Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Weekly lithium carbonate fluctuated without an obvious trend. The production of lithium carbonate from spodumene is still increasing but approaching its peak, and imports are expected to decrease in September, with overall supply remaining flat. Demand is strong in the peak season, with a 5% increase in September, leading to inventory depletion from September to October, which supports the current price. However, demand is expected to weaken in the fourth quarter, and with the expected resumption of downstream mines, the balance sheet will gradually turn into surplus, putting pressure on prices. Before the holiday, there is no new clear - direction driver, so lithium carbonate will mainly fluctuate in the short term. [14] - The strategy suggests wide - range fluctuations and light - position operations within the range for single - side trading, with no suggestions for spreads and options. Variables include changes in the macro - environment, increased supply, and demand falling short of expectations. [14] Summary by Relevant Catalogs Part 01: Lithium Carbonate Overview - **Supply**: Total weekly production was 20,516 tons, a 0.75% increase. Spodumene production increased by 0.93% due to increased hedging profits, approaching a short - term peak; mica production decreased by 0.70% and remained stable after CATL's shutdown; salt - lake production increased by 0.66% with new capacity in the ramping - up stage; recycling production increased by 1.85%, and imports remained unchanged. Chile's reduced shipments in August will lead to a decrease in imports in September. [13] - **Demand**: The weekly production of lithium iron phosphate increased by 2.15%, and that of ternary materials increased by 0.68%. The peak - season demand is strong, and downstream procurement is active. Pre - holiday stocking is basically completed. [13] - **Inventory**: The port inventory of lithium concentrate decreased by 4.45%, and the total inventory decreased by 0.51%. Smelter inventory decreased by 2.80%, and downstream inventory increased by 2.35%. Overall inventory decreased due to strong demand. [13] - **Valuation**: Ore prices increased slightly with the market, raising costs and compressing profit margins. There is no obvious hedging profit. The profit from spodumene decreased by 58.69%, and that from mica decreased by 32.39%. [13] - **Balance Sheet**: In 2025, the supply and demand of lithium carbonate showed certain trends. The new August import and export data showed that imports were slightly lower than expected, and Chile's August shipments decreased by 4.8% month - on - month, resulting in a 3,000 - ton reduction in September imports. [15] Part 02: Lithium Carbonate Industry Chain Prices - **Lithium Carbonate Market - related**: It includes data on lithium carbonate futures such as the basis, trading - to - holding ratio, trading volume, and open interest, as well as spot prices and cost - profit data. [17] - **Lithium Ore Prices**: It shows the prices of spodumene concentrate (6% - CIF China) and lithium mica over the years. [27][30] - **Lithium Carbonate Prices**: It presents the prices of battery - grade and industrial - grade lithium carbonate, their price differences, and cost - profit data. [35][41] - **Lithium Hydroxide Price Spreads**: It includes the prices of battery - grade and industrial - grade lithium hydroxide and their price differences with lithium carbonate. [63] - **Cathode Material Prices**: It shows the prices of ternary materials of different grades and lithium iron phosphate. [66] - **Power Battery Cell Prices**: It presents the prices of square lithium iron phosphate, cobalt - acid lithium, and 523 square ternary cells. [68][70][71] Part 03: Lithium Carbonate Upstream Supply Environment - **Lithium Concentrate**: It shows the import volume of lithium concentrate, especially from Australia, including monthly and cumulative data and their year - on - year and month - on - month changes. [75][76][80] - **Lithium Carbonate**: It includes capacity, monthly and weekly operating rates, production volume (total and by raw material), import and export volume, and total supply, along with their changes over time. [83][88][108] Part 04: Lithium Carbonate Downstream Consumption Environment - **Apparent Demand**: It shows the apparent consumption volume of lithium carbonate. [113] - **Real Demand**: It includes the production volume and monthly operating rates of ternary materials, lithium iron phosphate, cobalt - acid lithium, manganese - acid lithium, and lithium hexafluorophosphate. [113] - **Terminal Demand**: It includes the production volume, shipment volume, inventory - to - sales ratio, and installation volume of lithium batteries, power batteries, and energy - storage and consumer batteries, as well as the production and sales of new - energy vehicles, their penetration rate, and energy - storage bid - winning scale and capacity. [113] Part 05: Lithium Carbonate Inventory Structure - **Weekly Inventory**: It includes warehouse receipts by region, smelter inventory, downstream cathode material factory inventory, other inventory, and total inventory. [212] - **Monthly Inventory**: It includes smelter inventory, downstream cathode material factory inventory, and total inventory. [212] - **Upstream and Downstream Inventory**: It includes lithium ore inventory, lithium iron phosphate finished - product inventory, and ternary material finished - product inventory. [212]

