据券商中国报道，美东时间9月23日，有业内人士称，特朗普政府正在寻求获得美洲锂业公司（Lithium Americas）10%的股权，希望拥有美国最大锂矿的权益。目前白宫方面正在重新商谈美国能源部对美洲 锂业公司一笔22.6亿美元（约合人民币164亿元）贷款的条款。9月24日，美洲锂业公司股价在盘中飙升 超过100%。 《每日经济新闻》记者了解到，A股锂矿龙头赣锋锂业曾为美洲锂业公司第一大股东。Wind显示，2017 年，赣锋锂业全资子公司香港赣锋国际有限公司（简称赣锋国际）以每股0.85加元的价格认购美洲锂业 公司7500万股新增股份，交易金额为6375万加元（当时约合4900万美元），持有美洲锂业公司19.9%股 权，成为美洲锂业公司第一大股东。Wind显示，截至4月15日，赣锋锂业为美洲锂业公司第三大股东。 9月25日，赣锋锂业股价大涨，截至发稿涨超4%。赣锋锂业证券部工作人员向记者表示，公司通常不会 直接参与美洲锂业公司经营决策，美国政府寻求入股美洲锂业公司对公司影响较小，（对美洲锂业公 司）后面股权如何处置，要看公司下一个定期报告。 美洲锂业公司 手握全球已探明资源规模最大锂矿 券商中国的报道称，该 ...

Core Viewpoint - The Trump administration is seeking to acquire a 10% stake in Lithium Americas, aiming to secure rights to the largest lithium mine in the U.S. This move is part of negotiations regarding a $2.26 billion loan from the U.S. Department of Energy to the company, which has led to a significant increase in Lithium Americas' stock price [1][6]. Group 1: Lithium Americas and Government Involvement - The $2.26 billion loan was initially approved during the Biden administration, and the Trump administration views the acquisition as a critical mineral transaction [6]. - The Thacker Pass lithium project, owned by Lithium Americas, is noted for having the largest known lithium resources globally, supporting the development of the lithium mining area in northern Nevada [6][7]. - The Thacker Pass project is expected to produce 40,000 tons of battery-grade lithium carbonate annually in its first phase, sufficient for 800,000 electric vehicles [7]. Group 2: Ganfeng Lithium's Stake and Market Impact - Ganfeng Lithium was previously the largest shareholder of Lithium Americas, holding a 19.9% stake through its subsidiary, Ganfeng International, acquired in 2017 for approximately $49 million [3][8]. - As of April 15, Ganfeng Lithium has become the third-largest shareholder, with its stock price rising over 4% following news of the U.S. government's interest in Lithium Americas [3][8]. - Ganfeng Lithium has reduced its stake in Lithium Americas to 6.86% due to strategic adjustments, losing significant influence over the company [9]. Group 3: Broader Context of U.S. Government Investments - The Trump administration's interest in acquiring stakes in private companies is part of a broader trend, referred to as "American-style mixed reform," with recent examples including investments in MP Materials and Intel [10][11]. - This approach has sparked debate regarding the extent of government intervention in the private sector, with some experts viewing it as a significant shift in U.S. industrial policy [11].

