Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a net profit attributable to shareholders of 557 million yuan in Q3 2025, representing a year-on-year increase of 364% and a quarter-on-quarter increase of 417% [4][6]. - The non-recurring net profit was -29 million yuan, showing a year-on-year increase of 85% and a quarter-on-quarter increase of 96% [4][6]. - The recovery in lithium prices has led to improved profitability for the company, which is expected to continue as it enhances its resource self-sufficiency and optimizes costs [6]. Summary by Sections Production and Cost Management - The C-O salt lake is accelerating production, with an expected output of 30,000 to 35,000 tons of LCE for the full year 2025, and a long-term operational cost target of approximately 65,430 yuan per ton of LCE [6]. - The company plans to add a demonstration line for 5,000 tons of LCE to implement direct lithium extraction technology, which may be further applied in the second phase of a 40,000-ton LCE project [6]. Project Developments - The Goulamina lithium concentrate project in Mali, with a capacity of 506,000 tons, is set to commence production in December 2024, with promising profitability due to resource scale and quality advantages [6]. - The Mariana salt lake's first phase of a 20,000-ton lithium chloride project began production in February 2025, with stable supply expected in the second half of 2025 [6]. Market Position and Future Outlook - The company is positioned as a leading resource player with a faster increase in self-sufficiency and continuous cost optimization, which is expected to enhance profitability [6]. - The company is also increasing its focus on battery business, holding the largest global capacity for lithium metal, and is anticipated to benefit from the future demand for solid-state batteries [6].

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core View The current supply and demand are both strong. The news of the resumption of lithium mines in Jiangxi is inconsistent, and the lithium carbonate production remains at a high level. High prices intensify the downstream wait - and - see sentiment, and the spot market transactions are slow. The power demand has shown signs of peaking, and the game between bulls and bears has intensified. The trading is overcrowded. It is expected that the lithium price will fluctuate widely and may fall after a sharp rise. Production enterprises can conduct selling hedging at high prices. [1] Summary According to Related Data Carbonate Lithium Futures - **Price Changes**: On November 18, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts decreased compared to November 17, 2025. For example, the near - month contract closed at 93,420 yuan/ton, a decrease of 1,720 yuan/ton. [1] - **Trading Volume and Open Interest**: The trading volume was 1,487,724 lots (+120,805), and the open interest was 484,357 lots (-78,597). [1] - **Inventory**: The inventory decreased by 342 tons to 26,611 tons. [1] Lithium Ore and Related Products - **Lithium Ore Prices**: The prices of lithium spodumene concentrate, lithium mica, and other lithium ores increased. For example, the average price of lithium spodumene concentrate (6%, CIF China) was 1,056 US dollars/ton, an increase of 32 US dollars/ton. [1] - **Lithium Compound Prices**: The prices of battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and other lithium compounds increased. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) was 87,400 yuan/ton, an increase of 1,250 yuan/ton. [1] Downstream Product Prices - **Cathode Materials**: The prices of some cathode materials such as ternary materials and lithium iron phosphate increased slightly, while the prices of some ternary precursors remained unchanged. For example, the average price of ternary material 523 (single - crystal/power - type) was 142,550 yuan/ton, an increase of 350 yuan/ton. [1] - **Anode Materials**: The price of artificial graphite (high - end) remained unchanged. [1] - **Electrolyte**: The prices of electrolytes for different applications remained unchanged. [1] - **Cobalt - Related Products**: The prices of cobalt - related products such as electrolytic cobalt and cobalt sulfate remained unchanged. [1] Inventory Situation - **SMM Lithium Carbonate Inventory**: The total inventory decreased by 3,481 tons to 120,472 tons last week. The inventories of smelters and downstream decreased, while the inventory of other parts increased. [1] News and Policies - **Futures Transaction Fee Adjustment**: Starting from the trading time on November 20, 2025, the trading fee standard of the LC2601 contract of lithium carbonate futures is adjusted to 0.012% of the trading amount, and the intraday flat - today trading fee standard is also adjusted to 0.012% of the trading amount. [1] - **Sigma Lithium Production Suspension**: Sigma Lithium suspended the production of its flagship project in Brazil from late September to October to upgrade mining equipment. The company plans to complete the expansion by the end of 2026, increasing the total capacity from 245,000 tons/year to 520,000 tons/year. [1]

每经AI快讯，有投资者在投资者互动平台提问：公司已取得900万吨开采许可，请问预计什么时候达到 满产？满产后公司碳酸锂生产规模为多大？ 永兴材料（002756.SZ）11月18日在投资者互动平台表示，公司矿山改扩建项目相关工作正在积极推进 中。目前，公司锂电新能源业务碳酸锂产能为3万吨/年。 （文章来源：每日经济新闻） ...

