格隆汇1月28日丨永杉锂业(603399.SH)在互动平台表示，截至目前，公司并无自有锂矿资源，锂矿主要 来源为长协采购。 ...

Core Viewpoint - The recent decision by Yichun's Natural Resources Bureau to cancel 27 mining licenses, including those related to lithium resources, comes amid rising lithium carbonate futures prices, which have exceeded 100,000 yuan per ton, indicating a significant market shift in the lithium industry [2][4]. Group 1: Mining License Cancellation - Yichun City plans to cancel 27 mining licenses, including those for lithium-related resources, as part of regulatory compliance with various mining laws [2][5]. - The public notice period for the cancellation of these licenses is set for 30 working days, after which the licenses will be officially revoked [2]. - Among the 27 licenses, 5 are set to expire in 2024, 1 in 2023, and 18 have already expired between 2010 and 2019 [2][3]. Group 2: Company Involvement - The company most affected by the license cancellations is High An Mining Development Co., which has four licenses set to expire on April 25, 2024 [3]. - High An Mining Development Co. is a subsidiary of Yichun Mining Co., which was established to manage lithium resources in Yichun, ensuring a stable supply for the local lithium battery industry [3][4]. - Jiangxi Special Electric Motor Co. holds a mining license for a lithium-containing ceramic stone mine in Yichun, with a resource volume of 57,322.98 tons of Li2O [4]. Group 3: Market Context - The price of lithium carbonate futures has surged over 6%, reaching a new high of 107,300 yuan per ton, reflecting strong demand in the market [2]. - Yichun is recognized as a major lithium mining region in China, often referred to as "Asia's Lithium Capital," due to its significant lithium mica reserves [4].

Core Viewpoint - Dawi Co., Ltd. (SZ002213) experienced a limit-up on November 20, 2025, reaching a price of 36.64 yuan, with a 10% increase, resulting in a total market capitalization of 8.7 billion yuan and a circulating market capitalization of 7.573 billion yuan, with a total transaction amount of 1.818 billion yuan [1] Group 1 - The primary reason for the limit-up is attributed to the company's focus on semiconductor storage and lithium mining resources, with semiconductor storage being the core growth driver, accounting for over 90% of revenue and showing a year-on-year growth of 40.77% [2] - The price of NAND flash memory has surged, with a contract price increase of 50% in November, although the company has not confirmed any price hikes for its products, it has developed a response strategy [2] - The company has made significant progress in product certification, with LPDDR4X entering the operator system and LPDDR5 certification in progress [2] Group 2 - Dawi Co., Ltd. has substantial lithium mining resources, particularly in the Daqiongli mining area in Guiyang County, with a mineral quantity of 323,700 tons of Li2O, which can support lithium carbonate projects [2] - The mining area has completed exploration review and is in the process of converting exploration rights to mining rights, although additional documentation is required due to changes in industry policies and approval requirements [2] - The company has been frequently listed on the trading leaderboard, with a transaction amount of 2.847 billion yuan on November 19, showing a net institutional buying of 467 million yuan and total selling of 307 million yuan, indicating strong institutional interest [2]

Group 1 - The company's stock (Dazhong Mining, stock code: 001203) experienced an abnormal trading fluctuation, with a cumulative closing price increase of over 20% during three consecutive trading days from November 5 to November 7, 2025 [2] - The company conducted an internal review and confirmed that there were no significant changes in its production and operational conditions, nor any major changes in the internal and external business environment [4][5] - The company did not find any undisclosed significant information in public media that could have impacted its stock trading price [5][6] Group 2 - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange's regulations, nor any ongoing plans or negotiations that require disclosure [8] - The company has not violated any information disclosure regulations and has maintained compliance with fair disclosure practices [9] - The company recently obtained a mining license for its wholly-owned subsidiary, which is expected to benefit from the growing demand in the electric vehicle and energy storage sectors [9]

