大中矿业公告称，2026年1月6日，公司董事会审议通过下属全资公司实施鸡脚山矿区通天庙矿段2000万 吨/年锂矿采选尾一体化项目议案。项目建设投资预计36.88亿元，包含前期获批的"年处理2000万吨多金 属资源综合回收利用项目（一期）"内容，此次拟以自有或自筹资金新增投资19.25亿元，在董事会权限 内，无需股东会批准。目前项目已获批及备案，后续尚需办理手续。项目规模优势突出，建成达产后， 采选工程所得税后财务内部收益率26.73%，将提升公司竞争力与盈利能力 。 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On September 18, 2025, the main contract of lithium carbonate futures fluctuated downward. The current market trading was weak, the basis changed from discount to premium, the price of spodumene concentrate increased, and the price of lithium mica remained flat. Both supply and demand were strong, the upstream inventory pressure was not significant, and the resumption of production of spodumene mines was actively progressing, weakening the expectation of supply contraction. It is expected that the price of lithium carbonate will fluctuate at a low level. Attention should be paid to the inflection point of downstream replenishment. The trading strategy suggests shorting on rallies [1]. Summary by Relevant Catalogs Futures Market - On September 18, 2025, the trading volume of lithium carbonate futures was 502,269 (+158,406), and the open interest was 281,411 (-13,213). The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts all decreased compared to the previous day. The price differences between different contracts and the basis also showed certain changes [1]. Spot Market - The average price of SMM battery - grade lithium carbonate was 570 yuan/ton higher than the closing price of the active lithium carbonate contract. The price of spodumene concentrate (6%, CIF China) was 844 US dollars/ton, and the price of lithium mica remained unchanged. The prices of various lithium - related products such as ternary precursors, ternary materials, and lithium iron phosphate also had different degrees of changes [1]. Supply and Demand - Supply side: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all increased. Demand side: Last week, the production of lithium iron phosphate, ternary materials, and lithium manganate powder increased, and the production of power batteries was basically flat. In September, the production of lithium manganate powder and the production plan of lithium manganate increased. Terminal demand: In August, the year - on - year growth rate of new energy vehicle production and sales slowed down, the 3C shipments were average, and the production plan of energy - storage batteries increased in September [1]. Inventory - On September 18, 2025, the registered warehouse receipts were 39,354 tons (+120), the social inventory decreased, the inventory of smelters and others decreased, and the downstream inventory was tight [1]. Industry News - Bandera now expects to achieve a post - tax net present value of $1.45 billion (previously estimated at $1.31 billion) due to increased reserves and mine design optimization. Saycona Mining's expansion plan for the North American Lithium (NAL) project in Quebec, Canada, will significantly improve project economics by increasing production and reducing costs. The annual average output of spodumene concentrate will increase from 192,000 tons to 315,000 tons, and the unit cost will decrease [1].