大中矿业（001203.SZ）9月19日在投资者互动平台表示，目前公司拥有铁矿、锂矿两大主要业务产线。 截至2025年6月末，根据最新勘探结果，公司备案铁矿石储量增至6.9亿吨，铁矿石产能1480万吨；保有 硫铁矿资源量为7085.41万吨。公司湖南和四川两大锂矿首采区已备案的碳酸锂当量合计超472万吨，锂 矿资源储量已跻身全国前列，且未来仍有较大增储空间。铁矿产业已运营二十余年，锂矿产业处于建设 期，具体投产时间请关注公司公告。 每经AI快讯，有投资者在投资者互动平台提问：请问一下贵公司现在控有的资源矿产有多少吨？分别 有什么？计划什么时候开采？ （文章来源：每日经济新闻） ...

Core Insights - The latest exploration data from the Barroso lithium project in northern Portugal indicates confirmed lithium spodumene reserves of 39 million tons, representing a 40% increase from previous estimates [1] - The projected exploration increment is between 35 million to 62 million tons, reflecting a 200% increase [1] - With ongoing exploration, total reserves are expected to exceed 100 million tons within two years, sufficient to meet the battery demand for 47 million electric vehicles [1] - This project positions Portugal as a key player in the European lithium supply chain, facilitating the EU's goal of localizing 10% of lithium raw material supply by 2030 [1]

Group 1: Report Industry Investment Rating - No relevant information found Group 2: Core View of the Report - The overall fundamentals have changed little, with both supply and demand increasing, and social inventory continuing to decline. Affected by the meeting held by CATL related to the resumption of production of key lithium factories, market sentiment is negative, and there is speculation about whether eight major mines will shut down simultaneously on September 30. From a fundamental perspective, if they shut down, the impact on the total supply will be limited as other sources can provide supplements. From an emotional perspective, if they shut down, it will stimulate market bullish sentiment. In the short term, futures prices are expected to fluctuate, and attention should be paid to the end - of - month time node [2] Group 3: Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 73,150, up 300; SMM industrial - grade lithium carbonate average price is 70,900, up 300. The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 [1] Futures Contracts - Lithium carbonate 2510 closing price is 73,500, with a 0% change; 2511 closing price is 73,640, up 0.03%; 2512 closing price is 73,820, down 0.14%; 2601 closing price is 73,800, with a 0% change; 2602 closing price is 73,600, down 0.16% [1] Lithium Ore - Spodumene concentrate (CIF China) price is 857; lithium mica (Li2O: 1.5% - 2.0%) price is 1,105; lithium mica (Li2O: 2.0% - 2.5%) price is 1,815; amblygonite (Li2O: 6% - 7%) price is 6,090; amblygonite (Li2O: 7% - 8%) price is 7,205 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,540; the average price of ternary material 811 (polycrystalline/power type) is 146,700; the average price of ternary material 523 (single - crystal/power type) is 119,700; the average price of ternary material 613 (single - crystal/power type) is 124,250 [2] Inventory - Smelter inventory (weekly, tons) is 36,213; downstream inventory (weekly, tons) is 58,279; other inventory (weekly, tons) is 44,020; registered warehouse receipts (daily, tons) is 39,234. The total inventory (weekly, tons) decreased by 1,580 to 138,512 [2] Production Profit - The cash cost of purchasing lithium mica concentrate externally is 77,345, and the profit is - 7,245; the cash cost of purchasing spodumene concentrate externally is 75,311, and the profit is - 3,227 [2] Industry Policy - The eight departments including the Ministry of Industry and Information Technology issued the "Automobile Industry Steady Growth Work Plan (2025 - 2026)", aiming to promote the industrial application of intelligent connected vehicle technology, further standardize the competition order of the automotive industry, and promote the healthy development of the automotive industry [2]

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - The current lithium carbonate market shows a pattern of increasing supply and demand, with the demand growth rate relatively faster, and the continuous inventory reduction supports the price. The supply-side resumption expectation and the demand-side "Golden September and Silver October" stocking rhythm form the main line of the long-short game. In the next 1-2 weeks, if the downstream pre-holiday replenishment demand is accelerated, the price support at the current position is still obvious, but it is necessary to be vigilant that the high supply elasticity limits the rebound height [3]. - In the short term, both supply and demand are increasing, but the demand growth is faster, and the inventory reduction supports the price. However, the uncertainty of the resumption of production makes the market sentiment cautious. It is expected to maintain a volatile trend in the next week, with a small upward space, but it may encounter resistance at high levels, so it will be volatile and strong, but the increase is limited [31]. Summary by Relevant Catalogs 1. Daily Market Summary - **Futures Market Data**: On September 17, the lithium carbonate main contract closed at 73,640 yuan/ton, up 0.63% from the previous trading day; the basis narrowed to -540 