行情走势 01 产业监测 02 核心数据监测 11月17日，国内工业级碳酸锂（99.0%为主）市场价格集中在8.6-8.8万元/吨，市场均价为8.7万元/吨，较上个工作日价格上涨2.35%；国 内电池级碳酸锂（99.5%）市场价格集中在8.8-9.1万元/吨，市场均价为8.95万元/吨，较上个工作日价格上涨2.87%。 11月17日（周一），碳酸锂期货主力合约触及涨停，涨幅9%，报95200元/吨，刷新一年余新高。自今年6月以来，碳酸锂连续主力合约区间 涨幅已超56%。 目前碳酸锂市场正迎来一轮由需求驱动的新涨势。与今年第三季度那波涨势不同的是，以往碳酸锂价格大涨多受供给端扰动影响，而这一轮则 与需求端爆发密切相关。 编辑 | 杨兰 审核 | 浦电路交易员 SMM电池级碳酸锂指数： 85,010元/吨，环比上涨538元/吨。 电池级碳酸锂市场价： 8.33 - 8.70万元/吨，均价8.515万元/吨，环比上涨800元/吨。 工业级碳酸锂市场价： 8.23 - 8.33万元/吨，均价8.28万元/吨，环比上涨800元/吨。 | | 11月14日 | 11月13日 | 11月12日 | 11月11日 | 11月 ...

长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 【产业服务总部|有色产业中心】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 碳酸锂周报 2025/11/17 01 周度观点 l 供需状况： 供应端：据百川盈孚统计，上周碳酸锂产量环比增加385吨至23850吨，10月产量环比增加10%至105040吨。宁德枧下窝矿山确认停 产3个月，宜春和青海地区生产企业均收到矿权转让重审的通知，供应受到影响。三季度澳矿实现对成本的管控，澳矿进一步降本空 间极为有限，主流澳矿基本均已下调25财年资本开支。海外进口方面，2025年9月国内进口锂精矿为71.1万吨，环比增加14.7%，其 中进口量前三的国家分别为澳大利亚、尼日利亚、津巴布韦。9月澳大利亚进口锂精矿环比增加64.1%，来自津巴布韦进口10.9万吨， 环比减少7.8%，来自尼日利亚进口12万吨，环比增加14.4%，南非进口锂精矿增加10.9万吨。9月碳酸锂进口19597吨，环比减少 10.3%，来自智利进口1.1万吨，占比55%。 成本：进口锂辉石精矿CIF价周度环比上涨，部分外购 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The supply of lithium carbonate is strong while the demand is weak due to capacity mismatch, and the downward trend is difficult to change [15]. - Lithium carbonate 2601 is expected to fluctuate in the range of 85,340 - 87,820 [10]. 3. Summary by Relevant Catalogs 3.1 Daily Views - Supply: Last week, the lithium carbonate production was 21,534 tons, a 2.15% week - on - week increase, higher than the historical average [8]. In October 2025, the production was 92,260 tons, and the predicted production for next month is 92,080 tons, a 0.19% decrease [10]. - Demand: Last week, the inventory of sample enterprises of lithium iron phosphate was 105,719 tons, a 0.70% week - on - week increase, and that of ternary materials was 19,553 tons, a 3.51% week - on - week increase [8]. - Cost: The cost of purchased lithium spodumene concentrate is 82,955 yuan/ton, a 0.66% daily increase, with a loss of 815 yuan/ton; the cost of purchased lithium mica is 86,558 yuan/ton, a 0.54% daily increase, with a loss of 6,476 yuan/ton. The production cost of the recycling end is close to that of the ore end, and the production enthusiasm is average. The quarterly cash production cost of the salt lake end is 31,477 yuan/ton, with sufficient profit margins and strong production motivation [9]. - Fundamentals: Neutral. Basis: On November 12, the spot price of battery - grade lithium carbonate was 83,300 yuan/ton, and the basis of the 01 contract was - 3,280 yuan/ton, with the spot at a discount to the futures. Bearish. Inventory: The total inventory is 123,953 tons, a 2.67% week - on - week decrease, higher than the historical average. Neutral. Disk: MA20 is upward, and the futures price of the 01 contract closed above MA20. Bullish. Main positions: The main positions are net short, and short positions increased. Bearish [9][12]. - Bullish factors: Manufacturers' production suspension and reduction plans, a decrease in the volume of lithium carbonate imported from Chile, and a decline in the import volume of lithium spodumene [13]. - Bearish factors: The supply at the ore/salt lake end remains high, and the decline is limited; the willingness of the power battery end to take delivery is insufficient [14]. 3.2 Lithium Carbonate Market Overview - The prices of various lithium - related products showed different degrees of change. For example, the price of lithium spodumene (6%) increased by 0.92% to 984 US dollars/ton, and the price of battery - grade lithium carbonate increased by 1.22% to 83,300 yuan/ton [17]. 3.3 Supply - Side Data - Lithium ore: The monthly production of lithium spodumene, lithium mica, and other lithium ores showed different trends. The monthly import volume of lithium concentrate increased by 10.61% to 520,514 tons, and the import volume from Australia increased by 64.07% to 347,215 tons [19]. - Lithium carbonate: The weekly production of lithium carbonate was 123,953 tons, a 2.67% week - on - week decrease. The monthly production in October 2025 was 92,260 tons, a 5.73% increase compared to the previous month. The monthly import volume was 19,596.90 tons, a 10.30% decrease [19]. - Lithium hydroxide: The monthly production of lithium hydroxide was 29,220 tons, a 6.37% increase compared to the previous month. The monthly net export volume was 5,053.18 tons, a 13.60% increase [19]. 