Core Insights - The project at the Zabuye Salt Lake in Tibet is the world's highest lithium carbonate project and aims for "zero carbon" production, marking a significant milestone in lithium resource development [2][6] Project Overview - The Zabuye Salt Lake project is located at an altitude of 4,500 meters in Shigatse, Tibet, and is a key project under China's 14th Five-Year Plan [2] - It is the first integrated project for the comprehensive development of lithium and potassium resources in China [2] - The project is implemented by Tibet Mining, a subsidiary of China Baowu Steel Group, with design and construction handled by Donghua Engineering Technology Co., Ltd. [2] Technological and Environmental Aspects - The project utilizes a "membrane separation + evaporation crystallization" green process, achieving a high resource utilization rate and meeting the "zero pollution, zero water consumption" goal [5] - It includes a comprehensive energy supply project that integrates solar photovoltaic, solar thermal, and energy storage, ensuring 100% green electricity supply [5] Production Capacity and Strategic Importance - Upon reaching full production, the project is expected to produce 12,000 tons of lithium carbonate and 156,000 tons of high-quality potassium chloride annually, while also enriching strategic resources like rubidium and cesium [5] - This development will enhance China's self-sufficiency in high-performance lithium battery materials and support national food security strategies [5] Industry Context - Lithium is recognized as a critical resource for the new energy industry, with over 70% of China's lithium resources currently reliant on imports [6] - The Zabuye Salt Lake is the third largest lithium mine in the world and the largest in Asia, highlighting the region's significant lithium resource potential [6][7]

Group 1: Report's Core View - The short - term trend of lithium carbonate is relatively strong due to favorable demand and warehouse receipt de - stocking [1] Group 2: Industry Investment Rating - Not mentioned Group 3: Summary by Related Content Fundamental Tracking - **Futures Market Information**: For the 2511 contract, the closing price was 72,680, with a volume of 270,327 and an open interest of 192,931. For the 2601 contract, the closing price was 72,760, the volume was 118,981, and the open interest was 203,570. The warehouse receipt volume was 35,180 [1] - **Basis Information**: The basis of spot - 2511 was 320, spot - 2601 was 240, 2511 - 2601 was - 80, electric carbon - industrial carbon was 2,250, and spot - CIF was 6,374 [1] - **Raw Material Information**: The price of lithium spodumene concentrate (6%, CIF China) was 828, lithium mica (2.0% - 2.5%) was 1,725 [1] - **Lithium Salt Information**: The price of battery - grade lithium carbonate was 73,000, industrial - grade lithium carbonate was 70,750, battery - grade lithium hydroxide (micronized) was 78,200, etc. [1] Macro and Industry News - SMM's battery - grade lithium carbonate index price was 73,007 yuan/ton, down 32 yuan/ton from the previous workday. The average price of battery - grade lithium carbonate was 73,000 yuan/ton, down 100 yuan/ton, and that of industrial - grade lithium carbonate was 70,750 yuan/ton, down 100 yuan/ton [2] - Jinyuan Co., Ltd.'s Baqiancuo salt lake lithium extraction project is in the trial - production stage, and the Argentine Carlo project is still in exploration [2] - Zangge Mining's subsidiary resumed lithium resource development and utilization activities on October 11, 2025, with a temporary shutdown of 87 days, and the impact on the 2025 operating performance is expected to be small [3] Trend Intensity - The trend intensity of lithium carbonate is 1, indicating a moderately positive outlook [3]

Core Viewpoint - The illegal disposal of hazardous waste by Qinghai Chaidamu Xinghua Lithium Salt Co., Ltd. has raised significant concerns about environmental responsibility in the lithium industry, highlighting systemic issues and regulatory failures [1][2]. Industry Issues - The incident reflects a broader trend of environmental negligence within the industry, with multiple companies engaging in similar practices to evade regulatory oversight [1]. - Companies like Jiangxi Yichun's eight enterprises and Qinghai Zangge Lithium Industry have been reported for extracting lithium resources under misleading mining permits, indicating a pattern of regulatory circumvention [1]. - The illegal disposal of hazardous waste poses severe risks to the environment, particularly in ecologically fragile regions, potentially leading to long-term pollution of soil, water, and air [2]. Regulatory Recommendations - Strengthening regulations is crucial, including the need for more detailed legal provisions regarding hazardous waste disposal and increased penalties for violations [3]. - Establishing a routine inspection mechanism and utilizing modern technology for monitoring hazardous waste management can enhance regulatory effectiveness [3]. - Collaboration among various regulatory bodies is essential to enforce stricter penalties and ensure comprehensive oversight of hazardous waste management [3]. Corporate Responsibility - Companies must integrate environmental responsibility into their business strategies and operations, investing in advanced technologies to minimize hazardous waste generation [4]. - Transparency in hazardous waste management practices is vital, with companies required to disclose relevant information to the public and regulatory authorities [4]. - The recent environmental issues serve as both a warning and an opportunity for the industry to realign with sustainable practices, emphasizing the importance of corporate social responsibility [4]. Public Engagement - Encouraging public participation in environmental oversight and establishing reward systems for whistleblowers can foster a culture of accountability and vigilance [3][4]. - The collective effort of society is necessary to promote environmental protection and ensure that companies adhere to their responsibilities [4].