yuan/ton. The main contract's open interest decreased to 294,624 lots, and the trading volume shrank significantly by 31.26% to 343,863 lots [1]. - **Supply and Demand and Inventory**: The supply-side capacity utilization rate of lithium carbonate remained stable at 66.41%, but the market focus shifted to the resumption expectation. If Ningde Times' Jianxiawo lithium mine resumes production as scheduled in November, it may increase the supply pressure. The demand side showed that the prices of downstream ternary materials and lithium iron phosphate increased slightly, and the cell prices also generally strengthened, but the short-term contradiction was the weak terminal demand. The total inventory of lithium carbonate decreased continuously, and the destocking in the spot market continued [2]. - **Market Summary**: The current lithium carbonate market has a pattern of increasing supply and demand, with the demand growth rate relatively faster. The continuous inventory reduction supports the price. The supply-side resumption expectation and the demand-side "Golden September and Silver October" stocking rhythm form the main line of the long-short game [3]. 2. Industry Chain Price Monitoring - **Futures and Spot Prices**: On September 17, the lithium carbonate main contract price increased from 73,180 yuan/ton to 73,640 yuan/ton, with a 0.63% increase. The basis strengthened from -1,080 to -540. The battery-grade lithium carbonate market price increased by 1,000 yuan/ton to 73,100 yuan/ton, with a 1.39% increase [5]. - **Other Product Prices**: The prices of related products such as lithium hexafluorophosphate, ternary materials, and lithium iron phosphate also showed slight increases, while the open interest of the main contract decreased by 1.93%, and the trading volume decreased significantly by 31.26% [5]. 3. Industry Dynamics and Interpretation - **Spot Market Quotes**: On September 17, the SMM battery-grade lithium carbonate index price was 73,116 yuan/ton, up 281 yuan/ton from the previous working day. The spot transaction price continued to fluctuate upward, and the futures price continued to fluctuate. The downstream material enterprises still held a cautious wait-and-see attitude, and the overall market trading activity was not high [6]. - **Downstream Consumption**: According to the Passenger Car Association data, from September 1 to 7, the retail sales of new energy vehicles decreased by 3% year-on-year, but the wholesale increased by 5%. The new energy market retail penetration rate was 59.6%, and the cumulative retail sales this year increased by 25% year-on-year [7]. - **Industry News**: On September 9, Ningde Times held a "Jianxiawo lithium mine resumption work meeting" to discuss the resumption work, aiming to complete the resumption in November, but the resumption is still uncertain [8]. 4. Industry Chain Data Charts - The report provides multiple data charts, including those of lithium carbonate futures main contract and basis, battery-grade and industrial-grade lithium carbonate prices, lithium concentrate prices, etc., with data sources from SMM, Shanghai Iron and Steel Union, iFinD, and the R & D department of Tonghui Futures [9][12][13]

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core View - The current supply and demand are both weak, with little inventory pressure upstream. As the resumption of lithium mines is approaching actively, the expectation of supply contraction is weakening. It is expected that the price of lithium carbonate will fluctuate at a low level, and it is necessary to wait for the downstream restocking point. The trading strategy is to short on rallies [1]. 3. Summary by Relevant Catalog 3.1 Lithium Carbonate Futures Market - **Prices**: On September 17, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures all increased compared to the previous day. For example, the near - month contract closed at 73,500 yuan/ton, up 440 yuan from the previous day [1]. - **Volume and Open Interest**: The trading volume was 343,863 lots (- 156,404), and the open interest was 294,624 lots (- 5,813) [1]. - **Inventory**: The inventory was 39,234 tons, an increase of 410 tons from the previous day [1]. - **Spreads**: The basis of SMM battery - grade lithium carbonate average price minus the closing price of the active lithium carbonate contract was - 490 yuan/ton, a decrease of 160 yuan from the previous day [1]. 3.2 Lithium - Related Commodity Prices - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 857 US dollars/ton, up 4 US dollars from the previous day; the average price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,105 yuan/ton [1]. - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 73,150 yuan/ton, an increase of 300 yuan from the previous day; the average price of industrial - grade lithium carbonate (99.2%, domestic) was 70,900 yuan/ton, an increase of 300 yuan from the previous day [1]. - **Other Lithium - Related Products**: The prices of various lithium - related products such as ternary precursors, ternary materials, and lithium iron phosphate also showed different degrees of change [1]. 