3.4 Demand - Side Data - Lithium battery: The monthly production of power batteries, the monthly total loading volume of power batteries, and the export volume of lithium batteries all showed different degrees of growth. For example, the monthly total loading volume of power batteries increased by 21.60% to 76,000 GWh [19]. - Ternary precursor: The monthly production of ternary precursors was 92,400 tons, a 4.92% increase compared to the previous month. The monthly export volume was 7,800 tons, a 101.73% increase [64]. - Ternary material: The monthly production of ternary materials was 12,450 tons, a 12.67% increase compared to the previous month. The monthly export volume was 2,000 tons, a 100% increase [67]. - Lithium iron phosphate: The monthly production of lithium iron phosphate was 394,350 tons, a 10.54% increase compared to the previous month. The monthly export volume was 3,091,994 kilograms, a 54.57% increase [19]. - New energy vehicle: The production, sales, and export volume of new energy vehicles all showed different degrees of growth. For example, the production increased by 9.59% to 1,772,000 vehicles, and the sales increased by 14.98% to 1.604 million vehicles [19].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The supply - demand of domestic lithium carbonate remains in a tight balance before the issue of lithium mining licenses in Jiangxi is clearly resolved. The price of lithium carbonate is expected to be supported, and it is likely to continue a moderately strong and volatile trend. Traders are advised to be cautious and pay attention to the progress of mining licenses in Yichun mines and the resumption of production at the Ningde Jianxiawo lithium mine [6]. 3. Summary by Directory 3.1. Weekly Views - **Supply Side** - According to Baichuan Yingfu statistics, last week's lithium carbonate production increased by 150 tons week - on - week to 23,320 tons, and October's production increased by 10% month - on - month to 105,040 tons. The Ningde Jianxiawo mine has been confirmed to be shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for the re - review of mining rights transfers, affecting supply. In Q3, Australian mines achieved cost control, and the room for further cost reduction is extremely limited, with most mainstream Australian mines reducing their capital expenditure for fiscal year 25. In September 2025, China imported 711,000 tons of lithium concentrate, a 14.7% month - on - month increase. The top three importing countries were Australia, Nigeria, and Zimbabwe. Lithium carbonate imports in September were 19,597 tons, a 10.3% month - on - month decrease [5]. - The CIF price of imported lithium spodumene concentrate increased week - on - week, causing cost inversion for some manufacturers producing lithium carbonate from externally purchased lithium ore. Enterprises with their own ore and salt lakes have some profit support, while lithium hydroxide manufacturers face greater cost pressure [5]. - **Demand Side** - Overall production scheduling in October increased month - on - month, and in September, the production scheduling of large battery cell factories increased by 8% month - on - month. In September, the total production of power and other batteries in China was 151.2 GWh, an 8.3% month - on - month and 35.4% year - on - year increase. The total export of power and other batteries was 26.7 GWh, an 18.2% month - on - month and 28.3% year - on - year increase. The sales volume of power and other batteries was 146.5 GWh, a 9.0% month - on - month and 42.2% year - on - year increase. The trade - in policy and the extension of the new energy vehicle purchase tax at the policy level are also expected to continuously support the rapid growth of China's new energy vehicle market sales [6]. - **Inventory** - This week, lithium carbonate inventory showed a destocking state. Factory inventory decreased by 1,245 tons, market inventory decreased by 59 tons, and futures inventory decreased by 1,078 tons [6]. 