Core Viewpoint - The company, Shengxin Lithium Energy, plans to acquire a 21% stake in Sichuan Qicheng Mining Co., Ltd. for 1.456 billion yuan through its wholly-owned subsidiary, Sichuan Shengtun Lithium Industry Co., Ltd. This acquisition aims to enhance the company's lithium resource supply security and self-sufficiency in lithium raw materials [2][6]. Group 1: Acquisition Details - The target of the acquisition, Qicheng Mining, holds a significant asset in its subsidiary, Yajiang Huirong Mining Co., Ltd., which possesses mining rights for the Muro Lithium Mine in Sichuan, with confirmed Li2O resources of 989,600 tons and an average grade of 1.62% [4]. - The Muro Lithium Mine has an annual production capacity of 3 million tons, equivalent to approximately 75,000 tons of lithium carbonate, and is currently under active development [5]. - Following the acquisition, Shengxin Lithium Energy's stake in Qicheng Mining will increase from 49% to 70%, achieving control over the company [5]. Group 2: Financial Implications - The net asset book value of Qicheng Mining is reported at 1.419 billion yuan, while the assessed value of total equity is 6.934 billion yuan, indicating a substantial appreciation of 5.515 billion yuan, or a 388.77% increase [5]. - The total cash payment of 1.456 billion yuan for the acquisition may exert short-term pressure on Shengxin Lithium Energy's operating cash flow, which was reported at 178 million yuan for the first half of the year, a year-on-year decline of 56.7% [5]. Group 3: Strategic Rationale - The acquisition is positioned to significantly improve the company's resource self-sufficiency and enhance its cost competitiveness and risk resilience, especially in light of the declining lithium prices and slowing growth in the global lithium battery industry since 2025 [6]. - Shengxin Lithium Energy has already established a considerable production capacity in lithium salt processing but aims to strengthen its control over upstream lithium resources [6]. - The company is also actively expanding into the lithium battery new materials sector, with plans for an annual production capacity of 3,000 tons of key materials for solid-state batteries, having already established a capacity of 500 tons [6].

新能源及有色金属日报 | 2025-09-25 现货价格趋稳，碳酸锂盘面震荡运行 市场分析 2025-09-24，碳酸锂主力合约2511开于73700元/吨，收于72880元/吨，当日收盘价较昨日结算价变化-0.79%。当日 成交量为345221手，持仓量为260654手，前一交易日持仓量255907手，根据SMM现货报价，目前基差为830元/吨 （电碳均价-期货）。当日碳酸锂仓单39749手，较上个交易日变化300手。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 跨期：无 跨品种：无 期现：无 期权：无 1、 消费端不及预期， 2、 矿端扰动超预期， 3、 宏观情绪及持仓变动影响。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价73200-74500元/吨，较前一交易日变化0元/吨，工业级碳酸锂报价 71000-72200元/吨，较前一交易日变化0元/吨。6%锂精矿价格828美元/吨，较前一日变化-5美元/吨。据SMM数据， 下游材料厂持谨慎观望态度，市场整体成交活跃度不高。当前正值行业需求旺季，下游材料厂的国庆节前备货逐 步接近尾声，前期在价格相对低位时已释放较多采购需求。材料厂 ...

Core Viewpoint - Tianqi Lithium Industry emphasizes the positive long-term relationship between social responsibility practices and economic benefits, despite short-term balancing issues [1] Group 1: Company Overview - Tianqi Lithium is a significant global supplier of lithium products, with operations in Australia and China, including five major production bases [1] - The company produces lithium concentrate and lithium chemical products, including lithium carbonate and lithium hydroxide [1] Group 2: ESG and Sustainability Initiatives - Tianqi Lithium established a dedicated ESG department in 2016 and released its first sustainability report in 2017 [1] - In 2023, the company set a net-zero emissions target and detailed its pathway to achieve this, focusing on energy efficiency and green electricity procurement before 2030 [1] - The company integrates ESG goals into performance assessments through a Business Partner (BP) mechanism to ensure alignment with long-term strategies [1] Group 3: Carbon Management Practices - Tianqi Lithium has achieved 100% green electricity procurement at its Zhangjiagang base and has incorporated energy efficiency and green power into its carbon management system [2] - The company introduced market-based accounting methods for carbon assessment, enhancing transparency in its carbon reduction efforts [2] - Tianqi Lithium is actively involved in developing carbon footprint standards for lithium salts and has conducted its first "Scope 3" carbon assessment, including upstream suppliers [2] Group 4: Circular Economy Efforts - The company has innovated in waste management by developing silicon-aluminum micro-powder, which reduces carbon footprints by 52% compared to traditional raw materials [2] - This innovation addresses solid waste treatment challenges while providing low-carbon raw material options for downstream industries [2]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The imbalance between supply and demand in the lithium carbonate market is prominent, with strong supply and weak demand due