Core Viewpoint - Ganfeng Lithium (01772) announced the election of Ms. Liao Cui as the employee director of the sixth board of directors during the employee representative meeting scheduled for October 13, 2025 [1] Summary by Sections - **Company Announcement** - The company will hold an employee representative meeting on October 13, 2025, to elect Ms. Liao Cui as the employee director [1] - Ms. Liao's term will last until the sixth board's term expires, following the approval of the amendment to the company's articles of association by the shareholders' meeting [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The price of the lithium carbonate futures 2511 contract dropped 1.12% to 72,280 yuan/ton yesterday. The average price of battery - grade lithium carbonate decreased by 450 yuan/ton to 73,100 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 450 yuan/ton to 70,850 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 150 yuan/ton to 73,300 yuan/ton. The warehouse receipt inventory decreased by 5,951 tons to 36,718 tons [3]. - Jinyuan Co., Ltd. stated that its Baqiancuo Salt Lake lithium extraction project is in the trial - production stage, and the Argentine Carlo project is still in the exploration phase [3]. - The overall supply is expected to increase month - on - month. The weekly production in China continued to increase slightly, with the lithium carbonate production in October increasing by 3% month - on - month to about 90,000 tons. In terms of imports and exports, the amount of lithium carbonate exported from Chile decreased in September, which may have a certain but minor impact on the imported lithium salts in October. On the demand side, October is still in the peak season. The consumption of lithium carbonate by the two major main materials increased by 2% month - on - month to 104,800 tons, and the total consumption of lithium carbonate by cathode + electrolyte + others increased by 7% month - on - month to 123,800 tons. In terms of inventory, the total inventory continued to decline to 135,000 tons, and the total inventory turnover days decreased significantly. From the perspective of weekly inventory flow, the downstream and intermediate links reduced inventory, while the upstream accumulated inventory [3]. - The peak demand season, lithium carbonate inventory reduction, and the firm price of lithium ore support the price. However, there are still expectations of project restart, and with the increase in overseas imports, the tight domestic balance will gradually be alleviated. In the short term, the price will fluctuate, and macro - disturbances should be watched out for [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 72,280 yuan/ton, down 460 yuan from October 10; the closing price of the continuous contract was 71,800 yuan/ton, down 900 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 829 US dollars/ton, down 10 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,055 yuan/ton, down 35 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,765 yuan/ton, down 45 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,980 yuan/ton, down 70 yuan; the price of amblygonite (Li2O: 7% - 8%) was 7,070 yuan/ton, down 80 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 73,100 yuan/ton, down 450 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 70,850 yuan/ton, down 450 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 73,330 yuan/ton, down 150 yuan; the price of battery - grade lithium hydroxide (micropowder) was 78,300 yuan/ton, down 150 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 68,100 yuan/ton, down 150 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 9.48 US dollars/kg, unchanged [5]. - **Lithium Hexafluorophosphate**: The price was 71,500 yuan/ton, up 3,000 yuan [5]. - **Price Spreads**: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate was 2,250 yuan/ton, unchanged; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was 230 yuan/ton, up 300 yuan; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 6,015.36 yuan/ton, up 111 yuan [5]. - **Precursors and Cathode Materials**: The price of ternary precursor 523 (polycrystalline/power type) was 98,150 yuan/ton, up 2,400 yuan; the price of ternary precursor 523 (single - crystal/consumer type) was 90,525 yuan/ton, up 1,500 yuan; the price of ternary precursor 622 (polycrystalline/consumer type) was 83,450 yuan/ton, up 1,800 yuan; the price of ternary precursor 811 (polycrystalline/power type) was 103,025 yuan/ton, up 1,200 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 121,625 yuan/ton, up 800 yuan; the price of ternary material 523 (single - crystal/power type) was 125,200 yuan/ton, up 800 yuan; the price of ternary material 622 (polycrystalline/consumer