3.3 Market News - Pantera Lithium's shareholders voted overwhelmingly in favor of selling its subsidiary Daytona Lithium Pty Ltd to Energy Exploration Technologies (EnergyX). EnergyX is advancing its Lonestar Lithium project in New Markover, and this acquisition will further expand its resource reserves in the Smackover area, where the lithium resource volume may exceed 4 million tons [1]. 3.4 Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all increased. The cost of lithium spodumene concentrate increased, while the price of lithium mica remained flat [1]. - **Demand**: Last week, the production of lithium iron phosphate increased, and the production of ternary materials decreased. In September, the trial production and scheduled production of lithium carbonate increased, and the production of power batteries increased last week. In August, the year - on - year growth rate of new - energy vehicle production slowed down, 3C shipments were average, and the scheduled production of energy - storage batteries increased in September [1]. 3.5 Inventory Situation - The registered warehouse receipts were 39,234 tons (+ 410 tons), the social inventory decreased, the inventories of smelters and other sectors decreased, and the downstream inventory increased [1].

Group 1 - The core viewpoint of Haitong International's report is that Ganfeng Lithium (01772) maintains a solid industry-leading position, with multiple business developments progressing simultaneously, and it assigns a target price of HKD 40.36 based on a 1.8x PB for 2025, rating the company as outperforming the market [1] Group 2 - In the first half of 2025, the company achieved operating revenue of CNY 8.258 billion, a year-on-year decrease of 13.82%, and a net profit of -CNY 536 million, which is a reduction in losses by CNY 223 million year-on-year, with a comprehensive gross margin of 10.78%, down 0.38 percentage points year-on-year [1] - The price of battery-grade lithium carbonate reached a low of approximately CNY 60,000 per ton by the end of June 2025, which was a significant factor contributing to the company's weak profitability in the first half of the year [1] Group 3 - The company is advancing its new projects smoothly, enhancing its overall competitiveness, with the first phase of the Goulamina lithium spodumene project in Mali officially commencing production, and the Cauchari-Olaroz salt lake project in Argentina is in a stable capacity ramp-up process [1] Group 4 - The company has accelerated development in lithium batteries and energy storage, covering five major categories and over twenty types of products, including solid-state batteries, power batteries, consumer batteries, polymer lithium batteries, and energy storage systems [1] - In the solid-state battery sector, the company possesses a complete integrated layout across the upstream and downstream of solid-state battery production [1]

Core Viewpoint - Tianqi Lithium Industry, one of the "lithium mining giants," has made significant progress in the field of key materials for next-generation high-performance lithium batteries, including the completion of experimental verification of new electrolyte preparation technology and the commencement of a pilot project for lithium sulfide production [1][4]. Group 1: Company Developments - The company has initiated a pilot project for the production of 50 tons of lithium sulfide, a key material for solid-state batteries, which has already begun construction [1][4]. - Tianqi Lithium has established a systematic development capability for alloy anode materials, progressing from gram-level to kilogram-level and then to hundred-kilogram-level production [4]. - The company is actively participating in the solid-state battery industry chain through investments, technological research, and collaboration with upstream and downstream partners [4][5]. Group 2: Financial Performance - Despite a continuous decline in lithium carbonate prices, Tianqi Lithium's profitability has improved, with a net profit of 0.84 billion yuan in the first half of 2025, recovering from a loss of 5.206 billion yuan in the same period of 2024 [2][6]. - The company's revenue for 2024 was 13.063 billion yuan, a year-on-year decrease of 67.75%, while the revenue for the first half of 2025 was 4.833 billion yuan, reflecting a decline of 24.71% compared to the previous year [6][7]. - The stock price of Tianqi Lithium has increased approximately 75% over the past five months, rising from a low of 25.57 yuan per share in April 2025 to a high of 49.67 yuan per share in September 2025 [3][8]. Group 3: Research and Development - The company's R&D expenses have shown a consistent upward trend, with expenditures increasing from 18.8264 million yuan in 2021 to 43.6207 million yuan in 2024 [5]. - Tianqi Lithium has established a joint venture with Beijing Weilan New Energy Technology Co., Ltd. to focus on pre-lithiation anode materials and related manufacturing equipment [5].