3.2. Key Data Tracking - The report presents multiple sets of data on lithium carbonate, including historical price trends of spot -含税 average price of lithium carbonate, weekly and monthly production, weekly and monthly inventory, average production cost, and production proportion of lithium carbonate from different raw materials in October 2024. It also shows data on battery production (including power and other batteries, lithium iron phosphate batteries), production and loading volume differences of domestic power batteries and lithium iron phosphate batteries, and production of cathode materials such as lithium iron phosphate, ternary materials, cobalt - acid lithium, and manganese - acid lithium. In addition, it includes price data of lithium iron phosphate and ternary materials, as well as import volume data of lithium carbonate and lithium spodumene [8][9][11][13][23][24][26][30][31][36][38][42].

Core Viewpoint - Ganfeng Lithium's stock opened over 7% higher following the release of its financial results, indicating positive market sentiment despite challenges in the lithium product market [1] Financial Performance - For the first three quarters of 2025, Ganfeng Lithium reported revenue of 14.625 billion RMB, a year-on-year increase of 5.02% [1] - The net profit attributable to shareholders was 25.52 million RMB, a significant recovery from a loss of 640 million RMB in the same period last year [1] - Basic earnings per share were reported at 0.01 RMB [1] Sales and Pricing Dynamics - The company experienced a decline in revenue during the third quarter, primarily due to a decrease in both the sales volume and average selling price of lithium products compared to the previous year [1] - The increase in net profit was attributed to a shortened pricing cycle for lithium from its subsidiary Windfield Holdings Pty Ltd, which mitigated previous mismatches in pricing mechanisms for lithium chemical products [1]

Report Summary 1) Report Industry Investment Rating - The trend strength of lithium carbonate is rated as "1", indicating a "moderately strong" outlook, with a range of [-2, 2] where -2 is most bearish and 2 is most bullish [3]. 2) Core View of the Report - Lithium carbonate's basis is stable and the market is trending moderately strong [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Contracts**: The closing prices of the 2511 and 2601 contracts are 81,740 and 82,900 respectively. The trading volume of the 2511 contract decreased by 21,579, while the 2601 contract decreased by 69,886. The open interest of the 2511 contract decreased by 10,759, and the 2601 contract increased by 18,079 [1]. - **Warehouse Receipts**: The warehouse receipt volume is 27,525 hands, an increase of 190 compared to the previous day [1]. - **Basis**: The basis between spot and 2511 contract is -2,590, and between spot and 2601 contract is -3,750. The basis between 2511 and 2601 contracts is -1,160 [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) is 928, an increase of 3. The price of lithium mica (2.0% - 2.5%) is 2,130, an increase of 65 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate is 79,150, an increase of 650. The price of industrial - grade lithium carbonate is 76,950, an increase of 650 [1]. - **Downstream Products**: The prices of various downstream products such as ternary materials and lithium hexafluorophosphate also showed different degrees of changes. For example, the price of lithium hexafluorophosphate is 103,000, an increase of 2,500 [1]. Macro and Industry News - **Lithium Carbonate Price**: The SMM battery - grade lithium carbonate index price is 79,207 yuan/ton, a daily increase of 654 yuan/ton. The average price of battery - grade lithium carbonate is 7.915 million yuan/ton, a daily increase of 650 yuan/ton. The average price of industrial - grade lithium carbonate is 7.695 million yuan/ton, a daily increase of 650 yuan/ton [2]. - **Liontown Resources**: In Q3 2025, Kathleen Valley produced 87,200 tons of lithium concentrate, a 1.5% increase. It sold 77,500 tons, a 20.4% decrease. The recovery rate reached 70%. The FOB operating cost was 715 dollars/ton, a 21.7% increase. The average CIF price of SC6 was 700 dollars/ton. The open - pit mine will be mined out next quarter, and underground mining volume will increase by 105%. Future production, recovery rate, and operating efficiency are expected to improve, and the annual FOB operating cost will decline [3].