type) was 124,975 yuan/ton, up 900 yuan; the price of ternary material 811 (power type) was 154,300 yuan/ton, up 1,200 yuan; the price of lithium iron phosphate (power type) was 33,530 yuan/ton, down 110 yuan; the price of lithium iron phosphate (mid - to - high - end energy storage) was 32,135 yuan/ton, down 110 yuan; the price of lithium iron phosphate (low - end energy storage) was 29,350 yuan/ton, down 110 yuan; the price of lithium manganate (power type) was 33,000 yuan/ton, unchanged; the price of lithium manganate (capacity type) was 30,500 yuan/ton, unchanged; the price of cobalt acid lithium (60%, 4.35V/domestic) was 338,500 yuan/ton, up 24,000 yuan [5]. - **Cells and Batteries**: The price of 523 square ternary cells was 0.396 yuan/Wh, unchanged; the price of 523 soft - pack ternary cells was 0.41 yuan/Wh, unchanged; the price of 523 cylindrical ternary batteries was 4.42 yuan/piece, unchanged; the price of square lithium iron phosphate cells was 0.332 yuan/Wh, unchanged; the price of square lithium iron phosphate cells (small power type) was 0.34 yuan/Wh, unchanged; the price of cobalt acid lithium cells was 6.75 yuan/Ah, up 0.1 yuan; the price of square lithium iron phosphate batteries was 0.303 yuan/Wh, unchanged [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%) [6][8]. - **Lithium and Lithium Salt Prices**: Charts present the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price [10][12][13]. - **Price Spreads**: Charts display the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) and domestic battery - grade lithium carbonate, and the basis [16][18][19]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium [22][25][27]. - **Lithium Battery Prices**: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries [29][32]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links [36]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 [40].

Core Viewpoint - The company confirmed that its lithium extraction equipment in the salt lake will not halt production due to climate reasons, ensuring stable operations throughout the year with a scheduled maintenance period of one month [1] Group 1 - The company stated that the Zabuye Phase II project will operate continuously and stably throughout the year [1] - There is an annual maintenance period of one month for the equipment [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On October 13, the main contract of lithium carbonate futures oscillated at a low level. The current market trading was weak, and the basis premium widened. With both supply and demand strong, low inventory pressure upstream, weakened expectation of lithium ore supply contraction, peaking downstream stockpiling, and a possible arrival of the demand inflection point, the lithium carbonate price is expected to oscillate at a low level. It is necessary to observe the situation after Jiangxi's mining end submits the output report. The trading strategy suggests waiting and seeing [1]. 3. Summary by Relevant Catalog 3.1 Lithium Carbonate Futures Market - **Prices**: The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts decreased compared to previous periods. For example, the near - month contract closed at 71,800 yuan/ton on October 13, down 900 yuan from the previous period [1]. - **Trading Volume and Open Interest**: The trading volume was 282,178 hands on October 13, a decrease of 12,605 hands compared to the previous period, and the open interest was 207,463 hands, a decrease of 14,456 hands [1]. - **Inventory**: The inventory was 40,329 tons, a decrease of 5,951 tons [1]. - **Spreads**: The spreads between near - month and consecutive - one, consecutive - one and consecutive - two, and consecutive - two and consecutive - three contracts changed. For example, the near - month - consecutive - one spread was - 480 yuan/ton on October 13 [1]. - **Basis**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 820 yuan/ton on October 13, up 10 yuan [1]. 3.2 Lithium - Related Product Prices - **Lithium Ore**: The average prices of lithium spodumene concentrate, lithium mica, and other lithium ores decreased. For example, the average price of lithium spodumene concentrate (6%, CIF China) decreased by 10 US dollars/ton [1]. - **Lithium Compounds**: The average prices of battery - grade and industrial - grade lithium carbonate, and other lithium compounds mostly decreased. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) decreased by 450 yuan/ton [1]. - **Other Products**: The prices of products such as ternary materials, lithium iron phosphate, and cobalt acid lithium also showed various changes. For example, the average price of lithium iron phosphate (power - type) decreased by 110 yuan/ton [1]. 