碳酸锂日报 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 碳酸锂日报（2025 年 7 月 9 日） 一、研究观点 1. 昨日碳酸锂期货 2509 合约涨 0.69%至 63880 元/吨。现货价格方面，电池级碳酸锂平均价上涨 350 元/吨至 62900 元/吨，工业级碳酸锂平均价上涨 350 元/吨至 61300 元/吨，电池级氢氧化锂（粗颗 粒）下跌 50 元/吨至 57470 元/吨。仓单方面，昨日仓单库存减少 2900 吨至 12655 吨。 2. 供应端，7 月产量预计环比增加 3.9%至 81150 吨，但随着部分上游企业检修及技改，周度产量有所 放缓，对预期产量或将有一定下调，进口方面，5-6 月智利锂盐出口基本持平，预计整体 7 月碳酸 锂进口环比变化不大。需求端，7 月排产环比小幅增加，两大主材消耗碳酸锂环比增加 3%至 8.08 万 吨左右。库存端，周度库存延续累库，但目前锂盐+锂矿库存高企，据钢联数据约合 38 万吨 LCE。 3. 当前市场来看，整体市场情绪回暖，仓单维持低位水平，锂矿成交价格有所上涨，锂盐厂宣布停产 检修及技改，叠加市场消息面扰 ...

（图片来源：网络） 出品｜搜狐财经 作者｜冯圆圆 日前，锂云母四小龙之一的九岭锂业，向上交所递交了上市申请。 近年来，伴随着新能源行业的周期性波动，九岭锂业的业绩犹如一面镜子，折射出原材料碳酸锂玩家在不同时间段的生存状态。 随着碳酸锂价格的起伏，九岭锂业的业绩也如同"过山车"般的起起伏伏。 如今，九岭锂业的业绩较巅峰时已然砍半，旗下矿产资源"紧张"，在强敌环伺的锂盐矿行业，九岭锂业未来扩张成长之路或困难重重。 此次，九岭锂业计划募资31.35亿，拟用于新能源材料生产项目及研发中心综合大楼建设项目。 "暴涨暴跌"的业绩 日前，江西九岭锂业股份有限公司（下称"九岭锂业"）再次向主板发起冲击。 九岭锂业成立于2011年，曾经和江西特种电机股份有限公司（下称"江特电机"）、江西南氏锂电新材料有限公司、永兴特种材料科技股份有限公司（下 称"永兴材料"）并称为锂云母"四小龙"，拥有全球首条万吨级锂云母提锂产线，实力不容小觑。 早期，锂盐生产多靠锂辉石，天齐锂业、赣锋锂业便是代表。但锂辉石多分布在国外，国内储量有限，存在"卡脖子"风险。因此盐湖提锂、锂云母提锂这两 条国产替代路线应运而生。 公开资料显示，锂云母虽氧化锂含量 ...

碳酸锂日报 碳酸锂日报（2025 年 7 月 8 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2509 合约较前一交易日持平至 63660 元/吨。现货价格方面，电池级碳酸锂平均价 上涨 250 元/吨至 62550 元/吨，工业级碳酸锂平均价上涨 250 元/吨至 60950 元/吨，电池级氢氧化 锂（粗颗粒）下跌 50 元/吨至 57520 元/吨。仓单方面，昨日仓单库存减少 5481 吨至 15555 吨。 2. 供应端，7 月产量预计环比增加 3.9%至 81150 吨，但随着部分上游企业检修及技改，周度产量有所 放缓，对预期产量或将有一定下调，进口方面，5-6 月智利锂盐出口基本持平，预计整体 7 月碳酸 锂进口环比变化不大。需求端，7 月排产环比小幅增加，两大主材消耗碳酸锂环比增加 3%至 8.08 万 吨左右。库存端，周度库存延续累库，但目前锂盐+锂矿库存高企，据钢联数据约合 38 万吨 LCE。 3. 当前市场来看，整体市场情绪回暖，仓单维持低位水平，锂矿成交价格有所上涨，锂盐厂宣布停产 检修及技改，叠加市场消息 ...