Report Industry Investment Rating - No relevant information provided Core Viewpoint of the Report - On October 21, the main contract of lithium carbonate futures fluctuated within a range. The spot market was mostly in a wait - and - see mode, and the discount widened. With both supply and demand strong currently, the upstream inventory pressure is not significant, the expectation of lithium ore supply contraction is weakening, the downstream destocking is slowing down, and the demand inflection point may be approaching. It is expected that the upside space for lithium carbonate is limited [1]. Summary by Related Catalog 1. Futures and Spot Price Data - **Lithium Carbonate Futures**: On October 21, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts were 75800 yuan/ton, 75580 yuan/ton, 75980 yuan/ton, and 75980 yuan/ton respectively. The trading volume was 197,979 lots (+28,871), and the open interest of the active contract was 310,199 lots (+171,765). The inventory was 29,892 tons (-813) [1]. - **Lithium Ore and Related Products**: The average price of lithium spodumene concentrate (6%, CIF China) was 854 US dollars/ton (+3), lithium mica (Li2O: 1.5% - 2.0%) was 1115 yuan/ton (+15), and lithium mica (Li2O: 2.0% - 2.5%) was 1845 yuan/ton (+20). The average price of phospho - lithium - aluminum stone (Li2O: 6% - 7%) decreased by 80 yuan/ton to 6360 yuan/ton, and (Li2O: 7% - 8%) decreased by 90 yuan/ton to 7520 yuan/ton [1]. - **Lithium Chemical Products**: The average price of battery - grade lithium carbonate (99.5%/domestic) was 74,100 yuan/ton (+100), and industrial - grade lithium carbonate (99.2%/domestic) was 71,850 yuan/ton (+100). The average price of battery - grade lithium hydroxide (56.5%/CIF China, Japan, and South Korea) was 9.45 US dollars/kg (unchanged) [1]. - **Other Products**: The average price of hexafluorophosphate lithium (99.95%/domestic) was 82,000 yuan/ton (+3,000), and the average price of ternary precursor 523 (polycrystalline/consumer - type) was 102,650 yuan/ton (+100) [1]. 2. Market Information - Sigma Lithium canceled its plan to start producing lithium carbonate in Brazil and instead focused on tripling its lithium ore production by 2030. As prices decline, market participants are shifting to mid - stream processing to ensure stable production of raw materials and precursors, which are the main cost - driving factors for electric vehicle batteries [1]. 3. Supply and Demand Analysis - **Supply**: Last week, lithium carbonate production increased, and lithium ore prices such as spodumene concentrate and lithium mica rose [1]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In October, the scheduled production of lithium cobaltate and lithium manganate increased, and the production of power batteries increased last week. In September, the year - on - year growth rate of new energy vehicle production and sales slowed down, 3C shipments were average, and the production of energy - storage batteries will increase in October [1]. 4. Inventory Situation - The total SMM lithium carbonate inventory was 136,825 tons (-2,143), with smelters and downstream sectors destocking [1]. 5. Investment Strategy - It is recommended to sell short at the upper edge of the short - term trading range [1].