3.3 Inventory of Lithium - Related Products - **SMM Lithium Carbonate Inventory**: The total inventory decreased. The inventory of smelters increased, while that of downstream and other sectors decreased. For example, the SMM lithium carbonate inventory decreased by 2,024 tons in total [1]. 3.4 Company News - **Zangge Mining**: Its wholly - owned subsidiary, Golmud Zangge Lithium Fertilizer Co., Ltd., received a notice to resume lithium resource development and utilization activities and officially resumed production on October 11, 2025. The temporary shutdown lasted 87 days and is expected to have a small impact on the company's 2025 operating performance [1]. - **Jinquan Co., Ltd.**: The company's brine - type lithium project is in the trial - production stage, and the Argentine project is still in the exploration phase [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The weak expectation logic may return, and lithium prices will fluctuate downward. Fundamentally, upstream production will remain high due to the lack of supply elasticity. As the peak seasons of "Golden September and Silver October" end, the restocking demand before the terminal peak season may weaken, and the fundamental expectation is marginally bearish. From a market perspective, as Jiangxi lithium mining companies submit review materials, the risk of mica mine shutdown decreases, and the increase in positions and decline in the secondary main contract reflect the market's bet on the cooling expectation of resource disturbances. It is expected that lithium prices will operate weakly with fluctuations [3][33]. 3. Summary by Relevant Catalogs 3.1 Market Review - **Market Performance**: In September, lithium carbonate prices fluctuated within a narrow range. At the beginning of the month, driven by the rumor of the resumption of production at Ningde Times' Zhenxiawo lithium mine, the lithium price broke through the support level with a gap down. As the rumor was falsified, the price corrected upward. The market was uncertain about the continuous production of Jiangxi lithium mines after September 30th, resulting in a significant cooling of the long - short game and stable price trends. Fundamentally, the lithium carbonate market remained weak. The supply elasticity was absent, and weekly production reached new highs. Although spot inventory decreased significantly, the destocking was mainly due to cross - market transfers rather than industrial demand [8]. - **Price Spread**: In September, the electric - industrial price spread rebounded, rising from - 0.08 million yuan/ton at the beginning of the month to 0.11 million yuan/ton at the end. The lithium carbonate - lithium hydroxide price spread was stable, dropping from - 0.38 million yuan/ton at the beginning of the month to - 0.65 million yuan/ton at the end, with no obvious arbitrage opportunities during the reporting period [10]. 3.2 Fundamental Analysis - **Resource Disturbance and Cost**: In September, lithium ore prices dropped significantly. The price of imported lithium spodumene concentrate (5.5% - 6%) fell from $881/ton at the beginning of the month to $812/ton at the end, a monthly decline of about 7.83%. The price of technical - grade lithium mica (2.5%) dropped from 1935 yuan/ton to 1760 yuan/ton, a monthly decline of about 9.04%. As Jiangxi lithium mining companies submitted approval materials and some obtained approvals, the market's expectation of mine shutdown decreased, and mica ore prices further declined after the holiday. It is expected that resource disturbance risks will decrease, and the cost center will move down [13]. - **Supply and Production**: In September, the production capacity of lithium carbonate increased. Many domestic and overseas projects were put into production. The total lithium salt production in September was about 95,442 tons, a month - on - month increase of about 3.31%. The operating rate was 50.28%, a slight increase of about 1.97 percentage points from August. There were structural differences in production, with a slight decrease in mica - extracted lithium production and an increase in spodumene and salt - lake - extracted lithium production [15][16]. - **Import and Export**: Affected by the rapid increase in domestic lithium salt supply, the filling effect of imported lithium salt weakened. Chile's lithium salt exports decreased significantly in August, which may lead to a significant decline in imported resources around October. With the gradual production increase of Argentine salt - lake projects, imported resources may show diversification characteristics. In Chile, Codelco may dominate the Atacama salt - lake mining business, and the salt - lake may face more policy controls [19]. - **Downstream Products**: - **Phosphoric Acid Ferrous Lithium**: In September, the production of phosphoric acid ferrous lithium was about 351,400 tons, a month - on - month increase of 6.77%. The operating rate was 71.18%, a significant increase of about 4.58 percentage points from August. Inventory increased. The prices of power - type and energy - storage - type phosphoric acid ferrous lithium decreased. The supply increase was more significant, and the cost center decline dragged down the price [21]. - **Ternary Materials**: In September, the production of ternary materials was about 79,030 tons, a month - on - month increase of 0.95%. The operating rate was about 47.59%, an increase of about 0.45 percentage points from August. Inventory decreased slightly. The prices of 6 - series and 8 - series ternary materials increased slightly. The fundamentals were stable, and the cost pressure was stronger than that of ferrous lithium [22]. - **Batteries**: In August, the production of power batteries was about 139.5 GWh, a month - on - month increase of about 4.41%. Sales were about 98.9 GWh, a decrease of 3 GWh from the previous period. The production - sales ratio was about 70.89%, indicating a large imbalance between production and sales. The loading rate of ferrous lithium batteries was better than that of ternary batteries, and the supply - demand structure of ferrous lithium batteries improved marginally [24][25]. - **Power Terminal**: In August, the production and sales of new energy vehicles increased year - on - year, but the growth rate of monthly production and sales declined rapidly, dragging down the cumulative growth rate. The new energy commercial vehicle market remained hot, with high production and sales growth rates and a production - sales ratio close to 100%. The new energy vehicle market showed significant structural differentiation between passenger cars and commercial vehicles. Overseas, the sales of new energy vehicles in Europe and the United States maintained a growth trend [27][28][29]. - **Inventory Transfer**: As of October 3rd, the total lithium carbonate inventory decreased slightly. Although the market inventory decreased significantly, the factory inventory increased. The decrease in spot inventory was similar to the increase in exchange warehouse receipts, indicating that most of the spot resources flowed to the exchange rather than being consumed by production and sales [30][32]. 3.3 Market Outlook - **Supply**: Due to the lack of supply elasticity, lithium salt production may remain high (neutral to slightly bearish). - **Consumption**: As the "Golden September and Silver October" period ends, the demand intensity shifts from raw material stocking in the middle reaches to the terminal consumption peak season. However, the peak season of the power terminal may be limited in intensity under the control of subsidy funds, which may drag down the resilience of raw material stocking in the middle reaches (neutral to slightly bearish). - **Resources**: Low - cost salt - lake production capacities are being put into operation one after another. Lithium mining companies involved have submitted license renewal materials, and there are no signs of mine shutdown in the market, so the resource disturbance risk decreases (neutral to slightly bearish). Overall, lithium prices are expected to fluctuate downward [33].

Core Viewpoint - Cangge Mining's subsidiary, Cangge Lithium, has received approval to resume lithium resource development, marking a significant step in the company's operations and the broader lithium extraction industry [1][2]. Group 1: Company Developments - Cangge Mining announced that its subsidiary, Cangge Lithium, has been granted permission by the Haixi State Natural Resources Bureau to resume lithium resource development activities [1]. - The resumption of operations is scheduled for October 11, 2025, following a previous suspension due to regulatory compliance issues [1][2]. - During the temporary shutdown, Cangge Lithium focused on equipment maintenance, safety improvements, and staff training to enhance operational efficiency [2]. Group 2: Production and Sales Goals - Cangge Lithium aims to achieve a lithium carbonate production and sales target of 11,000 tons in 2025 [3]. - In the first half of 2025, the company reported a production of 5,170 tons and sales of 4,470 tons of lithium carbonate [3]. - The temporary shutdown lasted for 87 days, but the company anticipates minimal impact on its overall financial performance for the year [3].

证券日报网讯 10月13日晚间，藏格矿业发布公告称，近日，公司全资子公司格尔木藏格钾肥有限公司 （简称"藏格钾肥"）收到海西州自然资源局、海西州盐湖管理局下发的《关于同意恢复锂资源开发利用 活动的批复》（西自然资〔2025〕312号）（简称《批复》），该《批复》明确同意藏格钾肥恢复锂资 源开发利用活动。根据《批复》要求，公司全资子公司格尔木藏格锂业有限公司（以下简称"藏格锂 业"）于2025年10月11日正式复产。 （文章来源：证券日报） ...