to capacity mismatch, and the downward trend is difficult to change [11] - There are both positive and negative factors in the market. Positive factors include manufacturers' plans to halt production and reduce output, a decline in the volume of lithium carbonate imported from Chile, and a decrease in the import volume of spodumene. Negative factors include the continuous high supply at the ore/salt lake end with limited decline, and the insufficient willingness of the power battery end to take delivery [9][10] - It is expected that the demand will strengthen next month, inventory may be reduced, and the cost of 6% concentrate CIF will decrease on a daily basis, falling below the historical average level. The supply - demand pattern will shift to demand - led, and lithium carbonate 2511 will fluctuate in the range of 71,780 - 73,980 [8] 3. Summary by Relevant Catalogs 3.1 Daily Views Fundamental Analysis - **Cost Side**: The cost of purchased spodumene concentrate is 75,297 yuan/ton, with a daily - on - daily decrease of 0.31%, resulting in a loss of 2,519 yuan/ton in production. The cost of purchased lepidolite is 78,729 yuan/ton, with a daily - on - daily decrease of 0.72%, resulting in a loss of 7,944 yuan/ton in production. The production cost at the recycling end is close to that at the ore end, with average production enthusiasm. The quarterly cash production cost at the salt lake end is 31,745 yuan/ton, significantly lower than that at the ore end, with sufficient profit margins and strong production motivation [8] - **Demand Side**: Last week, the inventory of lithium iron phosphate sample enterprises was 96,217 tons, a month - on - month increase of 0.81%. The inventory of ternary material sample enterprises was 17,545 tons, a month - on - month increase of 0.09% [8] - **Inventory**: The inventory of smelters is 34,456 tons, a month - on - month decrease of 4.85%, lower than the historical average. The downstream inventory is 59,495 tons, a month - on - month increase of 2.09%, higher than the historical average. Other inventories are 43,580 tons, a month - on - month decrease of 0.99%, higher than the historical average. The total inventory is 137,531 tons, a month - on - month decrease of 0.70%, higher than the historical average [8] - **Supply Expectation**: In August 2025, the output of lithium carbonate was 85,240 physical tons, and the predicted output for next month is 86,730 physical tons, a month - on - month increase of 1.75%. In August 2025, the import volume of lithium carbonate was 21,847 physical tons, and the predicted import volume for next month is 19,500 physical tons, a month - on - month decrease of 10.74% [8] Other Indicators - **Basis**: On September 24, the spot price of battery - grade lithium carbonate was 73,850 yuan/ton, the basis of the 11 - contract was 970 yuan/ton, and the spot price was at a premium to the futures price, showing a positive signal [8] - **Disk**: The MA20 of the disk is downward, and the futures price of the 11 - contract closed below the MA20, showing a negative signal [8] - **Main Position**: The net short position of the main position increased, showing a negative signal [8] 3.2 Market Overview - **Futures Closing Price and Basis**: The futures closing price showed a downward trend, and the basis increased significantly. For example, the futures closing price decreased by 0.98% - 1.06%, and the basis increased by 145.10% - 458.82% [14] - **Registered Warehouse Receipts**: The number of registered warehouse receipts was 39,749, an increase of 0.76% [14] - **Upstream Prices**: The price of spodumene (6%) decreased by 0.47% to 856 US dollars/ton, and the price of lepidolite concentrate (2% - 2.5%) decreased by 1.32% to 1,875 yuan/ton. The prices of other upstream products such as anhydrous iron phosphate remained unchanged [14] - **Positive Material and Lithium Battery Prices**: The prices of some ternary precursors and ternary materials increased slightly, while the prices of lithium iron phosphate and lithium - ion batteries remained unchanged [14] 3.3 Supply - Related Data Lithium Ore - **Price and Output**: The price of lithium ore has fluctuated, and the output of domestic spodumene mines and lepidolite has shown different trends over the years [23] - **Import and Self - Sufficiency Rate**: The monthly import volume of lithium concentrate has changed, and the self - sufficiency rate of lithium ore has also fluctuated [23] - **Supply - Demand Balance**: From 2024 to 2025, the supply - demand balance of domestic lithium ore has been fluctuating, with a shortfall in most months [26] Lithium Carbonate - **Production and Capacity**: The weekly and monthly production and capacity of lithium carbonate have changed over time, with different changes in production from different raw materials such as spodumene, lepidolite, and salt lake [29] - **Import