Summary of Key Points Core Viewpoint - The company intends to temporarily use part of its idle raised funds to supplement working capital, ensuring that this does not affect the implementation of its fundraising investment projects [1][4][6]. Group 1: Fundraising Overview - The company raised a total of RMB 894,999,954.16, with a net amount of RMB 875,792,998.29 after deducting related expenses [1][2]. - The funds were raised through the issuance of 96,030,038 shares at a price of RMB 9.32 per share, approved by the China Securities Regulatory Commission on June 26, 2023 [1]. Group 2: Fund Management and Usage - The company has established a fundraising supervision account and signed a tripartite/four-party supervision agreement with the sponsor and relevant banks [2]. - As of July 1, 2025, the company has used RMB 69,363.46 million of the raised funds, leaving RMB 18,985.96 million (including interest and net cash management income) unutilized [2]. Group 3: Temporary Fund Usage - The company plans to use up to RMB 17,500 million of idle funds to temporarily supplement working capital, with a usage period of up to 12 months from the board's approval [4][5]. - This temporary use of funds is expected to save approximately RMB 5.25 million in financial costs based on the current one-year loan market quotation rate of 3% [4]. Group 4: Compliance and Approval - The board and supervisory committee have approved the use of idle funds, confirming that it will not affect the normal progress of fundraising investment projects [6]. - The sponsor has verified that the company's actions comply with relevant regulations and do not change the intended use of the raised funds [6].

Email：zhangcy@zxqh.net Email：wangyh@zxqh.net Tel：027-68851554 Tel：027-68851554 多空博弈加剧，锂价震荡运行 碳酸锂周报20250707 研究员：张重洋 研究员：王艳红 从业资格号：Z0020996 投资咨询号：Z0010675 2 核心观点 产业基本面-供给端 1 4 其他重要影响因素 3 产业基本面-需求端 目 录 核心观点 供给端：本周国内碳酸锂产量环比减少644吨至1.81万吨。江西某锂盐厂计划停产检修，为期2个月，预计影响月产量 约1000吨。5月智利出口至中国碳酸锂量为0.97万吨，环比减少38%，下降较明显。本周国内碳酸锂社会库存环比增加 1510吨至13.83万吨，冶炼厂、下游和其他环节的库存分别为5.89、4.05和3.90万吨。其他环节库存小幅增加，整体 库存仍处于高位。消息面上，中央财经委员会第六次会议上提到"依法依规治理企业低价无序竞争，引导企业提升产 品品质，推动落后产能有序退出"。中长期维度，今明两年碳酸锂供应过剩的压力仍较大； 需求端：据调研，7月下游排产环比微增。动力端排产回落，储能电芯存在一定抢出口行 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【2025年上半年碳酸锂期货先扬后抑，下半年或维持震荡探底】2025年一季度，受去年下半年连续去库 及年后旺季需求预期支撑，碳酸锂期货价格较稳定。年初小幅拉涨后回落，2505合约从77800元/吨反弹 至81680元/吨，涨幅4.99%，后回落至74160元/吨。 二季度，初期产量下滑，但中美关税战冲击致需求 增速下行，行业累库，供需失衡。2507合约从4月初74500元/吨跌至58460元/吨，跌幅21.53%。 上半年 重要行情阶段：1 - 3月，盐湖放量，产量库存回升，价格从81680元/吨跌至73000元/吨附近，跌幅超 10%；4 - 5月，供给增加、需求欠佳，美国"对等关税"打压，价格从73000元/吨跌至58460元/吨，跌幅 近20%。 6月，美国关税豁免延长，储能抢出口支撑盘面。近期，相关会议带动新能源板块反弹，7月 需求或超预期，价格反弹至64000元/吨附近，幅度近10%。 展望下半年，碳酸锂供需格局难改，供给过 剩，或维持震荡探底。预计价格在4.5 - 7万元/吨，产业客户与投资机构可把握阶段性下跌行情。 供应 方面，矿端有 ...

请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 光大期货金融期货日报 光大期货金融期货日报（2025 年 07 月 04 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 美联储主席近日接受国会质询，表示将依据 6 至 7 月数据决定降息路径，同 | | | | 时点阵图也显示美联储内部对于降息意见分歧加大，这都使得市场开始提前 | | | | 计价降息，纳斯达克逼近历史高位。A 股同样受到提振，连续两日上涨，但 | | | A | 股估值目前处于历史均值以上水平，很难连续大幅冲高。此外，稳定币概 | | | | 念近期火爆，稳定币对于跨境交易结算具有较高的便利性，同时也可用作新 | | | | 型储备货币，对于一个国家的金融市场高水平对外开放意义非凡。在 A 股市 | | | 股指 | 场缺乏热点题材的当下，确实可以作为资金重点流入的对象。但是，稳定币 | 震荡 | | | 作为交易媒介取代美元的道路仍较为遥远，市场不宜过分追高。国内基本面 | | | | 上，6 月制造业 PMI 录得 49.7，环比上涨，但仍处于收缩区间；5 ...