Core Viewpoint - The lithium carbonate market is experiencing fluctuations after a rebound in August, driven by complex market dynamics and a balance of supply and demand [1] Group 1: Market Dynamics - Since June, lithium carbonate prices have significantly increased, leading to improved profits for companies, with signs of a strong demand during the "golden September and silver October" season [1] - The lithium industry is moving towards a "cost control is king" era, with low raw material self-sufficiency and low comprehensive utilization rates of lithium ore being major concerns [2] - The Yichun region in Jiangxi is a key lithium carbonate production base, accounting for 38.8% of national output in the first half of 2025, highlighting its critical role in the industry [2] Group 2: Technological Innovations - New lithium extraction technologies, such as the innovative water extraction technology proposed by the Chinese Academy of Sciences, aim to improve lithium recovery rates and reduce costs [3] - Companies like Dazhong Mining have reported breakthroughs in lithium extraction technology, achieving over 90% recovery rates and significantly reducing waste [3] Group 3: Supply and Demand Balance - The lithium carbonate market is characterized by strong supply resilience, with increased production from lithium spodumene and stable operations in salt lake lithium extraction [4] - Demand is also rising, with record production of lithium iron phosphate batteries and strong energy storage orders, leading to accelerated inventory depletion [4] - Predictions indicate that China's lithium carbonate consumption from January to September 2025 will reach 807,000 tons, a 44% year-on-year increase [4] Group 4: Future Outlook - The energy storage sector is expected to provide strong momentum for the lithium industry, with China's cumulative installed capacity reaching 101.3 GW in the first half of the year, doubling year-on-year [5] - Despite the challenges of cost control and price volatility, the lithium industry is poised for a new phase of green development as it navigates through a period of capacity clearing [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term lithium carbonate market may continue the pattern of being volatile and slightly strong. In the absence of additional marginal factors, the main LC2511 contract of lithium carbonate is expected to remain in the current range in the next 1 - 2 weeks. If downstream purchases are weak, it may retest the previous low [3] - The recent rebound of futures prices may be affected by the weakening of the basis and the stabilization of spot prices, but the changes in trading volume and open interest show market divergence. The supply side may support prices, and the demand side may bring short - term support, but the cautious procurement and sufficient inventory of downstream enterprises may limit the upside space. The lithium carbonate futures price is expected to maintain a volatile and slightly strong trend [32][33] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary - **Futures Market Data**: On September 16, the price of the main lithium carbonate contract rose slightly to 73,180 yuan/ton, a 0.69% increase from the previous day. The basis widened to - 1,080 yuan/ton, indicating that the futures price was stronger relative to the spot. The open interest of the main contract decreased by 9,009 lots to 300,437 lots, a decrease of 2.91%, while the trading volume expanded by 3.62% to 500,267 lots [1][5][30] - **Supply - demand and Inventory**: On the supply side, the proportion of lithium carbonate produced from spodumene exceeded 60%, becoming the main support for supply, while the proportion of lithium mica decreased to 15%. The long - term supply increase expectation was enhanced, but short - term factors supported the spot. On the demand side, the demand for new energy vehicles was differentiated. The prices of cathode materials and most cell prices increased. Lithium carbonate inventory decreased for four consecutive weeks to 138,512 tons, but the warehouse receipts remained high [2][31] - **Market Summary**: The short - term lithium carbonate market may continue the volatile and slightly strong pattern. The supply side suppresses the upside space, while the demand side has a contradictory cost - pressure transmission, and market wait - and - see sentiment remains [3] 2. Industrial Chain Price Monitoring - The price of the main lithium carbonate contract increased by 0.69% to 73,180 yuan/ton, the basis decreased by 86.21% to - 1,080 yuan/ton, the open interest of the main contract decreased by 2.91% to 300,437 lots, and the trading volume increased by 3.62% to 500,267 lots. The price of battery - grade lithium carbonate remained unchanged at 72,100 yuan/ton, and the prices of some related products such as lithium hexafluorophosphate, power - type ternary materials, and power - type lithium iron phosphate increased slightly [5] 3. Industrial Dynamics and Interpretation - **Spot Market**: On September 16, the