Group 1: Population and Birth Rate Issues in Heilongjiang - Heilongjiang has been experiencing a continuous decline in its resident population since 2011, with a decrease from 38.33 million in 2010 to 30.29 million in 2024, totaling over 8 million lost residents in 14 years [1] - The province has the lowest birth rate in the country at 2.92‰ in 2023, marking a historical low, and a natural population growth rate of -6.92‰, the worst in the nation [2] - The elderly population (60 years and above) in Heilongjiang reached 8.35 million, accounting for 27.3% of the total population, which is 6.2 percentage points higher than the national average [2] Group 2: Policy Initiatives to Encourage Birth Rates - The Heilongjiang provincial government has introduced various policies to encourage childbirth, including monthly subsidies of 500 yuan for second children and 1,000 yuan for third children, as well as housing subsidies for families with multiple children [2] - In Harbin, the birth rate showed a slight increase from 3.6‰ in 2022 to 3.7‰ in 2024, despite the implementation of these supportive measures [3] Group 3: Successful Case Study from Tianmen City - Tianmen City has implemented effective policies to boost birth rates, including a set of "seven opinions" and the use of combined rewards and subsidies, resulting in a 17% increase in births in 2024 compared to the previous year [1] - The Tianmen experience serves as a model for Heilongjiang to explore potential solutions to its demographic challenges [1]

Group 1 - The company, Rongjie Co., Ltd. (002192), announced on September 10 that it expects to mine approximately 401,200 tons of lithium ore in 2024 [1] - The company also stated that its lithium concentrate production in the first half of 2025 is projected to increase by 150% year-on-year [1]

宁德时代（300750.SZ）枧下窝矿区复产计划消息传来，碳酸锂价格应声下跌。上海钢联发布数据显 示，今日电池级碳酸锂（早盘）价格较昨日下跌1500元，均价报72000元/吨。 8月9日，宁德时代在宜春奉新县投资的枧下窝矿区因采矿证到期停产。时隔一个月之后，据媒体最新报 道，知情人士称宁德时代枧下窝锂矿采矿权证及采矿许可证审批进展顺利，预计很快将复工复产，且比 市场预期还要快。另据期货日报消息，公司给内部的办证小组下达了任务目标，争取能够在今年11月完 成枧下窝的复产工作。但能否如期达成复产目标，尚未有定论。 对此，智通财经记者向宁德时代方面求证，不过未获得有效回复。一家产业链头部企业人士对智通财经 记者表示，四季度至明年的供需关系仍需看需求是否能够持续支撑，目前仍维持今年至明年供应过剩的 判断。 除宁德时代枧下窝矿区外，业内还关注当地同样存在采矿资质模糊的其他矿山变更主矿种是否顺利。 根据宜春市自然资源局今年7月发布的信息，包括宜春时代新能源矿业有限公司（即枧下窝矿区）、宜 春国轩矿业有限责任公司、宜春盛源锂业有限责任公司等合计八座矿山企业需按要求及时编制矿种变更 储量核实报告，科学合理确定开采主矿种。 业 ...

| 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 70,720.00 | -2180.00↓ 前20名净持仓（日，手） | -169,004.00 | +16031.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 340,814.00 | -10526.00↓ 近远月合约价差（日，元/吨） | -580.00 | -520.00↓ | | | 广期所仓单（日，手/吨） | 38,101.00 | +650.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 73,450.00 | -1150.00↓ 工业级碳酸锂平均价（日，万元/吨） | 71,200.00 | -1150.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 2,730.00 | +1030.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 922.00 | 0.00 磷锂铝石平均价（日，元/吨） | 7 ...

南华期货碳酸锂企业风险管理日报 2025年09月10日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 | 行为导向 | 情景分析 | 操作思路 | 套保工具 | 操作建议 | 套保比例 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | | 采购管理 | 产品价格无相关性：未来有 未来采购碳酸锂时价格上涨 | 为防止成本上涨，企业根据 | 期货 | 买入对应期货合约 | 20% | 67000-70000 | | | 生产电池材料的计划，担心 | 生产计划需买入对应生产计 | | | | | | | | 划的期货合约锁定采购成本 | 场内/场外期权 | 卖出看跌期权 | 30% | LC2511-P-6800 | | | 导致采购成本上涨的风险 | | | | | 0 | | | 产品价格有相关性：未来有 | | 期货 | 依据采购进度卖出期货主力 | 70% | 依据采购成本 | | | 生产电池材料的计划，担心 | 为防止采 ...

Group 1 - The core inquiry from investors regarding the mining volume of Rongda Lithium Industry last year and the significant increase in mining volume this summer [2] - Rongjie Co., Ltd. (002192.SZ) announced on September 10 that the lithium ore mining volume for 2024 is projected to be approximately 401,200 tons [2] - The company expects a 1.5 times year-on-year increase in lithium concentrate production in the first half of 2025 [2]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The price of lithium carbonate is expected to fluctuate downward in the short - term. The active promotion of the resumption of production at the Zhuxiwo lithium mine weakens the supply contraction expectation. It is recommended to go short at high prices [2]. 3. Summary by Relevant Content Market Data - **Futures Prices**: On September 9, 2025, the closing prices of the near - month, consecutive - one, consecutive - two, consecutive - three, and other contracts of lithium carbonate futures all decreased compared to the previous day. For example, the near - month contract closed at 72,820 yuan/ton, a decrease of 2,440 yuan compared to September 8 [2]. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures on September 9 was 591,675 lots, a decrease of 190,712 lots; the open interest was 351,340 lots, a decrease of 12,797 lots [2]. - **Inventory**: The registered warehouse receipts were 38,101 tons, an increase of 650 tons. The social inventory decreased, with smelters reducing inventory and downstream and others increasing inventory [2]. - **Spot Prices**: The average prices of some lithium - related products remained stable, while the average price of lithium spodumene concentrate increased slightly, and the prices of lithium mica remained unchanged. For example, the average price of lithium spodumene concentrate (6%, CIF China) was 879 US dollars/ton, an increase of 3 US dollars [2]. Industry News - **Zhuxiwo Lithium Mine**: On the morning of September 9, Ningde Times' subsidiary held a meeting to promote the resumption of production at the Zhuxiwo lithium mine. The progress of the mining license approval is smooth, and it is expected to resume production soon [2]. - **Chilean Cooperation**: Chilean state - owned copper miner Codelco and SQM are expected to reach a partnership to mine lithium from the Atacama salt flats. The agreement still needs anti - monopoly approval, including from Chinese regulators [2]. Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased, with the production of lithium carbonate from different raw materials rising slightly [2]. - **Downstream Demand**: Last week, the production of lithium iron phosphate increased, while the production of ternary materials decreased. In September, the production of lithium manganate increased, and the production of power batteries increased last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production slowed down in August, 3C shipments were average, and the production schedule of energy - storage batteries increased in September [2].