市场传言国内两家锂盐冶炼厂检修停产是否属实？ 金十期货7月3日讯，2025年7月3日，市场传言国内两家锂盐冶炼厂检修停产。据Mysteel调研了解，江 西某锂盐厂确有检修计划，初步计划停产2个月；四川某锂盐厂氢氧化锂、碳酸锂排产正常生产正常， 满产满开，没有停产动作。 ...

Group 1: Lithium Carbonate Market Dynamics - On June 24, lithium carbonate futures prices experienced a rebound after a prolonged decline, raising questions about a potential turning point in pricing [1] - The lithium carbonate industry is facing significant operational disruptions, with a near 50% shutdown rate; as of June 19, the weekly operating rate was 48.16%, with the smelting sector at 53.64% [1] - There is a clear division within the industry, where leading smelting companies maintain higher operating rates due to better order conditions, while many smaller firms with less cost advantage have ceased operations for months [1] Group 2: Supply and Demand Factors - The supply-demand balance for leading smelting enterprises remains stable or slightly oversupplied, performing better than the overall industry, despite weakening cost support due to falling mineral prices and hedging operations [1] - In the first five months of 2025, lithium iron phosphate battery production surged to 476.03 GWh, a 75.64% year-on-year increase, significantly boosting the operating rate of the lithium iron phosphate industry [2] - However, with the traditional off-season approaching in July and August, battery manufacturers plan to reduce production, while the lithium carbonate sector is expected to maintain high supply levels, leading to downward pressure on prices [2] Group 3: Import Trends and Price Outlook - In May, lithium spodumene imports totaled approximately 605,000 tons, a slight month-on-month decrease of 2.9%, but imports from Australia and South America increased by over 20% [2] - Conversely, lithium carbonate imports fell significantly, with 21,145 tons imported in May, a 25.37% month-on-month decline, attributed to Chilean lithium salt producers pausing shipments and renegotiating prices [2] - Recent financial policies aimed at boosting consumer spending have positively impacted market sentiment, contributing to a slight rebound in lithium prices, although the overall supply remains excessive, leading to cautious optimism regarding the sustainability of this rebound [3]

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the given content. 2. Core View of the Report - The report indicates that the lithium carbonate market may continue to experience high volatility due to pressure on fundamentals and contradictions in warehouse receipts [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts Data**: - For the 2507 contract, the closing price was 63,240, with a change of 1,660 compared to T - 1. The trading volume was 29,486, a decrease of 1,804 from T - 1, and the open interest was 25,365, down 10,916 from T - 1 [1]. - For the 2509 contract, the closing price was 63,300, up 1,800 from T - 1. The trading volume was 615,010, an increase of 228,028 from T - 1, and the open interest was 341,448, a decrease of 3,768 from T - 1 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 21,998, a decrease of 592 from T - 1 [1]. - **Basis**: - The basis of spot - 2507 was - 2,090, and spot - 2509 was - 2,150 [1]. - The basis of 2507 - 2509 was - 60 [1]. - **Raw Materials and Lithium Salts**: - Lithium spodumene concentrate (6%, CIF China) was priced at 629, up 4 from T - 1 [1]. - Battery - grade lithium carbonate was priced at 61,150, up 550 from T - 1 [1]. - Industrial - grade lithium carbonate was priced at 59,550, up 550 from T - 1 [1]. - Other related lithium - salt products also showed various price changes [1]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 61,279 yuan/ton, up 534 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 61,150 yuan/ton, up 550 yuan/ton, and that of industrial - grade lithium carbonate was 59,550 yuan/ton, up 550 yuan/ton [2]. - Zhongkuang Resources announced that its subsidiary Zhongkuang Lithium Industry plans to upgrade its 25,000 - ton - per - annum lithium salt production line and invest in a 30,000 - ton - per - annum high - purity lithium salt technical renovation project with a total investment of 120.74 million yuan. After the project is completed, the company will have a total annual production capacity of 71,000 tons of battery - grade lithium salts [3]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3].