Report Industry Investment Rating - Not provided Core Views - The lithium carbonate futures market maintained a volatile trend this week. The main contract 2511 closed at 72,880 yuan/ton on Friday, with a weekly decline of 1.46% and a position volume of 248,640 tons. Spot prices changed little, and spot trading was average. When futures prices declined, it stimulated some point-price procurement demand [2]. - On the supply side, the weekly output of lithium carbonate increased slightly to 20,516 tons. Output from various sources such as spodumene, mica, salt lakes, and recycling all showed different degrees of change [2]. - On the consumption side, the output of lithium iron phosphate decreased by 0.08% month-on-month, while that of ternary materials, cobalt acid lithium, and manganese acid lithium increased. Downstream production was expected to increase, and the demand in the terminal power battery and energy storage markets supported the demand for lithium salts, but the actual replenishment was lower than expected [3]. - In terms of inventory, the total inventory decreased by 705 tons compared to last week. Inventory continued to transfer, with an increase in downstream replenishment inventory and a decrease in smelter inventory [3]. - In terms of profit, lithium ore prices fluctuated slightly, and overseas mines were reluctant to lower prices. Enterprises using externally purchased raw materials relied on futures hedging to balance profits and losses. Enterprises with their own ore sources and salt lake lithium extraction had significant cost advantages and relatively stable profit margins [3]. - The output of lithium hydroxide increased slightly this week. Due to high upstream spodumene prices and production line maintenance, the overall supply capacity of the lithium hydroxide market remained tight [4]. Strategy - The futures market maintained a volatile trend in the short term. There was some support from consumption, and the pre - National Day replenishment demand still existed. Although the disturbance in the ore sector weakened, it did not end completely. If mines resumed production and consumption weakened in the future, the market might be weak [5]. - For unilateral operations, short - term range trading was recommended. If the market rebounded significantly, selling hedging could be considered. There were no specific strategies for inter - period, inter - variety, spot - futures, and options trading [5].

"锂王"赣锋锂业又有新动作了。 9月25日，赣锋锂业宣布为子公司赣锋锂电引入不超过25亿元的增资，以强化其在固态电池和储能领域 的竞争力。截至公告日，赣锋锂业持有赣锋锂电81.65%的股权，增资完成后，赣锋锂电仍为赣锋锂业 的控股子公司。 事实上，在锂行业步入调整期的背景下，赣锋锂业一直在积极应对挑战。近年来，公司持续加码上游锂 矿资源布局，近期完成了对Mali Lithium的全部股权收购，实现对Goulamina锂辉石项目的全资控股。 然而，逆势扩张也带来明显的资金压力。为补充现金流，赣锋锂业在近期将通过H股配售和可转债发行 募资超25亿港元，主要用于偿债与产能建设。 不过，尽管公司在持续深化资源布局，其业绩仍深受行业周期下行影响。2024年，公司归母净利润亏损 20.74亿元，为上市以来首次年度亏损；2025年上半年虽亏损幅度收窄，但仍未扭亏为盈。或许正是由 于上述原因造成的资金压力，才会让赣锋锂业选择为其子公司物色一位投资方。 子公司拟增资扩股25亿元 9月25日晚，赣锋锂业发布公告称，将对子公司增资不超过25亿元。 具体来看，赣锋锂业表示，为增强控股子公司赣锋锂电的综合竞争力，推动公司锂产业链上下游 ...

Group 1 - The company received a notification from its controlling shareholder, Shenzhen Shengtun Group Co., Ltd., regarding the pledge of 4.5 million shares by Shenzhen Shengtun Huize Trading Co., Ltd. [1][2] - The pledged shares were registered with Shanghai Pudong Development Bank Co., Ltd., Shenzhen Branch, on September 26, 2025 [1][3] - There are no significant asset restructuring or performance compensation obligations associated with the pledged shares [2] Group 2 - As of the announcement date, the total pledged shares by the shareholder and its concerted parties are detailed in the disclosure [2]