and Export**: The monthly import volume of lithium carbonate has changed, and the export volume has also shown different trends [29] - **Supply - Demand Balance**: From 2024 to 2025, the supply - demand balance of lithium carbonate has been fluctuating, with both surpluses and shortages [36] Lithium Hydroxide - **Production and Capacity Utilization**: The weekly capacity utilization rate and monthly production of lithium hydroxide have changed, and the production from different sources such as smelting and causticization has also shown different trends [39] - **Export**: The export volume of lithium hydroxide has changed over the years [39] - **Supply - Demand Balance**: From 2024 to 2025, the supply - demand balance of lithium hydroxide has been fluctuating, with surpluses in most months [41] 3.4 Cost - Profit of Lithium Compounds - The cost and profit of purchasing spodumene concentrate, lepidolite concentrate, and recycling materials for lithium carbonate production have changed over time. For example, the production of lithium carbonate from purchased spodumene concentrate and lepidolite concentrate is currently in a loss state [44][46] - The profit of purifying industrial - grade lithium carbonate, the profit of carbonizing lithium hydroxide into lithium carbonate, and the profit of causticizing lithium carbonate into lithium hydroxide have also changed [46][49] 3.5 Inventory - The weekly and monthly inventories of lithium carbonate and lithium hydroxide have changed, with different trends in inventory at the smelter end, downstream end, and other ends [51] 3.6 Demand - Related Data Lithium Battery - **Price and Output**: The price of lithium batteries has changed, and the monthly output of power batteries and energy - storage batteries has also shown different trends [55] - **Export**: The export volume of lithium batteries has changed over the years [55] Ternary Precursor - **Price and Production**: The price of ternary precursors has changed, and the monthly production and capacity utilization rate have also shown different trends [61] - **Supply - Demand Balance**: From 2024 to 2025, the supply - demand balance of ternary precursors has been fluctuating, with both surpluses and shortages [64] Ternary Material - **Price and Production**: The price of ternary materials has changed, and the weekly production and inventory have also shown different trends [67][70] Iron Phosphate/Iron Phosphate Lithium - **Price and Production**: The price of iron phosphate/iron phosphate lithium has changed, and the monthly production, export volume, and inventory have also shown different trends [74][77] New Energy Vehicle - **Production, Sales, and Penetration Rate**: The production, sales, and sales penetration rate of new energy vehicles have changed over the years [82][83] - **Inventory and Zero - Batch Ratio**: The monthly inventory index and zero - batch ratio of new energy vehicle dealers have also changed [86]

Core Insights - The Trump administration is seeking to acquire up to 10% of Lithium Americas, aiming to renegotiate a $2.3 billion loan from the U.S. Department of Energy that was initially approved during the Biden administration [1][2]. Group 1: Government Involvement - The acquisition of Lithium Americas shares is part of the Trump administration's strategy to intervene in the U.S. economy and accelerate the development of local supply chains for critical minerals [2]. - The focus on Lithium Americas is linked to the Thacker Pass lithium mine project, which is crucial for the U.S. lithium supply chain [2][5]. Group 2: Thacker Pass Project - Lithium Americas announced a joint venture with General Motors to develop the Thacker Pass lithium mine, with Lithium Americas holding 62% and General Motors 38% of the project [3]. - The Thacker Pass project is expected to begin operations in 2028 and will involve over 600 contractors, potentially becoming the largest lithium resource supplier in the Western Hemisphere [4]. Group 3: Economic Implications - The Thacker Pass project is seen as a key component in building a domestic lithium supply chain, aligning with the U.S. government's long-term strategy to increase lithium production [5]. - The project is anticipated to produce 40,000 tons of battery-grade lithium carbonate annually, sufficient for 800,000 electric vehicles, addressing the current low domestic lithium production [6]. Group 4: Financial Aspects - The Thacker Pass project was approved at the end of Trump's first term, with a loan from the Department of Energy's Loan Programs Office, which was finalized under the Biden administration [8]. - Concerns about the lithium industry's overcapacity and low prices have led Trump administration officials to renegotiate loan terms, with Lithium Americas proposing to offer 5% to 10% of common stock as warrants to facilitate the loan agreement [8].

