来源：国盛期货 此前，我们盘中点评中提到过，储能产业成为碳酸锂需求增长新引擎。储能产业的爆发式增长成为锂需 求的新引擎。数据显示，2025年前三季度国内储能电芯产量达355.1GWh，同比增长57.5%。储能电芯的 库销比已由2月份的1.83高位降至目前的0.8，供应持续偏紧。新能源汽车市场同样表现强劲。10月全国 新能源乘用车批发销量达到162.1万辆，同比增长18.5%，环比增长8.5%。有头部电池企业披露，当前工 厂订单已经满产，生产计划已安排到2026年。 下游磷酸铁锂需求旺盛是关键支撑。动力电池和储能领 域对磷酸铁锂的需求持续爆发，导致头部厂商订单饱满，加剧了碳酸锂市场的供需紧张。 同时，碳酸锂的库存数据也验证了市场供需紧张的局面。碳酸锂产业链各环节库存均有所下降。11月国 内碳酸锂供需缺口达到2.3万吨，整个11月去库量达到1.6万吨。这意味着，如果后期去库持续，当前的 库存水平已临近危险值。根据当前消费量，库销比已经接近1。在供需缺口持续扩大的背景下，库存持 续下降为价格上涨提供了坚实支撑。 随着宜春市对锂矿资源的整顿加码，碳酸锂市场短期供需矛盾难以缓解。在储能需求爆发和库存持续下 降的背景下， ...

Group 1 - The core announcement from CATL regarding the suspension of mining operations at the Jiangxi Yichun Jianshawa lithium mine due to the expiration of its mining license has sparked significant interest in the lithium market [1] - The Jianshawa mine is one of the largest lithium mica mines in the Yichun area, which is crucial for lithium salt production in China, contributing approximately one-fourth of the country's lithium carbonate output [1] - The mine has a lithium oxide resource of 2.6568 million tons, equivalent to about 6.57 million tons of lithium carbonate [1] Group 2 - The Yichun Natural Resources Bureau has mandated eight lithium mining companies, including CATL's Yichun Times New Energy Mining Co., to complete resource verification reports by the end of September [2] - The new Mineral Resources Law, effective from July 1, emphasizes protective mining for strategic mineral resources, with the Ministry of Natural Resources overseeing the registration and approval of specific mineral extractions [2] - The tightening of regulatory policies aims to prevent unhealthy competition in the lithium mining sector and to facilitate the exit of inefficient production capacities [2]