Report Industry Investment Rating - No explicit industry investment rating is provided in the report. Report's Core View - On September 4, the main contract of lithium carbonate futures rebounded after hitting a low. The spot market had fair trading volume, and the basis premium decreased. The cost side saw an increase in the price of spodumene concentrate and a decrease in the price of lepidolite. The supply side witnessed a rise in lithium carbonate production last week, with a slight increase in the production of lithium carbonate from different raw materials. In terms of downstream demand, the production of lithium iron phosphate increased last week, while the production of ternary materials decreased. In September, the scheduled production of lithium cobalt oxide and lithium manganate increased. The production of power batteries increased last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production slowed down in August, the 3C shipments were average, and the scheduled production of energy storage batteries increased in September. In terms of inventory, the registered warehouse receipts were 34,948 (+830) tons, and the social inventory decreased. Considering all factors, with good profits, high lithium carbonate production, rising downstream demand, and decreasing social inventory, the short - term supply and demand both strengthened. The impact from the Jiangxi mine end has been eliminated, and the short - term fundamentals have not changed much. The market is still easily affected by news. It is expected that the lithium carbonate price will fluctuate widely, and it is not advisable to be overly bearish. Operationally, it is recommended to conduct short - term range trading, appropriately buy options to protect positions, and take appropriate profit - taking on the previously bought straddle options. [1] Summary According to Related Information Market Data - **Futures Prices**: On September 4, 2025, the closing price of the near - month contract was 73,000 yuan/ton, that of the consecutive - one contract was 73,340 yuan/ton, the consecutive - two contract was 73,580 yuan/ton, and the consecutive - three contract was 77,700 yuan/ton. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures was 712,151 (+269,351) lots, and the open interest was 353,674 (+7,626) lots. - **Inventory**: The registered warehouse receipts were 34,948 (+830) tons. - **Spreads**: The spread between the near - month and consecutive - one contracts was - 340 yuan/ton, the spread between the consecutive - one and consecutive - two contracts was - 140 yuan/ton, and the spread between the consecutive - two and consecutive - three contracts was 440 yuan/ton. The basis was 1,580 yuan/ton. - **Spot Prices**: The average price of SMM battery - grade lithium carbonate was 75,000 yuan/ton, and the price of spodumene concentrate (6%, CIF China) was 874 US dollars/ton. [1] Industry News - **Salt Lake Mining Rights**: Salt Lake Co., Ltd. (000792) responded during a research reception that the current mining rights compliance inspection is a new trend of stricter industry supervision, reflecting the strict control of the regulatory authorities over the compliance of lithium resource development and utilization activities. The company's mining business is fully compliant, and its production and operation are running stably. - **Ioneer's Project**: Ioneer reduced the leaching time and increased the plant output. The economic viability of its Rhyolite Ridge project in Nevada has been substantially improved. The updated mine plan shows that the unlevered net present value of the mine increased by 38% to $1.89 billion, and the unlevered internal rate of return rose to 16.8%. From the third to the twenty - fifth year, the annual production of lithium carbonate equivalent increased by 20% to 255,000 tons, and the production of lithium carbonate increased by 9% to 126,700 tons. The estimated all - sustaining cash cost of lithium carbonate equivalent is $5,626/ton, and the ore throughput increased by 25% from 2.4 million tons per year to 3 million tons per year. - **Kodal Minerals' Project**: Kodal Minerals obtained an export license for the spodumene concentrate produced from its Bougouni lithium project in southern Mali. The initial export volume is 125,000 tons, but the final administrative steps in the export process need to be completed. [1]

Core Viewpoint - Hainan Mining (601969.SH) is actively communicating with the Malian government regarding the export license for the Buguni lithium mine, with expectations for timely completion of the approval process [1] Group 1 - The company reported positive progress in the management level and recent developments at the Buguni lithium mine during a performance briefing [1] - The Minister of Mines in Mali visited the Buguni lithium mine at the end of July, expressing high recognition of the project's management and progress [1] - The Malian government has committed to expedite the relevant approval procedures for the export license [1]

Group 1 - The core point of the article is that Ganfeng Lithium (002460)(01772) has successfully completed a placement of new H-shares, raising significant capital [1] - On September 2, 2025, shareholders deposited stocks into HSBC Hong Kong, with a market value of HKD 1.269 billion, representing 9.92% of the total [1] - The company issued a total of 40.0256 million new H-shares at a placement price of HKD 29.28 per share, which corresponds to 9.02% of the enlarged issued H-shares after the placement [1]