Core Insights - The Trump administration is negotiating to acquire up to 10% equity in American Lithium Corp as part of a $2.26 billion loan restructuring for the Thacker Pass lithium project [3] - The Thacker Pass project is expected to become one of North America's largest lithium sources, with an annual production capacity of 40,000 metric tons of battery-grade lithium carbonate, sufficient to supply up to 800,000 electric vehicles [3][9] - The U.S. government is adopting a direct investment strategy in critical industries, as evidenced by previous investments in companies like MP Materials [7] Government Involvement - The Trump administration's interest in acquiring equity reflects a broader strategy to enhance U.S. competitiveness in critical mineral supply chains [7] - The government is pushing General Motors to relinquish some control over the project, which could redefine how the U.S. funds and manages its critical resources [5][9] Market Dynamics - The current lithium production in the U.S. is minimal compared to China, which produces over 40,000 metric tons annually and dominates the lithium refining market [4] - The price of battery-grade lithium carbonate is approximately $9,165 per metric ton, with lithium prices having declined over the past year [8] Company and Project Outlook - American Lithium is in discussions with the Department of Energy and General Motors regarding the loan details and conditions for the Thacker Pass project [9] - The potential government equity stake could enhance the project's credibility and economic viability, boosting investor confidence [8][9] - The successful completion of the Thacker Pass project is crucial for establishing a domestic lithium industry in the U.S. and accelerating the energy transition [9]

Core Viewpoint - The lithium mining sector has experienced a significant rise, with notable stock price increases for several companies, indicating a positive market sentiment towards lithium-related investments [2] Group 1: Company Performance - Luoyang Molybdenum Co., Ltd. reached its daily limit up in stock price [2] - Western Mining Co., Ltd. saw its stock price increase by over 7% [2] - Other companies such as Zhongjin Lingnan Nonfemet Company, Zhezhong Co., Ganfeng Lithium, and Tibet Mining also reported substantial stock price gains [2]

9月24日，天齐锂业涨1.21%，成交额19.73亿元。两融数据显示，当日天齐锂业获融资买入额2.56亿 元，融资偿还2.41亿元，融资净买入1517.72万元。截至9月24日，天齐锂业融资融券余额合计28.86亿 元。 截至6月30日，天齐锂业股东户数27.08万，较上期减少6.08%；人均流通股5451股，较上期增加6.45%。 2025年1月-6月，天齐锂业实现营业收入48.33亿元，同比减少24.71%；归母净利润8441.06万元，同比增 长101.62%。 分红方面，天齐锂业A股上市后累计派现78.68亿元。近三年，累计派现71.37亿元。 机构持仓方面，截止2025年6月30日，天齐锂业十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股6481.74万股，相比上期增加869.65万股。中国证券金融股份有限公司位居第五大流通股 东，持股2785.36万股，持股数量较上期不变。华泰柏瑞沪深300ETF（510300）位居第六大流通股东， 持股1839.68万股，相比上期增加154.77万股。易方达沪深300ETF（510310）位居第七大流通股东，持 股1312.54万股，相比上期增加1 ...