Group 1 - Citigroup's holdings in Ganfeng Lithium's H-shares decreased from 5.62% to 5.09% as of September 18 [1]

Group 1 - The core viewpoint of the article is that Dazhong Mining (001203) has confirmed that its two major lithium mining projects are still under construction and have not yet commenced production [1] Group 2 - The company is currently in the development phase of its lithium mining projects, indicating potential future growth in the lithium sector once production begins [1] - The response to investor inquiries highlights the company's transparency regarding its project status [1]

Group 1 - The company, Dazhong Mining (001203), has a 6.7813% equity stake in Xianghualing Tin Industry Co., Ltd. through its wholly-owned subsidiary, Hunan Dazhong He Lithium Mining Co., Ltd. [1] - The company has appointed one director to represent its interests in Xianghualing Tin Industry Co., Ltd. [1] - The mining rights held by the company have potential for lithium exploration, and any future acquisition of equity will be based on market conditions and transaction terms. [1]

港交所消息：9月18日，花旗集团持有的 赣锋 锂 业 H股淡仓比例从3.15%降至2.66%。 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The fundamentals of lithium carbonate may feature stable supply and positive demand expectations. The raw material end shows strong price - holding sentiment from overseas mines and traders, with increased purchasing sentiment from domestic producers. The supply is steadily increasing slightly, while the demand is approaching the end of pre - holiday stocking, leading to more cautious buying attitudes and reduced trading activity in the spot market. The option market sentiment is bullish, and the implied volatility slightly increases. Technically, the 60 - minute MACD shows double lines above the 0 - axis with expanding green columns. The operation suggestion is to conduct light - position oscillating trading and control risks [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 72,880 yuan/ton, down 780 yuan; the net position of the top 20 is - 158,881 hands, up 2,939 hands; the position volume of the main contract is 260,654 hands, up 4,747 hands; the spread between near - and far - month contracts is - 180 yuan/ton, down 20 yuan; the warehouse receipts of GZEE are 39,749 hands, up 300 hands [2]. 3.2 Spot Market - The average price of battery - grade lithium carbonate is 73,850 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate is 71,600 yuan/ton, unchanged; the basis of the Li₂CO₃ main contract is 970 yuan/ton, up 780 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 0 dollars/ton, down 876 dollars; the average price of amblygonite is 7,210 yuan/ton, down 55 yuan; the price of lepidolite (2 - 2.5%) is 2,645 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly output of lithium carbonate is 45,880 tons, up 1,280 tons; the monthly import volume is 21,846.92 tons, up 8,001.60 tons; the monthly export volume is 368.91 tons, up 2.56 tons; the monthly operating rate of lithium carbonate enterprises is 46%, down 2 percentage points; the monthly output of power batteries is 139,600 MWh, up 5,800 MWh; the price of lithium manganate is 32,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 5.80 ten - thousand yuan/ton, up 0.05 ten - thousand yuan; the price of lithium cobalt oxide is 230,000 yuan/ton, unchanged; the price of ternary material (811 type): China is 146,000 yuan/ton, up 1,000 yuan; the price of ternary material (622 power type): China is 120,500 yuan/ton, up 1,000 yuan [2]. 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 128,500 yuan/ton, up 1,500 yuan; the monthly operating rate of ternary cathode materials is 55%, up 3 percentage points; the price of lithium iron phosphate is 3.43 ten - thousand yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 57%, up 6 percentage points; the current - month output of new energy vehicles (CPCA) is 1,391,000 vehicles, up 148,000 vehicles; the current - month sales volume of new energy vehicles (CPCA) is 1,395,000 vehicles, up 133,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CPCA) is 45.53%, up 0.54 percentage points; the cumulative sales volume and year - on - year increase of new energy vehicles is 9,620,000 vehicles, up 2,583,000 vehicles; the current - month export volume of new energy vehicles is 224,000 vehicles, down 10,000 vehicles; the cumulative export volume and year - on - year increase of new energy vehicles is 1.532 million vehicles, up 714,000 vehicles; the 20 - day average volatility of the underlying is 26.58%, up 0.11 percentage points; the 40 - day average volatility of the underlying is 41.93%, up 0.09 percentage points [2]. 3.6 Option Situation - The total subscription position is 212,688 contracts, up 798 contracts; the total put position is 105,367 contracts, up 668 contracts; the total position put - call ratio is 49.54%, up 0.1287 percentage points; the at - the - money IV implied volatility is 0.41%, up 0.0117 percentage points [2]. 3.7 Industry News - In August 2025, China's new energy vehicle exports reached 315,000 vehicles, a growth of 83%. From January to August 2025, the export volume was 2.02 million vehicles, a year - on - year increase of 51%, higher than the 24% growth rate in the same period of 2024. The export growth is mainly driven by plug - in hybrid and hybrid vehicles, especially the strong export performance of plug - in hybrid pickups. The exports are mainly to the Middle East and developed markets, especially Western Europe and Asia. The Ministry of Industry and Information Technology will compile a new - era development plan for intelligent and connected new energy vehicles, and promote pilot projects for access and road - going of intelligent and connected vehicles and "vehicle - road - cloud integration" applications. The "Implementation Opinions on 'Artificial Intelligence + Transportation'" will be issued. Haimuxing (688559.SH) has achieved the "oxide + lithium - metal anode" technology route and completed the commercial cycle of lithium - metal solid - state batteries for low - altitude aircraft, with the equipment being delivered in batches [2].

