. government will hold a small stake in Lithium Americas, leading to a surge of over 40% in the company's stock price in after-hours trading [1] - Lithium Americas is developing the Thacker Pass lithium project in Nevada, which is one of the largest known lithium deposits in the U.S., with the first phase expected to be operational by the end of 2027 [1] Group 2 - Current supply and demand for lithium carbonate are both increasing, with weekly production reaching new highs and strong seasonal demand driven by energy storage [1] - Social inventory has slightly decreased, and smelter inventory is shifting towards downstream sectors, indicating continued replenishment in the downstream market [1] - The fundamentals are improving marginally, suggesting limited downside potential, with a strong market outlook and attention on policies to prevent excessive competition [1]

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].