Core Viewpoint - Lithium Americas (LAC.US) experienced a significant decline of over 14% after a previous surge of 140% in two trading days, indicating a technical correction pressure [1] Group 1: Market Reactions - The U.S. Department of Energy is reportedly considering a reassessment of the $2.3 billion loan to Lithium Americas [1] - Analysts from the Canadian National Bank Financial Markets suggest that the most likely scenario involves issuing warrants for 5% to 10% equity in the company or its sole project in Nevada [1] Group 2: Political Context - On September 24, media reported that the Trump administration sought to acquire up to 10% equity in Lithium Americas as part of renegotiating the $2.26 billion loan from the U.S. Department of Energy [1]

Core Viewpoint - Lithium Americas (LAC.US) experienced a significant decline of over 14% after a substantial increase of 140% in the previous two trading days, indicating a technical correction pressure [1] Group 1: Market Reactions - The U.S. Department of Energy is considering a reassessment of a $2.3 billion loan to Lithium Americas [1] - Analysts from the Canadian National Bank Financial Markets suggest that the most likely scenario involves issuing warrants for 5% to 10% equity in the company or its sole project in Nevada [1] Group 2: Political Context - Reports from September 24 indicated that the Trump administration is seeking to acquire up to 10% equity in Lithium Americas as part of renegotiating the $2.26 billion loan from the U.S. Department of Energy [1]

证券日报网讯 9月26日晚间，盛新锂能发布公告称，2025年9月26日，公司控股股东深圳盛屯集团有限 公司的一致行动人深圳市盛屯汇泽贸易有限公司（有限合伙）将其所持有的450万股公司股份质押给上 海浦东发展银行股份有限公司深圳分行。 （编辑 姚尧） ...

Core Insights - The article highlights the upcoming CINE2025 Solid-State Battery Exhibition and Industry Annual Conference scheduled for November 6-8, 2025, in Guangzhou, which aims to showcase advancements in solid-state battery technology and industry developments [2][3]. Event Details - The event is organized by Qidian Solid-State Battery, Qidian Lithium Battery, and SSBA Solid-State Battery Alliance, with Ru Tian Technology as the main sponsor [2]. - The scale of the event includes over 200 exhibitors, more than 2,000 participating companies, and around 20,000 professional attendees [2]. - Concurrent activities include the 2025 Qidian Solid-State Battery Golden Ding Award Ceremony and the SSBA Solid-State Battery Industry Alliance Council [2]. Industry Developments - Tibet Mining Development Co., Ltd. announced the successful completion of a 120-hour functional assessment for its lithium carbonate project at the Zabuye Salt Lake, marking the start of large-scale production [3]. - The Zabuye Salt Lake is noted as the world's third-largest and Asia's largest lithium salt lake, with proven lithium reserves of 1.841 million tons and a lithium concentration second only to Chile's Atacama Salt Lake [3]. - The project utilizes a "membrane separation + MVR" process, significantly reducing energy consumption and carbon emissions while shortening the production cycle from 18 months to 3 months [3]. - The launch of this project is expected to enhance China's lithium resource self-sufficiency, as Tibet's salt lake lithium resources account for 33% of the national total [3].

Summary of Key Points Core Viewpoint - Ganfeng Lithium experienced a significant block trade on September 26, with a transaction volume of 260,000 shares and a total transaction value of 14.105 million yuan, indicating active trading interest despite a slight decline in stock price [2][3]. Trading Activity - The block trade price was 54.25 yuan, which matched the closing price for the day, reflecting no premium or discount [2][3]. - Over the past three months, Ganfeng Lithium has recorded a total of four block trades, accumulating a total transaction value of 41.004 million yuan [2]. - On the same day, Ganfeng Lithium's stock closed at 54.25 yuan, down 2.66%, with a trading volume of 51.29 billion yuan and a net outflow of 639 million yuan in main funds [2]. Financing Data - The latest margin financing balance for Ganfeng Lithium stands at 4.081 billion yuan, having increased by 366 million yuan over the past five days, representing a growth rate of 9.85% [3].

| 权益类证券大宗交易(协议交易) | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 买方营业部 (万元) | 卖方营业部 | | | 2025-09-26 | 002460 | 赣接壤补 | 54.25 | 26.00 | 1,410.50华泰证券股份有限 公司北京雍和宫证 劳营业部 | 机构专用 | | 9月26日，赣锋锂业大宗交易成交26万股，成交额1410.5万元，占当日总成交额的0.27%，成交价54.25 元，较市场收盘价54.25元持平。 ...