Core Viewpoint - The company defends its acquisition of the Sichuan Jiada lithium mine, emphasizing long-term strategic planning and thorough technical-economic assessments despite concerns over the high purchase price and current market conditions [1] Group 1: Acquisition Details - The acquisition of the Sichuan Jiada lithium mine cost 4.2 billion, with a lithium carbonate reserve of only 1.5 million tons, raising questions about its economic viability at the current price of 60,000 [1] - The company has registered a resource amount of 1.4842 million tons of lithium carbonate equivalent in the first mining area, with an average lithium oxide grade of 1.38% [1] - The exploration rights cover an area of 21.2247 square kilometers, with the registered first mining area being only 2.056 square kilometers, indicating significant future resource expansion potential [1] Group 2: Comparison with Other Mines - The Hunan Jijiao Mountain lithium mine was acquired for 210 million, boasting a reserve of 3.25 million tons, highlighting a stark contrast in acquisition costs and resource availability [1] - The company holds 100% ownership of the Jijiao Mountain lithium mine exploration rights and has no obligation for additional payments to the previous owner [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - On September 15, the main contract of lithium carbonate futures fluctuated upward. The current supply and demand are both strong, and the inventory pressure of upstream is not large. With the active promotion of the resumption of key mines, the expectation of supply contraction weakens. It is expected that the price of lithium carbonate will fluctuate at a low level. The trading strategy is to short at high prices [1]. Group 3: Summary by Related Catalogs Futures Market - On September 15, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures increased compared with September 12. The trading volume was 482,790 lots (+71,801), and the open interest was 309,446 lots (+44). The registered warehouse receipts were 38,963 (+338) tons [1]. Spot Market - The spot market trading was weak, and the basis changed from premium to discount. The price of spodumene concentrate increased, while the mica price remained stable. The prices of some lithium - related products such as lithium phosphate aluminum stone and ternary precursor also changed to varying degrees [1]. Supply and Demand - Supply side: Last week, the output of lithium carbonate increased, and the output of lithium carbonate from different raw materials all increased. In September, the scheduled production of lithium carbonate increased. - Demand side: Last week, the output of lithium iron phosphate increased, the output of ternary materials decreased, and the output of power batteries increased. In August, the year - on - year growth rate of new energy vehicle production slowed down, the 3C shipments were average, and the production of energy - storage batteries in September will increase [1]. Inventory - Social inventory decreased. Refineries and other sectors reduced inventory, while downstream sectors accumulated inventory. The total SMM lithium carbonate inventory decreased by 1,580 tons compared with the previous week [1]. Important Information - On September 15, Savama Resources Plc, a London - listed company, said that after completing additional exploration work, the reserve estimate of its lithium mine project in northern Portugal increased by 40%. The pegmatite reserve of Barroso resources is now expected to exceed 39 million tons, up from the previous estimate of 28 million tons, becoming the largest pegmatite deposit in Europe [1].

Core Viewpoint - Jiangte Motor's stock price has shown slight growth, but the company faces challenges due to declining lithium prices and a reported net loss in its latest financial results [1] Company Overview - Jiangte Motor's main business includes lithium mining, lithium salt production, and electric motor manufacturing [1] - The company holds multiple mining and exploration rights in the Yichun area, with lithium resources exceeding 100 million tons, establishing a vertically integrated industry chain from ore mining to deep processing of lithium salts [1] - The electric motor products are widely used in industrial robots and wind power equipment [1] Financial Performance - The half-year report disclosed on August 21 shows that revenue from lithium mining and lithium salt manufacturing increased by 115.91% year-on-year [1] - Despite the revenue growth, the business's gross profit margin was -16.27% due to falling lithium salt prices, leading to an overall net loss of 114 million yuan [1] Market Developments - On August 19, the company announced the imminent resumption of production at its Yichun Yinli New Energy subsidiary, raising market concerns about potential supply increases and further impacts on lithium carbonate price trends [1] - As of August 22, there was a net outflow of 1.3474 million yuan in principal funds, with a cumulative net outflow of 333 million yuan over the past five days [1]

Core Viewpoint - The recent extreme fluctuations in lithium carbonate prices are largely driven by news factors, with the company expressing optimism regarding its mining rights renewal process in Jiangxi Yichun [1][2] Group 1: Lithium Market Dynamics - Lithium carbonate prices experienced significant volatility, with a price surge followed by a sharp decline, including a 5.9% drop on July 29 and a stabilization with a 0.43% increase on July 30 [1] - A report from Zhonggrain Futures Research Institute indicates that the production scale of eight mining companies is 73.9 million tons (raw ore) per year, with seven currently in production, contributing to approximately 20% of the domestic monthly output [1] Group 2: Company Operations and Mining Rights - The company’s lithium mining project in Jiangxi Yichun is operating normally, and it has submitted the necessary application materials for the renewal of its mining rights to the local natural resources bureau [1] - The mining rights for the company’s subsidiary, Yichun Times New Energy Mining Co., began on August 9, 2022, and are set to expire on August 9, 2023 [2] - The company is currently awaiting approval for its mining rights renewal, with local authorities confirming receipt of the application and stating that the materials are complete [1]