SMM battery - grade lithium carbonate index price rose. The futures price fluctuated, and the downstream was cautious. In September, the market showed a situation of simultaneous growth in supply and demand, with demand growing faster, and a temporary supply shortage was expected [6] - **Downstream Consumption**: From September 1 - 7, the retail volume of the new - energy passenger vehicle market decreased by 3% year - on - year, and the wholesale volume increased by 5% year - on - year [7] - **Industry News**: The lithium ore shutdown in Yichun, Jiangxi, may affect the supply, and the industry reshuffle from the supply side of lithium carbonate is coming [9] 4. Industrial Chain Data Charts - There are data charts on the main lithium carbonate futures and basis, battery - grade and industrial - grade lithium carbonate prices, lithium concentrate prices, etc., which visually show the data changes in the industrial chain [10][13][19]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The core contradiction affecting the lithium carbonate futures price stems from the tug - of - war between supply - side expected changes and demand - side peak - season support. The resumption of production at the Jianxiaowo lithium mine under CATL is a key variable. The supply - side dynamics have led to market anticipation of future price declines, while the demand side provides strong support [3]. - The resumption of production at the Jianxiaowo lithium mine is uncertain. Before September 30, the lithium carbonate futures price is likely to remain stable. After that, price fluctuations will depend on "demand fulfillment strength". It is expected that until National Day, the lithium carbonate futures price will fluctuate between 68,000 - 76,000 yuan/ton [4]. - There are both bullish and bearish factors in the market. Bullish factors include potential mine - end production halts in Jiangxi and new policies supporting downstream demand. Bearish factors include the risk of insufficient restocking demand during the peak season and the potential resumption of production at the Jianxiaowo lithium mine [4][5][6]. Summary by Sections Futures Data - **Price Prediction**: The strong pressure level for the lithium carbonate main contract is 80,000 yuan/ton, with a current 20 - day rolling volatility of 39.0% and a 3 - year historical percentile of 65.9% [2]. - **Contract Data**: For the main contract, the closing price is 73,640 yuan/ton (up 0.63% daily, 4.13% weekly), trading volume is 343,863 lots (down 31.26% daily, 54.24% weekly), and open interest is 294,624 lots (down 1.93% daily, 13.55% weekly). Similar data are provided for the weighted contract and other contract spreads [9][10]. - **Warehouse Receipts**: The Guangzhou Futures Exchange's lithium carbonate warehouse receipts are 39,234 lots, up 0.0106 daily and 0.0297 weekly [10]. Spot Data - **Lithium Ore**: Different types of lithium ore have varying price changes. For example, the average price of lithium mica (Li2O: 2 - 2.5%) is 1,815 yuan/ton (stable daily, 0% weekly), and lithium辉石 (Li2O: 6% from Australia CIF) is 825 US dollars/ton (up 0.61% daily, 2.48% weekly) [20]. - **Carbon/Hydrogen Lithium**: Industrial - grade and battery - grade lithium carbonate and lithium hydroxide have different price movements. For instance, the industrial - grade lithium carbonate average price is 70,900 yuan/ton (up 0.42% daily, down 0.42% weekly) [24]. - **Price Spreads**: The electric - carbon to industrial - carbon price spread is 2,250 yuan/ton (stable), the electric - hydrogen to electric - carbon spread is 5,820 yuan/ton (down 5.67% daily, 6.43% weekly), and the battery - grade lithium hydroxide CIF Japan and South Korea to domestic spread is - 7,602.85 yuan/ton (up 4.90% daily, 11.72% weekly) [27]. - **Downstream Products**: Various downstream lithium - related products such as phosphoric (manganese) iron lithium, ternary materials, and electrolytes also have their own price changes. For example, the average price of phosphoric iron lithium (power - type) is 33,540 yuan/ton (up 0.21% daily) [29]. Basis and Warehouse Receipt Data - **Basis**: The main - continuous basis of lithium carbonate and brand - specific basis quotes are presented. For example, the basis quotes of some well - known lithium companies like Tianqi Lithium and Ganfeng Lithium are provided, with values ranging from - 1,100 to 300 yuan/ton for different specifications and contracts [31][32]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts is 39,234 lots, an increase of 410 lots from the previous day. Different warehouses show different changes in warehouse receipt quantities [35]. Cost and Profit - **Production Profit**: The production profit from purchasing lithium ore to produce lithium carbonate is presented, including from purchasing lithium mica concentrate (Li₂O: 2.5%) and lithium辉石 concentrate (Li₂O: 6%) [39]. - **Import Profit**: The lithium carbonate import profit is also shown, although specific details are not fully elaborated in the given text [40].