Group 1 - Lithium Americas (LAC.US) shares surged over 76% to $5.42 following reports that the Trump administration is seeking to invest in the company for up to 10% equity, aiming to gain rights to the largest lithium mine in the U.S. [1] - General Motors (GM) announced a $650 million investment in Lithium Americas in February to jointly develop the Thacker Pass lithium mine in northern Nevada, which is projected to start lithium production in 2028 [1] - The Thacker Pass lithium mine is expected to become the largest lithium production site in the Western Hemisphere, capable of supplying materials for up to 1 million electric vehicles annually [1] - Lithium Americas is currently renegotiating the terms of a $2.26 billion loan from the Department of Energy related to its lithium mining project [1]

Group 1 - The A-share market saw an increase in lithium mining stocks, with Huayou Cobalt rising over 5% [1] - Other companies such as Tibet Mining, Rongjie Co., New Xunda, and Weiling Co. experienced gains of over 3% [1]

特朗普曝出大动作。 受特朗普政府寻求入股的消息刺激，美洲锂业公司股价在夜盘交易中大幅飙涨，一度暴涨超85%。据美媒最新报道，美国政府正在寻求获得该公司 高达10%的股权。 据悉，美洲锂业公司正与通用汽车共同开发美国最大锂矿Thacker Pass，该锂矿预计将于2028年投入运营，届时将成为西半球最大的锂资源供应 地。因此，该项目被美国政府视为提升美国关键矿产产量、减少对外部依赖的关键途径。 突然暴涨 美东时间9月23日，路透社报道，有业内人士称，美国政府正在寻求获得美洲锂业公司（Lithium Americas）高达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23亿美元（约合人民币164亿元）贷款的条款。 | 以益】 | | | 三四年又 | | --- | --- | --- | --- | | 3.070+ | 最 | 3.230 今 开 | 3.120 | | -0.230 -6.97% | 最 低 | 2.960 昨 收 | 3.300 | | 成交额 3.03亿 市盈率TTM | | 亏损 总市值 ······ | 7.42亿 | | 盘后 5. ...

Core Viewpoint - The company, Tibet Mining (000762.SZ), has announced that its lithium products can be utilized in the production of solid-state batteries [1] Group 1 - The company is actively engaging with investors through an interactive platform [1] - The focus on solid-state battery production indicates a strategic alignment with emerging technologies in the battery industry [1]

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年9月24日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 | | | 供给端来看 上周碳酸锂产量为20363吨 环比增长2 00% 高于历史同期平均水平 ， ， . , | | --- | --- | --- | | | | 。 需求端来看 上周磷酸铁锂样本企业库存为96217吨 环比增加0 81% 上周三元材 ， ， . , 料样本企业库存为17545吨 环比增加0 09% ， . 。 | | 1 、 | 基本面: | 成本端来看 外购锂辉石精矿成本为75536元/吨 日环比减少0 05% 生产所得为 中性 ， ， . 。 , 2759元/吨 有所亏损 外购锂云母成本为79306元/吨 日环比持平 生产所得为 ...